Net cash flow from operating activities: ₹3,718 Mn
Net cash used in Investing Activities: ₹(1,637) Mn
Net cash used in financing activities: ₹(1,978) Mn
Purchase of fixed assets: ₹(1,741) Mn
Dividend paid: ₹(766) Mn
Capital Expenditure
Multiple expansion projects underway in Sanand Gujarat, Odisha Cuttack, Chiplun Maharashtra, North & South India, Saudi Damam
Projects involve Packaging & PE Pipes, Recycling of Polymer Products
All projects show "Project work is in process" status
Strategic & R&D Initiatives
Product Development Updates
Products with ready approvals in FY26: Hydrogen (Type III & Type IV), Fire Extinguisher, Air Receiver Tank, OPzS Batteries for Power Sector
Products under development: Higher Capacity 250/350 Litres Cylinder for CNG, Hydrogen, LPG (Higher Capacity- 14.2kgs)
Specific Product Updates
LPG Cylinders: Received order from HPCL for 1,40,000 units of 10 kg Composite LPG Cylinders (₹38 Cr order value in July 2026)
CNG Cylinders: Received order for Type IV Composite CNG Cylinders – Mobile Storage Cascades for CNG and CGD Network (₹83 Cr order from PSU)
Hydrogen Cylinders: Received PESO approval for 250-litre high-pressure Type IV composite hydrogen cylinders; received trial order from NTPC for Type IV Composite Hydrogen Cylinder Storage Cascade and Fuel Delivery System (₹2.5 Cr)
Fire Extinguisher: Developed lightweight, corrosion-resistant 6 kg and 9 kg composite fire extinguishers progressing toward commercialization
Composite Air Receiver Tanks: Currently supplying to OEMs and engaging with additional OEMs
Subsidiary Updates - Power Build Batteries Private Limited
Received CPRI certification for OPzS stationary tubular batteries in transparent SAN containers
Entered into multiyear exclusive agreement with Monbat AD, Bulgaria for supply of advanced VRLA stationary batteries in India
Targeting data centres, IT, BFSI, and critical infrastructure applications
Completed Projects
Brownfield consolidation of PE pipes overseas capacity expansion (USA): Fifth plant in Georgia, USA operational since May 2025 with fully automated IBC manufacturing line
Additional IBC manufacturing capacity at Bhuj facility
Industry Trends & Business Environment
Industrial Packaging Market
Global market estimated to reach $123.2 Bn by 2032 at 5.9% CAGR
Shift from metal to polymer packaging due to technical and operational advantages
Trend towards IBC correlated with growing demand for reconditioning solutions
Strong domestic demand for specialty chemicals attracting foreign investment
Customer Segment Breakdown
Specialty Chemicals: 31% of business, expected 12-13% growth in FY27
FMCG: 29% of business, expected 10-11% growth in FY27
Construction Chemicals: 13% of business, expected 7-8% growth in FY27
Paints & Inks: 12% of business, expected 7-9% growth in FY27
Pharmaceuticals: 6% of business, expected 8-10% growth in FY27
Lube Oils & Additives: 4% of business, expected 7-9% growth in FY27
Others: 5% of business, expected 5-7% growth in FY27
Management Commentary & Growth Outlook
Strategic Initiatives
Sale of non-core assets: Identified assets worth ~₹134 Cr as of March 31, 2026; disposed ₹18 Cr in H1FY27; balance ₹116 Cr expected to be monetized over 18-24 months
ROCE Improvement: FY26 ROCE at 18.9%; target to improve by 1.5-2.0 percentage points annually through automation and working capital optimization
Merger: Board approved Scheme of Merger by Absorption of TPL Plastech Limited (75% subsidiary) effective April 1, 2026, subject to NCLT approval
Acquisition: Acquired 76% stake in Systoverse Private Limited (total investment ~₹25 Cr) to strengthen HDPE pipe business and expand presence in Maharashtra
Green Energy: Aim to meet 75% of energy requirements through solar power; expected annualized cost savings of ~₹11 Cr with one-year payback period
EBITDA Growth Drivers
Increase in Efficiencies: Consolidating moulds and machinery into centralized high-efficiency production system
Consolidation of Products & Units: Streamlining product portfolios and manufacturing units
Manpower Costs: Reducing through workforce optimization and automation
Power Costs: Lowering through solar power solutions and PPAs
Finance Costs: Reducing by lowering debt through QIP proceeds and internal cash flow
Non-Core Assets: Divesting non-core assets and redeploying capital
Market Potential Assessment
Estimated total business potential for composite products: ~₹28,877 Cr across CNG Cascades, MRUs, Compressed Bio Gas, Gas Generators for Telecom Towers, CNG for Intracity Buses
Annual estimated market value: ~₹2,200 Cr for Type-IV composite products
Global drone market estimated at approximately USD 30 billion
E-rickshaw battery market: ~1.8 Mn E-Rickshaws in India, ~7,200 Cr market size, 0.4 Mn new E-Rickshaws added annually
