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Pakka Ltd

PAKKA

NSE

₹75.00+3.78%19 Oct 2026

Reports

Paper Packaging

Pakka Ltd

PAKKA

NSE

₹75.00

+3.78%

19 Oct 2026

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Paper Packaging

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.

Pakka Limited is a regenerative packaging company that turns sugarcane waste into compostable paper, tableware and flexible packaging - a business built on four decades of mastering bagasse fibre. Founded in 1981 as Yash Papers by technocrat Mr. K.K. Jhunjhunwala with a tiny 1,940-tonne mill, it spent most of its life as a commodity pulp-and-paper player before making a decisive pivot: channelling its deep bagasse-pulping know-how into branded, consumer-facing food packaging for a world trying to quit single-use plastic. The recurring logic is simple - take an agricultural residue that sits in abundance within 200 kilometres of the factory, convert it using captive power from the same crop's waste, and sell the output into the food industry's fastest-growing sustainability need.

Business segments

Three engines at different stages - a paper cash cow that still pays the bills, a branded tableware platform scaling through an asset-light model, and a compostable flexible-packaging breakthrough that could redefine the company's future - each built on the same bagasse-pulping backbone.

1. Wrap & Carry paper: the cash engine that mastered bagasse

The company makes greaseproof and low-grammage paper from bagasse for food wrapping and carry bags, selling to brand-conscious B2B customers in India and across 31 export markets - and it claims over half the domestic market for paper packaging linked to the single-use-plastic ban.

Cheapest bagasse pulp around - the mill sits in the heart of India's sugarcane belt, procuring 1,75,650 tonnes of bagasse a year within a 200-kilometre radius, which keeps freight negligible and raw-material cost among the industry's lowest.
Three machines, one workhorse - the plant has 39,100 tonnes of annual paper capacity across three machines, but PM3 alone delivers roughly half the total volume; a recent modification costing ₹8 crore is adding 10 tonnes per day to that line.
Exports are the swing factor - 34% of paper sales, or 13,965 tonnes, went overseas in FY25, mostly as coloured bag paper for fruit and vegetable packaging, up from 26% three years earlier.
Going asset-light at the edges - the company now outsources 300 tonnes a month of greaseproof paper production to third parties, aiming for 500 tonnes, which lets it grow volumes without adding machines.

2. Food Services: the branded tableware platform

Sold under the "Chuk" brand, these are compostable plates, bowls and containers moulded from bagasse pulp - the largest organised brand in its category in India, and the only one anywhere with captive access to its own pulp.

Pulp-to-product under one roof - because the company makes its own bagasse pulp, it does not depend on external suppliers for the raw material that competitors must buy, giving it a cost and consistency edge no other Indian moulded-fibre brand can match.
B2B anchors, B2C is catching up - the business serves about 4,000 quick-service restaurants including Starbucks, KFC and McDonald's, while retail and quick-commerce channels grew B2C revenue 2.5 times in a single year to roughly ₹6.5 crore.
The factory is being hollowed out - 140 production lines at Ayodhya can make 14.5 tonnes per day, but the company is deliberately pausing its own plant, removing old equipment, and shifting production to a network of 10 outside suppliers who convert Pakka-supplied pulp into finished goods, cutting freight and capex.
Bulky products keep Chinese imports out - a container holds only about 5 tonnes of moulded tableware, so freight costs act as a natural tariff wall; Chinese producers also design for different portion sizes, making their products a poor fit for Indian kitchens.
Delivery packaging is the next frontier - the company is developing compostable takeaway containers and cutlery, and after an earlier trial with Zomato fell short, it spent a year and a half rebuilding the product for the delivery space.

3. Compostable Flexible Packaging: the breakthrough that changes the game

A single-layer, home-compostable flexible paper with barrier properties that can replace multi-layered plastic packaging for food - possibly the first of its kind in the world, and already validated in a 12-month shelf-life trial with a chocolate brand.

From concept to market in 12 months - the research team, led by a scientist who moved from the world's largest compostable-packaging lab in Finland, took the product from idea to commercial trial within a year, working backwards from specific customer requirements.
Three times the realisation of plain paper - while standard bagasse paper fetches around USD 1,000 per tonne, compostable flexible packaging starts at roughly USD 3,000 per tonne, so every tonne shifted into this category multiplies revenue without multiplying pulp consumption.
A multinational has already reserved half the capacity - a large FMCG company indicated it would take 50% of the flexible-packaging line's output before the machine was even built, which de-risks the ramp-up.
Fits 26 tons in a 40 foot container - unlike the bulky moulded products, flexible packaging ships efficiently, making export economics far more attractive.
The innovation engine is moving home - the R&D lab is relocating from Bangalore to the Ayodhya factory site to cut costs and sit next to operations, and the company intends to keep spending about 5% of its topline on research.

Project Jagriti: the capacity bet that ties it all together

A brownfield expansion at Ayodhya adding a fourth paper machine, a new recovery boiler, a power plant and a 15-megawatt turbine - designed to unblock pulp supply and produce specialty barrier-coated paper for food packaging.

The pulp bottleneck gets fixed first - the new recovery boiler, expected in July 2026, unlocks pulp output from 130 to 180 tonnes per day, which feeds both the existing paper machines and the new PM4.
PM4 arrives by September 2026 - the 100-tonne-per-day machine will make "full-gate" paper, likely a barrier-coated grade, with stabilisation taking a couple of months after start-up.
Funded through a creative refinancing - after a planned ₹73-crore warrant fell through, the company brought in Neo Group for ₹500 crore in debentures at 16.95% with a four-month moratorium and no principal repayment for 16 months, plus ₹115 crore in equity from the promoter and the investor.
Total cost held at ₹744 crore - the budget was revised up from ₹675 crore to ₹750 crore, then capped at ₹744 crore, with ₹583 crore already spent by March 2026 and the balance coming from a preferential issue and internal cash.

Group structure and partners

Pakka Limited is the listed Indian manufacturer, with a separately funded American subsidiary building a mirror operation in Guatemala - the two share promoters and know-how but keep their balance sheets deliberately apart.

Pakka Inc. is a venture-capital-style bet - the US subsidiary is developing Project Kawok in Guatemala with planned capacities of 250 tonnes per day of bagasse pulp, 325 tonnes per day of flexible packaging and 20 tonnes per day of moulded products, targeting USD 750 million in turnover; Pakka Limited has contributed equity but Pakka Inc. has no recourse to the Indian balance sheet.
Guatemala secures its own bagasse - Pakka Inc. signed a 10-year deal with three Guatemalan sugar companies for 2 lakh tonnes of bagasse a year, locking in raw material before breaking ground.
The Chuk brand was built through a merger - Yash Compostables Limited, which originally developed the brand and its marketing network, was amalgamated into the listed company in 2022, combining manufacturing with go-to-market under one roof.
A subsidiary merger is cleaning up the structure - Pakka Impact Limited, a wholly owned R&D and consultancy unit, is being absorbed into Pakka Limited to eliminate duplication and simplify compliance, with no new shares issued.
The Singapore subsidiary is being wound down - Pakka Pte Limited shall be closed during FY25, with the impairment already provided for in the previous year's books.

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Mkt Cap

Market Capitalization

₹387Cr

Close Price

₹75.00

Industry

Paper Packaging

Price To Earnings

24.43

Price To Sales

0.99

Revenue

₹392Cr

Rev Gr TTM

Revenue Growth TTM

0.07%

PAT Gr TTM

PAT Growth TTM

-49.22%

Upcoming Results on

31 Oct 2026

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	105	99	95	97	111	106	92	82	76	97	101	117
Growth YoY Revenue Growth YoY%	9.7	-13.5	-14.9	-8.5	5.7	6.7	-2.6	-15.3	-31.3	-8.9	10.1	43.0
Expenses ExpensesCr	85	81	76	78	91	91	86	76	75	83	92	102
Operating Profit Operating ProfitCr	20	18	18	18	20	15	6	6	2	14	9	15
OPM OPM%	19.4	18.4	19.3	19.0	18.4	14.3	6.2	7.2	2.3	14.4	8.9	13.1
Other Income Other IncomeCr	2	2	3	2	4	5	4	1	3	3	4	2
Interest Expense Interest ExpenseCr	2	2	2	3	2	2	3	3	3	2	4	5
Depreciation DepreciationCr	4	4	4	4	4	4	4	4	4	4	4	4
PBT PBTCr	17	15	15	14	18	14	3	0	-2	11	5	8
Tax TaxCr	6	5	7	5	1	5	0	2	0	4	2	3
PAT PATCr	11	10	8	9	17	9	3	-2	-2	7	3	6
Growth YoY PAT Growth YoY%	12.7	-30.1	-31.7	-40.3	52.2	-10.3	-60.5	-117.9	-112.5	-20.4	-3.8	485.0
NPM NPM%	10.6	10.0	8.5	8.8	15.2	8.4	3.5	-1.9	-2.8	7.3	3.0	5.0
EPS EPS₹	2.9	2.6	2.1	2.2	4.3	2.2	0.8	-0.4	-0.5	1.6	0.7	1.3

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	105	99	95	97	111	106	92	82	76	97	101	117
Growth YoY Revenue Growth YoY%	9.7	-13.5	-14.9	-8.5	5.7	6.7	-2.6	-15.3	-31.3	-8.9	10.1	43.0
Expenses ExpensesCr	85	81	76	78	91	91	86	76	75	83	92	102
Operating Profit Operating ProfitCr	20	18	18	18	20	15	6	6	2	14	9	15
OPM OPM%	19.4	18.4	19.3	19.0	18.4	14.3	6.2	7.2	2.3	14.4	8.9	13.1
Other Income Other IncomeCr	2	2	3	2	4	5	4	1	3	3	4	2
Interest Expense Interest ExpenseCr	2	2	2	3	2	2	3	3	3	2	4	5
Depreciation DepreciationCr	4	4	4	4	4	4	4	4	4	4	4	4
PBT PBTCr	17	15	15	14	18	14	3	0	-2	11	5	8
Tax TaxCr	6	5	7	5	1	5	0	2	0	4	2	3
PAT PATCr	11	10	8	9	17	9	3	-2	-2	7	3	6
Growth YoY PAT Growth YoY%	12.7	-30.1	-31.7	-40.3	52.2	-10.3	-60.5	-117.9	-112.5	-20.4	-3.8	485.0
NPM NPM%	10.6	10.0	8.5	8.8	15.2	8.4	3.5	-1.9	-2.8	7.3	3.0	5.0
EPS EPS₹	2.9	2.6	2.1	2.2	4.3	2.2	0.8	-0.4	-0.5	1.6	0.7	1.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	291	408	405	406	356	392
Growth Revenue Growth%		40.3	-0.9	0.3	-12.3	0.1
Expenses ExpensesCr	228	329	323	346	326	351
Operating Profit Operating ProfitCr	63	79	82	60	31	40
OPM OPM%	21.5	19.4	20.2	14.7	8.6	10.2
Other Income Other IncomeCr	8	12	9	15	11	12
Interest Expense Interest ExpenseCr	9	11	9	10	12	14
Depreciation DepreciationCr	10	13	14	16	17	17
PBT PBTCr	51	67	67	48	14	22
Tax TaxCr	15	21	24	10	7	8
PAT PATCr	36	46	43	38	7	14
Growth PAT Growth%		29.0	-5.8	-13.6	-82.7	-49.2
NPM NPM%	12.3	11.3	10.7	9.2	1.8	3.6
EPS EPS₹	9.4	12.1	11.2	9.0	1.4	3.1

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	291	408	405	406	356	392
Growth Revenue Growth%		40.3	-0.9	0.3	-12.3	0.1
Expenses ExpensesCr	228	329	323	346	326	351
Operating Profit Operating ProfitCr	63	79	82	60	31	40
OPM OPM%	21.5	19.4	20.2	14.7	8.6	10.2
Other Income Other IncomeCr	8	12	9	15	11	12
Interest Expense Interest ExpenseCr	9	11	9	10	12	14
Depreciation DepreciationCr	10	13	14	16	17	17
PBT PBTCr	51	67	67	48	14	22
Tax TaxCr	15	21	24	10	7	8
PAT PATCr	36	46	43	38	7	14
Growth PAT Growth%		29.0	-5.8	-13.6	-82.7	-49.2
NPM NPM%	12.3	11.3	10.7	9.2	1.8	3.6
EPS EPS₹	9.4	12.1	11.2	9.0	1.4	3.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	35	38	39	45	45
Reserves ReservesCr	127	168	212	383	394
Current Liabilities Current LiabilitiesCr	105	117	113	149	207
Non Current Liabilities Non Current LiabilitiesCr	54	51	143	137	447
Total Liabilities Total LiabilitiesCr	325	373	507	738	1,117
Current Assets Current AssetsCr	125	150	240	290	265
Non Current Assets Non Current AssetsCr	199	223	267	449	851
Total Assets Total AssetsCr	325	373	507	738	1,117

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	35	38	39	45	45
Reserves ReservesCr	127	168	212	383	394
Current Liabilities Current LiabilitiesCr	105	117	113	149	207
Non Current Liabilities Non Current LiabilitiesCr	54	51	143	137	447
Total Liabilities Total LiabilitiesCr	325	373	507	738	1,117
Current Assets Current AssetsCr	125	150	240	290	265
Non Current Assets Non Current AssetsCr	199	223	267	449	851
Total Assets Total AssetsCr	325	373	507	738	1,117

Consolidated

Standalone

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	32	51	47	11	75
Investing Cash Flow Investing Cash FlowCr	-29	-38	-69	-178	-367
Financing Cash Flow Financing Cash FlowCr	2	-17	76	178	243
Net Cash Flow Net Cash FlowCr	5	-4	54	12	-49
Free Cash Flow Free Cash FlowCr	3	13	-12	-179	-297
CFO To PAT CFO To PAT%	90.8	111.5	108.2	29.7	1,155.2
CFO To EBITDA CFO To EBITDA%	51.8	64.8	57.4	18.7	245.0

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	32	51	47	11	75
Investing Cash Flow Investing Cash FlowCr	-29	-38	-69	-178	-367
Financing Cash Flow Financing Cash FlowCr	2	-17	76	178	243
Net Cash Flow Net Cash FlowCr	5	-4	54	12	-49
Free Cash Flow Free Cash FlowCr	3	13	-12	-179	-297
CFO To PAT CFO To PAT%	90.8	111.5	108.2	29.7	1,155.2
CFO To EBITDA CFO To EBITDA%	51.8	64.8	57.4	18.7	245.0

Consolidated

Standalone

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	271	363	1,132	749	362	387
Price To Earnings Price To Earnings	7.6	7.9	26.1	19.9	55.5	24.4
Price To Sales Price To Sales	0.9	0.9	2.8	1.8	1.0	1.0
Price To Book Price To Book	1.7	1.8	4.5	1.8	0.8	0.8
EV To EBITDA EV To EBITDA	5.8	5.8	15.2	14.8	26.1	19.6
Profitability Ratios Profitability Ratios
GPM GPM%	46.6	40.4	42.2	34.9	28.6	28.6
OPM OPM%	21.5	19.4	20.2	14.7	8.6	10.2
NPM NPM%	12.3	11.3	10.7	9.2	1.8	3.6
ROCE ROCE%	22.7	25.2	17.6	9.2	2.8	2.8
ROE ROE%	22.0	22.4	17.3	8.8	1.5	1.5
ROA ROA%	11.0	12.3	8.6	5.1	0.6	0.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	271	363	1,132	749	362	387
Price To Earnings Price To Earnings	7.6	7.9	26.1	19.9	55.5	24.4
Price To Sales Price To Sales	0.9	0.9	2.8	1.8	1.0	1.0
Price To Book Price To Book	1.7	1.8	4.5	1.8	0.8	0.8
EV To EBITDA EV To EBITDA	5.8	5.8	15.2	14.8	26.1	19.6
Profitability Ratios Profitability Ratios
GPM GPM%	46.6	40.4	42.2	34.9	28.6	28.6
OPM OPM%	21.5	19.4	20.2	14.7	8.6	10.2
NPM NPM%	12.3	11.3	10.7	9.2	1.8	3.6
ROCE ROCE%	22.7	25.2	17.6	9.2	2.8	2.8
ROE ROE%	22.0	22.4	17.3	8.8	1.5	1.5
ROA ROA%	11.0	12.3	8.6	5.1	0.6	0.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

FY2026

FY2025

FY2024

FY2023

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FY2026

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