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IDBI Capital Report
Mold-Tek Packaging Ltd.'s Q4 FY26 results were ahead of IDBI Capital's estimates, with volumes increasing 17.4% YoY to 11,425 MT. Revenue rose to Rs 238 crore, while PAT grew 27% YoY to Rs 20.64 crore.
Operating margins improved as Ebitda per kg reached Rs 42.10, aided by manufacturing consolidation and AI-based quality control. The paint segment witnessed a strong revival, reaching 1,935 MT as demand from major players normalized. Pharma continued its growth trajectory, finishing the year with a 220% revenue jump, supported by new client additions and high-margin product launches.
Food and FMCG also saw a 15% resurgence following capacity additions in Panipat. Conversely, the lubricants segment remained weak with volumes declining to 1,830 MT amid industry headwinds. While a 32% rise in quarterly employee costs posed a challenge, the overall shift toward high-value IML and pharmaceutical packaging continues to bolster the bottom line.
IDBI Capital maintaisn Buy with a revised target price of Rs 728, assigning 23x PER on FY28E.
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