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Revenue
₹180 Cr
verified against source
Revenue YoY
6.16%
reported change
EBITDA
₹25.06 Cr
latest reported figure
Source
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record provenance
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Quarter read
What the record says.
Kanpur Plastipack reported Q4 FY26 standalone revenue of ₹183.1 crore (+6.16% YoY) and EBITDA margin of 13.69%, with PAT of ₹14.53 crore (+14% YoY). Full-year revenue grew 26.26% to ₹726.67 crore, driven by improved realizations and value-added product mix. The company is executing a strategic shift from volume-driven to value-added segments, including FIBC capacity expansion (6,000 tons over 4 years) and entry into non-woven technical textiles (commercial production from September). Management guided for 10-15% revenue growth in FY27 with sustained margins, though near-term order book faces headwinds from inventory correction and raw material volatility. Key risk: sustained high polypropylene prices (new normal $1,200-1,350/ton) could pressure margins if pass-through lags.
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Guidance to track
- Management expects top-line growth of 10-15% in FY27, driven by FIBC expansion and non-woven contribution.
- Management indicated that EBITDA margins will remain similar to current levels (~11% for manufacturing segment) in FY27.
- First non-woven machine to start commercial production by September 2026, second by December 2026, targeting ₹20-25 crore revenue in FY27.
- New FIBC unit 3 to produce 1,800 tons in FY27, ramping to 6,000 tons over four years.
Risks flagged
- Polypropylene prices surged from $1,000 to $1,700/ton due to Iran conflict; new normal expected at $1,200-1,350/ton, which could compress margins if not fully passed through.
- Lead times reduced from 6-8 weeks to 3-4 weeks as customers order smaller quantities more frequently, indicating near-term demand softness.
- Government suspension of import duty on petrochemicals led to a ₹3.65 crore reversal of DFIA income in Q4; further reversals possible if suspension extends.
- Entry into technical textiles is new; achieving targeted margins of 15-16% depends on capacity utilization and market acceptance, with no prior track record.
Key quotes
- The transition towards a more diversified and value added portfolio during the next year will continue but the direction remains clear.
- We should look at about 10 to 15% growth.
- The new normal could be anywhere between $1,200 and $1,350 for us as our raw material.
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