Mold-Tek Pack. Q2 FY27 Results (NSE: MOLDTKPAC)
Signal: Steady quarter
The read
The trajectory strengthened in Q2FY27: revenue grew 30.73% on 10.08% volume growth, with pharma and Food & FMCG driving mix-led expansion; however, the implied EBITDA margin eased about 13bps because EBITDA growth of 29.80% trailed revenue growth, so the next proof point is whether new pharma and specialty-pack launches restore margin expansion.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹274.23 Cr | 30.73% | N/A |
| Net profit | ₹21.09 Cr | 36.06% | |
| EBIT margin | 18.7% |
P&L walk
Standalone Q2FY27 revenue increased 30.73% to ₹274.23 Cr on 10.08% volume growth, while EBITDA rose 29.80% to ₹51.27 Cr and PAT grew faster at 36.06% to ₹21.09 Cr; improved product mix and raw-material pass-through supported profitability despite a 13bps implied EBITDA-margin contraction.
Segments
Pharma packaging was the strongest disclosed growth engine at 26.30% volume growth and Food & FMCG grew 23.70%, more than offsetting the 12.32% volume decline in lubricants; paints packaging grew 8.61%.
Key positives
- Revenue increased 30.73% to ₹274.23 Cr on 10.08% volume growth, showing that Q2 growth was supported by both demand and product mix rather than price alone.
- Pharma packaging volume grew 26.30% and Food & FMCG packaging volume grew 23.70%, materially outpacing the 10.08% company-wide volume increase.
- PAT grew 36.06% to ₹21.09 Cr, faster than revenue growth of 30.73%, while EBITDA per kg rose 30% to ₹46.49.
- Management stated that pre-agreed customer pricing arrangements enabled pass-through of sharp raw-material increases, protecting operating margins despite geopolitical supply disruption.
- H1FY27 revenue increased 27.62% to ₹574.67 Cr and PAT increased 23.18% to ₹46.67 Cr on 8.04% volume growth, indicating operating profit conversion above volume growth.
Key concerns
- Lubricants packaging volume declined 12.32% YoY in Q2FY27, creating a segment-specific drag that needs recovery despite growth elsewhere.
- EBITDA grew 29.80% to ₹51.27 Cr, slightly slower than revenue growth of 30.73%, implying a roughly 13bps EBITDA-margin contraction rather than operating-margin expansion.
- Q2FY27 sales volume growth of 10.08% remains dependent on pharma and Food & FMCG, while paints volume grew only 8.61% and lubricants contracted 12.32%.
Research and educational content only. Not investment advice.