Apt Packaging - Apt Packaging

📊 BSE: 506979 🏢 Packaging 📅 Last Updated: 11/13/2025 15:25

💰 Financial Performance

Revenue Growth by Segment

Total revenue grew by 6.14% YoY, reaching INR 13.60 Cr in FY25 compared to INR 12.81 Cr in FY24. Segment-specific growth percentages were not disclosed, but growth was attributed to technological up-gradation and operational efficiencies in the plastic tube manufacturing business.

Geographic Revenue Split

Not explicitly disclosed by percentage; however, the company operates manufacturing plants in Aurangabad (Maharashtra) and Laksar, Haridwar (Uttarakhand), serving both domestic and overseas markets.

Profitability Margins

Net Profit margin improved significantly to 2.62% in FY25 (INR 0.36 Cr) from a negative margin of -19.61% in FY24 (Loss of INR 2.52 Cr). This turnaround was driven by cost reduction initiatives and improved supply chain dynamics.

EBITDA Margin

EBITDA (PBILDT) margin stood at 10.17% (INR 1.40 Cr) in FY25, a substantial recovery from the negative EBITDA of INR -1.58 Cr in FY24, reflecting improved core operational profitability.

Capital Expenditure

The company completed a preferential allotment of equity shares on May 8, 2025, raising INR 19.65 Cr (including premium) to improve net worth and likely fund technological upgrades, though specific historical CapEx figures were not disclosed.

Credit Rating & Borrowing

The company carries a 'CARE D' (Default) rating as of November 2025 due to delays in debt servicing. Bank limit utilization was high at 98.70% for the 13 months ended September 2024, indicating severe liquidity constraints.

⚙️ Operational Drivers

Raw Materials

Plastic resins and polymers (used for co-extruded tubes) represent the primary raw material cost, though the exact percentage of total cost was not disclosed.

Capacity Expansion

Current installed capacity is approximately 2.3 lakh pieces per day (approx. 84 million pieces annually). Planned expansion details were not quantified, but the company is focusing on 'technological up-gradation' to improve output.

Raw Material Costs

Raw material costs are subject to high volatility; fluctuations in plastic prices directly impact production margins. Specific YoY cost change percentages were not disclosed.

Manufacturing Efficiency

Efficiency is being targeted through technological up-gradation and resource consolidation to reduce overall costs and enhance profitability.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

Growth Strategy

Growth is targeted through a preferential allotment of INR 19.65 Cr to stabilize the balance sheet, technological up-gradation to compete with larger peers, and the integration of new income sources to diversify the revenue base.

Products & Services

Co-extruded plastic tubes in various shapes and sizes (10 ml to 300 ml fill size) for pharmaceutical and FMCG sectors.

Brand Portfolio

APT Packaging (formerly Anil Chemicals & Industries).

New Products/Services

The company has identified and integrated a 'new source of income' to open fresh growth avenues, though the specific product and its revenue contribution % were not disclosed.

Market Expansion

The company aims to strengthen its competitive position in both domestic and overseas markets through quality-enhanced products.

🌍 External Factors

Industry Trends

The packaging industry is seeing increased acceptance of quality-enhanced products and evolving customer demand for specialized co-extruded tubes.

Competitive Landscape

Intense competition from well-established players with greater technological expertise and stronger financial resources.

Competitive Moat

The primary moat is the 30+ years of experience of the promoters in the packaging industry, which helps maintain long-standing customer relationships.

Macro Economic Sensitivity

The company is sensitive to fluctuations in the pharmaceutical and FMCG sectors, which drive demand for packaging tubes.

Consumer Behavior

Shift toward more sophisticated and varied packaging sizes (10ml-300ml) in the pharma and cosmetic industries.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to evolving legal frameworks and regulatory requirements for plastic manufacturing and co-extrusion processes.

Legal Contingencies

Pending GST liability of INR 20.70 Lakhs for FY 2019-20 currently under appeal. Also, a qualified audit opinion was issued for non-payment of INR 0.57 Lakhs in interest to MSME parties.

⚠️ Risk Analysis

Key Uncertainties

The company's accumulated losses exceeded its net worth as of March 31, 2025 (Net Worth: INR -4.66 Cr), creating material uncertainty regarding its ability to continue as a going concern, although the May 2025 equity infusion of INR 19.65 Cr mitigated this.