Ecoplast Ltd Q2 FY26: ₹35.7 Cr Revenue, ₹2.02 Cr PAT – Plastics That Stick… Literally
1. At a Glance
Ecoplast Ltd, the Valsad-based maestro of multilayer co-extruded plastic films, just dropped its Q2 FY26 numbers, and it’s giving off more stickiness than their own EcoProtect films. Market cap sits comfortably at ₹174 Cr, with the stock flirting around ₹503, down just 4.34% over the past three months — a gentle nudge compared to its 6-month tumble of 15%. P/E is 21.2, ROCE is a respectable 20.2%, and the debt-to-equity ratio is a meager 0.04 — practically debt-free, like a kid refusing to share their chocolate.
The company reported ₹35.73 Cr in quarterly sales, up 17.7% YoY, while PAT jumped 15.43% to ₹2.02 Cr. With an OPM hovering around 9%, Ecoplast is squeezing every bit of margin from its polymer playground. Their promoter holding remains strong at 64.8%, showing that the family still has its hands firmly on the glue gun… or plastic extruder, in this case.
So, do you want to stick around to see how their financials, ratios, and corporate drama stack up, or are you already feeling a bit sticky just reading this?
2. Introduction
Plastic, plastic everywhere, and Ecoplast Ltd is making sure none of it slips past unprotected. Founded in 1981, this company has spent decades perfecting the art of covering steel, aluminum panels, carpets, tiles, and even your patience with their multi-layer films. While some might scoff at the packaging biz as mundane, Ecoplast thrives on complexity: multilayer co-extrusion, specialty films, adhesive laminates — a veritable buffet of polymer wizardry.
In the last quarter, they reported ₹35.73 Cr in sales and ₹2.02 Cr PAT. Not headline-grabbing in absolute terms, but in the niche world of protective films, these numbers matter. Why? Because margins are hard-earned here. While the broader market chases the next EV battery or SaaS unicorn, Ecoplast is quietly growing its niche revenue streams in Food & Beverages, Pharma, Agro Films, and Export markets spanning Canada, USA, UK, Dubai, and beyond.
On the surface, everything looks polished, like their EcoProtect films. But under the hood, working capital days have ballooned to 114 — someone’s cash is hanging out longer than a tourist in Valsad. Still, with near-zero debt and a decent ROE of 14.6%, the fundamentals stick better than one of their laminates.
Want to see how this company’s numbers actually stack up in a proper financial roast? Buckle up.
3. Business Model – WTF Do They Even Do?
Ecoplast Ltd manufactures and sells co-extruded plastic films — fancy way of saying they make multi-layered plastic sheets that can protect your fridge, tiles, steel panels, or even your sandwich if you’re creative. Their portfolio includes:
EcoGen Lamination Films: Laminating sheets for packaging. Think of it as gift-wrapping your products, only industrial-grade.
EcoProtect Surface Protection Films: Dust, scratch, and environmental shield for panels, tiles, and metals. Basically a tiny personal bodyguard for your products.
EcoBond Adhesive Films: Sticky films for ACP and aluminum honeycomb panels. If it’s sticky, it’s probably theirs.
EcoPrime Specialty Films: Specialized and metallized PE films for unique applications. They are the James Bond gadgets of the plastics world.
Clients are everywhere: food packaging, cosmetics, cables, cement, automobiles, medical, pharmaceuticals — basically if you’ve got a product that shouldn’t get scratched, Ecoplast is there. They even export, showing that Indian plastic ingenuity can travel more than the average millennial.
So yes, they’re basically a high-tech gift wrapper that also moonlights as a protective services company. A weird niche, but a profitable one if you do it right — and Ecoplast has been doing it since 1981.
4. Financials Overview
Ecoplast Ltd – Q2 FY26 (Consolidated, ₹ Cr)
Metric
Latest Qtr
YoY Qtr
Prev Qtr
YoY %
QoQ %
Revenue
35.73
30.34
34.33
17.73%
4.0%
EBITDA
3.18
2.91
2.89
9.3%
10.0%
PAT
2.02
1.75
2.08
15.4%
-2.9%
EPS (₹)
5.85
5.83
6.02
0.3%
-2.8%
Commentary: Revenue is climbing steadily, though the QoQ growth is modest. Profit margin pressures are visible as PAT slightly dips versus the previous quarter, perhaps hinting at operational costs or raw material inflation. EPS is holding its ground, showing the promoters know how to keep the shareholders glued.
5. Valuation Discussion – Fair Value Range
We’ll use three lenses: P/E, EV/EBITDA, and a simplistic DCF.
