India’s Manjushree Technopack delivers strong FY25 performance, eyes sustainable growth despite IPO withdrawal

INDIA — Manjushree Technopack Limited (MTL), one of India’s largest rigid plastic packaging companies, has reported a robust performance for the fiscal year 2024–25 (FY25), highlighting its strong market position and continued growth in the packaging sector.

Despite shelving plans for a ₹3,000 crore (US$348.43m) IPO, MTL recorded a 21.3% year-on-year revenue growth and a striking 88.3% increase in net profit, underpinned by exceptional gains and solid operational momentum.

Founded in 1987, MTL manufactures PET and plastic preforms, containers, and other rigid packaging solutions for a wide array of sectors, including FMCG, food and beverage, home and personal care, pharmaceuticals, agrochemicals, paints, and liquor.

Operating across 20 advanced manufacturing facilities in India, MTL remains a critical supplier to top domestic and global brands.

MTL’s revenue from operations rose to ₹2,569.83 crore (US$298.47m) in FY25, up from ₹2,117 crore (US$245.88m) in FY24, driven by a post-pandemic surge in demand for durable and sustainable packaging.

Net profit jumped to ₹265.15 crore (US$30.80m), boosted by an exceptional gain of ₹201.96 crore (US$23.46m) following the conversion of Compulsorily Convertible Debentures (CCDs) into equity shares, a one-time financial maneuver.

While the cancellation of its IPO in late 2024 raised some eyebrows, the move coincided with a strategic shift in ownership, as global private equity firm PAG acquired a majority stake in MTL from Advent International, valuing the company at US$1 billion (approx. ₹8,400 crore).

Sustainability remains central to MTL’s long-term strategy. The company has ramped up investments in recycling infrastructure, circular packaging solutions, and process efficiency to align with global ESG expectations and India’s tightening environmental regulations.

Dividend payouts have also been generous, with ₹53.50/share declared in FY25 following ₹65.10/share in FY24.

Outlook and market context

India’s packaging sector is experiencing sustained growth due to rising consumption, e-commerce expansion, and regulatory shifts toward eco-friendly materials.

MTL’s leadership in rigid plastic packaging gives it a significant edge, though risks remain, including high debt levels, regulatory scrutiny, and raw material price volatility, especially as the global cost of crude oil impacts polymer pricing.

According to Altius Investech, MTL remains structurally strong with considerable scale advantages, despite the cancelled IPO.

The company’s proactive strategy, resilient business model, and ESG alignment position it well for future expansion, both organically and through acquisitions.

As India’s demand for sustainable packaging solutions rises, Manjushree Technopack appears well-equipped to lead the transformation.

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