Machino Plastics Ltd (523248)
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Machino Plastics' revenue was ₹143 Cr (+33.8% year on year, +14.0% on the previous quarter), and net profit ₹0.2 Cr (-92.9% year on year); the operating margin was 8.5%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹143 | +33.8% | +14.0% |
| Operating profit | ₹12.2 | +50.6% | +40.7% |
| Net profit | ₹0.2 | -92.9% | from loss |
| EPS (₹) | 0.41 | -92.8% | from loss |
| Operating margin | 8.5% | — | — |
📢 Recent Corporate Announcements
Machino Plastics Limited has announced the resignation of Mr. Sandeep Goel (DIN: 08471700) from his position as Non-Executive Independent Director, effective August 26, 2026. Along with his directorship, Mr. Goel ceases to be the Chairman of the Nomination and Remuneration Committee and a member of the Audit and Stakeholder Relationship Committees. The stated reason for resignation is pre-occupation with other commitments, with no other material reasons confirmed.
- Resignation of Independent Director Mr. Sandeep Goel effective 26th August 2026
- Ceases role as Chairman of Nomination and Remuneration Committee and Audit Committee member
- Holds NIL directorships in other listed entities as disclosed
- Confirmed no other material reasons for resignation beyond personal commitments
Machino Plastics Limited has released the web-link and dispatched notice letters for its 41st Annual General Meeting (AGM) and Annual Report for FY 2025-26. The AGM is scheduled to take place virtually on September 29, 2026, at 02:00 PM IST. The cut-off date for determining voting rights is September 22, 2026, with remote e-voting open from September 26 to September 28, 2026. This is a routine administrative compliance disclosure.
- 41st Annual General Meeting scheduled for September 29, 2026, at 02:00 PM IST via VC/OAVM
- E-voting cut-off date set as Tuesday, September 22, 2026
- Remote e-voting window runs from September 26, 2026 (9:00 AM) to September 28, 2026 (5:00 PM)
Machino Plastics Limited has released its Annual Report for FY 2025-26 along with the notice for its 41st AGM scheduled on September 29, 2026. For FY26, total income stood at Rs 492.16 Cr compared to Rs 388.74 Cr in FY25, while PAT declined to Rs 1.32 Cr from Rs 8.56 Cr due to higher depreciation and finance costs. The company seeks shareholder approval for material related-party transactions, including projected sales of up to Rs 700 Cr to Maruti Suzuki India Limited (MSIL) for FY27 versus Rs 434.40 Cr in FY26.
- FY26 total income grew 26.6% to Rs 49,215.62 Lakh (Rs 492.16 Cr) vs Rs 38,874.34 Lakh in FY25
- Net profit dropped to Rs 132.26 Lakh (Rs 1.32 Cr) in FY26 from Rs 855.61 Lakh in FY25
- Gross block expanded to Rs 65,782.02 Lakh from Rs 47,699.58 Lakh in FY25, reflecting capex additions
- Seeking shareholder approval for MSIL sales of up to Rs 70,000 Lakh (Rs 700 Cr) for FY27 vs Rs 43,439.98 Lakh in FY26
Machino Plastics has issued the notice for its 41st Annual General Meeting scheduled for September 29, 2026, alongside its FY25-26 Annual Report. Financial highlights confirm FY26 total income of Rs 49,215.62 Lakhs (Rs 492.16 Cr) vs Rs 38,874.34 Lakhs in FY25, while PAT dropped sharply to Rs 132.26 Lakhs (Rs 1.32 Cr) from Rs 855.61 Lakhs. The company is seeking shareholder approval for material related party transactions for FY27, including up to Rs 700 Cr (Rs 70,000 Lakhs) in sales to Maruti Suzuki India Limited.
- FY26 total income expanded to Rs 49,215.62 Lakhs from Rs 38,874.34 Lakhs in FY25.
- FY26 PAT declined to Rs 132.26 Lakhs (EPS of Rs 2.16) compared to Rs 855.61 Lakhs (EPS of Rs 13.94) in FY25.
- Gross block including CWIP increased to Rs 65,782.02 Lakhs as of March 31, 2026, reflecting capex investments.
- Seeking approval for proposed sales of goods/services to Maruti Suzuki India Ltd of up to Rs 70,000 Lakhs for FY27.
- 41st AGM to be held on Tuesday, 29th September, 2026 through Video Conferencing.
Machino Plastics Limited has announced that its 41st Annual General Meeting (AGM) will be held on Tuesday, September 29, 2026, at 02:00 PM IST via Video Conferencing. The company has fixed September 22, 2026, as the cut-off date to determine member eligibility for e-voting. The remote e-voting window will be open from September 26, 2026 (09:00 AM) to September 28, 2026 (05:00 PM).
- 41st Annual General Meeting scheduled for September 29, 2026, at 02:00 PM IST
- E-voting cut-off date fixed as September 22, 2026
- Remote e-voting period runs from September 26, 2026 (09:00 AM) to September 28, 2026 (05:00 PM)
- Book closure date scheduled for September 29, 2026
Machino Plastics reported a 17.7% YoY increase in revenue to ₹133.32 Cr for Q1 FY27, but net profit fell sharply by 71% to ₹0.58 Cr compared to ₹2.00 Cr in Q1 FY26. The bottom line was severely impacted by a 75% surge in finance costs to ₹6.26 Cr and a 130% increase in depreciation to ₹5.41 Cr, likely reflecting the commissioning of the ₹125 Cr Kharkhoda plant expansion. A significant net price revision of ₹9.87 Cr (7.41% of turnover) was recorded, providing some revenue support. However, the high debt-to-equity ratio of 1.82 and increased fixed costs are currently weighing on profitability.
- Revenue from operations increased 17.7% YoY to ₹133.32 Cr from ₹113.27 Cr.
- Net profit declined 71% YoY to ₹0.58 Cr from ₹2.00 Cr in the same quarter last year.
- Finance costs rose significantly by 75% YoY to ₹6.26 Cr from ₹3.58 Cr.
- Depreciation and amortization expenses increased 130% YoY to ₹5.41 Cr from ₹2.35 Cr.
- Net price revision during the quarter stood at ₹9.87 Cr, representing 7.41% of turnover.
Machino Plastics reported a 17.7% YoY increase in revenue to Rs 133.32 Cr for Q1 FY27, but net profit plummeted 71% to Rs 0.58 Cr. The bottom line was severely impacted by a 75% surge in finance costs (Rs 6.26 Cr) and a 130% jump in depreciation (Rs 5.41 Cr), likely reflecting the capitalization of the new Kharkhoda plant. Despite a significant price revision of 7.41% of turnover (Rs 9.88 Cr), margins remained under pressure. High debt (D/E 1.82) and rising interest costs continue to be a significant drag on profitability.
- Revenue from operations grew 17.7% YoY to Rs 133.32 Cr from Rs 113.27 Cr.
- Net profit fell sharply by 71% YoY to Rs 0.58 Cr compared to Rs 2.00 Cr in the previous year.
- Finance costs increased by 75% YoY to Rs 6.26 Cr, reflecting high leverage (D/E 1.82).
- Depreciation and amortization expenses rose 130% YoY to Rs 5.41 Cr.
- A net price revision of Rs 9.88 Cr was recorded, accounting for 7.41% of the quarter's turnover.
Machino Plastics reported a Q1 FY27 net profit of ₹0.58 Cr, a 71% decline from ₹2.00 Cr in the same quarter last year, though an improvement from ₹0.25 Cr in the preceding quarter. Revenue grew 17.7% YoY to ₹133.32 Cr, supported by a significant price revision of ₹9.87 Cr (7.41% of turnover). Profitability remains constrained by high finance costs of ₹6.26 Cr, which represent nearly 5% of revenue and exceed the quarter's Profit Before Tax of ₹1.11 Cr. The company continues to face high client concentration with Maruti Suzuki (MSIL) and a high Debt-to-Equity ratio of 1.82.
- Revenue from operations increased to ₹133.32 Cr in Q1 FY27 from ₹113.27 Cr in Q1 FY26.
- Net profit for the quarter stood at ₹0.58 Cr, down from ₹2.00 Cr YoY but up from ₹0.25 Cr QoQ.
- Finance costs remained elevated at ₹6.26 Cr compared to ₹3.58 Cr in the year-ago quarter.
- A net price revision of ₹9.87 Cr was recorded, accounting for 7.41% of the total turnover.
- Plastic Injection Moulding segment contributed ₹126.79 Cr to the total revenue.
Machino Plastics has scheduled a board meeting for August 12, 2026, to approve unaudited financial results for the quarter ended June 30, 2026. The company is currently in a critical phase, managing a Rs 125 Cr expansion at Kharkhoda to serve its primary client, Maruti Suzuki (MSIL), which accounts for 84% of revenue. With a high debt-to-equity ratio of 1.82 and a thin TTM net profit of just Rs 1 Cr, the upcoming results will be scrutinized for margin recovery and updates on the new plant's progress. The trading window for designated persons remains closed until August 14, 2026.
- Board meeting scheduled for August 12, 2026, to consider Q1 FY2027 results.
- Trading window closed from July 1, 2026, to August 14, 2026.
- Company is executing a Rs 125 Cr expansion project, nearly 91% of its current net worth.
- High client concentration risk with MSIL contributing approximately 84% of total revenue.
Financial Performance
Revenue Growth by Segment
Total revenue grew by 15.10% YoY to INR 388.74 Cr in FY25, primarily driven by the automotive plastic injection moulding segment which caters to Maruti Suzuki India Ltd (MSIL).
Geographic Revenue Split
The company operates primarily in Northern India with manufacturing plants strategically located in proximity to MSIL’s units in Gurgaon and Manesar to optimize logistics for bulky components.
Profitability Margins
Net Profit Ratio improved significantly by 101.19%, rising from 1.09% in FY24 to 2.20% in FY25. Pre-tax profit increased from INR 5.24 Cr to INR 11.46 Cr.
EBITDA Margin
Operating profitability is targeted at 8-9% for credit rating upgrades; current cash profit stands at INR 21.53 Cr, a 10.76% increase from INR 19.44 Cr in the previous year.
Capital Expenditure
The company is undertaking a major capital expenditure of INR 125 Cr for a new manufacturing facility at IMT Kharkhoda, Haryana, to align with MSIL's expansion plans.
Credit Rating & Borrowing
Assigned [ICRA]BBB- (Stable) and [ICRA]A3 in January 2025; CRISIL reaffirmed BBB-/Stable in December 2024. Borrowing includes an INR 85 Cr term loan from Bank of India for the Kharkhoda project.
Operational Drivers
Raw Materials
Key raw materials include Polypropylene, Iron, and Steel; these constitute the bulk of the manufacturing cost for plastic-molded components.
Import Sources
Not specifically disclosed, though materials like Polypropylene are typically sourced from major domestic petrochemical refineries or global markets.
Key Suppliers
Not specifically named in the documents, but the company maintains a raw material price pass-through mechanism with its OEM customers.
Capacity Expansion
Currently operating two plants; expanding with a third unit at IMT Kharkhoda with a project cost of INR 125 Cr, expected to commence commercial operations by mid-FY2026.
Raw Material Costs
Profitability is vulnerable to raw material price volatility; however, a pass-through mechanism exists with a one-quarter lag, mitigating long-term margin erosion.
Manufacturing Efficiency
The company uses versatile machines capable of processing various polymers and changing moulds to cater to diverse automotive and non-automotive requirements.
Logistics & Distribution
Logistics costs are optimized by the 'Joint Venture Complex' model, where plants are located near the customer's assembly lines to facilitate just-in-time delivery.
Strategic Growth
Expected Growth Rate
4.6%
Growth Strategy
Growth is driven by the INR 125 Cr Kharkhoda plant expansion to serve MSIL's new capacity, diversification into non-passenger vehicle segments, and expanding the product range to include moulds and other plastic goods.
Products & Services
Plastic-molded auto components including Bumpers, Instrument Panels (IP), Radiator Grills, and specialized manufacturing moulds.
Brand Portfolio
Machino Plastics Limited (primarily a B2B supplier to Maruti Suzuki and Suzuki Motor Corporation).
New Products/Services
Added products such as moulds and components for new car models; exploring business possibilities in non-automotive plastic goods.
Market Expansion
Targeting the IMT Kharkhoda industrial hub with a new facility to be operational by FY2026, following MSIL's relocation/expansion strategy.
Market Share & Ranking
Single-source supplier status for specific components like bumpers and instrument panels for various MSIL models.
Strategic Alliances
Established as a Joint Venture between the Jindal family, Maruti Suzuki India Limited (MSIL), and Suzuki Motor Corporation (SMC), Japan.
External Factors
Industry Trends
The industry is shifting toward Electric Vehicles (EVs) and lightweighting; Machino is positioning itself by investing in versatile machinery and R&D for new polymer applications.
Competitive Landscape
Faces competition from other tier-1 plastic component manufacturers and the potential for OEMs to bring production in-house.
Competitive Moat
Sustainable moat derived from its JV status with MSIL/Suzuki, single-source supplier status for critical large-scale parts, and high entry barriers due to the capital-intensive nature of large-mould injection moulding.
Macro Economic Sensitivity
Highly sensitive to the Indian automotive cycle and passenger vehicle (PV) demand; also impacted by monsoon performance which affects rural auto sales.
Consumer Behavior
Shift toward SUVs and premium vehicles by consumers increases the demand for larger, more complex plastic moulded interiors and exteriors.
Geopolitical Risks
Vulnerable to global supply chain disruptions and fluctuations in international prices of polymers and steel.
Regulatory & Governance
Industry Regulations
Operations are governed by automotive safety standards and plastic waste management rules; must meet stringent OEM quality standards (ISO/TS 16949).
Environmental Compliance
Compliant with ISO 14001 and OHSAS 18001; exposed to indirect risks from tightening emission norms for its OEM customers.
Taxation Policy Impact
Subject to standard Indian corporate tax rates; benefits from certain tax exemptions and subsidies are monitored as part of financial risk.
Risk Analysis
Key Uncertainties
Potential for MSIL to insource bumper production and the high leverage (Gearing 3.4-3.6x) from the INR 125 Cr debt-funded capex.
Geographic Concentration Risk
High concentration in the Haryana automotive belt (Gurgaon/Manesar/Kharkhoda).
Third Party Dependencies
84% revenue dependency on a single client (MSIL) and reliance on Bank of India for project financing.
Technology Obsolescence Risk
Risk from the transition to EVs and new materials; requires continuous upgrading of injection moulding technology and mould designs.
Credit & Counterparty Risk
Low credit risk for receivables as the primary customer is MSIL, ensuring timely payments and efficient working capital cycles.
