Bai-kakaji Polymers Limited · BSE:BAIKAKAJI
Bai-kakaji Polymers — FY2026 Earnings Presentation
35 slides from Bai-kakaji Polymers's earnings presentation, May 30, 2026
Slide 1: BSE filing cover letter for investor presentation
Date: 30/05/2026 To BSE Limited Listing & Compliance Department Phiroze Jeejeebhoy Towers Dalal Street, Fort Mumbai - 400 001 Scrip Code: 544670 Sub: Investor Presentation Dear Sir/Madam, Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) R
Slide 2: FY26 Investor Presentation
BSE SME FY26 INVESTOR PRESENTATION BAI-KAKAJI POLYMERS LIMITED Two growthvvvvvvv engines on a single, asset-heavy chassis. www.baikakajipolymers.com
Slide 3: Safe Harbour
BAI-KAKAJI POLYMERS LIMITED DISCLAIMER Safe Harbour This presentation and the accompanying slides (the “Presentation”), which have been prepared by Bai-Kakaji Polymers Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invit
Slide 4: Performance Update
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Slide 5: FY26 closed at ₹365 Cr revenue and ₹27 Cr PAT
PERFORMANCE SNAPSHOT FY26 CONSOLIDATED PERFORMANCE SNAPSHOT FY26 closed at ₹365 Cr revenue and ₹27 Cr PAT — with EBITDA margin ~300 bps wider than FY25. REVENUE (FY26) PAT (FY26) EBITDA MARGIN MACHINES INSTALLED ROE GROSS BLOCK ₹365 Cr ₹27 Cr ~13 % 30 + >34 % ₹260 Cr Rigid ₹351 Cr · Flexible ₹14 PAT
Slide 6: Company Overview
Company Overview
Slide 7: A Latur-based PET preform & closure manufacturer
COMPANY OVERVIEW ABOUT THE COMPANY COMPANY OVERVIEW · 01 OF 02 A Latur-based PET preform & closure manufacturer — incorporated 2013, BSE-SME listed, two growth engines. Bai-Kakaji Polymers Limited (BKPL) manufactures rigid plastic AT A GLANCE packaging — PET preforms, plastic caps and closures — fro
Slide 8: Where BKPL sits in the bottle-to-shelf value chain
COMPANY OVERVIEW VALUE CHAIN & BUSINESS MODEL COMPANY OVERVIEW · 02 OF 02 Where BKPL sits in the bottle-to-shelf value chain — increasingly backward and forward integrated . REVENUE MODEL BACKWARD INTEGRATION FORWARD INTEGRATION B2B contract supply at negotiated per-unit pricing on Raw-material trad
Slide 9: Our Products
BAI-KAKAJI POLYMERS LIMITED · COMPANY OVERVIEW PRODUCTS COMPANY OVERVIEW · 02 OF 02 Our Products COMPANY OVERVIEW · PRODUCTS
Slide 10: Our Reputed Clients
BAI-KAKAJI POLYMERS LIMITED · COMPANY OVERVIEW PRODUCTS Our Reputed Clients COMPANY OVERVIEW · CLIENTS
Slide 11: A full rigid & flexible packaging suite
PRODUCTS & CLIENTELE PRODUCTS & CLIENTELE PRODUCTS & CLIENTELE A full rigid & flexible packaging suite — sold to FMCG, beverage, edible-oil and pharma brand owners across India . PRODUCT SUITE CLIENTELE · BRAND OWNERS SERVED Reliance Retail Tata Consumer Patanjali HUL ITC Nestlé RIGID · ENGINE 01 RI
Slide 12: Family-led, owner-operated management and board
BAI KAKAJI POLYMERS LIMITED · MANAGEMENT & BOARD DIRECTORS & KMP MANAGEMENT · PROMOTER GROUP Family-led, owner-operated — three decades of execution, now in the second generation . B. P. MUNDADA H. P. MUNDADA A. B. MUNDADA K. B. MUNDADA Balkishan P. Mundada Harikishan P. Mundada Akshay B. Mundada Ki
Slide 13: Industry Growth Drivers
Industry Growth Drivers ie | Sy,
Slide 14: India's packaging market is ~₹8.94 Lakh Cr today
INDUSTRY CONTEXT INDIAN PACKAGING MARKET INDUSTRY CONTEXT · 01 OF 03 India's packaging market is ~₹8.94 Lakh Cr today , scaling to ~₹17 Lakh Cr by 2030. TOTAL PACKAGING · FY25 INDIAN SUB-SEGMENT SCALE & GROWTH RATES ~₹8.94 L Cr SEGMENT FY25 SIZE CAGR FY30 SIZE Rigid plastic packaging ₹1,20,152 Cr 6.
Slide 15: Five structural tailwinds compound
INDUSTRY CONTEXT DEMAND DRIVERS INDUSTRY CONTEXT · 02 OF 03 Five structural tailwinds compound — bottled water at 12% CAGR , FMCG at 12–15%, e-commerce at 15%. BOTTLED WATER FMCG SECTOR E-COMMERCE PACKAGING ~12% CAGR to FY30. Market scales ₹69,636 Cr → ~₹2,49,780 Cr 12–15% CAGR. Sector roughly doubl
Slide 16: India's PET preform & closure market, 55% unorganised
INDUSTRY CONTEXT MARKET STRUCTURE INDUSTRY CONTEXT · 03 OF 03 India's PET preform & closure market is ~₹3.69 Lakh Cr — 55% still unorganised. DOMESTIC MARKET SPLIT (FY25) ORGANISED SEGMENTATION SEGMENT SUB-CATEGORY MARKET SIZE Unorganised ₹2,02,950 Cr · 55% Rigid plastic packaging (RPP) Consumer · P
Slide 17: Company Growth Drivers
BAL-KAKAJI POLYMERS ITD.
Slide 18: Group structure: two-entity structure
GROUP STRUCTURE CORPORATE ARCHITECTURE GROUP STRUCTURE A clean two-entity structure — Bai-Kakaji Polymers Limited (parent) and Mundada Polymers Pvt. Ltd. (wholly- owned subsidiary) . PARENT · ENGINE 01 WOS · ENGINE 02 WHY THIS MATTERS Bai-Kakaji Polymers Limited — listed rigid-plastics platform: PET
Slide 19: Two interlocking growth engines: Rigid and Flexible
INVESTMENT THESIS TWO GROWTH ENGINES INVESTMENT THESIS Two interlocking growth engines — Rigid and Flexible — operating off a shared customer base and shared footprint. ENGINE 01 · PROVEN CORE ENGINE 02 · NEW GROWTH VECTOR Rigid Plastics Flexible Packaging PET preforms and caps & closures across 4 f
Slide 20: Rigid Plastics — the proven core
ENGINE 01 RIGID PLASTICS ENGINE 01 Rigid Plastics — the proven core. 01 PET preforms & closures · 4 factories · 822 customers · ~87% capacity utilisation · ₹175 Cr gross block SECTION 01 / 02 10 / 31
Slide 21: 22,581 MT preform and ~492 Cr closure capacity at ~87%
ENGINE 01 / RIGID PLASTICS OPERATIONS & CAPACITY ENGINE 01 · OPERATIONS 22,581 MT of preform and ~492 Cr closure units of installed capacity, running at ~87%. Four plants in Maharashtra on 33,000+ sq.mtr. running Sacmi ASSET / SPEC DETAIL and Husky machines — the same machinery standards as Operatin
Slide 22: World-class machinery, certifications and lightweighting innovation
ENGINE 01 / RIGID PLASTICS TECHNOLOGY & INNOVATION ENGINE 01 · TECHNOLOGY World-class machinery, FSSC 22000 & ISO 9001 certified , and industry-first lightweighting innovation. MACHINERY CERTIFICATION INNOVATION Husky · Sacmi · ASB · W&H FSSC 22000 · ISO 9001 Light Weight Plastic The same equipment
Slide 23: Supplying Reliance, Tata and Patanjali
ENGINE 01 / RIGID PLASTICS MARQUEE CUSTOMERS ENGINE 01 · CUSTOMER VALIDATION Supplying Reliance, Tata and Patanjali — Tier-1 validation across a 822- customer book. ANCHOR ENTERPRISE CUSTOMERS THE BOOK Reliance Industries CLOSURES (CSD) · SHRINK FILM Tata Group PET PREFORMS · BEVERAGE 822 active rig
Slide 24: Flexible Packaging — the new growth vector
ENGINE 02 FLEXIBLE PACKAGING ENGINE 02 Flexible Packaging — the new growth vector. 02 Mundada Polymers (WOS) · shrink, coating & stretch films · ~₹85 Cr gross block · ramping to near-full utilisation by H2 FY27 SECTION 02 / 02
Slide 25: Shrink-film line at 96.5% utilisation
ENGINE 02 / FLEXIBLE PACKAGING MUNDADA POLYMERS ENGINE 02 · OPERATIONS & RAMP Mundada Polymers Pvt. Ltd.' shrink-film line is already at 96.5% utilisation — the ramp is real, not theoretical. BKPL's wholly-owned subsidiary brings food-grade hygiene, UTILISATION HISTORY · PRODUCTION VS. CAPACITY (TON
Slide 26: Global brand owners running out of compliant Indian flexible-film vendors
ENGINE 02 / FLEXIBLE PACKAGING WHY QUALITY WINS ENGINE 02 · TAILWIND Global brand owners are running out of compliant Indian flexible-film vendors. DOMESTIC PULL EXPORT PULL MARGIN LEVER HUL · P&G · ITC · Nestlé Europe · Middle East · Africa Premium to rigid Tier-1 FMCG groups are consolidating flex
Slide 27: A ₹15,000 Cr market served by just five RPET plants
BAI KAKAJI POLYMERS LIMITED · ENGINE 03 / RPET SUPPLY CONSTRAINT ENGINE 03 · SUPPLY CONSTRAINT A ₹15,000 Cr market is served by just five FSSAI-approved food-grade RPET plants today. FSSAI-APPROVED PLANTS MARKET OPPORTUNITY 5 Total addressable RPET market ~₹15,000 Cr FSSAI-approved plants (today) 5
Slide 28: Every lever has shown up in the audited numbers
GROWTH THESIS WHAT HAS ACTUALLY MOVED GROWTH THESIS Every lever the business has pulled has shown up in the audited numbers — revenue, gross margin, EBITDA and mix, all moving together. REVENUE SCALE GROSS MARGIN EXPANSION ₹229 Cr → ₹365 Cr (FY23A → FY26A) 23% → 32% (+900 bps) Driven by Husky 36-cav
Slide 29: A fully-built, asset-heavy platform
VALUATION ANCHOR ASSET DEPTH VALUATION ANCHOR A fully-built, asset-heavy platform — ~₹260 Cr of group gross block already in the ground and earning. GROUP GROSS BLOCK UTILISATION ₹260 Cr at ~87 % CONSOLIDATED GROUP GROSS BLOCK RIGID-BLOCK CAPACITY UTILISATION ENTITY SEGMENT GROSS BLOCK Bai-Kakaji Po
Slide 30: Five concrete levers compound operating leverage
OPERATING LEVERAGE MARGIN DRIVERS OPERATING LEVERAGE Five concrete levers compound — capacity ramp, energy mix, balance- sheet repair, integration and product mix . The asset base is built. Plants across rigid and flexible run at MARGIN & PAT DRIVER STACK consistently high utilisation, and almost ev
Slide 31: Financial Performance
A t re ’ Sh i ¢ 2S s Financial Performance
Slide 32: FY26 P&L — revenue +12%, EBITDA +44%, PAT +49%
FINANCIAL PERFORMANCE PROFIT & LOSS FINANCIAL PERFORMANCE · PROFIT & LOSS FY26 P&L — revenue +12%, EBITDA +44% and PAT +49% year on year . ₹ CR (EXCEPT %) H2 FY26 FY26 FY25 YOY % Net Sales 202.58 364.69 325.37 +12.1% Expenditure 178.03 315.91 291.47 +8.4% – COGS 150.18 264.72 255.82 +3.5% – Operatin
Slide 33: A recapitalised balance sheet
FINANCIAL PERFORMANCE BALANCE SHEET FINANCIAL PERFORMANCE · BALANCE SHEET A recapitalised balance sheet — net worth ₹54 Cr to ₹176 Cr, borrowings down ~40% . EQUITY & LIABILITIES ASSETS ₹ CR FY26 FY25 ₹ CR FY26 FY25 Share capital 21.40 2.25 Net fixed assets (PPE) 144.30 103.07 Reserves & surplus 154
Slide 34: What has already been built and delivered
EXECUTION TRACK RECORD EXECUTION TRACK RECORD What has already been built and delivered CAPACITY BACKWARD INTEGRATION SOLAR 4 plants · 33,000+ sq.mtr. Raw-material in-house 5 MW operational Built and brought to ~87% utilisation. Modernised with Backward integration of raw-material trading eliminates
Slide 35: Thank You
BAI KAKAJI POLYMERS LIMITED · CONTACT DILIGENCE & CONTACT Thank You Company Investor Relations Bai Kakaji Polymers Limited Twenty Eighth Consulting BSE SME · Latur, Maharashtra Palak Agarwal baikakajipolymers.com palak@twentyeighthconsulting.com This note is for information purposes only and does no