Plastene India Ltd
India's second-largest FIBC (jumbo bag) maker and flagship of Ahmedabad's Champalal Group, with ₹600 Cr-plus revenue and a lapsed 2011 IPO.
Market cap
₹267.9 Cr
2.82 Cr shares
P/E ratio
72.52
Sector average 22
Book value
₹57.52
P/B 1.65
1-year return
+0.00%
52w ₹95 – ₹95
Currently 0% of the way through its 52-week range.
Indicative price history
1Y change
+0.00% ₹95 → ₹95
52-week band in this window: ₹95.00 – ₹95.00. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Second-largest FIBC manufacturer in India; flagship of the Champalal Group.
- Revenue ₹532 Cr in FY24 and about ₹620 Cr in FY25; thin net margins.
- 2.82 Cr shares of ₹10; DRHP filed in 2011 lapsed.
About Plastene India
Plastene India Limited, incorporated on 16 October 1998, is the flagship of the Champalal Group and one of India's largest makers of flexible intermediate bulk containers (FIBCs), PP/HDPE woven sacks, tarpaulins, and multilayer films. Its main plant at Nani Chirai near Gandhidham, Kutch, started in 2005 close to the Kandla and Mundra ports, which suits its export-heavy FIBC business.
The company filed a draft prospectus with SEBI in 2011 for a public issue that never launched; it has remained unlisted since. Paid-up capital is ₹28.20 Cr (2.82 Cr shares of ₹10) against authorised capital of ₹36.10 Cr.
Revenue was ₹532 Cr in FY24 and grew about 17% in FY25 to an estimated ₹620 Cr, but profitability is thin: net profit has been in the low single-digit crores and return on equity has averaged under 7% over three years. Working-capital swings (receivables and payables) have dominated cash flow in past years.
Figures preliminary; verify from MCA filings. Financial line items on this page are compiled from dealer summaries and registry snapshots; where a year is not disclosed, minimal estimates are shown and marked preliminary.
Where the revenue comes from
- FIBC / jumbo bags55%
Exports to Europe and North America
- Woven sacks & tarpaulins30%
Cement, fertiliser, agri packaging
- Multilayer films & others15%
Flexible packaging films
Products & services
FIBC / jumbo bags
Bulk bags for chemicals, minerals, food and agri exports.
Woven sacks
PP/HDPE bags for cement, fertiliser, sugar and grain.
Films & tarpaulins
Multilayer films, liners and laminated tarpaulins.
What works
- • Scale: second-largest FIBC producer in India with port-side capacity at Gandhidham.
- • Diversified product mix across bulk bags, small bags, films and tarpaulins for agri, chemicals and cement.
- • Revenue growth of about 17% in FY25 on a large base.
What to watch
- • Net margins under 1%; polymer price volatility squeezes returns.
- • Working-capital-intensive with meaningful bank borrowings; cash flow from operations turned negative in FY22.
- • The 2011 IPO plan lapsed and there is no stated relisting path; exit is only through dealers.
- • Figures preliminary; verify from MCA filings.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| Plastene IndiaThis page | ₹95.00 | ₹267.9 Cr | 72.52 | 1.65 | +10.13% |
| Ecosure | ₹36.00 | ₹128.88 Cr | 22.22 | 18.18 | +36.93% |
| MIL Industries | ₹250.00 | ₹78.75 Cr | 19.20 | 2.31 | +0.38% |
Latest reported year: FY25 ending 31 Mar 2025.