Manjushree Technopack Ltd - Unlisted Shares
Fundamentals
- Current Price
- ₹1,000
- Market Cap
- ₹7,641.88 Cr
- ISIN
- INE435H01023
- Face Value
- ₹2
- P/E Ratio
- 29.11
- EPS
- 34.35
- P/B Ratio
- 5.42
- Book Value
- ₹ 184.65
- Debt / Equity Ratio
- 0.30
Key Financials
Profit & Loss
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue from Operations | 2569.8 | 2,117.00 | 2,096.34 | 1,467.53 | 1,046.83 |
| Growth % | 21.39% | 0.99% | 42.85% | 40.19% | -3.17% |
| Operating Expenses | 2172.6 | 1,743.67 | 1,802.83 | 1,231.32 | 843.66 |
| Growth % | 24.60% | -3.28% | 46.41% | 45.95% | -5.48% |
| Operating Profit | 397.20 | 373.33 | 293.51 | 236.21 | 203.17 |
| Op. Profit Margin % | 15.46% | 17.63% | 14.00% | 16.10% | 19.41% |
| Other Income | 14.20 | 13.30 | 12.21 | 6.27 | 7.14 |
| Finance Costs | 122.26 | 91.46 | 78.54 | 49.21 | 43.23 |
| Depreciation | 199.3 | 154.88 | 132.82 | 86.24 | 78.33 |
| Profit Before Tax | 89.82 | 140.29 | 94.35 | 107.03 | 88.76 |
| Exceptional items | 176.9 | 20.56 | -3.25 | -5.56 | 23.96 |
| Tax | 19.1 | 20.1 | 31.87 | 30.65 | 21.56 |
| Tax % | 0.74% | 0.95% | -1.52% | 2.09% | 2.06% |
| Profit After Tax | 247.63 | 140.79 | 59.23 | 70.81 | 91.16 |
| Growth % | 75.89% | 137.69% | -16.36% | -22.31% | 35.60% |
| PAT % | 9.64% | 6.65% | 2.83% | 4.83% | 8.71% |
Company Financials
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Equity Capital | 17.33 | 13.72 | 13.72 | 13.72 | 13.72 |
| Reserves | 1393.73 | 994.42 | 937.28 | 887.01 | 536.80 |
| Total Equity | 1411.07 | 1,008.14 | 951.00 | 900.73 | 550.52 |
| Borrowings | 382.36 | 384.41 | 433.91 | 339.23 | 190.42 |
| Provision | 2.5438 | 1.75 | 7.12 | 6.98 | 5.80 |
| Other Non-Current Liabilities | 189.93 | 181.52 | 163.74 | 68.19 | 40.82 |
| Total Non current Liabilities | 574.83 | 567.68 | 604.77 | 414.40 | 237.04 |
| Borrowings | 41.37 | 369.25 | 371.25 | 334.87 | 206.57 |
| Other Current Liabilities | 1,178.05 | 339.24 | 373.13 | 345.68 | 283.15 |
| Total current Liabilities | 1219.42 | 708.49 | 744.38 | 680.55 | 489.72 |
| Equity + Liabilities | 3,205.34 | 2,284.31 | 2300.16 | 1995.7 | 1277.28 |
| Fixed Assets (incl. WIP) | 1498.42 | 1035.41 | 959.29 | 794.14 | 577.83 |
| Other Non Current Assets | 506.18 | 491.89 | 493.88 | 439.76 | 207.54 |
| Total Non current Assets | 2004.61 | 1,527.30 | 1453.17 | 1233.90 | 785.37 |
| Trade Receivables | 423.74 | 301.07 | 309.73 | 249.86 | 199.78 |
| Cash & Cash Equivalents | 113.34 | 25.22 | 79.38 | 54.46 | 0.87 |
| Other Current Assets | 663.63 | 430.72 | 457.88 | 457.47 | 291.25 |
| Total current Assets | 1200.72 | 757.01 | 846.98 | 761.78 | 491.91 |
| Total Assets | 3,205.34 | 2,284.31 | 2,300.16 | 1,995.7 | 1,277.28 |
Shareholding Pattern
- AI Lenarco MIDCO Ltd
- 97.24%
- Other
- 2.76%
Strengths & Weaknesses
Strengths
- Market leader: Manjushree has the highest market share in terms of revenue of 7.6% in Fiscal 2024 in the organized consumer RPP industry in India (Source: Technopak Report). Their sales were almost double the revenues of the second largest RPP player in India (Source: Technopak Report).
- Marquee clientele: They have a diversified customer base of 964 customers in Fiscal 2024 which enables them to de-risk and reduce dependency on any customer or group of customers. Their top 20 customers had an average term of relationship of nine years. Some of their marquee customers include Varun Beverages Limited, Dabur India Limited, Marico Limited, Honasa Consumer Limited, Hershey India Private Limited, Kansai Nerolac Paints Limited, Pernod Ricard Private Limited and Parag Milk Foods Limited.
- Profitability: PAT (Profit After Tax) has increased by 75% YoY, reaching ₹247.63 Cr in FY25.
- Aggressive Acquisitions: Successfully acquired multiple entities (Hitesh Plastics, Classy Kontainers, National Plastics, Oriental Containers) to enter new categories like pumps, dispensers, and paints
- Manufacturing Capacity: They have a total of 23 manufacturing facilities with an aggregate installed capacity of 268,940.00 metric tons per annum. This large-scale operations enable them to benefit from procurement efficiencies, lower cost of production, ability to invest in continuous innovative and sustainable solutions and ability to sustain key customer relationships.
Weaknesses
- Large working capital requirement: Operations are moderately working capital intensive due to seasonal demand. Though the work capital turnover ratio has improved on a yearly basis.
- Environmental issues: As the company operates in the RRP industry, it is susceptible to negative externalities.
- Escalating Expenses: Total expenses rose by 25.34% in FY25, outpacing revenue growth (21.39%)
About Manjushree Technopack Ltd
The company makes plastic packaging products, mainly polyethylene terephthalate (PET) jars and bottles—the kind you see every day in packaged foods, soft drinks, medicines, cosmetics, and even agricultural products. It also manufactures specialised multilayer containers and hot-fillable PET bottles, which are designed to handle higher temperatures used in food and beverage packaging. A key milestone came in February 2013, when MTL began operations at its advanced PET preform manufacturing plant in Bidadi, Karnataka. This facility supplies the basic raw shapes that are later blown into bottles. Importantly, this plant has received a ‘Platinum Green’ certification under the LEED (Leadership in Energy & Environmental Design) programme, highlighting its focus on energy efficiency and sustainability. It is also the largest PET preform facility in South Asia, giving MTL significant scale and cost advantages in its core business.
Board of Directors
- Nikhil Kumar Srivastava - Chairman and Director
- Aswin Vikram - Director
- Sumit Nadgir - Director
- Kamlesh Vikamsey - Independent Director
- Sameer Kaji - Independent Director
- Anisha Motwani - Additional Independent Director
Senior Management
- Thimmaiah NP - Managing Director and CEO
- Rajesh Kumar Ram - Chief Financial Officer
- Himanshu Parmar - Company Secretary & Compliance Officer
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