Rajshree Polypack Ltd (RPPL)

Capital Goods · Packaging · NSE · Updated 1 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

🎯 Key Takeaways

Rajshree Polypack Ltd is transitioning from a mature packaging manufacturer into a growth-oriented capital goods player with expanding capabilities in high-margin segments like Injection Moulding and sustainable packaging. Management is actively investing in capacity and renewable energy to drive scale, with a clear focus on doubling revenue to INR 420-430 crores by FY27 end.
Revenue grew 12.3% QoQ to ₹103 in Q1FY27.
⚠️ 1) Geopolitical headwinds impacting export stability despite current stability in export revenue (INR 11.72 crores). 2) Injection Moulding segment mar

ROE

12.8%

ROCE

14.1%

Debt/Equity

0.65

Promoter

44.2%

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📖 The Story

Rajshree Polypack Ltd is transitioning from a mature packaging manufacturer into a growth-oriented capital goods player with expanding capabilities in high-margin segments like Injection Moulding and sustainable packaging. Management is actively investing in capacity and renewable energy to drive scale, with a clear focus on doubling revenue to INR 420-430 crores by FY27 end. The company is leveraging operational efficiencies and margin accretion from scale, while maintaining a conservative capital structure.

📰 What's Happening

In Q1 FY27, Rajshree Polypack reported consolidated revenue of INR 102.91 crores, up 24.72% YoY, driven by domestic recovery and improved product mix. EBITDA grew 36.75% YoY to INR 16.52 crores with margins expanding to 16.05%, and PAT surged 76.83% to INR 7.25 crores. Key developments include commissioning of a 1,000 MT Injection Moulding capacity addition, progress on Olive Ecopak's paper-based packaging, and a 1.9 MW captive wind-solar project expected to meet 30% of energy needs and save INR 1.75 crores annually. Management reiterated confidence in achieving INR 420-430 crores revenue by FY27 end, with Phase 1 capex of INR 25-30 crores targeting INR 80-100 crores revenue. Export revenue remained stable at INR 11.72 crores despite geopolitical headwinds.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	86	72	92	103
Operating Profit	7	4	10	10
OPM %	7.8%	5.7%	10.6%	9.4%
Net Profit	5	2	6	7
EPS	₹0.62	₹0.30	₹0.86	₹0.98

The company has demonstrated accelerating financial momentum, with revenue, EBITDA, and PAT growing at 24.7%, 36.8%, and 76.8% YoY respectively in Q1 FY27. This outperformance in profitability is attributed to operational efficiencies, capacity expansion, and renewable energy integration. Sequential growth from Dec 2025 (Rev ₹72 Cr) to Mar 2026 (Rev ₹103 Cr) reflects strong execution of expansion plans. Management expects EBITDA margins to stabilize at 15-16% through scale, with Injection Moulding contributing to volume growth despite lower initial margins. The financial trajectory is clearly aligned with announced capex and capacity additions, signaling a deliberate shift toward higher-growth, higher-margin operations.

🔮 Management Outlook & What's Next

Management has provided forward-looking guidance targeting INR 420-430 crores revenue by FY27 end, underpinned by Phase 1 capex of INR 25-30 crores targeting INR 80-100 crores revenue. They anticipate EBITDA margin expansion to 15-16% through scale and operational efficiencies. A 1.9 MW captive wind-solar project is slated for commissioning by October 2026, expected to meet 30% of energy needs and reduce annual energy costs by INR 1.75 crores. Management also highlighted progress in Olive Ecopak's paper-based packaging initiatives as part of broader sustainability and product diversification efforts.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	37	37	37	37
Reserves	120	123	135	143
Borrowings	105	104	120	123
Total Liabilities	308	320	339	342
Fixed Assets	125	128	138	138
Investments	3	0	0	42
Total Assets	308	320	339	342

The balance sheet reflects a deliberate shift toward strategic investment while maintaining financial stability. Total assets grew to INR 342 crores as of Mar 2026 from INR 320 crores in Mar 2025, driven by asset base expansion. Borrowings increased modestly to INR 123 crores from INR 104 crores, indicating controlled leverage (D/E of 0.65), while equity and reserves remained stable at INR 37 crores and INR 143 crores respectively. This suggests capital allocation is focused on growth initiatives rather than aggressive debt-funded expansion, with manageable leverage levels supporting the expansion plans.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	+18
Investing	-36
Financing	+22
Net Cash Flow	+4

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	43.8%	43.9%	44.0%	44.2%
FII	0.0%	0.0%	0.0%	0.0%
DII	0.0%	0.0%	0.0%	1.1%
Public	41.5%	40.9%	41.0%	39.9%
# Shareholders	13,997	13,809	13,376	13,320

Promoter holding has declined slightly from 43.78% in Q2FY26 to 44.22% in Q1FY27, while public shareholding has increased from 41.48% to 39.92% over the same period, reflecting broader retail participation. Notably, FII and DII holdings remain at 0%, indicating limited institutional exposure. The growing number of shareholders (13,320 in Q1FY27) suggests rising retail interest. There are no signs of promoter distress or significant stake sales, and the stable promoter holding above 44% maintains controlling influence despite incremental dilution to public investors.

⚖️ Peer Comparison — Packaging

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
INOXINDIA	19,412	76.2	29.2%	22.8%	0.06
GRWRHITECH	16,598	42.8	22.0%	16.4%	0.00
EPL	8,382	21.6	17.1%	13.8%	0.25
AGI	5,042	13.9	19.6%	17.3%	0.26
UFLEX	4,685	6.9	8.8%	8.4%	1.21
POLYPLEX	3,707	23.9	7.7%	7.2%	0.23
TCPLPACK	3,548	30.7	17.8%	16.1%	0.80
XPROINDIA	2,692	81.5	5.2%	4.3%	0.38
COSMOFIRST	2,446	14.5	11.4%	10.3%	0.98
MOLDTKPAC	2,357	32.2	19.9%	14.5%	0.10

🔗 Peer Stock Analyses

INOXINDIA GRWRHITECH EPL AGI UFLEX

⚠️ Risk Factors

1) Geopolitical headwinds impacting export stability despite current stability in export revenue (INR 11.72 crores). 2) Injection Moulding segment margins remain lower at 13-14% versus Packaging's 16-17%, potentially pressuring overall margin trajectory during early scale-up. 3) Capex execution risk in new facility development, with Phase 1 investment of INR 25-30 crores targeted at INR 80-100 crores revenue, requiring disciplined execution to meet targets. 4) Dependence on renewable energy project commissioning by October 2026 to achieve projected cost savings and energy independence.

📋 Recent Filings

🧠 Analyst's Read

Rajshree Polypack is executing a clear growth strategy with visible capital investment and capacity expansion, supported by strong quarterly performance and margin improvement. The key watchpoints are execution of new capex, sustainability of margin expansion, and successful integration of Injection Moulding and Olive Ecopak initiatives. While financial trends are encouraging, investor focus should remain on near-term execution against stated revenue and margin targets.

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.

Editorial & Data Transparency Notice

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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