Mitsu Chem Plast Limited (MITSU) share price
₹204.40 on BSE as of 2026-10-08. +5.42% on the day. market cap ₹278 Cr. P/E 12.0. 52-week range ₹81.60 to ₹204.40. Capital Goods.
Mitsu Chem Plast Q1 FY27: Revenue ₹95.15 Cr, PAT Up 567%, and 3,550 MT of Fresh Moulding Capacity
At a glance
Mitsu Chem Plast turns plastic granules into jerry cans, paint containers, pails, hospital bed parts and the spoon inside a medicine box. The range runs from 100 ml bottles up to drums holding 250 litres.
In the three months to June 2026 the company reported revenue of ₹95.15 crore, up 11.6% on the year. Expenses went the other way, easing to ₹79.65 crore from ₹80.27 crore. Revenue climbed ₹9.87 crore while the cost line took a small, polite step backwards, like someone yielding a place in a queue.
Operating profit for the quarter was ₹15.50 crore, against ₹5.01 crore a year earlier. Operating margin, the share of sales left after running costs, was 16.29% against 5.87%. Profit after tax came to ₹8.74 crore, against ₹1.31 crore in the same quarter a year before. That is a rise of 567%, and percentages turn theatrical when the starting figure is that small.
The calendar around the results was crowded, with two capacity additions and a proposal for 10,00,000 warrants announced in barely four weeks. A new independent director, an extraordinary general meeting and the resignation of the company secretary arrived in the same stretch. The board meeting that considered the results ran from 4:30 to 7:00 in the evening. All of that came from a company whose main business is moulding containers.
The extraordinary general meeting approving the warrants was held on 9 September 2026.
Introduction
The story starts in 1990, when the company's first unit began working at Tarapur in Maharashtra. It moulds plastic into packaging for industry, parts for hospital beds and components for other manufacturers. From there it grew the way many Indian manufacturers do, adding a unit, buying someone's machines, then adding another. Plant and machinery came from NOCIL, from Shree Rubber Plast and from Prince Multi Plast. The history reads a little like a used-car market for blow moulding equipment, and every purchase was put to work.
In September 2016 the shares listed on the BSE SME platform, the exchange's segment for smaller companies. In May 2020 the company moved up to the BSE Main Board, a promotion from the junior league. In 2024 it completed a rights issue, an offer of new shares to existing holders, raising ₹21.68 crore. January 2025 brought Furnastra, a separate brand covering the company's hospital furniture parts. Plastic bed railings now have their own brand identity, which is more than most bed railings ever manage.
In February 2026 the company said it had been named a global supplier to Arjohuntleigh Polska for hospital furniture parts. In April 2026 it announced plans to enter Intermediate Bulk Containers, the large cube-shaped tanks that carry industrial liquids. The company states an ambition of ₹1,000 crore in annual revenue by the year to March 2028. It describes that figure as three times its revenue in the year to March 2024.
The board was reshuffled in July 2026, with effect from the seventh of that month. Jagdish Dedhia, who has over 35 years in the plastics industry, became Non-Executive Chairman. Sanjay Dedhia became Executive Vice Chairman and Managing Director, and Manish Dedhia continues as Managing Director and Chief Financial Officer. The company now carries more senior titles than some companies have departments.
Market capitalisation, the combined value of all the company's shares, stands at ₹234.22 crore.
Business model
At its heart the business melts plastic granules and gives them a shape, and it does this in two main ways.
Blow moulding is glassblowing for industrial chemicals: a tube of molten plastic is inflated inside a mould until it becomes a container. The company runs 53 blow moulding machines, and management says this is where most of its revenue comes from.
Injection moulding squirts molten plastic into a precise mould, and the company runs 22 such machines. Those machines are rated between 60 and 450 tonnes, and they turn out caps, closures, handles and lugs. Bungs, the plugs that seal a drum, come off the same lines. The injection side also makes parts for medical devices: pregnancy test kits, HIV test cassettes, inhalers and a painkiller box. A machine that closes a paint drum in the morning may be shaping part of a pregnancy test by evening. Few assembly lines cover that much emotional range in a single shift.
The product list covers four areas, beginning with industrial packaging. That runs from 100 ml containers to 250 litre ones, along with drums, pails and jerry cans. The customers include chemical, pharmaceutical, agrochemical and food companies. Lube oil, edible oil, cosmetics and fragrance makers are on the list as well.
Hospital furniture parts include head and foot bows, side railings, over-bed table tops and bedside locker parts. Ten bows carry the Raksha name and eight railings the Sahara name. That is a naming system with the energy of a film franchise. There is a registered design for a bed bow with a built-in CPR profile, the shape used when chest compressions are needed. A four-section mattress platform that works with X-rays is also part of the range. Infrastructure furniture covers seats for buses and stadiums, chairs, and the shell of a baby car seat. Custom moulding covers automotive parts and fuel tank assemblies.
In the year to March 2026 containers made up 84% of revenue. Furniture accounted for 13% and other products for the remaining 3%. The company lists more than 500 distinct product lines and more than 700 customers. Over 30 of them are Fortune 500 (India) names, among them Godrej, Tata, BASF and Cipla. Castrol and Parle appear on the same list of large buyers. The top ten customers account for 25% of revenue. Exports reach 17 countries and, according to management, make up about 2% of revenue.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Mitsu Chem Plast Limited.
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