1. At a Glance – Blink and You’ll Miss It
National Plastic Technologies is one of those companies that never trends on Twitter, never appears on CNBC screaming panels, and yet quietly compounds in the background like that disciplined kid in class who topped without tuition. Current market cap sits at ₹143 Cr, stock price around ₹235, down ~33% YoY, which already tells you sentiment is sulking while fundamentals are still doing their daily cardio.
Latest Q3 FY26 numbers:
- Revenue: ₹88.68 Cr
- PAT: ₹2.76 Cr
- EPS: ₹4.54
Margins are boring but consistent: OPM ~8%, ROCE 17.2%, ROE 19.1%. Debt? Yes. Debt-to-equity ~1.04 — not scary, but not gym-fit either. Promoters hold 66.3%, zero pledge, slowly inching up quarter after quarter like they actually believe in their own factory machines.
Valuation-wise, the stock trades at ~14× earnings versus industry PE of 21×. No champagne popping, but no valuation hangover either. The company just posted ~28.5% QoQ profit growth, while the stock politely ignored it and continued sulking.
Question before we go deeper: Is this a sleepy plastic vendor… or a silent auto-EV ancillary compounding machine?
2. Introduction – Plastic That Pays the Bills
Founded in 1989, National Plastic Technologies manufactures injection-moulded plastic components for automotive and consumer durables. Translation: they make the stuff you never notice unless it breaks.
Door trims, lamp housings, HVAC parts, claddings, two-wheeler body parts — not sexy, not Instagrammable, but absolutely essential. If you’ve ever sat on a scooter, slammed a car door, or cursed at a dashboard rattle, chances are some component like this was involved.
What’s changed recently?
Two things:
- EV entry – The company has started supplying plastic parts to electric two-wheeler manufacturers, which suddenly moves them from “legacy auto supplier” to “EV-adjacent uncle who now understands lithium”.
- Capacity expansion – A new Hosur unit commissioned in May 2023, adding ~2,000 TPA (~15% capacity) focused on two-wheelers and EVs.
This isn’t a story of explosive disruption. It’s a story of steady execution, incremental capacity, and OEM relationships that don’t vanish overnight.
But here’s the real question: Can boring plastic
still generate exciting cash flows?
3. Business Model – WTF Do They Even Do?
Let’s simplify.
OEMs like TVS Motor, Hero MotoCorp, Whirlpool, Mobis, Lumax don’t want to mess around with moulds, tooling, and plastic chemistry. They want parts delivered on time, in spec, every day, preferably without drama.
National Plastic does exactly that.
What they make:
- Interior trims – dashboards, panels, covers
- Exterior trims – visible plastic bits that need both strength and finish
- Lamp housings – precision + heat resistance
- HVAC components – boring but critical
- Two-wheeler & EV plastic body parts
- Blow-moulded components
How they make money:
- Long-term OEM supply contracts
- High switching costs (moulds + qualification cycles)
- Volume-driven, not margin-driven
- Predictable orders, limited pricing power
Manufacturing footprint:
- 5 plants across Tamil Nadu (Hosur, SIPCOT), Puducherry, Haryana (Faridabad), Himachal Pradesh (Nalagarh)
- New Hosur plant operational
- Faridabad plant to be shut by Mar-2026, production consolidated to Puducherry (turnover impact ~₹20 Cr)
This is classic ancillary economics:
You won’t become rich overnight, but you won’t go bankrupt if your OEMs stay alive.
Now tell me honestly — would you rather own a flashy startup burning cash, or a plastic moulding shop that prints ₹10 Cr PAT quietly?
4. Financials Overview – Numbers Without Makeup
Quarterly Performance (Q3 FY26)
(Figures in ₹ Crores)
| Metric | Latest Qtr (Dec-25) | YoY Qtr (Dec-24) | Prev Qtr (Sep-25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 88.68 | 79.05 | 88.86 | 12.2% | -0.2% |
| EBITDA | 7.11 | 6.36 | 6.88 | 11.8% | 3.3% |
| PAT | 2.76 | 2.28 | 2.71 | 21.1% | 1.8% |
| EPS (₹) | 4.54 | 3.75 | 4.46 | 21.1% | 1.8% |
Annualised EPS (Q3 rule):
Average of Q1–Q3 FY26
