1. At a Glance – Blink and You’ll Miss the Turnaround
₹132 Cr market cap. Stock chilling at ~₹97, down ~15% in 6 months, while Q3 FY26 just casually dropped a 224% QoQ profit jump like it’s no big deal. Quarterly revenue at ₹86 Cr, PAT at ₹4.71 Cr, EBITDA margin jumped to 11.24%, and EPS printed ₹3.47 in a single quarter.
Promoters hold 67.8%, debt sits at ₹62.4 Cr, ROCE ~10.4% (still warming up), and valuation is sitting at ~11.4x P/E—cheap enough to raise eyebrows, not cheap enough to switch off the brain.
Exports are growing like a startup pitch deck (110–144% YoY depending on segment), healthcare furniture brand Furnastra is flexing overseas, and management is whispering a bold ₹1,000 Cr revenue dream by FY28.
Question is simple: Is this a real compounding plastic story… or just a very well-molded quarterly pop?
2. Introduction – Plastic Is Boring, Until It Isn’t
Plastic packaging companies are usually ignored like the instruction manual of a mixer grinder. Everyone uses them, nobody respects them. Mitsu Chem Plast lived in that zone for years—steady sales, okay margins, decent clients, but nothing to make Twitter threads orgasm.
Then Q3 FY26 happened.
Profits tripled. Margins expanded. Exports exploded. Suddenly this ₹130-odd Cr smallcap is showing signs of operational swagger.
But before we start dreaming of Mold-Tek level rerating fantasies, let’s slow down. Mitsu has history—good years, meh years, debt-heavy phases, margin compression, promoter dilution via rights issue. This is not a fairy tale startup; this is a 30+ year old factory-floor veteran trying to reinvent itself in a tougher, ESG-obsessed, export-hungry world.
So the real question isn’t “Can Mitsu grow?”
It’s “Can Mitsu scale profitably without choking on debt and working capital?”
3. Business Model – WTF
Do They Even Do?
Think of Mitsu as the invisible supplier behind things you actually care about.
A) Industrial Packaging (86% of revenue)
Drums, containers, jars, pails, caps—blow-molded and injection-molded plastic used by chemicals, pharma, FMCG, lube oil, agrochem players.
Clients include Godrej, Tata, BASF, Cipla, Castrol, Grasim, Aarti Industries—basically companies that don’t tolerate supplier nonsense.
Margins here are okay, not sexy. Volumes matter. Efficiency matters. Raw material prices decide your mood.
B) Healthcare Furniture – Furnastra (11%)
This is where management is clearly emotionally invested.
Hospital beds, railings, CPR boards, over-bed tables—plastics that hospitals abuse daily. Exports here grew 144% YoY, with presence across Middle East, Europe, US, Japan.
Higher margin. Brand-led. Less commodity risk.
Also, more certifications, more quality headaches.
C) Custom & Infra Parts (2–3%)
Seats, caps, baby products, stadium seating—small but strategic. This is the optionality bucket.
Manufacturing capacity: ~28,000 MT per annum across Tarapur & Khalapur. Capacity additions are ongoing—small, disciplined, internally funded (music to an investor’s ears).
Lazy explanation over. Now let’s open the financial kitchen.
4. Financials Overview – Numbers Don’t Lie, But They Flirt
Quarterly Comparison (₹ Cr)
| Metric | Latest Q3 FY26 | Q3 FY25 | Q2 FY26 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 86.00 | 80.46 | 92.42 | +6.9% | -6.9% |
| EBITDA | 9.67 | 5.51 | 5.88 | +75% | +64% |
| PAT | 4.71 | 1.48 | 1.88 | +218% | +151% |
| EPS (₹) | 3.47 | 1.09 | 1.38 | +218% | +151% |
