Mold-Tek Packaging Ltd(MOLDTKPAC)

NSE: MOLDTKPACBSE: 533080

₹ 290-4.43%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,927 crWebsite: www.moldtekgroup.comUpdated: 25 Oct 2026

About

Mold-Tek Packaging Ltd manufactures rigid plastic packaging - primarily injection-moulded containers with in-mould labelling (IML) - for paints, lubricants, food & FMCG, and pharmaceuticals. Established in 1985, it pioneered IML technology in India and describes itself as India's largest producer of IML molded rigid plastic packaging. In FY26 the company reported revenue of ₹886.61 Cr on volumes of 42,628 MT, with installed capacity of 63,000 TPA.^[1][2]

Business segments

Reported as a single segment, packaging containers: sale of packaging containers was ₹78020.08 lakhs in FY25 vs ₹69557.95 lakhs in FY24.^[2][3]
Paint is the largest segment at roughly 50% of volumes; revenue rose from ₹105 Cr in Q1FY26 to ₹139 Cr in Q1FY27, with volume growth of 10.82% YoY in Q1FY27.^[4]
Food & FMCG volumes grew 26% YoY in Q1FY27 (1,568 MT → 1,980 MT); revenue grew from ₹48 Cr to ₹66 Cr in the same period.^[4]
Pharma revenue grew 41% YoY in Q1FY27 (₹7.42 Cr → ~₹10.46 Cr); FY26 pharma revenue was ₹34.3 Cr, up 219% from ₹10.7 Cr in FY25.^[4]
Lubricants volumes fell ~17% YoY in Q1FY27 (2,011 MT → 1,663 MT) due to Middle East base-oil supply disruption at private lube customers.^[4]
Qpack (edible oil/cashew containers) volumes were roughly flat YoY in Q1FY27 (1,628 MT → 1,663 MT) as a PP price spike to ~₹150/kg led customers to pause orders.^[4]

Products and value-added mix

IML containers were 75.8% of volumes and 77.8% of value in Q1FY27, and 75% of volumes in Q3FY26.^[4]
Pharma portfolio (FY25) spans HDPE bottles (30 - 750cc), CT and CRC caps and single-piece laser-marked desiccant canisters.^[2]
Pharma range also includes squeeze-lock CRC closures and vial holders; ophthalmic and nasal spray products were in development, with commercial molds 5 - 6 months away as of Q1FY27.^[4]
MOU with UK-based Vibe Generation for IP-led safety closures for chemicals/lubes: 3 products developed with patents filed, 3 more at pilot stage (Q1FY27).^[4]
Dosing pens for diabetes/semaglutide under exploration, with IP tie-up talks with a Chinese partner; minimum capacity targeted at 1 million pens/month (Q1FY27).^[4]
Hyderabad R&D centre had secured 4 patents with 5 more in the pipeline as of FY25.^[2]

Operations and capacity

Installed capacity reached 67,000 TPA in Q1FY27, up from 63,000 TPA in FY26 and 55000 TPA across 13 plants in FY25.^[4][2]
Capacity utilisation was ~68% in FY26 and 62.5% in Q3FY26; FY26 sales volume was 42,628 MT (+11.41% YoY) vs 38,264 MT in FY25.^[5][2]
Five Hyderabad plants consolidated into two (Annaram and Sultanpur) in Jan - Feb FY26, with printing brought under one roof at Sultanpur.^[4]
Panipat Food & FMCG thin-wall plant ran 4 machines producing ₹70 L - ₹1 Cr/month in Q1FY27, doubling to 8 machines from August 2026.^[4]
Renewable energy was ~25% of consumption in FY25, with a target of more than 2/3rd in 1-2 years.^[2]

Key operating numbers

EBITDA per kg was ₹46.68/kg in Q1FY27 (+12% YoY), the highest ever; FY26 average was ₹40.74/kg vs ₹37.60/kg in FY25.^[4]
Total sales volume was 12,089 MT in Q1FY27 (+6.25% YoY); the lube decline cut growth from a potential ~9%.^[4]
Pharma volume was 263 MT in Q1FY27 vs 189 MT a year earlier; pharma EBITDA per kg guided at ₹100 - 120.^[4]
Grasim/ABG paint volumes reached 4,400 MT in 9MFY26, targeting 6,000 MT for FY26.^[6]

Customers and distribution

Serves B2B clients in lubricants, paints, pharmaceuticals, food, adhesives, construction chemicals, bio-fertilizers, aqua feed, veterinary products and chemicals.^[2]
Asian Paints is the largest single customer; volumes recovered to 17% YoY growth in Q4FY26 after declining through FY26.^[5]
Grasim (Birla Opus) chose Mold-Tek as preferred supplier at 3 of its 6 locations; it contributed ~20 - 25% of paint sales in H1FY26.^[2][7]
In FY25 Pidilite orders grew 200%; lube pail sales to Petronas, ExxonMobil and Raj Petro grew at double digits.^[2]
New clients ID Fresh, Marico and Mankind were onboarded in FY25; long-standing clients include Gemini and Patanjali.^[2]
BPCL lube tender was lost in FY25 on L1 pricing, removing ~₹14 - 15 Cr of annual lube revenue; Veedol added as partial replacement.^[5]
Pharma facility had been audited by over 25 clients as of Q3FY26, fewer than half of them in commercial pickup.^[6]

Expansion and capex

FY27 capex revised to ~₹90 Cr (from ₹80 - 85 Cr), of which ₹25 - 30 Cr is for pharma.^[4]
New dedicated pharma facility on 2.5-acre land already held: minimum ₹25 - 30 Cr, operational by end of FY27.^[4]
Medical devices facility for dosing pens: minimum ₹25 - 30 Cr when confirmed; new 2.5-acre land earmarked.^[4]
FY26 capex was ~₹100 - 105 Cr (including ₹11 Cr pharma land), vs ~₹280 crore over FY23-24.^[7][3]

Recent developments

September 2026: ICRA reaffirmed ratings on instruments totalling ₹240 Cr - long-term A+(Positive), short-term A1.^[8]
August 2026: Panipat thin-wall machine count doubled from 4 to 8 for North India festive demand.^[4]
Q1FY27: Hyderabad consolidation added an estimated ~₹3/kg to EBITDA per kg.^[4]
FY26: developed a 40% recycled-content formula for paint pails; supplies to Asian Paints began December 2025.^[6]

Guidance and targets

FY27 EBITDA per kg target raised to ₹44 - 45/kg from ₹42 - 43/kg.^[4]
FY27 volume growth target 10%; EBITDA expected to grow 18 - 20%.^[4]
FY27 pharma revenue target ₹50 - 55 Cr vs ₹34 Cr in FY26.^[4]
Vibe Generation commercial products targeted from Q3FY27; revenue potential cited at USD 25 - 30 Mn over 5 years.^[4]
Management targets paint share falling from ~50% to ~40% of revenues over 3 - 4 years, with Food & FMCG at 18 - 20% CAGR and Pharma at 40 - 50%.^[4]

Market Cap

₹1,927 Cr

High / Low

₹405 / 227

Stock P/E

71.7

Price / Book

10.0

Book Value

₹104

EPS

₹11.0

No. of Shares

6.65 Cr

ROCE

13.3%

ROE

11.0%

OPM

12.9%

Debt / Equity

0.31

Sales

₹887 Cr

Net Profit

₹73 Cr

Promoter holding

33.2%

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