MAMATA - Mamata Machinery
π’ Recent Corporate Announcements
Mamata Machinery Limited has issued a postal ballot notice to seek shareholder approval for the continuation of Mr. Subba Padubidri Bangera as a Non-Executive Independent Director beyond the age of 75. This special resolution is required under SEBI Regulation 17(1A) to allow him to serve until the end of his current term on April 11, 2029. The e-voting period for shareholders is scheduled from March 06, 2026, to April 04, 2026, with results to be announced by April 07, 2026.
- Special resolution proposed for Mr. Subba Padubidri Bangera to continue as Independent Director beyond age 75.
- The director's current term is valid through April 11, 2029.
- Remote e-voting period starts March 06, 2026, and concludes on April 04, 2026.
- The cut-off date for determining shareholder eligibility was February 27, 2026.
- Final results of the postal ballot will be declared on or before April 07, 2026.
Mamata Machinery has secured its first 'Rest of the World' (ROW) order for its Packaging Machinery Segment from a customer in South Africa. This marks a significant milestone as the company expands its global footprint beyond its established markets in India and the US. The Packaging Machinery Segment is identified as the company's primary growth driver, and this order is scheduled for delivery in Q2 FY27. The win validates Mamata's strategy to penetrate emerging international markets across Africa, Europe, and the Middle East.
- Secured first-ever ROW order for the Packaging Machinery Segment from South Africa
- Order delivery is scheduled for the second quarter of financial year 2027 (Q2 FY27)
- Packaging Machinery Segment identified as the key growth driver for the company's future
- Company has a global presence with over 5,000 machine installations across 80 countries
Mamata Machinery has introduced 'RecTechβ’', a breakthrough mono-material film technology designed to replace non-recyclable composite structures like PET+PE. This innovation addresses the industry's need for sustainability and compliance with Extended Producer Responsibility (EPR) mandates while maintaining cost-efficiency. The company is offering a complete indigenous ecosystem, including 7/9-layer blown film plants and packaging machines, to support the adoption of this technology. With a global presence of over 5,000 installations, this launch positions Mamata to capture the growing demand for sustainable packaging solutions.
- Launched RecTechβ’, a fully recyclable mono-material film replacing traditional PET+PE and PET+MPET+PE structures.
- Developed a complete indigenous ecosystem including 7/9-layer co-extrusion blown film plants and HFFS/VFFS machines.
- Technology bridges the cost gap between conventional non-recyclable materials and high-priced recyclable films.
- Addresses critical Extended Producer Responsibility (EPR) mandates for domestic and global brand owners.
- Leverages company's established global footprint of 5,000+ machine installations across 80 countries.
Mamata Machinery reported a mixed set of results for Q3 FY26, with revenue declining 8% YoY to βΉ67.22 crore and PAT falling 10% to βΉ7.87 crore. The quarterly performance was impacted by a 34% drop in EBITDA due to product-mix changes and delays in US-India trade resolutions affecting international orders. However, the 9M FY26 performance remains stable with revenue and PAT growing by 11% and 10% respectively. Management remains optimistic about the packaging division, citing a major new order from a leading Indian snacks brand and a strong delivery schedule for Q4 FY26.
- 9M FY26 Revenue increased by 11% YoY to βΉ15,925 Lakhs, while PAT rose 10% to βΉ1,504 Lakhs.
- Q3 FY26 EBITDA declined significantly by 34% YoY to βΉ843 Lakhs, attributed to lower gross margins from product-mix changes.
- Secured a milestone multi-machine order for VFFS packaging technology from a top-tier Indian snacks brand.
- US business and order intake temporarily impacted by ongoing tariff uncertainties and trade deal delays.
- Company plans global expansion with maiden presence at Interpack 2026 in DΓΌsseldorf, Germany.
Mamata Machinery reported a resilient 9MFY26 with revenue growing 11% YoY to βΉ159.25 crore and PAT increasing 10% to βΉ15.04 crore. However, Q3FY26 performance was softer, with revenue declining 8% YoY to βΉ67.22 crore and EBITDA margins compressing to 12.55% from 17.33% due to product-mix changes and US tariff uncertainties. The packaging division emerged as a key growth driver, growing 20% in the nine-month period, bolstered by a major multi-machine order from a leading Indian snacks brand. Management expects Q4FY26 to be a significant period for scheduled deliveries despite temporary headwinds in the North American market.
- 9MFY26 Revenue from operations increased 11% YoY to βΉ15,925 lakhs.
- Packaging segment revenue grew 20% YoY in 9MFY26 to βΉ4,541 lakhs, driven by VFFS machine demand.
- Q3FY26 EBITDA declined 34% YoY to βΉ843 lakhs with margins dropping 478 bps to 12.55%.
- Converting machinery remains the largest vertical, contributing βΉ8,968 lakhs in 9MFY26, up 14% YoY.
- US business and order intake temporarily impacted by ongoing delays in India-US trade deal and tariff situations.
Mamata Machinery Limited reported a strong sequential recovery in Q3 FY26, with standalone revenue growing 35.7% quarter-on-quarter to βΉ54.78 crore. While the quarterly standalone net profit of βΉ5.76 crore was lower than the βΉ7.78 crore reported in the same period last year, the nine-month (9M FY26) performance remains robust with a 33.8% increase in net profit to βΉ11.06 crore. The company's US-based subsidiary, Mamata Enterprises, Inc, contributed significantly with quarterly revenue of βΉ17.10 crore. Overall, the nine-month standalone revenue reached βΉ122.72 crore, reflecting steady growth in the machinery manufacturing segment.
- Standalone Revenue from Operations grew 15.1% YoY to βΉ54.78 crore in Q3 FY26.
- Standalone Net Profit increased 77% sequentially from βΉ3.25 crore in Q2 FY26 to βΉ5.76 crore in Q3 FY26.
- Nine-month (9M FY26) Standalone Net Profit rose 33.8% to βΉ11.06 crore compared to βΉ8.27 crore in 9M FY25.
- Total Standalone Income for the nine-month period reached βΉ126.35 crore.
- Wholly owned subsidiary Mamata Enterprises, Inc reported revenue of βΉ17.10 crore for the quarter ended December 31, 2025.
Mamata Machinery Limited has been granted a patent in the European Union for its proprietary invention, 'A Cross Sealing Device'. This technology, which is already patented in India and the United States, is a core component of the company's advanced packaging machinery. The grant allows Mamata to commercialize this specific innovation across the European market, potentially increasing its global market share. With a track record of over 5,000 installations in 80 countries, this patent strengthens the company's intellectual property portfolio and competitive positioning in the flexible packaging industry.
- Granted a patent in the European Union for 'A Cross Sealing Device' technology on January 30, 2026.
- The invention is already patented in India and the US, demonstrating global R&D validation.
- Enables the company to offer proprietary sealing solutions to customers across the European market.
- Supports a global footprint that already includes 5,000+ machine installations in 80 countries.
- Strengthens the company's position as a technology-driven player in the flexible packaging machinery sector.
Mamata Machinery Limited has been granted a patent for its proprietary 'CROSS SEALING DEVICE' by the European Patent Office under patent number 4338937. This technology is a critical component of the company's Vertical Form Fill Seal (VFFS) machines. This European grant follows similar patent approvals in India on October 28, 2024, and in the USA on March 11, 2025. The expansion of intellectual property protection into Europe strengthens the company's competitive moat in international packaging machinery markets.
- European Patent Office granted patent No. 4338937 for 'CROSS SEALING DEVICE' on January 29, 2026.
- The technology is a proprietary sealing mechanism specifically developed for VFFS machines.
- This is the third major jurisdiction to grant this patent, following India (Oct 2024) and the USA (Mar 2025).
- Strengthens the company's intellectual property portfolio and global market positioning.
Mamata Machinery Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document confirms that all share certificates received for dematerialization during the quarter ended December 31, 2025, were processed and listed on the stock exchanges. The registrar, MUFG Intime India Private Limited, verified that physical certificates were mutilated and cancelled as per norms. This filing is a standard administrative requirement for listed companies in India to ensure registry accuracy.
- Quarterly compliance for the period ending December 31, 2025, successfully completed.
- Registrar MUFG Intime India confirmed the processing of all dematerialization requests.
- Securities comprised in the certificates are confirmed to be listed on BSE and NSE.
- Physical certificates were mutilated and cancelled within the prescribed SEBI timelines.
Mamata Machinery Limited has announced the closure of its trading window effective January 1, 2026, in compliance with SEBI insider trading regulations. This closure is preparatory to the announcement of financial results for the quarter and nine-month period ending December 31, 2025. The restriction applies to all designated insiders and their immediate relatives. The trading window will reopen 48 hours after the financial results are made public.
- Trading window closure begins on January 1, 2026
- Closure relates to financial results for the quarter and nine months ending December 31, 2025
- Restriction remains in place until 48 hours after the official results announcement
- Applies to all insiders, designated persons, and connected persons as per SEBI norms
Mamata Machinery Limited will participate in a Non-Deal Roadshow (NDR) with investors in Mumbai on December 15, 2025. The company plans to discuss its business, financial performance, and industry outlook. No Unpublished Price Sensitive Information (UPSI) will be shared during the meeting. This event allows investors to gain insights into the company's operations and future prospects.
- Investor/Analyst Meeting on December 15, 2025
- Meeting to be held in Mumbai
- Discussing Companyβs business, financial performance, and industry outlook
Financial Performance
Revenue Growth by Segment
Revenue grew 31% YoY in H1FY26 to INR 92.03 Cr and 25% YoY in Q2FY26 to INR 53.37 Cr. FY25 revenue was INR 254.6 Cr, an 8% increase from FY24's INR 236.6 Cr.
Geographic Revenue Split
Exports contributed 70% of revenue in H1FY26 and 71% in FY25, with the remaining 30% and 29% respectively coming from the domestic Indian market.
Profitability Margins
FY25 margins: Gross Margin 61%, Operating Margin 21%, Net Margin 16%. H1FY26 PAT margin was 8%, up 89 bps YoY, while Q2FY26 PAT margin was 8%, down 222 bps YoY due to high exhibition spending.
EBITDA Margin
EBITDA margin was 11% in H1FY26 (up 310 bps YoY) and 12% in Q2FY26 (up 22 bps YoY). FY25 EBITDA margin was 21%, compared to 20% in FY24.
Capital Expenditure
The company operates a robust, asset-light manufacturing model with the potential to grow from existing facilities without incurring significant CAPEX in the near term.
Credit Rating & Borrowing
The company is net-debt-free with healthy liquidity. Finance costs decreased 48% YoY in H1FY26 to INR 0.21 Cr from INR 0.40 Cr in H1FY25.
Operational Drivers
Raw Materials
Cost of Goods Sold (COGS) represents 39% of revenue as of FY25, down from 43% in FY24.
Capacity Expansion
Management indicates the ability to grow from the existing facility without significant CAPEX; specific MT or unit capacity is not disclosed.
Raw Material Costs
COGS was 39% of revenue in FY25, showing a 4% improvement from FY24 (43%) due to operational efficiencies and procurement strategies.
Manufacturing Efficiency
Maintains high contribution margins with a 4-year average Gross Profit Margin of 57% and an asset-light manufacturing model.
Strategic Growth
Expected Growth Rate
31%
Growth Strategy
Growth will be achieved by penetrating new export markets (Africa, Middle East, Europe, Asia, South-Central America), expanding the product base within existing categories, and introducing new product categories for larger end-use segments.
Products & Services
Total flexible packaging machinery solutions, including machines for recyclable films and pouch-making machinery.
Brand Portfolio
MAMATA
New Products/Services
New product categories targeting recyclable films, which represent a 10 million ton global opportunity.
Market Expansion
Targeting increased penetration in Africa, Middle East, Europe, Asia, and South-Central America.
Market Share & Ranking
Leading player in the $8.3 billion global flexible packaging machinery market; aims to become the first Indian conglomerate in the sector.
Strategic Alliances
Operates through subsidiaries like Mamata Enterprises Inc (USA), which executed INR 41 Cr in the current financial year.
External Factors
Industry Trends
The global packaging machinery market is $8.3 billion. A major trend is the shift toward recyclable films (10 million ton opportunity), which Mamata is positioning its machinery to address.
Competitive Landscape
The global market is dominated by four conglomerates doing $6 billion in revenue; Mamata competes as a leading Indian player aiming for conglomerate status.
Competitive Moat
Sustainable advantages include an asset-light manufacturing model, R&D-driven leadership, and a strong global presence with 70% export contribution.
Macro Economic Sensitivity
Highly sensitive to global demand and trade cycles, as 70-71% of revenue is derived from exports.
Consumer Behavior
Shift toward smarter, more responsible, and recyclable packaging formats is driving demand for new machinery solutions.
Geopolitical Risks
Exposure to international markets (70% revenue) makes the company vulnerable to trade barriers and geopolitical shifts in regions like the US and Europe.
Regulatory & Governance
Industry Regulations
Operations are influenced by global environmental norms and the transition toward recyclable materials in the packaging industry.
Environmental Compliance
Focusing on sustainability goals by supporting the transition to smarter, more responsible packaging formats without compromising performance.
Taxation Policy Impact
Effective tax rate is approximately 27.8% based on FY25 PBT of INR 56.5 Cr and PAT of INR 40.8 Cr.
Legal Contingencies
No reported instances of fraud or material misstatements; internal control systems are confirmed as adequate and effective.
Risk Analysis
Key Uncertainties
Business is inherently seasonal and lumpy; H1FY26 included INR 20 Cr of deferred revenue from the previous year, which can fluctuate.
Geographic Concentration Risk
70% of revenue is concentrated in export markets.
Technology Obsolescence Risk
Mitigated by continuous R&D and a focus on new product categories like recyclable film machinery.
Credit & Counterparty Risk
The company maintains a healthy financial profile with advances from customers as a key component.