Rajshree Polypack Ltd(RPPL)

NSE: RPPL

₹ 17.92+4.98%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 133 crWebsite: www.rajshreepolypack.comUpdated: 24 Oct 2026

About

Rajshree Polypack makes barrier plastic rigid sheets, semi-rigid sheets for FFS applications, thermoformed primary packaging and injection moulded products for the dairy, food and beverages industry. It reported FY26 revenue of ₹332.18 crore and runs three units in Gujarat and Daman. The company calls itself a market leader in rigid thermoformed packaging products. Through its joint venture Olive Ecopak it also makes plastic-free, paper-based food service packaging.^[1][2]

Product categories

Injection moulding revenue was ₹63.65 crore in FY26, up 51.48% from ₹42.02 crore in FY25.^[3]
Sheet revenue was ₹65.99 crore in FY26, down from ₹84.50 crore in FY25. The company reduced its focus on low-margin sheet sales.^[3]
Injection moulding's share of revenue was 12.3% in Q1 FY27, down from 15.6%. About 60% of injection moulding sales are exports, and exports were disrupted in the quarter.^[4]
The company sells PP, APET, GPET and HIPS sheets for form-fill-seal, box making and vacuum forming applications (FY25).^[1]
New products in FY25 included PET shrink-labelled yoghurt cups for a global FMCG brand, retortable cups for ready-to-eat meals and trays for QSR formats.^[1]
The company says it was first in India to introduce made-in-India 9-layer rigid barrier packaging products.^[1]
In-mould labelling made up only 5% of injection moulding revenue as of Q2 FY26.^[5]

Plants and capacity

There are three units: Unit I at Sarigam, Umbergaon (Valsad, Gujarat), Unit II at Kachigam (Daman) and Unit III at Dabhel (Daman) (FY25).^[1]
Extrusion capacity rose to 25,600 MTPA in Q3 FY26, up from 24,000 MTPA.^[6]
Injection moulding capacity reached 5,800 MTPA in Q1 FY27 after a 1,000 MT addition. It was 3,300 MT in FY25.^[4][6]
Sleeving (flaring) capacity was expanded from 1,275 lakh to 1,675 lakh units per annum in Q1 FY27.^[4]
At Unit 3, sheet extrusion and thermoforming moved from a job-work model to in-house manufacturing. This raised manufacturing expenses to 10.55% of revenue in FY26, from 9.75%.^[3]
Olive Ecopak's installed paper coating capacity was 27,000 MT per annum as of Q4 FY26.^[3]

Key operating numbers

Capacity utilisation in Q1 FY27: extrusion 88.43%, thermoforming 81.64%, injection moulding 53.47%, sleeving 130.27%.^[4]
Capacity utilisation in Q4 FY26: extrusion about 90%, thermoforming 85-86%, printing and sleeving 95-97%.^[3]
Injection moulding production was 949 MT in Q1 FY27, up 52.00% year on year.^[4]
Polypropylene, the common raw material for injection moulding and packaging products, rose about 10% in price during Q1 FY27. Gross margin fell to about 38.3% from about 42.5% in Q4 FY26.^[4]
Lower raw material prices reduced sheet realisations in Q3 FY26, which shows that polymer prices are passed through to selling prices.^[6]

Customers and markets

Domestic revenue was ₹91.19 crore in Q1 FY27, up from ₹69.12 crore in Q1 FY26. Export revenue was ₹11.72 crore.^[4]
Export revenue was ₹70.08 crore in FY26, up 30.1% from ₹53.87 crore in FY25. Domestic revenue was ₹262.10 crore, down from ₹275.86 crore.^[3]
The company exported to 13 countries as of Q3 FY26. It had a presence in 12 countries and 28 states in FY25.^[6][1]
Export customers in the UK, the Middle East and the US drove injection moulding demand (Q2 FY26). Lower offtake from one large beverage customer weighed on domestic sales.^[5]
The company served almost 1,173 customers in FY25, including more than 72 new ones.^[1]

Olive Ecopak (paper packaging joint venture)

Olive Ecopak's revenue was ₹17.22 crore in Q1 FY27, up 120.49% year on year. EBITDA margin was 26.77%, compared with -22.92% in Q1 FY26.^[4]
Olive Ecopak's revenue was ₹52.67 crore in FY26, up from ₹16.37 crore in FY25.^[3]
Olive Ecopak started commercial production in March 2024. It had invested ₹125.35 crore up to March 31, 2025.^[1]
Olive Ecopak's domestic distribution covered more than 300 customers as of Q2 FY26, and the QSR chain CCD was added as a client.^[5]
Management's targets for Olive Ecopak: FY27 revenue of about ₹90 crore (±₹5 crore) with PBT breakeven, and FY28 revenue of ₹140-150 crore (as of Q1 FY27).^[4]

Expansion and capex

A group captive wind-solar arrangement of about 1.9 MW is due to be commissioned in October 2026. It is expected to meet nearly 30% of energy needs and save about ₹1.75 crore a year.^[4]
Phase 1 of the Odisha (Eastern India) greenfield plant is planned for FY28 at a capex of ₹25-30 crore. Management puts its revenue potential at ₹80-100 crore, and ₹250-300 crore across all phases.^[4]
The lease for the IDCO Odisha plot was executed and possession taken (Q2 FY26). Manufacturing there was put on hold.^[5]
No major standalone capex is planned in FY27. Management puts the peak revenue potential of the current setup at ₹420-430 crore (as of Q1 FY27).^[4]

Recent developments

₹14 crore of loans were converted into JPY-linked foreign currency loans at about 2.25% in December 2025. Another ₹6 crore was planned by February 2026.^[6]
CRISIL reaffirmed its BBB+/Stable rating on the company's bank loan facilities of Rs.99.49 crore (FY25).^[1]
Exports fell in March 2026 because of the Middle East war. Q4 FY26 exports were ₹14.09 crore, compared with ₹19.55 crore in Q4 FY25.^[3]

Market Cap

₹133 Cr

High / Low

₹27 / 14

Stock P/E

6.5

Price / Book

0.7

Book Value

₹24

EPS

₹2.3

No. of Shares

7.42 Cr

ROCE

11.7%

ROE

10.1%

OPM

9.9%

Debt / Equity

0.59

Sales

₹332 Cr

Net Profit

₹17 Cr

Promoter holding

44.2%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials