Mold-Tek Packaging Ltd Q2 FY26 Earnings Analysis

Published 26 May 2026 | Market Cap: ₹2.3K Cr

Price

₹692

Market Cap

₹2.3K Cr

P/E Ratio

30.0

Earnings Summary

Overall volume growth target of around 12% is aimed, with potential to maintain this in the near term. Food and FMCG segment EBITDA per kg expected to be steady around Rs.

📊 Revenue & Sales Performance

→Overall volume growth target of around 12% is aimed, with potential to maintain this in the near term.
→Paint volumes grew by about 12% in H1 FY26; Q3 expected to be similar to Q2, while Q4 anticipates double-digit growth.
→Food and FMCG segment targeting 15%-20% growth, supported by new Panipat plant operations starting in Q4.
→Pharma segment expected to grow from Rs. 35-40 crores in current year to Rs. 55-60 crores next year, with long-term potential of Rs. 150-180 crores by FY30/31.
→Pharma volumes and revenue expected to increase with brownfield expansion and new facility coming online FY27.
→EBITDA per kg for food and FMCG expected steady at Rs. 70-75; pharma EBITDA per kg around Rs. 100-120.
→North plant to reduce supply cost/time, aiding growth and offsetting slight price realization pressure in food/FMCG.
→Overall sales value growth forecasted in the 12-15% range.

📈 Profitability & Margins

→Food and FMCG segment EBITDA per kg expected to be steady around Rs. 70-75 (down from Rs. 75-80 earlier), with volume growth offsetting slight dip in realizations.
→Overall volume growth target maintained at about 12% for the full year, driven by pharma and food & FMCG segments.
→EBITDA margin improvements anticipated to sustain at around 40-41% in H2 FY26, up from 37.6% last year.
→Pharma segment revenue expected to rise significantly: Rs. 35-40 crores in FY26, targeting Rs. 55-60 crores next year, with long-term potential of Rs. 150-180 crores by FY30/31.
→EBITDA per kg for pharma segment estimated around Rs. 100-120.
→EBITDA per kg company-wide expected to stabilize at Rs. 40-42 in H2, improving from around Rs. 37.6 last year.
→CAPEX planned around Rs. 100-105 crores for FY26, supporting capacity expansions, especially in pharma.

🏗️ Capital Expenditure Plans

→Land acquisition for pharma expansion: 2.5 acres adjacent to Sultanpur unit, costing around Rs. 11 crores (Page 12).
→Pharma capacity expansion: Brownfield increase to 2,500 tons planned progressively next financial year; no new capex counted for next year's projections (Page 12-13).
→New pharma facility construction likely to start Dec-Jan; expected operational shape by next financial year's second half (Page 16).
→CAPEX guidance: Around Rs. 100-105 crores expected for the current year, down from Rs. 130-140 crores in prior years (Page 11).
→Maintenance CAPEX will continue, aligning close to depreciation (~Rs. 35-40 crores annually) (Page 12).
→Paint segment capacity: Total capacity for ABG (paints) ~10,000 tons across 3 plants, currently at ~60-65% utilization (Page 7).
→IML operations consolidated at Sultanpur expected to drive cost efficiencies starting Q3-Q4 (Page 7).

💰 Fundraising & Capital Structure

→No new equity fundraising is planned for the current or next financial year.
→Pharma capacity expansion is being done primarily through brownfield expansion, with no new major CAPEX except land acquisition.
→Land worth Rs. 11 crores was acquired recently for pharma expansion, indicating future greenfield expansion.
→Brownfield expansions involve adding machinery and capacities gradually, expected to be operational by July-August next year.
→Annual CAPEX for maintenance and expansions is projected at around Rs. 100-105 crores for the current year, down from previous years.
→No mention of new debt fundraising; expansions appear to be funded through internal accruals or existing resources.
→The company expects gradual capacity increases without sudden large capital inflows.

📋 Order Book & Pipeline

→More than 50 pharma companies have visited Mold-Tek Packaging's premises.
→Around 20-25 of these companies have started buying in small or medium quantities.
→None of these clients contribute more than 10-20% individually; sales are well spread out.
→For bottles and caps, the company has 7-8 decent-size clients supplying around Rs. 25-30 lakhs per month each.
→Remaining 30 client approvals are done, but commercial trials will take a few more quarters.
→Two strategic pharma customers have started giving small pilot orders worth around Rs. 70-80 lakhs over 2-3 months with expected ramp-up in Q4.
→The company has signed one major contract at Panipat for food and FMCG, expected to add Rs. 4-5 crores turnover next financial year.
→No significant export order cancellations due to tariffs; export levels remain negligible around Rs. 2-3 crores annually.

Key Metrics

Frequently Asked Questions

What were Mold-Tek Packaging Ltd Q2 FY26 results?

Overall volume growth target of around 12% is aimed, with potential to maintain this in the near term. Food and FMCG segment EBITDA per kg expected to be steady around Rs.

What is Mold-Tek Packaging Ltd share price analysis?

Mold-Tek Packaging Ltd currently shows a neutral. The stock trades at a P/E of 30.0 with a market cap of ₹2,278 Cr. Investors should review the full earnings analysis for detailed insights.

Is Mold-Tek Packaging Ltd planning capital expenditure?

Land acquisition for pharma expansion: 2.5 acres adjacent to Sultanpur unit, costing around Rs.

This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.