GLEN Industries - GLEN Industries

📊 BSE: 544444 🏢 Packaging 📅 Last Updated: 11/13/2025 15:25

💰 Financial Performance

Revenue Growth by Segment

Thin Wall Containers grew 13.9% to INR 125.49 Cr in FY25; PLA Straws grew 22.5% to INR 34.50 Cr; Paper Straws grew 83.6% to INR 9.68 Cr. H1 FY26 total income reached INR 96.56 Cr.

Geographic Revenue Split

Domestic sales contributed 66.52% (INR 113.94 Cr) and Exports contributed 33.48% (INR 57.34 Cr) in FY25.

Profitability Margins

Net Profit (PAT) margin was 9% in H1 FY26, a decline from 11% in H2 FY25 due to passing on raw material cost reductions to customers to maintain competitiveness.

EBITDA Margin

EBITDA margin stood at 21% (INR 20.19 Cr) in H1 FY26. Management targets a long-term sustainable EBITDA margin of 18-19% as expansion shifts toward lower-margin food container and paper products (17-18% margins).

Capital Expenditure

Planned investment of INR 100.49 Cr in new manufacturing facilities and production lines to drive growth and automation.

Credit Rating & Borrowing

Not disclosed in available documents; however, total debt is projected to peak at INR 170-175 Cr by FY28 to fund CAPEX and working capital.

⚙️ Operational Drivers

Raw Materials

Polylactic Acid (PLA) and Paper are primary raw materials, with PLA realization fluctuations significantly impacting historical margins.

Import Sources

Not specifically disclosed, though the company notes a strategic shift in customer procurement from China to India (China Plus One).

Capacity Expansion

Current installed capacity is 13,109 MT/year; planned expansion to 21,095 MT/year by FY26, adding 7,986 MT for Food Containers and 7,696 MT for Paper Cups.

Raw Material Costs

Raw material costs are passed through to customers; a recent reduction in costs led to a corresponding dip in PAT margin from 11% to 9% as realizations were adjusted.

Manufacturing Efficiency

Thin Wall Food Containers operate at ~76% utilization (FY25), while PLA and Paper Straws are seasonal, averaging 30-40% annual utilization.

Logistics & Distribution

Distribution network spans 26 states in India and 30+ countries globally, utilizing over 200 domestic distributors.

📈 Strategic Growth

Expected Growth Rate

35-40%

Growth Strategy

Growth will be driven by a capacity jump from 13,109 MT to 21,095 MT, targeting a revenue potential of INR 500 Cr. Strategy includes entering the Paper Cup segment (7,696 MT capacity) and leveraging the 'China Plus One' shift to capture international market share.

Products & Services

Thin Wall Food Containers, PLA Straws, Paper Straws, U-Shape Straws (for Tetra Paks), and Paper Cups.

Brand Portfolio

GLEN Industries.

New Products/Services

Paper Cups are the primary new product launch, with a planned capacity of 7,696 MT per year.

Market Expansion

Expanding export footprint beyond the current 30+ countries in Asia, Middle East, Europe, USA, and Africa.

🌍 External Factors

Industry Trends

The global plastic packaging market is growing at a CAGR of 3.31% (2025-2030), with a major shift toward sustainable, biodegradable materials like PLA.

Competitive Landscape

Key listed peer identified is Rajshree Polypack Limited; competition is intense in thermoforming and paper product segments.

Competitive Moat

Moat is built on advanced integrated manufacturing and global safety certifications (ISO, HACCP, FSSC 22000), which act as entry barriers against smaller unorganized players.