Manjushree Technopack IPO

Manjushree Technopack Limited is India’s largest rigid plastic packaging (RPP) company by installed capacity as of March 31, 2024, according to the Technopak Report. It provides comprehensive packaging solutions, from design to delivery, offering products like containers, preforms, caps, closures, pumps, dispensers, and recycling services. 

Serving industries such as food, beverages, personal care, pharmaceuticals, and agrochemicals, Manjushree held a 7.4% share in India’s organised consumer RPP market in Fiscal 2023, rising to 8.8% in Fiscal 2024. Its revenue grew at a 20.13% CAGR from Fiscal 2022 to 2024. 

The company operates 23 manufacturing facilities and serves 964 clients, including prominent brands like Dabur India, Marico, and Varun Beverages. Leading in sustainability, it sourced 45.21% of its power from renewable energy in Fiscal 2024 and actively promoted recycling and eco-friendly practices. 

Peer Comparison 

• Mold-Tek Packaging Limited 

SWOT Analysis of Manjushree Technopack Limited  

Strengths & Opportunities	Weaknesses & Threats
Strong leadership position in rigid packaging, enhanced by the acquisition of Pearl Polymers, strengthening its market dominance.	High dependency on raw material costs, which are influenced by fluctuating oil prices, impact profit margins.
Diverse product portfolio catering to FMCG, beverages, and healthcare industries, providing resilience against market shifts.	Intense competition from other domestic and global packaging companies poses challenges in retaining market share.
Advanced manufacturing capabilities with state-of-the-art facilities, ensuring high-quality and innovative packaging solutions.	Environmental concerns about plastic use can lead to regulatory challenges and increased operational costs.
Strategic partnerships with leading global and domestic brands help maintain a robust customer base and revenue stability.	Limited presence in alternative sustainable packaging markets could be a setback as demand for eco-friendly solutions rises.
Ongoing investments in R&D to develop innovative and sustainable packaging solutions, enhancing competitive advantage.	Potential disruptions in supply chains, particularly during global crises, can impact production timelines and costs.
Expansion into new markets and geographies opens avenues for increased revenue and diversification.	Dependency on a few key clients for a significant portion of revenue could risk financial stability if contracts are lost.
Proactive sustainability initiatives aimed at reducing carbon footprint and promoting recycling boost brand image.	Negative public perception and government policies against plastic use could affect the demand for its products.
Growing demand for lightweight, durable, and customised packaging in emerging markets offers significant growth potential.	Volatility in international trade and tariffs may affect the cost and availability of raw materials, impacting profitability.
Experienced management team with a strong track record of strategic decision-making and operational excellence.	The highly capital-intensive nature of the packaging industry means that any economic downturns or market slowdowns can heavily impact performance.
Commitment to automation and technology integration enhances production efficiency and reduces dependency on manual labour.	Potential regulatory changes related to packaging waste disposal may require costly investments in compliance systems.
Rising awareness and adoption of sustainable packaging solutions align with global trends, creating new market opportunities.	Limited diversification into other sectors could expose the company to risks if packaging demand decreases in key markets.
Expansion in the export market, especially with a focus on high-demand regions, increases global reach and brand visibility.	Rising labour costs and wage inflation, particularly in key manufacturing regions, may reduce profit margins.

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More About Manjushree Technopack Limited 

Manjushree Technopack Limited stands as India’s largest rigid plastic packaging (RPP) company by installed capacity as of March 31, 2024, dominating the consumer rigid plastics industry. The company excels in offering comprehensive packaging solutions, from design to delivery, across containers, preforms, caps, closures, pumps, and dispensers, alongside in-house recycling capabilities. 

 1.  Diverse Industry Presence 

Operating as a derivative of the consumer industry, Manjushree serves sectors such as food and beverages, personal care, pharmaceuticals, home care, alco-beverages, paints, adhesives, dairy, agrochemicals, and nutraceuticals. This diverse presence mitigates risks and capitalises on growing consumption trends in India. 

 2.  Revenue and Market Share 

In Fiscal 2023, Manjushree was the largest RPP player in terms of revenue, almost doubling that of its nearest competitor. It held a 7.4% market share in India’s organised consumer RPP industry, which increased to an estimated 7.6% in Fiscal 2024. Including pro forma revenue from Oriental Containers, the market share further rose to 8.8%. Between Fiscal 2022 and 2024, the company’s revenue grew at a CAGR of 20.13%, outpacing the industry average by over threefold. 

 3.  Strategic Advantages 

Manjushree ranks first in containers, preforms, pumps and dispensers, caps and closures, and recycling categories in India. Its marquee customer base of 964 clients includes Varun Beverages, Dabur, Marico, and others, with long-standing relationships averaging nine years, ensuring stability. 

 4.  Sustainability Initiatives 

The company is a leader in sustainable packaging, with 97.81% of its products made from recyclable PET, PP, and PE resins. It operates India’s only fully owned captive recycling plant, transforming post-consumer plastic into high-quality recycled resin. Approximately 45.21% of its power consumption in Fiscal 2024 was sourced from renewable energy. 

 5.  Technological Edge 

Manjushree’s innovation hub, a 58,846 sq. ft. technology centre in Bidadi, Karnataka, drives product development. Its strategic partnership with Ganesha Ecopet further reinforces its sustainable initiatives. 

 6.  ESG Leadership 

Recognised for its commitment to environmental, social, and governance standards, the company received an ESG ranking of 2 out of 5 from Dun & Bradstreet, outperforming industry averages. 

Product Category 

 1.  Containers: The company leads the consumer RPP containers category by revenue in FY 2023, with strong growth in both revenue and volume. It operates 13 facilities and serves 457 customers, setting benchmarks in sustainability with India’s first greenfield captive recycling plant. 

 2.  Preforms: The largest player in consumer RPP preforms by revenue in FY 2023, the company has a capacity of 138,850 metric tons annually by 2024, serving 170 customers and driving growth through exports to the UAE and Australia. 

 3.  Caps and Closures: As India’s largest player in caps and closures by revenue, the company excels in innovation, enhanced by the acquisition of Oriental Containers, introducing advanced products like ASSP closures and 32mm aseptic closures. 

 4.  Pumps and Dispensers: India’s largest RPP player in pumps and dispensers by revenue, the company leads in localisation and innovation, launching recyclable pumps in FY 2021 and expanding its product range with exports to Africa. 

Recycling Leadership 

The company is India’s first and only RPP player with a greenfield captive recycling plant, operational by March 31, 2024, with a capacity of 6,000 metric tons annually. It converts plastic waste into high-quality PCR resin, ensuring efficient raw material access and growth, with a strategic partnership for recycled PET sourcing. 

Industry Outlook 

Global Market Overview 

The global packaging industry, valued at USD 1,160 billion in 2023, plays a significant role in the global economy. Despite challenges like rising input costs and economic uncertainties, the market is expected to grow at a CAGR of 4.3%, reaching USD 1,430 billion by 2028. This growth is driven by factors like the increasing population, rising income levels, and expanding sectors such as food, beverages, pharmaceuticals, and e-commerce.  

Indian Packaging Market Overview 

The Indian packaging market is diverse, covering materials like paperboard, metals, plastics, wood, and glass. Among these, plastic packaging is the fastest-growing segment, holding a 45% market share in FY 2023. The rise in demand for packaging, especially in the food, beverage, and pharmaceutical sectors, drives the market’s growth. 

Material Segmentation 

• Plastic Packaging: Dominates with a CAGR of 7.7%, used for food, beverages, and personal care products due to recyclability. 

• Paper & Paperboard: Holds 26% of the market, used for cartons, boxes, and paper bags, driven by sustainability trends. 

• Metal Packaging: Accounts for 8%, essential for long shelf-life products like beverages and processed foods. 

• Glass Packaging: Holds 13%, valued for its premium appeal and recyclability but faces competition from plastics. 

Growth Prospects 

The Indian plastic packaging market is expected to grow from ₹2,879 billion in FY 2023 to ₹3,810 billion by FY 2028. Rising urbanisation, disposable incomes, and demand in food, beverage, personal care, and pharmaceutical sectors fuel this growth. 

India’s Rapid Growth in Rigid Plastic Packaging 

India’s rigid plastic packaging (RPP) sector is the fastest-growing globally, with a CAGR of 7.0%. The market, valued at USD 12.6 billion in 2023, is expected to capture 5.3% of the global market by 2028. Key drivers include demand in packaged food, personal care, and pharmaceuticals. 

Major Contributing Industries 

• Food & Beverages: Accounts for 52% of the plastic packaging market in FY 2023, expected to grow to 53% by FY 2028. 

• Pharmaceuticals: Holds 18%, projected to rise to 19% by FY 2028. 

• Personal & Home Care: Contributes 14%, expected to increase to 14.5%. 

• Other Segments: Includes alcoholic beverages, agrochemicals, and more, accounting for 16%. 

Key Growth Drivers 

• Demographic & Lifestyle Shifts: Rising incomes and demand for convenience drive the need for innovative packaging. 

• Urbanisation & Smaller Households: Increases demand for portion-controlled packaging, including single-serve formats. 

• E-commerce Growth: Rigid packaging ensures safe transit for fragile and high-value items. 

• Sustainability & Innovation: Growing demand for eco-friendly packaging and technological advancements in materials. 

Regulatory Landscape 

• Plastic Waste Management: Regulations like the Plastic Waste Management Rules, 2016, promote eco-friendly packaging. 

• Sustainability: Emphasis on recycling and a circular economy creates new business opportunities. 

Innovation and Technology 

• Recycled Content: rPET integration fosters a circular economy. 

• Barrier Technologies: Advances improve product protection. 

• Tamper-Evident Solutions: Innovations ensure safety and efficiency. 

• Mono-material Structures: Simplified designs enhance recyclability and sustainability. 

How Will Manjushree Technopack Limited Benefit?

• Leveraging Growing Demand in Key Sectors

The Indian packaging market is projected to grow at a substantial rate, particularly in plastic packaging, which holds a dominant market share. Manjushree, with its established presence in sectors such as food & beverages, pharmaceuticals, personal care, and e-commerce, stands to benefit from the increasing demand for packaging solutions in these industries. As more consumers in India and globally opt for packaged goods, especially with the rise of online shopping, Manjushree’s diverse portfolio in containers, preforms, and closures ensures it is well-positioned to meet the growing need.

• Strengthening Leadership in Rigid Plastic Packaging (RPP)

India’s RPP market is growing rapidly, and Manjushree is the largest player in this segment. With a projected CAGR of 7.0% in India, the company stands to benefit from rising demand across sectors like packaged food, FMCG, and personal care products. As the fastest-growing market for rigid plastics, India presents a significant opportunity for Manjushree to expand its reach, increase production capacity, and capture more market share.

• Technological Edge and Innovation

Manjushree’s investment in its innovation hub and technology centre enhances its ability to develop cutting-edge products and packaging solutions. The company’s focus on new product development, like recyclable pumps and dispensers and integration of barrier technologies, positions it as an innovation leader in India’s RPP market. These technological advancements not only differentiate Manjushree from competitors but also align with global sustainability trends, which are increasingly important to consumers and regulatory bodies alike.

• Sustainability and Recycling Initiatives

Sustainability is a major growth driver in the packaging industry. Manjushree’s leadership in sustainable packaging, with 97.81% of its products made from recyclable resins, positions it as a forward-thinking player in the industry. The company’s greenfield captive recycling plant, the only one of its kind in India, is a critical advantage. By converting post-consumer plastic into high-quality recycled resin, Manjushree ensures consistent access to raw materials while supporting the circular economy. This eco-friendly approach aligns with evolving regulatory standards and positions the company to meet increasing consumer demand for sustainable packaging solutions.

• Expanding Market Share through Strategic Partnerships

Manjushree’s strong customer base of 964 clients, including top brands like Varun Beverages, Dabur, and Marico, is a key driver of its growth. The company’s long-standing relationships with major players in diverse sectors create stability and open doors for future growth. Additionally, the acquisition of Oriental Containers has enhanced its production capacity, enabling Manjushree to introduce innovative products and strengthen its market presence. These partnerships, combined with a growing customer base, will allow Manjushree to expand its market share in India and internationally.

• Capitalising on E-Commerce Growth

The booming e-commerce sector in India and globally drives demand for packaging solutions that ensure product safety during transit. Manjushree’s expertise in rigid plastic packaging makes it a go-to provider for e-commerce businesses seeking durable, lightweight, and secure packaging. With the rapid rise of online shopping, the company can expect continued demand for its packaging solutions designed to withstand long-distance shipping.

• Revenue Growth and Financial Strength

Manjushree’s impressive financial performance, with a CAGR of 20.13% in revenue growth between FY 2022 and FY 2024, showcases the company’s ability to capture market share and increase profitability. As the Indian packaging market continues to expand, Manjushree’s position as the market leader in RPP will further fuel its revenue growth, ensuring long-term financial stability. 

Manjushree Technopack Limited IPO Overview 

Manjushree Technopack Ltd., backed by Advent International, is set to raise ₹3,000 crore through an IPO consisting of ₹2,250 crore from an offer for sale (OFS) and ₹750 crore from a fresh issue of equity shares. The company plans to use ₹500 crore of the fresh issue to repay outstanding debt and the remaining funds for acquisitions and growth. Additionally, Manjushree may raise ₹150 crore through private placements before submitting its Red Herring Prospectus (RHP), with this amount deducted from the fresh issue. Advent International is also considering strategic options, including a potential stake sale. 

Why Is Manjushree Technopack Limited Going Public? 

Manjushree Technopack Limited is launching an IPO to raise ₹3,000 crore, primarily to repay existing debt and fund future growth. The funds will also help in making strategic acquisitions and expanding its operations. 

• Strong Market Position: As the largest rigid plastic packaging manufacturer in India, the company serves high-profile clients like Dabur and Varun Beverages. Its established market presence positions it well for continued success and expansion. 

• Revenue Growth and Expansion Plans: With a compound annual growth rate (CAGR) of over 20%, the company has demonstrated impressive revenue growth. The IPO will provide the necessary funds to further strengthen its market position and explore new product offerings. 

• Future Outlook: The IPO will enable Manjushree Technopack to enhance its financial standing, reduce debt, and invest in long-term growth, ensuring it remains a leading player in the packaging industry. 

Manjushree Technopack Limited Upcoming IPO Details 

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	Fresh Issue: ₹750 crores
	Offer for Sale: ₹2250 crores
IPO Dates	Dates for opening, closing, allotment, and listing will be updated.
Price Bands	TBA
Lot Size	TBA
Face Value	₹2 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	TBA
Shareholding post -issue	TBA

Important Dates 

IPO Activity	Date
IPO Open Date	TBA
IPO Close Date	TBA
Basis of Allotment Date	TBA
Refunds Initiation	TBA
Credit of Shares to Demat	TBA
IPO Listing Date	TBA

IPO Lots 

Application	Lots	Shares	Amount
Retail (Min)	TBA	TBA	TBA
Retail (Max)	TBA	TBA	TBA
S-HNI (Min)	TBA	TBA	TBA
S-HNI (Max)	TBA	TBA	TBA
B-HNI (Min)	TBA	TBA	TBA

 Lead Managers 

Lead Managers

IIFL Securities Limited

Axis Capital Limited

Manjushree Technopack Limited IPO Valuation Overview 

KPI	Value
Earnings Per Share (EPS)	20.78
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	13.97%
Net Asset Value (NAV)	148.83
Return on Equity	14.37%
Return on Capital Employed (ROCE)	16.98%
EBITDA Margin	18.09%
PAT Margin	6.65%
Debt to Equity Ratio	1.30

 Peer Group Comparison  

Particulars	Manjushree Technopack Limited	Mold-Tek Packaging Limited
Revenue from operations (in ₹ million) for Fiscal 2024	21,170.0	6,986.5
Face value per equity share (₹)	2.00	5.00
Closing price on August 14, 2024 (₹) per equity share	N.A. [•]*	774.35
P/E (x)	20.78	38.58
EPS (Basic) (₹ per share) for Fiscal 2024	18.78	20.07
EPS (Diluted) (₹ per share) for Fiscal 2024	13.97%	20.07
RoNW (%) for Fiscal 2024	10,081.4	11.20%
Net Worth (₹ in million) for Fiscal 2024	148.83	5,943.89
Net Asset Value per share (₹ per share) for Fiscal 2024	[•]*	178.88
Enterprise value/EBITDA for Fiscal 2024	[•]*	20.06

Key Insights 

• Revenue from Operations: Manjushree has significantly higher revenue (₹21,170 million) compared to Mold-Tek Packaging Limited (₹6,986.5 million), indicating a larger scale of operations. This suggests that Our Company may have a broader market presence or more extensive product offerings. 

• Face Value Per Equity Share: Manjushree has a face value of ₹2 per equity share, which is lower than Mold-Tek Packaging Limited’s ₹5. A lower face value generally makes the share more accessible to a larger number of investors, potentially increasing liquidity. 

• Price-to-Earnings (P/E) Ratio: Manjushree has a P/E ratio of 20.78, which is lower than Mold-Tek Packaging Limited’s 38.58. A lower P/E suggests that Our Company may be perceived as undervalued relative to its earnings, or it could imply slower growth expectations compared to Mold-Tek, which is more expensive relative to its earnings. 

• Earnings Per Share (EPS): Manjushree has a basic EPS of ₹18.78 and a diluted EPS of ₹13.97, while Mold-Tek has an EPS of ₹20.07 (both basic and diluted). Despite Our Company having a higher revenue, Mold-Tek outperforms in terms of profitability per share, as indicated by its higher EPS figures. 

• Return on Net Worth (RoNW): Manjushree has a RoNW of 10,081.4%, which appears unusually high and could be due to the particular calculations or adjustments made during its financial structuring. Mold-Tek has a more reasonable RoNW of 11.20%, showing solid returns on its equity capital, albeit at a smaller scale than Our Company. 

• Net Worth: Manjushree has a significantly higher net worth (₹148.83 million) compared to Mold-Tek (₹5,943.89 million), reflecting its larger financial base. This suggests Our Company has more assets, potentially providing better financial stability. 

• Net Asset Value (NAV) Per Share: The NAV for Manjushree is not available yet ([•]*), but Mold-Tek’s NAV is ₹178.88 per share. NAV provides an idea of the company’s underlying asset value, which for Mold-Tek is quite high, indicating good asset management. 

• Enterprise Value/EBITDA: The Enterprise Value/EBITDA for Manjushree is also not available yet ([•]*), while Mold-Tek has an EV/EBITDA ratio of 20.06. This ratio suggests that Mold-Tek is more highly valued in relation to its earnings before interest, tax, depreciation, and amortisation, indicating a relatively expensive valuation compared to its earnings. 

Manjushree Technopack Limited IPO Strengths

 1.  Market Leadership and Operational Strengths of Manjushree Technopack Limited

Manjushree Technopack Limited is the largest player in India’s consumer rigid plastics packaging industry, with nearly double the revenue of its closest competitor as of Fiscal 2023. Leading in all five product categories, including containers, caps, and preforms, the company’s 23 manufacturing facilities drive procurement efficiencies, reduced costs, and continuous innovation, fuelling its growth and market dominance.

 2.  Diversified Business Model Driving Market Leadership

Manjushree Technopack Limited maintains a diversified business model that sustains its market leadership and positions it as a one-stop-shop solutions provider. The company manufactures a wide range of products, catering to various consumption categories. With a presence across five product categories and multiple end-use applications, the company benefits from revenue diversification. This strategy, combined with its pan-India presence and strong customer relationships, enables the company to continue expanding and leading in the consumer RPP industry.

 3.  Trusted Partner for Leading Global, Regional, and National Brands

Manjushree Technopack Limited is a trusted partner for global, regional, and national brands across various consumption categories in India. Its strong customer retention, effective management, and innovative solutions foster long-term relationships with industry leaders. By focusing on product innovation, high-quality service, and a customer-centric approach, the company continues to maintain its position as a preferred packaging industry partner.

 4.  Focus on Operational Efficiency with Strategically Located Manufacturing Facilities

Manjushree Technopack boosts operational efficiency with 23 strategically located manufacturing facilities across India, reducing delivery time and cost. Its extensive network ensures proximity to major customers, providing competitive advantages. By adopting advanced technologies, automation, and digitisation, the company optimises operations. Initiatives like ‘Project Garuda’ focus on cost reduction, process optimisation, and manufacturing excellence, reinforcing its leadership in the Rigid Plastic Packaging industry. 

 5.  Innovation in Product and Process Development: Enhancing Sustainability and Efficiency

Manjushree Technopack’s innovation-driven approach focuses on sustainability, introducing eco-friendly solutions like lightweight and recyclable packaging. In 2024, it launched 107 new products, including a sustainable plastic solution for personal care. Through ‘Project Optima,’ the company optimises technologies and materials, solidifying its leadership in sustainable packaging while enhancing efficiency and reducing waste.

 6.  Focus on Sustainability and Captive Recycling Capabilities

As of March 31, 2024, the company stands as a leader in sustainable packaging and ESG standards in India, utilising renewable energy and recycled plastics. It was awarded an ESG ranking of 2 by Dun & Bradstreet. The company focuses on energy-efficient manufacturing, waste reduction, and sustainable practices, sourcing 45.21% of its power from renewable energy. It also leads with a greenfield captive recycling plant, producing recycled PET, PP, and PE resins.

 7.  Successful Track Record of Inorganic Acquisitions

In Fiscal 2023, the company captured 7.4% of India’s organised consumer RPP industry, strengthening its market position. Over six years, it completed five key acquisitions, expanding geographically and diversifying product offerings. Notable acquisitions include caps, pumps, dispensers, and paints. Strategic integration enhanced synergies, cost efficiency, and market share growth, consolidating its presence in regions like Goa and Odisha.

 8.  Experienced and Skilled Management Team

In 2018, Advent acquired control of the company, expanding its reach, product offerings, and customer base. Led by CEO NP Thimmaiah, with 29 years of experience, the management team drives innovation and operational excellence. The Board’s diverse expertise supports future growth, ensuring strong corporate governance and leadership development. 

Objectives of the IPO Proceeds 

The Net Proceeds from the Offer will be allocated as follows: 

Particulars	Amount (₹ million)
Repayment/prepayment of outstanding borrowings	5,000.00
Funding inorganic growth through acquisitions and other strategic initiatives	[•]
General corporate purposes	[•]
Total	[●]

 Manjushree Technopack Limited Financials (millions) 

Particulars	31 Mar 2024	31 Mar 2023	31 Mar 2022
Assets	22,941.81	23,001.56	19,956.81
Revenue	21,303.01	21,085.45	14,738.01
Profit After Tax	1407.90	592.31	708.15
Reserves and Surplus	9944.25	9372.83	8870.11
Total Borrowings	7536.58	8051.66	6740.98
Total Liabilities	12,860.36	13,491.54	10,949.51

 Key Insights from Financial Performance

• Assets: The company’s assets have remained relatively stable, with a slight decrease from ₹23,001.56 million in FY 2023 to ₹22,941.81 million in FY 2024. However, they have grown compared to FY 2022 (₹19,956.81 million), indicating steady asset accumulation. 

• Revenue: Revenue has seen consistent growth, increasing from ₹14,738.01 million in FY 2022 to ₹21,303.01 million in FY 2024, with a slight rise from ₹21,085.45 million in FY 2023. This shows strong business performance and growth over the years. 

• Profit After Tax (PAT): The company’s profit has significantly increased from ₹592.31 million in FY 2023 to ₹1,407.90 million in FY 2024. The profit growth is substantial compared to ₹708.15 million in FY 2022, reflecting improved profitability. 

• Reserves and Surplus: There is a steady increase in reserves and surplus, from ₹8,870.11 million in FY 2022 to ₹9,944.25 million in FY 2024. This indicates a positive accumulation of retained earnings and a healthier financial position. 

• Total Borrowings: Borrowings decreased slightly from ₹8,051.66 million in FY 2023 to ₹7,536.58 million in FY 2024, though they are higher than ₹6,740.98 million in FY 2022. This reduction could indicate a more cautious approach to debt. 

• Total Liabilities: Liabilities have reduced from ₹13,491.54 million in FY 2023 to ₹12,860.36 million in FY 2024. While still higher than ₹10,949.51 million in FY 2022, the reduction in liabilities indicates a potential strengthening of the company’s financial stability. 

Other Financial Details

• Cost of Materials Consumed: Decreased slightly from ₹13,613.34 million in FY 2023 to ₹12,553.44 million in FY 2024, but still higher than ₹9,152.90 million in FY 2022, reflecting better cost management. 

• Employee Benefits Expenses: Slight increase from ₹1,365.49 million in FY 2023 to ₹1,385.03 million in FY 2024, in line with growth, but still above ₹1,071.84 million in FY 2022. 

• Other Manufacturing Expenses: Minor increase from ₹2,214.95 million in FY 2023 to ₹2,241.39 million in FY 2024, reflecting steady manufacturing costs. 

• Finance Costs: Increased from ₹785.38 million in FY 2023 to ₹914.58 million in FY 2024, due to higher borrowing, but still lower than ₹492.13 million in FY 2022. 

• Depreciation and Amortisation Expense: Increased from ₹1,328.24 million in FY 2023 to ₹1,548.79 million in FY 2024, indicating a larger asset base. 

• Other Expenses: Increased from ₹1,135.41 million in FY 2023 to ₹1,442.47 million in FY 2024, likely due to higher operational scale or inflation. 

 Key Strategies for Manjushree Technopack Limited  

 1.  Strengthening Market Leadership and Expansion Plans 

The company aims to boost market share by targeting strategic customers and expanding in existing segments. It plans to increase revenue through long-term customer relationships, innovative products, and entry into high-growth sectors like nutraceuticals, agrochemicals, and consumer goods. Inorganic growth through acquisitions, along with a focus on sustainable packaging, is also key to its expansion strategy. 

 2.  Driving Operational Excellence and Customer-Centric Improvements 

The company continuously strives for operational excellence through initiatives like Project Garuda, which optimises manufacturing costs and administrative expenses. Advanced automation, IT system upgrades, and improved supplier relationships are driving product quality and speed. Strategic facilities are being established closer to customers to reduce logistics costs, ensuring faster, more efficient product delivery. 

 3.  Attracting and Retaining Top Talent for Organisational Growth 

To become the employer of choice, the company focuses on attracting top talent through merit-based practices and leadership development plans. Retaining high performers is a priority, with competitive rewards, recognition, and a collaborative work environment. Diversity, equity, and inclusion are core values, and the company continually adapts its training and engagement practices to meet evolving industry needs. 

 4.  Leading the Charge in ESG and Sustainability Practices 

The company is committed to sustainability through strong ESG practices, aiming for continuous improvement in environmental, social, and governance performance. It focuses on reducing its carbon footprint by transitioning to renewable energy and sustainable manufacturing practices. Short-term goals include carbon and water reductions, with a long-term vision of achieving net-zero emissions by 2050. 

Competitor Analysis of Manjushree Technopack Limited

 1.  Alpha Group (Mykron Plus India)

Alpha Group is a notable competitor, excelling in delivering high-quality and customisable packaging solutions. Their emphasis on innovative design and advanced materials positions them strongly in the market. However, compared to Manjushree’s larger production capacity and advanced sustainability initiatives, Alpha faces challenges in scaling its green practices. Manjushree’s robust ESG focus and extensive industry partnerships give it an edge in sustainability and market adaptability. 

2. Regent Plast

Regent Plast is a key competitor focusing on sustainable plastic packaging, emphasising eco-friendly practices. While it aligns with current environmental trends, its scale of operations and industry reach remain smaller than Manjushree’s extensive footprint. Manjushree’s advanced recycling facilities and robust ESG initiatives, including renewable energy integration, provide a competitive edge. Additionally, Manjushree’s diverse product offerings across industries allow it to cater to a broader market compared to Regent Plast.

 3.  Mold-Tek Packaging Limited

Mold-Tek Packaging Limited excels in injection-moulded packaging, offering innovative solutions like tamper-evident and in-mould-labelled containers. It has strong expertise in catering to the FMCG, food, and paint industries. However, Manjushree outpaces Mold-Tek with its larger market reach, broader product portfolio, and leadership in sustainability. While Mold-Tek focuses on niche segments, Manjushree’s ESG-driven innovations and advanced recycling capabilities position it as a more comprehensive player in the packaging industry, serving diverse sectors on a global scale.