💰 Financial Performance

Revenue Growth by Segment

The company achieved sales of INR 96.59 Cr during H1FY26. In FY25, the Net Profit Margin was 9.42%, representing a 25.75% decrease from 12.68% in FY24, primarily due to higher raw material prices.

Geographic Revenue Split

The company operates 5 manufacturing facilities in India across 3 states and 1 union territory, alongside 3 international units in Guatemala and Cameroon. Specific percentage splits by region are not disclosed.

Profitability Margins

Operating Profit Margin was 26.87% in FY25, down 5.48% from 28.43% in FY24. Net Profit Margin was 9.42% in FY25, down 25.75% from 12.68% in FY24.

EBITDA Margin

Operating Profit Margin stood at 26.87% for FY25, a decrease of 5.48% YoY. Core profitability was impacted by higher raw material costs, leading to a 33.55% decrease in Return on Net Worth.

Capital Expenditure

The company undertook capacity expansions including a 7.5% increase at the Daman plant, a 25% increase at the Cameroon JV, and a 20% increase at the Guatemala WOS. Specific INR values for capex are not disclosed.

Credit Rating & Borrowing

Crisil Ratings assigned a long-term rating of 'Crisil BBB+/Watch Developing' and a short-term rating of 'Crisil A2/Watch Developing' for INR 60 Cr in bank loan facilities. Bank limit utilization averaged 71% through September 2025.

⚙️ Operational Drivers

Raw Materials

Key raw materials include Polyvinyl Chloride (PVC), High-Density Polyethylene (HDPE), and Polypropylene (PP), which collectively account for approximately 70% of total revenues.

Capacity Expansion

Current capacity was expanded in FY25: Daman plant increased by 7.5%, Cameroon JV (SARL) by 25%, and Guatemala WOS (S.A.) by 20%.

Raw Material Costs

Raw material costs represent approximately 70% of revenue. These costs increased in FY25, leading to a 25.75% decline in net profit margins.

Manufacturing Efficiency

Manufacturing efficiency is supported by 5 domestic and 3 international units. Specific capacity utilization percentages are not disclosed.

Logistics & Distribution

High transportation costs are cited as a factor making geographic expansion difficult. Distribution is managed through a Pan-India distributor network and 10 warehouses.

📈 Strategic Growth

Growth Strategy

Growth is targeted through capacity expansion (7.5% to 25% across units), the launch of new products like water storage tanks and 9 new furniture SKUs, and the demerger of the Roto business into Prima Innovation Limited to streamline operations.

Products & Services

Products include plastic moulded furniture, material handling products (insulated boxes, shippers), road safety products (Bull-Nose Barriers, Anti-Glare Screens), and water storage tanks.

Brand Portfolio

PRIMA

New Products/Services

Launched new Water Storage Tanks in the Rotational Moulding Division and 9 new SKUs in the Furniture Division catering to lifestyle segments.

Market Expansion

Expanding Pan-India distributor network and warehousing capacity to serve new markets; participating in national and international trade exhibitions.

Market Share & Ranking

The company is described as one of India's leading manufacturers of plastic furniture and material handling products.

Strategic Alliances

Equal JV 'Prima Dee-Lite SARL' in Cameroon (Central Africa) and a 90% subsidiary 'Prima Union Plasticos, S.A.' in Guatemala (Central America).

🌍 External Factors

Industry Trends

The Indian plastics industry is shifting toward innovation and sustainability. PLEXCONCIL aims to boost exports to US$25 billion by 2027, supported by 'Make in India' and 'Digital India' initiatives.

Competitive Landscape

The plastic-molded furniture industry is largely unorganized and intensely competitive, with high transportation costs acting as a barrier to entry for new geographic markets.

Competitive Moat

Moat is built on 30+ years of promoter experience, a strong market position in the plastic-molded industry, and established relationships with a diversified supplier and client base.

Macro Economic Sensitivity

Highly sensitive to crude oil prices and foreign exchange rates due to the 70% raw material component in revenue.

Consumer Behavior

Increasing demand for lifestyle-oriented furniture segments and infrastructure-related road safety products.

Geopolitical Risks

International expansion in Central America and Central Africa subjects the company to inherent global business risks.

⚖️ Regulatory & Governance

Industry Regulations

Compliant with Plastic Waste Management Rules; the company does not manufacture banned single-use plastics.

Environmental Compliance

Registered as a Brand Owner with the Central Pollution Control Board (CPCB) and committed to Extended Producer Responsibility (EPR) for plastic waste collection.

Legal Contingencies

The demerger of the Roto business into Prima Innovation Limited is currently pending statutory and regulatory approvals from the National Company Law Tribunal (NCLT).

⚠️ Risk Analysis

Key Uncertainties

Volatility in crude oil prices (impacting 70% of costs), intense competition from the unorganized sector, and potential delays in the demerger process.

Geographic Concentration Risk

Operations are spread across 3 Indian states, 1 UT, Guatemala, and Cameroon. Domestic expansion is constrained by high logistics costs.

Third Party Dependencies

High dependency on raw material suppliers for PVC, HDPE, and PP, representing 70% of the cost structure.

Technology Obsolescence Risk

The company is mitigating technology risks through its in-house design team and expansion into advanced rotational moulding solutions.

Credit & Counterparty Risk

Receivables stood at 92.38 days in FY25 (up 35.31% YoY), with some delays noted from government clients.