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₹162Cr
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EMMBI
VS
| Quarter | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | | | | | 19.1 | 9.1 |
| 93 | 93 | 98 | 95 | 110 | 101 |
Operating Profit Operating ProfitCr |
| 9.4 | 9.5 | 9.1 | 9.3 | 9.6 | 9.9 |
Other Income Other IncomeCr | 0 | 0 | 0 | 0 | 0 | -1 |
Interest Expense Interest ExpenseCr | 5 | 5 | 5 | 5 | 5 | 5 |
Depreciation DepreciationCr | 3 | 3 | 3 | 3 | 3 | 3 |
| 2 | 2 | 2 | 2 | 4 | 2 |
| 1 | 1 | 1 | 1 | 1 | 1 |
|
Growth YoY PAT Growth YoY% | | | | | 81.0 | -34.1 |
| 1.5 | 1.6 | 1.4 | 1.4 | 2.3 | 1.0 |
| 0.9 | 0.9 | 0.8 | 0.8 | 1.5 | 0.6 |
| Financial Year | Mar 2025 | TTM |
|---|
|
| | 10.4 |
| 366 | 404 |
Operating Profit Operating ProfitCr |
| 9.4 | 9.5 |
Other Income Other IncomeCr | 0 | -1 |
Interest Expense Interest ExpenseCr | 18 | 19 |
Depreciation DepreciationCr | 12 | 12 |
| 9 | 10 |
| 2 | 3 |
|
| | 11.2 |
| 1.5 | 1.6 |
| 3.5 | 3.7 |
| Financial Year | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 18 | 19 |
| 168 | 177 |
Current Liabilities Current LiabilitiesCr | 172 | 191 |
Non Current Liabilities Non Current LiabilitiesCr | 53 | 49 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 223 | 248 |
Non Current Assets Non Current AssetsCr | 188 | 188 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 25 |
Investing Cash Flow Investing Cash FlowCr | -19 |
Financing Cash Flow Financing Cash FlowCr | -5 |
|
Free Cash Flow Free Cash FlowCr | |
| 398.1 |
CFO To EBITDA CFO To EBITDA% | 64.9 |
| Financial Year | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 162 |
Price To Earnings Price To Earnings | 26.1 |
Price To Sales Price To Sales | 0.4 |
Price To Book Price To Book | 0.9 |
| 8.4 |
Profitability Ratios Profitability Ratios |
| 37.2 |
| 9.4 |
| 1.5 |
| 7.7 |
| 3.3 |
| 1.5 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
**Emmbi Industries Limited** (established in 1994) is a pioneering polymer processing company headquartered in Chandrapur, Maharashtra. Founded by first-generation entrepreneurs Makrand and Rinku Appalwar, the company has evolved from a trading venture into a globally recognized manufacturer of sustainable polymer-based solutions. Listed on both the BSE and NSE since 2010, Emmbi serves over 200 clients across **70+ countries** and operates with a mission of *“Sustainability at work, translating to revenues.”*
The company leverages advanced polymer science to deliver innovative, eco-conscious products in **packaging, water management, agriculture, advanced composites, and geotextiles**, with a strong emphasis on circular economy principles through recycling and waste conversion.
---
### **Business Segments & Verticals**
Emmbi operates through **two core business models**—**B2B (legacy)** and **B2C (launched in 2016)**—structured across **four key verticals**:
| Segment | Focus | Key Products | Markets |
|--------|-------|-------------|--------|
| **Export Packaging** | Industrial Packaging, Advanced Composites, Container Liners | FIBCs, woven sacks, specialty liners | Pharmaceuticals, FMCG, Chemicals, Food, Automobiles – 70+ countries |
| **Domestic Packaging** | Industrial packaging for local markets | Industrial bulk packaging, barrier films | FMCG, Automotive, Chemical, Food – India (Maharashtra, Gujarat, Karnataka, Delhi-NCR, etc.) |
| **Avana Consumer Durables** | Water conservation, agriculture, aquaculture | *Jalasanchay*, *Jalasanchay Super*, Orchard Covers, Tanks | Maharashtra, Rajasthan, Karnataka, Madhya Pradesh, Punjab, Haryana |
| **Avana Consumer Goods** | Agri-inputs, dairy, and packaging | *Kapila Murughas Bag*, *Anant Leno Bag*, *Rakshak Tarpaulin*, *Prabal Thread* | Primarily Maharashtra |
> **Note**: The B2C division (Avana) is positioned as a future growth engine, expected to drive margin expansion and diversify revenue streams.
---
### **Sustainability & Circular Economy Leadership**
Emmbi is a leader in sustainable polymer manufacturing, particularly through its **Reclaim** and **Reclaim 30** brands:
- **~18–20% of raw materials** sourced from **post-consumer and post-industrial polymer waste (PCR/PIR)**.
- Aims to increase recycled resin usage to **40% of total input** by 2030.
- **100% of 'Ecosafe' and Reclaim product lines** made with **recycled polymers**, meeting global sustainability standards.
- **Reclaim 30©**, launched in 2023, uses 30–100% recycled content and has gained traction in the UK and other developed markets.
- Plans underway to build a **state-of-the-art recycling facility** for PCR and PIR processing.
> Emmbi is **one of India’s largest exporters of recycled polymer products**, with sustainable packaging exports growing **4.47% YoY** despite global economic headwinds.
---
### **Innovation & R&D Strength**
Innovation is central to Emmbi’s competitive advantage:
- **35+ engineers** with **250+ years of combined experience** in polymer engineering.
- **2.5% of annual revenue** invested in R&D (~2.5x industry average).
- Hosts a **government-accredited R&D center** (DST, India), operating the **Emmbi Innovation Lab** (established 2015).
- **14+ patents filed** (5+ granted) in product and process innovation—including the **patent-pending Hyperbolic FIBC**.
- **Over 20% of current revenue** generated from products launched in the **last 5 years**.
Key innovations:
- **World’s first green (single-homopolymer) FIBC** (2013)
- **Cattle-safe canal liners** (2009)
- **Jalasanchay Super**: World’s first blue pond liner for aquaculture (2019)
- **Foldable backpack water tank (1,000L HDPE)** – portable and low-cost
---
### **Avana Division: Impact-Driven B2C Growth**
Launched in 2016, **Avana** is a purpose-led B2C brand focused on **affordable, scalable water conservation and agricultural solutions** for smallholder Indian farmers.
#### **Key Highlights:**
- **Flagship Product: Jalasanchay**
- World’s most affordable artificial pond system (1/10th the cost of traditional ponds).
- Over **45,000 units installed** in 7 years; **98% success rate** in increasing farmer incomes.
- Installed in Maharashtra, Rajasthan, Karnataka, Madhya Pradesh, Punjab, Haryana, Telangana, Uttar Pradesh.
- **Integrated Support Model**
- Offers **financial linkages** via MoUs with banks for farm pond financing.
- Provides **crop advisory services** and support ecosystems (e.g., fish feed, seeds for aquaculture).
- **Brand Recall & Trust**
- Celebrity endorsement by **Sayaji Shinde** (agricultural background) strengthens farmer trust.
- High customer retention and strong rural brand recognition.
- **Expansion Strategy**
- Targets **₹350 crores in Avana B2C revenue by FY30**.
- Plans to scale multi-brand retail outlets from **1,000 to over 5,000 nationwide**.
- Transitioning from distributor model to **direct-to-shop retailing** with pan-India warehousing.
- Expanding into new geographies and product lines for **agri-inputs and dairy sectors**.
---
### **Manufacturing & Operational Strength**
- **10 specialized manufacturing units** with **total capacity of 29,840 MTPA**.
- Domestic Packaging: 3,600 MT
- Water Conservation: 6,000 MT
- Agri-Polymer: 3,000 MT
- International Packaging: 17,240 MT
- **Fungible manufacturing capacity** allows flexible shifting between B2B and B2C production lines based on demand and margins.
- Uses **polypropylene (PP), LDPE, HDPE**—covering ~70% of global polymer usage.
- **Automation & Digitalization**: ERP, RPA, and Industry 4.0 integration improve efficiency, reduce waste, and optimize inventory.
- **“Project Manthan”** – internal efficiency initiative delivering 100–120 bps cost savings via 5S and Kaizen methodologies.
---
### **Growth Strategy & Future Roadmap**
1. **Expand B2C Reach**: Build pan-India direct-to-retail network; expand Avana retail touchpoints to 5,000+.
2. **Scale Innovation**: Launch 5–6 new Avana products by FY29 to capture rural market opportunities.
3. **Sustainable Manufacturing**: Increase recycled resin use to 40%; promote *Reclaim* and *Ecosafe* globally.
4. **Global Market Expansion**: Enter **developed Eastern markets** (Japan, South Korea), challenging Chinese and Vietnamese dominance.
5. **Asset-Light Transition**: Shift B2C model to **cash-and-carry, contract manufacturing**, and partner-based production to reduce capital intensity.
6. **Capacity Expansion**: Add manufacturing capacity when utilization exceeds 90%; leverage contract plants (e.g., Silvassa) for flexibility.