Mold-Tek Packaging Q1 Review — Pharma, Paints To Drive FY26 Growth, Says PL Capital Maintaining 'Add'
Mold-Tek Packaging's outlook seems positive given rising business from leading paint and FMCG companies and scale up in pharma business.
Mold-Tek Packaging reported a 15% year-on-year volume growth, driven by strong performance in the paints, foods, and FMCG segments. Despite a shorter summer, F&F segment recorded robust volume growth of 13.57%. The Panipat plant is scheduled to begin production for the F&F segment from August onwards.
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PL Capital Report
We increase Mold-Tek Packaging Ltd.'s FY26/FY27 estimate by 6.1%/7.1% led by positive outlook in the near term with-
Growing traction in pharma business with superior Ebitda/kg of ~Rs 100,
Double digit volume growth guidance for paints led by enhanced capacity for Aditya Birla group,
Asian paint moving towards In mould labeling with all four plant IML ready by Mold-Tek Packaging and
Healthy margin outlook for ( Rs 41- 42 Ebitda/Kg) FY26/27 led by growing traction in food, paints and pharma. Mold-Tek Packaging has shown strong rebound in Ebitda/kg to Rs 41 in Q1 FY26 given superior mix and volume growth.
The outlook seems positive given rising business from leading paint and FMCG companies and scale up in pharma business.
We estimate Ebitda/kg to increase to Rs 41.2/43.8 over FY26 and FY27. We estimate a 17.2% Sales CAGR and 30.3% EPS CAGR over FY25-27 post 25% EPS decline in previous three years.
We assign a PE of 26x on Mar27 valuing the company at Rs 805 (Rs 723 earlier). Retain ‘Accumulate’.
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