National Plastic Technologies Limited

Basic Materials — Specialty Chemicals · BSE

₹223.25+₹1.90 (+0.86%)

DalalBaazaar Score

67 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by moderate debt load, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Thin profit margins are the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:59 pm

Understanding the Business

Company site ↗

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

What does this company do?

National Plastic Technologies Limited manufactures and supplies injection moulded plastic products in India. It provides PET preforms, IML containers, dairy crates, bottle crates, and display racks.

IndustrySpecialty Chemicals

SectorBasic Materials

Employees422

Annual revenue₹341 Cr

How does it make money?

Turns over ₹341 Cr a year. Of every ₹100 of sales, about ₹3 reaches shareholders as profit, with ₹8 left at the operating level before interest, tax and depreciation. Each of its 422 employees supports ₹80.9 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹80.9 lakh

Who are its competitors?

The closest listed comparisons in its industry are ASIAN PAINTS LIMITED, PIDILITE INDUSTRIES LTD, SRF LTD, UPL 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?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 21.1%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 15.3% against a peer median of 22.3% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

Peer median ROE22.3%

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 +63% while net margin moved -8% 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+63%

Margin effect-8%

DalalBaazaar Score

67/ 100

Good

Weighted across six categories. Every point is explained below.

✓ ROCE of 21.1% is above 20% — the business earns a high return on the capital it employs
• ROCE has been broadly stable
✗ EBITDA margin of 8.4% is thin — little cushion if costs rise
✗ Net margin of 2.6% is slim
• Revenue has compounded at 17.6% a year, which is the base these returns are earned on

Quality vs. Valuation

Company Quality

66/ 100

Good

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

Valuation

82/ 100

Cheap

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

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

14.3x

3Y Median

19.7x

40 monthly readings · mean 23.7x · range 14.0x–43.9x

Sector Median

40.4x

median of 4 sector peers

🟢Current valuation is approximately 28% below its 3y median of 19.7x. 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 65% below the peer median of 40.4x.

vs. its own history

Cheap

19.7x median over 40 months · -28%

vs. sector peers

Cheap

40.4x median of 4 peers · -65%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

6.9x

PEG

1.00

What's Good / What's Bad

🟢 What's Going Well2

High return on capital employed
ROCE of 21.1% is the mark of a business that converts capital into profit efficiently.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

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

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 21.1% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Priced below its own history
The stock trades 28% 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 65% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
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

1Revenue growth stays above 13% a year✓ 17.6% CAGR
Latest reported year was 28.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 6%✓ 8.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 2.2x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Free cash flow remains positive✓ ₹9 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 18%✓ 21.1%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

10 / 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

7 good · 4 neutral · 0 weak

Market Cap

₹136 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

14.3x

Cheap

Cheap against the generic band

P/B Ratio

2.26x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹15.66

Profitable

Profitable on a per-share basis

ROE

15.3%

Strong

Strong capital efficiency

ROCE

21.1%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.98x

Moderate

Moderate leverage

Revenue Growth (YoY)

28.5%

Healthy

Healthy top-line growth

Profit Growth (YoY)

15.3%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.67%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹9 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

4.9%

Weak

Thin margins leave little room for error

Net Margin

2.6%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.14

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

0.42

Defensive

Steadier than the market

52W Range Position

23%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

223.5 / 223.4

Bullish alignment (short > long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

45.4

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹210 Cr	₹269 Cr	₹311 Cr	₹341 Cr	+17.6%
EBITDA	₹19 Cr	₹23 Cr	₹25 Cr	₹29 Cr	+15.6%
EBITDA Margin	8.8%	8.5%	8.1%	8.4%	—
PAT (Net Profit)	₹6 Cr	₹8 Cr	₹9 Cr	₹9 Cr	+14.2%
EPS	₹10.12	₹13.85	₹14.85	₹15.09	+14.2%
ROE	17.4%	19.5%	17.6%	15.3%	—
ROCE	20.2%	23.0%	22.8%	21.1%	—
Total Debt	₹68 Cr	₹75 Cr	₹60 Cr	₹62 Cr	-3.4%
Free Cash Flow	₹11 Cr	-₹2 Cr	₹5 Cr	₹9 Cr	-4.8%

🟢 Revenue has grown at 17.6% a year over 3 years.

🟢 EBITDA has grown at 15.6% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 8.4% over 3 years.

🟢 PAT (Net Profit) has grown at 14.2% a year over 3 years.

🟢 EPS has grown at 14.2% a year over 3 years.

🔴 ROE has fallen from 17.4% to 15.3% over 3 years (-2.1 pts).

🟡 ROCE has held roughly flat at 21.1% over 3 years.

🟢 Total Debt has shrunk at 3.4% a year over 3 years.

🔴 Free Cash Flow has shrunk at 4.8% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹172 Cr

Total Liabilities

₹112 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹23 Cr

Capex

-₹14 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

74.4%

Corporate Actions

Dividend Rate

₹1.5

Ex-Dividend Date

11 Sept 2026

Peer Comparison

Company	P/E	ROE
ASIAN PAINTS LIMITED	46.9x	22.3%
PIDILITE INDUSTRIES LTD	57.8x	24.4%
SRF LTD	33.8x	15.4%
UPL LIMITED	21.5x	6.1%

Recent News

1 positive2 mixed1 negative2 general

National Plastic Technologies Share Price Falls 10.77% Today

Univest, 09 OctPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

National Plastic Technologies passes all 37th AGM resolutions

scanx.trade, 21 Sept

National Plastic Technologies Share Price rises 8.13% today

Univest, 23 SeptPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

National Plastic Technologies revenue up 10% in FY26 to ₹341.20 crore

scanx.trade, 29 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Europe Plastic Pipe Market Size, Share and Analysis, 2034

Market Data Forecast, 22 Sept

National Plastic Technologies accepts CFO resignation effective Aug 25

scanx.trade, 17 AugManagement

🔴Potentially negativeA senior departure, and an auditor's resignation especially, is worth understanding before anything else in this report.

Watch Items

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

DalalBaazaar Thesis

StrongFinancial Health · Growth · Valuation

MiddlingBusiness Quality · Profitability · Risk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last.

1 of 5 tripwires tripped — Debt / EBITDA stays below 2x · see Key things to watch ↑