📌 At a glance:
Pyramid Technoplast reported a net profit of ₹661 Cr in Q4 FY25, nearly flat versus ₹729 Cr last year. But while revenues jumped 28% YoY to ₹17,122 Cr, margins compressed, borrowings ballooned, and the stock dipped 2% — suggesting the market wants more than just volume growth. Add a Re. 0.50 dividend, and you’ve got a quarter that’s stable, but not exactly sizzling.
🏭 About the Company
- Business: Industrial packaging player making polymer-based containers used for transporting chemicals, lubricants, agrochemicals, and paints.
- Core Focus: HDPE barrels, MS drums, and IBCs (intermediate bulk containers).
- Clients: Diverse B2B base including FMCG, chemical, and manufacturing sectors.
🧑💼 Key Managerial Personnel
- Jai Prakash Agarwal – Whole-time Director and CFO
- Board also approved a 5-year appointment of RA Gala & Associates as Secretarial Auditor, subject to shareholder approval
📊 Financials (Q4 & FY25)
| Metric | Q4 FY25 | Q4 FY24 | FY25 | FY24 |
|---|---|---|---|---|
| Revenue from Ops (₹ Cr) | 17,122 | 13,365 | 59,134 | 53,242 |
| Total Income (₹ Cr) | 17,191 | 13,451 | 59,514 | 53,716 |
| EBITDA Margin | ~13.8% est. | ~14.7% est. | ~14.3% est. | ~15.0% est. |
| Net Profit (₹ Cr) | 661 | 729 | 2,667 | 2,934 |
| EPS (₹) | 1.90 | 1.92 | 7.38 | 8.49 |
| Dividend | Re. 0.50 | – | Re. 0.50 | – |
💡 Observations:
- Operating profit shrunk sequentially despite topline growth.
- Annual EPS declined YoY.
- Dividend payout is symbolic — Re. 0.50 on a ₹10 face value
💸 Balance Sheet Breakdown (as of March 31, 2025)
| Category | FY25 (₹ Cr) | FY24 (₹ Cr) |
|---|---|---|
| Total Assets | 3,686 | 3,033 |
| Equity Share Capital | 368 | 368 |
| Other Equity | 2,125 | 1,854 |
| Long-Term Borrowings | 276 | 15 |
| Short-Term Borrowings | 268 | 184 |
| Total Borrowings | 544 | 199 |
📉 Debt has increased by ~173% YoY, indicating expansion, but possibly putting stress on leveragePYRAMIDTECHNO_260520251….
🔋 Cash Flow Summary (FY25)
- Operating Cash Flow: +₹350 Cr
- Investing Cash Flow: -₹681 Cr
- Financing Cash Flow: +₹324 Cr
- Net Change in Cash: -₹74 Cr
💰 Company continues to spend aggressively on capex — over ₹680 Cr — including CWIP that rose from ₹143 Cr to ₹449 Cr
📦 Business Insights & Segment Focus
- Operates only in one segment: Industrial Packaging.
- Investment continues in capacity creation — CWIP has tripled.
- Packaging is a competitive, low-margin business, so cost control is key.
📈 Growth Outlook
- FY25 showed 11% YoY growth in total income.
- Revenue per employee and capital productivity not disclosed but will be critical to track in FY26.
- No subsidiaries or consolidation requirements.
- The company seems to be gearing up for larger contracts or clients — but at what cost?
🧠 EduInvesting Take
👀 Look, not all volume growth is equal.
Pyramid delivered good topline growth and a stable dividend. But the muted profit, EPS fall, and rising debt — all while operating in a single low-margin packaging segment — make us raise our eyebrows like a CA reading the fine print in tiny font.
Here’s the packaging, now let’s see what’s inside next quarter.
⚠️ Risks & Red Flags
- 📉 Margins are slipping despite higher revenues.
- 💸 Long-term borrowings rose sharply — may increase interest burden in FY26.
- 🧪 Industry still commoditized — not much pricing power.
- 💣 EPS decline and minimal dividend show limited short-term shareholder return.
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