Bai-Kakaji posts ₹27 cr profit in first full-year results post-listing
Standalone profit jumped **45%** year-on-year. The consolidated numbers now include the newly acquired Mundada Polymers subsidiary.
What's new
- Bai-Kakaji reported its first annual results post-December IPO, with consolidated net profit of ₹26.98 cr.
- Standalone profit grew 45% year-on-year to ₹26.33 cr from ₹18.17 cr.
- Consolidated revenue of ₹364.69 cr includes the newly formed subsidiary Mundada Polymers.
Why this matters
This is the market's first look at the company's financials on a consolidated basis, incorporating a new subsidiary. The standalone growth of 45% is strong on its own. The consolidated profit is only marginally higher than the standalone figure, suggesting Mundada's contribution is minimal or still being integrated.
What we're watching
- How the Mundada Polymers acquisition contributes to growth in subsequent quarters.
- The valuation multiple the market assigns to these post-IPO earnings.
- Standalone profit growth trajectory in the coming year.
The full read
Bai-Kakaji Polymers' first full-year results since its December 2025 listing show consolidated net profit of ₹26.98 crore on revenue of ₹364.69 crore. The consolidated figures are the first to include Mundada Polymers, a newly formed subsidiary. Stripping that out, standalone profit grew 45% year-on-year to ₹26.33 crore from ₹18.17 crore. The consolidated profit is only slightly above the standalone number. Mundada's contribution has been small so far. The core business showed solid organic growth. The key test now is whether subsidiary integration begins to move the needle on the top line.
Questions answered
- What does the consolidated profit include that the standalone does not?
- The consolidated profit of ₹26.98 cr includes the financials of the newly formed subsidiary, Mundada Polymers, for the first time. The standalone profit, which grew 45% to ₹26.33 cr, excludes it.
- How does the ₹26.98 cr profit compare to the company's market capitalization?
- With a market capitalization of ₹364 cr, the ₹26.98 cr profit implies a price-to-earnings multiple of roughly 13.5x for the post-listing entity.
- What drove the **45%** standalone profit growth?
- The source does not provide a breakdown of the drivers behind the 45% year-on-year growth in standalone profit, which rose from ₹18.17 cr to ₹26.33 cr.
- When did the company list on the stock exchange?
- Bai-Kakaji Polymers completed its IPO and listed in December 2025. This FY26 report is its first full-year set of results as a listed entity.