• Capacity expansion: The company is deploying approximately ₹54.9 crore from IPO proceeds to expand installed capacity from 29,200 to 38,000 and introduce ISBM technology to enter beverage, pharmaceutical, and personal care markets.
• Operating margin trajectory: Operating margins improved from 8.55% in FY24 to 11.1% in FY25, 13.3% in FY26, and approximately 15% in Q1, supported by improved product mix and capacity utilisation rising to 80%.
• Customer concentration: Although the top five customers contribute 58.8% of revenue, average relationship longevity with top 20 clients exceeds 10 years, and new customer revenue contribution rose from 3.5% in FY26 to 7% in Q1.
• Raw material pass-through: Input cost variations are structured as fully passed-on line items in customer contracts, enabling the company to protect margins despite recent spikes in polypropylene prices.