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Company Overview
Manjushree Technopack India Limited stands as one of India’s leading innovators in rigid plastic packaging solutions, backed by over 35 years of industry expertise. With a pan-India manufacturing footprint of seven advanced plants, the company caters to over 300 clients across diverse FMCG verticals, including dairy, liquor, food products, agrochemicals, pharmaceuticals, home care, and personal care.
The company has an annual converting capacity exceeding 1,40,000 metric tonnes of plastics, producing bottles, containers, and PET preforms. Its impressive product portfolio spans 1,000+ stock and customized SKUs, many of which are protected by over 300 patents and registrations. Leveraging 100+ injection moulding machines and world-class manufacturing infrastructure, Manjushree has established a strong market presence in over 25 international markets while maintaining a robust CAGR of 27% in recent years.
With annual revenues of approximately ₹7,800 million, Manjushree continues to expand its leadership position by combining innovation, technology, and strategic acquisitions. Its clientele includes top-tier multinational FMCG brands, making it a preferred partner for end-to-end packaging solutions.
Strategic Growth & Expansion
Originally operating from two facilities in Bidadi and Bommasandra in Bengaluru, Manjushree identified the need for a nationwide manufacturing presence to serve its clients efficiently and reduce transportation costs — a critical factor in packaging economics.
In 2016–17, the company executed a pivotal growth strategy by acquiring the packaging division of M/s Varahi Limited, gaining four manufacturing units in Baddi (Himachal Pradesh), Pantnagar (Uttarakhand), and Noida (Uttar Pradesh), along with an extensive portfolio of patents and intellectual property.
This strategic acquisition transformed Manjushree from a South India-centric manufacturer into a true pan-India packaging leader, enabling it to provide localized supply solutions to customers in both tax-friendly and high-demand industrial zones across the country.
Current Manufacturing Footprint
Baddi – Himachal Pradesh
Pantnagar – Uttarakhand
Guwahati – Assam
Noida – Uttar Pradesh
Bidadi & Bommasandra – Karnataka
These facilities are equipped with state-of-the-art production capabilities, serving domestic and international markets with precision-engineered packaging products.
Key Highlights
35+ years of expertise in rigid plastic packaging
7 manufacturing plants with nationwide coverage
1,40,000+ MT annual converting capacity
300+ patents and registrations
1,000+ SKUs catering to 300+ major clients
Exports to 25+ countries
Sustained growth with a 27% CAGR
Fundamentals
| Parameter | Details | Parameter | Details |
|---|---|---|---|
| Share Price | Contact us to know share price | Lot Size | 100 shares |
| 52 Week High | ₹1,150 | 52 Week Low | ₹700 |
| Depository | NSDL & CDSL | PAN Number | AAACM9418K |
| ISIN Number | INE435H01023 | CIN | U67120KA1987PLC032636 |
| RTA | Integrated Registry Management Services | Market Cap | ₹8,799 Cr |
| P/E Ratio | 33.2 | P/B Ratio | 6.15 |
| Debt to Equity | 0.68 | ROE (%) | 18.55 |
| Book Value | ₹166.63 | Face Value | ₹2 |
| Total Shares | 8,58,39,806 |
Promoters & Managements
| Name | Designation | Experience |
|---|---|---|
| Ashok Sudan | Chairman | 45 years |
| Thimmaiah N.P. | MD & CEO | 30 years |
| Rajesh Kumar Ram | CFO | 32 years |
Profit & Loss Statement (₹ in Crores)
| Particulars | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 1,467.5 | 2,097 | 2,117 | 2,570 |
| Cost of Material Consumed | 915 | 1,593 | 1,483 | 1,582 |
| Gross Margins (%) | 37.65 | 24.03 | 29.95 | 38.44 |
| Change in Inventory | -51 | -39 | -22 | -89 |
| Employee Benefit Expenses | 108 | 136 | 138 | 290 |
| Other Expenses | 258.7 | 114 | 144 | 390 |
| EBITDA | 236.8 | 293 | 374 | 397 |
| OPM (%) | 16.14 | 13.97 | 17.67 | 15.45 |
| Other Income | 6 | 12 | 13 | 208 |
| Finance Cost | 49 | 78 | 91 | 122 |
| Depreciation & Amortisation (D&A) | 86 | 133 | 155 | 199 |
| EBIT | 150.8 | 160 | 219 | 198 |
| EBIT Margins (%) | 10.28 | 7.63 | 10.34 | 7.70 |
| PBT | 101.4 | 91 | 161 | 284 |
| PBT Margins (%) | 6.91 | 4.34 | 7.61 | 11.05 |
| Tax | 30.6 | 32 | 20 | 19 |
| PAT | 70.8 | 59 | 141 | 265 |
| NPM (%) | 4.82 | 2.81 | 6.66 | 10.31 |
| EPS (₹) | 51.68 | 43.07 | 102.84 | 30.58 |
Key Financial Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating Profit Margin (%) | 16.14 | 13.97 | 17.67 | 15.45 |
| Net Profit Margin (%) | 4.82 | 2.81 | 6.66 | 10.31 |
| Earnings Per Share (₹ Diluted) | 51.68 | 43.07 | 102.84 | 30.58 |
Balance Sheet (₹ in Crores)
| Assets | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Fixed Assets | 699 | 975 | 937 | 1,383 |
| CWIP (Capital WIP) | 38 | 20 | 55 | 41 |
| Investments | 35 | 16 | 20 | 22 |
| Trade Receivables | 249.8 | 310 | 301 | 424 |
| Inventory | 350.8 | 352 | 354 | 533 |
| Other Assets | 622.8 | 625 | 627 | 802 |
| Total Assets | 1,995.4 | 2,298 | 2,294 | 3,205 |
| Liabilities | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Share Capital | 13.7 | 13.7 | 13.71 | 17.33 |
| Face Value (₹) | 10 | 10 | 10 | 2 |
| Reserves | 887 | 937 | 994 | 1,411 |
| Borrowings | 674 | 805 | 754 | 973 |
| Trade Payables | 235 | 268 | 276 | 408 |
| Other Liabilities | 185.7 | 274.3 | 256.29 | 395.67 |
| Total Liabilities | 1,995.4 | 2,298 | 2,294 | 3,205 |
Cash Flow Statement (₹ in Crores)
| Particulars | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| PBT | 101.9 | 91 | 161 | 284 |
| OPBWC (Operating Profit Before WC) | 243.9 | 301 | 382 | 397 |
| Change in Receivables | -119.3 | -44 | 4.45 | -23 |
| Change in Inventories | -145 | 27 | -1.25 | -133 |
| Change in Payables | 206.1 | 35 | 5.72 | 40 |
| Other Changes | 100.7 | 53.3 | -12.92 | 39 |
| Working Capital Change | 42.5 | 71.3 | -4 | -77 |
| Cash Generated from Operations | 286.4 | 372.3 | 378 | 320 |
| Tax | -42 | -27 | -26 | 24 |
| Cash Flow from Operations | 244.4 | 345.3 | 352 | 344 |
| Purchase of PPE | -145.4 | -172 | -189 | -253 |
| Sale of PPE | 5 | 6.4 | 67 | 1.6 |
| Cash Flow from Investment | -611.6 | -380 | -149 | -738 |
| Borrowing | -102.5 | 147 | -25 | 209 |
| Dividend | -22.6 | -15 | -88 | -72 |
| Equity | 0 | 0 | 0 | 0 |
| Others from Financing | 493.4 | -97 | -144 | 346 |
| Cash Flow from Financing | 368.3 | 35 | -257 | 483 |
| Net Cash Generated | 1.1 | 0.3 | -54 | 89 |
| Cash at the Start | 0.3 | 1.1 | 78 | 24 |
| Cash at the End | 1.4 | 1.4 | 24 | 113 |
Share Holding Pattern
| Shareholder | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| AI Lenarco Midco Limited | 97.82% | 97.82% | 97.82% | 97.82% |
| Others | 2.18% | 2.18% | 2.18% | 2.18% |
