1. At a Glance
From toddler toys to construction jobwork, this ₹7.3 Cr microcap is high on ambition and low on…everything else. After decades of barely-there operations and a balance sheet thinner than tissue paper, it’s posted a profit in FY25. Is it serious now, or is it still playing dress-up?
2. Introduction with Hook
Imagine Barbie got tired of being plastic and decided to become a civil contractor. Welcome to Ambitious Plastomac, where the business model changes faster than a toddler’s attention span.
- FY25 net profit: ₹8 lakh
- FY25 sales: ₹6.68 Cr
- Book value: –₹1.15 (you read that right, negative)
- ROCE: A ridiculous 112% — but on what capital? Good question.
A company so ambitious, even the auditors stuck around just to see what happens next.
3. Business Model (WTF Do They Even Do?)
Two-part origin story:
- Toy manufacturer for toddlers:
- No sharp edges, no toxic paint, no batteries — just vibes.
- Currently doing construction jobwork:
- Project execution & infra-related services.
- Specific clients? Unknown. Contracts? Hidden. Margins? Barely visible.
So it’s a pivot from battery-free plastic toys to cement-free buildings. Bravo.
4. Financials Overview
FY25 Snapshot:
| Metric | Value |
|---|---|
| Sales | ₹6.68 Cr |
| Net Profit | ₹0.08 Cr |
| OPM | 0.90% |
| EPS | ₹0.14 |
| ROCE | 112.5% |
| Market Cap | ₹7.29 Cr |
| P/E | 91.1x |
This is what we call “operating on faith, not fundamentals.”
5. Valuation
Current Price: ₹12.5
Earnings: ₹8 lakh
Book Value: –₹1.15
P/E: 91x
Let’s pretend we’re Warren Buffett with a caffeine overdose.
Valuation Range:
- Aggressive (based on FY25 P/E 40): ₹5–₹6
- Neutral (PEG-adjusted): ₹3–₹4
- Conservative (based on NAV): ₹0–₹1 (because negative BV)
Fair Value Range: ₹1 – ₹6
The market’s at ₹12.5. Math just left the building.
6. What’s Cooking – News, Triggers, Drama
Latest Shenanigans:
- FY25: ₹6.68 Cr sales, ₹8 lakh PAT = Actual activity!
- May 2025: Auditor re-appointed, unmodified opinion — which in this world counts as a celebration.
- No new contracts or verticals disclosed.
- No investor presentations. No concalls. Just the financials, baby.
Future triggers?
- Maybe a merger.
- Maybe new promoter.
- Or maybe a plastic dinosaur revival.
7. Balance Sheet
| Item | FY25 |
|---|---|
| Equity Capital | ₹5.81 Cr |
| Reserves | –₹6.48 Cr |
| Borrowings | ₹0.80 Cr |
| Other Liabilities | ₹5.22 Cr |
| Total Assets | ₹5.35 Cr |
Insights:
- Negative net worth since 2014.
- Borrowings creeping up — but still manageable.
- No fixed assets at all. What infra work are they even doing? With LEGO bricks?
8. Cash Flow – Sab Number Game Hai
| Year | CFO | CFI | CFF | Net |
|---|---|---|---|---|
| FY23 | –₹0.46 Cr | ₹0 Cr | ₹0.47 Cr | ₹0.01 Cr |
| FY24 | ₹0.10 Cr | ₹0 Cr | –₹0.11 Cr | –₹0.01 Cr |
| FY25 | –₹0.04 Cr | ₹0 Cr | ₹0.02 Cr | –₹0.02 Cr |
Translation:
All the cash flows are in lakhs, and none are exciting. Net cash flow looks like the salary of a fresher in 1998.
9. Ratios – Sexy or Stressy?
| Ratio | FY25 |
|---|---|
| ROCE | 112.5% |
| OPM | 0.90% |
| Debtor Days | 277 |
| CMP/BV | Infinite |
| P/E | 91x |
Analysis:
- ROCE is high only because capital is barely there.
- 277 days receivables = the infra clients are likely ghosts.
- CMP/BV = Astronomical due to negative book value.
10. P&L Breakdown – Show Me the Money
| Year | Sales | Expenses | Net Profit |
|---|---|---|---|
| FY23 | ₹0 Cr | ₹0.48 Cr | –₹0.48 Cr |
| FY24 | ₹5.96 Cr | ₹5.93 Cr | ₹0.06 Cr |
| FY25 | ₹6.68 Cr | ₹6.62 Cr | ₹0.08 Cr |
Trend:
Loss to profit — technically a turnaround, but barely profitable, and margins flatter than A4 paper.
11. Peer Comparison
| Company | CMP | P/E | ROCE | Sales (₹ Cr) | PAT |
|---|---|---|---|---|---|
| Redington | ₹300 | 20x | 18.9% | 99,333 | ₹1,170 Cr |
| MSTC | ₹530 | 19x | 25.5% | 310 | ₹196 Cr |
| BN Holdings | ₹250 | 123x | 11.1% | 299 | ₹20 Cr |
| Ambitious Plasto | ₹12.5 | 91x | 112.5% | 6.68 | ₹0.08 Cr |
Verdict:
Ambitious Plasto is like a popcorn vendor trying to compete with McDonald’s based on “ROCE alone.” Not in the same league. Not even the same sport.
12. Miscellaneous – Shareholding, Promoters
| Shareholder Type | % Holding |
|---|---|
| Promoters | 24.7% |
| Public | 75.3% |
| Total Shareholders | 4,430 |
Red Flags:
- Promoter holding very low.
- Book value negative for over a decade.
- No recent capex, no plant, no machines — just projects (somehow).
13. EduInvesting Verdictâ„¢
Ambitious Plastomac: Resurrected or Just Rebranded?
The company finally posted a profit after years in the ICU. That deserves a slow clap. But the fundamentals remain flaky. With almost no promoter skin in the game, high debtors, and an unclear growth roadmap, this ambition feels like a child’s dream job list: astronaut, actor, and cement contractor.
What to Watch:
- Revenue consistency
- Promoter buying (or new ones entering)
- Proof of execution: real contracts, fixed assets, or even a decent margin
Until then, it’s just ambition without ammunition.
Metadata
– Written by EduInvesting Analyst Team | 13 July 2025
– Tags: Ambitious Plastomac, microcap, construction, turnaround, infra jobwork, BSE526439, negative book value, promoter holding low, penny stock research, funny stock analysis
