Manjushree Technopack Limited

Revenue increased from INR 2,097.3 Cr in FY23 to INR 2,569.8 Cr in FY25, representing a 2-year CAGR of 10.7%. Revenue grew by 21.4% in FY25, from INR 2,117.0 Cr in FY24

EBITDA increased from INR 386.6 Cr in FY24 to INR 411.4 Cr in FY25, representing growth of 6.4%. However, EBITDA margin declined from 18.3% to 16.0%, indicating that operating profit growth was significantly slower than revenue growth

PAT increased from INR 140.8 Cr in FY24 to INR 247.6 Cr in FY25, representing growth of 75.9%. PAT margin improved from 6.7% to 9.6%

The reported debt-to-equity ratio improved from 0.8x in FY24 to 0.7x in FY25, despite borrowings increasing as the Company funded acquisitions and capacity expansion

ROE increased from 14.5% in FY24 to 20.5% in FY25, supported by the increase in reported PAT. The improvement should be interpreted cautiously because FY25 PAT included substantial exceptional income

Operating cash flow remained positive at INR 352.4 Cr in FY24 and INR 343.5 Cr in FY25, although it declined by 2.5% due to higher inventory, receivables and other working-capital deployment

India’s rigid plastic packaging market is estimated to grow at approximately 6.7% CAGR between 2026 and 2035, supported by processed-food penetration, pharmaceutical packaging, organised retail and cold-chain expansion

Rigid plastic packaging is a large and established industry, but continues to expand through sustainable materials, recycled-content packaging and consolidation

Category-I rigid plastic packaging is subject to EPR, recycling and reuse obligations. The minimum recycling target increases from 60.0% in FY26 to 70.0% in FY27 and 80.0% from FY28 onward. These rules create compliance and redesign requirements, but also support demand for the Company’s recycling capabilities

The Company is professionally managed rather than conventionally founder-led. MD and CEO Thimmaiah NP had approximately 30.0 years of leadership experience across BEML, Cummins, Honeywell and Meritor before leading Manjushree Technopack

The board listed in the FY25 annual report comprised 7.0 directors, including 3.0 independent directors, representing independent participation of 42.9%

The Company reported a net disputed income-tax liability of INR 23.4 Cr, but reported no fraud and no court or regulatory order affecting its going-concern status

The Company is valued at a P/E multiple of 26.2x, compared with the packaging-industry P/E of 24.6x, representing a premium of 6.6%

The Company is valued at 23.1x EV/EBITDA. The selected peer median is 10.3x, resulting in a premium of 124.5%

The unlisted share price declined from approximately INR 900.0 in early July 2026 to INR 870.0 during the middle of the month, before recovering to approximately INR 900.0 by July 28, 2026. The observed price range was approximately 3.3%, with an overall broadly flat monthly return