BBTCL - B&B Triplewall

📊 NSE: BBTCL 🏢 Paper 📅 Last Updated: 12/13/2025 18:51

💰 Financial Performance

Revenue Growth by Segment

The company operates in a single business segment (Packaging). Total operating income grew 26.47% YoY to INR 489.8 Cr in FY25 from INR 387.3 Cr in FY24.

Geographic Revenue Split

Primarily based in Bengaluru, Karnataka, serving the domestic FMCG and e-commerce sectors. Specific regional % split is not disclosed.

Profitability Margins

PAT margins declined significantly from 4.96% in FY24 to -0.87% in FY25, resulting in a reported loss of INR 4.3 Cr compared to a profit of INR 19.2 Cr in the previous year.

EBITDA Margin

Estimated EBITDA margin was approximately 9.08% in FY25, down from approximately 10.14% in FY24, primarily due to stabilization issues at the new kraft paper unit.

Capital Expenditure

The company undertook large debt-funded capital expenditure for a new kraft paper unit and capacity expansion, leading to an increase in gearing from 1.28 times in FY24 to 1.62 times in FY25.

Credit Rating & Borrowing

Rated by CRISIL with a 'Stable' outlook. Interest coverage ratio dropped from 6.69 times in FY24 to 2.37 times in FY25. Estimated borrowing cost is approximately 9.4% based on finance costs of INR 17.66 Cr.

⚙️ Operational Drivers

Raw Materials

Kraft paper is the primary raw material, now partially sourced internally through backward integration.

Capacity Expansion

Current operations include enhanced corrugated box capacities and a newly operational kraft paper manufacturing unit intended for backward integration.

Raw Material Costs

Raw material costs are a major component of the cost structure; margins were adversely impacted in FY25 by stabilization issues in the internal kraft paper unit.

Manufacturing Efficiency

Efficiency was temporarily hampered in FY25 due to stabilization issues at the new backward integration unit.

📈 Strategic Growth

Expected Growth Rate

19%

Growth Strategy

Growth is targeted through the ramp-up of enhanced corrugated box capacities and the stabilization of the kraft paper unit to capture higher margins through backward integration and serving the growing FMCG and e-commerce sectors.

Products & Services

Corrugated boxes and Kraft paper.

Brand Portfolio

B&B Triplewall.

New Products/Services

Kraft paper (via the new manufacturing unit).

Market Expansion

Focusing on expanding supply to FMCG, processed food, and online retail segments.

🌍 External Factors

Industry Trends

The industrial paper packaging industry is growing due to e-commerce but remains highly fragmented, which limits the pricing power of individual players.

Competitive Landscape

Intense competition from numerous fragmented players in the corrugated box industry.

Competitive Moat

Moat is based on promoters' 20+ years of experience and established relationships with major FMCG clients; backward integration provides a potential cost advantage if stabilized.