1. At a Glance
If Indian capital goods had a quiet overachiever who hates small talk and loves shipping crates abroad, this would be it. Market cap around ₹979 Cr, stock sulking near ₹398 after a post-IPO reality check, yet operations keep humming. FY25 sales came in at ₹270 Cr with OPM north of 20%, PAT at ₹42.2 Cr, and ROCE flirting with a spicy 34.9%. Exports form ~71% of revenue, repeat customers cough up over half the sales, and debt is practically a rounding error (₹7.26 Cr).
But—because markets enjoy drama—recent quarterly sales dipped (-8.5% YoY) and profits followed (-10.3%). Machines still ship, but timing mismatches and order execution make quarterly charts look like ECG reports. Is this a structural slowdown or just capital goods being… capital goods? Keep reading.
2. Introduction
Founded in 1989, Mamata Machinery didn’t wake up one day and decide to chase buzzwords. It built machines. Serious ones. For bags, pouches, films, sachets—the boring stuff that quietly runs the consumer world.
Over three decades, the company crawled from domestic relevance to global respectability: top five worldwide in converting machinery, over 5,000 machines installed across 80+ countries, and customers that don’t experiment with no-name suppliers.
Yet the stock market? Classic Indian behavior. Applaud during IPO, then immediately ask, “Aur growth kaha hai?” Quarterly volatility doesn’t help, but neither does the fact that capital goods revenues arrive in bursts, not Instagram reels. Question for you: do you judge a machinery exporter by quarterly noise or multi-year order pipelines?
3. Business Model — WTF Do They Even Do?
Think
of Mamata as the IKEA of flexible packaging machinery—except the boxes are heavier and nobody assembles them drunk on a Sunday.
a) Converting
This is the crown jewel. Side-seal, bottom-seal, zipper bags, wicketers, flat-bottom pouches—the whole plastic origami set. High speed, modular, multiple SKUs, fewer excuses for clients. This segment anchors Mamata’s global reputation.
b) Co-extrusion
Mono to 7-layer blown film lines with output up to 1,000 kg/hour. Translation: large factories, large capex, large ASPs (₹1.2–9 Cr per machine). Orders here are fewer, but chunky.
c) Packaging
HFFS, VFFS, sachet packers, PFS machines. All-servo tech, fast changeovers, sold to brand owners and contract packers—not your average bag manufacturer.
Simple model: design → manufacture → export → install → service → repeat order. No subscription hype, just steel and servos.
4. Financials Overview (Quarterly Results Locked)
| Metric | Latest Qtr (Dec-25) | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 67.22 | 73.44 | 53.37 | -8.5% | +26.0% |
| EBITDA (₹ Cr) | 8.43 | 12.72 | 6.62 | -33.7% | +27.3% |
| PAT (₹ Cr) | 7.87 | 8.77 | 4.53 | -10.3% | +73.7% |
| EPS (₹) | 3.20 | 3.56 | 1.84 | -10.1% | +73.9% |
Annualised EPS (Q3 rule):
Average of Q1–Q3 FY26 EPS × 4 ≈ ₹17.1 (matches TTM).
Commentary: YoY looks grumpy, QoQ looks
