Pyramid Technoplast Limited (PYRAMID)
₹151.92 -0.28% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Pyramid Technoplast's revenue was ₹222 Cr (+35.7% year on year, +14.1% on the previous quarter), and net profit ₹10.4 Cr (+30.6% year on year); the operating margin was 9.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹222 | +35.7% | +14.1% |
| Operating profit | ₹20.3 | +55.9% | +1.3% |
| Net profit | ₹10.4 | +30.6% | +4.5% |
| EPS (₹) | 2.85 | +32.6% | +4.8% |
| Operating margin | 9.1% | — | — |
PYRAMID delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 46.0% of the PYRAMID shares traded on NSE were taken to delivery, against the stock's own 20-session average of 64.14%. That is lower than usual for this stock. It traded 3.7 times its average daily volume.
Delivery in the last 5 sessions: 68.4% · 68.5% · 64.8% · 60.9% · 46.0%
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
Pyramid Technoplast has received credit ratings from Acuité Ratings & Research for bank loan facilities totaling Rs 235.00 crore. The rating agency assigned and reaffirmed its long-term rating of 'ACUITE A-/Stable' across Rs 174.50 crore of facilities. For short-term facilities worth Rs 60.50 crore, Acuité assigned and reaffirmed the 'ACUITE A2+' rating. The total rated bank facilities represent approximately 31.8% of the company's TTM revenue of Rs 739 crore.
- Total bank loan facilities rated stand at Rs 235.00 crore
- Long-term rating reaffirmed and assigned at 'ACUITE A-
- Stable' for Rs 174.50 crore
- Short-term rating reaffirmed and assigned at 'ACUITE A2+' for Rs 60.50 crore
- Total facilities include Rs 50.16 crore newly assigned term loan from HDFC Bank and Rs 7.64 crore from Federal Bank
Pyramid Technoplast held its 28th Annual General Meeting on September 22, 2026, where all ordinary and special resolutions were approved by shareholders. Key resolutions passed include the adoption of FY26 financial statements and declaration of a final dividend of Rs 0.50 per share (5% on face value Rs 10). A total of 2,76,76,102 valid votes (99.75%) were cast in favor of the resolutions, with only 2 votes against. Shareholders also approved the re-appointment of Director Jaiprakash Bijaykumar Agarwal and ratified auditor appointments.
- Declared final dividend of Rs 0.50 (5%) per equity share of face value Rs 10 for FY26
- All resolutions approved with 99.75% votes cast in favor (2,76,76,102 shares)
- Only 2 shares voted against the dividend and financial statements adoption
- Re-appointment of Whole-Time Director Jaiprakash Bijaykumar Agarwal approved
- AGM held on September 22, 2026, with cut-off date as September 16, 2026
Pyramid Technoplast has received an amended Consolidated Consent and Authorisation (CCA) order from the Gujarat Pollution Control Board (GPCB) to collect, store, and recycle up to 960 MT annually of third-party hazardous-waste-contaminated industrial packaging waste. The authorization also allows manufacturing up to 9,000 cleaned drums/containers per month, complementing its existing 1,000 MT per month plastic re-processed granules capacity. The CCA order is valid with consent fees paid up to November 5, 2030, enhancing backward integration and raw material circularity.
- Authorised by GPCB to receive and recycle up to 960 MT of contaminated packaging waste annually
- Permitted to manufacture up to 9,000 cleaned barrels/drums and containers per month
- Complements existing plastic re-processed granules capacity of 1,000 MT per month
- Consent fees under CCA Amendment Order No. AWH-103781 paid up to November 5, 2030
Pyramid Technoplast Limited announced that shareholders approved the appointment of M/s Desai Saksena & Associates, Chartered Accountants, as Statutory Auditors at its 28th AGM held on September 22, 2026. The appointment spans a 5-year tenure covering FY 2026-27 to FY 2031-32, concluding at the 33rd AGM. The audit firm has been established since 1984 and holds an active ICAI Peer Review Certificate. This is a regular statutory appointment conforming to corporate governance requirements.
- Shareholders approved appointment at the 28th AGM held on September 22, 2026
- Auditor appointed for a 5-year term from FY 2026-27 through FY 2031-32
- Appointee M/s Desai Saksena & Associates (FRN: 102358W) was established in 1984
- Tenure runs until the conclusion of the 33rd Annual General Meeting
Pyramid Technoplast Limited has informed the exchanges regarding the dispatch of letters containing the web-link for its FY 2025-26 Annual Report and 28th AGM notice. The dispatch complies with Regulation 36(1)(b) of SEBI LODR Regulations for shareholders whose email IDs are not registered. The 28th Annual General Meeting is scheduled to be held virtually on September 22, 2026, at 11:30 AM IST.
- 28th Annual General Meeting scheduled for September 22, 2026, at 11:30 A.M. IST via Video Conferencing
- Web-link of the FY 2025-26 Annual Report shared pursuant to SEBI LODR Regulation 36(1)(b)
- Communication sent to shareholders without registered email addresses with RTA/Depositories
Pyramid Technoplast Limited has issued the notice for its 28th Annual General Meeting scheduled for September 22, 2026, via video conferencing. Key ordinary business items include the approval of a final dividend of ₹0.50 per share (5% on ₹10 face value) for FY26 and the appointment of M/s Desai Saksena & Associates as Statutory Auditors for a 5-year term. The cut-off date for eligibility to vote is September 16, 2026, with remote e-voting running from September 19 to September 21, 2026.
- 28th AGM scheduled for Tuesday, September 22, 2026, at 11:30 AM IST via VC/OAVM
- Recommendation of ₹0.50 per equity share (5% of face value ₹10) final dividend for FY26
- Voting cut-off date fixed as September 16, 2026; remote e-voting from Sept 19 to Sept 21, 2026
- Appointment of M/s Desai Saksena & Associates, CAs, as Statutory Auditors for a 5-year term
Pyramid Technoplast Limited has dispatched an email communication to shareholders regarding Tax Deducted at Source (TDS) on the final dividend for FY 2025-26. The communication outlines the applicable tax deduction rates and documentation requirements under Income Tax provisions. This is a standard procedural notice ahead of the dividend payout. There is no new operational or financial data disclosed in this filing.
- Shareholder communication issued regarding TDS on final dividend for FY 2025-26
- Sent via email to all registered shareholders as of record date / depository records
- Filing reference SEC: 41/2026-27 dated August 24, 2026
Pyramid Technoplast Limited has fixed Friday, September 11, 2026, as the record date for determining shareholder eligibility for a final dividend of Rs 0.50 per equity share (face value Rs 10) for FY 2025-26. The dividend was initially recommended by the Board on May 13, 2026, and is subject to shareholder approval at the 28th AGM on September 22, 2026. Upon approval, payment will be dispatched on or after October 3, 2026. At the current share price of Rs 163.0, the dividend represents a modest yield of approximately 0.31%.
- Final dividend of Rs 0.50 per equity share of face value Rs 10 recommended for FY 2025-26
- Record date fixed as Friday, September 11, 2026
- 28th Annual General Meeting scheduled for September 22, 2026
- Payment of dividend to be made on or after October 3, 2026
In its Q1 FY27 earnings call transcript, Pyramid Technoplast reported a 36% YoY revenue growth to Rs 222 crore and 32% PAT growth to Rs 10.5 crore. The company announced a Rs 20-25 crore capex for a new 10,000 IBC units/month facility in Kutch, targeted for commissioning by March 2027. Additionally, it secured government subsidies totaling Rs 35.4 crore (Rs 24.9 crore for Wada and Rs 10.5 crore for Bharuch) spread over 10 years. Management guided for ~15% revenue growth in FY27 with EBITDA margins above 10%, supported by Rs 15 crore annual power savings from 14.25 MW captive solar capacity.
- Q1 FY27 revenue rose 36% YoY to Rs 222 crore, while PAT grew 32% YoY to Rs 10.5 crore.
- Investing Rs 20-25 crore to set up a 10,000 IBC/month facility in Kutch by March 2027.
- Secured government subsidies of Rs 24.9 crore (Wada) and Rs 10.5 crore (Bharuch Unit 7) over 10 years.
- Solar capacity (14.25 MW total) delivered Rs 2 crore in Q1 savings and is projected to yield Rs 15 crore annually.
- Wada facility operated at >70% utilization, contributing Rs 43 crore (19%) to Q1 revenue.
Pyramid Technoplast has issued a correction regarding the accessibility of its Q1 FY 2026-27 earnings call recordings held on August 12, 2026. The revised links were provided after technical errors made the previous links inaccessible. This call follows a fiscal year (FY26) where the company reported revenue of ₹680.8 Cr and a PAT of ₹29.1 Cr. Investors can now access management's commentary regarding the Wada facility ramp-up and the 10-12% cost reduction strategy from the new recycling plant.
- Earnings call for Q1 FY 2026-27 conducted on August 12, 2026
- Revised audio and video links provided to fix technical errors in filing Ref: 36/2026-27
- Company reported TTM revenue of ₹681 Cr with an operating margin of 8.2%
- Promoter holding remains stable at 74.94% as of March 2026
Pyramid Technoplast has published the audio and video recordings of its earnings conference call held on August 12, 2026, regarding the Q1 FY2026-27 results. This follows a fiscal year (FY26) where the company reported revenue of ‡680.8 crore and a PAT of ‡29.15 crore. The call likely covers the progress of the Wada facility ramp-up and the ‡15-20 crore planned capex for machinery. Investors can use these recordings to gauge management's confidence in achieving the stated 15% growth target and the 10-12% cost reduction from the new recycling plant.
- Earnings call conducted on August 12, 2026, for the quarter ended June 30, 2026
- Company maintains a 15% expected growth rate strategy through capacity utilization
- Planned capex of ‡15-20 crore for adding machinery to existing plants to improve EBITDA
- Unit 9 recycling plant commissioned on October 3, 2025, targeting 10-12% cost reduction
- Promoter holding remains stable at 74.94% as of March 2026
Pyramid Technoplast reported a strong Q1FY27 with revenue growing 36% YoY to ₹222 Cr, primarily driven by price pass-throughs. The company announced a new ₹20-25 Cr expansion in Kutch for IBCs (10,000 units/month) expected by March 2027, representing ~4% of its market cap. Profitability is set to benefit from ₹35.4 Cr in approved government subsidies and ₹15 Cr in projected annual solar power savings. Management has guided for 15% revenue growth and 11-12% EBITDA margins for FY27, up from the current 8.2%.
- Q1FY27 Revenue grew 36% YoY to ₹222 Cr, with PAT increasing 32% YoY.
- New Kutch plant investment of ₹20-25 Cr targeting 10,000 IBC units per month by March 2027.
- Government subsidies of ₹35.4 Cr approved for Wada (₹24.9 Cr) and Bharuch (₹10.5 Cr) units.
- Solar power initiatives (14.25 MW) expected to generate ₹15 Cr in cost savings during FY27.
- Wada facility contributed ₹43 Cr (19% of revenue) with utilization expected to reach 80% in FY27.
Pyramid Technoplast is expanding its manufacturing footprint with a new ₹20-25 crore facility in Kutch, Gujarat, adding 10,000 IBC units per month by March 2027. This represents a 20% increase over its current IBC capacity of 50,000 units per month. Additionally, the company has secured government subsidy approvals totaling ₹35.4 crore for its Wada and Bharuch facilities. The total subsidy amount is significant, exceeding the company's TTM PAT of ₹29 crore, and is expected to improve ROCE and project payback periods.
- New Kutch facility investment of ₹20–25 crore, representing ~8% of current net worth
- Capacity addition of 10,000 IBC units per month, a 20% increase on existing IBC capacity
- Total government subsidy benefits of ₹35.4 crore approved across Wada and Bharuch units
- Wada facility subsidy of ₹24.9 crore to be disbursed over a 10-year period
- Expected commissioning of the new Kutch manufacturing facility by March 2027
Pyramid Technoplast reported a strong start to FY27 with revenue growing 35.8% YoY to ₹222.49 Cr, significantly exceeding the previous year's quarterly average. Net profit increased 32.1% YoY to ₹10.45 Cr, while EPS rose to ₹2.85 from ₹2.16. The company also recommended the appointment of M/s Desai Saksena & Associates as new statutory auditors for a 5-year term. Despite the growth, finance costs surged 178% YoY to ₹3.51 Cr, indicating increased borrowing or higher interest expenses.
- Revenue from operations increased 35.8% YoY to ₹222.49 Cr from ₹163.81 Cr.
- Net profit grew 32.1% YoY to ₹10.45 Cr compared to ₹7.91 Cr in the year-ago period.
- Finance costs rose sharply by 178% to ₹3.51 Cr from ₹1.26 Cr YoY.
- Cost of materials consumed stood at ₹171.86 Cr, accounting for 77.2% of total revenue.
- New statutory auditor M/s Desai Saksena & Associates appointed for a 5-year term subject to shareholder approval.
Pyramid Technoplast has rescheduled its Q1 FY27 earnings conference call to Wednesday, August 12, 2026, at 4:30 PM IST. The call was originally planned for August 11, 2026. The management, including the Managing Director and CFO, will discuss the unaudited financial results for the quarter ended June 30, 2026. This follows a fiscal year (FY26) where the company reported a revenue of Rs 680.8 cr and a net profit of Rs 29.15 cr.
- Earnings call rescheduled to August 12, 2026, at 04:30 P.M. IST
- Management to discuss Un-Audited Financial Results for the quarter ended June 30, 2026
- The call was previously scheduled for Tuesday, August 11, 2026
- Company reported a net profit of Rs 10.0 Cr in the most recent quarter (Mar 2026)
- TTM revenue stands at Rs 681 Cr against a market cap of Rs 653 Cr
Financial Performance
Revenue Growth by Segment
Overall revenue grew 21.7% YoY in H1 FY26 to INR 324.6 Cr. MS Drums segment saw strong volumes but lower revenue translation due to pricing challenges. Polymer Drums and IBC segments contributed to the 21% growth in Q2 FY26 (INR 160.8 Cr).
Geographic Revenue Split
The company has a strong presence in Gujarat and has recently established production capacity across all drum categories in Maharashtra (Wada) to drive regional growth.
Profitability Margins
Gross Profit margin improved to 26.5% in H1 FY26 (up 122 bps YoY). Net Profit Margin (NPM) stood at 4.3% in H1 FY26 compared to 4.9% in H1 FY25, impacted by higher fixed costs during the ramp-up of new facilities.
EBITDA Margin
EBITDA margin was 8% in H1 FY26, a decrease of 35 bps YoY from 8.6%. Core profitability was INR 26.8 Cr, up 17% YoY in absolute terms.
Capital Expenditure
Planned capital expenditure of INR 15-20 Cr for adding machinery to the Wada plant in Maharashtra to increase capacity utilization.
Credit Rating & Borrowing
Long-term borrowing increased significantly to INR 74.1 Cr in H1 FY26 from INR 27.6 Cr in FY25. Interest costs rose 121% YoY to INR 2.9 Cr in H1 FY26 due to higher debt levels for expansion.
Operational Drivers
Raw Materials
Specific raw materials include Polymer (for drums and IBCs) and Steel (for MS drums). Raw material costs represented 73.8% of revenue in H1 FY26 (INR 239.7 Cr).
Capacity Expansion
Current installed capacity includes 33,026 MTPA for Polymer Drums, 600,000 Units for IBCs, and 10,800 MTPA for MS Drums. Unit 9 (Recycling plant) was commissioned on October 3rd, 2025.
Raw Material Costs
Raw material costs were INR 239.7 Cr in H1 FY26, up 21% YoY. The new recycling plant is expected to reduce raw material costs by 10-12% annually through in-house processing.
Manufacturing Efficiency
Overall capacity utilization is expected to ramp up to 66% as the capex cycle nears completion. MS drum utilization is currently at 80%.
Logistics & Distribution
The company operates an in-house fleet of 88 trucks to ensure timely deliveries and cost efficiency, providing a strategic advantage near industrial hubs.
Strategic Growth
Expected Growth Rate
15%
Growth Strategy
Growth will be achieved by ramping up utilization at the new Wada (Maharashtra) facility, adding machinery to existing plants (INR 15-20 Cr capex), and leveraging the 10-12% cost reduction from the new recycling plant to improve EBITDA margins to a guided 11-12%.
Products & Services
Rigid Intermediate Bulk Containers (IBCs), Polymer Drums, and Mild Steel (MS) Drums.
Brand Portfolio
Pyramid Technoplast Limited.
New Products/Services
Recycled polymer from the new Unit 9 plant and internal captive solar power generation.
Market Expansion
Expansion focused on the Maharashtra region through the Wada plant to capture demand from chemical and pharma hubs.
External Factors
Industry Trends
Current growth in industrial packaging is driven by the 'China Plus One' strategy in chemicals and pharma. The industry is shifting toward sustainable packaging, which Pyramid is addressing with its new recycling plant.
Competitive Landscape
Operates in a competitive industrial packaging market; positioning is based on logistics efficiency and integrated manufacturing.
Competitive Moat
Durable advantages include strategic location near industrial hubs, an in-house logistics fleet of 88 trucks, and backward integration for components like lids and handles, which ensure cost leadership and quality control.
Macro Economic Sensitivity
Highly sensitive to the growth of the Indian chemical and pharmaceutical sectors, which drive demand for industrial packaging.
Consumer Behavior
Industrial customers are increasingly prioritizing sustainability and cost-efficiency, favoring suppliers with recycling capabilities.
Regulatory & Governance
Industry Regulations
Must comply with industrial packaging standards for hazardous and non-hazardous chemicals and pharmaceutical-grade manufacturing norms.
Environmental Compliance
Invested in a 6 MW captive solar plant and a recycling plant to meet sustainability goals and reduce environmental impact.
Taxation Policy Impact
Effective tax rate was approximately 25% in H1 FY26 (INR 4.7 Cr tax on INR 18.8 Cr PBT).
Risk Analysis
Key Uncertainties
Raw material price volatility (Polymer/Steel) could impact margins by 5-10% if not managed. Ramp-up risk at the Wada plant could affect fixed cost absorption.
Geographic Concentration Risk
Revenue is heavily concentrated in Gujarat and Maharashtra industrial belts.
Third Party Dependencies
Dependency on steel and polymer suppliers; specific vendor concentration not disclosed.
Technology Obsolescence Risk
The company is mitigating technology risks by investing in automation for MS drum production to reduce labor costs.
