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Ecoplast Ltd (526703)

📊 BSE: 526703 🏢 Plastic Products - Industrial 📢 Latest filing: 11 Aug 2026 📝 Analysis written: 13 Nov 2025

Q2 FY27 results

📅 Next results: 04 Nov 2026 (board meeting)

Ecoplast Ltd's board meets on 4 Nov 2026 to consider its Q2 FY27 results (July-September 2026).

In its latest reported quarter, Q4 FY26, Ecoplast's revenue was ₹57.4 Cr (+5.4% year on year, +2.8% on the previous quarter), and net profit ₹4.5 Cr (+12.9% year on year); the operating margin was 11.6%.

Q4 FY26 (₹ Cr)	Value	YoY vs Q4 FY25	QoQ
Revenue	₹57.4	+5.4%	+2.8%
Operating profit	₹6.6	+12.2%	+74.0%
Net profit	₹4.5	+12.9%	+107.3%
EPS (₹)	13.14	+12.9%	+107.3%
Operating margin	11.6%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

FY26 Annual Report: Ecoplast Schedules AGM for Sept 7; Proposes Remuneration Revisions

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 11 Aug 2026, 05:55 PM

Ecoplast Limited has released its FY26 Annual Report and scheduled its 44th AGM for September 7, 2026. The company reported FY26 revenue of ‡221 Cr and a net profit of ‡12 Cr, reflecting a slight decline in profitability compared to FY25. A key positive is the fulfillment of export obligations under the EPCG scheme, reducing potential custom duty liability from ‡2.7 Cr to Nil. The board is seeking shareholder approval for revised remuneration for the Managing Director and two Whole-time Directors effective June 1, 2026.

44th Annual General Meeting scheduled for September 07, 2026, at 3:30 PM in Valsad, Gujarat.
FY26 Revenue stood at ‡221.0 Cr with a Net Profit of ‡12.0 Cr.
Custom duty liability under the EPCG scheme reduced to Nil from ‡269.74 lacs in the previous year.
Lease liabilities decreased to ‡92.00 lacs from ‡150.94 lacs as of March 31, 2026.
Promoter holding increased to 74.45% as of June 2026, up from 64.84% in March 2026.

💡 Investors should monitor the AGM proceedings for management commentary on the utilization of the 37% increased blown film capacity and 70% increased coating capacity added in late FY25.

Ec o p l a s t L t d s c h e d u l e s 4 4 t h A G M f o r S e p t 7 , 2 0 2 6 ; d i s p a t c h e s A n n u a l R e p o r t w e b l i n k

🟡 N E U T R A L ⭐ 2/10

R O U T I N E 📅 11 Aug 2026, 05:40 PM

Ec o p l a s t L t d h a s a n n o u n c e d i t s 4 4 t h A n n u a l G e n e r a l M e e t i n g (A G M ) f o r S e p t e m b e r 7 , 2 0 2 6 , t o b e h e l d i n V a l s a d , G u j a r a t . T h e c o m p a n y h a s d i s p a t c h e d t h e A n n u a l R e p o r t f o r F Y 2 0 2 5 - 2 6 v i a e m a i l a n d p r o v i d e d w e b l i n k s t o s h a r e h o l d e r s w i t h o u t r e g i s t e r e d e m a i l a d d r e s s e s . T h i s f o l l o w s a f i s c a l y e a r w h e r e t h e c o m p a n y r e p o r t e d a r e v e n u e o f R s 2 2 1 C r a n d a n e t p r o f i t o f R s 1 2 C r . T h e m e e t i n g w i l l b e a p h y s i c a l g a t h e r i n g a t 3 : 3 0 P M .

4 4 t h A n n u a l G e n e r a l M e e t i n g s c h e d u l e d f o r S e p t e m b e r 7 , 2 0 2 6
A n n u a l R e p o r t f o r F Y 2 0 2 5 - 2 6 d i s p a t c h e d t o s h a r e h o l d e r s o n A u g u s t 1 1 , 2 0 2 6
C o m p a n y r e p o r t e d F Y 2 6 r e v e n u e o f R s 2 2 1 . 0 C r a n d n e t p r o f i t o f R s 1 2 . 0 C r
P r o m o t e r h o l d i n g s t a n d s a t 7 4 . 4 5 % a s o f J u n e 2 0 2 6

💡 I n v e s t o r s s h o u l d r e a d t h e A n n u a l R e p o r t t o a s s e s s t h e u t i l i z a t i o n o f t h e 3 7 % b l o w n f i l m a n d 7 0 % c o a t i n g c a p a c i t y e x p a n s i o n s a d d e d i n F Y 2 5 .

Ecoplast Appoints GM with 30 Years Experience; Approves Q1 FY2026 Results

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 10 Aug 2026, 05:04 PM

Ecoplast Ltd has approved its unaudited financial results for the quarter ended June 30, 2026. The company also announced the appointment of Mr. Nirav H. Desai as General Manager Operations, effective August 10, 2026. Mr. Desai brings nearly 30 years of experience in the flexible packaging industry and was previously a director at Kunal Plastics (now merged with Ecoplast). This leadership addition comes as the company seeks to leverage its recently expanded blown film capacity of 5,760 MT.

Board approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2026.
Appointment of Mr. Nirav H. Desai as General Manager Operations, bringing 30 years of industry expertise.
Company is utilizing a 37% increase in blown film capacity to 5,760 MT and a 70% increase in coating capacity to 4,080 MT.
Promoter holding remains high at 74.45% as of June 2026, up from 64.84% in March 2026.
The company maintains a low debt-to-equity ratio of 0.02 with a net worth of Rs 119 Cr.

💡 Investors should examine the detailed Q1 FY2026 P&L statement to verify if the 37-70% capacity expansion is translating into higher revenue and improved OPM beyond the TTM average of 9.0%.

Ecoplast Ltd Approves Q1 FY27 Results; Appoints GM Operations with 30 Years Experience

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 10 Aug 2026, 04:39 PM

Ecoplast Ltd's board met on August 10, 2026, to approve the unaudited financial results for the quarter ended June 30, 2026. The company also announced the appointment of Mr. Nirav H. Desai as General Manager Operations (Senior Management Personnel), effective immediately. Mr. Desai brings nearly 30 years of experience in the flexible packaging and plastics industry, having previously served as a Whole-time Director of Kunal Plastics (now merged with Ecoplast). This leadership addition comes as the company seeks to leverage its recent 37-70% capacity expansions in blown film and coating.

Approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2026
Appointed Mr. Nirav H. Desai as General Manager Operations effective August 10, 2026
New appointee brings nearly 30 years of expertise in flexible packaging and plastics industry
Board meeting concluded within 33 minutes (3:30 PM to 4:03 PM)
Management change follows the successful merger of Kunal Plastics Private Limited into Ecoplast

💡 Investors should examine the detailed Q1 FY27 financial tables to verify if the TTM revenue of Rs 183 Cr is scaling up following the FY25 capacity expansions.

Ecoplast Ltd Schedules 44th AGM for Sept 7; Proposes Management Remuneration Revisions

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Aug 2026, 12:28 PM

Ecoplast Ltd has called its 44th Annual General Meeting (AGM) for September 7, 2026. The primary agenda includes the adoption of FY26 audited financial statements and the re-appointment of Director Mr. Ravi Amulbhai Mehta. Notably, the company is seeking shareholder approval for revisions in the remuneration of the Managing Director and three Whole-time Directors, effective from June 1, 2026. Additionally, a remuneration of Rs 2.50 lakh for cost auditors for FY27 is up for ratification.

44th Annual General Meeting scheduled for September 07, 2026, at 3:30 PM in Valsad, Gujarat.
Proposed revision in remuneration for 4 key management personnel, including the Managing Director, effective June 01, 2026.
Ratification of Rs 2,50,000 plus taxes as remuneration for Cost Auditors for the financial year ending March 31, 2027.
Share transfer books and Register of Members will remain closed from August 31, 2026, to September 07, 2026.
Promoter holding recently increased to 74.45% as of June 2026, up from 64.84% in March 2026.

💡 Investors should review the explanatory statement in the full annual report to understand the scale of the proposed remuneration hikes relative to the company's FY26 PAT of Rs 12 Cr.

Aug 10 Board Meeting to approve Q1 FY2027 results for Ecoplast Ltd

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 25 Jul 2026, 03:02 PM

Ecoplast Ltd has scheduled a board meeting on August 10, 2026, to approve unaudited financial results for the quarter ended June 30, 2026. This follows a period of significant capacity expansion, including a 37% increase in blown film and a 70% increase in coating capacity completed in late FY2025. The company reported a net profit of Rs 4.54 Cr in the preceding March 2026 quarter. The trading window for insiders has been closed since July 1, 2026.

Board meeting scheduled for August 10, 2026, to approve Q1 FY2027 results.
Trading window closed from July 01, 2026, until 48 hours post-announcement.
Company reported TTM revenue of Rs 183 Cr and TTM PAT of Rs 11 Cr.
Promoter holding stands at 74.45% as of June 2026, up from 64.84% in March 2026.

💡 Monitor the August 10 results to evaluate if the 37-70% capacity expansions from FY2025 are driving the targeted 7% growth rate and margin improvements in specialty films.

View All 526703 Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The company operates in a single business segment: Plastic Films. Total operating income grew by 11.4% YoY, reaching INR 126.58 Cr in FY 2025 compared to INR 113.63 Cr in FY 2024. This growth was driven by a 7% CAGR over the last three fiscals, supported by steady order flows and volume growth.

Geographic Revenue Split

The company services both domestic and export markets from India. While specific regional percentages are not disclosed, the company exports to both developing and developed countries, though exports are significantly lower than its imports.

Profitability Margins

Net Profit Margin declined from 8.07% in FY 2024 to 6.53% in FY 2025. Operating margins have historically been volatile, ranging from 1.3% to 11.9% over the last three fiscals due to raw material price fluctuations, settling at approximately 9.8% in FY 2025.

EBITDA Margin

Operating Profit Margin was reported at 9.8% in FY 2025. Core profitability was impacted by a 21% decline in the operating profit margin ratio (from 0.09 to 0.07 according to MDA indicators) due to the lag in passing on raw material cost increases.

Capital Expenditure

The company undertook a major expansion in FY 2025, increasing blown film capacity by 37% (from 4200 MT to 5760 MT) and coating facility capacity by 70% (from 2400 MT to 4080 MT). The expansion was completed in Q3 FY 2025.

Credit Rating & Borrowing

Long-term rating is Crisil BBB-/Watch Developing and short-term rating is Crisil A3/Watch Developing. Borrowing costs are low as the company has a debt-equity ratio of 0.00 following full repayment of loans in FY 2025. Interest coverage remains robust at 36.97 times.

⚙️ Operational Drivers

Raw Materials

Polymer resin (a crude oil derivative) is the primary raw material, representing the bulk of the cost of goods sold. Specific cost percentages per resin type are not disclosed.

Import Sources

Raw materials are primarily imported from the United States, the Middle East, and Europe.

Capacity Expansion

Current installed capacity as of late FY 2025 is 5,760 MT for Blown Film (up from 4,200 MT) and 4,080 MT for Coating (up from 2,400 MT). Benefits from this expansion are expected to materialize in FY 2026.

Raw Material Costs

Raw material costs are highly volatile as they are linked to crude oil prices. The company manages this through a procurement strategy involving widened sourcing bases and well-planned inventory, though price increases are passed to customers with a lag.

Manufacturing Efficiency

The company utilizes state-of-the-art integrated manufacturing. Capacity utilization metrics are not explicitly stated, but the recent 37-70% capacity hike suggests a focus on scaling efficiency.

📈 Strategic Growth

Expected Growth Rate

Growth Strategy

Growth will be achieved by leveraging the 37% increase in blown film capacity and 70% increase in coating capacity added in Q3 FY 2025. The company is shifting focus from low-margin lamination films to high-margin specialty films, adhesive films, and surface protection films for the construction and durable goods industries.

Products & Services

Multilayer extrusion films, PE-based specialty films, adhesive films, surface protection films, and films for Aluminum Composite Panels (ACP).

Brand Portfolio

Ecoplast

New Products/Services

The company has introduced several variants of multilayer co-extruded films for both packaging and non-packaging applications to provide customized solutions.

Market Expansion

The company is targeting growth in industrial applications and exports to both developing and developed countries, supported by the recent capacity expansion.

🌍 External Factors

Industry Trends

The Indian plastic industry is evolving with increased demand for surface protection films that can withstand manufacturing stresses like bending and cutting. The industry is highly fragmented with intense competition from unorganized regional players.

Competitive Landscape

The industry is highly fragmented with several unorganized players catering to regional demand, which restricts aggressive geographic expansion and pricing.

Competitive Moat

The company's moat is built on 40+ years of market presence, specialized designing capabilities for customized solutions, and a shift toward high-entry-barrier specialty films.

Macro Economic Sensitivity

Global growth is projected at 3.3% for 2025. The company is sensitive to Indian infrastructure and realty sector revival, which drives demand for industrial films.

Consumer Behavior

Increasing industrial preference for surface protection films during manufacturing processes is driving demand for specialty variants.

Geopolitical Risks

Heightened policy uncertainty and global growth headwinds pose risks to the supply chain and international polymer pricing.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to standard manufacturing and pollution norms; the company is currently undergoing the regulatory process for the closure/winding up of its subsidiary, SFPL.