Kisan Mouldings - Kisan Mouldings

📊 BSE: 530145 🏢 Plastic Products - Industrial 📅 Last Updated: 11/13/2025 15:25

💰 Financial Performance

Revenue Growth by Segment

Overall standalone revenue grew 2% YoY to INR 274 Cr in FY25. The moulded furniture segment industry is growing at 10% annually, while the company's consolidated volume grew 23% YoY in 9MFY25 due to the integration with Apollo Pipes.

Geographic Revenue Split

Not disclosed in available documents, though the company focuses on agri-concentrated regions including Maharashtra, Uttar Pradesh, Rajasthan, and Tamil Nadu.

Profitability Margins

EBITDA margin was 3.9% in FY25. The company achieved a PBILDT per tonne of INR 5,456 in 9MFY25, marking a significant recovery from consistent losses at the PBILDT level over the previous five years.

EBITDA Margin

EBITDA margin was 3.9% in FY25. 9MFY25 PBILDT reached INR 8.17 Cr compared to a loss of INR 23.82 Cr in FY24, driven by better fixed cost absorption and supply chain improvements.

Capital Expenditure

The company plans routine capital expenditure of approximately INR 10 Cr per annum over the medium term, funded through internal accruals.

Credit Rating & Borrowing

CARE assigned a rating of 'CARE A; Stable' in April 2025. CRISIL reaffirmed 'CRISIL A-/Positive' in October 2025 before withdrawing it at the company's request. Interest coverage ratio was 6.87x in 9MFY25.

⚙️ Operational Drivers

Raw Materials

PVC resin, CPVC, and Polyethylene resins are the primary raw materials, which are highly sensitive to global crude oil prices.

Capacity Expansion

Current polymer processing capacity is 90,000 MTPA. Strategic focus is on improving capacity utilization from historical lows through Apollo Pipes' working capital support.

Raw Material Costs

Raw material costs are a major component of revenue; PVC resin prices experienced a sharp 17% correction in Q2FY25, leading to significant channel destocking and impacting short-term volumes.

Manufacturing Efficiency

The company is implementing automation at its Tarapur (PVC) and Roto Moulded Tank plants to improve productivity and reduce labor dependency.

Logistics & Distribution

The company is strengthening its distribution network by strategically locating warehouses and manufacturing facilities to control costs and maintain competitive advantage.

📈 Strategic Growth

Expected Growth Rate

10%

Growth Strategy

Growth will be achieved by leveraging Apollo Pipes' (APL) extensive distribution network and brand, focusing on high-margin fittings and solvents (SKU expansion), and automating manufacturing processes to improve operational leverage and fixed cost absorption.

Products & Services

CPVC pipes, UPVC pipes, HDPE pipes, SWR pipes, fittings, solvents, irrigation systems, and moulded furniture.

Brand Portfolio

KISAN, KML CLASSIC.

New Products/Services

Increased number of SKUs in the fittings segment and a wider variety of solvents are expected to improve the overall margin profile.

Market Expansion

Targeting market share gains in agri-concentrated areas including Maharashtra, Uttar Pradesh, Rajasthan, and Tamil Nadu.

Strategic Alliances

Acquisition of a 58.66% majority stake by Apollo Pipes Limited (APL) in FY24 provided critical financial and operational backing.

🌍 External Factors

Industry Trends

The Indian plastic pipe industry is growing as metal pipes are replaced by cost-effective plastic alternatives. The moulded furniture industry is growing at 10% annually, driven by rising disposable incomes.

Competitive Landscape

Highly competitive industry with both organized and unorganized players; organized players have an advantage in risk management and raw material procurement.

Competitive Moat

Moat is built on the 'KISAN' brand recall, celebrity endorsement (Amitabh Bachchan), and strong strategic/operational linkages with parent Apollo Pipes Limited, which provides superior distribution and working capital support.

Macro Economic Sensitivity

Highly sensitive to GDP growth and government thrust on capital expenditure, particularly in water infrastructure and irrigation projects.

Consumer Behavior

Increasing lifestyle changes and disposable income are driving demand for value-added products in the plumbing and furniture segments.

Geopolitical Risks

Exposure to international trade front risks including tariff and other related trade barriers.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with the Legal Metrology Act, 2009 and the Legal Metrology (Packaged Commodities) Rules, 2011 is mandatory for product packaging and standards.