Mold-Tek Pack. Q1 FY27 Results (NSE: MOLDTKPAC)
Signal: Growth reaccelerated
The read
The trajectory is positive on demand and capacity: revenue rose 24.90% YoY, volume 6.25% and EBITDA per kg reached a historical high of ₹46.68, but the near-term margin inflection is not yet confirmed because EBITDA margin fell 90bps as material costs rose 230bps as a share of revenue and finance costs increased 37.73%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹300.45 Cr | +24.90% | +26.32% |
| EBIT | ₹39.88 Cr | N/A | |
| Net profit | ₹25.57 Cr | +14.15% | |
| EPS | ₹7.7 | +14.24% | |
| EBIT margin | 18.8% |
P&L walk
Revenue increased 24.90% YoY and 26.32% QoQ to ₹30045.20 lakh, with volume up 6.25% YoY and 5.82% QoQ; material costs rose 29.88% YoY and compressed gross margin by 297bps, while EBITDA increased 19.10% YoY to ₹5643.00 lakh but margin fell to 18.8%; PAT grew 14.15% to ₹2557.11 lakh and tracked EPS growth of 14.24%.
Segments
The filing reports only one segment, but product commentary identifies Pharma Packs as the fastest-growing vertical at 38.75% volume growth, ahead of Food & FMCG at 26.20% and Paints at 10.82%, while Lube demand declined because of client-input supply issues.
Key positives
- Revenue increased 24.90% YoY to ₹30045.20 lakh while volume grew 6.25% to 12089 MT, showing growth was supported by both demand and higher realisation/mix.
- EBITDA per kg reached a historical high of ₹46.68 versus ₹41.64 in Q1FY26, supported by 75% capacity utilisation, Hyderabad unit consolidation and higher pharma contribution.
- Pharma Packs volume grew 38.75% YoY, materially above total company volume growth of 6.25%, supporting the stated shift toward higher-margin packaging.
- Employee and other expenses grew 14.03% YoY versus revenue growth of 24.90%, while management reported lower overheads, inter-unit transfers and printing wastage after Hyderabad consolidation.
Key concerns
- Gross margin compressed 297bps YoY to 41.3% as raw material cost rose to 59.17% of revenue from 56.87%, indicating that reported input-cost pass-through did not fully protect margins.
- EBITDA grew 19.10% YoY, slower than revenue growth of 24.90%, and EBITDA margin declined 90bps to 18.8%; this is margin dilution rather than operating leverage.
- Finance costs increased 37.73% YoY to ₹571.61 lakh, outpacing revenue growth and limiting PBT conversion.
- Lube-pack demand dipped because of client-input supply issues, contrasting with growth in Pharma, Food & FMCG and Paints.
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