Creative Graphics Solutions India Ltd(CGRAPHICS)

NSE: CGRAPHICS

₹ 138-0.72%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 335 crUpdated: 24 Oct 2026

About

Creative Graphics Solutions India Ltd has grown from a flexographic plate maker into a packaging company that works through three entities: Creative Graphics Solutions India Limited, Wahren India Private Limited and CG Premedia Private Limited. Pharma packaging, run through its subsidiary Wahren, is now the larger revenue contributor. Consolidated revenue was ₹345.98 crore in FY26. Wahren held an 8-10% share of India's Alu Alu market in FY26.^[1][2][3]

Business segments

Pharma Packaging (Wahren) makes high-barrier pharmaceutical packaging, including Alu Alu foils, PVC/PVDC films and specialty laminates. It brought in about ₹215 cr in FY26.^[1][3]
Flexography makes flexographic printing plates for the packaging industry. It brought in about ₹130 cr in FY26.^[1][3]
Digital Premedia (CG Premedia) provides digital prepress, colour management and artwork. Its revenue was about ₹3 cr in FY26, double the earlier ~₹1-1.5 cr.^[1][3]
Pharma Packaging became the Group's larger revenue contributor in just over three years.^[1]

Products

Wahren makes cold-form blister foils, lidding foils, high-barrier films and extrusion laminates. It was incorporated in 2022 and started operations in 2023.^[1]
The flexo business makes digital flexo plates, conventional flexo plates, letterpress plates and coating plates.^[1]
The tandem line makes CR foils, contraceptive films, lamitubes, ORS packaging and multi-layer structures. Management put its potential at ~₹100 cr a year at full capacity (Q3 FY26).^[4]
Wahren holds Drug Master Files with regulators in the USA, China and Canada and complies with GMP, ISO, BRC and SGS standards (FY26).^[1]

Operations and capacity

After the new 12,000 MT machine finished its trial phase, installed Alu Alu capacity rose from 8,000 MT to 20,000 MT per annum (FY26).^[1]
The pharma packaging capacity expansion, including the tandem and PVC/PVDC lines, totals 36,000 MT. Counting all expansions, capacity has reached over 44,000 MT (FY26).^[1]
The flexo business has 9 manufacturing facilities and 2 new ones. Oman is its first facility outside India and was not yet operational as of FY26.^[1]
The flexo business has 200+ prepress experts (FY26).^[1]

Key operating numbers

Utilisation of the existing 8,000 MT Alu Alu line was ~80% in H2 FY26, up from ~75% in H1 FY26.^[3][5]
Alu Alu orders were spilling 15-20 days into the following month in Q3 FY26.^[4]
The Alu Alu selling price was ~₹550 per unit in Q4 FY26, compared with ~₹400 a few months earlier.^[3]
The Alu Alu realisation was ₹370-430/kg and the PVDC realisation ₹240-350/kg in H1 FY26.^[5]
Flexographic business capacity utilisation was 65-70% in H1 FY26.^[5]
PVDC revenue was ~₹50-60 lakh in FY26.^[3]
Supply disruptions in aluminium, PVC and PVDC cut pharma packaging gross margin by about ₹5 crore in H2 FY26.^[1][3]

Customers and exports

The pharma packaging business has 350+ active clients and the flexography division has 4,000+ clients. The client retention rate is 95%+ (FY26).^[1]
Wahren's pharma customers include Cadila, Zydus, Ajanta, Macleods, Torrent and Aristro (Q3 FY26). Aurobindo and Torrent were added in H1 FY26.^[4][5]
The company serves 12+ countries, including Arab and African countries (FY26).^[1]
Wahren received its first export order in February 2026 and had an export pipeline of 100+ MT as of May 2026.^[1]
The company targets 25% of its pharma revenue from exports.^[1]

Expansion and capex

The new 12,000 MT Alu Alu machine was delivered in October 2025. As of the May 2026 call, management expected first commercial revenue within about a month.^[5][3]
The PVC/PVDC line was commercialised in H2 FY26 and the tandem machine in April 2026.^[1]
The PVC/PVDC line was acquired through NCLT for about ₹2 cr, against about ₹20 cr for a new line (Q3 FY26).^[4]
The Bangalore flexo factory is commercialised. Its peak revenue estimate was revised to ₹10-12 cr a year, from ₹14-15 cr (Q4 FY26).^[3]
The Oman flexo factory is installed, but war-related supply-chain and manpower issues delayed its commercialisation (FY26).^[1]
A blister packaging line was newly acquired and was in its early start-up phase as of Q4 FY26.^[3]

Recent developments

In March 2026 the company added Citibank as its second banker, with a ₹60 crore group working capital limit, and started invoice discounting for the first time.^[3][1]
Mr. Rafeeq, formerly technical head at DuPont, was appointed CEO of the flexography business (Q4 FY26).^[3]
The company is setting up an aluminium hedging framework and a buffer-stock strategy after the raw-material disruptions of H2 FY26.^[1]
The company obtained debtor insurance to cover credit risk on new customers and export territories (H1 FY26).^[5]

Market Cap

₹335 Cr

High / Low

₹218 / 122

Stock P/E

20.2

Price / Book

3.0

Book Value

₹52

EPS

₹7.7

No. of Shares

2.43 Cr

ROCE

15.8%

ROE

16.2%

OPM

8.8%

Debt / Equity

0.73

Sales

₹346 Cr

Net Profit

₹19 Cr

Promoter holding

68.1%

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