### **Company Overview** **Rajshree Polypack Limited (RPPL)** is a leading Indian manufacturer of rigid and semi-rigid plastic packaging solutions, with over two decades of experience in serving the food & beverage, dairy, bakery, confectionery, quick-service restaurant (QSR), and electronics industries. The company offers fully integrated, end-to-end capabilities in sheet extrusion, thermoforming, printing, in-mold labelling (IML), and injection moulding, positioning itself as a one-stop provider for customized, high-quality packaging. RPPL operates across three primary business segments: - **Rigid Plastic Sheets** for Form, Fill & Seal (FFS) applications - **Thermoformed Packaging** - **Injection Moulded Packaging** The company is also strategically expanding into **sustainable paper-based packaging** through its joint venture, **Olive Ecopak Private Limited (OEPL)**. --- ### **Strategic Expansion: Olive Ecopak – Sustainable Packaging Venture (2024)** - **Established in 2024** as a **50.10:49.90 joint venture** between Rajshree Polypack and Mr. Rajesh Gandhi of Oracle Polyplast (with RPPL holding majority control). - **Objective**: To meet the rising global and domestic demand for eco-friendly, compostable alternatives to single-use plastics. - **Facility**: Located in **Umbergaon, Gujarat**, the plant is **India’s first fully vertically integrated facility** for sustainable paper-based food service packaging, handling: - Base paper sourcing - Coating (aqueous barrier technology) - Conversion and finishing - **Installed Capacity**: - 27,000 MT/year paper coating - 15,000 MT/year finished packaging (upgraded from initial 12,000 MT estimate) - **Technology**: Proprietary **aqueous-based barrier coating**, **plastic-free**, **food-safe**, and **compostable**. - **Certifications**: - **CIPET-certified as compostable** - **BRC** (quality and safety) - **CPCB license** for compostable products - **Product Range**: Over **150 SKUs** launched commercially, including plates, cups, containers, and takeaway packaging for food delivery and QSR chains. - **Customer Target**: Global and domestic **Horeca (Hotel, Restaurant, Catering)** and **food delivery platforms** (e.g., Zomato, Swiggy). - **Market Presence**: - Began **exports to UK, Middle East, and USA** in FY2024–25 - Participation in global trade shows: **Anuga Anutec, Pack Expo Las Vegas, National Restaurant Association Show** - **Financials (H1 FY25–26)**: - Revenue: **₹19.86 crores** (₹7.81 cr Q1, ₹12.05 cr Q2) - EBITDA: Turned slightly positive in Q2 (**₹0.05 cr** vs. ₹1.73 cr loss in Q1) - **Forecast Q3 FY26 revenue**: ₹16–18 crores - **Commercial Targets**: - **Domestic distribution**: ₹4–5 crores/month - **Exports**: ₹5–7 crores/month - **Institutional sales** (e.g., McDonald’s, Burger King): ₹3–5 crores (long-term development) - **Investment**: Total capex of **₹125.35 crores** invested by March 2025. --- ### **Operational & Financial Performance (FY 2024–25)** - **Standalone Revenue**: ₹3,297.35 crores (**20.17% YoY growth**) - **EBITDA**: ₹462.99 crores - **PAT (Post-Tax Profit)**: ₹143.99 crores - **Key Growth Drivers**: - **Expansion in injection moulding** and **themoforming capacity** - **Strong export demand** - **Product innovation** and customer diversification - **Export Strength**: - Operates in **13 countries** (U.S., UK, Middle East, Southeast Asia, Australia, New Zealand) - Exports grew **threefold** to ₹42 crores in FY24 from ₹13.5 crores in FY23 - **Domestic Sales**: - Impacted by **lower raw material prices** and **monsoon-related demand decline**, but showing recovery in Q4 FY26. - Expanding into **rural areas and Tier 2/3 cities** via enhanced distribution network. --- ### **Capacity Expansion and Infrastructure Development** RPPL has executed a multi-phase capacity expansion plan over 2022–2025: | Segment | Capacity (as of H1 FY25) | Growth (vs 2022) | |--------|-------------------------|------------------| | Sheet Extrusion | 20,000 MT/annum | +80% (from 11,120 MT) | | Thermoforming | 10,770 MT/annum | ~+2x (from ~4,300 MT) | | Injection Moulding | 3,300 MT/annum | From 0 in 2022 | | Printing | 11,000 lakh pieces | +60% increase | | Sleeving | 1,275 lakh pieces | Stable | - **New Production Units**: - **Unit in Odisha**: Positioned to serve fast-growing eastern food processing sector. Enhances regional logistics and competitiveness. - **3rd Manufacturing Unit in Somnath-Dabhel, Nani Daman** - **Technology & Automation**: - **8-color inline Swiss printing machines** - **3-station German vacuum forming machine** - **Indigenous sleeving machine** - **Solar power installation (135 KW)** at Unit II - **Digital Transformation**: Implemented **SAP S/4HANA** for improved ERP and operational integration. --- ### **Product Innovation & Diversification** - **Launch of 20+ new Injection Moulding SKUs** in FY24–25 - **Product Innovations**: - PET shrink-labelled yogurt cups for global FMCG brand - **Retortable cups** for ready-to-eat meals - **Specialized trays** for QSR formats - **Dairy creamer packaging** for India’s largest dairy brand - **Hummus packaging** for Middle East market (long shelf life barrier packaging) - **New Segments Entered**: - **Tube laminates** for cosmetics and pharma (margins comparable to barrier packaging) - **Sealing and lidding laminates** for food packaging --- ### **Market Position & Competitive Advantages** - **First Mover in India**: - 9-layer rigid barrier packaging (integrated facility, European tech) - 6-color dry offset printing (Swiss technology) - Shrink sleeving adoption - **Certifications**: BRC, Sedex, CIPET, CPCB - **Patents**: Holds **5 patents** (4 design + 1 process) in barrier extrusion and packaging design - **Customer Base**: Serves **nearly 1,173 customers** (as of Sep 2025), including: - **Hindustan Unilever, Nestlé, Parag Milk, Haldiram, Chitale, ITI Mauritius** - **Global distributors** and **QSR chains** - **Exports**: Growing presence in **U.S., UK, UAE, Australia, and Southeast Asia** - **Toll Manufacturing Model**: Injection molding is currently outsourced under **toll agreements**, minimizing capex and ensuring scalability. --- ### **Investor & Governance Highlights** - **IPO**: Listed on **NSE EMERGE (2018)**, migrated to **Main Board (2021)** - **Funding**: Raised ₹22.5 crores (Feb 2024) via equity and warrants to strengthen balance sheet - **Debt**: Long-term debt ~₹20 crores (as of Feb 2023) - **Sustainability Recognition**: Among first Indian firms to achieve **plastic-free, compostable certification** for paper packaging