TIRUPATI - Shree Tirupati

📊 NSE: TIRUPATI 🏢 Packaging 📅 Last Updated: 12/14/2025 13:17

💰 Financial Performance

Revenue Growth by Segment

Standalone revenue grew 29.29% YoY to INR 208.30 Cr in FY25, primarily driven by the HDPE/PP Woven Sacks Fabric segment. Consolidated revenue for the parent group grew 13.8% to INR 541.49 Cr in FY24.

Geographic Revenue Split

The company is export-oriented, targeting developed markets including Europe, North America, and Australia. Specific regional percentage splits are not disclosed in available documents.

Profitability Margins

Standalone Net Profit Margin declined from 8.62% in FY24 to 6.77% in FY25. Consolidated PAT margin for the parent group improved from 4.33% in FY23 to 6.53% in FY24.

EBITDA Margin

Standalone EBITDA margin was 11.84% in FY25, a decrease from 14.24% in FY24. Consolidated group EBITDA margin was 11.77% in FY24, up from 10.17% in FY23.

Capital Expenditure

Historical and planned CAPEX figures in INR Cr are not explicitly disclosed, though the company is actively investing in semi-automation and process technology to maintain competitiveness.

Credit Rating & Borrowing

Credit rating revised to IVR A-; Negative in November 2025 (from Stable) due to parent margin moderation. Standalone interest coverage ratio was 3.09x in FY25, down from 3.84x in FY24.

⚙️ Operational Drivers

Raw Materials

Key raw materials include Polypropylene (PP) granules and HDPE. PP granules are the primary cost driver for FIBC bag manufacturing.

Capacity Expansion

The group has a combined manufacturing capacity of 52,152 MTPA of FIBC bags. One specific unit has an installed capacity of 12,000 MTPA.

Raw Material Costs

Raw material costs are susceptible to price fluctuations of Polypropylene. The company uses bulk buying strategies to mitigate price volatility, leading to high inventory levels.

Manufacturing Efficiency

Efficiency is driven by semi-automation and stringent quality control protocols to meet international standards like BRCGS.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

Growth is targeted through the IPO of the parent company (STBATCL) to strengthen the financial profile, investing in semi-automation to improve margins, and expanding market reach in Europe and North America using global certifications (BRCGS, SEDEX).

Products & Services

FIBC (Flexible Intermediate Bulk Container) bags and HDPE/PP Woven Sacks Fabric.

Brand Portfolio

Shree Tirupati Balajee.

New Products/Services

Diverse range of high-quality, certified bulk packaging solutions tailored for agriculture, chemicals, food, and pharmaceuticals.

Market Expansion

Strategic focus on expanding presence in developed markets including Europe, North America, and Australia.

🌍 External Factors

Industry Trends

The global FIBC industry is growing, driven by demand for bulk packaging in food and pharma, but remains highly competitive with a shift toward stringent safety certifications.

Competitive Landscape

Highly competitive market with numerous players, leading to persistent pressure on pricing and operating margins.

Competitive Moat

Moat is built on a 20+ year operational track record and robust certifications (ISO, BRCGS, SEDEX), which act as entry barriers for high-margin developed markets.