WORTHPERI - Worth Peripheral

📊 NSE: WORTHPERI 🏢 Packaging 📅 Last Updated: 11/13/2025 15:25

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 13.58% YoY to INR 280.43 Cr in FY25 from INR 246.90 Cr in FY24. Standalone revenue grew 10.2% to INR 201.97 Cr. H1 FY26 revenue is estimated at INR 154 Cr, a 13.2% increase over INR 136 Cr in H1 FY25.

Geographic Revenue Split

Not explicitly disclosed, though operations are primarily centered in Indore, Madhya Pradesh, serving large FMCG players across India.

Profitability Margins

Consolidated PAT margin was 6.28% in FY25, down from 6.72% in FY24. Standalone Net Profit Margin declined 11.16% YoY to 8.12% in FY25 from 9.14% in FY24 due to moderation in realizations.

EBITDA Margin

Operating margin was 10.2% in FY25, down from 12.28% (standalone) in FY24. Margins sustained at approximately 10% in H1 FY26 despite raw material volatility.

Capital Expenditure

Planned greenfield expansion capex of INR 125 Cr during FY25-26 via wholly owned subsidiary Worth Wellness Private Limited (WWPL). This is funded by a term loan of INR 48 Cr and the balance from promoter contribution.

Credit Rating & Borrowing

CRISIL BBB+/Stable for long-term facilities (INR 10 Cr) and CRISIL A2 for short-term facilities (INR 0.18 Cr). Borrowing is controlled with a low debt-equity ratio of 0.10x on a consolidated basis.

⚙️ Operational Drivers

Raw Materials

Kraft paper, which represents approximately 65-70% of the total cost of sales.

Import Sources

Not specifically disclosed; likely sourced from domestic paper mills given the nature of the corrugation industry.

Capacity Expansion

Current revenue growth was constrained by full capacity utilization. The company is executing a greenfield expansion via WWPL with INR 125 Cr investment to scale operations during FY25-26.

Raw Material Costs

Raw material costs account for 65-70% of revenue. Operating margins (10-12% range) are highly susceptible to Kraft paper price fluctuations, making cost pass-through to customers essential for profitability.

Manufacturing Efficiency

Revenue growth was previously limited by 100% capacity utilization; the new greenfield unit is expected to improve scale and operational efficiency.

Logistics & Distribution

Not disclosed as a specific percentage of revenue.

📈 Strategic Growth

Expected Growth Rate

13.2%

Growth Strategy

Growth will be driven by the timely ramp-up of the INR 125 Cr greenfield expansion unit under WWPL. The company also completed the acquisition of Worth Wellness Private Limited as a 100% subsidiary in December 2024 to consolidate operations and increase market reach in the packaging sector.

Products & Services

Corrugated boxes used for packaging in the FMCG and consumer goods sectors.

Brand Portfolio

WORTHPERI (Worth Peripherals Limited).

New Products/Services

Expansion into wellness-related packaging through the Worth Wellness subsidiary, though specific revenue contribution percentages are not yet disclosed.

Market Expansion

Focusing on scaling the greenfield unit in FY26 to serve a larger share of the Indian corrugation market.

Market Share & Ranking

Not disclosed; company is characterized as having an 'average scale of operations' with revenue of INR 276 Cr.

Strategic Alliances

Consolidation of Worth Wellness Private Limited and Yash Packers (50% subsidiary) to create financial fungibility and operational synergy.

🌍 External Factors

Industry Trends

The Indian corrugation industry is growing due to FMCG demand and a shift toward sustainable paper-based packaging. Worth Peripherals is positioning itself by expanding capacity to move beyond its current 'average scale' constraints.

Competitive Landscape

Intense competition from both organized and unorganized players in the corrugated box manufacturing sector.

Competitive Moat

The company's moat is built on the 35-year experience of promoter Raminder Singh Chadha and deep-rooted FMCG client relationships. This is sustainable as long as the company maintains its healthy financial risk profile (gearing of 0.1x).