National Plastic Industries Ltd (526616)
🎯 Key Takeaways
- National Plastic Industries Ltd is in a mature, cash-generative phase with signs of stabilization after a period of volatility, though growth remains modest. The company has demonstrated sequential improvement in profitability and operational metrics in recent quarters, supported by cost discipline and operational efficiency initiatives.
- Revenue declined 42.9% QoQ to ₹16 in Q1FY27.
- ⚠️ Heavy reliance on commodity-sensitive markets with no hedging disclosed, exposing margins to crude oil and raw material price swings.
📖 The Story
National Plastic Industries Ltd is in a mature, cash-generative phase with signs of stabilization after a period of volatility, though growth remains modest. The company has demonstrated sequential improvement in profitability and operational metrics in recent quarters, supported by cost discipline and operational efficiency initiatives. However, it has not declared dividends recently and faces structural headwinds from commodity exposure and stagnant institutional interest.
📰 What's Happening
The company held its 39th AGM on 23 September 2026 via video conferencing, where it adopted FY2025-26 audited financials and re-elected Director Mishaal Ketan Parekh. Management highlighted strategic focus on product innovation, market expansion, and cost optimization amid commodity volatility. A final dividend of ₹1.30 per share was recommended, with record date set for 15 September 2026. The annual report noted revenue growth of 6.4% YoY to ₹103.84 crore and PAT of ₹3.46 crore, with no dividend paid in prior periods despite profitability. Shareholders must update KYC and contact details to participate electronically and claim entitlements.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 23 | 31 | 27 | 16 |
| Operating Profit | 2 | 3 | 2 | 1 |
| OPM % | 9.3% | 8.5% | 5.7% | 6.6% |
| Net Profit | 2 | 2 | -1 | 1 |
| EPS | ₹1.77 | ₹2.23 | ₹-1.15 | ₹0.68 |
Recent quarterly performance shows revenue stabilization after declines, with June 2026 revenue at ₹16 crore and OPM improving to 6.6%, though profitability remains volatile quarter-on-quarter. The March 2026 quarter saw OP profit of ₹3 crore and PAT of ₹1 crore, reversing a loss in the March quarter. Full-year FY26 revenue grew 6.4% to ₹103.84 crore, driven by operational improvements and cost management. Despite this, margins remain pressured by external commodity factors, and management attributes recovery to sustainable growth through portfolio strengthening and efficiency gains.
🔮 Management Outlook & What's Next
Management expressed cautious optimism, emphasizing product innovation, manufacturing efficiency, and market expansion as pillars for sustainable growth. They cited exposure to crude oil prices, foreign exchange volatility, and global trade uncertainties as key external risks. The strategic focus remains on strengthening product portfolio and operational resilience rather than aggressive expansion. No formal long-term guidance was provided, but operational discipline and cost control are positioned as central to future performance.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 9 | 9 | 9 | 9 |
| Reserves | 30 | 33 | 35 | 36 |
| Borrowings | 21 | 26 | 28 | 22 |
| Total Liabilities | 76 | 82 | 87 | 82 |
| Fixed Assets | 30 | 31 | 33 | 32 |
| Investments | 0 | 0 | 0 | 0 |
| Total Assets | 76 | 82 | 87 | 82 |
The balance sheet shows stable equity of ₹9 crore and modest reserve growth from ₹33 crore to ₹36 crore over the past two years, indicating limited reinvestment or retained earnings utilization. Borrowings have slightly increased to ₹22 crore as of March 2026 from ₹26 crore in March 2025, suggesting ongoing leverage despite profitability improvements. Total assets remain flat around ₹82–87 crore, reflecting a conservative capital structure with no major capex signals or asset growth initiatives disclosed.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 | Mar 2026 |
|---|---|---|
| Operating | +10 | +4 |
| Investing | -4 | -5 |
| Financing | -18 | +1 |
| Net Cash Flow | -12 | -0 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 56.6% | 56.6% | 56.7% | 56.7% |
| FII | 0.0% | 0.0% | 0.0% | 0.0% |
| DII | 0.0% | 0.0% | 0.0% | 0.0% |
| Public | 29.7% | 29.1% | 29.1% | 29.2% |
| # Shareholders | 8,945 | 8,399 | 8,334 | 8,273 |
Promoter holding remains steady at 56.65–56.66% over the last four quarters, indicating no dilution or stake sale. Public shareholding has gradually declined from 29.7% to 29.18%, while FII and DII holdings remain at 0%, suggesting minimal institutional interest. The shrinking number of shareholders (from 8,945 to 8,273) may reflect retail consolidation or reduced liquidity interest. No activist activity or significant investor engagement is evident.
⚖️ Peer Comparison — Plastic products
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| SUPREMEIND | 45,730 | 44.3 | 22.1% | 16.7% | 0.00 |
| ASTRAL | 41,103 | 71.4 | 20.0% | 14.2% | 0.04 |
| SHAILY | 15,061 | 85.1 | 33.8% | 32.3% | 0.34 |
| FINPIPE | 9,797 | 15.8 | 12.7% | 9.9% | 0.07 |
| TIMETECHNO | 9,233 | 18.1 | 20.9% | 17.2% | 0.22 |
| KINGFA | 8,183 | 36.3 | 39.9% | 31.0% | 0.05 |
| SAFARI | 7,393 | 44.8 | 19.8% | 14.8% | 0.00 |
| VIPIND | 4,353 | — | -43.7% | -130.7% | 1.42 |
| RESPONIND | 3,968 | 39.2 | 7.5% | 6.5% | 0.12 |
| PRINCEPIPE | 3,250 | 31.2 | 8.0% | 6.5% | 0.17 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Heavy reliance on commodity-sensitive markets with no hedging disclosed, exposing margins to crude oil and raw material price swings. 2. Persistent lack of dividend payouts despite profitability, which may deter income-focused investors. 3. Zero institutional or DII holding, signaling limited investor confidence or coverage. 4. Exposure to global trade uncertainties and foreign exchange volatility, which management acknowledges as key headwinds to sustainable growth.
📋 Recent Filings
-
🟡 Board Meeting 28 August 2026National Plastic Industries Ltd announced its 39th AGM on 23 September 2026 at 4:00 PM via video conferencing, where shareholders will adopt FY2025-26...
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🔴 annual report 28 August 2026National Plastic Industries Limited announced its 39th Annual General Meeting will be held on September 23, 2026 at 4:00 p.m. IST via video conferenci...
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🔴 annual report 27 August 2026National Plastic Industries Limited reported FY 2025-26 revenue of [amount context mismatch] crore, up 6.4% from ₹97.57 crore, with profit before tax ...
🧠 Analyst's Read
National Plastic Industries shows signs of operational stabilization with improving revenue and margin trends, but lacks clear growth catalysts or institutional backing. Investors should monitor margin recovery pace, commodity input trends, and any shift in capital allocation strategy, particularly around capex or debt reduction, as early indicators of renewed momentum.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.
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This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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