Rajshree Polypack Limited

Consumer Cyclical — Packaging & Containers · NSE

₹18.50−₹0.14 (−0.75%)

DalalBaazaar Score

65 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

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

In simple words: Reasonable but unspectacular business quality, with both sales and profits growing well. Nothing obvious stands out as stretched — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:26 pm

Understanding the Business

Company site ↗

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

What does this company do?

Rajshree Polypack Limited manufactures and sells rigid plastic sheets and thermoformed packaging products in India and internationally.

IndustryPackaging & Containers

SectorConsumer Cyclical

Employees627

Annual revenue₹331 Cr

How does it make money?

Turns over ₹331 Cr a year. Of every ₹100 of sales, about ₹5 reaches shareholders as profit, with ₹15 left at the operating level before interest, tax and depreciation. Each of its 627 employees supports ₹52.8 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹52.8 lakh

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 14.6% 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?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +31% 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+31%

Margin effect+23%

DalalBaazaar Score

65/ 100

Good

Weighted across six categories. Every point is explained below.

✗ ROE of 9.6% is weak

Quality vs. Valuation

Company Quality

62/ 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

6.7x

3Y Median

21.1x

40 monthly readings · mean 21.3x · range 7.9x–34.9x

Sector Median

69.2x

median of 4 sector peers

🟢Current valuation is approximately 68% below its 3y median of 21.1x. 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 90% below the peer median of 69.2x.

vs. its own history

Cheap

21.1x median over 40 months · -68%

vs. sector peers

Cheap

69.2x median of 4 peers · -90%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

5.1x

PEG

0.39

What's Good / What's Bad

🟢 What's Going Well3

Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on capital is rising
ROCE has improved from 12.5% to 14.6%.
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

1 item require attention · 1 watch

🟡Debt is increasingFinancial
Total debt is up 40% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 68% 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 90% 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

1EBITDA margin holds above 13%✓ 15.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA stays below 2x✗ 2.4x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
3Interest cover stays above 3x✓ 3.3x
How much operating profit can fall before interest stops being comfortably covered.
4Revenue growth stays above 7% a year✓ 9.5% CAGR
Latest reported year was 24.7%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
5Free cash flow remains positive✓ ₹7 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

7 / 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

6 good · 5 neutral · 0 weak

Market Cap

₹137 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

6.7x

Cheap

Cheap against the generic band

P/B Ratio

0.76x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹2.76

Profitable

Profitable on a per-share basis

ROE

9.6%

Moderate

Moderate capital efficiency

ROCE

14.6%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.68x

Moderate

Moderate leverage

Revenue Growth (YoY)

24.7%

Healthy

Healthy top-line growth

Profit Growth (YoY)

78.2%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

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

Free Cash Flow

₹7 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

9.5%

Average

Average margins

Net Margin

5.8%

Average

Average bottom-line conversion

Current Ratio

1.32

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.34

Defensive

Steadier than the market

52W Range Position

33%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

19.1 / 21.5

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

45.0

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹252 Cr	₹273 Cr	₹328 Cr	₹331 Cr	+9.5%
EBITDA	₹35 Cr	₹35 Cr	₹39 Cr	₹51 Cr	+13.4%
EBITDA Margin	13.8%	13.0%	11.8%	15.3%	—
PAT (Net Profit)	₹11 Cr	₹9 Cr	₹8 Cr	₹17 Cr	+17.4%
EPS	₹1.56	₹1.19	₹1.08	₹2.32	+14.3%
ROE	8.2%	5.6%	4.9%	9.6%	—
ROCE	12.5%	10.8%	10.8%	14.6%	—
Total Debt	₹88 Cr	₹87 Cr	₹116 Cr	₹123 Cr	+11.9%
Free Cash Flow	-₹17 Cr	₹2 Cr	-₹4 Cr	₹7 Cr	—

🟢 Revenue has grown at 9.5% a year over 3 years.

🟢 EBITDA has grown at 13.4% a year over 3 years.

🟢 EBITDA Margin has risen from 13.8% to 15.3% over 3 years (+1.5 pts).

🟢 PAT (Net Profit) has grown at 17.4% a year over 3 years.

🟢 EPS has grown at 14.3% a year over 3 years.

🟢 ROE has risen from 8.2% to 9.6% over 3 years (+1.4 pts).

🟢 ROCE has risen from 12.5% to 14.6% over 3 years (+2.2 pts).

🔴 Total Debt has grown at 11.9% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹17 Cr to ₹7 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹342 Cr

Total Liabilities

₹162 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹19 Cr

Capex

-₹12 Cr

Corporate Actions

Ex-Dividend Date

24 Aug 2023

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 positive5 general

Rajshree Polypack Share Price - Live NSE: RPPL Stock Price & Chart

Upstox, 16 Oct

Rajshree Polypack Upper Circuit Today: Price, Data and Peers

Univest, 15 Oct

Rajshree Polypack Ltd Valuation Improves to Attractive Amid Mixed Market Returns

MarketsMojo, 15 Oct

If EPS Growth Is Important To You, Rajshree Polypack (NSE:RPPL) Presents An Opportunity

Simply Wall Street, 08 Aug

Rajshree Polypack consolidated net profit rises 77.94% in the June 2026 quarter

Business Standard, 05 AugResults

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

Rajshree Polypack Ltd. Peer Comparison – Compare with Others

Value Research, 30 Aug

Watch Items

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

DalalBaazaar Thesis

StrongFinancial Health · Growth · Valuation

MiddlingBusiness Quality · Risk

WeakProfitability

Points for each in the Score ↑

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