Kanpur Plastipack Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Kanpur Plastipack Ltd filed with BSE on 08 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Kanpur Plastipack reported Q4 FY26 total income of Rs 183.1 crores, up about 6.16% year-on-year, with EBITDA margin of 13.69% and PAT of Rs 14.53 crores, up around 14%. For the full year FY26, total income grew 26.26% to Rs 726.67 crores and PAT rose about 68% to Rs 38.19 crores, aided by improved realizations and operating leverage. Management described raw material price volatility from geopolitical developments including the Iran conflict, moderation in order cycles, and progress on FIBC capacity expansion, non-woven technical textiles entry, and the Essegomma joint venture.
Numbers mentioned
Total income: INR183.1 crores (Q4 FY26)
p. 5
“the company reported a total income of INR183.1 crores, reflecting a growth of approximately 6.16% year-on-year.”
Shashank Agarwal, page 5 of the filed PDF · View the filing
EBITDA: INR25.06 crores (Q4 FY26)
p. 5
“EBITDA for the quarter stood at INR25.06 crores with a margin of 13.69%.”
Shashank Agarwal, page 5 of the filed PDF · View the filing
PAT: INR14.53 crores (Q4 FY26)
p. 5
“PBT at INR19.46 crores, while PAT at INR14.53 crores, registering a growth of around 14% year-on-year.”
Shashank Agarwal, page 5 of the filed PDF · View the filing
EPS: 6.04 (Q4 FY26)
p. 5
“EPS for the quarter stood at 6.04.”
Shashank Agarwal, page 5 of the filed PDF · View the filing
Manufacturing segment revenue: INR143.62 crores (Q4 FY26)
p. 5
“During Q4 FY26, the manufacturing segment revenue stood at INR143.62 crores.”
Shashank Agarwal, page 5 of the filed PDF · View the filing
Total income: INR726.67 crores (FY26)
p. 5
“For the full year FY26, the total income stood at INR726.67 crores, representing a growth of 26.26% year-on-year.”
Shashank Agarwal, page 5 of the filed PDF · View the filing
EBITDA: INR74.75 crores (FY26)
p. 5
“EBITDA increased to INR 74.75 crores with margins improving to 10.29%.”
Shashank Agarwal, page 5 of the filed PDF · View the filing
PAT: INR38.19 crores (FY26)
p. 5
“The PAT stood at INR 38.19 crores, reflecting a growth of approximately 68%.”
Shashank Agarwal, page 5 of the filed PDF · View the filing
Net debt: INR112 crores (as of 31st March '26)
p. 5
“On the debt side, the net debt on 31st March '26 stood at INR112 crores.”
Shashank Agarwal, page 5 of the filed PDF · View the filing
Europe export share: 56.5% (FY26)
p. 5
“Europe accounting for 56.5% of our exports, followed by South America at 21.8% and North America at 16.9%.”
Shashank Agarwal, page 5 of the filed PDF · View the filing
FIBC dispatch volume: 14,351 tons (FY26)
p. 18
“What we have dispatched this year is 14,351 tons, but what we produced is about 15,000 tons.”
Shashank Agarwal, page 18 of the filed PDF · View the filing
FIBC capacity utilization: 83% (FY26)
p. 18
“So, 15,000 divided by 18,000 is about 83%. So yes, we utilize about 83%.”
Shashank Agarwal, page 18 of the filed PDF · View the filing
Polypropylene price increase: from USD1,000 to approximately USD1,700 per ton (FY26)
p. 6
“Prices increased sharply from USD1,000 per ton to approximately USD1,700 per ton.”
Shashank Agarwal, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Non-woven facility commercial production — September
stated firmly by Shashank Agarwal
p. 6
“We shall commence commercial production by September.”
Shashank Agarwal, page 6 of the filed PDF · View the filing
Unit 3 FIBC capacity run rate — 2,400 tons · by end of '26-'27
stated firmly by Shashank Agarwal
p. 7
“By end of '26-'27, we should be at a run rate of 2,400 tons”
Shashank Agarwal, page 7 of the filed PDF · View the filing
FIBC capacity ramp — 6,000 tons · over the next 5 years
stated firmly by Shashank Agarwal
p. 7
“over the next 5 years, we will go from 1,200 to 2,400 to 3,600 to 4,800 to 6,000 tons”
Shashank Agarwal, page 7 of the filed PDF · View the filing
Non-woven segment revenue — INR20 crores to INR25 crores · FY27
stated conditionally by Shashank Agarwal
p. 8
“So, we should expect about INR20 crores to INR25 crores revenue only because the first machine would get commissioned by September and the next one by December.”
Shashank Agarwal, page 8 of the filed PDF · View the filing
Non-woven segment revenue — INR100 crores to INR120 crores · FY28
stated conditionally by Shashank Agarwal
p. 8
“'27-'28, we should be looking at a revenue of between INR100 crores to INR120 crores depending on the raw material and the capacity utilization.”
Shashank Agarwal, page 8 of the filed PDF · View the filing
Non-woven segment EBITDA margin — 15% to 16% · FY28
stated conditionally by Shashank Agarwal
p. 8
“On a revenue of INR100 crores to INR120 crores, we should look at an EBITDA of 15% to 16%.”
Shashank Agarwal, page 8 of the filed PDF · View the filing
Overall EBITDA margin — around 11% · FY27
stated as an aspiration by Shashank Agarwal
p. 8
“I think the margins will sustain.”
Shashank Agarwal, page 8 of the filed PDF · View the filing
Revenue growth — 10% to 15% · FY27
stated as an aspiration by Shashank Agarwal
p. 9
“we should look at about 10% to 15% growth.”
Shashank Agarwal, page 9 of the filed PDF · View the filing
Top line growth — about 10% · FY27
stated as an aspiration by Shashank Agarwal
p. 9
“we should expect about a 10% increase in the top line.”
Shashank Agarwal, page 9 of the filed PDF · View the filing
Raw material price normalization — USD1,200 to USD1,350
stated conditionally by Shashank Agarwal
p. 9
“So, the new normal could be anywhere between USD1,200 and USD1,350 for us as our raw material.”
Shashank Agarwal, page 9 of the filed PDF · View the filing
Gross margin (manufacturing) — 45% to 47%
stated as an aspiration by Shashank Agarwal
p. 11
“I would say that if we are able to -- with the increased FIBC volume and improvement in margins, if we are able to still maintain 45% to 47% gross margins, it would be a good goal and a good success to have.”
Shashank Agarwal, page 11 of the filed PDF · View the filing
Non-woven fabric volume — 8,000 to 9,000 tons · FY28
stated as an aspiration by Shashank Agarwal
p. 20
“About 8,000, 9,000 tons.”
Shashank Agarwal, page 20 of the filed PDF · View the filing
ESSEKAN revenue — INR20 crores to INR25 crores · FY27
stated conditionally by Shashank Agarwal
p. 20
“We should expect about INR20 crores to INR25 crores.”
Shashank Agarwal, page 20 of the filed PDF · View the filing
EBITDA margin (manufacturing segment ex-trading) — 12.17%
stated as an aspiration by Shashank Agarwal
p. 19
“I would say that we would maintain a similar number.”
Shashank Agarwal, page 19 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the facility is ramping from 1,200 tons toward 6,000 tons over five years, with 1,800 tons expected this year.
Answered by Shashank Agarwal
Asked by Disha: When will the new FIBC capacity at Unit 3 begin commercial production and what will it contribute?
p. 7
“we should end the year with a run rate of 2,400 tons.”
Shashank Agarwal, page 7 of the filed PDF · View the filing
Management estimated total revenue of about Rs 130 crore with incremental revenue of about Rs 40 crore as fabric capacity converts to FIBC.
Answered by Shashank Agarwal
Asked by Disha: What is the peak revenue potential of the 6,000 ton capacity?
p. 8
“So, 6,000 tons should be about INR130 crores. The incremental revenue would be about INR40 crores because this would be fabric capacity getting converted to FIBC capacity.”
Shashank Agarwal, page 8 of the filed PDF · View the filing
Management described short, medium and long-term effects including elevated prices and government intervention that limited disruption.
Answered by Shashank Agarwal
Asked by Rohan Mehta: What is the impact of Middle East geopolitical tensions on sourcing and supply chains?
p. 9
“So, there is a long-term structural change that will happen because of this tension, where each and individual country will start to operate on its own rather than as a group.”
Shashank Agarwal, page 9 of the filed PDF · View the filing
Management said other income includes forex and trading interest income tied to volatility and was uncertain about next year.
Answered by Shashank Agarwal
Asked by Mahesh Kumar: How sustainable is the jump in other income from trading and forex?
p. 10
“How it will be in the next year, it is hard to comment.”
Shashank Agarwal, page 10 of the filed PDF · View the filing
Management said B2C carries higher margins and higher customer lifetime value.
Answered by Shashank Agarwal
Asked by Mahesh Kumar: What is the margin profile of the new B2C business?
p. 10
“So yes, B2C has a much higher margin and also a higher lifetime value of a customer.”
Shashank Agarwal, page 10 of the filed PDF · View the filing
Management said customer diversification within Europe limits concentration risk and India continues gaining share from Turkey and Eastern Europe.
Answered by Shashank Agarwal
Asked by Ketan Mehta: Does heavy reliance on Europe pose risk?
p. 10
“we are at the top segment. So, we don't see that as a very high risk.”
Shashank Agarwal, page 10 of the filed PDF · View the filing
Management said maintaining 45-47% would be a good outcome given raw material cost dynamics.
Answered by Shashank Agarwal
Asked by Madhur Rathi: Can gross margins reach 50% as FIBC share rises?
p. 11
“if we are able to still maintain 45% to 47% gross margins, it would be a good goal and a good success to have.”
Shashank Agarwal, page 11 of the filed PDF · View the filing
Management said the segment will not run at a loss despite partial-year capacity utilization.
Answered by Shashank Agarwal
Asked by Madhur Rathi: Will the non-woven segment operate at a loss in FY27?
p. 12
“No, we will not be operating in a loss.”
Shashank Agarwal, page 12 of the filed PDF · View the filing
Management said customers are splitting orders into smaller, more frequent quantities due to cautious purchasing.
Answered by Shashank Agarwal
Asked by Urmish Shah: How is the order book behaving amid price volatility?
p. 13
“So, people start to order smaller quantities, but more often.”
Shashank Agarwal, page 13 of the filed PDF · View the filing
Management said Japan remains a focus market despite competitive pricing from China and Vietnam.
Answered by Shashank Agarwal
Asked by Urmish Shah: What is the status of the Japan market entry?
p. 13
“Japan is never on the back burner. It is still in the focus.”
Shashank Agarwal, page 13 of the filed PDF · View the filing
Management explained the reversal is a notional accounting effect tied to a suspended customs duty scheme.
Answered by Shashank Agarwal
Asked by Saket Kapoor: How does the DFIA reversal affect reported EBITDA margin?
p. 18
“Now when the customs duty has been suspended by the government for 3 months, the value of that license has become 0.”
Shashank Agarwal, page 18 of the filed PDF · View the filing
Management said capex was about Rs 3 crore with 15% EBITDA margin expected on both manufacturing and marketing sides.
Answered by Shashank Agarwal
Asked by Madhur Rathi: What capex and margins apply to the ESSEKAN yarn joint venture?
p. 20
“The capex is about INR3 crores.”
Shashank Agarwal, page 20 of the filed PDF · View the filing
Risks flagged
Raw material price volatility driven by geopolitical developments including the Iran conflict
p. 4
“The operating environment during the latter part of the year also saw some volatility, particularly in raw material prices driven by geopolitical developments including the Iran conflict.”
Manoj Agarwal, page 4 of the filed PDF · View the filing
Moderation in order cycles and shorter lead times reflecting cautious customer procurement
p. 7
“we have seen some moderation in order cycles with lead times reducing from 6 to 8 weeks to 3 to 4 weeks now, reflecting both raw material volatility and cautious customer procurement.”
Shashank Agarwal, page 7 of the filed PDF · View the filing
Order book challenges expected to continue in the near term
p. 13
“order book will remain a challenge in this quarter and the next quarter, but we do not see that there is a structural change in the consumption pattern.”
Shashank Agarwal, page 13 of the filed PDF · View the filing
Japan market is price-competitive with China and Vietnam raw material cost advantage
p. 13
“Given this disruption, China's raw material was cheaper than India's raw material.”
Shashank Agarwal, page 13 of the filed PDF · View the filing
Asia export contribution constrained by competitive intensity and local manufacturers
p. 15
“Asia's contribution is relatively low due to the combination of competitive intensity and also our strategic market focus.”
Shashank Agarwal, page 15 of the filed PDF · View the filing
North America tariff-related disruption reduced export share
p. 11
“North America, despite the tariff disruption and the volatility that was there was 16%.”
Shashank Agarwal, page 11 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.