Rajshree Polypack Limited (RPPL) Financial Results — Revenue ₹332.18 Cr

Investor Takeaways

PAT margin improved to 5.18% from 4.38% YoY, reflecting margin expansion from product mix shifts and cost optimisation.

EBITDA margin rose to 17.14% in Q4, indicating operational efficiency gains despite export headwinds.

Export revenue declined to ₹14.09 crore due to Middle East geopolitical disruptions, contributing to overall revenue growth of only 0.74% YoY.

Injection Moulding capacity expanded by 45.45% to 4,800 MT, supporting future capacity-driven growth.

Olive Ecopak JV achieved EBITDA positivity with [amount context mismatch] crore revenue and narrowed net loss to ₹18.89 crore.

Management targets ₹420-430 crore revenue in FY27 with 16% EBITDA margins and plans to reduce debt by ₹10-15 crore in FY27.

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹332.18 Cr	0.74%
Net Profit	₹17.22 Cr	N/A
EBITDA	[Not available]	[Not available]
EPS	[Not available]
OPM	5.18%	Improved from 4.38%

What Changed

Rajshree Polypack Limited reported FY26 revenue of ₹332.18 crore, up 0.74% YoY, with PAT rising to ₹17.22 crore from ₹14.46 crore. Q4 revenue reached ₹91.62 crore, up from ₹90.06 crore, while export revenue declined to ₹14.09 crore due to Middle East geopolitical disruptions. The company expanded Injection Moulding capacity by 45.45% to 4,800 MT and plans to add 1,000 MTPA under toll manufacturing, targeting ₹420-430 crore revenue in FY27. Olive Ecopak JV turned EBITDA positive with [amount context mismatch] crore revenue and narrowed net loss to ₹18.89 crore. Management highlighted margin improvement from product mix shifts and cost optimisation, targeting 16% EBITDA margins by FY28. PAT margin improved to 5.18% from 4.38%, and EBITDA margin rose to 17.14% in Q4. The company reduced net loss in Q3FY25 to ₹0.94 crore from a profit of ₹2.03 crore in Q4FY24, indicating improved operational stability. Current fundamentals show a market cap of ₹125.25 Cr and P/E ratio of 19.62. Quarterly trends reveal fluctuating profitability, with Q3FY25 recording a loss of ₹0.94 crore compared to profits in prior quarters.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Rajshree Polypack Limited	19.62	N/A	N/A	125.25
Bharat Electronics Limited	62.03	N/A	N/A	309678.78
Hindustan Aeronautics Limited	33.73	N/A	N/A	293338.09
Cummins India Limited	74.38	N/A	N/A	149466.24

Rajshree Polypack trades at a lower P/E ratio compared to peers like BEL, HAL, and Cummins India, suggesting relatively lower valuation expectations despite similar sector exposure.

Risks & Concerns

Export revenue declined to ₹14.09 crore due to Middle East geopolitical disruptions, posing near-term revenue headwinds.

Olive Ecopak JV reported a net loss of ₹18.89 crore, indicating ongoing integration or scaling challenges despite EBITDA positivity.

Quarterly net profit turned negative in Q3FY25 (₹-0.94 crore), suggesting volatility in earnings trajectory.

Debt reduction target of ₹10-15 crore in FY27 is mentioned but current debt levels are not provided, limiting assessment of financial risk.

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	72.7	-0.94	10.56
Q2FY25	88.28	3.04	13.97
Q1FY25	78.7	2.22	13.79
Q4FY24	69.37	2.03	11.81

The company demonstrated sequential revenue growth from Q4FY24 to Q4FY26, with PAT margin expansion and capacity additions supporting long-term growth despite short-term export volatility.

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