Mitsu Chem Plast Ltd

BSE: 540078

₹ 201.5-2.82%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 274 crWebsite: www.mitsuchem.comUpdated: 24 Oct 2026

About

Mitsu Chem Plast makes plastic industrial packaging, mainly blow-moulded containers, pails, jerrycans, and caps and closures. It also makes hospital furniture parts under its Furnastra brand. Revenue was 350.17 in FY26. As of Q1 FY27, packaging made up about 80% of revenue and healthcare furniture and other parts around 19.80%. The company had 32,450 MT per annum of installed capacity and was adding 3,550 MT per annum to it.^[1][2][3]

Business segments

Healthcare furniture (Furnastra) and other parts made up around 19.80% of revenue in Q1 FY27. Packaging made up about 80%.^[2]
Niche items (furniture parts and other articles) were about 16% of revenue in Q3 FY26, against about 84% from commodity containers.^[4]
Management said niche items earn an EBITDA margin about 5% to 7% higher than commodity products (Q3 FY26).^[4]
In FY26 and earlier, management expected the 80-20 packaging-to-healthcare mix to stay roughly the same even at Rs 1,000 Cr revenue (said on the Q1 FY27 call).^[2]

Products and brands

The packaging range includes pails, containers, jerrycans, and specialised caps and closures (Q1 FY26).^[3]
Furnastra is the brand for hospital furniture parts. Hospital furniture value grew 32% in H1 FY26 compared with H1 FY25.^[5]
More than 25 new products were added in the six months to Q2 FY26, including Sahara Nau, a collapsible side railing.^[5]
As of Q1 FY27, the company was dropping SKUs that give low margin or throughput and adding higher-margin products.^[2]
Management said caps and closures earn an EBITDA margin above 10% (Q2 FY26).^[5]

Manufacturing and capacity

There are three plants: two at Tarapur and one at Khalapur. They had 51 blow-moulding and 18 injection-moulding machines as of Q1 FY26.^[3]
Installed capacity was 32,450 MT per annum in Q1 FY27, up from over 29,000 MT per annum in Q3 FY26 and over 28,000 MT in Q1 FY26.^[2][4][3]
Capacity utilisation was 64% in FY26, about 65% in Q3 FY26 and 70-71% in H1 FY26.^[2][4][5]
Total production was 20,782 MT in FY25.^[5]
HDPE makes up 90% of raw material. Management cited higher power costs in Maharashtra than at peers based in Daman, Silvassa or Gujarat (Q2 FY26).^[5]

Customers and exports

The customer base was over 700 in Q1 FY27. More than 30 customers were added in Q1 FY27 and more than 150 in FY26.^[2]
The top 10 customers brought in Rs 72.48 Cr of FY25 revenue, out of Rs 332.28 Cr in total.^[3]
Exports were about 2% of revenue in Q1 FY27, compared with about 2.5% in Q3 FY26. The company sells to 17 countries.^[2][4]
Export revenue grew 144% in FY25, helped by trade fairs including Arab Health, Medica Düsseldorf and Hospitalar Brazil.^[3]

Expansion and capex

A 3,550 MT per annum capacity addition was online by Q1 FY27. It cost about INR 2 Cr and was funded from internal accruals and debt.^[2]
Commercial production of Intermediate Bulk Containers (IBC), a new product needing new machinery, is targeted for around Q3 FY27. Capex for it has not been disclosed.^[2]
A Unit 4 plant was announced in January 2026 with an initial 900 MT addition. Land for expansion was bought in December 2025.^[4]
The company is targeting Rs 1,000 Cr in annual revenue by FY28. Management said capacity would need to roughly double from about 29,000 MT to get there (Q3 FY26).^[4][2]

Recent developments

The company completed a rights issue, allotting 15,05,356 equity shares and raising Rs 21.68 Cr (reported on the Q1 FY26 call).^[3]
The EBITDA margin was 16.29% in Q1 FY27, against 5.87% in Q1 FY26. Management guided to a sustainable range of 10-12%.^[2]

Market Cap

₹274 Cr

High / Low

₹247 / 80

Stock P/E

11.9

Price / Book

2.4

Book Value

₹83

EPS

₹11.5

No. of Shares

1.36 Cr

ROCE

16.3%

ROE

14.9%

OPM

7.9%

Debt / Equity

0.57

Sales

₹350 Cr

Net Profit

₹16 Cr

Promoter holding

67.8%

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