B&A Packaging India Ltd (523186)
📢 Recent Corporate Announcements
B&A Packaging India Ltd has announced the cessation of Mr. Goutamanshu Mukhopadhyay as Chief Financial Officer (CFO) and Key Managerial Personnel effective August 31, 2026. The exit occurs upon the completion of his scheduled 3-year service agreement, which ran from September 1, 2023, to August 31, 2026. The company has not named an incoming CFO in this filing.
- Cessation of CFO Mr. Goutamanshu Mukhopadhyay effective close of business August 31, 2026
- Exit follows completion of a 3-year service agreement dated September 5, 2023
- Service tenure spanned September 1, 2023 to August 31, 2026
- Successor to the CFO position is yet to be announced
B&A Packaging India Ltd has appointed Mr. Sabitabrata Mondal as Chief Financial Officer (effective Sept 1, 2026) and Mr. Ranadhis Banerjee as Company Secretary (effective Aug 7, 2026). The company also reported strong Q1 FY27 results, with revenue rising 20.2% YoY to Rs 41.94 Cr and net profit increasing 40.3% YoY to Rs 2.41 Cr. The new CFO brings 13 years of experience in finance and taxation, which is critical as the company manages its Rs 25 Cr capex plan for flexible laminates. Despite the growth, capacity utilization remains a point of observation, having been reported at low levels in previous periods.
- Q1 FY27 revenue from operations increased 20.2% YoY to Rs 41.94 Cr from Rs 34.88 Cr.
- Net profit for the quarter ended June 30, 2026, rose 40.3% YoY to Rs 2.41 Cr from Rs 1.72 Cr.
- Appointed Mr. Sabitabrata Mondal as CFO, a semi-qualified CA with over 13 years of experience.
- Appointed Mr. Ranadhis Banerjee as CS & Compliance Officer with 10+ years of experience.
- Paper Sacks segment revenue contributed Rs 27.45 Cr, while Flexible Laminates contributed Rs 14.41 Cr.
B&A Packaging India Ltd reported a strong start to the new fiscal year with Q1 revenue growing 20.2% YoY to ₹41.94 Cr. Net profit surged 40.1% YoY to ₹2.41 Cr, driven by a significant turnaround in the Paper Sacks segment which saw profits rise to ₹3.38 Cr from ₹1.09 Cr in the year-ago period. However, the Flexible Laminates segment continues to face margin pressure, contributing only ₹0.19 Cr to segment results despite ₹14.41 Cr in revenue. The company also strengthened its leadership by appointing a new CFO and Company Secretary.
- Revenue from operations increased 20.2% YoY to ₹41.94 Cr from ₹34.88 Cr.
- Net profit grew 40.1% YoY to ₹2.41 Cr, resulting in an EPS of ₹4.87 for the quarter.
- Paper Sacks segment profit jumped to ₹3.38 Cr compared to ₹1.09 Cr in June 2025.
- Flexible Laminates segment revenue grew to ₹14.41 Cr, but segment margins remained thin at 1.3%.
- Appointment of Mr. Sabitabrata Mondal as CFO effective September 1, 2026.
B&A Packaging reported a strong Q1 FY27 with revenue rising 20.2% YoY to Rs 41.94 Cr. Net profit grew significantly by 40.1% YoY to Rs 2.41 Cr, driven by a 26% revenue jump in the Paper Sacks segment. The company also announced key management changes, appointing Mr. Sabitabrata Mondal as CFO (effective Sept 1, 2026) and Mr. Ranadhis Banerjee as Company Secretary. However, the Flexible Laminates segment faced margin pressure, with segment profit falling to Rs 0.19 Cr from Rs 1.33 Cr YoY.
- Revenue from operations increased 20.2% YoY to Rs 41.94 Cr from Rs 34.88 Cr.
- Net profit grew 40.1% YoY to Rs 2.41 Cr compared to Rs 1.72 Cr in the same quarter last year.
- Paper Sacks segment revenue grew to Rs 27.45 Cr, contributing Rs 3.38 Cr to segment results.
- Flexible Laminates segment profit declined sharply by 85.7% YoY to Rs 0.19 Cr.
- New CFO Sabitabrata Mondal appointed with effect from September 1, 2026.
B&A Packaging India Ltd has scheduled a board meeting on August 7, 2026, to approve the unaudited standalone financial results for the quarter ended June 30, 2026. The company is coming off a TTM revenue of ₹142 Cr and a PAT of ₹7 Cr, with a relatively stable promoter holding of 72.36%. Investors will be monitoring these results for signs of margin recovery, as OPM stood at 7.8% TTM compared to 12.0% in FY25. The meeting is a routine regulatory requirement but critical for assessing the trajectory of the company's ₹25 Cr flexible laminate expansion.
- Board meeting scheduled for August 7, 2026, to approve Q1 FY27 results
- Reporting on the quarter ended June 30, 2026
- Company maintains a high promoter holding of 72.36% as of June 2026
- TTM revenue stands at ₹142 Cr against a market cap of ₹99 Cr
- Previous quarter (Mar 2026) saw a net profit of ₹1.06 Cr on ₹33.2 Cr revenue
B&A Packaging India Ltd has announced the resignation of its Company Secretary and Compliance Officer, effective July 24, 2026. This is a routine administrative change for the micro-cap packaging company, which has a market capitalization of Rs 94 Cr. The company currently generates a TTM revenue of Rs 142 Cr with a PAT of Rs 7 Cr. Investors should expect a follow-up announcement regarding the appointment of a successor to maintain regulatory compliance.
- Resignation of the Company Secretary and Compliance Officer effective July 24, 2026
- Company operates with a TTM revenue of Rs 142 Cr
- Current market capitalization stands at Rs 94 Cr
- TTM PAT reported at Rs 7 Cr with an OPM of 7.8%
B&A Packaging India Ltd has initiated the mandatory transfer of equity shares to the Investor Education and Protection Fund (IEPF) for shareholders who have not claimed dividends for seven consecutive years. This process specifically targets dividends unclaimed since the financial year 2018-19. Shareholders have until September 30, 2026, to submit a valid claim to the company's Registrar to prevent the transfer. The final transfer to the IEPF Authority is scheduled to take place on October 13, 2026.
- Transfer applies to shares with dividends unclaimed for 7 consecutive years starting from FY 2018-19
- Shareholders must submit claims to the Registrar (MCS Share Transfer Agent Ltd) by September 30, 2026
- The scheduled date for the transfer of shares to the IEPF Authority is October 13, 2026
- Physical shares not claimed will be cancelled and duplicate certificates issued to the IEPF
Financial Performance
Revenue Growth by Segment
Paper Sacks division revenue accounted for 61.23% of total revenue but recorded marginally reduced turnover; Flexible Division accounted for 38.77% of total revenue and achieved higher turnover compared to the previous year.
Geographic Revenue Split
Not disclosed in available documents, though the company operates a manufacturing facility in Balasore, Odisha and exports products as evidenced by foreign exchange earnings of INR 1.44 Cr.
Profitability Margins
Operating margins have remained stable between 11% and 13% over the three fiscals ending March 31, 2025. Reported PAT margin improved from 6.41% in FY23 to 8.89% in FY24.
EBITDA Margin
EBITDA margin for FY25 stood at INR 16.01 Cr, representing a 7.68% decrease compared to the previous year, primarily due to rising operational costs and supply chain challenges.
Capital Expenditure
The company has planned debt-funded capital expenditure of less than INR 25 Cr for the FY25-26 period to expand production capacity for flexible laminates and conduct repairs and maintenance in the paper division.
Credit Rating & Borrowing
Ratings reaffirmed at CRISIL BBB/Stable for long-term and CRISIL A3+ for short-term bank facilities. Bank limit utilization is low at approximately 3% for the 12 months ended June 2025.
Operational Drivers
Raw Materials
Paper and polypropylene granules are the primary raw materials, accounting for the bulk of production expenses.
Import Sources
Approximately 45-50% of total raw material requirements are imported to ensure high-quality output, with lead times exceeding 60 days due to shipment challenges.
Key Suppliers
Not disclosed in available documents, though the company maintains long-standing relationships with various international and local suppliers.
Capacity Expansion
Current capacity not specified in MT; however, the company is actively expanding flexible laminate capacity through a capex of under INR 25 Cr to meet rising demand in the FMCG and e-commerce sectors.
Raw Material Costs
Raw material costs represent the bulk of production expenses; even slight price variations in paper or polypropylene granules drastically impact profitability due to the modest scale of operations.
Manufacturing Efficiency
Capacity utilization for bank limits was low at 21% in FY24 and dropped to 3% by June 2025, indicating significant headroom for production ramp-up.
Logistics & Distribution
Rising logistics costs are driving a shift toward flexible packaging solutions, which are lighter and more cost-effective for distribution.
Strategic Growth
Expected Growth Rate
12.7%
Growth Strategy
Growth will be achieved through a '4X4 mantra' focusing on customer conversion to sustainable solutions, capacity expansion in flexible laminates (INR 25 Cr capex), and targeting high-growth sectors like FMCG and e-commerce.
Products & Services
Paper sacks and flexible laminates used for packaging tea, carbon-black, and chemicals.
Brand Portfolio
B & A Packaging India Limited (BAPIL).
New Products/Services
Development of sustainable, eco-friendly paper-based packaging materials and value-added flexible laminates to cater to the retail and FMCG sectors.
Market Expansion
Targeting the retail sector through customized colors, designs, and prints for paper bags and sacks, leveraging the national plastic ban trend.
Market Share & Ranking
Not disclosed in available documents; however, the Indian packaging industry is the 5th largest sector in the economy.
Strategic Alliances
The company pays service charges (up to INR 1.50 Cr in FY25) to Barooahs & Associates Pvt. Ltd. for advisory services in factory supervision, banking, and sales.
External Factors
Industry Trends
The Indian flexible packaging market is projected to grow at a CAGR of 12.7% (2024-2028), while paper bags/sacks are expected to grow at 8.5% (2025-2031) due to plastic bans and sustainability shifts.
Competitive Landscape
The industry is characterized by intense competition from both organized and unorganized players, which limits scalability and pricing power.
Competitive Moat
The moat is built on the 30+ years of experience of the Barooah family promoters and established relationships with tea and chemical industry clients, which are sustainable but challenged by intense competition.
Macro Economic Sensitivity
Highly sensitive to GDP growth and urbanization, which drive demand for packaged consumer goods and e-commerce.
Consumer Behavior
Increasing consumer preference for sustainable, recyclable, and lightweight packaging is driving demand for paper-based solutions and pouches.
Geopolitical Risks
Shipment challenges and international supply chain disruptions impact the 45-50% of raw materials that are imported.
Regulatory & Governance
Industry Regulations
Operations are governed by the Food Safety and Standards (Packaging) Regulations 2018, Legal Metrology Act 2009, and the Factories Act 1948.
Environmental Compliance
The company spent INR 0.28 Cr (INR 28,22,747) on Corporate Social Responsibility (CSR) in FY25. It must comply with the Pollution Control Act and Plastic Waste Management rules.
Legal Contingencies
Secretarial audit reports indicate compliance with applicable laws; no specific pending high-value court cases or litigation amounts were disclosed.
Risk Analysis
Key Uncertainties
Volatility in raw material prices (paper/polypropylene) and the impact of new recycling policies in India which increase operational costs for vendors.
Geographic Concentration Risk
Manufacturing is concentrated in a single facility in Balasore, Odisha, creating regional operational risk.
Third Party Dependencies
High dependency on external suppliers for 45-50% of raw materials via imports, with significant lead times.
Technology Obsolescence Risk
Risk of falling behind in 'new-age' packaging solutions; the company is mitigating this by investing in flexible laminate machinery.
Credit & Counterparty Risk
Debtor days of 64 days and a policy of allowing up to 60 days credit to combat competition indicates moderate counterparty risk.
