OK Play India Ltd (526415)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, OK Play's revenue was ₹45.8 Cr (+11.2% year on year, -30.4% on the previous quarter), and net profit ₹0.1 Cr (-86.2% year on year); the operating margin was 18.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹45.8 | +11.2% | -30.4% |
| Operating profit | ₹8.3 | +48.6% | -8.8% |
| Net profit | ₹0.1 | -86.2% | -97.5% |
| EPS (₹) | 0.00 | -100.0% | -100.0% |
| Operating margin | 18.2% | — | — |
📢 Recent Corporate Announcements
OK Play India has submitted a regulatory disclosure under SEBI SAST Regulations 31(1) and 31(2) concerning the encumbrance of shares by promoter Mr. Raghav Handa. The promoter group collectively held a 47.47% stake in the company as of the latest quarterly disclosures. While the specific number of shares pledged or encumbered is omitted in the truncated cover text, the filing flags an encumbrance event. Investors should monitor the full disclosure details to assess the total proportion of pledged promoter holdings.
- Filing submitted under Regulation 31(1) and 31(2) of SEBI SAST Regulations, 2011 on October 1, 2026
- Pertains to share encumbrance by promoter Mr. Raghav Handa
- Total promoter holding stood at 47.47% against a market capitalization of Rs 128 Cr
- Specific volume and percentage of encumbered shares were not disclosed in the cover letter
OK Play India has reported key board-level changes effective October 1, 2026. Whole-Time Director Mrs. Mamta Handa (holding 1,00,00,000 shares) and Independent Director Mr. Vikas Kumar Pathak have resigned citing other commitments. Concurrently, Dr. Rajan Wadhera (holding 3,63,000 shares) has been re-appointed as Whole-Time Director for a 3-year term running until September 30, 2029, subject to shareholder approval.
- Resignation of Whole-Time Director Mrs. Mamta Handa effective October 1, 2026
- Mrs. Mamta Handa holds 1,00,00,000 equity shares in the company
- Resignation of Independent Director Mr. Vikas Kumar Pathak effective October 1, 2026
- Re-appointment of Dr. Rajan Wadhera as Whole-Time Director for 3 years (October 1, 2026 to September 30, 2029)
- Dr. Rajan Wadhera holds 3,63,000 equity shares in the company
OK Play India Limited has filed an application with the Registrar of Companies (ROC), Haryana, on 27 August 2026, seeking an extension of time to convene its 37th Annual General Meeting (AGM) for FY 2025-26. The delay is attributed to the sudden resignation of its previous Company Secretary & Compliance Officer and subsequent handover to a new appointee, alongside health issues of a Director. The company stated that ROC's approval status will be communicated once received.
- Application submitted to ROC Haryana on 27 August 2026 seeking extension of time for the 37th AGM
- Extension requested for holding the AGM for FY 2025-26
- Delay cited due to unexpected vacancy of Company Secretary & Compliance Officer and health issues of a Director
- A new Company Secretary & Compliance Officer has been appointed and documentation handover is underway
OK Play India Ltd has appointed Ms. Usha Patel as the Company Secretary and Compliance Officer effective August 14, 2026. Ms. Patel is an Associate Member of the Institute of Company Secretaries of India with over 5 years of experience in corporate governance and compliance. This is a mandatory regulatory appointment under Section 203 of the Companies Act, 2013. The company currently has a market capitalization of Rs 135 Cr and reported TTM revenue of Rs 198 Cr.
- Appointment of Ms. Usha Patel effective from 14th August, 2026
- Candidate possesses over 5 years of experience in corporate governance and administrative roles
- Associate Member of the Institute of Company Secretaries of India with Membership No. A69563
- Appointment made in accordance with Section 203 of the Companies Act, 2013
OK Play India reported a 29.1% YoY increase in standalone revenue from operations to ₹25.37 Cr for Q1 FY27. However, net profit declined by 26.2% YoY to ₹0.93 Cr, down from ₹1.26 Cr in the year-ago period, primarily due to rising expenses and high finance costs. Finance costs for the quarter stood at ₹2.32 Cr, which is high relative to the quarterly profit. The company also appointed Ms. Usha Patel as Company Secretary to fill a key compliance role.
- Standalone revenue from operations rose to ₹25.37 Cr from ₹19.65 Cr in June 2025.
- Net profit for the quarter stood at ₹0.93 Cr, a significant sequential drop from ₹3.58 Cr in March 2026.
- Finance costs remained a major drag at ₹2.32 Cr, representing over 9% of revenue from operations.
- Exceptional item of ₹2.62 Lacs recorded as an exchange fluctuation loss on FCCB liabilities.
- Total expenses increased to ₹27.45 Cr compared to ₹21.34 Cr in the same quarter last year.
OK Play India Ltd reported a weak set of consolidated results for Q1 FY27, with net profit plummeting to ₹0.09 Cr from ₹0.65 Cr in the year-ago period. While consolidated revenue grew 11.2% YoY to ₹45.81 Cr, it witnessed a sharp sequential decline of 30.4% compared to the March 2026 quarter (₹65.86 Cr). Profitability was severely impacted by high finance costs of ₹3.79 Cr and other expenses of ₹6.17 Cr. Additionally, the company appointed Ms. Usha Patel as the new Company Secretary and Compliance Officer.
- Consolidated Revenue from operations stood at ₹45.81 Cr, up 11.2% YoY but down 30.4% QoQ.
- Consolidated Net Profit fell 86% YoY to ₹0.09 Cr (₹8.99 Lacs) compared to ₹0.65 Cr in June 2025.
- Finance costs remained a significant burden at ₹3.79 Cr, accounting for 8.3% of total revenue.
- Exceptional loss of ₹2.62 Lacs recorded due to exchange rate fluctuations on FCCB liabilities.
- Standalone performance was relatively stronger with a net profit of ₹0.93 Cr on revenue of ₹25.37 Cr.
OK Play India Ltd has scheduled a board meeting on August 14, 2026, to approve its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The company is coming off a profitable FY26, reporting a net profit of ‹3.0 Cr on revenue of ‹198 Cr, a recovery from the ‹1.0 Cr loss in FY25. Investors will be monitoring if the momentum from the March 2026 quarter, which saw a peak revenue of ‹65.86 Cr, continues into the new fiscal year. The trading window for designated persons remains closed until 48 hours after the results are declared.
- Board meeting scheduled for August 14, 2026, to approve Q1 FY27 results.
- Trading window closed from July 1, 2026, until 48 hours post-result declaration.
- Company reported TTM revenue of ‹198 Cr and TTM PAT of ‹3 Cr as of March 2026.
- Previous year's corresponding quarter (June 2025) revenue stood at ‹41.19 Cr.
- Current market capitalization stands at ‹142 Cr with a P/E of 48.4.
Mr. Yaspal Singh has resigned from his position as the Company Secretary and Compliance Officer (Key Managerial Personnel) of OK Play India Ltd. The resignation is effective from the close of business hours on July 22, 2026, and is attributed to personal reasons. As a company with a market capitalization of ₹138 Cr and significant debt of ₹110 Cr, maintaining stable governance and compliance leadership is important for investor confidence.
- Resignation of Mr. Yaspal Singh effective from the close of business hours on July 22, 2026.
- The official reason provided for the departure is 'personal reasons' as per the resignation letter dated July 22, 2026.
- The company is required to appoint a successor for this Key Managerial Personnel (KMP) role within six months under SEBI regulations.
- OK Play India Ltd currently operates with a TTM revenue of ₹198 Cr and a low PAT of ₹3 Cr.
Financial Performance
Revenue Growth by Segment
Standalone revenue for the 9-month period ended December 31, 2025, grew 36.5% to INR 68.66 Cr from INR 50.29 Cr. However, FY25 consolidated revenue was INR 167.8 Cr, representing a 9.1% decline from FY24's INR 184.6 Cr. Q4 FY25 revenue specifically declined 4.8% YoY to INR 57.2 Cr.
Geographic Revenue Split
Not specifically disclosed by percentage, but operations are supported by manufacturing facilities strategically located in Haryana, Tamil Nadu, and Rajasthan.
Profitability Margins
Profitability has been under pressure; FY25 PAT margin was -0.48% (INR -8 Mn) compared to 0.60% (INR 11 Mn) in FY24. Standalone Return on Net Worth dropped from 1.21% in 2023-24 to -0.39% in 2024-25.
EBITDA Margin
EBITDA margin for FY25 was 16.51%, a decrease of 212 basis points from 18.63% in FY24. Q4 FY25 EBITDA margin was 18.18%, down 45 bps YoY.
Capital Expenditure
The company is planning a significant capital expenditure of INR 100 Cr for a new manufacturing plant to support its growth strategy in the toy and automotive segments.
Credit Rating & Borrowing
The company was rated BWR D (Default) by Brickwork Ratings in January 2020 for bank loan facilities of INR 51.60 Cr due to delays in debt servicing; the rating was reaffirmed and withdrawn in January 2021 at the company's request.
Operational Drivers
Raw Materials
Plastic resins (Polyethylene and Polypropylene) are the primary raw materials used for rotational, blow, and injection molding processes.
Capacity Expansion
Current operations utilize 3 manufacturing locations. Planned expansion includes a new INR 100 Cr plant to increase production capacity for higher sales volumes.
Raw Material Costs
Total expenses for Q4 FY25 were INR 46.8 Cr, representing 81.8% of revenue, with raw materials being a primary component of the cost structure.
Manufacturing Efficiency
The company utilizes advanced rotational, blow, and injection molding technologies to ensure high industry standards and operational stability.
Strategic Growth
Expected Growth Rate
36.5%
Growth Strategy
Growth is targeted through: 1) A 10-year exclusive agreement with MANN+HUMMEL for air purifiers; 2) Strategic retail partnerships with Amazon, FirstCry, Blinkit, and Lifelong; and 3) The establishment of a new INR 100 Cr plant to capture the booming domestic toy market.
Products & Services
Plastic Molded Toys, School Furniture, Playground Equipment, Infrastructure & Automotive Products, Point-Of-Purchase (POP) Displays, and Air Purifiers.
Brand Portfolio
OK Play
New Products/Services
Air purifiers manufactured under the MANN+HUMMEL partnership are expected to be a significant new revenue contributor, following a successful pilot project at GD Goenka Public School.
Market Expansion
Expansion plans focus on increasing domestic retail presence through e-commerce and quick-commerce platforms like Blinkit.
Market Share & Ranking
Pioneer in the plastic molding products industry with over three decades of experience; specific market share percentage not disclosed.
Strategic Alliances
10-year exclusive manufacturing and distribution agreement with MANN+HUMMEL for air purifiers in India.
External Factors
Industry Trends
The Indian toy industry is growing rapidly, supported by government initiatives for domestic manufacturing and mandatory quality standards (BIS), which OK Play already meets.
Competitive Landscape
Competes with both organized domestic players and unorganized importers in the toy and automotive component sectors.
Competitive Moat
Moat is built on 30+ years of manufacturing expertise, an in-house tool room for proprietary designs, and exclusive global technology partnerships like the one with MANN+HUMMEL.
Macro Economic Sensitivity
Demand for the toy segment is highly sensitive to changes in GDP and household disposable income levels.
Consumer Behavior
Increasing urban demand for high-quality, non-toxic toys and rising awareness of air quality driving demand for purification solutions.
Geopolitical Risks
The company benefits from trade barriers and mandatory BIS certification for toy imports, which protects domestic manufacturers from unorganized international competition.
Regulatory & Governance
Industry Regulations
Operations must comply with mandatory BIS certification for toys and Indian Accounting Standards (Ind AS) under Section 133 of the Companies Act, 2013.
Environmental Compliance
Committed to environmental responsibility by integrating sustainable practices and manufacturing air purifiers to reduce AQI levels.
Taxation Policy Impact
The company recorded a deferred tax asset of INR 3.4 Cr in FY25; standalone tax expense for 9M FY26 was INR 24.57 Lacs.
Legal Contingencies
No specific pending court cases with INR values were disclosed; auditors reported no instances of significant fraud or material weaknesses in internal controls.
Risk Analysis
Key Uncertainties
Key risks include the ability to service debt (given the BWR D rating history), volatility in raw material prices, and the successful execution of the INR 100 Cr Capex plan.
Geographic Concentration Risk
Manufacturing is concentrated in three Indian states: Haryana, Tamil Nadu, and Rajasthan.
Third Party Dependencies
Significant dependency on the MANN+HUMMEL partnership for the success of the air purifier segment.
Technology Obsolescence Risk
Risk is mitigated by continuous investment in rotational, blow, and injection molding technologies and in-house tool development.
Credit & Counterparty Risk
Trade receivables increased 43% YoY to INR 36.6 Cr in FY25, indicating a potential increase in credit risk or slower collection cycles.
