1. At a Glance
Machino Plastics Ltd is that quiet auto-ancillary guy standing next to Maruti Suzuki at every family function, smiling politely and borrowing money from the bank to look richer than it is. Market cap sits at ₹177 Cr, stock price around ₹288, and the business clocks ₹456 Cr in annual sales. Sounds decent, right? Now zoom in: Debt of ₹220 Cr, Debt-to-Equity of 3.33, Interest Coverage of 1.34, and a Q3 FY26 PAT loss of ₹1.47 Cr.
Sales are growing (TTM growth ~25%), margins hover around 7% OPM, but profits behave like Delhi traffic—unpredictable and emotionally exhausting. The company’s big flex is being India’s first and largest plastic bumper and dashboard manufacturer. The big risk is that ~90% of revenue comes from one client—Maruti Suzuki.
ROCE at 11.8% and ROE at 14.5% look okay on paper, but the balance sheet whispers, “Boss, thoda sambhal ke.” Over the last three months, the stock is down ~16%, while one-year returns are still a respectable ~19%. Confused already? Good. That’s exactly the Machino Plastics experience.
2. Introduction
Machino Plastics is not a flashy story. No unicorn dreams. No AI buzzwords. Just plastic bumpers, dashboards, and a deep emotional attachment to Maruti Suzuki. Founded in the late 80s as a JV with the Machino Group, Suzuki Motor Corporation, and Maruti Suzuki India, this company grew up inside Maruti’s ecosystem like a factory-floor sibling.
For decades, this relationship was a blessing. Stable orders, predictable volumes, and long-term visibility. But every blessing, when taken too far, becomes a dependency. And Machino today looks less like a diversified auto component supplier and more like a Maruti captive vendor with listed shares.
The recent years tell a mixed story. Revenues are rising, capacity is expanding, and a new plant is coming up near Kharkhoda to service Maruti’s upcoming mega facility. At the same time, profits are volatile, debt has ballooned, credit ratings have been downgraded, and cash flows are under pressure.
So what are we looking at here? A boring but essential supplier scaling up with India’s auto growth? Or a leveraged balance sheet walking a tightrope where one OEM sneezes and
the lender catches a cold?
Let’s open the bonnet.
3. Business Model – WTF Do They Even Do?
Machino Plastics manufactures injection-moulded plastic components—primarily bumpers, dashboards, grilles, and under-hood parts. Basically, if it’s plastic and sits inside or outside your car, Machino probably made it… as long as your car is a Maruti.
The company offers a turnkey solution:
- Design
- Tooling
- Manufacturing
- Assembly
This is not a “make-to-order toy factory.” These are complex, high-precision parts where OEMs prefer long-term partners because switching costs are real. Tooling investments are heavy, quality standards are unforgiving, and just-in-time logistics mean you can’t mess around.
Machino operates multiple plants in Gurugram, Manesar, and Pithampur, with 63 injection moulding machines ranging from 100 to 3,150 tons. There’s Japanese robotics, vibration welding, and an in-house tool room capable of handling 30-ton tools. Translation: serious industrial setup, not jugaad.
Clients include Eicher, Volvo, VECV, Suzuki Motorcycle, and others—but let’s not kid ourselves. Maruti Suzuki alone contributes ~90% of revenue. No own brand. No aftermarket power. Just OEM dependency, executed well.
Question for you: would you call this focus… or concentration risk wearing a helmet?
4. Financials Overview
Quarterly Performance (Figures in ₹ Crores)
| Metric | Latest Qtr (Dec FY26) | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 125.81 | 93.69 | 109.66 | 34.3% | 14.7% |
| EBITDA | 8.67 | 8.45 | 5.86 | 2.6% | 47.9% |
| PAT | -1.47 | 1.54 | 0.55 | -195% | -367% |
| EPS (₹) | -2.40 | 2.51 | 0.90 | -195% | -367% |
Yes, sales are flying. Yes, EBITDA bounced back QoQ. But PAT went negative thanks to interest cost (₹5.16 Cr) and higher depreciation (₹5.18 Cr).
