Plastic Products - Consumer industry

14 companies · ₹16,922 cr · Q1FY27 report

RAC summer surge and jewellery SSSG coexist with a sector-wide margin squeeze from West Asia commodity shock

Turning upmargin troughed at 2.8% and has risen for 3 quarters to 7.0%, on positive revenue growth

Revenue YoY: +0.8%
EBITDA margin: 7.0%; -120bps YoY
Price, 1 year: -27.8%; 33% of names up
P/E vs own 5y: -38.7%; 25.2x now

Exhibit 1The quarter in numbers

constant panel of 3 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	1,987 cr	1,875 cr	+6.0%	1,972 cr	+0.8%	1,987 cr	0.0%
EBITDA margin	7.0%	4.0%	+300bps	8.2%	-120bps	8.4%	-140bps

Revenue

Jun 26: 1,987 cr
Mar 26: 1,875 cr
QoQ: +6.0%
Jun 25: 1,972 cr
YoY: +0.8%
Peak: 1,987 cr
vs peak: 0.0%

EBITDA margin

Jun 26: 7.0%
Mar 26: 4.0%
QoQ: +300bps
Jun 25: 8.2%
YoY: -120bps
Peak: 8.4%
vs peak: -140bps

Breadth: 67% of 3 companies grew revenue year on year (was 67% a quarter earlier) and 33% expanded margin (was 33%).

Exhibit 2What it costs

25.01x - 34.84x across the panel today

The median name trades at 25.2x, -38.7% against this industry's own 5-year median of 41.2x, and -74.1% against its own peak of 97.5x.

Exhibit 3Structure

₹16,922 cr

Safari Industries (India) Ltd is 43.2% of this industry by market cap. The top 5 are 93.9% and the top 10 are 99.2%.

small 3micro 114 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 25.24x, 5y ROCE above its median of 9.84%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (14 of 14)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Safari Industries (India) Ltd	₹7,594 cr	46.1x	-	18.3%	13.7%	+11.5%	Unlock
V I P Industries Ltd	₹4,266 cr	-	-33.3x	-46.8%	-9.4%	+3.0%	Unlock
Nilkamal Ltd	₹3,056 cr	24.5x	10.1x	9.6%	8.6%	-7.2%	Unlock
Bai-kakaji Polymers Ltd	₹646 cr	24.0x	11.4x	23.6%	16.6%	-	Unlock
Wim Plast Ltd	₹401 cr	6.7x	-	14.1%	22.9%	-10.6%	Unlock
Essen Speciality Films Ltd	₹298 cr	-	177.7x	-1.4%	-0.7%	-23.1%	Unlock
Pil Italica Lifestyle Ltd	₹185 cr	60.6x	21.5x	8.4%	8.6%	-30.5%	Unlock
Prima Plastics Ltd	₹152 cr	6.7x	6.3x	11.5%	18.1%	-14.9%	Unlock
Atharva Poly-plast Ltd	₹141 cr	-	-	-	-	-	Unlock
Avro India Ltd	₹105 cr	24.5x	9.9x	8.2%	10.9%	+16.9%	Unlock
Tokyo Plast International Ltd	₹75 cr	218.8x	17.4x	4.5%	8.8%	+8.9%	Unlock
Pearl Polymers Ltd	₹27 cr	-	-	-16.2%	-19.3%	+2.4%	Unlock
Niraj Ispat Industries Ltd	₹18 cr	11.8x	9.5x	10.3%	44.1%	-6.3%	Unlock
Technopack Polymers Ltd	₹12 cr	9.9x	4.8x	8.8%	36.0%	-44.6%	Unlock

Safari Industries (India) Ltd

Mcap: ₹7,594 cr
P/E: 46.1x
EV/EBITDA: -
ROCE: 18.3%
Margin: 13.7%
Rev YoY: +11.5%

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V I P Industries Ltd

Mcap: ₹4,266 cr
P/E: -
EV/EBITDA: -33.3x
ROCE: -46.8%
Margin: -9.4%
Rev YoY: +3.0%

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Nilkamal Ltd

Mcap: ₹3,056 cr
P/E: 24.5x
EV/EBITDA: 10.1x
ROCE: 9.6%
Margin: 8.6%
Rev YoY: -7.2%

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Bai-kakaji Polymers Ltd

Mcap: ₹646 cr
P/E: 24.0x
EV/EBITDA: 11.4x
ROCE: 23.6%
Margin: 16.6%
Rev YoY: -

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Wim Plast Ltd

Mcap: ₹401 cr
P/E: 6.7x
EV/EBITDA: -
ROCE: 14.1%
Margin: 22.9%
Rev YoY: -10.6%

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Essen Speciality Films Ltd

Mcap: ₹298 cr
P/E: -
EV/EBITDA: 177.7x
ROCE: -1.4%
Margin: -0.7%
Rev YoY: -23.1%

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Pil Italica Lifestyle Ltd

Mcap: ₹185 cr
P/E: 60.6x
EV/EBITDA: 21.5x
ROCE: 8.4%
Margin: 8.6%
Rev YoY: -30.5%

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Prima Plastics Ltd

Mcap: ₹152 cr
P/E: 6.7x
EV/EBITDA: 6.3x
ROCE: 11.5%
Margin: 18.1%
Rev YoY: -14.9%

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Atharva Poly-plast Ltd

Mcap: ₹141 cr
P/E: -
EV/EBITDA: -
ROCE: -
Margin: -
Rev YoY: -

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Avro India Ltd

Mcap: ₹105 cr
P/E: 24.5x
EV/EBITDA: 9.9x
ROCE: 8.2%
Margin: 10.9%
Rev YoY: +16.9%

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Tokyo Plast International Ltd

Mcap: ₹75 cr
P/E: 218.8x
EV/EBITDA: 17.4x
ROCE: 4.5%
Margin: 8.8%
Rev YoY: +8.9%

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Pearl Polymers Ltd

Mcap: ₹27 cr
P/E: -
EV/EBITDA: -
ROCE: -16.2%
Margin: -19.3%
Rev YoY: +2.4%

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Niraj Ispat Industries Ltd

Mcap: ₹18 cr
P/E: 11.8x
EV/EBITDA: 9.5x
ROCE: 10.3%
Margin: 44.1%
Rev YoY: -6.3%

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Technopack Polymers Ltd

Mcap: ₹12 cr
P/E: 9.9x
EV/EBITDA: 4.8x
ROCE: 8.8%
Margin: 36.0%
Rev YoY: -44.6%

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Exhibit 6What managements said

from Consumer Durables earnings calls · as of 2026-06-30

headwindWest Asia war driving unprecedented commodity, freight, and FX cost shock across the sector12 managements

The West Asia conflict is the dominant cross-sector headwind: crude oil up from USD 67 to USD 97 per barrel (Whirlpool), Morbi gas from ₹48 to ₹86-88/SCM (Kajaria), copper above…

WHIRLPOOL (Q1FY27): “the crude oil prices, which similar time last year were operating at USD 67, are now…”

headwind7 managements tailwind4 managements tailwind5 managements tailwind7 managements headwind4 managements mixed3 managements

6 more themes from this quarter's earnings calls are locked. A free account opens 3 full reports a quarter: every theme with verbatim management quotes, the demand picture, companies running against the tide, and the regulatory & disruption watch. Sign up free →

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

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