1. At a Glance – The Plot Twist Nobody Ordered
There are companies that reinvent themselves… and then there are companies that confuse even their own shareholders.
Welcome to Kabra Extrusion Technik Ltd, where a 40% market share in plastic extrusion somehow coexists with a loss-making battery dream, a collapsing margin profile, and management resignations popping up like Diwali crackers.
Revenue? Down.
Profit? Negative.
Margins? Evaporating faster than your salary after Zomato Gold.
And just when you think things can’t get more interesting — boom — a ₹133 crore battery order lands out of nowhere.
So what is this company exactly?
A boring, stable plastic machinery business?
An EV battery hopeful?
Or a midlife crisis in corporate form?
Because right now, it looks like a company trying to be two different Netflix shows at once — and both are buffering.
2. Introduction – From Plastic Pipes to EV Hype
Back in 1982, Kabra Extrusion started life doing something very simple: making machines that make plastic products.
Yes. A classic B2B, industrial, cash-generating, “uncle stock”.
For decades, it quietly built a strong position:
- 15,000+ installations
- Presence in 100+ countries
- ~40% market share in extrusion machinery
This is not a small achievement. In fact, this is dominance.
But then… like every Indian company post-2020… it discovered the magical word:
“EV”
And suddenly:
- Lithium-ion batteries
- Battery swapping
- BESS (Energy Storage Systems)
- E-3 wheelers
- E-4 wheelers
Boss, full transformation.
From “plastic pipe machine” to “Tesla ka chota cousin”.
But here’s the problem:
👉 The extrusion business makes money
👉 The battery business… doesn’t
And now you have a company split into:
- One mature, stable cash generator
- One ambitious, subsidy-dependent, loss-making segment
Question for you:
Are they building the future… or burning the present to chase it?
3. Business Model – WTF Do They Even Do?
Let’s simplify this chaos.
1) Extrusion Machinery (74% of revenue FY25)
This is the OG business:
- Machines that produce pipes, films, sheets
- Used in packaging, infrastructure, industrial sectors
- Strong R&D + global export presence
Basically:
If plastic is being shaped somewhere… Kabra probably sold the machine.
This segment = reliable uncle who pays bills.
2) Battery Division (Geon) – 26%
Now the drama:
- Lithium-ion battery packs
- EV-focused (2W, 3W, commercial vehicles)
- BESS (energy storage systems)
- New entry into home inverter batteries (B2C)
Sounds exciting right?
Except:
👉 FAME II subsidy changes hit volumes
👉 Profitability is struggling
👉 Business still scaling
Translation:
Revenue dream big, profit still missing.
3) BMS (Battery Management System)
Acquired Varos Technology.
This gives them:
- In-house battery brains (BMS)
- Control over design, testing, integration
Good move strategically.
But strategy doesn’t pay EMIs… profits do.
4. Financials Overview – Reality Check Time
Quarterly Results
