Mold-Tek Packaging Q2 Review — Inline Results, 'Buy' Maintains Axis Securities, Sees 16% Upside

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Axis Securities Report

Company Outlook & Guidance

Mold-Tek Packaging Ltd. anticipates an acceleration in volume growth over the next few quarters, supported by commissioning of new capacities and product launches in the food and fmcg, paints, and pharma packaging divisions.

For FY26, a volume growth rate of 12% (earlier guidance of 12–15%) is expected, largely driven by increased contribution from the Pharma and F&F segments.

With a focus on capacity optimisation and an improved product mix, the company expects to achieve Ebitda per kg of Rs 41 in FY26.

Financial Performance:

Mold-Tek Packaging results were broadly in line with our expectations across key metrics. Revenue for Q2 FY26 stood at Rs 210 crore, registering a 10% YoY growth, supported by steady volume expansion of 6.8% YoY and an improved product mix.

Ebitda came in at Rs 39 crore (+17% YoY/-16% QoQ), while Ebitda/kg moderated to Rs 39/kg from Rs 41.6/kg in Q1 FY26 due to lower utilization. PAT stood at Rs 15 crore, up 10% YoY, broadly meeting our estimate of Rs 16 crore.

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