Bai-Kakaji PolymersShare price, financial results, shareholding and management
- Market cap
- ₹616 cr
- Stock P/E
- 22.8peers 9.7
- Book value
- ₹81.8
- Price to book
- 3.52
- EV / operating profit
- -
- Market cap to sales
- 1.69
- ROCE · FY26
- 21.8%
- ROE · FY26
- 23.7%
- ROE, 3-year average
- 31.4%
- Operating margin · FY26
- 13.4%peers 8.3%
- Sales growth, 3 years
- 10.1%
- Profit growth, 3 years
- 88.9%
- Debt to equity
- 0.38peers 0.54
- Borrowings
- ₹66 cr
- Interest cover
- 5.6×
- Cash from business / op. profit
- 57%
- Debtor days
- 39
- Pledged
- 0.00%
- Promoter holding
- 73.58%
- Change in promoter holding
- -0.49 pts
- Shareholders
- 1,641
- 52-week high / low
- ₹329 / ₹143
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Bai-Kakaji Polymers share price chart
Close on 6 Nov 2026 · -4.99% on the day · Vol 59,400
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -5.1%
- 3 months
- +19.9%
- 6 months
- +58.0%
- Traded a day, 20 days
- ₹0.86 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +12% | +50% |
| 3 years, a year | +10% | +89% |
About Bai-Kakaji Polymers: business, products and customers
Bai-Kakaji Polymers makes the plastic preforms that bottlers blow into bottles, and the caps that seal them, for drinking water, soft drink, juice and edible oil brands. It works from Latur in Maharashtra and its shares trade on BSE SME.
Bai-Kakaji Polymers makes PET preforms, the small test tube shapes that a bottler blows into a bottle, and plastic caps and closures for water, soft drinks, juice, dairy and twenty litre jars. It started in 2013 with a single closure machine and now runs plants in MIDC Latur on Husky, SACMI and ASB machines. Since February 2026 a wholly owned subsidiary, Mundada Polymers, makes shrink, coating and stretch films for wrapping packs.
The company supplies other businesses at a price per kilo of preform and per piece of closure, with the cost of PET resin passed on to customers by formula. That means sales rise and fall with resin prices, and what the company keeps is the conversion margin, which has widened as it brought raw material trading in house, improved its product mix and added solar power. Customers named in its reports include Tata, Reliance, Patanjali, Parle Agro, IRCTC, JSW and Carlsberg, and most sales are in Maharashtra.
Read more about the business
The offer document compares the company with two listed businesses, Cool Caps Industries and Technopack Polymers, as its industry peers. The company describes the wider market as fragmented, with many small regional and unorganised moulders competing on commoditised preform sizes.
Money from the December 2025 share issue repaid about ₹64 cr of loans and paid for a closure machine and a solar plant. The company is now spending about ₹100 cr on more preform and closure machines and a new flexible packaging plant, and plans facilities in Gujarat and Kerala.
From the offer document (December 2025), the FY26 annual report, the investor presentation on FY26 results and the Crisil rating rationale of June 2026.
Read the deeper study ↓In its favour
- It earns a high return on the money it uses: ROCE 22% in FY26.
- It brings in more cash than it shows as profit: ₹28 cr against ₹27 cr in FY26.
- The promoters own a large part of the company: 73.58%.
To watch
- Delivery of the new SACMI closure machine, scheduled for December 2026 after an earlier December 2025 date (Annual report FY26, p.21; Offer document, p.125).
- Building and filling the ₹63.4 cr flexible packaging plant in Mundada Polymers (Annual report FY26, p.46).
- Dealings with Bai-Kakaji Aquasure Solutions, for which approval of up to ₹100 cr in FY27 was put to the September 2026 AGM (Annual report FY26, p.28).
- Results for the half year to September 2026, due after the trading window that opened on 1 October 2026 (Trading window notice, 24 September 2026).
- Customers take longer to pay than before: 39 days in FY26, against 29 in FY22.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Bai-Kakaji Polymers revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months.
Bai-Kakaji Polymers half-yearly results
SME companies report every six months · ₹ crore
| H2FY26 | |
|---|---|
| Sales | 202.58 |
| Expenses | 178.03 |
| Operating profit | 24.55 |
| OPM | 12.1% |
| Interest | 3.54 |
| Depreciation | 9.65 |
| Profit before tax | 18.10 |
| Net profit | 13.96 |
Bai-Kakaji Polymers profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 193 | 273 | 294 | 325 | 364.69 |
| Expenses | 180 | 258 | 273 | 291 | 315.91 |
| Operating profit | 13 | 14 | 21 | 34 | 48.78 |
| OPM | 7.0% | 5.0% | 7.0% | 10.0% | 13.4% |
| Other income | 2 | 2 | 2 | 6 | 10.09 |
| Interest | 3 | 4 | 4 | 5 | 7.88 |
| Depreciation | 7 | 7 | 7 | 8 | 18.43 |
| Exceptional and other items | · | 1 | -1 | -1 | 3.45 |
| Profit before tax | 5 | 6 | 11 | 26 | 36.01 |
| Tax rate | 20.0% | 33.3% | 18.2% | 30.8% | 25.1% |
| Net profit | 4 | 4 | 9 | 18 | 26.98 |
| EPS ₹ | 2.55 | 2.60 | 5.83 | 11.50 | 15.69 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Bai-Kakaji Polymers profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 7.0% | 5.0% | 7.0% | 10.0% | 13.4% |
| Tax rate | 20.0% | 33.3% | 18.2% | 30.8% | 25.1% |
| ROCE | · | 14.2% | 20.3% | 26.1% | 21.8% |
| ROE | · | 16.7% | 29.5% | 40.9% | 23.7% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Bai-Kakaji Polymers debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It cut its borrowings last year. Its loans are smaller than its own money. Last year the business brought in more cash than it showed as profit. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Bai-Kakaji Polymers balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 2 | 2 | 2 | 2 | 21 |
| Reserves | 20 | 24 | 33 | 51 | 154 |
| Net worth | 22 | 26 | 35 | 53 | 175 |
| Borrowings | 47 | 46 | 41 | 109 | 66 |
| Other liabilities | 10 | 20 | 22 | 40 | 40 |
| Total liabilities | 79 | 92 | 98 | 202 | 281 |
| Fixed assets | 38 | 36 | 46 | 103 | 144 |
| Capital work in progress | 0 | 1 | 0 | 0 | 6 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| Other assets | 41 | 55 | 52 | 99 | 131 |
Bai-Kakaji Polymers cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 7 | 13 | 21 | -10 | 28 |
| Cash from investing | -13 | -8 | -13 | -63 | -73 |
| Cash from financing | 5 | -5 | -8 | 74 | 45 |
| Net cash flow | -1 | 0 | 0 | 1 | 0 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 29 | 29 | 24 | 34 | 39 |
| Inventory days | 35 | 30 | 35 | 58 | 70 |
| Days payable | 9 | 10 | 12 | 19 | 35 |
| Cash conversion cycle | 55 | 49 | 48 | 74 | 75 |
| Working capital days | -30 | -24 | -8 | -46 | 23 |
Bai-Kakaji Polymers peers and competitors
Listed SME companies in the same industryBy sales, Bai-Kakaji Polymers is number 11 of the 79 listed SME companies in consumer durables.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Yaashvi Jewellers | 141 | 7.9 | 448 | 18 | 7.0% | - |
| SMR Jewels | 197 | 7.9 | 432 | 25 | 8.0% | 0.34 |
| Pushpa Jewellers | 298 | 11.5 | 418 | 25.9 | 9.1% | 0.12 |
| Greenchef Appliances | 148 | - | 374 | -9 | 0.2% | 0.91 |
| Bai-Kakaji Polymers | 616 | 22.8 | 365 | 27 | 13.4% | 0.38 |
| AJC Jewel Manufacturers | 203 | 25.4 | 291 | 8 | 4.8% | 1.22 |
| Kabra Jewels | 165 | 6.6 | 268 | 25 | 17.0% | 1.48 |
| Sylvan Plyboard (India) | 95 | 13.2 | 253 | 7.2 | 8.5% | 0.48 |
| Safe Enterprises Retail Fixtures | 1,205 | 18.9 | 218 | 63.9 | 36.2% | 0.00 |
| Acme Universal Safezone 9 | 221 | - | 204 | -5 | 7.0% | 1.09 |
| Manoj Ceramic | 87 | 7.3 | 203 | 12 | 12.0% | 0.54 |
| Median of the 10 others | 181 | 9.7 | 280 | 15 | 8.3% | 0.54 |
Bai-Kakaji Polymers shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Bai-Kakaji Polymers shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Dec 25 | Mar 26 | Sep 26 | |
|---|---|---|---|
| Promoters | 73.58% | 74.07% | 73.58% |
| Foreign investors (FIIs) | 2.77% | - | - |
| Indian institutions (DIIs) | 11.09% | - | - |
| Number of shareholders | 2,041 | 522 | 1,641 |
Bai-Kakaji Polymers study: the business from its own documents
Read from 5 of the company's own documentsBai-Kakaji Polymers key facts from the filings
Each figure with the document it comes from
- FY26 revenue
- ₹364.7 cr
- Up 12% from ₹325.4 cr; rigid packaging gave ₹351 cr and the new films business ₹14 cr.Annual report FY26, p.45; Investor presentation, May 2026, p.5
- Operating margin
- 13.4%
- Up from 10.4% in FY25 and 5.2% in FY23, as the conversion margin over resin widened.Annual report FY26, p.44; Offer document, p.121
- Profit after tax
- ₹27.0 cr
- Includes a prior period item of ₹3.4 cr and other income of ₹10.1 cr, of which ₹5.0 cr is a state industrial subsidy.Annual report FY26, p.45 and p.85
- Borrowings
- ₹65.7 cr
- Down from ₹109.0 cr a year earlier after about ₹64 cr was repaid from the share issue.Annual report FY26, p.46
- Share issue
- ₹105.2 cr
- New shares sold at ₹186 each, subscribed 4.46 times; listed on 31 December 2025.Annual report FY26, p.32
Show 5 more facts
- Machine use
- About 90%
- PET preform lines in FY26; closures ran at about 84%, and the company says both are close to their limits.Annual report FY26, p.44 and p.46
- Expansion under way
- About ₹100 cr
- ₹34.7 cr for preform and closure machines and ₹63.4 cr for a flexible packaging plant in the subsidiary.Annual report FY26, p.46
- Top ten customers
- 40%
- Share of FY25 revenue; the top five gave 28.9%.Offer document, p.125
- Sales to related firms
- ₹52.6 cr
- About 15% of FY26 standalone revenue, including ₹31.3 cr to group company Bai-Kakaji Aquasure Solutions (our arithmetic).Annual report FY26, p.67 and p.68
- Home state
- 65.2%
- Share of revenue from Maharashtra in the six months to September 2025, down from 75.6% in FY25.Offer document, p.124
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says it is carrying out a roughly ₹100 cr expansion across rigid and flexible packaging, with a new SACMI closure machine scheduled for delivery in December 2026, and plans new facilities in Gujarat and Kerala. The annual report says management has set a revenue aspiration of ₹1,000 cr for FY29.
| What management said | When | What happened |
|---|---|---|
| A SACMI closure machine was expected to be delivered in December 2025 | Offer document, December 2025 | Now scheduled for December 2026 |
| Share issue money to repay loans and fund a closure machine and a solar plant | Offer document, December 2025 | Used as stated, with no deviation, per the directors' report |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Bai-Kakaji Polymers earns a conversion margin on resin it turns into preforms, caps and films for bottlers, and that margin has widened a lot as it brought raw material in house and cut power and loan costs.
Its weak spots are prices it cannot set in a crowded regional market, machines that are nearly full, and large dealings with firms owned by the promoter family.
WatchCan it set its own prices?Not much. Resin cost is passed on by formula and the rating agency says competition limits its bargaining power.
AverageHow strong is it against rivals?It has food safety certificates and modern imported machines that small moulders lack, but it still faces many regional and unorganised rivals on common preform sizes.
AverageWho are its customers?Large drink and food brands and many regional bottlers, mostly in Maharashtra, with a notable share of sales going to firms of the promoter group.
AverageDoes it need a lot of money?Yes for machines, which are imported and costly, but the share issue cut its loans sharply.
AverageCan it keep finding new work?Customers reorder packaging all the time and stay for years, but with lines nearly full, growth depends on new machines and the new films plant.
AverageDo good and bad years swing a lot?Sales have grown steadily, but margins depend on resin, a crude oil product, and have moved a long way in a few years.
Who runs Bai-Kakaji Polymers?
Promoters, directors and officers; tap a name for the background
BPBalkishan Pandurangji MundadaPromoter, Chairman and Managing Director · holds 24.51%
On the board since the company was formed in 2013. Holds a Bachelor's degree in Hindi from Bombay Hindi Vidyapeeth and has 30 years of experience in the polymers industry; oversees overall management and operations. Paid ₹1.2 cr in FY26. The offer document records an FIR filed in 2024 over alleged fraud at Rajasthani Multi-State Co-operative Credit Society that names Balkishan Mundada as a member of its local advisory committee; the High Court granted interim relief of no custodial interrogation, observing no specific allegations linking the director to the society's management.
Offer document, p.150, p.152, p.266 and p.267; Annual report FY26, p.68HPHarikishan Pandurangji MundadaPromoter and Whole Time Director · holds 24.51%
On the board since 2013. Holds a Higher Secondary Certificate and has 30 years in the polymers industry; responsible for financial planning, strategy, production, sales and marketing. Paid ₹1.2 cr in FY26. The offer document lists two pending criminal cases from 2011 and 2013 under food safety laws, over a drinking water sample from Mundada Foods and a milk packet supplied by Anand Milk Agency, in which Harikishan Mundada is named as proprietor and supplier.
Offer document, p.150, p.152, p.265 and p.266; Annual report FY26, p.68ABAkash Balkishan MundadaPromoter · holds 24.51%
Holds a Bachelor of Commerce and has nine years of experience in the company's line of business. Resigned as a director of the company on 2 February 2025, citing personal reasons; a director of Bai-Kakaji Aquasure Solutions and Bai-Kakaji Fitness Solutions.
Offer document, p.155, p.167 and p.170; Annual report FY26, p.58ABAkshay Balkishan MundadaPromoter, Executive Director and Chief Financial Officer · holds 0.49%
On the board since August 2021 and Chief Financial Officer since 17 May 2025. Holds a Bachelor of Commerce from Swami Ramanand Teerth Marathwada University and has nine years of experience in finance and accounts. Paid ₹0.6 cr in FY26.
Offer document, p.151 to p.153; Annual report FY26, p.58 and p.68KBKiran Balkishan MundadaPromoter and Non-Executive Director · holds Negligible
Director since February 2025. Holds a diploma in teaching and has over nine years in dairy products trading and three years in polymers. Listed in the offer document as the spouse of Balkishan Pandurangji Mundada and the mother of Akash and Akshay Mundada. The company bought the business of Bai Kakaji Industries, Kiran Mundada's proprietorship, from 1 March 2025.
Offer document, p.120, p.151, p.153, p.155 and p.170NGNilesh Gokuldas ChandakIndependent Director
A chartered accountant with over eight years in finance, accounts and taxation, giving advisory services to businesses and individuals. Appointed in May 2025; chairs the audit committee.
Offer document, p.152 and p.153; Annual report FY26, p.34BGBalu Govindlal BhansaliIndependent Director
A commerce graduate of Marathwada University working as office superintendent at Saraswati Vidyalaya, Latur, with over 35 years in the education sector. Appointed in May 2025.
Offer document, p.152 and p.153Bai-Kakaji Polymers latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 30 Sept 2026: promoters 74.07% to 73.58%.
Bai-Kakaji Polymers announcements
5 on record, latest first; each opens the filing on the exchange
- Company UpdatePursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform thPDF ↗
- Insider Trading / SASTThe Trading Window shall remain closed from 1st October, 2026 till 48 hours from the declaration of the Unaudited Financial Results for the half year ended 30thPDF ↗
- Company UpdatePursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform thPDF ↗
- Company UpdatePursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform yPDF ↗
- Company UpdatePursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform yPDF ↗
Bai-Kakaji Polymers annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Bai-Kakaji Polymers share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Bai-Kakaji Polymers' data · 7
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,14,04,400 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Bai-Kakaji Polymers
What does Bai-Kakaji Polymers do?
Bai-Kakaji Polymers makes the plastic preforms that bottlers blow into bottles, and the caps that seal them, for drinking water, soft drink, juice and edible oil brands. It works from Latur in Maharashtra and its shares trade on BSE SME.
What is the share price of Bai-Kakaji Polymers?
₹288 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Bai-Kakaji Polymers?
₹616 cr at the close on 6 Nov 2026, on 2,14,04,400 shares.
What is the P/E of Bai-Kakaji Polymers?
22.8 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Bai-Kakaji Polymers' revenue and profit?
Revenue ₹365 cr and profit after tax ₹27 cr in FY26.
Who are the promoters of Bai-Kakaji Polymers?
Balkishan Pandurangji Mundada, Harikishan Pandurangji Mundada, Akash Balkishan Mundada, Akshay Balkishan Mundada, Kiran Balkishan Mundada; promoters held 73.58% at 30 Sept 2026.
What is Bai-Kakaji Polymers' website?
baikakajipolymers.com
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Built from 1 offer document, 1 result filing, 1 investor presentation, 1 annual report, 1 credit rating note, 5 exchange announcements, 3 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.