New Risk • Mar 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.1% average weekly change). Market cap is less than US$100m (₹5.82b market cap, or US$61.8m). Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₹459, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 14x in the Packaging industry in India. Total returns to shareholders of 71% over the past three years. Reported Earnings • Feb 16
Third quarter 2026 earnings released: EPS: ₹8.81 (vs ₹8.52 in 3Q 2025) Third quarter 2026 results: EPS: ₹8.81 (up from ₹8.52 in 3Q 2025). Revenue: ₹582.1m (up 5.6% from 3Q 2025). Net income: ₹133.1m (up 3.5% from 3Q 2025). Profit margin: 23% (in line with 3Q 2025). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Announcement • Feb 07
Arrow Greentech Limited to Report Q3, 2026 Results on Feb 13, 2026 Arrow Greentech Limited announced that they will report Q3, 2026 results on Feb 13, 2026 Reported Earnings • Nov 15
Second quarter 2026 earnings released Second quarter 2026 results: Revenue: ₹611.0m (down 5.8% from 2Q 2025). Net income: ₹157.0m (down 16% from 2Q 2025). Profit margin: 26% (down from 29% in 2Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 60% per year, which means it is significantly lagging earnings growth. Announcement • Nov 08
Arrow Greentech Limited to Report Q2, 2026 Results on Nov 13, 2025 Arrow Greentech Limited announced that they will report Q2, 2026 results on Nov 13, 2025 Buy Or Sell Opportunity • Nov 04
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 23% to ₹586. The fair value is estimated to be ₹753, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 48% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹647, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 19x in the Packaging industry in India. Total returns to shareholders of 428% over the past three years. Declared Dividend • Sep 03
Dividend increased to ₹4.00 Dividend of ₹4.00 is 100% higher than last year. Ex-date: 18th September 2025 Payment date: 22nd October 2025 Dividend yield will be 0.7%, which is lower than the industry average of 0.8%. Sustainability & Growth Dividend is well covered by both earnings (10% earnings payout ratio) and cash flows (10% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 62% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment deteriorates as stock falls 27% After last week's 27% share price decline to ₹564, the stock trades at a trailing P/E ratio of 15.8x. Average trailing P/E is 19x in the Packaging industry in India. Total returns to shareholders of 636% over the past three years. New Risk • Aug 14
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹8.27b (US$94.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.2% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₹8.27b market cap, or US$94.4m). Buy Or Sell Opportunity • Aug 14
Now 26% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.2% to ₹550. The fair value is estimated to be ₹740, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 48% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Aug 13
Arrow Greentech Limited, Annual General Meeting, Sep 22, 2025 Arrow Greentech Limited, Annual General Meeting, Sep 22, 2025, at 15:00 Indian Standard Time. Reported Earnings • Aug 13
First quarter 2026 earnings released: EPS: ₹7.21 (vs ₹13.36 in 1Q 2025) First quarter 2026 results: EPS: ₹7.21 (down from ₹13.36 in 1Q 2025). Revenue: ₹434.8m (down 34% from 1Q 2025). Net income: ₹109.0m (down 46% from 1Q 2025). Profit margin: 25% (down from 31% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has increased by 101% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 06
Arrow Greentech Limited to Report Q1, 2026 Results on Aug 12, 2025 Arrow Greentech Limited announced that they will report Q1, 2026 results on Aug 12, 2025 Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹760, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 22x in the Packaging industry in India. Total returns to shareholders of 972% over the past three years. Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹687, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 24x in the Packaging industry in India. Total returns to shareholders of 642% over the past three years. Reported Earnings • May 18
Full year 2025 earnings released: EPS: ₹41.83 (vs ₹19.56 in FY 2024) Full year 2025 results: EPS: ₹41.83 (up from ₹19.56 in FY 2024). Revenue: ₹2.49b (up 67% from FY 2024). Net income: ₹631.3m (up 114% from FY 2024). Profit margin: 25% (up from 20% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 81% per year, which means it is significantly lagging earnings growth. Announcement • May 10
Arrow Greentech Limited to Report Q4, 2025 Results on May 17, 2025 Arrow Greentech Limited announced that they will report Q4, 2025 results at 12:15 PM, Indian Standard Time on May 17, 2025 Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹679, the stock trades at a trailing P/E ratio of 16.5x. Average trailing P/E is 22x in the Packaging industry in India. Total returns to shareholders of 398% over the past three years. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹599, the stock trades at a trailing P/E ratio of 14.7x. Average trailing P/E is 21x in the Packaging industry in India. Total returns to shareholders of 380% over the past three years. Buy Or Sell Opportunity • Mar 26
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 32% to ₹531. The fair value is estimated to be ₹681, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 56% over the last 3 years. Meanwhile, the company has become profitable. Recent Insider Transactions • Mar 22
Independent Director recently sold ₹5.3m worth of stock On the 19th of March, Haresh Mehta sold around 10k shares on-market at roughly ₹521 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹287m more than they bought in the last 12 months. Buy Or Sell Opportunity • Feb 28
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 37% to ₹529. The fair value is estimated to be ₹683, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 56% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Feb 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹8.70b (US$100.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Significant insider selling over the past 3 months (₹272m sold). Market cap is less than US$100m (₹8.70b market cap, or US$100.0m). Valuation Update With 7 Day Price Move • Feb 15
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ₹604, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 22x in the Packaging industry in India. Total returns to shareholders of 461% over the past three years. Reported Earnings • Feb 09
Third quarter 2025 earnings released: EPS: ₹8.52 (vs ₹3.25 in 3Q 2024) Third quarter 2025 results: EPS: ₹8.52 (up from ₹3.25 in 3Q 2024). Revenue: ₹566.7m (up 127% from 3Q 2024). Net income: ₹128.6m (up 162% from 3Q 2024). Profit margin: 23% (up from 20% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 78% per year, which means it is significantly lagging earnings growth. Announcement • Feb 01
Arrow Greentech Limited to Report Q3, 2025 Results on Feb 08, 2025 Arrow Greentech Limited announced that they will report Q3, 2025 results at 12:15 PM, Indian Standard Time on Feb 08, 2025 Recent Insider Transactions • Nov 27
Chairman recently sold ₹272m worth of stock On the 21st of November, Shilpan Patel sold around 292k shares on-market at roughly ₹932 per share. This transaction amounted to 4.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Shilpan's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₹987, the stock trades at a trailing P/E ratio of 27.7x. Average trailing P/E is 26x in the Packaging industry in India. Total returns to shareholders of 776% over the past three years. Reported Earnings • Oct 29
Second quarter 2025 earnings released: EPS: ₹12.95 (vs ₹3.38 in 2Q 2024) Second quarter 2025 results: EPS: ₹12.95 (up from ₹3.38 in 2Q 2024). Revenue: ₹571.4m (up 96% from 2Q 2024). Net income: ₹195.3m (up 283% from 2Q 2024). Profit margin: 34% (up from 18% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 92% per year whereas the company’s share price has increased by 89% per year. Announcement • Oct 21
Arrow Greentech Limited to Report Q2, 2025 Results on Oct 28, 2024 Arrow Greentech Limited announced that they will report Q2, 2025 results on Oct 28, 2024 Upcoming Dividend • Sep 05
Upcoming dividend of ₹2.00 per share Eligible shareholders must have bought the stock before 12 September 2024. Payment date: 16 October 2024. Payout ratio is a comfortable 10% and this is well supported by cash flows. Trailing yield: 0.2%. Lower than top quartile of Indian dividend payers (1.0%). Lower than average of industry peers (0.7%). Declared Dividend • Aug 07
Dividend increased to ₹2.00 Dividend of ₹2.00 is 100% higher than last year. Ex-date: 12th September 2024 Payment date: 16th October 2024 Dividend yield will be 0.2%, which is lower than the industry average of 0.8%. Sustainability & Growth Dividend is well covered by both earnings (10% earnings payout ratio) and cash flows (38% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 64% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Aug 05
Arrow Greentech Limited, Annual General Meeting, Sep 16, 2024 Arrow Greentech Limited, Annual General Meeting, Sep 16, 2024, at 15:00 Indian Standard Time. Reported Earnings • Aug 04
First quarter 2025 earnings released: EPS: ₹13.36 (vs ₹6.19 in 1Q 2024) First quarter 2025 results: EPS: ₹13.36 (up from ₹6.19 in 1Q 2024). Revenue: ₹669.1m (up 53% from 1Q 2024). Net income: ₹201.5m (up 116% from 1Q 2024). Profit margin: 30% (up from 21% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 72% per year, which means it is significantly lagging earnings growth. Announcement • Jul 29
Arrow Greentech Limited to Report Q1, 2025 Results on Aug 03, 2024 Arrow Greentech Limited announced that they will report Q1, 2025 results at 3:30 PM, Indian Standard Time on Aug 03, 2024 Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹666, the stock trades at a trailing P/E ratio of 30.5x. Average trailing P/E is 28x in the Packaging industry in India. Total returns to shareholders of 361% over the past three years. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹593, the stock trades at a trailing P/E ratio of 30.5x. Average trailing P/E is 23x in the Packaging industry in India. Total returns to shareholders of 276% over the past three years. New Risk • Jun 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). High level of non-cash earnings (23% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₹7.53b market cap, or US$90.1m). Announcement • May 28
Arrow Greentech Limited Recommends A Dividend for the Financial Year Ended March 31, 2024 The Board of Arrow Greentech Limited at its board meeting held on May 25, 2024, has recommended a Dividend of 20% on 15,087,938 Equity Shares of the face value of INR 10/- i.e. INR 2/- per equity share for the financial year ended 31st March 2024 subject to the approval of the shareholders at the upcoming Annual General Meeting of the Company. Reported Earnings • May 27
Full year 2024 earnings released: EPS: ₹19.56 (vs ₹8.52 in FY 2023) Full year 2024 results: EPS: ₹19.56 (up from ₹8.52 in FY 2023). Revenue: ₹1.51b (up 39% from FY 2023). Net income: ₹295.1m (up 140% from FY 2023). Profit margin: 20% (up from 11% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 70% per year whereas the company’s share price has increased by 74% per year. Announcement • May 20
Arrow Greentech Limited to Report Q4, 2024 Results on May 25, 2024 Arrow Greentech Limited announced that they will report Q4, 2024 results at 3:30 PM, Indian Standard Time on May 25, 2024 Valuation Update With 7 Day Price Move • May 03
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₹556, the stock trades at a trailing P/E ratio of 26x. Average trailing P/E is 22x in the Packaging industry in India. Total returns to shareholders of 584% over the past three years. Recent Insider Transactions • Apr 04
Independent Director recently bought ₹2.9m worth of stock On the 29th of March, Haresh Mehta bought around 7k shares on-market at roughly ₹385 per share. This transaction amounted to 9.7% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₹6.0m more in shares than they have sold in the last 12 months. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹402, the stock trades at a trailing P/E ratio of 18.9x. Average trailing P/E is 21x in the Packaging industry in India. Total returns to shareholders of 463% over the past three years. Recent Insider Transactions • Mar 06
Independent Director recently bought ₹643k worth of stock On the 2nd of March, Haresh Mehta bought around 2k shares on-market at roughly ₹399 per share. This transaction amounted to 2.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Feb 14
Third quarter 2024 earnings released: EPS: ₹3.25 (vs ₹2.58 in 3Q 2023) Third quarter 2024 results: EPS: ₹3.25 (up from ₹2.58 in 3Q 2023). Revenue: ₹255.5m (down 18% from 3Q 2023). Net income: ₹49.0m (up 34% from 3Q 2023). Profit margin: 19% (up from 12% in 3Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 67% per year whereas the company’s share price has increased by 72% per year. Announcement • Feb 06
Arrow Greentech Limited to Report Q3, 2024 Results on Feb 13, 2024 Arrow Greentech Limited announced that they will report Q3, 2024 results on Feb 13, 2024 Reported Earnings • Nov 11
Second quarter 2024 earnings released: EPS: ₹3.38 (vs ₹0.27 in 2Q 2023) Second quarter 2024 results: EPS: ₹3.38 (up from ₹0.27 in 2Q 2023). Revenue: ₹296.9m (up 69% from 2Q 2023). Net income: ₹51.0m (up ₹47.3m from 2Q 2023). Profit margin: 17% (up from 2.1% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has increased by 108% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 04
Arrow Greentech Limited to Report Q2, 2024 Results on Nov 09, 2023 Arrow Greentech Limited announced that they will report Q2, 2024 results on Nov 09, 2023 Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹428, the stock trades at a trailing P/E ratio of 24.7x. Average trailing P/E is 25x in the Packaging industry in India. Total returns to shareholders of 756% over the past three years. New Risk • Oct 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.0% average weekly change). Minor Risks Shareholders have been diluted in the past year (7.1% increase in shares outstanding). Market cap is less than US$100m (₹6.49b market cap, or US$78.0m). Upcoming Dividend • Sep 13
Upcoming dividend of ₹1.00 per share at 0.3% yield Eligible shareholders must have bought the stock before 20 September 2023. Payment date: 23 October 2023. Payout ratio is a comfortable 12% but the company is not cash flow positive. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.4%). Lower than average of industry peers (1.0%). Announcement • Aug 13
Arrow Greentech Limited, Annual General Meeting, Sep 23, 2023 Arrow Greentech Limited, Annual General Meeting, Sep 23, 2023, at 15:00 Indian Standard Time. Reported Earnings • Aug 13
First quarter 2024 earnings released: EPS: ₹6.19 (vs ₹3.22 loss in 1Q 2023) First quarter 2024 results: EPS: ₹6.19 (up from ₹3.22 loss in 1Q 2023). Revenue: ₹445.7m (up 271% from 1Q 2023). Net income: ₹93.4m (up ₹138.7m from 1Q 2023). Profit margin: 21% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has increased by 106% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 06
Arrow Greentech Limited to Report Q1, 2024 Results on Aug 12, 2023 Arrow Greentech Limited announced that they will report Q1, 2024 results at 3:30 PM, Indian Standard Time on Aug 12, 2023 Board Change • Aug 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 5 highly experienced directors. Non-Executive Non-Independent Woman Director Jigisha Patel was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 30
Full year 2023 earnings released: EPS: ₹8.52 (vs ₹6.62 loss in FY 2022) Full year 2023 results: EPS: ₹8.52 (up from ₹6.62 loss in FY 2022). Revenue: ₹1.11b (up 230% from FY 2022). Net income: ₹122.8m (up ₹216.1m from FY 2022). Profit margin: 11% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 114% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 14
Third quarter 2023 earnings released: EPS: ₹2.58 (vs ₹2.90 loss in 3Q 2022) Third quarter 2023 results: EPS: ₹2.58 (up from ₹2.90 loss in 3Q 2022). Revenue: ₹311.2m (up 361% from 3Q 2022). Net income: ₹36.7m (up ₹77.6m from 3Q 2022). Profit margin: 12% (up from net loss in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 64% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 06
Arrow Greentech Limited to Report Q3, 2023 Results on Feb 13, 2023 Arrow Greentech Limited announced that they will report Q3, 2023 results on Feb 13, 2023 Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. Non-Executive Non-Independent Woman Director Jigisha Patel was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 07
Arrow Greentech Limited to Report Q4, 2023 Results on May 30, 2023 Arrow Greentech Limited announced that they will report Q4, 2023 results on May 30, 2023 Reported Earnings • Aug 19
First quarter 2023 earnings released: ₹3.22 loss per share (vs ₹0.55 profit in 1Q 2022) First quarter 2023 results: ₹3.22 loss per share (down from ₹0.55 profit in 1Q 2022). Revenue: ₹124.5m (down 17% from 1Q 2022). Net loss: ₹45.3m (down ₹53.1m from profit in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 31
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: ₹6.62 loss per share (down from ₹4.55 profit in FY 2021). Revenue: ₹353.6m (down 33% from FY 2021). Net loss: ₹93.3m (down 246% from profit in FY 2021). Revenue missed analyst estimates by 6.6%. Earnings per share (EPS) were also behind analyst expectations. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Non Executive Non Independent Woman Director Jigisha Patel was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 17
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: ₹2.90 loss per share (down from ₹2.58 profit in 3Q 2021). Revenue: ₹68.3m (down 56% from 3Q 2021). Net loss: ₹40.9m (down 213% from profit in 3Q 2021). Revenue missed analyst estimates by 6.6%. Earnings per share (EPS) were also behind analyst expectations. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Board Change • Dec 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Non Executive Non Independent Woman Director Jigisha Patel was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 23
Investor sentiment improved over the past week After last week's 20% share price gain to ₹136, the stock trades at a trailing P/E ratio of 23.9x. Average trailing P/E is 12x in the Packaging industry in India. Total returns to shareholders of 64% over the past three years. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improved over the past week After last week's 17% share price gain to ₹122, the stock trades at a trailing P/E ratio of 22.4x. Average trailing P/E is 13x in the Packaging industry in India. Total returns to shareholders of 24% over the past three years. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment deteriorated over the past week After last week's 20% share price decline to ₹124, the stock trades at a trailing P/E ratio of 27.3x. Average trailing P/E is 16x in the Packaging industry in India. Total loss to shareholders of 10% over the past three years. Reported Earnings • Jun 27
Full year 2021 earnings released: EPS ₹4.55 (vs ₹8.43 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹550.1m (up 147% from FY 2020). Net income: ₹64.1m (up ₹163.7m from FY 2020). Profit margin: 12% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 15
Third quarter 2021 earnings released: EPS ₹2.58 (vs ₹1.98 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹159.0m (up 133% from 3Q 2020). Net income: ₹36.4m (up ₹59.6m from 3Q 2020). Profit margin: 23% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has fallen by 43% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Feb 12
New 90-day high: ₹68.05 The company is up 39% from its price of ₹49.05 on 14 November 2020. The Indian market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 7.0% over the same period. Is New 90 Day High Low • Jan 14
New 90-day high: ₹64.85 The company is up 35% from its price of ₹48.05 on 16 October 2020. The Indian market is up 27% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 15% over the same period. Is New 90 Day High Low • Dec 24
New 90-day high: ₹57.80 The company is up 17% from its price of ₹49.50 on 25 September 2020. The Indian market is up 24% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Packaging industry, which is up 12% over the same period.