1. At a Glance – Blink and You’ll Miss the Plot
₹154 crore market cap.
₹445 stock price.
-16% in 6 months.
-27% in 1 year.
And yet… ROCE at 20.2%, debt at a laughable ₹2.87 crore, and a balance sheet that looks like it drinks green juice every morning.
Welcome to Ecoplast Ltd, a microcap plastic film maker that behaves like a disciplined midcap until quarterly results show up and slap you with a -33.5% QoQ PAT drop.
Q3 FY26 numbers look like this:
- Revenue: ₹36.07 crore (+8% YoY)
- PAT: ₹1.41 crore (ouch)
- EPS: ₹4.08
- OPM: 7.2% (slipping like a wet plastic sheet)
The stock trades at ~20.5x P/E, roughly in line with industry median, but price action suggests the market is in “bhai ruk ja, dekhte hain” mode.
Is this a boring compounder going through a bad quarter, or a working-capital-heavy plastic nightmare in disguise?
Let’s open the rolls. Carefully. No scratches please.
2. Introduction – A 40-Year-Old Company Acting Like a Startup
Founded in 1981, Ecoplast has survived polymer cycles, oil shocks, demonetisation, GST, COVID, and now… quarterly mood swings.
The company operates in co-extruded plastic films, which sounds boring until you realise:
- These films protect steel sheets, ACP panels, tiles, glass, pharma packs
- If you’ve ever peeled a protective layer off a new appliance – congratulations, you’ve met Ecoplast without knowing it
Over the last 3 years, profits grew at 98% CAGR (yes, ninety-eight).
Over the last 12 months, profits fell 18%.
Classic smallcap behaviour:
- Long-term story: “steady industrial supplier”
- Short-term reality: “why is PAT crying this quarter?”
And yet promoters sit at 64.8%, zero pledging, and recently spent money on capacity expansion and mergers instead of fancy PowerPoint decks.
So no, this isn’t a story stock.
This is a manufacturing execution stock pretending to be boring.
3. Business Model – WTF Do They Even Do?
Ecoplast makes multilayer co-extruded polyethylene films.
In simple words:
Plastic films with multiple layers, each doing a specific job – strength, adhesion, protection, sealing.
Their product buckets:
- EcoGen™ – Lamination films
- EcoProtect™ – Surface protection films (steel, ACP, glass, tiles)
- EcoBond™ – Adhesive films for fire-rated panels
- EcoPrime™ – Speciality & metallised films
This isn’t FMCG packaging glamour.
This is industrial packaging muscle.
Their customers don’t care about branding. They care about:
- Uniform thickness
- Consistent adhesion
- Zero defects
- On-time delivery
One bad batch = rejected shipment = angry OEM.
This explains why margins are steady but not sexy and why working capital can explode if customers delay payments.
Question for you:
Would you rather sell shampoo bottles or sell the invisible layer protecting ₹10 lakh steel panels?
4. Financials Overview – Numbers That Argue With Each Other
Quarterly Comparison Table (₹ Crore)
| Metric | Latest Qtr (Dec-25) | YoY Qtr (Dec-24) | Prev Qtr (Sep-25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 36.07 | 33.39 | 35.73 | +8.0% | +1.0% |
| EBITDA | 2.60 | 3.38 | 3.18 | -23.1% | -18.2% |
| PAT | 1.41 | 2.12 | 2.02 | -33.5% | -30.2% |
| EPS (₹) | 4.08 | 7.07 | 5.85 | -42.3% | -30.3% |
Annualised EPS (Q3 rule)
Average EPS of Q1–Q3 FY26 ≈ ₹5.98
Annualised EPS ≈ ₹23.9
At ₹445 price
