PAKKA LIMITED (PAKKA)
₹72.27 +1.25% last close, 16 Oct
Q2 FY27 results
📅 Next results: 31 Oct 2026 (board meeting)PAKKA LIMITED's board meets on 31 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, PAKKA's revenue was ₹117 Cr (+27.2% year on year, +15.5% on the previous quarter), and net profit ₹5.9 Cr (+84.6% year on year); the operating margin was 13.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹117 | +27.2% | +15.5% |
| Operating profit | ₹15.3 | +166.5% | +68.9% |
| Net profit | ₹5.9 | +84.6% | +91.9% |
| EPS (₹) | 1.24 | +63.2% | +82.4% |
| Operating margin | 13.1% | — | — |
PAKKA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 61.36% of the PAKKA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 61.08%. That is close to its usual level. Turnover was only ₹70 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 69.4% · 69.0% · 50.6% · 62.8% · 61.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Pakka Limited has approved the allotment of Tranche 3 of unlisted, secured, unrated redeemable NCDs aggregating ₹50 crore on a private placement basis to Neo Special Credit Opportunities Fund II. This is part of a larger ₹540 crore total NCD issue approved by the board in May 2026. The allotment consists of ₹30 crore in Junior Series NCDs at a 19.40% annual coupon maturing in 2035, and ₹20 crore in Senior Series NCDs at an 11.50% annual coupon maturing in 2033. This tranche alone represents ~15% of the company's market cap of ₹333 crore, adding high-cost debt to an existing debt load of ₹458 crore.
- Allotment of Tranche 3 NCDs aggregating ₹50 crore out of a total board-approved issue of ₹540 crore
- ₹30 crore allotted in Junior Series NCDs carrying a high coupon rate of 19.40% per annum maturing May 31, 2035
- ₹20 crore allotted in Senior Series NCDs carrying an 11.50% per annum coupon maturing June 30, 2033
- Allotted entirely to Neo Special Credit Opportunities Fund II on a private placement basis
- Secured by comprehensive mortgages and charges over project assets, current assets, and share pledges
Pakka Limited submitted the transcript of its 46th Annual General Meeting held on September 29, 2026. The Chairman addressed project cost overruns caused by foreign exchange fluctuations and confirmed that commercial production for its major expansion project (PM4) has been revised to January 2027, with operational trials targeted by Diwali. To finance overruns and retire prior bank loans, the company secured a 1–1.5 year bridge loan from an NBFC. Standalone FY26 revenue was reported at Rs 355.80 crore compared to Rs 406.04 crore in FY25, while net profit declined to Rs 18.15 crore from Rs 56.70 crore.
- Commercial commissioning date for PM4 capacity expansion revised to January 2027, though operational output is targeted by Diwali
- Company took higher-cost bridge financing from an NBFC for 1 to 1.5 years to manage project cost overruns and retire bank debt
- Standalone FY26 revenue stood at Rs 355.80 crore versus Rs 406.04 crore in FY25
- Standalone FY26 PAT dropped to Rs 18.15 crore compared to Rs 56.70 crore in FY25
- Exports contributed 25% of company revenue in FY26, down from 30% in the previous year
Pakka Limited announced the voting results and scrutinizer report for its 46th Annual General Meeting held on September 29, 2026. All six ordinary and special resolutions were approved by shareholders with over 99.9% majority votes. Notably, resolutions included the adoption of FY26 financials, director re-appointments, an amendment to Articles of Association regarding observer/nominee directors (99.95% approval), and clarification to the objects of a prior preferential issue of equity shares and convertible warrants (99.99% approval). Out of 38,616 total shareholders as of the September 23, 2026 cut-off date, 2,19,06,481 votes were polled.
- All 6 resolutions passed with over 99.9% majority votes cast via remote e-voting and AGM.
- Special resolution clarifying objects of preferential issue passed with 2,19,05,526 votes (99.9968%) in favour.
- Special resolution altering Articles of Association for observer and nominee director provisions passed with 99.9496% favour.
- A total of 2,19,06,481 votes polled across 38,616 total shareholders on record.
Pakka Limited concluded its 46th AGM, revealing key updates on operational and project fronts. Commercial production for its flagship Project Jagriti (PM4 expansion) has been revised to January 2027, with operational production expected earlier. To manage project cost increases, the company availed NBFC bridge financing to repay bank loans, targeting lower-cost refinancing post-stabilisation. Additionally, auditors issued a qualified opinion on consolidated accounts due to Rs 31.98 crore CWIP on a temporarily suspended overseas facility in Guatemala amid lack of project financing.
- Project Jagriti commercial production commencement timeline revised to January 2027
- Availing NBFC bridge financing due to project cost increases to repay bank debt until machine stabilisation
- Statutory auditor qualified consolidated accounts over Rs 3,197.81 lakh CWIP at overseas subsidiary Pakka Inc.
- Standalone FY26 revenue was Rs 355.80 crore vs Rs 406.04 crore in FY25; net profit fell to Rs 18.15 crore vs Rs 56.70 crore
- Board did not recommend a dividend for FY26 to conserve liquidity for ongoing projects
Pakka Limited's Board of Directors has approved the appointment of Mr. Manoj Kumar Maurya, the current Commercial Head, as Chief Financial Officer (Key Managerial Personnel) on an interim basis effective September 29, 2026. Mr. Maurya has been with the company for over 28 years (joined September 1, 1998) and previously held the interim CFO role in 2020. This appointment serves as a stopgap measure until a permanent CFO is appointed, providing leadership stability as the company manages its ₹458 Cr debt load and oversees ongoing operations.
- Appointment of Mr. Manoj Kumar Maurya as Chief Financial Officer on an interim basis effective September 29, 2026
- Mr. Maurya brings over 28 years of tenure at Pakka Limited, having joined on September 1, 1998
- Previously served as interim CFO from February 7, 2020, to June 9, 2020
- Board had previously authorized him to manage finance functions on August 14, 2026
Pakka Limited has disclosed that an FIR (No. 0726) was registered on September 27, 2026, at Kotwali Ayodhya Police Station regarding the death of a team member, Mr. Ashish Shivhare. The complaint, filed by the deceased's family, names Managing Director (Promoter) Ved Krishna and Legal Head Amrit Khare, alleging circumstances preceding the death. The company stated that allegations are subject to police investigation and do not constitute a finding of guilt. At present, the company is unable to quantify any financial or operational impact.
- FIR No. 0726 registered on 27th September, 2026 at Kotwali Ayodhya Police Station
- Complaint names Managing Director (Promoter) Ved Krishna and Legal Head Amrit Khare
- Case relates to the death of company team member Mr. Ashish Shivhare
- Financial and operational impact currently unquantifiable as investigation is underway
Pakka Limited has received trading approvals from BSE and NSE for 27,20,000 equity shares allotted to non-promoters on a preferential basis. The shares were allotted on June 9, 2026, at an issue price of Rs 110 per share (Rs 10 face value plus Rs 100 premium), raising Rs 29.92 crore. Trading commences on September 9, 2026, and all newly listed shares are subject to lock-in up to March 30/31, 2027. The total capital raised accounts for roughly 9.0% of the company's current market cap of Rs 334 crore.
- 27,20,000 equity shares admitted to trade on BSE and NSE effective September 9, 2026
- Issued at Rs 110 per share (face value Rs 10, premium Rs 100), amounting to Rs 29.92 crore
- Shares were previously allotted to non-promoters on June 9, 2026
- Entire issue is under lock-in until March 30, 2027 (release date March 31, 2027)
Pakka Limited has issued the notice convening its 46th Annual General Meeting (AGM) on September 29, 2026, via Video Conferencing. Key agenda items include adopting the audited standalone and consolidated financial statements for FY26 and re-appointing retiring directors Gautam Ghosh and Himanshu Kapoor. The company is also seeking shareholder approval via special resolution to alter its Articles of Association to enable the appointment of Nominee Directors and Observers pursuant to financing/debenture agreements. This is a standard annual compliance process with governance-enabling charter amendments.
- 46th Annual General Meeting scheduled for Tuesday, September 29, 2026, at 10:30 a.m. IST via VC/OAVM
- Special Resolution proposed to insert Articles 90A-90E in the Articles of Association regarding Nominee Directors and Observers under Debenture Documents
- Re-appointment of Mr. Gautam Ghosh (Executive Director, drawing ₹36.40 Lakhs salary in FY26) retiring by rotation
- Re-appointment of Mr. Himanshu Kapoor (Non-Executive Director) retiring by rotation
Pakka Limited has received listing approval from BSE Limited for 27,20,000 equity shares allotted to non-promoters on a preferential basis. The shares of face value Rs 10 each were issued at a premium of Rs 100 (total issue price of Rs 110 per share), mobilizing approximately Rs 29.92 crore. This capital influx represents roughly 9.1% of the company's current market capitalization of Rs 328 crore. The company is now completing formalities to obtain final trading approvals.
- BSE granted listing approval for 27,20,000 equity shares allotted on a preferential basis to non-promoters
- Shares issued at face value of Rs 10 at a premium of Rs 100 per share (issue price Rs 110), raising ~Rs 29.92 crore
- Preferential issue represents ~9.1% of current market capitalization (Rs 328 crore)
- Allotted shares bear distinctive numbers from 4,49,48,101 to 4,76,68,100
Pakka Limited has received listing approval from the National Stock Exchange of India (NSE) for 27,20,000 equity shares of face value INR 10 each allotted to non-promoters on a preferential basis. The newly issued shares carry distinctive numbers from 4,49,48,101 to 4,76,68,100. Formal admission to trading will take place upon confirmation of depository credit from NSDL/CDSL. Approval from BSE Limited has also been granted, with the formal letter awaited for upload.
- NSE granted listing approval for 27,20,000 equity shares allotted on a preferential basis
- Shares bear a face value of INR 10 each with distinctive numbers 4,49,48,101 to 4,76,68,100
- Allotment was executed in favor of non-promoter category investors
- Trading will commence following credit confirmation from depositories NSDL and CDSL
Pakka Limited released its Q1 FY27 earnings call transcript, highlighting a 42% YoY revenue growth driven by Wrap & Carry (₹101.14 crore) and Food Services (₹18.45 crore). Execution of 'Project Jagriti' is over 85% complete, with PM4 (30,000–40,000 TPA capacity) targeted to begin commercial production by October/November 2026. Management reiterated a full-year FY27 revenue objective of ~₹500 crore, scaling to at least ~₹700 crore in FY28 as PM4 ramps up to 60–70% utilization.
- Overall Q1 revenue grew 42% YoY and 14% QoQ; EBITDA rose 31% YoY and 36% QoQ.
- Project Jagriti equipment execution is over 85% complete, with PM4 paper reeling scheduled for November 2026.
- Food Services revenue rose 34% YoY to ₹18.45 crore, while segment PBT loss stood at ₹1.62 crore with breakeven targeted in FY27.
- Management targets FY27 revenue of ~₹500 crore and FY28 consolidated revenue of ~₹700 crore upon PM4 ramp-up.
Pakka Limited has disclosed the audio/video recording link for its Investor Conference Call held on Tuesday, August 18, 2026. The call reviewed the company's financial and operational performance for the first quarter ended June 30, 2026. The meeting commenced at 4:00 p.m. and concluded at 5:31 p.m. IST. The company stated that a written transcript will be submitted to exchanges in due course.
- Investor conference call was conducted digitally on August 18, 2026, from 4:00 p.m. to 5:31 p.m. IST (91 minutes)
- The call covered financial and operational performance for the quarter ended June 30, 2026
- Audio/video recording has been made publicly accessible via YouTube
- Written transcript will be submitted to stock exchanges as per SEBI LODR timelines
Pakka Limited reported its highest-ever quarterly revenue of ₹119.60 Cr in Q1 FY27, up 42% YoY from ₹84.26 Cr. EBITDA grew 31% YoY to ₹17.85 Cr, while PBT increased 34% YoY to ₹8.77 Cr. The core Wrap & Carry division drove performance with revenue rising 43% YoY to ₹101.14 Cr, while Food Services grew 34% YoY to ₹18.45 Cr with losses narrowing to ₹1.62 Cr. Under Project Jagriti, major equipment installation is 85% complete, with boiler start-up planned for September 2026 and PM4 machine commissioning set for November 2026.
- Q1 FY27 revenue grew 42% YoY to record ₹119.60 Cr vs ₹84.26 Cr in Q1 FY26 (up 14% QoQ).
- EBITDA increased 31% YoY to ₹17.85 Cr; PBT rose 34% YoY to ₹8.77 Cr.
- Wrap & Carry segment revenue rose 43% YoY to ₹101.14 Cr with PBT of ₹10.39 Cr (up 45% YoY).
- Food Services revenue rose 34% YoY to ₹18.45 Cr, targeting full-year breakeven after multi-year losses.
- Project Jagriti major equipment work is 85% complete, with PM4 commercial start-up planned for Nov 2026.
Pakka Limited issued a corrigendum to its Regulation 32 statement for the quarter ended June 30, 2026, clarifying that 77 lakh convertible warrants at ₹110 each (totaling ₹84.70 crore) were allotted to the Promoter Group with a 25% upfront payment of ₹21.18 crore. Along with ₹29.92 crore received from 27.20 lakh equity shares allotted to non-promoters, total funds received reached ₹51.10 crore against the total issue size of ₹114.62 crore. The company confirmed 100% utilization of the ₹51.10 crore proceeds towards Project Jagriti (including ₹50.00 crore for term loan repayment) with zero deviation.
- Allotted 77 lakh convertible warrants at ₹110/warrant (₹84.70 crore) to Promoters' Group category with ₹21.18 crore (25%) received upfront
- Allotted 27.20 lakh equity shares to non-promoters at ₹110/share, raising ₹29.92 crore in full
- Total funds received up to June 30, 2026 stood at ₹51.10 crore against aggregate issue size of ₹114.62 crore
- Entire ₹51.10 crore utilized (₹50.00 crore for Project Jagriti term loan repayment and ₹1.10 crore for direct capex) with NIL deviation
Pakka Limited submitted its quarterly statement of deviation under Regulation 32 for the quarter ended June 30, 2026. The company raised ₹114.62 crore via a preferential issue allotted on June 09, 2026, earmarked for 'Investment in Jagriti Project'. As of the quarter ended June 30, 2026, ₹51.10 crore has been utilized with zero deviation from the stated objects. Brickwork Ratings India Private Limited serves as the appointed monitoring agency for fund deployment.
- Total preferential issue size: ₹114.62 crore allotted on June 09, 2026.
- Total funds utilized as of June 30, 2026: ₹51.10 crore towards the Jagriti Project.
- Deviation or variation from original objects: NIL.
- Monitoring Agency appointed: Brickwork Ratings India Private Limited.
Financial Performance
Revenue Growth by Segment
Total Operating Income (TOI) was INR 408.24 Cr in FY24, representing a slight moderation of 2% from INR 415.85 Cr in FY23. The American business segment reported revenue of INR 15.74 Cr in Q2 FY26, a 14% increase compared to INR 13.81 Cr in Q2 FY25.
Geographic Revenue Split
The primary operations are based in India (Uttar Pradesh), with expanding international presence through Pakka Inc. (USA), Pakka Pte Ltd. (Singapore), and Pakka Guatemala. The American business contributed INR 15.74 Cr in Q2 FY26 revenue.
Profitability Margins
PBILDT margins remained healthy at 22.82% in FY24 and improved to 23.71% in 9MFY25. PAT margin was 12.38% in FY23. Net Profit before tax for the consolidated group was INR 47.97 Cr in FY25, down 25.9% from INR 64.77 Cr in FY24.
EBITDA Margin
PBILDT margin stood at 22.82% in FY24, a slight increase from 22.37% in FY23 (up 45 bps). This was driven by cost-effective production and integrated operations despite a dip in sales realizations.
Capital Expenditure
The company is executing a large-scale capex titled 'Project Jagriti' totaling INR 676.26 Cr. This is funded via INR 450.00 Cr in debt and INR 226.26 Cr in equity/internal accruals. Additionally, a USD 55M investment is planned for molded products in the American business by 2028.
Credit Rating & Borrowing
The company holds a 'CARE BBB; Stable' rating for long-term bank facilities and 'CARE A3+' for short-term facilities. Interest coverage was robust at 10.39x in FY24 and 9.75x in 9MFY25.
Operational Drivers
Raw Materials
Primary raw materials include agro-based bagasse (fiber) and rice husk (fuel for power generation). Rice husk costs accounted for 16.27% of TOI in FY23, up from 11.35% in FY22.
Import Sources
Bagasse is sourced locally within a 100-km radius of the plant in Uttar Pradesh, India, which is a major sugarcane hub.
Key Suppliers
The company maintains long-term relationships (over 15 years) with its top 10 suppliers to ensure a consistent supply of bagasse.
Capacity Expansion
Project Jagriti involves commissioning a new manufacturing line for greaseproof paper. The American business (Kawok stage) is targeting a 40 TPD (Tons Per Day) molded product capacity by 2028.
Raw Material Costs
Raw material costs are vulnerable to price fluctuations in bagasse and rice husk. In FY23, a spike in rice husk prices led to a 219 bps dip in PBILDT margins as power and fuel expenses rose to 16.27% of TOI.
Manufacturing Efficiency
Efficiency is driven by a cost-effective production setup and integrated operations. Average working capital limit utilization was ~49.7% for the nine months ending February 2025.
Logistics & Distribution
Distribution costs are optimized through the plant's proximity to raw material sources (sugarcane hub) and established customer relationships over four decades.
Strategic Growth
Expected Growth Rate
15-20%
Growth Strategy
Growth is targeted through 'Project Jagriti' (greaseproof paper for flexible packaging), a USD 55M investment in American molded products to reach USD 36M turnover by 2028, and the launch of new delivery containers and leak-proof products in Q3/Q4 FY26.
Products & Services
Kraft paper, bagasse-based tableware, clamshells, delivery containers, meal trays, and greaseproof paper for flexible packaging.
Brand Portfolio
PAKKA (formerly Yash Pakka and Yash Papers).
New Products/Services
Successful launch of clamshells (INR 20L+ sales in month 1). Upcoming launches include a range of delivery containers, meal trays, and leak-proof delivery containers in Q4 FY26.
Market Expansion
Expansion into the USA and Guatemala for molded products. The company is also merging Pakka Impact Limited into the parent entity to streamline Indian operations.
Strategic Alliances
A Memorandum of Understanding (MOU) is in place for the 40 TPD molded product project in the American business.
External Factors
Industry Trends
The industry is shifting toward sustainable, compostable packaging. Pakka is positioning itself as a leader in bagasse-based alternatives to plastic and styrofoam, targeting a scale of >INR 600 Cr.
Competitive Landscape
Operates in a highly competitive and cyclical paper industry, competing with both traditional paper mills and emerging sustainable packaging firms.
Competitive Moat
Moat is built on integrated operations (pulp + power + paper), a 40-year track record, and a strategic location in the sugarcane hub of India, providing a sustainable cost advantage in raw material procurement.
Macro Economic Sensitivity
Sensitive to agro-commodity prices (bagasse) and fuel prices (rice husk/coal), which directly impact the cost of production and margins.
Consumer Behavior
Increasing consumer demand for eco-friendly and compostable delivery packaging is driving the launch of new product lines like leak-proof containers.
Geopolitical Risks
Expansion into Guatemala and the USA introduces exposure to regional regulatory environments and trade policies.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013 and SEBI Listing Regulations. The company is currently undergoing a merger process for its subsidiary Pakka Impact Limited.
Environmental Compliance
The company is subject to strict pollution control norms inherent to the paper industry; compliance is managed through its integrated, agro-based production model.
Taxation Policy Impact
Income tax paid (net) was INR 17.30 Cr in FY25 compared to INR 19.16 Cr in FY24.
Legal Contingencies
The auditors noted a need for strengthening the process of financial closure at period ends, but reported no qualifications or adverse remarks in the CARO report for the Indian subsidiary.
Risk Analysis
Key Uncertainties
The primary uncertainty is the timely completion and stabilization of the INR 676.26 Cr 'Project Jagriti' capex. Failure to achieve projected scales could impact the BBB rating.
Geographic Concentration Risk
High concentration of manufacturing in Uttar Pradesh, India, though revenue is diversifying through the American business (INR 15.74 Cr in Q2 FY26).
Third Party Dependencies
High dependency on local sugarcane farmers and mills for bagasse fiber within a 100-km radius.
Technology Obsolescence Risk
The company is mitigating technology risks by investing in new manufacturing lines for specialized greaseproof and molded products.
Credit & Counterparty Risk
Receivables and liquidity are considered adequate, with a current ratio of 1.98x and free cash/bank balances of INR 53.54 Cr as of March 2024.
