Anuroop Packaging Limited

Consumer Cyclical — Packaging & Containers · BSE

₹8.55−₹0.08 (−0.93%)

DalalBaazaar Score

61 / 100

🟢 Good

Verdict

NEUTRAL

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity, falling profits.

In simple words: Reasonable but unspectacular business quality, but sales are shrinking. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:10 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of Anuroop Packaging Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Anuroop Packaging Limited manufactures and sells packaging products in India. It offers corrugated boxes, liners, and sheets, as well as kraft rolls. The company trades in gum, including turpentine and dipentene.

IndustryPackaging & Containers

SectorConsumer Cyclical

Employees13

Annual revenue₹16 Cr

How does it make money?

Turns over ₹16 Cr a year. Of every ₹100 of sales, about ₹20 reaches shareholders as profit, with ₹42 left at the operating level before interest, tax and depreciation. Each of its 13 employees supports ₹1.20 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin41.8%

Net margin19.5%

Revenue / employee₹1.20 Cr

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

MARUTI SUZUKI INDIA LTD.P/E 25.2x · ROE 13.4%

TITAN COMPANY LIMITEDP/E 68.5x · ROE 36.7%

TRENT LTDP/E 87.2x · ROE 25.9%

AVENUE SUPERMARTS LIMITEDP/E 69.9x · ROE 12.7%

What is its competitive advantage?Little sign of one

Returns on capital of 11.7% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

ROCE11.7%

ROE12.9%

Peer median ROE25.9%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -28% while net margin moved +61% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-28%

Margin effect+61%

DalalBaazaar Score

61/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 10.4% a year
✗ Profit CAGR of only 5.0%
✗ Latest-year revenue growth of -38.6% is below the longer-term trend — momentum is fading
✗ Profit fell 51.5% in the latest year

Quality vs. Valuation

Company Quality

59/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

88/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

3.5x

3Y Median

5.0x

40 monthly readings · mean 5.9x · range 2.6x–16.1x

Sector Median

69.2x

median of 4 sector peers

🟢Current valuation is approximately 29% below its 3y median of 5.0x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 95% below the peer median of 69.2x.

vs. its own history

Cheap

5.0x median over 40 months · -29%

vs. sector peers

Cheap

69.2x median of 4 peers · -95%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

3.5x

P/B

0.27x

EV/EBITDA

3.4x

PEG

0.71

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 23.5% to 41.8% over 3 years.
Valuation below its historical average
At 3.5x the stock trades 29% below its own median of 5.0x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Debt is rising
Total debt is up 70% over 3 years — worth checking what it funded.
Return on capital is falling
ROCE has declined from 16.3% to 11.7% — often a sign of competition or overexpansion.

Red Flags

1 item require attention · 1 high

🔴Debt has risen sharplyFinancial
Total debt is up 70% over 3 years, from ₹8 Cr to ₹13 Cr.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 23.5% to 41.8%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 29% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 95% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹1 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 40%✓ 41.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA stays below 2x✗ 2.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
3Free cash flow remains positive✓ ₹1 Cr
Profit that never becomes cash eventually stops being profit.
4ROCE stays above 9%✓ 11.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Interest cover stays above 4x✓ 4.0x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

6 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 4 neutral · 2 weak

Market Cap

₹9 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

3.5x

Cheap

Cheap against the generic band

P/B Ratio

0.27x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹2.41

Profitable

Profitable on a per-share basis

ROE

12.9%

Moderate

Moderate capital efficiency

ROCE

11.7%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.34x

Low

Conservative leverage

Revenue Growth (YoY)

-38.6%

Shrinking

Sales are contracting

Profit Growth (YoY)

-51.5%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹1 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹8.55

Operating Margin

31.0%

Good

Healthy core-business profitability

Net Margin

18.7%

Good

Strong bottom-line conversion

Current Ratio

2.25

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.91

Market-like

Moves roughly in line with the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

9.5 / 10.3

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

31.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹22 Cr	₹28 Cr	₹18 Cr	₹16 Cr	-10.4%
EBITDA	₹5 Cr	₹7 Cr	₹8 Cr	₹7 Cr	+8.6%
EBITDA Margin	23.5%	25.7%	45.6%	41.8%	—
PAT (Net Profit)	₹3 Cr	₹4 Cr	₹4 Cr	₹3 Cr	+5.0%
EPS	₹2.48	₹3.84	₹3.65	₹2.81	+4.3%
ROE	12.2%	15.9%	20.2%	12.9%	—
ROCE	16.3%	18.1%	17.7%	11.7%	—
Total Debt	₹8 Cr	₹15 Cr	₹15 Cr	₹13 Cr	+19.4%
Free Cash Flow	₹15 Cr	-₹5 Cr	-₹10 Cr	₹1 Cr	-60.6%

🔴 Revenue has shrunk at 10.4% a year over 3 years.

🟢 EBITDA has grown at 8.6% a year over 3 years.

🟢 EBITDA Margin has risen from 23.5% to 41.8% over 3 years (+18.4 pts).

🟢 PAT (Net Profit) has grown at 5.0% a year over 3 years.

🟢 EPS has grown at 4.3% a year over 3 years.

🟡 ROE has held roughly flat at 12.9% over 3 years.

🔴 ROCE has fallen from 16.3% to 11.7% over 3 years (-4.6 pts).

🔴 Total Debt has grown at 19.4% a year over 3 years.

🔴 Free Cash Flow has shrunk at 60.6% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹59 Cr

Total Liabilities

₹35 Cr

Total Debt

₹13 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹1 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

44.5%

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

1 mixed5 general

Anuroop Packaging AGM approves auditor change and asset sale

scanx.trade, 25 Sept

Anuroop Packaging Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 30 Aug

Anuroop Packaging closes trading window from Oct 1 for Q2FY27 results

scanx.trade, 06 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Anuroop Packaging Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 31 Aug

KNACK PACKAGING LTD. Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 10 Jul

Anuroop Packaging seeks approval to sell Wada factory undertaking

scanx.trade, 02 Sept

Watch Items

Revenue growth is negative (-38.6%) on the latest reported period — check if this is one-off or a trend.
Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟢Business QualityStrong13/20

🟢Financial HealthStrong14.4/20

🔴GrowthWeak5.7/20

🟢ProfitabilityStrong10.9/15

🟢ValuationAttractive13.2/15

🔴RiskHigh4/10

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above 40%41.8%
✗Debt / EBITDA stays below 2x2.0x
✓Free cash flow remains positive₹1 Cr
✓ROCE stays above 9%11.7%
✓Interest cover stays above 4x4.0x