Manjushree Technopack Limited Delisted Share - Company Overview
MANJUSHREE TECHNOPACK LIMITED is one of the leaders in the rigid plastic packaging sector. The company today has made a wide range of portfolio of more than 1000 custom & stock products. The company is supplying its products to 15 other countries other than India. The company is serving its products to various industries including FMCG, food products, dairy, liquor, agrochemicals, home care, personal care, and pharmaceuticals. Some of the prominent clients of Manjushree Technopack Limited include Coca-Cola, Dabur, Sun Pharma, Godrej, Nivea, Pfizer, Amway, etc.
Manjushree Technopack Limited has a capacity of 1,75,000 Million Tonnes of plastics into bottles, containers, and PET performs. The company has now expanded to make its pan-India presence.
The company specializes in Promotional packaging. The company helps its customers with idea generation, designing, and production of promotional packaging that will lead to improving the shelf presence and customer-assigned value of the product.
Manjushree Technopack Limited is also serving the end consumers through the retail way. The company sells kitchen storage products, back-to-school products, and bottles & sippers, all in one umbrella named ‘Assure’. Assure products are currently white-labeled and sold by Cloudtail on various e-commerce websites like Flipkart, Amazon, Paytm, etc. These products are also sold through offline retail stores like Vishal Mega Mart, Dmart, etc.
The company is focused on the controlled bio-degradation of products. For the same, the company has partnered with global leaders in masterbatch technology to use new biotransformation technology.
The company runs a community museum, named ‘Reuseum’, which offers an interactive experience that educates people about materials, processes, and systems for recycling plastics.
Manjushree Technopack Delisted Share Details As of March 31, 2025
Manjushree Technopack Outstanding Shares: |
9,43,70,876 |
Face Value of Manjushree Technopack Share: |
Rs. 10 Per Equity Shares |
ISIN of Manjushree Technopack Limited Share: |
INE435H01015 |
Lot Size of Manjushree Technopack Limited Share: |
50 Shares |
Manjushree Technopack Share Price: |
Best in Industry |
PAN Number of Manjushree Technopack Limited: |
AAACM9418K |
GST Number of Manjushree Technopack Limited: |
29AAACM9418K2Z0 |
Date of Delisting of Manjushree Technopack Limited: |
24-Mar-15 |
Rate of Delisting of Manjushree Technopack Limited: |
Rs. 447.3 |
Reason for Delisting of Manjushree Technopack Limited: |
Voluntary Delisting as per SEBI (Delisting of Equity Shares) Regulations 2009 |
Incorporation Details of Manjushree Technopack Limited
Manjushree Technopack Limited CIN Number |
U67120KA1987PLC032636 |
Manjushree Technopack Limited Registration Date |
13-Nov-87 |
Category / Sub-Category of Manjushree Technopack |
Company limited by Shares |
Manjushree Technopack Registered Office Address |
143, C - 5, Bommasandra Industrial Area, Hosur Road, Bangalore - 560099 |
Manjushree Technopack Limited Company Registrar & Transfer Agent Address and Contact Details |
Integrated Registry Management Services Private Limited, No. 30 Ramana Residency, 4th Cross, Sampige Road, Malleswaram, Bangalore - 560003 |
Principal Business Activities of Manjushree Technopack Limited
| Name and Description of main products/services | NIC Code of the product/service | % to total turnover of the Company |
| PET / PP Jars, Bottles, Performs, Closures & Shrink Film | 22203 | 100% |
Board of Directors of Manjushree Technopack Limited
| Board of Directors | Designation |
| Shivakumar Dega | Chairman Independent Director |
| Thimmaiah NP | Managing Director and CEO |
| Shweta Jalan | Director |
| Pankaj Patwari | Director |
| Manu Bhatia | Director |
| Gurveen Singh | Independent Director |
| Rajesh Kumar Ram | Chief Financial Officer |
| Rasmi Ranjan Naik | Company Secretary |
Particulars of Subsidiary Companies of Manjushree Technopack Limited
| Name of the Company | % of shares held |
| MTL New Initiatives Private Limited | 100.00% |
Shareholding Pattern of Manjushree Technopack Limited (As of 31-03-2025)
| S. No. | Shareholders’ Name | Number of shares | % of total Shares of the company |
| 1 | Promoter | - | 0% |
| 2 | Public Shareholding | 8,58,39,806 | 100% |
| Total | 8,58,39,806 | 100.00% |
Industry Outlook
Packaging plays a very important role in a consumer’s overall purchasing experience. Packaging has four functions – containment, communication, utility, and protection. In traditional commerce, packaging was used to create uniqueness and increase shelf presence in stores through attractive colors, shapes, and graphics.
Packaging ranks as the fifth-largest sector of the Indian economy. India’s packaging industry is estimated to grow at a CAGR of around 26% from 2020 to 2025. This rapid growth can mainly be attributable to changing lifestyles, rising population, and internet penetration. As the packaging industry is growing, it is becoming attractive to investors around the world. The major part of the packaging industry accounts for rigid packaging with laminate. However, flexible packaging is on the growth path. Moreover, the packaging industry is correlated with other industries like Food processing, pharmaceuticals, etc. Food processing is the biggest consumer of packaging, followed by pharmaceuticals and personal care products. Therefore, growth in this industry will directly impact the growth of the packaging industry. As the e-commerce segment is on continuous exponential growth, transit packaging, and Omnichannel packaging are considered the most potential segments.
Indian Packaging Industry increased from a valuation of US$ 31.7 billion in 2015 to US$ 72.6 billion by 2020 and is estimated to reach US$ 103.32 billion by 2025. However, the COVID-19 pandemic slowed down the growth of the industry. Due to the emergence of online retail and e-commerce, the Packaging industry continued to rise steadily. During and after the pandemic, many companies are shifting their packaging business from China to other countries like India. After the lockdowns, the demand in the packaging industry grew sharply on account of the recovery in healthcare products, eCommerce, and groceries.
Manjushree Technopack Limited Standalone Balance Sheet (Rs in Lakhs)
| Particulars | 31-03-2025 | 31-03-2024 |
| Non-Current Assets | ||
| Property, plant and equipment | 1,23,306.44 | 78,070.91 |
| Right of use assets | 23,128.54 | 20,591.43 |
| Capital work-in-progress | 3,407.71 | 4,878.65 |
| Goodwill | 23,902.67 | 18,482.81 |
| Other Intangible assets | 15,015.51 | 15,677.35 |
| Intangible assets under development | 656.47 | 668.45 |
| Investments | 2,232.39 | 1,968.46 |
| Loans | 3,490.36 | 2,755.98 |
| Other non-current assets | 5,320.95 | 9,636.23 |
| Current Assets | ||
| Inventories | 53,345.43 | 35,357.80 |
| Trade receivables | 42,374.56 | 30,107.24 |
| Cash and cash equivalents | 11,334.55 | 2,439.56 |
| Bank balances other than above | 277.06 | 82.46 |
| Other financial assets | 51.45 | 248.62 |
| Other current assets | 12,689.51 | 6,961.46 |
| Assets held-for-sale | - | 503.95 |
| Total Assets | 3,20,533.60 | 2,28,431.36 |
| Equity | ||
| Equity share capital | 1,733.89 | 1,371.86 |
| Other equity | 1,41,125.37 | 99,442.45 |
| Non-Current Liabilities | ||
| Borrowings | 38,236.63 | 38,440.75 |
| Lease liabilities | 11,503.91 | 11,939.87 |
| Other financial liabilities | 2,241.34 | 1,787.14 |
| Provisions | 254.38 | 175.43 |
| Deferred tax liabilities | 5,247.54 | 4,424.65 |
| Current Liabilities | ||
| Borrowings | 59,105.60 | 36,924.89 |
| Lease liabilities | 4,137.22 | 3,069.11 |
| Trade Payables: | ||
| Total Outstanding dues of Micro and small enterprise | 4,259.37 | 2,020.89 |
| Total Outstanding dues of Creditors other than above | 36,509.88 | 25,597.50 |
| Other financial liabilities | 6,515.41 | 1,683.27 |
| Other liabilities | 9,592.53 | 1,523.72 |
| Provisions | 70.53 | 29.83 |
| Total Equity and Liabilities | 3,20,533.60 | 2,28,431.36 |
Manjushree Technopack Limited Standalone Profit & Loss Statement (Rs in Lakhs)
| Particulars | 31-03-2025 | 31-03-2024 |
| Revenue | ||
| Revenue from operations | 2,56,982.63 | 2,11,700.27 |
| Other income | 1,420.31 | 1,329.75 |
| Total income | 2,58,402.94 | 2,13,030.02 |
| Cost of materials consumed | 1,55,041.83 | 1,25,534.41 |
| Purchase of stock in trade | 3,190.47 | 392.77 |
| Changes in inventories | -8,940.03 | -2,248.77 |
| Employee benefits expense | 28,997.22 | 13,850.26 |
| Other manufacturing expenses | 23,411.96 | 22,098.15 |
| Finance cost | 12,225.89 | 9,145.78 |
| Depreciation and amortisation | 19,932.66 | 15,487.96 |
| Other expenses | 15,561.43 | 14,740.46 |
| Total expenses | 2,49,421.43 | 1,99,001.02 |
| Profit before exceptional items and tax | 8,981.51 | 14,029.00 |
| Exceptional items | 19,442.15 | 2,056.06 |
| Profit before tax | 28,423.66 | 16,085.06 |
| Current Tax | -682.62 | -640.00 |
| Current tax relating to earlier years | -368.93 | 952.34 |
| Deferred Tax | -857.41 | -2,318.52 |
| Profit for the year | 26,514.70 | 14,078.88 |
| Other comprehensive income | ||
| Items that will not be reclassified to Profit & Loss: | ||
| Remeasurements of net defined benefit liability | -269.36 | 33.67 |
| Income tax relating to net defined benefit liability | 76.27 | -8.47 |
| Net gain equity instruments through other comprehensive income | 263.93 | 98.05 |
| Income tax relating to gain on equity instruments through Other comprehensive income | -41.75 | -24.68 |
| Total comprehensive income | 26,543.79 | 14,177.45 |
| Earnings per share (Basic) | 39.06 | 20.78 |
| Earnings per share (Diluted) | 36.65 | 18.78 |
Manjushree Technopack Limited Standalone Cash Flow Statement (Rs in Lakhs)
| Particulars | 31-03-2025 | 31-03-2024 |
| Cash flows from operating activities | ||
| Profit before tax | 28,423.66 | 16,085.06 |
| Adjustments for: | ||
| Depreciation and amortisation expense | 19,932.66 | 15,487.96 |
| Loss/(gain) on sale/discard of PPE (net) | 53.95 | -1,536.37 |
| Provision for doubtful trade receivables | 224.92 | 146.00 |
| Other receivables written off | 37.68 | 164.90 |
| Interest income | -755.74 | -376.10 |
| Rental Income | 0.00 | -129.78 |
| Share-based payments | 0.00 | 356.27 |
| Liabilities no longer required written back | -296.87 | -253.65 |
| Gain on extinguishment of financial liability | -20,196.02 | 0.00 |
| Fair value adjustment - contingent consideration | 0.00 | -1,028.91 |
| Reduction in carrying value of non-current assets held for sale | 0.00 | 124.81 |
| Net foreign exchange differences (unrealised) | 0.64 | 4.00 |
| Finance costs | 12,225.89 | 9,145.78 |
| Operating profit before working capital changes | 39,650.77 | 38,189.97 |
| Adjustments for: | ||
| Inventories | -13,298.97 | -125.93 |
| Trade receivables | -2,316.94 | 445.58 |
| Current & non-current assets & other financial assets | -4,160.51 | 63.28 |
| Trade payables | 4,046.52 | 572.84 |
| Other liabilities | 8,365.86 | -761.04 |
| Provisions | -301.02 | -544.23 |
| Cash flows generated from operations | 31,985.71 | 37,840.47 |
| Income taxes received/(paid) | 2,366.54 | -2,599.48 |
| Net cash flows from operating activities | 34,352.25 | 35,240.99 |
| Cash flows from investing activities | ||
| Purchase of Property, Plant & Equipment | -25,301.65 | -18,913.78 |
| Proceeds from sale of Property, Plant & Equipment | 160.05 | 6,699.09 |
| Acquisition of new businesses | -49,221.27 | -1,500.00 |
| Acquisition of new businesses (prior) | 0.00 | -1,502.63 |
| Purchase of non-current investment | 0.00 | -270.00 |
| Deposit in CSR Account | -31.11 | 0.00 |
| Rental received | 0.00 | 129.79 |
| Margin Money deposit | -142.35 | 36.87 |
| Interest received | 748.60 | 388.71 |
| Net cash flows used in investing activities | -73,787.73 | -14,931.95 |
| Cash flows from financing activities | ||
| Proceeds from long term borrowings | 10,196.61 | 4,499.83 |
| Proceeds from issue of CCDs | 52,909.69 | 0.00 |
| Repayment of long term borrowings | -7,201.33 | -4,176.33 |
| Proceeds/repayment of short term borrowings (net) | 17,871.16 | -2,843.58 |
| Repayment of lease liabilities | -3,503.08 | -2,741.23 |
| Dividend paid | -7,248.02 | -8,819.55 |
| Interest paid on Lease Liabilities | -1,484.55 | -1,350.19 |
| Interest and financing charges paid | -13,210.01 | -10,275.14 |
| Net cash flows from financing activities | 48,330.47 | -25,706.19 |
| Net increase / (decrease) in cash and cash equivalents | 8,894.99 | -5,397.15 |
| Cash and cash equivalents at beginning of year | 2,439.56 | 7,836.71 |
| Cash and cash equivalents at end of year | 11,334.55 | 2,439.56 |
Here is a summary of the Cash Flow Statement for the years 2025 and 2024:
Cash Flows from Operating Activities
The company recorded a net cash inflow from operating activities of ₹34,352.25 lakhs in FY 2025, slightly lower than ₹35,240.99 lakhs in FY 2024.
The profit before tax increased significantly to ₹28,423.66 lakhs (from ₹16,085.06 lakhs), indicating improved operational profitability.
Major non-cash adjustments included:
Depreciation & amortization: ₹19,932.66 lakhs (up from ₹15,487.96 lakhs), reflecting greater capital asset usage or additions.
Finance costs: ₹12,225.89 lakhs, up from ₹9,145.78 lakhs.
A significant adjustment was a non-cash gain on extinguishment of financial liability amounting to ₹20,196.02 lakhs, which reduced the overall cash from operations.
Other minor adjustments such as provisions for doubtful debts, written-off receivables, and liabilities written back were also accounted for.
The working capital changes (adjustments for inventories, receivables, payables, etc.) showed a net outflow of cash:
Increase in inventories and current/non-current assets consumed significant cash (₹13,298.97 lakhs and ₹4,160.51 lakhs respectively).
Increase in other liabilities (₹8,365.86 lakhs) and trade payables (₹4,046.52 lakhs) partially offset these outflows.
After considering income tax refunds and payments (net receipt of ₹2,366.54 lakhs), the operating cash flow remained healthy despite marginally dropping from the previous year.
Cash Flows from Investing Activities
The net cash used in investing activities sharply increased to ₹73,787.73 lakhs in FY 2025, compared to ₹14,931.95 lakhs in FY 2024.
Key investment activities included:
Purchase of Property, Plant & Equipment: ₹25,301.65 lakhs (up from ₹18,913.78 lakhs), indicating ongoing capital investment.
Acquisition of new businesses: A massive outflow of ₹49,221.27 lakhs was recorded, significantly higher than the previous year’s ₹1,500 lakhs, pointing to expansion efforts.
Other components like margin money deposit (₹142.35 lakhs) and CSR deposit (₹31.11 lakhs) contributed to minor outflows.
Interest received of ₹748.60 lakhs was the only significant inflow, and notably, no rental income or asset sales occurred at scale in FY 2025 (vs ₹6,699.09 lakhs in FY 2024 from asset sales and ₹129.79 lakhs rental income).
This section reflects strategic business expansion but comes at a high cash cost.
Cash Flows from Financing Activities
In FY 2025, the company saw a strong net cash inflow of ₹48,330.47 lakhs from financing activities, compared to a significant outflow of ₹25,706.19 lakhs in FY 2024.
Key contributors:
Issue of CCDs (Compulsorily Convertible Debentures) raised ₹52,909.69 lakhs in FY 2025 (none in FY 2024).
Additional long-term borrowings brought in ₹10,196.61 lakhs.
However, the company also repaid:
Long-term borrowings worth ₹7,201.33 lakhs,
Lease liabilities of ₹3,503.08 lakhs,
Interest and financing charges totaling ₹14,694.56 lakhs (including lease-related interest),
Dividends amounting to ₹7,248.02 lakhs.
This sharp increase in financing cash reflects aggressive capital raising to fund expansion and sustain operations.
Net Change in Cash and Final Position
The net increase in cash and cash equivalents was ₹8,894.99 lakhs, a significant improvement over the net decrease of ₹5,397.15 lakhs in FY 2024.
As a result, cash and cash equivalents increased to ₹11,334.55 lakhs at year-end FY 2025 from ₹2,439.56 lakhs at the beginning of the year.
Financial Ratios of Manjushree Technopack Limited
| Particulars | 2025 | 2024 |
|---|---|---|
| Current ratio | 1 | 1.06 |
| Debt Equity ratio | 0.68 | 0.75 |
| Debt Service Coverage ratio | 2.4 | 2.22 |
| Return on equity ratio (in %) | 21.79% | 14.47% |
| Inventory Turnover ratio | 3.37 | 3.5 |
| Trade receivables turnover ratio | 7.09 | 6.93 |
| Trade Payables turnover ratio | 4.92 | 4.64 |
| Net capital turnover ratio | 18.78 | 15.26 |
| Net profit ratio (in %) | 10.27% | 6.66% |
| Return on capital employed (in %) | 20.32% | 16.49% |
Here is a summary of the financial and operational metrics for Manjushree Technopack Limited for the year 2025 and 2024:
Current Ratio – 2025: 1.00 | 2024: 1.06
The current ratio measures the company’s ability to meet short-term obligations using its current assets. A ratio of 1.00 means that current assets are just enough to cover current liabilities. The slight decline from 1.06 in 2024 suggests marginally tighter liquidity in 2025, indicating the company is operating on leaner working capital.
Debt-Equity Ratio – 2025: 0.68 | 2024: 0.75
This ratio shows the proportion of debt used to finance the company’s assets compared to equity. A decrease from 0.75 to 0.68 implies the company has reduced financial leverage, relying slightly more on internal funding, which improves financial stability.
Debt Service Coverage Ratio (DSCR) – 2025: 2.40 | 2024: 2.22
DSCR indicates the company’s ability to service its debt with its operating income. An improvement in 2025 reflects stronger cash generation from operations, ensuring comfort in meeting interest and principal obligations.
Return on Equity (ROE) – 2025: 21.79% | 2024: 14.47%
ROE measures how effectively the company uses shareholders’ equity to generate profits. A significant jump to 21.79% reflects higher profitability and better capital utilization, making it attractive to investors.
Inventory Turnover Ratio – 2025: 3.37 | 2024: 3.50
This ratio measures how many times inventory is sold and replaced during the year. The slight decline indicates slower inventory movement, which might be due to holding more stock or a shift in product mix.
Trade Receivables Turnover Ratio – 2025: 7.09 | 2024: 6.93
This ratio shows how efficiently the company collects receivables. An improvement in 2025 suggests better credit control or faster customer payments, which boosts liquidity.
Trade Payables Turnover Ratio – 2025: 4.92 | 2024: 4.64
This measures how quickly the company pays its suppliers. The increase implies faster payment cycles, possibly due to better cash flow or early payment discounts, though it could also strain cash reserves.
Net Capital Turnover Ratio – 2025: 18.78 | 2024: 15.26
This ratio assesses how efficiently working capital is used to generate revenue. The sharp rise in 2025 shows stronger operational efficiency, meaning the business is generating more sales per unit of working capital.
Net Profit Ratio – 2025: 10.27% | 2024: 6.66%
Net profit ratio indicates what percentage of revenue turns into net profit. The significant increase reflects strong cost control, better pricing, or higher margin products, improving overall profitability.
Return on Capital Employed (ROCE) – 2025: 20.32% | 2024: 16.49%
ROCE shows how effectively the company uses all available capital (equity + debt) to generate profits. The rise in 2025 signals better use of both equity and borrowed funds, pointing to efficient business operations and capital management.
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