Bai-Kakaji management gave two different FY25 revenue figures on the same call, an ₹100 cr gap
In its concall, management first said FY25 revenue was ₹225 cr, then later said it was ₹325 cr. The discrepancy distorts all YoY comparisons and raises a flag on data reliability.
What's new
- FY26 revenue ₹365 cr, up 12.3% YoY from the higher stated base of ₹325 cr; PAT ₹27 cr, up 50%.
- Debt-to-equity improved from 2.04 to 0.37 post-IPO; operating cash flow turned positive at ₹28 cr.
- ₹100 cr capex deployed in FY27 for rigid and flexible packaging, targeting ₹1,000 cr revenue by FY29.
Themes from the call
Demand
PET preforms and flexible packaging run at 90% utilization, with beverage customers (70-80% of revenue) driving orders beyond supply capacity.
Margins
EBITDA margin 13.36% and PAT margin 7.39% in FY26, guided to 13-14% and 7-7.5% respectively; debt repayment boosted margin improvement.
Capital allocation
₹64 cr of IPO proceeds used to cut debt; ₹100 cr new capex funded via bank loans and internal accruals, with no further equity dilution planned.
Guidance watch
- ₹1,000 cr consolidated revenue target by FY29 (2.7x from FY26); current capex to yield ₹750-800 cr revenue capacity.
- PAT margin guidance of 7-7.5% at operating level; EBITDA margin 13-14%.
- Flexible packaging division (Mundra Polymer) targeting ₹200 cr in FY27 vs ₹100 cr in FY26.
Risk flags
- FY25 revenue discrepancy of ₹100 cr within the same call raises data credibility concerns.
- Revenue concentration of 70-80% in beverages; major customers Parle Agro, Campa, JSW have no formal commitments backing FY29 target.
- High utilization (>90%) leaves little room for volume growth until capex comes online in late FY27.
Key quotes
-
"Our revenue for 2025 is 225 crores with a PAT of 18 crores."
— Company representative, Jun 2026 call -
"Comparing FY25 and FY26: in FY25, our revenue was 325 crores, which increased to 364 crores in FY26."
— Company representative, Jun 2026 call (later in the same call) -
"Our main vision is to expand in flexible packaging alongside rigid packaging targeting a turnover of 1,000 crores by 2029."
— Harikishan Mundra, Co-Promoter
The brief
A concall is supposed to provide clarity. Bai-Kakaji's provided confusion. In the same conversation, management gave two different FY25 revenue numbers: ₹225 crore and ₹325 crore. That is a ₹100 crore gap, larger than the entire PAT of some peers. Which one is correct? The question matters because the company's reported 12.3% FY26 revenue growth (to ₹365 crore) and the 50% PAT jump are measured against an essentially fungible base. On the brighter side, the post-IPO cleanup is genuine. Debt-to-equity crashed from 2.04 to 0.37, operating cash flow turned positive, and ₹100 crore of new capex is already deployed. The expansion into flexible packaging via Mundra Polymer (revenue tripled to ₹100 crore in three years) and the ₹1,000 crore FY29 vision are credible in direction, but the lack of written customer commitments and the reliance on verbal encouragement from beverage majors makes the target a stretch. The inconsistency on FY25 revenue is the takeaway. If management cannot keep its own numbers straight in a single call, investors have reason to question every ratio and growth rate built on that foundation.
The ₹100 crore revenue discrepancy in one call overshadows a genuinely improved balance sheet. Investors should demand a corrected filing before underwriting the growth story.