Ecosure Pulpmolding Technologies Ltd
Moulded-fibre packaging maker riding the plastic-ban shift, with high returns on a tiny equity base.
Market cap
₹128.88 Cr
3.58 Cr shares
P/E ratio
22.22
Sector average 35
Book value
₹1.98
P/B 18.18
1-year return
-26.21%
52w ₹28 – ₹52
Currently 33% of the way through its 52-week range.
Indicative price history
1Y change
-25.00% ₹48 → ₹36
52-week band in this window: ₹30.18 – ₹49.12. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Moulded-pulp packaging replacing plastic and polystyrene.
- Dealer data show ROE above 80% and P/E near 32.
- Lots of 5,000 shares at ₹30-52.
About Ecosure
Ecosure Pulpmolding Technologies Ltd designs and manufactures moulded-pulp packaging: egg trays and cartons, fruit trays, cup carriers, protective cushioning for electronics and appliances, and thermoformed fibre food-service items made from recycled paper and bagasse. The products replace expanded polystyrene and single-use plastics banned under India's 2022 rules, and the company also builds pulp-moulding machinery and lines for other converters.
Dealer valuation data show a small but highly profitable business: profit after tax of roughly ₹5-6 Cr on revenue estimated near ₹75 Cr, with return on equity above 80% because the equity base is only a few crore. About 3.6 Cr shares are implied by the market value at dealer quotes, which have ranged from ₹30 to ₹52 in lots of 5,000.
The opportunity is the substitution of plastic packaging by fibre in food, electronics and e-commerce, where demand is growing at double digits. The constraints are capital for new lines, competition from larger paper groups entering the segment, and the volatility of waste-paper prices.
Registry details, director names and the office address were not available in the sources used; financial lines are estimates derived from dealer ratios. Line items are reconstructed around reported totals; treat them as approximate.
Where the revenue comes from
- Egg and produce packaging45%
Trays and cartons for poultry and fruit
- Industrial and electronics cushioning30%
Protective moulded-pulp inserts
- Food-service and thermoformed items15%
Plates, bowls, cup carriers
- Machinery and services10%
Pulp-moulding lines for other converters
Products & services
Egg trays and cartons
Moulded-fibre poultry packaging.
Protective cushioning
Custom inserts for appliances and electronics.
Food-service fibre products
Plates, bowls and cup carriers.
What works
- • Positioned in sustainable packaging with regulatory tailwinds from single-use plastic bans.
- • High return on capital and asset-light manufacturing with in-house machine building.
- • Diversified customer base across eggs and produce, food service and industrial cushioning.
What to watch
- • Small scale and a thin equity base; growth needs external capital that could dilute holders.
- • Waste-paper and energy costs drive margins; larger paper companies can undercut on price.
- • Dealer quotes fell from ₹52 to ₹30 within a year; liquidity is poor.