Bijaykumar Agarwal, the Managing Director & Chairman of the Company. He has been associated with the Company since 2002. He was appointed on the Board with effect from February 2023. He has over three (3) decades of experience in packaging industry. He looks after various functions in the Company such as finance, raw material procurement, customer servicing and business development. Jaiprakash Agarwal, the Whole-time Director & Chief Financial Officer of the Company. He holds a bachelor’s degree in commerce from the Mumbai University. He also holds master’s degree in business administration from the ICFAI University, Dehradun. He has been associated with the Company since June 2003. He has over nineteen (19) years of experience in the packaging industry. He looks after various functions in the Company such as manufacturing, finance, accounts, sales & marketing and business development. Madhu Agarwal, the Whole-time Director of the Company. She holds a bachelor’s degree of commerce from the Calcutta University. She has been associated with the Company since May 2006. She has over sixteen (16) years of experience in human resource compliance and administration. She looks after human resource, administration and compliance related activities in the Company.

A. Balance Sheet

Particular (In Lakhs)	Mar-21	Mar-22	Mar-23
Equity Share Capital	391.06	391.06	3,128.48
Reserves	4,494	7,129	7,597
Borrowings	5,130	6,477	5,534
Trade Payables	4,150	3,160	4,943
Other Liabilities	1,181	1,219	1,376
Total Liabilities	10,461	10,855	11,853
Net Block	5,030	4,854	6,143
Capital Work in Progress	0	245	726
Investments	105	101	288
Other Assets	576	386	270
Total NC Assets	5,710	5,585	7,427
Receivables	6,436	7,511	7,697
Inventory	2,157	3,745	4,550
Cash & Bank	458	350	579
Other Assets	584	1,185	2,326
Face value	10	10	10

B. Profit & Loss Statement

Particular (In Lakhs)	Mar-21	Mar-22	Mar-23
Sales	31,350	40,042	48,003
Raw Material Cost	22,991	29,863	36,333
Change in Inventory	-10	9	-48
Employee Cost	1,475	1,570	1,755
Other Expenses	3,912	4,379	4,979
Other Income	267	223	200
Depreciation	439	442	493
Interest	522	485	405
EBITDA	3,250	4,443	5,183
EBITDA Margin	10.37%	11.10%	10.80%
Profit before tax	2,289	3,516	4,281
Tax	590	901	1,105
Net profit	1,699	2,615	3,176
NPM (%)	5.37%	6.49%	6.59%

C. Cash Flow Statement

Particular (In Lakhs)	Mar-21	Mar-22	Mar-23
Cash From Operating Activity
Profit From Operation	3,134	4,350	5,103
Receivable	-1,533	-1,075	-186
Inventory	-744	-1,588	-805
Payable	587	-990	1,783
Loans And Advances	-2	-27	4
Other WC Items	-23	-353	-1,150
Working Capital Changes	-1,716	-4,034	-354
Direct Taxes	-580	-920	-853
Net Cash Inflow from Operating Activity	839	-604	3895
Cash from Investing Activity
Fixed assets purchased	-705	-481	-2,234
Fixed assets sold	8	5	7
Investments purchased	0	-0.9	-191
Other investing items	24	26	26
Net cash inflow from investing activities	-673	-451	-2,392
Cash from Financing Activity
Proceeds from borrowings	1,627	4,028	2,470
Repayment of borrowings	-1,141	-2,681	-3,412
Intrest paid fin	-436	-424	-331
Net Cash Flow	216	-132	230

 

Name of the Company	Revenue (In Crore)	PAT (In Crore)	EPS ( in Rs)	P/E	CMP	Mcap (In Crore)
Pyramid Technoplast Limited	480	32	8.6	19.2	166	611
Time Technoplast Limited	4289	224	9.7	14.3	139	3140
TPL Plastech Limited	271	16	2.06	20.6	43	337
Mold-Tek Packaging Limited	730	80	24.3	41.6	971	3,221

* All the data as per FY23.

Review and Recommendation of Pyramid Technoplast by IZ team is 5/10 1. Overview of the Company a) Business Model: Pyramid Technoplast is prominently in the industrial packaging business, catering to several sectors like chemical, agrochemical, specialty chemical, and pharmaceutical companies. b) Product Line: The company's product portfolio includes Polymer Drums, rigid Intermediate Bulk Containers (IBCs) of 1,000-liter capacity, and MS Drums made of mild steel. Their IBCs fill a niche requirement that sits between standard shipping drums and intermodal tank containers. c) Manufacturing Technology: Pyramid Technoplast utilizes blow molding technology for its Polymer Drums and IBCs and injection molding for other accessories. d) Brand: The products are sold under the brand name "Pyramid", which can be a significant asset if it has good market recognition. 2. Growth and Expansion: The company has shown consistent growth in its infrastructure with six operational units and a seventh under construction. This indicates a strategic expansion approach. 3. Promoters: a) Bijaykumar Agarwal: As the MD & Chairman with three decades in the packaging industry, he provides significant experience, especially in finance, raw material procurement, customer servicing, and business development. b) Jaiprakash Agarwal: As the Whole-time Director & CFO, he has a sound educational background and almost two decades of experience in the packaging industry. His role in manufacturing, finance, accounts, sales & marketing, and business development is pivotal. c) Madhu Agarwal: Her 16 years of experience in human resource compliance and administration makes her a valuable asset for the company, especially in HR and compliance matters. 4. Financials a) Sales Growth: A consistent growth in sales over the three years, which is a positive sign. b) Raw Material Cost: This cost has been increasing, but it aligns with the sales growth. c) Profitability: Both EBITDA and Net Profit Margin have shown improvements, signaling operational efficiency. d) Debt: Interest expenses have been decreasing, which indicate a reduction in debt or better debt management. 5. Valuation The IPO's P/E ratio of 19.2x in comparison to the industry peers and a market cap of 600 Cr seems reasonably priced. 6. Conclusion a) Strengths: Pyramid Technoplast has shown consistent sales growth, expanding infrastructure, experienced management, and improving profitability. b) Concerns: The increase in raw material costs needs to be monitored, as it can impact margins if not managed effectively. c) Valuation: The valuation seems reasonable. d) Final Verdict: The company appears to be on a stable growth trajectory with robust management at the helm. As valuation is align with the peers, it might be a good opportunity for investors. However, as always, potential investors should consider their risk tolerance, investment horizon, and perform further due diligence before making an investment decision.

Pyramid Technoplast Limited Office No.2, 2nd Floor, Shah Trade Centre, Rani Sati Marg, Near W.E Highway, Malad (East), Mumbai - 400 097 Phone: +91 22 4276 1547 Email: cs@pyramidtechnoplast.com Website: https://pyramidtechnoplast.com/