📌 At a Glance
Mamata Machinery Ltd makes the machines that make your potato chip packets. And business is booming. With a5-year PAT CAGR of 109%,ROE of 27%, andROCE of 35%, this ₹1,000 Cr smallcap IPO is exporting 4500+ machines across 75 countries – and compounding quietly while most investors are busy chasing Zomato.
1️⃣ Intro: The Quiet Multi-Crinker of Industrial India
Mamata is theSmallcap Tupperware of India– nobody talks about it, but everyone uses something made by its machines.
- Business? Manufacturing plastic pouch and bag-making machines.
- Sector? Capital goods → Industrial Products → Packaging automation.
- Legacy? Incorporated in 1989. Profitable since before Gen Z was born.
- IPO? Listed in 2024. Market cap now: ₹1,000+ Cr.
It’s not a Kaynes Tech. No buzzwords. But it isgrowing profits at 100%+ CAGRand delivering23–33% operating margins.
2️⃣ WTF Do They Even Do? (Business Model)
Mamata doesn’t make products. It makes
the machines that make the packaging.
📦 Product Lines:
- Pouch-making machines(form-fill-seal)
- Plastic bag-making machinery
- Extrusion lines for flexible packaging
- Parts, spares, and services
🌍 Installed base:4500+ machines in 75+ countries
🧾 Revenue mix:
- 50–60% exports 🌎
- 40–50% domestic orders 📦
Clients include FMCG, pharma, logistics, agri firms – anyone who puts a product in a bag.
3️⃣ Financials: Stronger Than Your Patanjali Packaging
🧾 6-Year P&L Snapshot (₹ Cr)
| FY | Revenue | Net Profit | OPM % | EPS (₹) |
|---|---|---|---|---|
| FY20 | ₹114 | ₹1 | 1% | 36.12 |
| FY21 | ₹148 | ₹15 | 16% | 495.96 |
| FY22 | ₹192 | ₹22 | 16% | 730.15 |
| FY23 | ₹201 | ₹23 | 12% | 75.74 |
| FY24 | ₹237 | ₹36 | 20% | 132.14 |
| FY25 | ₹255 | ₹41 | 21% | 16.56 |
🎯 EPS dropped in FY25 due to share capital expansion post-IPO (from ₹3 Cr to ₹25 Cr), but profit is at all-time high.
4️⃣ Valuation: Is It Cheap, Meh, or Crack?
CMP: ₹410EPS FY25: ₹16.56P/E: 24.7xBook Value: ₹69.6 →P/B = 5.9x
Comparables:
| Company | P/E | ROE % | OPM % | Market Cap |
|---|---|---|---|---|
| Kaynes Tech | 126x | 11% | 15% | ₹36,900 Cr |
| Syrma SGS | 56x | 10% | 9% | ₹9,500 Cr |
| Praj Industries | 46x | 15% | 10% | ₹9,200 Cr |
| Mamata | 25x | 27% | 21% | ₹1,000 Cr ✅ |
