💰 Financial Performance

Revenue Growth by Segment

Standalone revenue declined by 76.9% YoY from INR 117.60 Lakhs in FY2023-24 to INR 27.14 Lakhs in FY2024-25. Consolidated revenue saw a sharper decline of 90.8% YoY, falling from INR 77.60 Lakhs to INR 7.14 Lakhs. This significant drop is primarily due to the classification of RT Packaging Limited as a discontinued operation.

Profitability Margins

Net Profit Margin deteriorated by 582%, moving from (54)% in FY2023-24 to (370)% in FY2024-25. This was driven by higher losses relative to a significantly reduced revenue base. Return on Equity improved from (12)% to (7)%, a 266% change, though it remains negative due to continued losses.

EBITDA Margin

Not disclosed in available documents; however, Standalone Loss after Tax increased by 241% from INR 21.69 Lakhs to INR 73.98 Lakhs, indicating severe pressure on core profitability.

Credit Rating & Borrowing

The company faces significant borrowing challenges as accumulated losses of INR 12,360.91 Lakhs (INR 123.61 Cr) have eroded its net worth, creating material uncertainty regarding its ability to continue as a going concern.

⚙️ Operational Drivers

Raw Materials

Packaging materials (implied by company name and subsidiary RT Packaging Limited), though specific material names like paperboard or polymers are not listed with cost percentages.

Manufacturing Efficiency

Inventory turnover is listed as 'Not Applicable' for the current period, suggesting a halt or significant slowdown in manufacturing operations.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

Growth Strategy

The company is undergoing a major restructuring by disinvesting its material subsidiary, RT Packaging Limited. The sale was completed on November 13, 2025. This strategy aims to address financial instability and focus on resilience and adaptability to navigate turbulent times.

Products & Services

Packaging products and services, primarily through its subsidiary RT Packaging Limited (now discontinued/sold).

Brand Portfolio

Rollatainers, RT Packaging Limited.

Strategic Alliances

The company has investments in subsidiaries and joint ventures totaling INR 2,300.00 Lakhs (INR 23 Cr) as of March 31, 2025.

🌍 External Factors

Industry Trends

The packaging industry is facing intense competition from existing rivals and new entrants, which erodes market share. Rapid technological advancements require constant adaptation to avoid obsolescence.

Competitive Landscape

Intense competition is noted as a primary threat that can erode market share and profitability.

Competitive Moat

The company cites resilience and adaptability as its foundation, but the erosion of net worth and 90.8% drop in consolidated revenue suggest a weakening competitive position.

Macro Economic Sensitivity

The company is sensitive to economic downturns and recessions, which impact consumer spending and demand for packaging, directly affecting profitability.

Consumer Behavior

Economic fluctuations impact consumer spending, which in turn reduces demand for the company's packaging products.

⚖️ Regulatory & Governance

Industry Regulations

The company must comply with the Companies Act, 2013 and Ind AS 105 regarding 'Non-current Assets Held for Sale and Discontinued Operations' for its subsidiary sale. Non-compliance with evolving regulations poses legal and financial penalty risks.

Taxation Policy Impact

The company is involved in ongoing litigations and claims with various tax authorities. Management uses significant judgment to estimate tax provisions and possible outcomes.

Legal Contingencies

Pending litigations include tax disputes (Note 3.18.2). Additionally, certain immovable properties of a subsidiary and shares held by the promoter company have been provisionally attached by authorities (Note 3.28).

⚠️ Risk Analysis

Key Uncertainties

There is a material uncertainty regarding the company's ability to continue as a going concern due to accumulated losses of INR 12,360.91 Lakhs and the erosion of net worth.

Third Party Dependencies

The company faced constraints with its accounting software vendor, resulting in only partial implementation of audit trail features required by law.

Technology Obsolescence Risk

Failure to adapt to rapid technological advancements in the packaging industry is identified as a major threat to the business model.

Credit & Counterparty Risk

Current assets include receivables from revenue authorities as of March 31, 2025. There is a risk related to the recovery and timing of these receivables.