Manjushree Technopack Ltd. - Unlisted Shares
Fundamentals
- Current Price
- ₹0
- Market Cap
- 0
- ISIN
- INE435H01023
- Face Value
- ₹2
- P/E Ratio
- 0
- EPS
- ₹93.89
- P/B Ratio
- 0
- Book Value
- 106.83
- Debt / Equity Ratio
- 0.85
Key Financials
Profit & Loss
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| Revenue from Operations | 2,117.00 | 2,096.34 | 1,467.53 | 1,046.83 | 1,081.13 |
| Growth % | 0.99% | 42.85% | 40.19% | -3.17% | - |
| Operating Expenses | 1,743.67 | 1,802.83 | 1,231.32 | 843.66 | 892.57 |
| Growth % | -3.28% | 46.41% | 45.95% | -5.48% | - |
| Operating Profit | 373.33 | 293.51 | 236.21 | 203.17 | 188.56 |
| Op. Profit Margin % | 17.63% | 14.00% | 16.10% | 19.41% | 17.44% |
| Other Income | 13.30 | 12.21 | 6.27 | 7.14 | 16.43 |
| Finance Costs | 91.46 | 78.54 | 49.21 | 43.23 | 42.86 |
| Depreciation | 154.88 | 132.82 | 86.24 | 78.33 | 66.31 |
| Profit Before Tax | 140.29 | 94.35 | 107.03 | 88.76 | 95.83 |
| exceptional items | 20.56 | -3.25 | -5.56 | 23.96 | - |
| Tax | 20.1 | -31.87 | 30.65 | 21.56 | 28.60 |
| Tax % | 0.95% | -1.52% | 2.09% | 2.06% | 2.65% |
| Profit After Tax | 140.79 | 59.23 | 70.81 | 91.16 | 67.23 |
| Growth % | 137.69% | -16.36% | -22.31% | 35.60% | - |
| PAT % | 6.65% | 2.83% | 4.83% | 8.71% | 6.22% |
| Diluted EPS | 93.89 | 43.72 | 45.43 | 66.74 | 48.61 |
Company Financials
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| Equity Capital | 13.72 | 13.72 | 13.72 | 13.72 | 13.72 |
| Reserves | 994.42 | 937.28 | 887.01 | 536.80 | 442.25 |
| Total Equity | 1,008.14 | 951.00 | 900.73 | 550.52 | 455.97 |
| Borrowings | 384.41 | 433.91 | 339.23 | 190.42 | 187.58 |
| Provision | 1.75 | 7.12 | 6.98 | 5.80 | 4.16 |
| Other Non-Current Liabilities | 191.38 | 163.74 | 68.19 | 40.82 | 86.90 |
| Total Non current Liabilities | 577.54 | 604.77 | 414.40 | 237.04 | 278.64 |
| Borrowings | 369.25 | 371.25 | 334.87 | 206.57 | 250.11 |
| Other Current Liabilities | 339.24 | 373.13 | 345.68 | 283.15 | 231.93 |
| Total current Liabilities | 708.49 | 744.38 | 680.55 | 489.72 | 482.04 |
| Equity + Liabilities | 2,294.18 | 2300.16 | 1995.7 | 1277.28 | 1216.65 |
| Fixed Assets (incl. WIP) | 1035.41 | 959.29 | 794.14 | 577.83 | 502.04 |
| Other Non Current Assets | 501.76 | 493.88 | 439.76 | 207.54 | 216.52 |
| Total Non current Assets | 1,537.17 | 1453.17 | 1233.90 | 785.37 | 718.55 |
| Trade Receivables | 301.07 | 309.73 | 249.86 | 199.78 | 187.95 |
| Cash & Cash Equivalents | 25.22 | 79.38 | 54.46 | 0.87 | 13.50 |
| Other Current Assets | 430.72 | 457.88 | 457.47 | 291.25 | 296.64 |
| Total current Assets | 757.01 | 846.98 | 761.78 | 491.91 | 498.09 |
| Total Assets | 2,294.18 | 2,300.16 | 1,995.7 | 1,277.28 | 1,216.65 |
Shareholding Pattern
- AI Lenarco MIDCO Ltd
- 97.24%
- Other
- 2.76%
Strengths & Weaknesses
Strengths
- Strong Market Position: MTL, one of India's largest rigid plastics packaging firms (1,90,000 TPA capacity), serves major clients like Reckitt Benckiser, Dabur, PepsiCo, and Coca-Cola. Strategic acquisitions (Varahi, NAPLA, PPL, etc.) have expanded its market, product range, and client base. It has multiple manufacturing units across India and a rigid plastic recycling plant in Bengaluru.
- Efficient Operations: MTL optimizes freight costs with a strong North India presence and acquisitions. New Vizag and Mysore plants, along with in-house design, enhance supply chain integration and regional revenue.
- Robust Financials: With rising cash accruals (₹280-350 crore) and manageable debt, MTL maintains a comfortable interest coverage (~4x in FY25) while improving debt-to-EBITDA and net cash accrual ratios.
Weaknesses
- Large working capital requirement: Operations are moderately working capital intensive due to seasonal demand, especially from beverage makers, peaking in summer. Inventory stays at 60-80 days (March-May), with customer credit of 60-90 days, keeping the working capital cycle stretched at 120-140 days.
- Exposure to intense competition: The packaging industry is highly fragmented, leading to intense competition that may continue to constrain scalability, pricing power and profitability. However, established presence and strong customer relationships help mitigate this. The company’s research and development capabilities are also expected to help maintain a better margin than peers.
About Manjushree Technopack Ltd.
Founded in 1987 as a private company and reconstituted as a public limited company in 1994, MTL manufactures PET jars, bottles, multilayer containers, and hot-fillable bottles for food, beverage, pharmaceutical, and cosmetic industries.
Board of Directors
- Shivakumar Dega - Chairman and Independent Director
- Thimmaiah NP - Managing Director and CEO
- Shweta Jalan - Director
- Pankaj Patwari - Director
- Guruveen Singh - Independent Director
- Mannu Bhatia - Independent Director
Senior Management
- Rajesh Kumar Ram - CFO
- Rasmi Ranjan Naik - Company Secretary