Company Overview
Incorporated in 1981, Ecoplast Ltd is in the business of manufacturing, processing and selling of Co-extruded Plastic Film for packaging and industrial applications
The company makes multilayer plastic films used in flexible packaging and protective films that shield surfaces like steel, aluminum, glass, tiles, and carpets from dust, scratches, and environmental damage.
The company is mainly into B2B players and supply to large FMCG and packaging brands also include, laminate products, flexible packaging.
Ecoplast, with 16,800 TPA holds 12–13% of India’s PE film capacity
Ecoplast’s films serve a diverse spectrum of industries, including
Food & Beverage (dairy, edible oils, spices, snacks)
Pharmaceuticals (blister packaging)
Personal Care & Cosmetics
Confectionery & Bakery Products
Industrial & Construction Applications (surface protection for aluminum composite panels, adhesive films for cable sheathing, etc.)
The company is getting approx 18% revenue from exports in FY25.
Industry Overview
The India Plastic Packaging Film Market report segments the industry into By Type (Polypropylene (Biaxially Oriented Polypropylene (BOPP), Cast polypropylene (CPP)), Polyethylene (Low-Density Polyethylene (LDPE), Linear low-density polyethylene (LLDPE)), Polyethylene Terephthalate (Biaxially Oriented Polyethylene Terephthalate (BOPET)), and more), and By End User (Food, Healthcare, Personal Care & Home Care, and more).
India’s plastic film packaging market is consolidated. Major market players include UFlex Limited, Cosmo Films Limited, Jindal Poly Films, and Ecoplast Ltd. The market comprises major global and local players supplying raw materials and packaging services. The latest developments in packaging and film materials are shaping the market.
The Indian plastic packaging industry is 85000Cr to 95000 cr.
CAGR: ~10–12% expected over the next 5 years
Breakdown by Segment
Flexible Plastic Packaging Industry – Film/Product-wise Bifurcation (FY2024–25)
Segment-Wise Company Contribution (Revenue-Based)
Domestic vs Export vs Import
Resin (raw material) like LLDPE, PET chips, PP are mostly imported, but film conversion is domestic.
Anti Dumping Duty
On June 30, 2025, India’s DGTR (Directorate General of Trade Remedies) officially initiated an anti-dumping investigation into imports of Linear Low-Density Polyethylene (LLDPE) from Kuwait, Malaysia, Oman, Qatar, Saudi Arabia, and the UAE. This followed a petition from domestic producers alleging dumped imports causing injury to the Indian industry.
The DGTR will determine if dumping and injury exist, and if so, may recommend duty levels. The final authority to impose duties lies with the Finance Ministry, and as yet, no final findings or duties have been announced
Management
Jaymin Desai
Managing Director
Mr. Jaymin Desai, Bachelor in Commerce & Industrial Purchase & Material Management, has more than 15 years of rich experience in Procurement and Vendor development in various sectors of engineering, chemicals, waste water treatments and tapping the potentiality of the upcoming market
Product Categories
EcoGen Lamination Films
Used primarily in flexible packaging and industrial lamination.
EcoGen 100, EcoGen 101, EcoGen 102, EcoGen 103
Likely used in multilayer film structures, offering enhanced sealability, strength, and barrier properties.
EcoProtect Surface Protection Films
Protective films for industrial and architectural applications.
B&W Protective Film –for Solid ACP and Stainless Steel
Transparent Protective Film – for Coated Steel, likely for pre-painted galvanized iron (PPGI) or aluminum sheets.
Designed to prevent surface scratches or contamination during processing, transit, or installation.
EcoBond Adhesive Films
Used in bonding core materials for fire-rated and structural panels.
Adhesive film for:
FR class B ACP sheets, A2 ACP sheets (non-combustible), FR 3D panels / ACCP (Advanced Composite Panels), Aluminium Honeycomb Panels
These films provide structural integrity and flame retardance for architectural panels.
EcoPrime Speciality Films & Applications
Includes high-performance and metalized polyethylene (PE) films.
Specialized PE Films – likely for critical barrier, mechanical or optical applications
Metalized PE Films – for enhanced barrier and aesthetic appeal
Used in industries like food packaging, electronics, insulation, and industrial wrapping.
FY25 Annual Report
In FY25 we have seen 12 % growth rate but profitability declined due to higher cost, capex and product mix effects.
Balancesheet
PPE increased from 15.17 cr in FY24 to 24.09 Cr in FY25. because capacity expansion has taken place in FY25.
CWIP of 52 lakhs.
Right to use assets of 46 lakhs.
In financial assets we have given loans to Loans to employees of 18 lakhs.
OTHER FINANCIAL ASSETS are security deposits of 14 lakhs.
Income Tax Assets (Net) is 47 lakhs.
In other non current assets we have
Prepaid expenses of 7 lakhs.
Capital advances of 1.12 cr
Cst & VAt receivable on assessment of 0.68 lakhs.
Current assets
INVESTMENTS the company had Investments in Mutual Funds is 18 cr.
Cash 5.5 Cr.
Bank Balance 4.19 Cr.
Loans give to employees 13 lakh.
In other financial assets we have interest accrued in FD 7 lakh.
Discount receivable 18.53 lakhs .
OTHER CURRENT ASSETS are
Balance with Government Authorities - tax credits is 48.85 lakhs
Prepaid expenses is 76.64 lakhs
Other current assets are 16 lakhs.
Now on liabilities side
Lease rent liabilities is 18.22 Lakhs
Provisions: this is for employee benefits and paid leaves amounting to 1.26 Cr.
Deferred tax liability is 51 lakhs.
Current liabilities
Lease liabilities 34 lakhs
Other financial liabilities include unclaimed dividends 4 lakh and net salaries and wages payable of 21.63 lakhs.
OTHER CURRENT LIABILITIES
Statutory dues payable is 23.78 lakhs
Advances from customers is 26.18 lakhs
Provisions
Included bonus of 19.61 lakhs, compensated absences 5.64 lakhs and Gratuity 21.25 lakh.
FY25 P & L
Other income
In FY25, Ecoplast Ltd. reported total other income of â‚ą266.47 lakh, driven by profit on sale of assets (â‚ą40.47 lakh), foreign exchange gains (â‚ą54.76 lakh), miscellaneous income (â‚ą79.25 lakh), insurance claim received (â‚ą23.50 lakh), RoDTEP benefits (â‚ą21.12 lakh), duty drawback (â‚ą9.20 lakh), mutual fund gains (â‚ą6.95 lakh), sundry creditors write-back (â‚ą7.92 lakh), and interest income (â‚ą23.30 lakh).
Other expenses
In FY25 cash flow statement we can see a fixed asset purchase of 11 cr which will be used for expansion.
Capacity Expansion
They increased blown film capacity from 4200 MT to 5760 MT ( Related to Co-extrued )
They also increased the coating facility from 2400 MT to 4080 MT.(Related to Surface protection films)
These were commissioned during FY25 and full benefits are expected in FY26.
incremental capacity (3240 MT) to total current capacity (FY25 = 16,800 MT including 7800 + 9000) which indicates 19.29% growth in capacity.
By seeing this we can assume 15-20% growth in FY26.
Sales Strategy
Sales growth was muted in the final quarter due to demand slowdown, but company offset impact through
Higher share of speciality products, adhesive films, surface protection films in the domestic market.
Boosting exports specially of surface protection films.
The USA market targeted more aggressively due to : tariff uncertainties in China.
Capital Raising & Utilisation
Preferential Allotment:
454,525 equity shares issued at INR 550 shares
Total Raised INR 25 Cr.
This capital raise is for capacity expansion.
Total project
Purchase of land 2.5 Cr
Construction of building 5.5 CR
Purchased or machinery 9 Cr.
utilities 2 cr
General Corporate purpose including wc 6 Cr.
Total project cost 25 Cr
Use of proceeds (As of report date)
70 lakhs - Construction
20 Lakh - Machinery
600 Lakh General corporate purposes.
Subsidiary Updates
Kunal Plastics pvt to be amalgamated with ecoplast ltd effective from April 1 2025.( Not happened yet)
Surgery films pvt ltd an non-operational since dec 2019 approved for winding up in may 2025.
Received INR 110 lakhs from AIIDC as compensation for surrendered assets on april 10 2024.
Manufacturing Plants
The company has 7800 MT capacity of producing multilayer coextruded polyethylene and co-polymer films including blown film capacity 5760 MT .
They also have a 9000 MT annual capacity for producing surface protection films
which also includes a coating facility 4080 MT.
The company received approval in July 2025 to increase their production capacity by adding a CI Fleco printing press which will add 2880 MT per annum. This will be directly related to multilayer coextruded polyethylene.
For this expansion the company approved the investment of 21 Cr. and is expected to be commissioned in sep 2026.
The â‚ą21 crore capex investment in a CI Flexo Printing Press by Ecoplast Ltd. is a forward integration.
What is the new machine?
CI Flexo Printing Press =
A printing machine that prints branding, designs, and labels on plastic films used in packaging.
Think of it like this:
You buy a packet of chips or medicine – it has colorful printed designs and brand names.
Those prints are done using machines like the CI Flexo Press.
Ecoplast already makes the plastic film – now they’ll print on it too, instead of selling it plain.
Why is this important?
Printed film = higher value than plain film.
Used by FMCG, pharma, food companies.
Makes Ecoplast more attractive to big clients who want ready-to-use packaging films.
How much capacity does it add?
2,880 metric tonnes (MT) per year additional capacity of printed film.
How much revenue can it generate?
Let’s calculate a realistic range:
But not all of this will be used from Day 1. Let’s assume utilization ramps up gradually:
At full capacity, this machine alone could generate ₹80–100 crore revenue annually, assuming stable demand and pricing.
Rating june 2025
Strengths
Revenue grew at a 7% CAGR over FY23–FY25, driven by:
Volume expansion, Improved price realization,Consistent orders from key clients
Diversification into High-Margin Industrial Films:
Products like aluminum composite and surface protection films serve higher-value sectors like construction and white goods.
3Robust Financial Risk Profile:
Net worth: â‚ą74 crore as of March 2025 (vs â‚ą48 crore in FY24), reflecting healthy internal accruals.
Gearing and TOL/TNW below 0.5x, indicating minimal external debt reliance.
Interest coverage above 10x for the past two fiscals, due to low debt and healthy margins.
No large debt-funded capex planned, supporting continued financial stability.
Weaknesses / Risks
Modest Scale of Operations in a Fragmented Market:
FY25 revenue was ₹126 crore — relatively small compared to organized packaging peers.
Operates in a highly competitive, fragmented plastic film industry, limiting pricing power and scalability.
Raw Material Price Volatility:
Polymer resin (a crude derivative) is subject to sharp price swings.
EBITDA margins fluctuated between 1.3% to 11.9% over FY23–FY25.
FY25 margin was approximately 9.7%, but lag in price pass-through remains a risk.
Liquidity Profile: Adequate
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Bank limit utilization: Nil in FY25 (12-month average)
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Cash accruals: ~â‚ą9 crore against negligible term debt
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Current ratio: Above 5x (healthy)
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Cash and bank balance: â‚ą5.5 crore as of March 2025 (down from â‚ą10.2 crore in FY24
Strategic Event Watch: KPPL Amalgamation
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CRISIL has placed the rating under watch due to pending amalgamation of Propack Industries (KPPL) into EPL.
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Awaiting approvals from BSE, NSE, and NCLT
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Once approved, this could:
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Strengthen business integration
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Expand capacity or product offerings
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Alter the financial risk profile
Conclusion and Investment Insight
Ecoplast Ltd is a financially sound, niche player in multilayer films with:
Preferential Allotment
454,525 equity shares issued at INR 550 per share
Total Raised INR 25 Cr.
Here we can see some good investors and promoters have taken part in the preferential issue.
Like Anil Goel whose portfolio size is more than 2000 Cr has invested 3.5 Cr in the ecoplast.
Clients
Nestlé India Ltd. — using Ecoplast film for Maggi packaging
Procter & Gamble India Ltd. — films used for Vicks Vapodrops packaging
Cadbury India Ltd. — film for Bournvita sachets on high-end packaging lines
Hindustan Unilever Ltd. — shampoo sachets and other personal care products
Essel Propack Ltd. — first approved supplier of lami‑tube films for toothpaste and other laminates
Tetra Pak Converting (India) Ltd. — accepted Ecoplast films for forming laminates with paper and foil
Indian Aluminium Co. Ltd., Lipton India Ltd., Sterlite / India Foils Ltd. — other industrial & packaging
Competitive Analysis
PE Film Industry in India,Capacity & Revenue
Total capacity is 125000 MT to 135000 MT
Revenue will be 1100 to 1300 Cr
Ecoplast, with 16,800 TPA holds 12–13% of India’s PE film capacity
Now we know the total industry size is 13000cr and revenue from major organised players will be 10-15%.
Cyclicality
Now this is the Pe price chart we can see the price top in may 2022 and currently it is in range of INR 130-140
This is the margin trend whenever there is raw materials price increase their margins have dropped significantly.
Although their materials cost was a bit fluctuating over the past 5 years, their manufacturing and employee cost is stable.
Thesis
Stock forecasting
I have taken aggressive growth in stock based on historical term 3 years profit growth in cagr is 98% and stock price has seen growth of cagr 90%.
In FY23 pat was 4 cr and in FY25 pat was 8 which is double on that basis stock price grew from 80 rupees in FY23 to 588 in FY25. indicating the market perception of the stock is bullish and giving demand accordingly to their pat growth.
Now the industry size where the company is working is 13000 Cr which is 25% of the total industry size.
Revenue of the company in FY25 is INR 127 Cr
Ecoplast with 16,800 TPA holds 12–13% of India’s PE film capacity. Now they have recently completed expansion in blown film and coating which increased their capacity by 19% which will give a boost to revenue by at least 15-20%.
In FY26 they also started another capex for CI Fleco printing press which will add 2880 MT per annum. This will be directly related to multilayer coextruded polyethylene. With a total investment of 21 cr. Now I’m expecting at full capacity this can generate a revenue of 80 to 100 cr as the capacity starts to ramp up.
Now we already know they have 12-13% market share in Pe film manufacturing in india, they will move to film converting which includes printing and this itself have 4000 cr of markets size and ecoplast will do 100 cr of revenue till FY29 we can expect 90-100 cr of revenue from this film converting by using CI Fleco printing press and a market share of 2.5%.
The stock appears fairly to slightly undervalued based on earnings growth (PEG), and very financially sound with no debt, solid returns, and consistent cash flows. It may be a good long-term hold, especially if growth continues and margins improve.
Disclaimer : This is for Educational purpose only, it is not any kind of stock recommendation.
