Antala utilisation rose above 71% across its core lines

Antala Industries Limited lifted utilisation above 71% across its three reported core lines in FY26: 76.05% for printing, 76.67% for lamination and 71.43% for cutting and stitching. The increase from about 20% in FY24 coincided with revenue from operations rising to Rs 47.40 crore in FY26 from Rs 12.51 crore in FY24.

Why did Antala utilisation rise above 71% across core lines?

Antala utilisation rose because utilised output increased substantially across printing, lamination, cutting and stitching. Capacity utilisation is the share of installed production capacity used during a stated period. Printing utilisation increased by 55.98 percentage points, from 20.07% in FY24 to 76.05% in FY26, while lamination increased by 56.44 percentage points, from 20.23% to 76.67%.

The linked manufacturing sequence explains why the measures moved together. Antala prints biaxially oriented polypropylene, or BOPP, film, laminates it with polypropylene, or PP, woven fabric through extrusion lamination, and then cuts and stitches material into bags. FY26 utilised capacity reached 336.50 lakh metres for printing and 345.01 lakh metres for lamination, compared with 66.23 lakh metres and 91.06 lakh metres, respectively, in FY24.

How did installed capacity and output change by line?

Antala increased reported printing capacity while raising the output used on that line. Printing installed capacity was 442.50 lakh metres in FY26, versus 330.00 lakh metres in FY24, while utilised capacity increased by 270.27 lakh metres. Lamination installed capacity remained 450.00 lakh metres in both FY24 and FY26, but utilisation rose as utilised capacity increased by 253.95 lakh metres.

Cutting and stitching was not separately reported in FY24, making a direct FY24 comparison unavailable. Antala reported 225.88 lakh metres of installed cutting and stitching capacity and 108.75 lakh metres utilised in FY25, producing 48.15% utilisation. In FY26, installed capacity was 454.50 lakh metres and utilised capacity was 324.64 lakh metres, raising utilisation by 23.28 percentage points to 71.43%.

The capacity table contains period-specific qualifications. FY25 installed capacity includes machinery received from Divya Overseas and Shree Industries under a Business Transfer Agreement dated September 11, 2024, calculated for 6.5 months. For FY26, roll-to-roll printing machinery and an auto cutting machine purchased in October 2025 were calculated for five months, so the reported measures are not uniform full-year run rates for every asset.

What does higher utilisation mean for Antala’s remaining headroom?

Antala had materially less reported idle capacity in FY26 than in FY24. The unused share was 23.95% in printing, 23.33% in lamination and 28.57% in cutting and stitching in FY26. In contrast, the unused shares in FY24 were 79.93% for printing and 79.77% for lamination, based on the same capacity-utilisation definition.

The relevant operational constraint is the linked production sequence rather than one machine alone. Printed BOPP film may be supplied directly to customers, and BOPP lamination rolls may also be sold for further processing, but finished bags require downstream conversion after lamination. Lamination was the most utilised reported FY26 line at 76.67%, 0.62 percentage points above printing and 5.24 percentage points above cutting and stitching.

Maintaining the FY26 utilisation level depends on purchase orders, raw-material availability and execution of production schedules. Antala starts its order process with a purchase order that specifies product dimensions, quantity, printing requirements and delivery timing. Core inputs include PP granules, low-density polyethylene granules, filler granules, BOPP film and PP woven fabric; if materials are unavailable, procurement is based on quality, price, availability and delivery timelines.

Did revenue growth accompany Antala’s utilisation ramp-up?

Antala’s revenue growth accompanied the utilisation ramp-up, although revenue in rupees and capacity in metres are different measures. Revenue from operations increased to Rs 47.40 crore in FY26 from Rs 31.85 crore in FY25 and Rs 12.51 crore in FY24. Across FY24 to FY26, printing utilisation rose from 20.07% to 76.05% and lamination utilisation rose from 20.23% to 76.67%.

The product mix changed as BOPP bags became the largest reported FY26 category. BOPP bag revenue was Rs 29.09 crore in FY26, while no BOPP bag revenue was reported in FY24. BOPP lamination rolls generated Rs 6.94 crore in FY26, compared with Rs 46.72 lakh in FY24; PP woven bags generated Rs 4.00 crore and PP woven lamination rolls generated Rs 5.28 crore in FY26.

Antala’s disclosed customer concentration also changed as revenue expanded. The top 10 customers accounted for Rs 22.48 crore, or 47.43%, of FY26 revenue from operations, compared with Rs 11.80 crore, or 94.28%, in FY24. The largest customer accounted for 13.51% of FY26 revenue, down from 33.84% in FY24, while Gujarat represented 71.08% and Maharashtra 14.54% of FY26 revenue.

What capacity expansion could change Antala’s utilisation profile?

Antala plans machinery additions through its initial public offering, or IPO, that would expand rated capability across its three core lines. The post-capital-expenditure table lists present installed capacity of 495.00 lakh metres for printing, 450.00 lakh metres for lamination and 507.00 lakh metres for cutting and stitching. These figures are separately presented from the FY26 utilisation table and should not replace its five-month FY26 capacity calculation.

The disclosed additions are 435.00 lakh metres for printing, 360.00 lakh metres for lamination and 180.00 lakh metres for cutting and stitching. Antala states that rated capacity after expansion would be 930.00 lakh metres for printing, 810.00 lakh metres for lamination and 687.00 lakh metres for cutting and stitching, based on two shifts and 300 working days annually. The company says the procurement is intended to address throughput bottlenecks and synchronise batch schedules.

The operational benefits in the plan are projections, not reported results. Antala projects that automated optical defect checking and electronic line-shaft tension controls could reduce process scrap by 1.5% to 2.0%. It also projects that integrated in-line converting could reduce production turnaround to five to seven days from 10 to 12 days, contingent on procurement, deployment, confirmed orders and input availability.

Conclusion

Antala’s FY26 capacity data show a transition from approximately one-fifth utilisation in FY24 to more than 71% on all three reported core lines. Revenue from operations increased by Rs 34.89 crore between FY24 and FY26, while FY26 utilised capacity reached 336.50 lakh metres in printing, 345.01 lakh metres in lamination and 324.64 lakh metres in cutting and stitching.

The next measure to watch is execution of Antala’s disclosed IPO-funded machinery plan, which targets rated printing capacity of 930.00 lakh metres and lamination capacity of 810.00 lakh metres. The unresolved issue is the pace at which the additional equipment, purchase orders and raw-material supply can convert rated capacity into utilised output after FY26.