ANYA - Anya Polytech &

📊 NSE: ANYA 🏢 Packaging 📅 Last Updated: 12/13/2025 18:23

💰 Financial Performance

Revenue Growth by Segment

Consolidated Total Income grew 10.6% YoY to INR 138.47 Cr in FY25, up from INR 125.21 Cr in FY24. The Packaging segment (SDP, PP, BOPP, Leno, and Jumbo bags) is the primary driver, while the Fertilizer segment is positioned for growth with patented products expected to scale in 1-2 years.

Geographic Revenue Split

The company aims to grow its presence across India by securing orders from new regions, though specific regional percentage splits are not disclosed in available documents.

Profitability Margins

EBITDA margin improved from 14.92% in FY24 to 17.05% in FY25. PAT margin stood at 5.92% in FY25 (INR 8.19 Cr) compared to 6.41% in FY24 (INR 8.03 Cr), reflecting a slight margin compression despite absolute profit growth.

EBITDA Margin

EBITDA margin was 17.05% in FY25, a significant improvement from 10.08% in FY23, driven by better cost controls and improved realization in specific product lines.

Capital Expenditure

Fixed assets increased by INR 9 Cr, from INR 41.05 Cr in FY24 to INR 50.05 Cr in FY25, supporting capacity expansion in the flexi-packaging portfolio.

Credit Rating & Borrowing

Finance costs were INR 6.84 Cr in FY25 on total borrowings of approximately INR 78.53 Cr, implying an average borrowing cost of 8.7%.

⚙️ Operational Drivers

Raw Materials

Raw material expenses, primarily polymers for packaging products, accounted for INR 92.60 Cr or 66.9% of total income in FY25.

Capacity Expansion

The company is targeting 100% capacity utilization for its flexi-packaging infrastructure (SDP, PP, BOPP, Leno, and Jumbo bags). The Yara Green production facility is scheduled to commence operations in April 2026.

Raw Material Costs

Raw material costs represented 66.9% of revenue in FY25. Procurement strategies involve managing high raw material costs which are identified as a key business weakness.

Manufacturing Efficiency

The company is focusing on selecting high-margin orders to optimize its overbooked capacity, aiming for 100% utilization.

Logistics & Distribution

Distribution costs are included within other expenses, which represent 12.9% of total revenue.

📈 Strategic Growth

Expected Growth Rate

44%

Growth Strategy

Growth will be achieved by reaching a top-line target of >INR 200 Cr in FY26 through 100% capacity utilization in packaging, the launch of Yara Green in April 2026, and a planned equity issue in January 2026 to make the company debt-free, thereby reducing finance costs.

Products & Services

SDP bags, PP bags, BOPP bags, Leno bags, Jumbo bags, and patented fertilizer products.

New Products/Services

Yara Green production (starting April 2026) and patented fertilizer products are expected to contribute higher margins compared to the 10-11% typical in the packaging sector.

Market Expansion

Strategic expansion aims to secure orders from new regions across India aligned with core competencies.

🌍 External Factors

Industry Trends

The packaging industry is currently overbooked, allowing for margin optimization. The fertilizer sector is evolving toward specialized, patented products with higher margins but longer market-entry timelines.

Competitive Landscape

The company faces intense competition in the capital-intensive packaging and fertilizer industries.

Competitive Moat

Moat is built on a comprehensive flexi-packaging portfolio, ISO 9001:2015 quality certification, and patented products in the fertilizer segment, providing a competitive edge in trust and specialized offerings.

Macro Economic Sensitivity

The business has high sensitivity to general economic conditions and agricultural cycles, as noted in the SWOT analysis.

Geopolitical Risks

Geopolitical factors are linked to supply chain disruptions, which are identified as a threat to operational stability.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by ISO 9001:2015 quality standards and internal financial controls over financial reporting, which were found effective in FY25.