Accumulate Mold tek Packaging; target of Rs 805: Prabhudas Lilladher

Prabhudas Lilladher's research report on Mold tek Packaging

We increase our FY26/FY27 estimate by 6.1%/7.1% led by positive outlook in the near term with 1) Growing traction in pharma business with superior EBITDA/kg of ~Rs100 2) Double digit volume growth guidance for paints led by enhanced capacity for Aditya Birla group 3) Asian paint moving towards IML with all four plant IML ready by MTEP and 4) Healthy margin outlook for ( Rs41- 42 EBITDA/Kg) FY26/27 led by growing traction in food, paints and pharma. MTEP has shown strong rebound in EBIDTA/kg to Rs41 in 1Q26 given superior mix and volume growth. The outlook seems positive given rising business from leading paint and FMCG companies and scale up in pharma business. We estimate EBIDTA/kg to increase to Rs41.2/43.8 over FY26 and FY27.

Outlook

We estimate a 17.2% Sales CAGR & 30.3% EPS CAGR over FY25-27 post 25% EPS decline in previous 3 years. We assign a PE of 26x on Mar27 valuing the company at Rs805 (Rs723 earlier). Retain ‘Accumulate’.

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Mold tek Packaging - 29072025 - prabhu