Antala: Gujarat Share Drops to 70% as West Bengal Rises in Sales

Antala Limited reduced its reliance on Gujarat in the six months ended September 30, 2026, when the state supplied Rs 21.08 crore, or 70.01%, of revenue from operations, compared with 99.49% in FY24. West Bengal contributed Rs 7.10 crore, or 23.57%, although the top 10 customers still generated 56.43% of revenue.

How did Antala’s Gujarat revenue share fall to 70%?

Antala’s Gujarat revenue share fell as sales from other states increased while Gujarat remained its largest market. Gujarat generated Rs 21.08 crore of the company’s Rs 30.11 crore revenue from operations in the six months ended September 30, 2026. In the financial year ended March 31, 2024, or FY24, Gujarat generated Rs 12.45 crore, representing 99.49% of Rs 12.51 crore revenue from operations.

The 29.48-percentage-point decline from FY24 was part of a progression across the periods presented in the revenue disclosure. Gujarat accounted for 82.77% of revenue in the April-August 2024 period, 79.52% in the August-March 2025 period and 71.08% in the financial year ended March 31, 2026, or FY26. These are not like-for-like periods, but the sequence shows that the share derived outside Gujarat rose after FY24.

Gujarat revenue itself was higher in absolute terms in the six months ended September 30, 2026 than in FY24, at Rs 21.08 crore against Rs 12.45 crore. The lower share therefore reflects a change in the mix of revenue from operations rather than a disclosed reduction in Gujarat sales. Maintaining the lower Gujarat share would require non-Gujarat sales to continue accounting for a material portion of the company’s revenue.

What role did West Bengal play in Antala’s sales mix?

West Bengal was Antala’s second-largest reported state market in the six months ended September 30, 2026, contributing 23.57% of revenue from operations. Sales in West Bengal were Rs 7.10 crore in that six-month period, compared with Rs 6.40 crore, or 13.51% of revenue, in FY26. The geographic revenue table reports no West Bengal revenue in FY24 or in either separately presented FY25 period.

West Bengal’s reported emergence accounts for much of the change in Antala’s state mix. Maharashtra supplied 14.54% of FY26 revenue but 4.23% in the six months ended September 30, 2026, while Uttar Pradesh increased from 0.02% in FY26 to 1.51% in the latest period. The data indicate that expansion beyond Gujarat has shifted between states rather than following one fixed market pattern.

Maharashtra illustrates the difference between revenue amount and revenue share across periods. Maharashtra revenue rose from Rs 6.40 lakh in FY24 to Rs 6.89 crore in FY26, before amounting to Rs 1.27 crore in the six months ended September 30, 2026. West Bengal, by contrast, generated more than five times Maharashtra’s reported revenue in the latest six-month period, at Rs 7.10 crore versus Rs 1.27 crore.

Does wider state coverage reduce Antala’s customer concentration?

No. Antala’s state-level sales mix broadened, but more than half of its latest revenue remained with its 10 largest customers. The top 10 customers generated Rs 16.99 crore, or 56.43%, of Rs 30.11 crore revenue from operations in the six months ended September 30, 2026. The largest customer accounted for Rs 5.90 crore and 19.61% of revenue in that period.

Customer concentration was nevertheless lower in the latest period than in FY24. The top 10 customers represented 94.28% of FY24 revenue, 64.54% in the April-August 2024 period, 42.00% in the August-March 2025 period and 47.43% in FY26. The latest 56.43% was 37.85 percentage points below FY24 but 8.96 percentage points above FY26.

The three largest customers together supplied Rs 10.83 crore in the six months ended September 30, 2026, representing 35.97% of revenue from operations. The second- and third-largest customers accounted for 9.26% and 7.10%, respectively. Consequently, revenue in more states does not by itself establish a broadly distributed customer base; repeat orders beyond the largest accounts would affect that measure.

What supports Antala’s ability to serve markets beyond Gujarat?

Antala’s disclosed strategy is to expand its customer base across rice, flour, pulses, sugar, animal feed, fertiliser, cement, chemicals, seeds and other industrial packaging sectors. The company states that serving several end-user industries is intended to diversify its revenue base and reduce dependence on one industry. This is a stated strategy rather than a disclosure of revenue by end-user industry for the six months ended September 30, 2026.

The company’s product revenue in the latest six-month period was led by BOPP Bags at Rs 17.22 crore. BOPP Lamination Rolls generated Rs 4.23 crore, PP Woven Bags generated Rs 4.07 crore, PP Woven Lamination Rolls generated Rs 3.19 crore and BOPP Printing Rolls generated Rs 1.40 crore. Antala says it offers variations in size, grams per square metre, colours, printing, lamination and moisture-resistant features according to customer purchase-order specifications.

Capacity utilisation rose before the disclosed post-capital-expenditure expansion. Printing machinery utilisation increased from 20.07% in FY24 to 76.05% in FY26, while lamination machinery utilisation increased from 20.23% to 76.67%; the FY26 installed-capacity calculation reflected machinery purchased in October 2025 for five months. Antala disclosed post-expansion rated capacity of 930 lakh metres for printing, 810 lakh metres for lamination and 687 lakh metres for cutting and stitching, based on two shifts and 300 working days a year.

Antala also relies on independent third-party logistics providers because it does not own or operate a transportation fleet. The company selects providers based on reliability, timely delivery, geographical coverage, operational efficiency and commercial competitiveness. Its projection that integrated converting lines could reduce production turnaround to five to seven days from 10 to 12 days depends on the disclosed equipment operating as planned and on logistics supporting material procurement and finished-goods delivery.

Conclusion

Antala’s revenue mix shows measurable geographic broadening: Gujarat’s share declined from 99.49% in FY24 to 70.01% in the six months ended September 30, 2026, while West Bengal reached 23.57%. The change occurred alongside continued customer concentration, with the top 10 customers contributing 56.43% and the largest customer contributing 19.61% of latest-period revenue.

The next measure to watch is whether West Bengal and other non-Gujarat markets retain their shares as Antala pursues capacity expansion and customer additions across end-user industries. The disclosed post-capital-expenditure plan, third-party logistics model and customer-specific production requirements make capacity implementation, delivery performance and repeat orders relevant to that outcome.