Mitsu Chem Plast Ltd

Financial Performance

• Total income grew 11.62% YoY in Q1 FY27.
• EBITDA for Q1 FY27: INR 1,549.48 lakhs; Q4 FY26: INR 1,422.74.
• Net profit for Q1 FY27: INR 873.83 lakhs; up 566.23% YoY.
• Net profit margin: 9.18% in Q1 FY27 vs 1.54% YoY.
• EPS: INR 6.44 vs INR 0.97.
• Capacity utilization FY26: 64%.
• Installed capacity: more than 32,450 MTPA.
• Facilities: 4; 53 blow molding; 22 injection molding machines.
• Exports share of revenue: around 2%.
• Healthcare segment contribution: ~19.8%.
• Capex for expansion: ~INR 2 crores.
• Capacity expansion proposed: 3,550 MTPA.
• 3,500 MTPA capacity online; expansion funded by internal accruals and debt.
• IBC project: commercial production expected in Q3 FY27.

Capacity and Operations

• 4 manufacturing facilities; 53 blow molding; 22 injection molding machines.
• Installed capacity >32,450 MTPA; 17-country export footprint.
• Healthcare furniture Furnastra brand forms part of growth focus.

Q&A Highlights

• Margin drivers: improved operating efficiency, favorable product mix, and raw-material price pass-through.
• Exports share around 2%; domestic revenue ~98%.
• IBC project: Q3 commercial production expected; separate machinery required.
• FY28 target around INR 1,000 crores; growth to be in line with expansion.
• Fundraise via warrants aimed at working capital; use of proceeds discussed.
• Hyderabad facility: not planned as manufacturing/assembly unit; pending decision.
• Rikhav Securities warrants: investor, no existing Mitsu investment or advisory relationship.

Outlook and Guidance

• Looking ahead, priority on capacity expansion, portfolio strengthening, and operational efficiency.
• Top-line growth expected to be steady; bottom-line focus emphasized.

Risks and Watchpoints

• Raw-material price volatility; pass-through mechanics discussed in Q&A.
• Capacity utilization remains high; execution risks on new capacity (~3,550 MTPA).
• IBC project timing and funding details to be disclosed.

EGM schedule and voting

• Mitsu Chem Plast Ltd holds EGM on Sept 9, 2026 at 2:30 PM IST via VC/OAVM.
• Remote e-voting opens Sept 5, 2026 at 9:00 AM and closes Sept 8, 2026 at 5:00 PM IST.

Item 1: Preferential warrant issue

• Up to 10,00,000 convertible warrants issued on a preferential basis.
• Warrants priced at Rs 151 each; convertible into equity shares.
• Promoter and non-promoter allottees include Manish Dedhia, Sanjay Dedhia, Rikhav Securities.
• Conversion period is 18 months; one warrant equals one share.
• 25% of issue price payable at subscription; balance on exercise.
• Total proceeds estimated at Rs 15.1 crore for working capital.
• Relevant date for pricing: August 10, 2026.
• Objects: working capital; proceeds to be utilized within six months of receipt.
• Promoters intend to subscribe; other directors not interested.
• No change in control expected on completion of conversion.
• Post-conversion promoter shareholding could rise to 68.61% if all warrants convert.

Item 2: Independent Director appointment

• Ms. Drishti Shailesh Thakker appointed as Independent Director for five years.
• Appointment effective from August 14, 2026 to August 13, 2031.
• Subject to ordinary resolution approval by members.
• Meets independence criteria under Section 149(6) and SEBI Listing Regulations.
• Remuneration to be paid as sitting fees for meeting attendance.
• Current shareholding of Drishti Thakker in the company NIL.
• No other directors or KMPs have declared interest.

Board actions

• Standalone unaudited financial results for quarter ended June 30, 2026 approved with Limited Review Report.
• Issuance of up to 10 lakh convertible warrants at Rs 151 each, aggregating Rs 15.10 crore.
• Warrants convertible within 18 months to specified promoters and non-promoters.
• Re-appointed M/s InCorp Advisory Services as Internal Auditor for FY 2026-27.
• Appointed Drishti Shailesh Thakker as Independent Additional Director for five years from Aug 14, 2026.
• EGM scheduled for Sep 9, 2026 at 2:30 PM via video conferencing.

Capacity expansion details

• Existing capacity 32,450+ MT/year; addition of 3,550 MT/year to 36,000 MT/year total.
• Capacity utilization 64% in the year ended March 31, 2026.
• Expansion aims to support growth, product diversification, and higher OEM demand across sectors.

Financial highlights FY26

• Total income ₹35,084.56 Lakhs; EBITDA ₹3,466.31 Lakhs; Net profit ₹1,561.87 Lakhs.

Operations and capacity footprint

• Four facilities in Maharashtra with installed capacity of 32,450+ MT/year.

Meeting Details

• Board meeting scheduled for Friday, August 14, 2026; time and venue not disclosed.

Key Agenda Items

• Consider and approve unaudited quarterly results for quarter ended June 30, 2026 with Limited Review Report.
• Consider and approve fundraising proposal via securities issuance (rights, preferential, private placement, QIP, or similar).
• Notice of Extraordinary General Meeting or Postal Ballot to obtain member approvals for the fundraising.

Other Notes

• Trading window closed until 48 hours after the fundraising outcome is announced on Aug 14, 2026.
• Earlier closed for designated persons from July 1, 2026; reopens after unaudited June 30, 2026 results.

Capacity addition details

• Existing capacity: 32,450+ MT/Year; utilization 64% (year ended 31 Mar 2026).
• Proposed capacity addition: approx 3,550 MT/Year.
• Targeted completion: by August 2026.
• Investment for machinery: approx INR 194.00 lakhs.
• Financing: Bank finance and internal accruals.
• Rationale: sustain growth, diversify products, meet market demand.

AGM Details

• AGM held July 31, 2026 via VC/OAVM from 3:30 PM to 4:20 PM.
• Attendance: 44 members.
• Voting cutoff date for shares: July 24, 2026.
• Remote e-voting conducted July 28–30, 2026.

Key Resolutions

• Resolution 1 (Ordinary): Adoption of financial statements and reports for FY ended March 31, 2026.
• Resolution 2 (Ordinary): Dividend of Rs 0.20 per equity share.
• Resolution 3 (Ordinary): Re-appointment of Jagdish Liladhar Dedhia (rotating director).
• Resolution 4 (Ordinary): Appointment of Ajit Eledath Venugopalan as Independent Director.
• Resolution 5 (Ordinary): Re-appointment of Hasmukh Bhavanji Dedhia as Independent Director.
• Resolution 6 (Ordinary): Appointment of Pankaj Janardan Gharat as Executive Director (Non-Independent).
• Resolution 7 (Special): Change in designation of Dedhia to Non-Executive Chairman; remuneration approved.
• Resolution 8 (Special): Remuneration payable to Dedhia as Non-Executive Chairman for FY 2027-28.
• Resolution 9 (Special): Change in designation of Sanjay Mavji Dedhia to Executive Vice-Chairman and MD; remuneration increased.
• Resolution 10 (Special): Variation in term of appointment of Manish Mavji Dedhia as MD & CFO; remuneration approved.
• Resolution 11 (Special): Increase in borrowing limits to ₹500 crore.
• Resolution 12 (Special): Creation of security on assets up to ₹500 crore.

Voting Results

• Voting outcomes not disclosed in the filing.
• Consolidated e-voting results to be disseminated on the company site and BSE within two working days.

Director Changes

• Ajit Eledath Venugopalan appointed Independent Director.
• Hasmukh Bhavanji Dedhia re-appointed Independent Director.
• Pankaj Janardan Gharat appointed Executive Director (Non-Independent).
• Jagdish Liladhar Dedhia designated Non-Executive Chairman; remuneration approved.
• Sanjay Mavji Dedhia designated Executive Vice-Chairman and MD; remuneration increased.
• Manish Mavji Dedhia MD & CFO term variation; remuneration approved.