Mold-Tek Packaging (533080) Q2 24/25 earnings summary

Executive summary

• Sales volumes increased by 7.2% in H1 and 7% year-over-year in Q2, with EBITDA up 3.6% for H1 and 4.5% for Q2, driven by growth in paints, Food & FMCG, and Qpack segments.

• Profit declined by about 10–11% year-over-year in Q2 and H1 due to higher depreciation and interest costs from recent investments.

• Major capacity expansions are underway in Panipat, Cheyyar, Mahad, and Satara plants, with Mahad facing delays due to local approvals.

Financial highlights

• Qpack revenue grew 44.4% year-over-year, paints 13%, lubes 0.9%, and Food & FMCG 3.43%; H1 FY25 revenue reached ₹388.03 crores, EBITDA ₹70.80 crores.

• Gross margin per kg expanded to INR 86, with EBITDA per kg at INR 36.73, expected to reach INR 38 for the year.

• Revenue mix: 47% paints, 20% lubes, 32.4% Food & Qpack, 0.4% pharma.

• H1 FY25 net profit: ₹30.64 crores (down from ₹34.42 crores in H1 FY24); Q2 FY25 net profit: ₹14.11 crores (down from ₹15.69 crores in Q2 FY24).

Outlook and guidance

• Full-year volume growth guidance revised to double digits (below 15%), with EBITDA per kg targeted at INR 38 for FY25 and INR 40 for FY26.

• H2 expected to outperform H1 as new capacities ramp up and pharma contributions increase.

• Pharma packaging unit utilization expected to reach 30–40% by Q4 FY25 and 50%+ in the next financial year.

• Pharma segment revenue expected to reach INR 30–50 crores in FY25, with potential to scale to INR 80–100 crores as new products are commercialized.