Mold-Tek Packaging Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Mold-Tek Packaging Ltd filed with BSE on 15 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
Mold-Tek Packaging reported Q4 FY26 results with overall sales growth of 13.4% for the full year, driven by more than 200% growth in Pharma packaging, double-digit growth in Paints, and 15%+ growth in Food and FMCG, partly offset by a decline in the Lubricants segment. Management attributed the improved EBITDA margin to the consolidation of five Hyderabad units into two, which improved efficiencies and capacity utilization. The company also discussed raw material price pass-through to clients following a sharp rise in polypropylene prices linked to geopolitical disruption in March.
Numbers mentioned
Full year sales growth: 13.4% (FY26)
p. 3
“That is one of the reasons for closing the year at around 13% sales growth, 13.4%.”
J. Lakshmana Rao, page 3 of the filed PDF · View the filing
Pharma packaging growth: 37% in Q4, over 200% for the full year (Q4 FY26 / FY26)
p. 3
“It's grown by 37% over the Q4 of last year and overall growth of the full year is more than 200%, giving us the ability to look for higher numbers going forward.”
J. Lakshmana Rao, page 3 of the filed PDF · View the filing
Pharma sales: INR34.4 crores (FY26)
p. 4
“We hit almost INR34.4 crores for the current financial year.”
J. Lakshmana Rao, page 4 of the filed PDF · View the filing
IML mix (Q4): 75.5% (Q4 FY26)
p. 10
“Yes, it was for the 4Q, it was around 75.5%.”
J. Lakshmana Rao, page 10 of the filed PDF · View the filing
IML mix (full year): 75.13% (76.8% in value terms) (FY26)
p. 10
“And overall year, it is 75.13%. So in value terms, it is 76.8%.”
J. Lakshmana Rao, page 10 of the filed PDF · View the filing
Paint segment growth: 14.4% in value terms, 13.5% growth (Q4 FY26)
p. 10
“26% volume growth, I didn't say, it is 14.4% in value terms and 13.5% is the growth in Paint segment.”
J. Lakshmana Rao, page 10 of the filed PDF · View the filing
ABG growth: 60% (Q4 FY26)
p. 10
“That 60%, what I said is ABG numbers for the quarter, this particular quarter, ABG compared to the previous year Q4, the ABG numbers have shot up by 60%.”
J. Lakshmana Rao, page 10 of the filed PDF · View the filing
Asian Paints growth: 17% (Q4 FY26)
p. 4
“We have more than 17% growth coming from Asian Paints in Q4 to Q4.”
J. Lakshmana Rao, page 4 of the filed PDF · View the filing
EBITDA per kg: 40.7, up from 37.6 (FY26 vs FY25)
p. 13
“That itself should add a rupee or so to the already 40.7 what we have achieved this year compared to 37.6 in the previous year.”
J. Lakshmana Rao, page 13 of the filed PDF · View the filing
ROCE: 12.4%, up from 10.2% (FY26)
p. 17
“Coming back to ROCE, yes, the ROCE has leaped by about 14% from 10.2% to 12.4% and probably it may hit around 13.5% to 14% in the next financial year.”
J. Lakshmana Rao, page 17 of the filed PDF · View the filing
Food and FMCG (thin wall) growth: 15.4% (FY26)
p. 12
“So Food and FMCG from -- if you see only thin wall, it is 15.4%.”
J. Lakshmana Rao, page 12 of the filed PDF · View the filing
Total capacity: 63,000 tons (current)
p. 5
“Yes, capacity is 63,000 tons and utilization is hardly 43,000.”
J. Lakshmana Rao, page 5 of the filed PDF · View the filing
Capex: INR120 crores (FY26)
p. 5
“and [120 years 0:11:33] in this financial year '25-'26.”
J. Lakshmana Rao, page 5 of the filed PDF · View the filing
Cash accruals: INR123 crores (INR72 crores plus INR59 crores minus given breakdown) (FY26)
p. 7
“This year, if you look at the cash generation, it's around INR72 crores plus INR59 crores -- INR123 crores.”
J. Lakshmana Rao, page 7 of the filed PDF · View the filing
Pharma volume: 853 tons (FY26)
p. 14
“So last year, it was 853 tons.”
J. Lakshmana Rao, page 14 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.
Pharma revenue — INR50 crores to INR55 crores · FY27
stated firmly by J. Lakshmana Rao
p. 4
“So we have taken a 50% growth to reach somewhere around close to between INR50 crores and INR55 crores for the Pharma.”
J. Lakshmana Rao, page 4 of the filed PDF · View the filing
Capex — INR80 crores to INR85 crores · FY27
stated firmly by J. Lakshmana Rao
p. 5
“And we hope to control this capex to INR80 crores, INR85 crores in the next year, that is '26-'27 as we will be going only for brownfield expansions now onwards.”
J. Lakshmana Rao, page 5 of the filed PDF · View the filing
Total capacity — close to 70,000 tons · FY27
stated as an aspiration by J. Lakshmana Rao
p. 6
“So by end of this financial year, that is '26-'27, probably we will be somewhere around 67,000, 68,000, maybe close to 70,000 tons.”
J. Lakshmana Rao, page 6 of the filed PDF · View the filing
Value growth — 13% to 15% · FY27
stated as an aspiration by J. Lakshmana Rao
p. 11
“We hope that we will be somewhere between 13% to 15% in the value growth in the next financial year.”
J. Lakshmana Rao, page 11 of the filed PDF · View the filing
Sales — INR1,000 crores mark · FY27
stated as an aspiration by J. Lakshmana Rao
p. 11
“That is why I said in the year '26-'27, we may cross the INR1,000 crores mark sales.”
J. Lakshmana Rao, page 11 of the filed PDF · View the filing
EBITDA per kg — 42.5 to 43 · FY27
stated as an aspiration by J. Lakshmana Rao
p. 14
“So going forward with the only brownfield expansions, which will marginally may require capital, but increase in the capacity utilization will kick in. So I look at very positively for '26- '27 and to aim at least 42.5 to 43 range for '26-'27.”
J. Lakshmana Rao, page 14 of the filed PDF · View the filing
EBITDA per kg — 44 to 45 · FY28
stated conditionally by J. Lakshmana Rao
p. 14
“Maybe we may touch even 45 given a good in Pharma. If it happens, we may aim at 44, 45 also for next '27-'28.”
J. Lakshmana Rao, page 14 of the filed PDF · View the filing
Volume growth — 10% to 13% · FY27
stated as an aspiration by J. Lakshmana Rao
p. 14
“So volumewise increment might look 10% to 13%, but value-wise increment, we are aiming at 13% to 15%.”
J. Lakshmana Rao, page 14 of the filed PDF · View the filing
Revenue — INR1,200 crores · FY28
stated conditionally by J. Lakshmana Rao
p. 14
“I hope so. But I'm sure this year, we will be aiming at INR1,000 plus for sure.”
J. Lakshmana Rao, page 14 of the filed PDF · View the filing
ROCE — around 15% · FY28
stated as an aspiration by J. Lakshmana Rao
p. 17
“So probably the ROCE will start looking at around 15% by '27-'28.”
J. Lakshmana Rao, page 17 of the filed PDF · View the filing
EBITDA — INR210 crores · FY27
stated conditionally by J. Lakshmana Rao
p. 18
“We are aiming at, at least INR210 crores EBITDA for next financial year, up from INR173, that's 20% price.”
J. Lakshmana Rao, page 18 of the filed PDF · View the filing
Pharma capacity — 2,500 tons · FY27
stated firmly by J. Lakshmana Rao
p. 5
“Currently, Pharma is hardly about 1,500 tons, and we have to still make new investments in that segment to take it up to 2,500 tons in this year.”
J. Lakshmana Rao, page 5 of the filed PDF · View the filing
Food and FMCG growth — at least 20% · FY27
stated as an aspiration by J. Lakshmana Rao
p. 13
“But this 15.4%, I'm sure it will be looking at least 20% growth in the food and FMCG, including the North numbers for the next financial year.”
J. Lakshmana Rao, page 13 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 Vibe products are still in developmental/pilot stage and revenue would start only towards the end of FY27; Pharma target is separate.
Answered by J. Lakshmana Rao
Asked by Samarth Jain: Was there revenue contribution from the Vibe collaboration in Q4, and is the Pharma guidance inclusive of it?
p. 4
“So the numbers will start adding probably towards the end of this financial year, '26-'27.”
J. Lakshmana Rao, page 4 of the filed PDF · View the filing
Management attributed it to the loss of BPCL as a client due to public sector tendering rules.
Answered by J. Lakshmana Rao
Asked by Richa: Why did the Lubricant segment see a sharp decline?
p. 4
“We lost a client BPCL towards the end of last financial year, who used to -- I mean, which used to contribute about a significant amount of sale.”
J. Lakshmana Rao, page 4 of the filed PDF · View the filing
Management said clients are instead consolidating business with Mold-Tek due to supply chain concerns.
Answered by J. Lakshmana Rao
Asked by Chirag: Have raw material fluctuations led to client churn given the current geopolitical situation?
p. 6
“we are finding our clients coming back in herds because they are worried about the connectivity, material procurement abilities, and ability to quickly react to the international scenario.”
J. Lakshmana Rao, page 6 of the filed PDF · View the filing
Management said the full price rise has been passed on to clients and margins can be maintained.
Answered by J. Lakshmana Rao
Asked by Chirag: Can gross margin of 46-47% be maintained given raw material price rises?
p. 6
“Certainly, we have passed on the entire price rise to the clients across the segments.”
J. Lakshmana Rao, page 6 of the filed PDF · View the filing
Management confirmed the price hike only took effect in the last two weeks of March and would be more visible in Q1.
Answered by J. Lakshmana Rao
Asked by Darshita: Will realization-linked growth from the March price hikes show up more in Q1?
p. 11
“But you will notice that in Q1 more significantly.”
J. Lakshmana Rao, page 11 of the filed PDF · View the filing
Management guided to 42-43 for FY27 and potentially 44-45 for FY28 depending on Pharma performance.
Answered by J. Lakshmana Rao
Asked by Akhil Parekh: What is the EBITDA per kg outlook for FY27 and FY28?
p. 13
“we are aiming at, at least 42 to 43, 42.5 could be a good estimate for the full year.”
J. Lakshmana Rao, page 13 of the filed PDF · View the filing
Management said Paints EBITDA is in the 30-35 per kg range and expects continued strong growth from ABG.
Answered by J. Lakshmana Rao
Asked by Shirish Pardeshi: How does Paints EBITDA per kg compare Y-o-Y and what is the outlook for FY27?
p. 15
“Paints and Square Packs EBITDA is in the region of 30 to 35 per kg.”
J. Lakshmana Rao, page 15 of the filed PDF · View the filing
Management said volumes should stabilize now that all public sector business has been lost.
Answered by J. Lakshmana Rao
Asked by Parth Gohil: Will Lubricant volumes decline further or has it stabilized?
p. 17
“having lost all the PSU business now, we may sustain at the current levels in Lubes.”
J. Lakshmana Rao, page 17 of the filed PDF · View the filing
Management attributed stretched working capital to high raw material purchase prices and Pharma inventory needs, and guided ROCE improvement.
Answered by J. Lakshmana Rao
Asked by Chirag: What is the outlook on ROCE and working capital days?
p. 17
“inventory days also become a little longer because in Pharma, one has to keep 3 months material ready because sudden requirements generally come up in batch quantities for Pharma.”
J. Lakshmana Rao, page 17 of the filed PDF · View the filing
Risks flagged
Loss of BPCL as a Lubricant client due to public sector tendering norms
p. 4
“But due to tendering system and public sector, they go only by L1 basis. We couldn't match their pricing and we let it go.”
J. Lakshmana Rao, page 4 of the filed PDF · View the filing
Stagnating Lubricant industry growth
p. 16
“So there we have substantial 17%, 18% of our turnover comes from that segment. So that segment, I'm not anticipating any major growth.”
J. Lakshmana Rao, page 16 of the filed PDF · View the filing
Geopolitical conflict (West Asia war) impacting general sentiment and raw material procurement
p. 5
“we have seen all around momentum in spite of the West Asia war, which has impacted the general sentiment.”
J. Lakshmana Rao, page 5 of the filed PDF · View the filing
Delay in land handover affecting new Pharma plant construction timeline
p. 9
“For various reasons, there is a delay from the industrial estate to hand over the land.”
J. Lakshmana Rao, page 9 of the filed PDF · View the filing
Potential new sanctions on Pharma exports could affect replacement demand
p. 12
“So we don't see any impact immediately unless some new sanctions are put on pharma exports.”
J. Lakshmana Rao, page 12 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.