1. Rights issue postponed, not cancelled - The ₹16 crore rights issue was postponed in April 2026 due to volatile markets, after the Board had already approved the draft letter of offer and applied for in-principle BSE approval. At a market cap of ₹104 crore, this is a 15% equity raise that would fund the capacity utilization push management ties its growth plan to.
2. FIBC export share gains - Indian FIBC exports tripled over the past decade to $708 million in FY2021, and management cites anti-China sentiment in Western markets as a chance to win new global clients. TPI is a leader in this segment, and exports carry higher margins than domestic sales.
3. Unutilized capacity activation - Management is implementing cost reduction and capacity utilization improvements, with the going-concern qualification itself tied to this plan. With FY25 net profit of just ₹35.85 lakh on ₹35.88 crore revenue, even modest utilization gains flow disproportionately to the bottom line.
4. Ohm Packagings supply arrangement - A related-party deal allows sales and purchases of materials up to ₹15 crore each with Ohm Packagings for FY2025-26. This nearly doubles the company's revenue base at current run-rate, though it is an approved arrangement rather than a signed growth contract.