Mitsu Chem Plast Ltd (540078)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Mitsu Chem's revenue was ₹95.1 Cr (+11.6% year on year, +10.0% on the previous quarter), and net profit ₹8.7 Cr (+567.0% year on year); the operating margin was 16.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹95.1 | +11.6% | +10.0% |
| Operating profit | ₹15.5 | +209.3% | +8.9% |
| Net profit | ₹8.7 | +567.0% | +13.2% |
| EPS (₹) | 6.44 | +570.8% | +13.2% |
| Operating margin | 16.3% | — | — |
📢 Recent Corporate Announcements
Mitsu Chem Plast has received in-principle approval from BSE Limited for the preferential issuance of 10,00,000 convertible warrants. The warrants are convertible into 10,00,000 equity shares of face value ₹10 each at an issue price not less than ₹151 per warrant, representing a total fundraise of at least ₹15.1 crore. This capital injection is equivalent to ~6.4% of the company's current market cap of ₹237 crore. The warrants will be allotted to both promoter and non-promoter groups.
- Received BSE in-principle approval dated October 09, 2026
- Approval covers 10,00,000 warrants convertible into 10,00,000 equity shares
- Issue price set at not less than ₹151 per warrant (face value ₹10)
- Total minimum fundraise proceeds of ₹15.10 crore
- Allotment on a preferential basis to promoter and non-promoter categories
Mitsu Chem Plast Limited announced an additional capacity expansion of ~600 MT/Year across its manufacturing operations, augmenting its base capacity of 36,000+ MT/Year. This brings the company's cumulative capacity additions in FY27 to 6,700 MT/Year (~18.6% increase over FY26 base), following additions of 2,550 MT/Year in June 2026 and 3,550 MT/Year earlier in August 2026. Capacity utilization for FY26 stood at 64%, and the scale-up is aimed at meeting demand in industrial packaging, healthcare, and infrastructure segments.
- Adds 600 MT/Year manufacturing capacity, expanding base capacity from 36,000+ MT/Year
- Cumulative FY27 capacity expansion reaches 6,700 MT/Year across three tranches
- Capacity utilization stood at 64% for the financial year ended March 31, 2026
- Operates 4 manufacturing facilities in Maharashtra with 57 blow molding and 22 injection molding machines
Mitsu Chem Plast Ltd announced a capacity addition of 600 MT/Year to its existing base of 36,000+ MT/Year. The expansion entails an estimated capex of approximately Rs 1.07 Cr (INR 107.00 Lakhs) funded via internal accruals and bank finance. In FY26, the company operated at 64% capacity utilization. The incremental capacity is targeted for completion in August 2026 to drive product diversification and meet customer demand.
- Proposed capacity addition of 600 MT/Year (~1.7% increase over base capacity)
- Existing operational capacity stands at 36,000+ MT/Year with 64% utilization in FY26
- Estimated capex of approx INR 107.00 Lakhs (Rs 1.07 Cr) for machinery purchase
- Completion scheduled within August 2026, funded by bank finance and internal accruals
Mitsu Chem Plast Limited has issued a corrigendum to the notice of its Extraordinary General Meeting (EGM) scheduled for September 09, 2026. The corrigendum adds explanatory disclosures regarding the Practicing Company Secretary's Certificate issued by Maharshi Ganatra and Associates for the proposed preferential issue under Chapter V of SEBI (ICDR) Regulations, 2018. The certificate confirms regulatory compliance and is available for shareholder inspection ahead of the vote.
- EGM scheduled for September 09, 2026 at 02:30 PM via Video Conferencing / OAVM
- Corrigendum supplements explanatory statement for Item No. 1 concerning the proposed preferential issue
- Certification provided by Maharshi Ganatra and Associates, Practising Company Secretary (COP No.: 14520)
- Document inspection open to shareholders from 11:00 AM to 5:00 PM on working days until September 09, 2026
Mitsu Chem Plast released its Q1 FY27 earnings call transcript, highlighting strong operational performance with total income rising 11.62% YoY to ₹95.33 Cr. EBITDA grew 209.50% YoY to ₹15.49 Cr, with EBITDA margins expanding by 1,041 bps YoY to 16.29% driven by better product mix and efficiency. Net profit surged 566.23% YoY to ₹8.74 Cr (EPS ₹6.44). The company announced a proposed capacity addition of 3,550 MTPA to its existing 32,450 MTPA base, supporting its long-term ambition of achieving ₹1,000 Cr revenue by FY28.
- Q1 FY27 total income grew 11.62% YoY to INR 9,532.78 lakhs (INR 8,540.39 lakhs in Q1 FY26)
- EBITDA increased 209.50% YoY to INR 1,549.48 lakhs with margin expanding 1041 bps to 16.29%
- Net profit surged 566.23% YoY to INR 873.83 lakhs vs INR 131.16 lakhs in Q1 FY26
- Announced planned capacity addition of 3,550 MTPA to existing 32,450 MTPA capacity (+10.9% expansion)
- Reiterated long-term objective of reaching INR 1,000 Cr annual revenue by FY28
Mitsu Chem Plast has issued an EGM notice for September 9, 2026, seeking shareholder approval to issue up to 10,00,000 convertible warrants at Rs 151 each, raising up to Rs 15.10 Cr. Promoters Manish Mavji Dedhia and Sanjay Mavji Dedhia will subscribe to 8,00,000 warrants (80% of the issue), while Rikhav Securities Limited will subscribe to 2,00,000 warrants. An upfront payment of 25% (Rs 3.78 Cr) is payable upon subscription, with the remaining 75% due upon conversion within 18 months. The EGM will also vote on regularizing Ms. Drishti Shailesh Thakker as an Independent Director for a 5-year term.
- Preferential issue of up to 10,00,000 convertible warrants at Rs 151 per warrant, aggregating Rs 15.10 Cr
- Promoters subscribing to 80% (8,00,000 warrants) and Rikhav Securities subscribing to 20% (2,00,000 warrants)
- 25% upfront payable at allotment, balance 75% within an 18-month conversion window
- EGM scheduled for September 9, 2026, with relevant date set as August 10, 2026
Mitsu Chem Plast has issued a notice for an Extraordinary General Meeting (EGM) on September 09, 2026, seeking shareholder approval to issue up to 10,00,000 convertible warrants at ₹151 per warrant, raising up to ₹15.10 crore. Of the total warrants, 80% (8,00,000 warrants worth ₹12.08 crore) will be allotted to promoters Manish Dedhia and Sanjay Dedhia, while 20% (2,00,000 warrants worth ₹3.02 crore) is allocated to Rikhav Securities Limited. An upfront payment of 25% is payable at subscription, with the remaining 75% due upon conversion within 18 months. Additionally, shareholders will vote on regularizing Ms. Drishti Shailesh Thakker as an Independent Director for a 5-year term.
- Proposed issue of up to 10,00,000 warrants at ₹151 each (Face value ₹10 + ₹141 premium), raising up to ₹15.10 crore
- Promoters Manish Dedhia (4.75 lakh) and Sanjay Dedhia (3.25 lakh) subscribing to 80% of the total issue
- Non-promoter entity Rikhav Securities Limited to be allotted the remaining 2,00,000 warrants (20%)
- Conversion terms require 25% payable at subscription and balance 75% payable within an 18-month conversion window
- EGM scheduled for September 09, 2026, with the relevant date for pricing set as August 10, 2026
Mitsu Chem Plast reported strong Q1 FY27 results with total income rising 11.62% YoY to ₹95.33 Cr. EBITDA surged 209.50% YoY to ₹15.49 Cr as EBITDA margin expanded 1,041 bps to 16.29%, while Net Profit rose 566.23% YoY to ₹8.74 Cr (EPS ₹6.44 vs ₹0.97). The company also announced a capacity addition of 3,550 MT/Year (on existing 32,450+ MT/Year base) and a preferential issue of 10 lakh convertible warrants, raising aggregate promoter stake to 68.61% on a fully diluted basis.
- Net Profit surged 566.23% YoY to ₹8.74 Cr in Q1 FY27 compared to ₹1.31 Cr in Q1 FY26
- EBITDA jumped 209.50% YoY to ₹15.49 Cr, with margins expanding 1,041 bps to 16.29%
- Total Income grew 11.62% YoY to ₹95.33 Cr (₹9,532.78 Lakhs)
- Proposed capacity addition of 3,550 MT/Year over existing 32,450+ MT/Year capacity
- Preferential issuance of 10 lakh convertible warrants to promoters (8 lakh) and non-promoter (2 lakh) taking promoter stake to 68.61%
Mitsu Chem Plast released its Q1 FY27 investor presentation, reporting quarterly revenue of ₹95.15 Cr (₹9,514.53 Lakhs), EBITDA of ₹15.49 Cr, and PAT of ₹8.74 Cr. The company's total installed manufacturing capacity stands at 32,450+ MT across 4 facilities in Maharashtra, housing 53 blow molding and 22 injection molding machines. Management reaffirmed its strategic target to achieve ₹1,000 Cr in annual revenue by FY28, underpinned by expansion in industrial packaging and the dedicated 'Furnastra' hospital furniture brand. Board leadership transitions also took effect in July 2026 with Mr. Jagdish Dedhia as Non-Executive Chairman and Mr. Sanjay Dedhia as Executive Vice Chairman & MD.
- Q1 FY27 Revenue stood at ₹9,514.53 Lakhs (₹95.15 Cr) with Net Profit of ₹873.83 Lakhs (₹8.74 Cr).
- Installed capacity increased to 32,450+ MT per annum across 4 manufacturing units with 53 blow molding and 22 injection molding machines.
- Reiterated long-term vision to achieve ₹1,000 Cr in revenue by FY28 via healthcare furniture and export growth.
- Client network spans 700+ customers and 500+ SKUs across 17 export countries.
The Board of Mitsu Chem Plast approved a preferential issue of 10,00,000 convertible warrants at Rs 151 per warrant, aggregating up to Rs 15.10 Cr (representing ~6.8% of its Rs 223 Cr market cap). Promoters Manish and Sanjay Dedhia are subscribing to 80% of the issue (8,00,000 warrants / Rs 12.08 Cr), while non-promoter Rikhav Securities is subscribing to 2,00,000 warrants (Rs 3.02 Cr). 25% (Rs 37.75/warrant) is payable upfront, with the remaining 75% payable within 18 months upon conversion. The company also appointed Ms. Drishti Shailesh Thakker as Independent Director and re-appointed InCorp Advisory Services as Internal Auditor for FY 2026-27.
- Preferential issuance of 10,00,000 convertible warrants at Rs 151 each, raising up to Rs 15.10 Cr
- Promoters infusing Rs 12.08 Cr (8,00,000 warrants), representing 80% of total proposed fundraise
- Upfront cash inflow of Rs 3.775 Cr (25% subscription price of Rs 37.75/warrant) upon allotment
- Conversion window valid for up to 18 months on payment of remaining Rs 113.25 per warrant
- Extra-Ordinary General Meeting (EGM) scheduled for September 9, 2026 to seek shareholder approval
Mitsu Chem Plast has approved the issuance of up to 10,00,000 convertible warrants at a price of Rs 151 each on a preferential basis, aggregating up to Rs 15.10 crore. Promoters Manish Mavji Dedhia and Sanjay Mavji Dedhia will subscribe to 8,00,000 warrants (Rs 12.08 crore or 80% of the issue), while Rikhav Securities will subscribe to 2,00,000 warrants. An upfront payment of 25% (Rs 37.75 per warrant) is payable at allotment, with the remaining 75% due within 18 months upon conversion. The company has scheduled an Extra-Ordinary General Meeting on September 9, 2026, to seek shareholder approval.
- Preferential issuance of up to 10,00,000 convertible warrants at Rs 151 each, raising up to Rs 15.10 crore
- Promoter backing: 8,00,000 warrants (80% of issue) allocated to promoters Manish and Sanjay Dedhia
- Non-promoter allocation: 2,00,000 warrants allocated to Rikhav Securities Limited
- Payment terms: 25% (Rs 37.75/warrant) upfront with conversion exercisable within 18 months
- Extra-Ordinary General Meeting (EGM) convened on September 9, 2026, for shareholder approval
The Board of Directors of Mitsu Chem Plast Ltd has approved a preferential issue of up to 10,00,000 convertible warrants at ₹151 per warrant, aggregating to ₹15.10 Cr. Promoters Manish Mavji Dedhia and Sanjay Mavji Dedhia are subscribing to 8,00,000 warrants (₹12.08 Cr / 80% of total), while non-promoter Rikhav Securities Limited is subscribing to 2,00,000 warrants (₹3.02 Cr). An upfront amount of 25% (₹37.75 per warrant) is payable on allotment, with the balance 75% (₹113.25 per warrant) payable upon conversion within 18 months. An Extra-Ordinary General Meeting (EGM) is scheduled for September 9, 2026 to seek shareholder approval.
- Preferential issuance of up to 10,00,000 convertible warrants at ₹151 per warrant, raising ₹15.10 Cr
- Promoters subscribing to 80% of the issue (8,00,000 warrants worth ₹12.08 Cr)
- Non-promoter Rikhav Securities Limited allotted 2,00,000 warrants worth ₹3.02 Cr
- 25% upfront subscription (₹37.75/warrant) with 18 months tenure to exercise balance 75% (₹113.25/warrant)
- EGM convened on September 9, 2026 for shareholder approval
Mitsu Chem Plast's Board has approved the issuance of up to 10,00,000 convertible warrants on a preferential basis at Rs 151 each, raising up to Rs 15.10 crore. Promoters Manish Mavji Dedhia and Sanjay Mavji Dedhia will subscribe to 8,00,000 warrants (Rs 12.08 crore or 80% of the issue), while Rikhav Securities Limited is allocated 2,00,000 warrants (Rs 3.02 crore). An upfront 25% (Rs 37.75/warrant) is payable on allotment, with the remaining 75% due upon conversion within 18 months. The fundraise equals ~6.8% of the company's Rs 223 crore market capitalization.
- Approved issuance of 10,00,000 convertible warrants at Rs 151 per warrant, aggregating Rs 15.10 crore.
- Promoters to infuse Rs 12.08 crore (8,00,000 warrants), demonstrating insider commitment.
- Non-promoter Rikhav Securities Limited allocated 2,00,000 warrants worth Rs 3.02 crore.
- 25% upfront payment (Rs 37.75/warrant) required, with conversion window extending up to 18 months.
- Extra-Ordinary General Meeting (EGM) scheduled for September 9, 2026, to seek shareholder approval.
Mitsu Chem Plast Ltd has scheduled its Q1FY27 earnings conference call for August 18, 2026, at 12:00 PM IST. The management, including the MD & CFO, will discuss the financial performance for the quarter ended June 30, 2026. This follows a strong FY26 where the company reported a revenue of ‡350 Cr and a PAT of ‡16 Cr. Investors will be looking for updates on the company's 'Four Pillars of Transformation' strategy and its target to triple revenue by 2028.
- Earnings conference call scheduled for Tuesday, August 18, 2026, at 12:00 PM IST.
- Management to discuss performance for the quarter ended June 30, 2026 (Q1FY27).
- Company reported a TTM revenue of ‡350 Cr and a TTM PAT of ‡16 Cr as of FY26.
- Management targets a 3x revenue increase by 2028 through export and product expansion.
- Current installed capacity stands at 28,000+ MTPA across three facilities in Maharashtra.
Mitsu Chem Plast has announced a capacity addition of 3,550 MT/Year, representing an approximate 10.9% increase over its existing base of 32,450 MT/Year. This expansion is designed to support the company's long-term goal of tripling revenue by 2028 through product diversification into higher-margin segments like healthcare furniture and industrial pails. While current capacity utilization stands at 64% as of FY26, the new infrastructure provides the headroom required for its 'Four Pillars of Transformation' strategy. The company reported a TTM revenue of ₹350 Cr with a net profit of ₹16 Cr.
- Proposed capacity addition of 3,550 MT/Year to the existing 32,450+ MT/Year base.
- Existing capacity utilization reported at 64% for the fiscal year ended March 31, 2026.
- Infrastructure includes 4 manufacturing facilities in Maharashtra with 53 blow molding and 22 injection molding machines.
- Company serves a diversified base of 700+ customers, including 30+ Fortune 500 companies in India.
- FY26 financial performance showed Total Income of ₹350.84 Cr and Net Profit of ₹15.61 Cr.
Financial Performance
Revenue Growth by Segment
Total revenue from operations reached INR 332.28 Cr in FY25, representing a 5-year CAGR of 16.83%. For Q2 FY26, total income was INR 92.56 Cr, up 13.63% YoY, driven by broad-based demand across industrial packaging, healthcare furniture, and infrastructure segments.
Geographic Revenue Split
The company has an export presence in 17 countries including USA, UK, UAE, Germany, and Japan. Export revenues surged by 144% in FY25, though the majority of revenue remains domestic-focused across India with a dedicated depot in South India and a distributor network in North India.
Profitability Margins
Net profit margins have faced pressure, declining from 4.47% in FY21 to 2.18% in FY25 due to rising input costs. However, Q2 FY26 showed recovery with a net profit margin of 2.04% (INR 1.88 Cr), a 65.72% YoY increase in absolute profit terms.
EBITDA Margin
EBITDA for Q2 FY26 was INR 5.88 Cr with a margin of 6.37%, reflecting a 53 bps improvement YoY. FY25 annual EBITDA was INR 23.09 Cr (7.01% margin), which was a slight decline from 8.25% in FY23 due to raw material price volatility.
Capital Expenditure
The company has consistently expanded, including the acquisition of plant and machinery from Prince Multi Plast and the expansion of Unit III at Khalapur. Current installed capacity stands at 28,000+ MTPA, supporting the strategic goal to triple revenue to INR 1,000 Cr by 2028.
Credit Rating & Borrowing
As of April 2020, CRISIL assigned a Long Term Rating of CRISIL BBB-/Stable and a Short Term Rating of CRISIL A3. These ratings were reaffirmed and subsequently withdrawn in July 2021 at the company's request following the receipt of No Objection Certificates from lenders.
Operational Drivers
Raw Materials
Polymers (High-Density Polyethylene/Polypropylene) are the primary raw materials. While specific cost percentages are not disclosed, management cited 'rising input costs' as the primary reason for a 33% drop in Return on Net Worth in FY25.
Import Sources
Not explicitly disclosed, but the company operates in polymer-based industries which typically source from major domestic refineries in Gujarat and Maharashtra or via global imports.
Key Suppliers
The company acquired business assets from NOCIL (a Reliance Industries related entity) and serves over 30 Fortune 500 India clients, suggesting a robust supply chain with major petrochemical players.
Capacity Expansion
Current installed capacity is 28,000+ MTPA across 3 manufacturing facilities in Maharashtra. The company operates 51 blow molding machines and 18 injection molding machines. Unit III at Khalapur is undergoing expansion to support the 2028 revenue target.
Raw Material Costs
Raw material costs are highly sensitive to global crude oil and polymer price movements. In FY25, rising input costs led to a margin drop, reducing ROCE from 18.35% in FY24 to 9.89% in FY25.
Manufacturing Efficiency
Capacity utilization was reported at approximately 70-71% for H1 FY26. The company focuses on 'Operational Excellence' to reduce waste and enhance production speed.
Logistics & Distribution
Distribution is handled through a combination of a dedicated depot for South India and a network of distributors for North India to ensure timely delivery of its 500+ SKUs.
Strategic Growth
Expected Growth Rate
15-20%
Growth Strategy
The 'Four Pillars of Transformation' strategy involves: 1) Scaling the 'Furnastra' healthcare furniture brand, 2) Expanding the industrial packaging portfolio (e.g., PAILS), 3) Driving 144% export growth through global trade fair participation, and 4) Operational excellence to triple revenue to INR 1,000 Cr by 2028.
Products & Services
Molded industrial packaging (drums, jerry cans), healthcare furniture parts (hospital bed head/foot bows, side railings, spine boards), infrastructure products (stadium seats, bus seats), and medical kits (pregnancy, malaria, HIV kits).
Brand Portfolio
Furnastra (Hospital Furniture), Mitsu (Corporate Brand).
New Products/Services
Launched 'PAILS' for packaging and the 'Furnastra' brand for healthcare furniture. Received design registrations for hospital bed side railings and CPR boards, targeting higher-margin specialized segments.
Market Expansion
Targeting a 3x revenue increase by 2028 through deeper penetration in 17 export countries and expanding the domestic distributor network in North India.
Market Share & Ranking
The company is a leading player in India's plastic-processing sector, specifically in blow molding and injection molding, though specific market share percentage is not disclosed.
Strategic Alliances
Acquired plant, machinery, and technical know-how from Shree Rubber Plast Co. Pvt. Ltd. and assets from Prince Multi Plast Pvt. Ltd. to expand manufacturing capabilities.
External Factors
Industry Trends
The rigid plastic packaging market is growing due to increased packaged food consumption and hygienic storage needs. The industry is shifting toward a circular economy, requiring Mitsu to invest in sustainable materials and recyclability.
Competitive Landscape
Competes with both organized and unorganized plastic molders. Competitive advantage is derived from specialized healthcare certifications (CE marking for spine boards) and large-scale 28,000 MT capacity.
Competitive Moat
Moat is built on 35+ years of technical expertise, a diversified portfolio of 500+ SKUs, and deep relationships with 30+ Fortune 500 clients. Sustainability is enhanced by ISO certifications (9001, 13485, 14001, 45001, 22000).
Macro Economic Sensitivity
Highly sensitive to the 'Make in India' initiative and GDP growth in the chemical and pharma sectors, which drive demand for industrial packaging.
Consumer Behavior
Rising demand for eco-friendly packaging and high-quality healthcare infrastructure is driving the company's shift toward sustainable materials and the 'Furnastra' brand.
Geopolitical Risks
Global trade barriers could impact the 144% export growth trajectory. The company monitors international regulations to ensure uninterrupted operations.
Regulatory & Governance
Industry Regulations
Operations must comply with EHS norms, UN certification for packaging, and CE marking for medical devices. Non-compliance risks financial and reputational damage.
Environmental Compliance
Certified to ISO 14001 (EMS). The company earned a bronze medal in the 'Together For Sustainability' framework and the Envirocare Green Award 2024.
Taxation Policy Impact
Subject to Indian corporate tax laws and GST. Changes in domestic tax policies are listed as a performance risk factor.
Risk Analysis
Key Uncertainties
Raw material price volatility (high impact on margins), cyclical demand in end-user industries like agrochemicals, and the ability to scale to INR 1,000 Cr revenue organically.
Geographic Concentration Risk
Manufacturing is concentrated in Maharashtra (3 units), making it sensitive to regional industrial policies and logistics costs in Western India.
Third Party Dependencies
Dependent on polymer suppliers and global shipping for its 17-country export business.
Technology Obsolescence Risk
Risk of shifting away from plastics to alternative materials. Mitigated by R&D into sustainable materials and digital transformation in manufacturing.
Credit & Counterparty Risk
Maintains a robust internal control framework to manage receivables from its 500+ customers, including 30+ Fortune 500 clients.
