Pakka Ltd(PAKKA)

NSE: PAKKABSE: 516030

₹ 69+0.44%refreshed 26 Oct, 10:00 am ISTMarket cap: ₹ 329 crNext results: 31 Oct 2026Website: www.pakka.comUpdated: 24 Oct 2026

About

Standalone FY26 revenue was ₹355.80 crore, down from ₹406.04 crore in FY25 due to a prolonged PM3 shutdown, equipment issues and import pressure. The company is mid-way through Project Jagriti, a ~₹753 crore expansion adding paper machine PM4 at Ayodhya, with commercial production revised to January 2027.^[1][2][3][4]

Business segments

Paper & Pulp: ₹304.3 crore revenue (82.8% of total) in FY26, producing bagasse-based greaseproof, wrapping and specialty papers sold under the Wrap & Carry umbrella.^[1]
Moulded Products (CHUK brand): ₹63.23 crore revenue (17.2% of total) in FY26, making compostable food-service tableware from moulded fibre; EBIT margin was -17.1% as the division scales toward break-even.^[1][3]

Products and brands

Paper & Pulp portfolio spans greaseproof/grease-resistant base papers, wrapping papers and specialty packaging papers; net selling realisation was ₹110 - 150/kg in Q4 FY26.^[5]
CHUK food-service range includes plates, bowls, clamshells, meal trays with lids, and a delivery container range (leak-proof compostable containers); the portfolio roughly doubled in H2 FY26 with sipper lids, dip cups, straws and cutlery added.^[6]
flexC, a non-metallized flexible-packaging base paper, completed European pilot trials (Slovenia) using bagasse pulp + softwood blend; distributor soft launch was planned for October 2026, with commercial production from PM4 to follow.^[3][2]

Operations and capacity

Single integrated manufacturing site at Ayodhya, UP; existing machines ran at above 100% of rated capacity in Q1 FY27.^[3]
Project Jagriti scope at Ayodhya: new paper machine PM4, enhanced PM3 capacity, augmented pulp mill, and an additional 15 MW captive power plant.^[7]
PM4 will add more than 30,000 tonnes/year of paper capacity; total project cost is approximately ₹753 crore.^[3]
PM3 contributes approximately 50% of total Wrap & Carry volume; a planned 20-day maintenance in FY26 extended to 40 days, costing ₹11 crore PBT.^[5]
Food Services production was approximately 350 TPM in Q1 FY27, split 180 - 200 TPM in-house and the balance from 5 - 6 outsourced manufacturing partners.^[3]
Renewable energy accounted for 52.91% of energy use in FY2025-26; water recycled and reused was 57.37%.^[2]

Key operating numbers

Wrap & Carry volume fell 17% YoY in FY26, driven by the 40-day PM3 outage; pricing pressure from new entrants cost an additional ₹16 crore PBT that year.^[5]
CHUK moulded fibre volumes crossed 3,100 tonnes in FY2025-26, up from approximately 2,600 tonnes in FY25 (+~20% YoY).^[2][5]
Export share of revenue was approximately 27% in Q1 FY27, and 25% for full-year FY2025-26, down from 30% in the prior year due to geopolitical disruption.^[3][2]
Outsourced greaseproof paper volume reached 300+ tonnes per month in Q4 FY26; target is to scale to 800 - 900 TPM.^[5][3]
Consolidated Q1 FY27 revenue was ₹119.60 crore, up 42% YoY and 14% QoQ, described as the highest-ever quarterly revenue.^[3]

Raw material and sourcing

Primary raw material is bagasse (sugarcane fibre), contracted with Uttar Pradesh sugar mills on long-term agreements of up to five years, providing supply security and flexible payment terms.^[2]

Customers and distribution

Food Services B2B revenue grew 46% YoY in Q1 FY27 to ₹16.5 crore (from ₹11.4 crore); 34 new key customers and 22 new cities were added in that quarter.^[3]
CHUK B2C presence expanded from 3 to 12 retail platforms by Q1 FY27; B2C full-year revenue grew 2.5× from ₹2.5 crore to ₹6.5 crore in FY26.^[3][5]
A large food-service customer completed delivery container trials in Q1 FY27; chefs reported materially better food quality vs plastic, with the product priced 40 - 50% above plastic.^[3]

Expansion and capex

Project Jagriti (PM4): total cost approximately ₹753 crore; commercial production revised to January 2027 (initial product targeted by Diwali, October 2026); PM4 to start with dense/low-porosity food-packaging papers, with higher-value flexible products to follow.^[3][2]
PM4 and upgraded PM3 together are expected to deliver approximately ₹600 crore of additional annual revenue at planned capacity utilisation.^[2]
PM4 utilisation path: 40 - 50% in initial months post-commissioning, 60 - 70% in FY28, stabilising at 80 - 90% by 2028; FY27 consolidated revenue guidance is approximately ₹500 crore.^[3]
Food Services outsourced capacity being scaled by approximately 400 TPM over two quarters from Q1 FY27; long-term manufacturing mix target is approximately 80% outsourced / 20% in-house.^[3]
Delivery container initial facility requires less than ₹2 crore investment; Ayodhya food services plant to be fully refurbished with existing equipment removed, sold or leased out.^[3][5]
PM3 capacity modification (adding 10 TPD) was planned for the fourth week of June 2026, expected to contribute approximately ₹8 crore PBT benefit.^[5]

Recent developments

Debenture financing programme of up to ₹540 crore arranged (₹425 crore allotted as of August 2026) via Senior and Junior Series NCDs; Canara Bank also sanctioned a term loan of up to ₹200 crore for Project Jagriti.^[7]
Neo Group ₹500 crore NCD refinancing (effective rate 16.95%) completed in Q4 FY26, with a 4-month moratorium and no principal repayment for 16 months; Neo infused ₹30 crore equity and promoter infused ₹85 crore equity.^[5]
UP state government approved a subsidy of ₹12 crore per year for Pakka, to contribute to EBITDA annually once PM4 is operational.^[5]
Guatemala (Kawok) project formally paused in Q3 FY26; local team let go effective 31 January 2026 after approximately $4 - 5 million (~₹30 - 40 crore) was already spent; restart planned only after India operations stabilise.^[6][5]
R&D head position vacant; innovation team being relocated from Bengaluru to Ayodhya, causing talent attrition; flexC pilot trials in Slovenia are being conducted externally.^[2]
No dividend was recommended for FY26.^[7]

Market Cap

₹329 Cr

High / Low

₹147 / 67

Stock P/E

22.7

Price / Book

0.7

Book Value

₹103

EPS

₹1.4

No. of Shares

4.49 Cr

ROCE

2.9%

ROE

1.4%

OPM

6.9%

Debt / Equity

0.99

Sales

₹356 Cr

Net Profit

₹7 Cr

Promoter holding

39.3%

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Pakka Ltd(PAKKA)

About

Business segments

Products and brands

Operations and capacity

Key operating numbers

Raw material and sourcing

Customers and distribution

Expansion and capex

Recent developments

Signal history

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AI Deep Dive

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