MMP foil revenue reaches Rs 135 crore as lidding trials end

MMP reported Rs 135 crore of foil revenue in H1FY27, representing about 28% of total revenue, and completed initial trials on its lidding-foil line before beginning customer evaluations ahead of the January season. The business had recorded Rs 215 crore in FY26 revenue and has 8,400 metric tonnes (MT) of rolling-mill capacity.

What drove MMP's foil revenue in H1FY27?

MMP generated Rs 135 crore of foil revenue in H1FY27, supported by sustained demand across bare and printed foil categories. The foil business contributed about 28% of MMP's total revenue in the half year, making it the second-largest disclosed product segment after aluminium powders, which accounted for about 65%.

MMP said the division maintained positive earnings before interest, tax, depreciation and amortisation (EBITDA) margins despite pricing pressures, supported by operational efficiency and cost management. The presentation does not provide an H1FY26 foil revenue figure, a separate Q2FY27 foil revenue amount or a full-year FY27 revenue target, so it does not establish a like-for-like half-year growth rate.

Foil revenue rose to Rs 215 crore in FY26 from Rs 154 crore in FY25, an increase of Rs 61 crore. That followed a Rs 47 crore increase from Rs 107 crore in FY24 to Rs 154 crore in FY25, after revenue had declined from Rs 113 crore in FY23 to Rs 107 crore in FY24.

What is MMP's lidding-foil launch plan?

MMP's lidding-foil manufacturing line is ready, initial trials have been completed and customer evaluations are underway ahead of the January season. The product is listed for dairy packaging, alongside printed foils for fast-moving consumer goods (FMCG) packaging, and customer approvals remained underway at the time of the presentation.

MMP describes the lidding product as specialised printed aluminium foil intended to support freshness, hygiene, moisture protection and branding. It extends the foil portfolio into dairy and FMCG uses while sitting alongside the existing food, flexible-packaging and pharmaceutical product lines.

The presentation does not disclose a separate capacity figure, capital expenditure amount, customer name, committed order, expected revenue or commercial-sales date for lidding foil. The next stated milestone is therefore completion of customer evaluations and approvals, rather than a quantified contribution to the Rs 135 crore reported in H1FY27.

How has MMP increased foil manufacturing capacity?

MMP increased rolling-mill capacity to 8,400 MT in Mar-24 from 3,600 MT in Mar-23, adding 4,800 MT. Rolling capacity remained at 8,400 MT in Mar-25, Mar-26 and Sep-26, while foil revenue subsequently rose from Rs 107 crore in FY24 to Rs 215 crore in FY26.

Conversion-section capacity remained 3,600 MT from Mar-21 through Sep-26. This differs from the rolling section, where the disclosed expansion occurred in Mar-24, and the presentation does not state utilisation rates for either section.

The capacity split is relevant to MMP's product range because it includes both base foil and converted products. The company lists printed and laminated foils, plus low-density polyethylene (LDPE)-laminated strip foil and heat-seal-coated blister foil, but does not allocate the 3,600 MT conversion capacity among these products.

Which packaging markets does MMP's foil portfolio serve?

MMP supplies food foil measuring 10-18 microns, flexible-packaging foil measuring 9-13 microns and pharmaceutical strip and blister foil measuring 20-40 microns. Food foil is used for wrapping, storing and preparing food, while flexible foil is specified for food, beverage and industrial products.

The 20-40 micron strip and blister foil is designed to protect medicines from moisture and contaminants. MMP also offers converted pharmaceutical foils, including LDPE-laminated strip foil and heat-seal-coated blister foil, broadening the range beyond unconverted foil.

MMP's displayed client list includes Torrent Pharma, Intas, Sun Pharma, Aurobindo and Ajanta Pharma. The presentation identifies these companies as marquee clients but does not disclose revenue by customer, sales volumes, contract values or the share of foil revenue derived from pharmaceutical, food or flexible-packaging uses.

How significant is foil within MMP's business mix?

Foil represented about 28% of MMP's total revenue in H1FY27, compared with about 65% for aluminium powders, about 7% for conductors and cables, and about 1% for polymer insulators. This places foil behind powders but ahead of the other disclosed operating segments by revenue contribution.

The segments reported different developments during H1FY27 and Q2FY27. MMP said powders benefited from domestic demand, exports and improved plant utilisation, while foil demand was sustained across bare and printed categories despite pricing pressures. Conductors and cables recorded Rs 33 crore in H1FY27 and faced a monsoon-related slowdown in Q2FY27, compared with foil's Rs 135 crore in the same half-year.

MMP's foil revenue of Rs 215 crore in FY26 was more than double conductor and cable revenue of Rs 100 crore in FY26. The comparison shows foil's larger reported revenue base, while the presentation separately identifies customer approvals for lidding foil as an unfinished commercialisation step.

Conclusion

MMP's foil business combines a Rs 135 crore H1FY27 revenue base, about 28% of company revenue, with a broader product offering across food, flexible, pharmaceutical, dairy and FMCG packaging. Revenue reached Rs 215 crore in FY26 after Rs 154 crore in FY25, and rolling capacity has remained at 8,400 MT since Mar-24, compared with 3,600 MT before that expansion.

The disclosed development to watch next is the outcome of customer evaluations and approvals for lidding foil ahead of the January season. MMP has completed trials and says the manufacturing line is ready, but it has not disclosed commercial orders, a launch date, capacity, customer names or a revenue target for the dairy and FMCG product.