Glen Industries Ltd

BSE: 544444

₹ 106-0.75%refreshed 26 Oct, 12:10 pm ISTMarket cap: ₹ 255 crWebsite: www.glen-india.comUpdated: 24 Oct 2026

About

Glen Industries makes food and beverage packaging. Its main products are thin-wall plastic food containers, followed by PLA straws and paper straws. Thin-wall food containers made up 82.72% of FY26 revenue. FY26 revenue was 203.13 crore, and the company is building a new plant that will add capacity for thin-wall containers, paper cups and thermoformed containers.^[1][2][3]

Product mix

Thin-wall food containers made up about 82.72% of revenue in FY26.^[1]
As of Q1 FY26, the thin-wall food container range covered 10 product categories in sizes from 25 ml to 4500 ml.^[4]
The company also makes PLA straws and paper straws. Both are sold to beverage companies, and demand peaks in a summer season of about 4 to 4.5 months.^[1]

Capacity and utilisation

Installed capacity for thin-wall food containers was 7,986 MT a year in FY26.^[1]
Thin-wall container utilisation was 77.74% in FY26, up from 75.97% in FY25.^[1]
PLA straw utilisation was 28.33% in FY26, down from 34.94% in FY25.^[1]
Paper straw utilisation was 34.13% in FY26, up from 26.13% in FY25. Management said straw utilisation is unlikely to go above about 35% because demand is seasonal.^[1]
In Q2 FY26, management said the food container lines were running 24x7 at optimum capacity and that the company had not been able to expand for 3 years because of space limits.^[3]

Raw materials

As of Q2 FY26, 80%-85% of plastic raw material and 100% of PLA were imported, with PLA coming from China. Paper was sourced entirely within India.^[3]
After supply from the Middle East was disrupted, the company built up more than 3 months of raw material and imported from China. As of Q4 FY26, it said supply was secured until August 2026.^[1]

Customers and exports

Exports were 27.37% of revenue in FY26, down from 33.48% in FY25. Export revenue was INR55.59 crores in FY26 against INR57.14 crores in FY25; management put this down to lower raw material prices.^[1]
The company had more than 40 recurring international clients in FY26.^[1]
As of Q2 FY26, the top 5 customers made up at most about 20% of revenue, and no single export customer was more than about 5%.^[3]
As of Q2 FY26, the company had more than 200 domestic distributors and an export order book of about 1.5-1.6 million units.^[3]
As of Q1 FY26, it sold in more than 25 states and 80 cities in India and to clients in more than 15 countries.^[4]

New plant and capex

The expansion will raise thin-wall container capacity from 7,986 MT a year to 21,095 MT a year and add 7,696 MT a year of paper cups and containers (as stated in Q2 FY26).^[3]
Commercial production is now expected to start in September 2026, later than the planned April 2026. The delay came from building-plan approvals during the West Bengal elections. All lines are expected to be running by October-December 2026.^[1]
The project cost has risen from about INR100 crores to INR130-135 crores (Q4 FY26). The extra INR30-32 crores will come from internal accruals.^[1]
The number of injection moulding machines planned has gone from 20 to 29, adding about INR15 crores of yearly revenue capacity.^[1]
With the new plant, the company plans to launch paper cups and thermoformed plastic food containers aimed at hotels, restaurants and caterers.^[1]

Management targets

In Q4 FY26, management expected the new capacity to add INR100-125 crores of revenue in FY27, down from its earlier estimate of INR150-200 crores.^[1]
Management estimates combined revenue of about INR500 crores a year at full use of existing and new capacity, with FY28 targeted at INR500+ crores.^[1]

Market Cap

₹255 Cr

High / Low

₹134 / 58

Stock P/E

15.5

Price / Book

0.0

Book Value

₹58

EPS

₹6.9

No. of Shares

2.41 Cr

ROCE

11.9%

ROE

11.8%

OPM

15.2%

Debt / Equity

0.86

Sales

₹203 Cr

Net Profit

₹17 Cr

Promoter holding

74.3%

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