At a Glance
National Plastic Technologies Ltd (NPTL) just dropped its Q1 FY26 numbers – Sales ₹74 Cr (+7.9% YoY), PAT ₹2.2 Cr (+6.2% YoY). The stock trades at ₹251, still licking wounds from a 50% fall from last year’s highs. With EV supplies kicking in, the company is trying to turn from a commodity player into a growth story. Will it work? Let’s tear this apart.
Introduction
If you thought plastics were boring, think again. NPTL makes injection-moulded products for autos and consumer durables – think bumpers, dashboards, and now EV parts.
Once just another supplier in the crowd, the company is quietly riding the EV boom, though still fighting low margins and intense competition.
Business Model (WTF Do They Even Do?)
- Segments:
- Automotive components (main revenue driver)
- Consumer durables plastic parts
- Recently added EV component supplies to two-wheeler OEMs
- Moat: Low. Plastics is a game of volumes, efficiency, and customer stickiness.
- Edge: Entry into EV plastics could improve margins if scale is achieved.
Financials Overview
Q1 FY26 Highlights:
- Revenue: ₹74.1 Cr (+7.9%)
- EBITDA: ₹6.3 Cr (OPM 8.5%)
- PAT: ₹2.2 Cr (+6.2%)
- EPS: ₹3.65
FY25 Snapshot:
- Sales ₹311 Cr (+16%)
- PAT ₹9 Cr (+9%)
- ROE 19% – decent for a small-cap.
Valuation
- P/E: 16.6 – fair for a small-cap.
- P/B: 2.9 – slightly rich given the industry.
- DCF & Peer Multiples: Suggest fair value ₹230 – ₹270 range.
What’s Cooking – News, Triggers, Drama
- EV Orders: Supplies to two-wheeler EV OEMs – potential game changer.
- Management Changes: Executive director reappointed; governance remains stable.
- Dividend: 0.4% yield – token, but at least they pay.
Balance Sheet
Assets | ₹ Cr |
---|---|
Total Assets | 166 |
Net Worth | 51 |
Borrowings | 60 |
Liabilities | 55 |
Comment: Leverage exists but manageable.
Cash Flow – Sab Number Game Hai
Year | Ops | Investing | Financing |
---|---|---|---|
FY23 | ₹27 Cr | -₹16 Cr | -₹11 Cr |
FY24 | ₹14 Cr | -₹15 Cr | ₹1 Cr |
FY25 | ₹12 Cr | -₹7 Cr | -₹5 Cr |
Take: Positive ops cash flow – but capex and debt repayment eat away liquidity.
Ratios – Sexy or Stressy?
Metric | Value |
---|---|
ROE | 19.1% |
ROCE | 17.3% |
OPM | 8% |
D/E | 1.0 |
P/E | 16.6 |
Auditor’s Joke: Not bad – but not screaming “multi-bagger” either.
P&L Breakdown – Show Me the Money
Year | Revenue | EBITDA | PAT |
---|---|---|---|
FY23 | ₹210 Cr | ₹18 Cr | ₹6 Cr |
FY24 | ₹311 Cr | ₹25 Cr | ₹9 Cr |
FY25 | ₹316 Cr | ₹26 Cr | ₹9 Cr |
Margins are stuck around 8% – a volume play, not a pricing power story.
Peer Comparison
Company | Revenue (₹Cr) | PAT (₹Cr) | P/E |
---|---|---|---|
Supreme Inds | 10,419 | 890 | 62 |
Astral | 5,832 | 519 | 73 |
Time Technoplast | 5,457 | 388 | 26 |
National Plastic | 316 | 9 | 17 |
Comment: Trades at a discount – rightly so, given its size and risk profile.
Miscellaneous – Shareholding, Promoters
- Promoters: 66.25%
- Public: 33.75%
- FIIs: None – no big money betting here yet.
Promoters slightly increased holding – confidence or just accumulation?
EduInvesting Verdict™
National Plastic is a small-cap survivor. With EV supplies starting, growth could pick up, but scaling remains the challenge. Margins are thin, debt is moderate, and competition is fierce.
SWOT
- Strengths: Established OEM relationships, steady ROE.
- Weakness: Low margins, small size, dependence on auto cycles.
- Opportunities: EV component growth, export potential.
- Threats: Rising raw material costs, competition from larger players.
Final Word: Decent numbers, interesting EV angle, but not yet a runaway growth story. Keep it on the watchlist rather than the pedestal.
Written by EduInvesting Team | 29 July 2025
SEO Tags: National Plastic Technologies, Q1 FY26 Results, EV Component Suppliers, Small-cap Auto Stocks