G. K. P. Printing & Packaging Limited

Consumer Cyclical — Packaging & Containers · BSE

₹7.00+₹0.01 (+0.14%)

DalalBaazaar Score

34 / 100

🔴 Weak

Verdict

CAUTION

Risk

Very High

Driven by high debt relative to equity, micro-cap size, which brings thin liquidity, a very high earnings multiple, which leaves little margin for disappointment.

In simple words: The business is earning a fairly low return on the money invested in it, though profits are falling even as sales grow. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:46 pm

Understanding the Business

Company site ↗

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

What does this company do?

G. K. P. Printing & Packaging Limited engages in the manufacture and sale of corrugated boxes in India.

IndustryPackaging & Containers

SectorConsumer Cyclical

Employees14

Annual revenue₹27 Cr

How does it make money?

Turns over ₹27 Cr a year. Of every ₹100 of sales, about ₹2 reaches shareholders as profit, with ₹7 left at the operating level before interest, tax and depreciation. Each of its 14 employees supports ₹1.95 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.95 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.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 4.6% 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.

Peer median ROE25.9%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved -51% while net margin moved +23% 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-51%

Margin effect+23%

DalalBaazaar Score

34/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 21.4% a year
✗ Profit has declined at 15.7% a year
✗ Profit fell 39.6% in the latest year

Quality vs. Valuation

Company Quality

32/ 100

Weak

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

Valuation

51/ 100

Fair

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

Weak on business quality and not cheap enough to compensate.

Historical Valuation

Current P/E

63.6x

3Y Median

22.7x

40 monthly readings · mean 22.1x · range 12.7x–36.6x

Sector Median

69.2x

median of 4 sector peers

⚠️Current valuation is approximately 181% above its 3y median of 22.7x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

🟡Against its sector it is priced broadly in line with the peer median of 69.2x.

vs. its own history

Expensive

22.7x median over 40 months · +181%

vs. sector peers

Fair

69.2x median of 4 peers · -8%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

7.7x

PEG

—

What's Good / What's Bad

🟢 What's Going Well2

Margins are improving
EBITDA margin is up from 4.7% to 7.2% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

5 items require attention · 3 high · 2 watch

🔴Debt has risen sharplyFinancial
Total debt is up 89% over 3 years, from ₹1 Cr to ₹2 Cr.
🔴High leverageFinancial
Debt/Equity of 7.54x — earnings must service borrowings before shareholders see anything.
🔴Thin interest coverageFinancial
Operating profit covers interest only 1.9x — little room if earnings dip.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 3.4x to 1.9x.
🟡Profit is decliningFinancial
Net profit is down 40% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 4.7% to 7.2%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 7.54x. Interest is payable whether or not the business has a good year.
The price already assumes success
The stock trades 181% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
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.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

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

1EBITDA margin holds above 5%✓ 7.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Interest cover stays above 3x✗ 1.9x
How much operating profit can fall before interest stops being comfortably covered.
3Free cash flow remains positive✓ ₹1 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.9x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 8%✗ 4.6%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

5 / 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

4 good · 2 neutral · 5 weak

Market Cap

₹15 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

63.6x

Expensive

Expensive — verify against sector peers

P/B Ratio

0.59x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.11

Profitable

Profitable on a per-share basis

ROE

2.2%

Weak

Weak capital efficiency

ROCE

4.6%

Weak

Low return on total capital employed

Debt/Equity

7.54x

High

High leverage

Revenue Growth (YoY)

13.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-39.6%

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

Operating Margin

-2.9%

Weak

Thin margins leave little room for error

Net Margin

0.9%

Weak

Very little revenue reaches the bottom line

Current Ratio

2.60

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.54

Defensive

Steadier than the market

52W Range Position

37%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

7.1 / 6.9

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

44.0

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹56 Cr	₹28 Cr	₹30 Cr	₹27 Cr	-21.4%
EBITDA	₹3 Cr	-₹1 Cr	₹2 Cr	₹2 Cr	-9.1%
EBITDA Margin	4.7%	-2.2%	7.0%	7.2%	—
PAT (Net Profit)	₹1 Cr	-₹2 Cr	₹1 Cr	₹1 Cr	-15.7%
EPS	₹0.39	₹-0.81	₹0.39	₹0.23	-16.1%
ROE	3.7%	-8.2%	3.8%	2.2%	—
ROCE	5.6%	-5.6%	5.0%	4.6%	—
Total Debt	₹1 Cr	₹3 Cr	₹2 Cr	₹2 Cr	+23.6%
Free Cash Flow	-₹1 Cr	-₹1 Cr	₹1 Cr	₹1 Cr	—

🔴 Revenue has shrunk at 21.4% a year over 3 years.

🔴 EBITDA has shrunk at 9.1% a year over 3 years.

🟢 EBITDA Margin has risen from 4.7% to 7.2% over 3 years (+2.6 pts).

🔴 PAT (Net Profit) has shrunk at 15.7% a year over 3 years.

🔴 EPS has shrunk at 16.1% a year over 3 years.

🔴 ROE has fallen from 3.7% to 2.2% over 3 years (-1.4 pts).

🔴 ROCE has fallen from 5.6% to 4.6% over 3 years (-1.0 pts).

🔴 Total Debt has grown at 23.6% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹1 Cr to ₹1 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹35 Cr

Total Liabilities

₹12 Cr

Cash & Equivalents

₹2 Cr

Operating Cash Flow

₹2 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

53.0%

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

2 mixed1 negative3 general

GKP Printing shareholders approve FY26 results and Vapi unit sale

scanx.trade, 29 SeptResults

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

GKP Printing & Packaging Ltd. Financials – Balance Sheet, Profit & Loss, Cash Flow

Value Research, 04 Sept

Compare with

Equitymaster, 09 Oct

GKP Printing FY26 net profit falls 40% to ₹51.4 lakh; revenue dips 9.6%

scanx.trade, 05 SeptResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

G. K. P. Printing & Packaging Share Price

Upstox, 26 Mar

NBCC (India) rises after Q4 PAT climbs 37% YoY to Rs 241 cr

Business Standard, 25 MayResults

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

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

MiddlingFinancial Health

WeakBusiness Quality · Growth · Profitability · Valuation · Risk

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 3 high-severity red flags sit above this conclusion and should be read first.

2 of 5 tripwires tripped — Interest cover stays above 3x; ROCE stays above 8% · see Key things to watch ↑