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RDB Rasayans Ltd

RDBRL

BSE

₹142.10-5.77%19 Oct 2026

Reports

Packaging Polysacks

RDB Rasayans Ltd

RDBRL

BSE

₹142.10

-5.77%

19 Oct 2026

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Packaging Polysacks

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.

RDB Rasayans is a manufacturer of woven polypropylene bags and Flexible Intermediate Bulk Containers - the heavy-duty “jumbo bags” that move sand, cement, chemicals and grain across the world - from a single, vertically integrated plant at Haldia in West Bengal. Incorporated in 1995 and listed on the Bombay Stock Exchange since 2011, the company started production in 2003 with just 1,800 tonnes of annual capacity and has since built a product catalogue spanning fabric, sacks, liners and over a dozen FIBC types, all made under one roof from base resin to finished bag. Its recurring approach - decades of market experience channelled into quality improvements, innovation and customer servicing - is the thread that runs through everything it does.

Business segments

Two engines that feed each other - a manufacturing platform that turns polypropylene resin into industrial packaging sold to B2B customers worldwide, and a raw-material trading desk that gives the company a live read on the input costs that drive its own factory.

1. FIBC and woven bag manufacturing: the factory that makes the bags the world moves bulk in

A single vertically integrated plant at Haldia takes polypropylene granules in at one end and ships finished jumbo bags and woven sacks out the other - no outsourced steps, no middlemen.

Everything under one roof - the manufacturing line runs from tape extrusion through lamination, weaving on circular looms, liner production, needle-loom stitching, online printing and final quality checking, so the company controls every step from base material to finished bag.
Four product families, dozens of variants - the portfolio covers fabric (un-laminated, ventilated, transparent and jute-mix), woven sacks (food-grade, fertilizer, cement, sugar, tea/coffee and valve bags), FIBCs (circular, U-panel, baffle, conductive, UN-certified and more) and liners (LDPE, LLDPE, form-fit and bulk-container), which means it can serve customers across construction, agriculture, chemicals and food.
Static protection as a differentiator - the company makes all four FIBC safety types: Type A for non-combustibles, Type B that prevents brush discharges, Type C with conductive threads that must be grounded, and Type D that dissipates static without grounding, letting it supply industries handling flammable powders and solvents.
B2B demand across six end-markets - its bags carry sand, gravel and cement in construction (the largest slice), granular chemicals and fertilizers, grains and animal feed in agriculture, food-grade powders and pharma items, and metal ores in mining, with over 60% of bulk agro exports now using Type B and C FIBCs.
A logistical handicap it is working to offset - being on the east coast at Haldia means fewer main-line vessels and higher ocean freight to Europe than rivals in western India, so the company is pushing to expand its domestic footprint and tap new global markets from its leadership position in FIBCs.

2. Raw material trading: a side desk that sharpens the main business

The company buys and sells polypropylene and polyethylene - the very resins its factory consumes - giving it a commercial window into the volatile crude-oil-linked prices that determine its own input costs.

Same materials, separate books - trading is run as a distinct activity alongside manufacturing, with revenue recognised when goods are delivered and title passes, on the same principles as its manufactured products.
A built-in hedge - because the raw materials traded are the same polypropylene and polyethylene whose prices swing with crude oil, the trading desk gives the company direct exposure to and insight into the cost dynamics that also govern its factory margins.

Group structure and partners

A tightly held standalone company with no subsidiaries, run by a family board and supported by a small set of long-standing professional advisers.

The company has no subsidiaries and is listed only on the BSE, with about 91% of its 1.77 crore equity shares held in dematerialised form.
The six-member board is led by Chairman and Managing Director Shanti Lal Baid, who set up the Haldia plant and oversees marketing, finance and sales; his son Sandeep Baid serves as Whole-Time Director and CFO, and his daughter-in-law Pragya Baid is the non-executive woman director.
Three independent directors - Priyam Sen, Abhay Bharat Kumar Doshi and Ashok Kumar Jain - complete the board, while Standard Chartered Bank is the company’s banker and L.B. Jha & Co. is the statutory auditor.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

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Mkt Cap

Market Capitalization

₹257Cr

Close Price

₹144.80

Industry

Packaging Polysacks

Price To Earnings

6.93

Price To Sales

2.11

Revenue

₹122Cr

Rev Gr TTM

Revenue Growth TTM

5.74%

PAT Gr TTM

PAT Growth TTM

33.53%

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	26	25	26	61	31	27	29	28	34	26	30	32
Growth YoY Revenue Growth YoY%	-10.5	7.2	-3.3	134.1	19.3	7.7	12.2	-54.3	11.7	-5.7	2.2	14.1
Expenses ExpensesCr	22	21	23	57	28	24	25	22	26	21	28	23
Operating Profit Operating ProfitCr	3	4	3	5	3	3	4	6	8	5	2	9
OPM OPM%	12.8	16.5	11.4	7.8	8.8	11.9	15.3	22.1	23.9	19.4	7.3	28.1
Other Income Other IncomeCr	4	5	5	6	6	5	6	6	7	6	6	7
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	7	9	8	10	8	8	10	11	15	11	8	16
Tax TaxCr	2	2	2	3	2	2	2	3	4	3	2	4
PAT PATCr	5	7	6	7	6	6	7	9	11	8	6	12
Growth YoY PAT Growth YoY%	-29.0	14.2	139.5	10.2	15.9	-12.8	29.1	16.9	83.8	43.5	-17.7	35.4
NPM NPM%	20.4	26.0	21.8	12.0	19.8	21.1	25.1	30.6	32.6	32.0	20.2	36.3
EPS EPS₹	2.9	3.7	3.2	4.1	3.4	3.2	4.2	4.8	6.3	4.7	3.4	6.5

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	26	25	26	61	31	27	29	28	34	26	30	32
Growth YoY Revenue Growth YoY%	-10.5	7.2	-3.3	134.1	19.3	7.7	12.2	-54.3	11.7	-5.7	2.2	14.1
Expenses ExpensesCr	22	21	23	57	28	24	25	22	26	21	28	23
Operating Profit Operating ProfitCr	3	4	3	5	3	3	4	6	8	5	2	9
OPM OPM%	12.8	16.5	11.4	7.8	8.8	11.9	15.3	22.1	23.9	19.4	7.3	28.1
Other Income Other IncomeCr	4	5	5	6	6	5	6	6	7	6	6	7
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	7	9	8	10	8	8	10	11	15	11	8	16
Tax TaxCr	2	2	2	3	2	2	2	3	4	3	2	4
PAT PATCr	5	7	6	7	6	6	7	9	11	8	6	12
Growth YoY PAT Growth YoY%	-29.0	14.2	139.5	10.2	15.9	-12.8	29.1	16.9	83.8	43.5	-17.7	35.4
NPM NPM%	20.4	26.0	21.8	12.0	19.8	21.1	25.1	30.6	32.6	32.0	20.2	36.3
EPS EPS₹	2.9	3.7	3.2	4.1	3.4	3.2	4.2	4.8	6.3	4.7	3.4	6.5

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	63	70	78	89	90	92	123	109	103	148	118	122
Growth Revenue Growth%	-6.9	11.0	11.6	14.1	0.5	2.9	33.1	-11.0	-5.7	43.8	-20.6	5.7
Expenses ExpensesCr	61	66	73	84	80	74	106	90	87	133	96	97
Operating Profit Operating ProfitCr	2	4	5	5	10	19	17	19	16	15	22	24
OPM OPM%	3.6	6.2	6.8	5.8	10.7	20.1	13.8	17.8	16.0	10.2	18.3	20.0
Other Income Other IncomeCr	6	6	9	10	10	10	12	15	17	22	25	27
Interest Expense Interest ExpenseCr	1	1	2	1	1	0	0	0	0	0	0	0
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	7	9	12	12	18	27	28	33	32	36	46	50
Tax TaxCr	3	3	4	3	6	8	6	8	8	9	12	13
PAT PATCr	4	6	7	9	12	19	22	24	24	26	34	37
Growth PAT Growth%	-35.9	38.9	27.1	22.8	27.8	65.1	16.0	10.5	-0.6	9.2	28.3	33.5
NPM NPM%	6.6	8.2	9.4	10.1	12.8	20.6	17.9	22.3	23.5	17.8	28.8	30.4
EPS EPS₹	2.4	3.3	4.1	5.1	6.5	10.7	12.4	13.8	13.7	14.9	19.2	20.9

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	63	70	78	89	90	92	123	109	103	148	118	122
Growth Revenue Growth%	-6.9	11.0	11.6	14.1	0.5	2.9	33.1	-11.0	-5.7	43.8	-20.6	5.7
Expenses ExpensesCr	61	66	73	84	80	74	106	90	87	133	96	97
Operating Profit Operating ProfitCr	2	4	5	5	10	19	17	19	16	15	22	24
OPM OPM%	3.6	6.2	6.8	5.8	10.7	20.1	13.8	17.8	16.0	10.2	18.3	20.0
Other Income Other IncomeCr	6	6	9	10	10	10	12	15	17	22	25	27
Interest Expense Interest ExpenseCr	1	1	2	1	1	0	0	0	0	0	0	0
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	7	9	12	12	18	27	28	33	32	36	46	50
Tax TaxCr	3	3	4	3	6	8	6	8	8	9	12	13
PAT PATCr	4	6	7	9	12	19	22	24	24	26	34	37
Growth PAT Growth%	-35.9	38.9	27.1	22.8	27.8	65.1	16.0	10.5	-0.6	9.2	28.3	33.5
NPM NPM%	6.6	8.2	9.4	10.1	12.8	20.6	17.9	22.3	23.5	17.8	28.8	30.4
EPS EPS₹	2.4	3.3	4.1	5.1	6.5	10.7	12.4	13.8	13.7	14.9	19.2	20.9

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	18	18	18	18	18	18	18	18	18	18	18
Reserves ReservesCr	46	51	59	68	79	98	120	145	169	195	229
Current Liabilities Current LiabilitiesCr	12	18	24	23	14	21	17	4	6	4	6
Non Current Liabilities Non Current LiabilitiesCr	2	3	5	3	4	3	2	2	2	2	2
Total Liabilities Total LiabilitiesCr	77	90	106	112	114	140	157	168	194	219	255
Current Assets Current AssetsCr	65	76	92	97	99	124	141	153	178	203	241
Non Current Assets Non Current AssetsCr	12	14	14	15	15	16	16	15	17	16	15
Total Assets Total AssetsCr	77	90	106	112	114	140	157	168	194	219	255

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	18	18	18	18	18	18	18	18	18	18	18
Reserves ReservesCr	46	51	59	68	79	98	120	145	169	195	229
Current Liabilities Current LiabilitiesCr	12	18	24	23	14	21	17	4	6	4	6
Non Current Liabilities Non Current LiabilitiesCr	2	3	5	3	4	3	2	2	2	2	2
Total Liabilities Total LiabilitiesCr	77	90	106	112	114	140	157	168	194	219	255
Current Assets Current AssetsCr	65	76	92	97	99	124	141	153	178	203	241
Non Current Assets Non Current AssetsCr	12	14	14	15	15	16	16	15	17	16	15
Total Assets Total AssetsCr	77	90	106	112	114	140	157	168	194	219	255

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
Operating Cash Flow Operating Cash FlowCr	2	-4	-12	-1	2	-3	-6	45	-76	-12	-21
Investing Cash Flow Investing Cash FlowCr	5	0	8	8	8	3	6	-39	74	12	20
Financing Cash Flow Financing Cash FlowCr	-7	5	3	-7	-11	6	-6	-5	1	0	0
Net Cash Flow Net Cash FlowCr	0	1	0	0	0	6	-6	1	-1	0	0
Free Cash Flow Free Cash FlowCr	2	-4	-12	-1	2	-4	-7	45	-77	-12	-21
CFO To PAT CFO To PAT%	47.7	-75.8	-157.0	-15.0	20.2	-13.2	-28.3	184.7	-313.3	-43.5	-60.4
CFO To EBITDA CFO To EBITDA%	86.2	-100.2	-217.6	-26.2	24.3	-13.5	-36.9	231.8	-460.6	-75.9	-95.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	2	-4	-12	-1	2	-3	-6	45	-76	-12	-21
Investing Cash Flow Investing Cash FlowCr	5	0	8	8	8	3	6	-39	74	12	20
Financing Cash Flow Financing Cash FlowCr	-7	5	3	-7	-11	6	-6	-5	1	0	0
Net Cash Flow Net Cash FlowCr	0	1	0	0	0	6	-6	1	-1	0	0
Free Cash Flow Free Cash FlowCr	2	-4	-12	-1	2	-4	-7	45	-77	-12	-21
CFO To PAT CFO To PAT%	47.7	-75.8	-157.0	-15.0	20.2	-13.2	-28.3	184.7	-313.3	-43.5	-60.4
CFO To EBITDA CFO To EBITDA%	86.2	-100.2	-217.6	-26.2	24.3	-13.5	-36.9	231.8	-460.6	-75.9	-95.3

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	35	64	123	94	55	99	166	136	261	213	283	257
Price To Earnings Price To Earnings	8.3	11.1	16.7	10.4	4.7	5.2	7.5	5.6	10.8	8.1	8.3	6.9
Price To Sales Price To Sales	0.6	0.9	1.6	1.1	0.6	1.1	1.4	1.2	2.5	1.4	2.4	2.1
Price To Book Price To Book	0.6	0.9	1.6	1.1	0.6	0.8	1.2	0.8	1.4	1.0	1.1	1.0
EV To EBITDA EV To EBITDA	5.9	17.2	26.3	15.9	5.8	5.4	9.7	5.4	14.8	12.8	12.9	10.8
Profitability Ratios Profitability Ratios
GPM GPM%	19.9	19.3	22.2	19.9	26.0	35.1	26.6	32.2	32.0	22.5	33.9	33.9
OPM OPM%	3.6	6.2	6.8	5.8	10.7	20.1	13.8	17.8	16.0	10.2	18.3	20.0
NPM NPM%	6.6	8.2	9.4	10.1	12.8	20.6	17.9	22.3	23.5	17.8	28.8	30.4
ROCE ROCE%	11.1	11.6	14.0	14.2	19.0	21.6	19.5	20.2	17.3	16.9	18.5	18.5
ROE ROE%	6.6	8.3	9.6	10.6	11.9	16.4	16.0	15.0	13.0	12.4	13.7	13.7
ROA ROA%	5.4	6.4	6.9	8.0	10.1	13.6	14.1	14.5	12.5	12.1	13.3	13.3
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	35	64	123	94	55	99	166	136	261	213	283	257
Price To Earnings Price To Earnings	8.3	11.1	16.7	10.4	4.7	5.2	7.5	5.6	10.8	8.1	8.3	6.9
Price To Sales Price To Sales	0.6	0.9	1.6	1.1	0.6	1.1	1.4	1.2	2.5	1.4	2.4	2.1
Price To Book Price To Book	0.6	0.9	1.6	1.1	0.6	0.8	1.2	0.8	1.4	1.0	1.1	1.0
EV To EBITDA EV To EBITDA	5.9	17.2	26.3	15.9	5.8	5.4	9.7	5.4	14.8	12.8	12.9	10.8
Profitability Ratios Profitability Ratios
GPM GPM%	19.9	19.3	22.2	19.9	26.0	35.1	26.6	32.2	32.0	22.5	33.9	33.9
OPM OPM%	3.6	6.2	6.8	5.8	10.7	20.1	13.8	17.8	16.0	10.2	18.3	20.0
NPM NPM%	6.6	8.2	9.4	10.1	12.8	20.6	17.9	22.3	23.5	17.8	28.8	30.4
ROCE ROCE%	11.1	11.6	14.0	14.2	19.0	21.6	19.5	20.2	17.3	16.9	18.5	18.5
ROE ROE%	6.6	8.3	9.6	10.6	11.9	16.4	16.0	15.0	13.0	12.4	13.7	13.7
ROA ROA%	5.4	6.4	6.9	8.0	10.1	13.6	14.1	14.5	12.5	12.1	13.3	13.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	COMSYN	KANPRPLA	HPBL	RDBRL	INJECTO	JUMBO	TPINDIA
Market CapitalizationMkt CapCr	1,015	575	351	257	199	77	63
Close PriceClose₹	242.00	234.01	328.40	144.80	95.70	91.39	14.69
IndustryIndustry	Packaging Polysacks	Packaging Polysacks	Packaging Polysacks	Packaging Polysacks	Packaging Polysacks	Packaging Polysacks	Packaging Polysacks
Price To EarningsPE	32.66	12.45	8.76	6.93		6.60	21.29
Price To SalesPS	2.50	0.78	0.55	2.11	0.53	0.59	1.76
RevenueRevenueCr	406	741	636	122	376	130	36
Revenue Growth TTMRev Gr TTM%	12.2%	12.3%	31.3%	5.7%		0.9%	16.7%
PAT Growth TTMPAT Gr TTM%	43.1%	143.6%	81.4%	33.5%		131.7%	564.4%

	COMSYN	KANPRPLA	HPBL	RDBRL	INJECTO	JUMBO	TPINDIA
Market CapitalizationMkt CapCr	1,015	575	351	257	199	77	63
Close PriceClose₹	242.00	234.01	328.40	144.80	95.70	91.39	14.69
IndustryIndustry	Packaging Polysacks	Packaging Polysacks	Packaging Polysacks	Packaging Polysacks	Packaging Polysacks	Packaging Polysacks	Packaging Polysacks
Price To EarningsPE	32.66	12.45	8.76	6.93		6.60	21.29
Price To SalesPS	2.50	0.78	0.55	2.11	0.53	0.59	1.76
RevenueRevenueCr	406	741	636	122	376	130	36
Revenue Growth TTMRev Gr TTM%	12.2%	12.3%	31.3%	5.7%		0.9%	16.7%
PAT Growth TTMPAT Gr TTM%	43.1%	143.6%	81.4%	33.5%		131.7%	564.4%

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