1. At a Glance – The Plastic Bag That Traveled the World
Kanpur Plastipack Ltd is what happens when a 1971-born industrial company quietly survives every economic mood swing and still ships its bags to half the planet. Market cap sits around ₹490 crore, the stock trades near ₹204, and yes—this is one of those boring-looking companies that suddenly wakes up and posts 19% YoY quarterly sales growth and 23% profit growth, just to remind everyone it still exists.
Q3 FY26 standalone revenue came in at ₹191.7 crore, PAT at ₹9.23 crore, and EPS at ₹3.84 for the quarter. Exports contribute roughly 70% of revenue, making this less “Kanpur” and more “global logistics accessory.” ROCE is about 12%, ROE ~10.7%, and debt has cooled down to ₹132 crore, which is refreshingly non-terrifying.
Valuation? P/E ~13.6, EV/EBITDA ~8.5. Not expensive, not dirt cheap—basically priced like a mid-cap that has finally learned how to behave. The big headline: CPP film business sold, focus back on Raffia (FIBC, fabrics, sacks), solar power humming in the background, and a fresh JV + capex cycle underway.
So… is this a boring exporter or a sneaky turnaround story in polypropylene clothing? Let’s unpack.
2. Introduction – From Kanpur to Kansas
Kanpur Plastipack started in 1971, back when “plastic” was still a futuristic word and ESG was not even a thought experiment. Over five decades later, the company has quietly built itself into a global supplier of FIBC jumbo bags, PP woven sacks, yarns, and fabrics, exporting to the US, Europe, Japan, Australia, Africa—you name it.
For years, the company tried to juggle multiple businesses: plastics, CPP films, even solar power generation. Some worked, some didn’t. The CPP division, in particular, turned out to be that side hustle which drains energy but refuses to make money. Management finally did the sensible thing—sold the CPP division to SRF Ltd for ₹49.25 crore, with proceeds earmarked for debt repayment. No drama. No ego. Just clean-up.
Meanwhile, the core Raffia business—FIBC, PP fabrics, sacks, yarn—kept grinding. Volumes rose, export relationships deepened, and margins slowly stabilised after years of raw-material mood swings. FY25 and FY26
so far show a company that looks less confused and more focused.
Add to this:
- Solar power capacity of ~16.2 MW, mostly captive
- Capex announcements for FIBC and non-woven expansion
- A 50:50 JV with Essegomma (Italy) for high-performance polypropylene yarn
This is not a hype stock. It’s a factory stock. The question is: is the factory finally running at the right speed?
3. Business Model – WTF Do They Even Do?
Let’s simplify before the polymers start flying.
Core Business: Raffia Products
Kanpur Plastipack’s bread and butter is Raffia-based plastic products, mainly used for bulk packaging in chemicals, food, agriculture, cement, and industrial materials.
Key Products
- FIBCs / Jumbo Bags: Type A, B, C, food-grade, UN-certified, recycled (rPP)
- PP Woven Sacks & Fabrics: Circular, Sulzer, ventilated
- Yarns & Webbing: PP multifilament yarn, crimp yarn, taslan, monofilament
- Others: Liners, body bags, master batches, filler cords
If it’s made of polypropylene and carries something heavy across borders, Kanpur Plastipack probably makes it.
Business Segments
- Plastic Division – Main revenue engine
- Solar Power Division – Captive power, cost control
- CPP Division – Sold, exited, goodbye
Production capacity across four plants is roughly 30,300 MT, with FY23 production split across FIBC, MFY, fabrics, liners, sacks, and others.
This is a volume + export + efficiency game. No branding flex, no consumer love—just repeat orders, certifications, and logistics discipline. Simple. Brutal. Effective.
4. Financials Overview – The Quarter That Behaved
Quarterly Comparison Table
