Mold-Tek posts record ₹46.7/kg EBITDA; lube volumes drop 17%
Revenue crosses ₹300 cr for the first time, but base-oil shortages at private customers pulled lubricant tonnage down. Management now guiding to ₹90 cr capex and 18-20% EBITDA growth.
— 3 earlier stories on Mold-Tek Packaging Ltd. →What's new
- Record EBITDA per kg of ₹46.7 driven by pharma and food packaging mix shift.
- Quarterly revenue crosses ₹300 cr for the first time, but tonnage growth was only 6.3%.
- Capex guidance raised to ₹90 cr from earlier ₹80-85 cr; lube volumes fell 17% due to base-oil shortages.
Why this matters
The record EBITDA per kg shows the payoff from moving up the value chain into pharma and food. But the 17% drop in lubricant volumes is a reminder that customer-specific disruptions can still cap growth. The raised capex signals management's confidence in the trajectory, even as the near-term volume outlook stays at 10%.
What we're watching
- Whether the base-oil shortage at private lube customers resolves in coming quarters.
- If EBITDA per kg can sustain near ₹47 as the mix continues shifting to higher-margin segments.
- Execution of the ₹90 cr capex and its impact on capacity and margins.
The full read
Mold-Tek delivered a record ₹46.7 per kg EBITDA in Q1, pushing quarterly revenue past ₹300 crore for the first time. The driver is the mix shift: pharmaceutical and food packaging now carry the margin weight, while lubricant volumes (traditionally a core segment) fell 17% because of base-oil shortages at private clients. Total tonnage grew only 6.3% as a result. Management is leaning into the opportunity, raising capex guidance to ₹90 crore from an earlier ₹80-85 crore, and is calling for 10% volume growth with 18-20% EBITDA expansion for the full year. The record per-kilogram margin is the headline. Yet the lube disruption is the footnote, and it explains why the stock, at a P/E of 31x, still has something to prove.
Questions answered
- What drove the record EBITDA per kilogram?
- A richer product mix from pharmaceutical and food packaging, where Mold-Tek earns higher margins than in traditional lubricant packaging.
- Why did lubricant volumes drop 17%?
- Base-oil shortages at private lubricant customers disrupted their production, reducing demand for Mold-Tek's packaging. The disruption is expected to be temporary.
- What is the new capex guidance and why was it raised?
- Management raised the fiscal-year capex estimate to ₹90 crore from ₹80-85 crore. No specific reason was given, but it likely reflects investments to capture pharma and food growth.
- How does Q1 revenue compare to earlier periods?
- Q1 revenue crossed ₹300 crore for the first time, driven by the pharma segment. Our prior coverage noted a 39% leap in pharma packs, which continued to drive the top line.
- What is the volume and EBITDA growth outlook?
- Management forecasts volume growth of about 10% for the year, with EBITDA expanding 18-20%, implying continued margin improvement.
Mold-Tek Packaging Ltd.
Latest quarter · Mar 2022
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All notes on MOLDTKPAC →- 27 Jul 2026 · 5:44 PM IST Mold-Tek posts record ₹46.7/kg EBITDA; lube volumes drop 17%
- 1d ago Mold-Tek Q1 sales top ₹300 cr, pharma packs leap 39%
- 1d ago Mold-Tek logs record ₹46.68/kg EBITDA in Q1, pharma packs lead growth
- 1d ago Mold-Tek crosses ₹300 cr sales, EBITDA per kg hits record ₹46.68