Bai-Kakaji targets ₹1,000 cr by FY29, FY26 profit up 50%
Flexible packaging revenue seen doubling to ₹200 cr in FY27; ₹100 cr capex split 65:35 between flexible and rigid.
— 1 earlier story on Bai-Kakaji Polymers Ltd. →What's new
- FY26 revenue ₹365 cr, up 12.3% YoY; net profit ₹27 cr, up 50%.
- ₹100 cr capex for FY27, with 65% to flexible packaging via Mundada Polymers.
- Long-term target of ₹1,000 cr consolidated revenue by FY29.
Why this matters
For a nano-cap with a ₹415 cr market cap and 33.9% ROE, the targets are ambitious but grounded in strong post-IPO momentum. The flexible packaging revenue target of ₹200 cr in FY27 is a key near-term test. The ₹100 cr capex, however, pushes debt/equity already at 2.04.
What we're watching
- FY27 capex execution and its impact on debt levels.
- Flexible packaging revenue trajectory — whether it hits the ₹200 cr target.
- Any funding announcements given the already high debt/equity.
The full read
Bai-Kakaji Polymers, a nano-cap with a ₹415 cr market cap, reported its first full-year results since listing. FY26 revenue hit ₹365 cr, up 12.3%, while net profit surged 50% to ₹27 cr. The post-IPO momentum is visible. But the real story is what comes next. Management laid out a ₹100 cr capex plan for FY27, with 65% flowing through subsidiary Mundada Polymers into flexible packaging, which it aims to double to ₹200 cr. The longer-term ambition: ₹1,000 cr in consolidated revenue by FY29, nearly three times current scale. The targets are ambitious for a company with a 33.9% ROE but also a debt/equity of 2.04. For now, the call was a recapitulation of known numbers and plans, not a surprise. The next test is whether the capex converts into revenue without straining the balance sheet further.
Questions answered
- What drove Bai-Kakaji's 50% net profit growth in FY26?
- Revenue grew 12.3% to ₹365 cr, but profit jumped 50% to ₹27 cr, implying operating leverage or margin expansion. The concall did not detail specific drivers beyond topline growth.
- How is the ₹100 cr capex split and what does it fund?
- 35% goes to rigid packaging and 65% to flexible packaging via subsidiary Mundada Polymers. The flexible packaging expansion is aimed at doubling segment revenue to ₹200 cr in FY27.
- What is the company's current debt level?
- Debt/equity stands at 2.04 as per trailing data. The ₹100 cr capex may increase debt unless funded by internal accruals or equity.
- Is the ₹1,000 cr revenue target by FY29 realistic?
- Current revenue is ₹365 cr, so achieving ₹1,000 cr requires a CAGR of about 28%. The company's FY26 growth was 12.3%, making the target aggressive but not impossible if capex yields returns.
- Which end markets is Bai-Kakaji targeting?
- It targets beverages, FMCG, and emerging segments like edible oil and dairy, primarily in rigid and flexible packaging.
Bai-Kakaji Polymers Ltd.
Latest quarter · Mar 2026
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All notes on BAIKAKAJI →- 15 Jun 2026 · 1:02 PM IST Bai-Kakaji targets ₹1,000 cr by FY29, FY26 profit up 50%
- 38d ago Bai-Kakaji's standalone profit jumps 45% in its first full year post-listing