Mold-Tek Packaging FY26 PAT Rises 20.35% to ₹72.87 Cr on Strong Volume Growth
Mold-Tek Packaging reported FY26 net profit of ₹72.87 crores (+20.35% YoY) and revenue of ₹886.61 crores (+13.48% YoY), with EBITDA growing 20.59% and EBITDA per kg rising to ₹40.74. Q4 FY26 PAT rose 27% YoY to ₹20.64 crores on 17.37% volume growth. Pharma Packs led segment growth at 208.96%, while strategic Hyderabad consolidation and capacity expansions at Panipat, Satara, and Cheyyar are set to drive further gains from FY 2026-27.
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Mold-Tek Packaging Limited delivered a strong operational performance for FY 2025-26, with net profit rising 20.35% year-on-year to ₹72.87 crores from ₹60.56 crores, while revenue grew 13.48% to ₹886.61 crores from ₹781.32 crores. EBITDA expanded 20.59% to ₹173.48 crores from ₹143.85 crores, with EBITDA per kg improving to ₹40.74 from ₹37.60. Sales volumes grew 11.39% driven by strong demand across key business segments, reaching 42,628 MT from 38,264 MT in FY 2024-25. The Board of Directors approved the audited financial results at their meeting held on May 11, 2026, with statutory auditors M/s. M. Anandam & Co. issuing an unmodified audit opinion. Notably, Q4 FY26 sales were up 19.86% and PAT up 43.82% compared to Q3 of FY26. The audio recording of the investor conference call held on May 11, 2026, at 4:30 PM IST to discuss Q4 FY26 results has been uploaded on the company's official website. Pursuant to Regulation 30 and 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company has enclosed a copy of the newspaper publication of the Audited Financial Results for the quarter and year ended on March 31, 2026, published in Financial Express (English) and Nava Telangana (Telugu) on May 12, 2026.
FY26 Annual Financial Performance
The following table presents the key financial metrics for the full year ended March 31, 2026, compared to the previous year:
| Metric: | FY 2025-26 | FY 2024-25 | Change (YoY) |
|---|---|---|---|
| Revenue from Operations: | ₹886.61 crores | ₹781.32 crores | +13.48% |
| EBITDA: | ₹173.48 crores | ₹143.85 crores | +20.59% |
| EBITDA Margin: | 19.59% | 18.41% | +117 bps |
| EBITDA per kg: | ₹40.74 | ₹37.60 | +8.24% |
| Profit Before Tax: | ₹97.73 crores | ₹81.27 crores | +20.25% |
| PBT Margin: | 11.02% | 10.40% | +62 bps |
| Net Profit (PAT): | ₹72.87 crores | ₹60.56 crores | +20.35% |
| PAT Margin: | 8.22% | 7.75% | +47 bps |
| Cash PAT: | ₹132.09 crores | ₹109.25 crores | +21% |
| Cash Margin: | 14.90% | 13.98% | +92 bps |
| Sales Volume: | 42,628 MT | 38,264 MT | +11.39% |
| Basic EPS (₹): | 21.93 | 18.22 | +20.36% |
Commenting on the performance, J. Lakshmana Rao, Chairman and Managing Director, stated: "The consolidation of 5 units in Hyderabad into 2 units and better capacity utilisation has improved the company's performance which will be felt full from next financial year onwards."
Q4 FY26 Financial Highlights
For the fourth quarter of FY 2025-26, Mold-Tek Packaging reported broad-based growth across all key financial metrics on a year-on-year basis. Sales volume for Q4 FY26 stood at 11,424.58 MT, compared to 9,734 MT in Q4 FY25, representing a growth of 17.37%. Revenue rose by 17.27% to ₹237.59 crores, up from ₹202.61 crores in the corresponding quarter of the previous year. EBITDA for the quarter stood at ₹47.92 crores, compared to ₹39.08 crores in Q4 FY25, at ₹42.11 per kg. The detailed P&L for Q4 FY26, including sequential comparison with Q3 FY26, is presented below:
| Metric: | Q4 FY26 | Q4 FY25 | Q4oQ4 % | Q3 FY26 | Q4oQ3 % |
|---|---|---|---|---|---|
| Revenue (₹ Cr.): | 237.86 | 202.61 | +17% | 198.44 | +20% |
| Material Cost (₹ Cr.): | 127.01 | 114.36 | +11% | 104.97 | +21% |
| Employee Expense (₹ Cr.): | 20.46 | 15.48 | +32% | 19.44 | +5% |
| Other Expense (₹ Cr.): | 42.53 | 34.48 | +23% | 35.59 | +19% |
| Other Income (₹ Cr.): | 0.24 | 0.79 | -70% | 0.24 | 0% |
| EBITDA (₹ Cr.): | 48.10 | 39.08 | +23% | 38.68 | +24% |
| EBITDA Margin: | 20.22% | 19.29% | +93 bps | 19.49% | +73 bps |
| EBITDA per KG (₹): | 42.10 | 40.15 | +5% | 39.44 | +7% |
| Finance Costs (₹ Cr.): | 4.76 | 4.04 | +18% | 4.42 | +8% |
| Depreciation (₹ Cr.): | 15.52 | 12.81 | +21% | 15.16 | +2% |
| PBT (₹ Cr.): | 27.82 | 22.23 | +25% | 19.10 | +46% |
| PBT Margin: | 11.70% | 10.97% | +72 bps | 9.63% | +207 bps |
| Tax Expense (₹ Cr.): | 7.18 | 5.96 | +20% | 4.73 | +52% |
| PAT (₹ Cr.): | 20.64 | 16.27 | +27% | 14.37 | +44% |
| PAT Margin: | 8.68% | 8.03% | +65 bps | 7.24% | +144 bps |
| Cash PAT (₹ Cr.): | 36.16 | 29.08 | +24% | 29.53 | +22% |
| Cash Margin: | 15.20% | 14.35% | +85 bps | 14.88% | +32 bps |
| Basic EPS (₹): | 6.21 | 4.90 | +27% | 4.32 | +44% |
Customer Segment Analysis – Q4 FY26
The following table presents the volume (MT) and value performance across customer segments for Q4 FY26, compared to Q3 FY26 and Q4 FY25:
| Segment: | Q4 FY25 (MT) | Q4 FY25 Value | Q3 FY26 (MT) | Q3 FY26 Value | Q4 FY26 (MT) | Q4 FY26 Value | YoY Growth |
|---|---|---|---|---|---|---|---|
| Paints: | 4,350 | Rs.82 Cr. | 4,787 | Rs.89 Cr. | 5,463 | Rs.102 Cr. | +25.59% |
| Lubes: | 2,309 | Rs.43 Cr. | 1,830 | Rs.34 Cr. | 2,011 | Rs.39 Cr. | -13% |
| Q Pack: | 1,521 | Rs.28 Cr. | 1,792 | Rs.32 Cr. | 1,935 | Rs.36 Cr. | +27% |
| Food: | 1,379 | Rs.43 Cr. | 1,230 | Rs.36 Cr. | 1,776 | Rs.52 Cr. | +29% |
| Pharma: | 175 | Rs.6.66 Cr. | 169 | Rs.6.79 Cr. | 240 | Rs.9.26 Cr. | +37% |
The Paints segment recorded strong volume growth of 25.59% YoY in Q4 FY26, while the Food segment grew 29% and Pharma surged 37% YoY. The Lubes segment continued to face headwinds, declining 13% YoY, impacted by PSU tenders and a general decline in the industry.
Segment-Wise Annual Volume Performance
The Pharma Packs segment emerged as the standout performer for FY 2025-26, recording exceptional volume growth of 208.96% and achieving a projected turnover of ₹35 crores. The FMCG Packs segment delivered volume growth of 18.04%, while Q-Packs registered growth of 25.82% and Paint Packs grew 14.41%. The Lubes Packs segment witnessed a volume decline of 12.99% during the year. The thin wall Food & FMCG segment saw a high double-digit growth of 15% for the year.
| Segment: | Volume Growth (FY26 YoY) |
|---|---|
| Pharma Packs: | +208.96% |
| Q-Packs: | +25.82% |
| FMCG Packs: | +18.04% |
| Paint Packs: | +14.41% |
| Lubes Packs: | -12.99% |
Strategic Initiatives and Operational Updates
During FY 2025-26, Mold-Tek Packaging undertook a strategic consolidation of its Hyderabad manufacturing operations, discontinuing operations at Unit-6, Unit-2, and Unit-4 in Hyderabad and a warehouse at Hosur, consolidating activities into the larger facilities at Unit-1 and Unit-10. This consolidation is expected to generate operational synergies through better utilisation of manpower and infrastructure, reduction in administrative overheads, minimisation of inter-unit transfers and wastage, and improved coordination across operations. The operational and financial benefits are expected to be fully realised from FY 2026-27 onwards. The company also significantly increased production capacity at its Panipat (Haryana), Satara (Maharashtra), and Cheyyar (Tamil Nadu) plants to meet increased demand from the Aditya Birla Group, with capacity utilisation at these plants beginning to cross break-even levels.
On the Pharma Packaging front, the company added 28 CRC assembling machines along with an IBM machine during the year, and launched effervescent tubes with IML technology for the first time in India for 85, 99, 120, and 144 mm sizes. Two new product lines — Squeeze Lock CRC and Vial Holders — were also added during the year. The company has plans to expand its pharma packaging capacity during FY 2026-27 with a wider range of products. For Grasim Industries, 50% of construction of a new factory building at Mahad has been completed, with supplies expected to commence from Q2 of FY27 onwards.
On the printing and label-making front, the company consolidated all label-making activities under a single roof, increasing capacity by 50% and introducing an AI-based inspection system along with offset printing technology. This resulted in 20% more labels and 37% more SKUs being produced during the year with better turnaround times. Additionally, one more offset printing machine is being added by August 2026 to further address production bottlenecks and support growing business volumes. The company also entered into an understanding with UK-based Vibe Generation LLP to develop and commercialise IP-based precision caps and closures. The West Asia war resulted in a steep increase in raw material prices; however, Mold-Tek Packaging was able to convince all its clients for quicker and full absorption of the price hike.
Balance Sheet and Cash Flow Highlights
The following table summarises the key balance sheet figures as at March 31, 2026:
| Particulars: | 31 March 2026 (₹ in lakhs) | 31 March 2025 (₹ in lakhs) |
|---|---|---|
| Total Assets: | 1,05,822.17 | 93,690.47 |
| Total Equity: | 68,998.14 | 63,789.52 |
| Non-Current Borrowings: | 7,412.19 | 6,937.80 |
| Current Borrowings: | 14,054.34 | 10,630.95 |
| Closing Borrowings (Net Debt): | 21,943.53 | 18,100.34 |
| Cash & Cash Equivalents: | 16.52 | 49.26 |
Net cash inflow from operating activities stood at ₹12,536.64 lakhs for the year ended March 31, 2026, compared to ₹11,041.60 lakhs in the previous year. Net cash outflow from investing activities was ₹13,352.82 lakhs, reflecting continued capital expenditure across manufacturing facilities.
Dividend and New Customer Wins
The Board declared and paid an interim equity dividend for FY 2025-26 at 40%, amounting to ₹2.00 per equity share on a face value of ₹5.00 per equity share. During the year, the company secured new orders from Aadharsh Chemicals, Coromandel International, Anatha Food, Even Hub, Jhansi Unit RSOL (food industry), and DifGen Pharmaceuticals Pvt Ltd (pharma sector), among others. The company expressed confidence in crossing a turnover of ₹1,000 crores during FY 2026-27, supported by significant contributions from the Panipat plant in Thinwall and Square Pack sales, along with better capacity utilisation across the three ABG plants.
About Mold-Tek Packaging Limited
Mold-Tek Packaging Limited is one of India's leading manufacturers of injection moulded rigid plastic packaging solutions and a pioneer in innovative packaging technologies. Established in 1986 and publicly listed in 1993, the company has built a strong reputation for quality, innovation, and customer-centric solutions across diverse industries including Lubricants, Paints, Food & FMCG, and Pharmaceuticals. With a robust manufacturing network comprising 10 state-of-the-art manufacturing units and 2 stock points across India, Mold-Tek commands an installed injection moulding capacity of over 63,000 TPA. The company was the first in India to introduce "In-Mold Labeling (IML)" technology using robotic systems for decorating plastic containers, and is the only packaging company in India that designs and manufactures its own robotic systems for IML operations while also producing IML labels in-house.
Historical Stock Returns for Mold-Tek Packaging
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -2.08% | +0.71% | +17.50% | +10.88% | +8.31% | +39.90% |
With the Hyderabad consolidation benefits expected to fully materialize in FY27, what specific margin expansion targets has management set, and could EBITDA per kg realistically approach ₹45+ levels?
Given the Lubes segment's 13% volume decline due to PSU tender headwinds, what is Mold-Tek's strategy to either recover this segment or offset its drag through higher-margin pharma and food packaging growth?
As the company targets crossing ₹1,000 crores in FY27, how dependent is this milestone on timely commencement of Mahad factory supplies to Grasim Industries in Q2 FY27, and what are the contingency plans if construction delays occur?
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