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Machino Plastics Ltd

MACPLASQ

BSE

₹270.00-1.35%19 Oct 2026

Reports

Auto Plastic Parts

Machino Plastics Ltd

MACPLASQ

BSE

₹270.00

-1.35%

19 Oct 2026

SOICxStockScans Reports

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Auto Plastic Parts

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.

Machino Plastics is fundamentally a manufacturing extension of Maruti Suzuki’s assembly line - it was created in 1986 as a joint venture between Maruti Suzuki India Limited (MSIL) and Suzuki Motor Corporation of Japan to make the plastic parts that go into every car, and it has been in production since December 1987. The company describes itself as India’s first and largest plastic bumper and dashboard manufacturer, and its recurring approach is to co-locate its plants right next to Maruti’s factories, win single-source supplier status for its components, and then run those plants on a turnkey model - designing the part, building the mould, injection-moulding the plastic, and assembling the finished piece, all under one roof.

Business segments

Two engines, one customer - a high-volume plastic-parts operation that supplies bumpers and dashboards to India’s largest carmaker, and a small captive tool room that makes the moulds both businesses run on.

1. Plastic injection-moulded components: the parts that ship with every Maruti

Machino is the single-source supplier of bumpers, instrument panels, trims and grills to Maruti Suzuki - its factory output rises and falls with MSIL’s production volumes, and that dependence is the business’s defining feature.

Single-source status with India’s largest carmaker - the company enjoys sole-supplier designation for its products with MSIL, which means repeat order inflow is built into the relationship and the company’s revenues are largely driven by MSIL’s vehicle sales.
Turnkey from design to assembly - Machino does not just mould plastic; it provides an integrated approach covering part design, tooling, manufacturing and assembly of complex products, with its own in-house product-development division.
Plants parked next to the customer - manufacturing units are located in proximity to key customers’ plants, giving logistics advantages; the newest facility at Kharkhoda was built specifically to serve Maruti Suzuki’s upcoming plant there, which is expected to produce a million vehicles.
A narrow customer base the company is trying to widen - other customers include VE Commercial Vehicles, Suzuki Motorcycle India, Mikuni India, Lumax Industries and Valeo Motherson, and the company is actively working to expand its customer roster and diversify into smaller, intricate functional and aesthetic parts for industries beyond automotive.
Pricing power sits with the buyer - business with MSIL is awarded through a bidding process on cost, quality and delivery, prices are subject to revision, and the company faces OEM demands for price reductions every year.

2. Moulds, dies and the tool room: the engine that builds the engine

The company makes and repairs its own moulds in-house - a captive capability that also earns a small external revenue stream by selling tooling to MSIL and a handful of industrial customers.

Captive-first, with outside sales as a by-product - the tool room at Manesar manufactures moulds for the company’s own injection-moulding operations and also supplies external customers including MSIL, Daikin, VECV and Mann + Hummel Filter.
Refurbishment keeps old moulds earning - revenue from operations includes income from refurbishment and repair of moulds, extending the life of tooling assets beyond their initial production run.
Customer-funded tooling - the company receives tooling advances from Maruti Suzuki and Suzuki Motorcycles India, so the working capital tied up in mould-making is partly financed by the customer before delivery.

Manufacturing infrastructure

Sixty-three injection-moulding machines spread across five sites, with a brand-new plant at Kharkhoda that adds roughly 30% to total capacity - all built to stay physically tethered to Maruti Suzuki’s factory gates.

A machine for every part size - the 63 machines range from 100 tonnes to 3,150 tonnes of clamping force, making the fleet versatile enough to mould everything from small intricate components to large bumpers and to process virtually any polymer type by changing moulds.
Five plants, one logic - the company operates plants in Gurgaon and Manesar, a warehouse in Manesar, a plant at Pehladpur (Kharkhoda) that began commercial production in September 2025, and a Pithampur facility expected to be operative by end of 2025; the Kharkhoda plant was built in phases to match MSIL’s volume ramp-up.
Land at a rupee a year - the Gurugram factory sits on land leased from joint-venture partner Maruti Suzuki for 33 years at an annual rent of ₹1, a concession that embeds the strategic relationship into the company’s cost base.
Power from the neighbour’s grid and its own rooftop - electricity is drawn from Maruti’s co-shared gas-based power plant, the state utility, and diesel generators, supplemented by a 1,350 KW rooftop solar installation across the Gurugram and Manesar plants that generates about 15 lakh units a year.

Group structure and partners

A joint venture where Suzuki Motor Corporation holds 15.35% and the Jindal family runs the day-to-day - surrounded by a cluster of related private companies that supply raw materials and services.

Two parents, one operator - the company is a joint venture of MSIL, Suzuki Motor Corporation (which holds 15.35% as a financial collaborator), and the Jindal family; the board includes a Suzuki nominee director, and the Jindal family occupies the Chairman-cum-Managing Director and Whole-Time Director (Strategy) roles across two generations.
Raw material flows through related parties - the company buys raw materials from Machino Polymers Limited at prices settled by MSIL, and from Grndmastermold Limited on a cost-plus basis with rates assessed by the unrelated original equipment supplier.
A wholly-owned subsidiary with no operating heft - Machino Plastics Becharaji Limited is a wholly-owned subsidiary, and a cluster of other group companies (Machino Polymers, Machino Transport, Machino Engineering, and several others) are entities over which key management personnel exercise significant influence.

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Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

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Quarterly Results

Profit & Loss

Balance Sheet

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Ratios

Peer Comparison

Price

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Mkt Cap

Market Capitalization

₹166Cr

Close Price

₹270.00

Industry

Auto Plastic Parts

Price To Earnings

13,500.00

Price To Sales

0.32

Revenue

₹512Cr

Rev Gr TTM

Revenue Growth TTM

25.89%

PAT Gr TTM

PAT Growth TTM

-99.89%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	84	84	82	95	93	94	107	113	110	126	143	133
Growth YoY Revenue Growth YoY%	4.0	2.9	1.4	7.5	10.7	12.1	30.9	19.0	18.2	34.3	33.8	17.7
Expenses ExpensesCr	78	77	75	88	84	85	99	104	104	117	131	121
Operating Profit Operating ProfitCr	6	7	7	8	9	8	8	9	6	9	12	13
OPM OPM%	7.3	8.1	8.4	8.0	9.4	9.0	7.6	8.4	5.3	6.9	8.5	9.5
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	2	1	2	2	3	3	3	4	3	5	7	6
Depreciation DepreciationCr	4	4	4	3	3	2	2	2	3	5	5	5
PBT PBTCr	1	2	1	2	3	3	3	4	0	-2	0	1
Tax TaxCr	0	1	0	1	1	2	-1	2	0	0	0	0
PAT PATCr	1	1	1	1	2	2	4	2	1	-1	0	1
Growth YoY PAT Growth YoY%	5,700.0	200.0	583.3	81.8	265.5	38.7	184.6	42.9	-74.1	-195.4	-92.9	-66.0
NPM NPM%	0.7	1.3	1.5	1.5	2.3	1.6	3.3	1.8	0.5	-1.2	0.2	0.5
EPS EPS₹	0.9	1.8	2.0	2.3	3.5	2.5	5.7	3.3	0.9	-2.4	0.4	1.1

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	84	84	82	95	93	94	107	113	110	126	143	133
Growth YoY Revenue Growth YoY%	4.0	2.9	1.4	7.5	10.7	12.1	30.9	19.0	18.2	34.3	33.8	17.7
Expenses ExpensesCr	78	77	75	88	84	85	99	104	104	117	131	121
Operating Profit Operating ProfitCr	6	7	7	8	9	8	8	9	6	9	12	13
OPM OPM%	7.3	8.1	8.4	8.0	9.4	9.0	7.6	8.4	5.3	6.9	8.5	9.5
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	2	1	2	2	3	3	3	4	3	5	7	6
Depreciation DepreciationCr	4	4	4	3	3	2	2	2	3	5	5	5
PBT PBTCr	1	2	1	2	3	3	3	4	0	-2	0	1
Tax TaxCr	0	1	0	1	1	2	-1	2	0	0	0	0
PAT PATCr	1	1	1	1	2	2	4	2	1	-1	0	1
Growth YoY PAT Growth YoY%	5,700.0	200.0	583.3	81.8	265.5	38.7	184.6	42.9	-74.1	-195.4	-92.9	-66.0
NPM NPM%	0.7	1.3	1.5	1.5	2.3	1.6	3.3	1.8	0.5	-1.2	0.2	0.5
EPS EPS₹	0.9	1.8	2.0	2.3	3.5	2.5	5.7	3.3	0.9	-2.4	0.4	1.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	205	259	306	303	242	210	265	331	338	389	492	512
Growth Revenue Growth%	4.2	26.5	18.1	-1.0	-20.1	-13.1	26.2	24.8	1.9	15.1	26.6	25.9
Expenses ExpensesCr	185	233	278	277	224	194	249	310	312	356	456	473
Operating Profit Operating ProfitCr	20	26	28	26	18	16	16	21	26	33	36	39
OPM OPM%	9.7	10.2	9.1	8.5	7.6	7.8	6.2	6.4	7.7	8.4	7.4	7.7
Other Income Other IncomeCr	0	0	0	1	1	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	2	4	7	7	8	7	6	6	7	12	19	21
Depreciation DepreciationCr	13	13	19	19	20	15	14	13	14	10	15	18
PBT PBTCr	5	10	2	0	-9	-6	-3	2	5	11	3	0
Tax TaxCr	4	5	-3	0	-4	-2	-1	1	2	3	1	0
PAT PATCr	1	5	5	0	-5	-4	-2	2	4	9	1	0
Growth PAT Growth%	-40.1	242.7	1.0	-91.5	-1,208.2	9.2	39.6	164.4	131.6	131.6	-84.5	-99.9
NPM NPM%	0.7	1.8	1.6	0.1	-1.9	-1.9	-0.9	0.5	1.1	2.2	0.3	0.0
EPS EPS₹	2.3	7.8	7.8	0.7	-7.4	-6.7	-4.0	2.6	6.0	13.9	2.2	0.0

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	205	259	306	303	242	210	265	331	338	389	492	512
Growth Revenue Growth%	4.2	26.5	18.1	-1.0	-20.1	-13.1	26.2	24.8	1.9	15.1	26.6	25.9
Expenses ExpensesCr	185	233	278	277	224	194	249	310	312	356	456	473
Operating Profit Operating ProfitCr	20	26	28	26	18	16	16	21	26	33	36	39
OPM OPM%	9.7	10.2	9.1	8.5	7.6	7.8	6.2	6.4	7.7	8.4	7.4	7.7
Other Income Other IncomeCr	0	0	0	1	1	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	2	4	7	7	8	7	6	6	7	12	19	21
Depreciation DepreciationCr	13	13	19	19	20	15	14	13	14	10	15	18
PBT PBTCr	5	10	2	0	-9	-6	-3	2	5	11	3	0
Tax TaxCr	4	5	-3	0	-4	-2	-1	1	2	3	1	0
PAT PATCr	1	5	5	0	-5	-4	-2	2	4	9	1	0
Growth PAT Growth%	-40.1	242.7	1.0	-91.5	-1,208.2	9.2	39.6	164.4	131.6	131.6	-84.5	-99.9
NPM NPM%	0.7	1.8	1.6	0.1	-1.9	-1.9	-0.9	0.5	1.1	2.2	0.3	0.0
EPS EPS₹	2.3	7.8	7.8	0.7	-7.4	-6.7	-4.0	2.6	6.0	13.9	2.2	0.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	6	6	6	6	6	6	6	6	6	6	6
Reserves ReservesCr	48	52	55	55	50	46	43	45	48	57	131
Current Liabilities Current LiabilitiesCr	43	68	81	97	75	82	95	110	120	188	237
Non Current Liabilities Non Current LiabilitiesCr	16	70	53	50	41	38	28	17	30	96	182
Total Liabilities Total LiabilitiesCr	114	197	196	208	173	172	172	178	204	347	556
Current Assets Current AssetsCr	30	56	66	59	38	51	64	78	101	149	182
Non Current Assets Non Current AssetsCr	84	140	129	149	135	121	109	100	103	198	374
Total Assets Total AssetsCr	114	197	196	208	173	172	172	178	204	347	556

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	6	6	6	6	6	6	6	6	6	6	6
Reserves ReservesCr	48	52	55	55	50	46	43	45	48	57	131
Current Liabilities Current LiabilitiesCr	43	68	81	97	75	82	95	110	120	188	237
Non Current Liabilities Non Current LiabilitiesCr	16	70	53	50	41	38	28	17	30	96	182
Total Liabilities Total LiabilitiesCr	114	197	196	208	173	172	172	178	204	347	556
Current Assets Current AssetsCr	30	56	66	59	38	51	64	78	101	149	182
Non Current Assets Non Current AssetsCr	84	140	129	149	135	121	109	100	103	198	374
Total Assets Total AssetsCr	114	197	196	208	173	172	172	178	204	347	556

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	29	28	0	19	17	21	26	41
Investing Cash Flow Investing Cash FlowCr	-39	-1	-1	-2	-4	-17	-106	-86
Financing Cash Flow Financing Cash FlowCr	5	-33	1	-14	-13	-6	80	45
Net Cash Flow Net Cash FlowCr	-4	-6	0	2	0	-2	0	0
Free Cash Flow Free Cash FlowCr	-9	27	-1	17	13	4	-78	-43
CFO To PAT CFO To PAT%	7,056.7	-620.6	-7.6	-754.1	1,071.8	571.8	306.9	3,107.4
CFO To EBITDA CFO To EBITDA%	112.3	153.3	1.9	113.8	80.6	81.1	80.0	113.5

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	29	28	0	19	17	21	26	41
Investing Cash Flow Investing Cash FlowCr	-39	-1	-1	-2	-4	-17	-106	-86
Financing Cash Flow Financing Cash FlowCr	5	-33	1	-14	-13	-6	80	45
Net Cash Flow Net Cash FlowCr	-4	-6	0	2	0	-2	0	0
Free Cash Flow Free Cash FlowCr	-9	27	-1	17	13	4	-78	-43
CFO To PAT CFO To PAT%	7,056.7	-620.6	-7.6	-754.1	1,071.8	571.8	306.9	3,107.4
CFO To EBITDA CFO To EBITDA%	112.3	153.3	1.9	113.8	80.6	81.1	80.0	113.5

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	88	181	132	77	28	53	63	66	148	139	138	166
Price To Earnings Price To Earnings	63.4	38.1	27.4	189.4				41.1	40.0	16.3	104.3	13,500.0
Price To Sales Price To Sales	0.4	0.7	0.4	0.3	0.1	0.3	0.2	0.2	0.4	0.4	0.3	0.3
Price To Book Price To Book	2.0	3.8	2.6	1.5	0.6	1.3	1.6	1.6	3.3	2.6	2.5	3.0
EV To EBITDA EV To EBITDA	5.6	10.7	7.5	6.6	5.9	9.4	9.4	7.1	9.1	9.7	10.7	10.6
Profitability Ratios Profitability Ratios
GPM GPM%	27.0	29.4	29.8	31.6	36.3	35.6	32.5	32.7	37.3	37.2	34.8	34.8
OPM OPM%	9.7	10.2	9.1	8.5	7.6	7.8	6.2	6.4	7.7	8.4	7.4	7.7
NPM NPM%	0.7	1.8	1.6	0.1	-1.9	-1.9	-0.9	0.5	1.1	2.2	0.3	0.0
ROCE ROCE%	8.6	8.5	6.1	4.2	-0.6	0.9	2.1	6.2	8.3	9.4	5.5	5.5
ROE ROE%	2.6	8.2	7.8	0.7	-8.1	-7.9	-5.0	3.1	6.8	13.5	1.0	1.0
ROA ROA%	1.2	2.4	2.5	0.2	-2.6	-2.4	-1.4	0.9	1.8	2.5	0.2	0.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	88	181	132	77	28	53	63	66	148	139	138	166
Price To Earnings Price To Earnings	63.4	38.1	27.4	189.4				41.1	40.0	16.3	104.3	13,500.0
Price To Sales Price To Sales	0.4	0.7	0.4	0.3	0.1	0.3	0.2	0.2	0.4	0.4	0.3	0.3
Price To Book Price To Book	2.0	3.8	2.6	1.5	0.6	1.3	1.6	1.6	3.3	2.6	2.5	3.0
EV To EBITDA EV To EBITDA	5.6	10.7	7.5	6.6	5.9	9.4	9.4	7.1	9.1	9.7	10.7	10.6
Profitability Ratios Profitability Ratios
GPM GPM%	27.0	29.4	29.8	31.6	36.3	35.6	32.5	32.7	37.3	37.2	34.8	34.8
OPM OPM%	9.7	10.2	9.1	8.5	7.6	7.8	6.2	6.4	7.7	8.4	7.4	7.7
NPM NPM%	0.7	1.8	1.6	0.1	-1.9	-1.9	-0.9	0.5	1.1	2.2	0.3	0.0
ROCE ROCE%	8.6	8.5	6.1	4.2	-0.6	0.9	2.1	6.2	8.3	9.4	5.5	5.5
ROE ROE%	2.6	8.2	7.8	0.7	-8.1	-7.9	-5.0	3.1	6.8	13.5	1.0	1.0
ROA ROA%	1.2	2.4	2.5	0.2	-2.6	-2.4	-1.4	0.9	1.8	2.5	0.2	0.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

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