General information and education, not investment advice. The author is not a SEBI-registered adviser or research analyst. No recommendation, no promised returns. Markets carry risk including loss of capital. Figures may not be current. Always consult a SEBI-registered adviser.
1. At a Glance
Quarterly revenue of ₹222.49 crore, up 35.8% over the ₹163.81 crore of the year-ago quarter. Operating profit ₹20.26 crore against ₹13.34 crore. Net profit ₹10.45 crore against ₹7.91 crore. EPS ₹2.84 against ₹2.15.
For a company whose entire commercial purpose is to make containers that other people fill with chemicals, the quarter was busier than the product line suggests. 87,954 IBCs shipped. 5,226 MT of polymer drums. 2,928 MT of MS drums. Capacity utilisation ran at 62.05%, on quarterly installed capacity of 20,936 MT — which means roughly a third of the machinery spent the quarter in a state best described as available.
Management attributes the revenue growth primarily to price: sharp increases in raw material costs were passed through to customers. Volumes, per the same source, were softer, with IBC export-linked demand affected by the war. Finance cost rose 179% year-on-year and depreciation 61%, both linked by management to the expanded asset base and borrowings.
Meanwhile, the balance sheet did the thing balance sheets do when a company builds nine plants, a 6 MW solar farm and a recycling unit in quick succession: it got considerably larger. Total assets closed FY26 at ₹527.22 crore, up from ₹368.65 crore. Borrowings closed at ₹183.97 crore against ₹55.14 crore.
The board also approved a change of statutory auditor, and set a record date for a ₹0.50 final dividend.
2. Introduction
Pyramid Technoplast was incorporated in 1997 and began producing polymer drums at Silvassa the following year. The company’s own journey slide reads like a man ticking off a list he wrote on a napkin: turnover of ₹100 crore, then ₹200 crore, then ₹400 crore, each one dated, each one apparently celebrated by immediately building another plant.
The Bharuch cluster arrived through the 2010s — polymer drums first, then IBC production, then MS drums from 2016. A design registration for the IBC came along the way. In 2022 the company converted from private limited to public limited, and in 2023 it listed, raising ₹153 crore of which ₹62 crore was an offer for sale; the ₹91 crore fresh issue went to repayment of borrowings, working capital and general corporate purposes.
FY26 was the year the pipeline emptied out all at once. Production started at Wada in Maharashtra. The recycling plant, Unit 9, was commissioned on 3 October 2025. The 6 MW solar plant followed on 30 October 2025, with an additional 5 MW commencing at Bharuch in February and 2.25 MW in Maharashtra. Total solar investment is stated at over ₹60 crore against an estimated ₹15 crore of annual savings — a four-year payback on a machine whose only job is to stop the electricity bill from arriving.
Since then: an EGM on 23 May 2026 approved borrowing and disposal limits up to ₹500 crore. On 11 August 2026 the company announced a new Kutch facility to add 10,000 IBCs per month by March 2027, and ₹35.4 crore of approved subsidies. Two Company Secretaries resigned in the interim — Ms Puja Sharma effective 11 November 2025, and Mr Pramod Yadav effective 25 March 2026.
Revenue over the FY21–FY26 stretch compounded at 17%, taking the top line from ₹313.5 crore to ₹680.91 crore.
US
Now live
US Stocks terminal is live
13,000+ US tickers · EDGAR fundamentals · screener and filings feed — the same terminal, for American markets.
Explore →
3. Business Model: WTF Do They Even Do?
They make the thing your chemical arrives in. That’s it. That’s the business, and it is far more interesting than that sentence deserves.
Three product families. Polymer drums — HDPE, 20 litres to 250 litres, sold in varieties named with the bluntness of a species catalogue: Narrow Mouth, Wide Mouth, Full Open Top, and Jerry Cans. IBCs — the 1,000-litre cube in a steel cage, available on steel, plastic, composite or wooden pallets, all four of them 1,200mm long and 1,000mm wide and differing chiefly in the height of the pallet underneath, which is a range of choice you either need desperately or do not need at all. MS drums — mild steel, 200 to 210 litres, in General Purpose, Epoxy Coated, Composite, Galvanized and Open Top, with UN certification and conformity to IS 1783:2014.
Backward integration covers caps, lids, handles, bungs and lugs, made in-house by injection moulding while the drums themselves come off blow moulding lines. The recycling plant closes the other end: 5,000 MT a year, capable of covering 10–12% of raw material needs.
Nine manufacturing units, six of them clustered in Vilayat Vagra GIDC, Bharuch, two in Silvassa, one at Wada. Total installed capacity 83,745 MTPA. The company also runs a fleet of 99 trucks,
