KANPRPLA - Kanpur Plastipa.

📊 NSE: KANPRPLA 🏢 Packaging 📅 Last Updated: 12/14/2025 8:48

💰 Financial Performance

Revenue Growth by Segment

The Raffia segment (FIBC, Fabric, MFY, Granule trading) is the primary driver, accounting for ~80% of total revenue. Overall revenue grew 26.4% YoY to INR 628.61 Cr in FY25 from INR 497.41 Cr in FY24.

Geographic Revenue Split

Exports contribute over 75% of total revenues, with Europe alone accounting for 51% of export sales. Key markets include Germany, Brazil, and Japan.

Profitability Margins

Net Profit Margin improved significantly from 0.07% in FY24 to 1.72% in FY25. Standalone net profit jumped from INR 0.36 Cr to INR 10.70 Cr, a 2872% increase YoY.

EBITDA Margin

EBITDA margin improved to 9.18% in FY25 from 6.09% in FY24. Q2 FY26 EBITDA margins further rose to 9.8% (up 245 bps YoY) due to better product mix and operational efficiency.

Capital Expenditure

Planned capex of INR 105 Cr for capacity expansion and modernization, including a new FIBC division building. Specific FIBC capacity addition requires INR 47 Cr investment.

Credit Rating & Borrowing

CRISIL BBB+/Stable for long-term facilities. Interest coverage ratio improved from 1.12x in FY24 to 2.35x in FY25.

⚙️ Operational Drivers

Raw Materials

Polypropylene (PP) and High-Density Polyethylene (HDPE) polymers represent 60-65% of the total cost of sales.

Import Sources

Not explicitly disclosed, but the company operates as a consignment stockist for Indian Oil Corporation Ltd for domestic trading.

Key Suppliers

Indian Oil Corporation Ltd (IOCL) is a key supplier and trading partner.

Capacity Expansion

Planned incremental FIBC capacity of 6,000 metric tons over the next five years. Commissioning of a new Greenfield plant is expected by H1 of the next financial year.

Raw Material Costs

Raw material costs account for 60-65% of revenue. Susceptibility to price volatility is a key weakness, though vertical integration helps mitigate some cost pressures.

Manufacturing Efficiency

Capacity utilization improvements and debottlenecking on the stitching side drove the margin increase from 5.88% to 9.10% in FY25.

Logistics & Distribution

Not disclosed as a specific percentage of revenue.

📈 Strategic Growth

Expected Growth Rate

20%

Growth Strategy

Achieving growth through a 'mass-boutique' model focusing on high-margin FIBCs, divesting the loss-making CPP division to repurpose land for core expansion, and geographic diversification into Japan and Africa. Strategic acquisition of UK-based Valex Ventures Ltd and a JV with Essegomma for high-performance yarn will drive European and technical textile growth.

Products & Services

Flexible Intermediate Bulk Containers (FIBC/Jumbo Bags), PP Multifilament Yarn (MFY), Woven Fabrics, and UV Masterbatches.

Brand Portfolio

Operates under the 'Bharat Brand' identity for global trust; primarily a B2B model.

New Products/Services

Entry into high-performance yarns via Essegomma JV (5-10% expected margins) and non-woven segments.

Market Expansion

Expanding base in Japan, South Africa, and Northern African countries to balance the export portfolio.

Market Share & Ranking

Dominant market share in key territories like Germany and Brazil for industrial packaging.

Strategic Alliances

Joint Venture with Essegomma (Italy) for technical textiles and acquisition of Valex Ventures Ltd (UK).

🌍 External Factors

Industry Trends

Growing global demand for sustainable industrial packaging and ESG-aligned supply chains. The industry is shifting toward high-compliance, recyclable products.

Competitive Landscape

Operates in a highly competitive global market, partially offset by established relationships and high-compliance manufacturing (cleanroom facilities).