Rajshree Polypack keeps net debt near Rs 101 crore in H1 FY27

Rajshree Polypack reported net debt of Rs 101.27 crore in H1 FY27, marginally below Rs 101.44 crore in FY26, while receivable days fell to 58.81 from 62.62 and inventory days declined to 127.30 from 161.07. Total equity rose to Rs 200.33 crore from Rs 188.05 crore.

How did RPPL's debt position change in H1 FY27?

RPPL's total debt was Rs 106.56 crore in H1 FY27, compared with Rs 106.47 crore in FY26, an increase of Rs 0.09 crore. Short-term debt rose to Rs 83.76 crore from Rs 83.64 crore, while long-term debt was Rs 22.81 crore versus Rs 22.83 crore. The capital-structure debt figures exclude lease liabilities of Rs 14.89 crore at September 2026.

RPPL's cash and cash equivalents used in the capital-structure calculation increased to Rs 5.30 crore in H1 FY27 from Rs 5.03 crore in FY26. Net debt therefore declined by Rs 0.17 crore to Rs 101.27 crore. Over the longer period, total debt increased from Rs 73.46 crore in FY24 to Rs 106.56 crore in H1 FY27, while net debt rose from Rs 69.65 crore to Rs 101.27 crore.

How did RPPL's equity and debt-to-equity ratio move?

RPPL's total equity increased by Rs 12.28 crore from FY26 to H1 FY27, reaching Rs 200.33 crore at 30 September 2026. Equity share capital was unchanged at Rs 37.12 crore, while other equity increased to Rs 163.20 crore from Rs 150.93 crore at 31 March 2026. The disclosed increase in equity during the half year was therefore in other equity.

RPPL reported a debt-to-equity ratio of 0.53 times in H1 FY27, compared with 0.57 times in FY26 and 0.62 times in FY25. The ratio declined as total equity rose while debt remained near the FY26 level. In FY24, debt-to-equity was 0.48 times, when total debt was Rs 73.46 crore and total equity was Rs 154.40 crore.

The standalone balance sheet recorded total equity and liabilities of Rs 371.40 crore at 30 September 2026, up from Rs 349.64 crore at 31 March 2026. Non-current liabilities declined to Rs 41.58 crore from Rs 43.44 crore, whereas current liabilities increased to Rs 129.49 crore from Rs 118.15 crore. Trade payables were Rs 33.69 crore, compared with Rs 20.58 crore at year-end.

Did RPPL improve its receivable and inventory cycle?

RPPL improved both reported receivable and inventory days in H1 FY27 relative to FY26. Receivable days declined by 3.81 days to 58.81, and inventory days fell by 33.77 days to 127.30. Payable days increased by 9.85 days to 45.16 from 35.31.

Receivable days were 71.33 in FY25 before declining to 62.62 in FY26 and 58.81 in H1 FY27. Inventory days followed a different path, moving from 121.38 in FY25 to 161.07 in FY26 before falling to 127.30. H1 FY27 inventory days remained 5.92 days above the FY25 level.

Inventories stood at Rs 91.12 crore on 30 September 2026, compared with Rs 85.97 crore on 31 March 2026, while trade receivables rose to Rs 66.32 crore from Rs 56.99 crore. The day metrics improved despite higher reported balances, alongside H1 FY27 revenue from operations of Rs 205.81 crore, versus Rs 168.95 crore in H1 FY26.

What do cash flow and assets show for RPPL?

RPPL reported cash flow from operations of Rs 17.72 crore in H1 FY27. This compares with Rs 18.80 crore for full-year FY26 and Rs 18.45 crore for full-year FY25. The presentation does not disclose a comparable H1 FY26 cash-flow-from-operations figure, so it does not permit a corresponding half-year comparison.

Total current assets increased to Rs 173.45 crore at 30 September 2026 from Rs 155.68 crore at 31 March 2026. Cash and cash equivalents were Rs 2.03 crore and other bank balances were Rs 3.27 crore, together matching the Rs 5.30 crore cash figure in the capital-structure table. Other current assets rose to Rs 10.71 crore from Rs 7.68 crore.

Total non-current assets increased to Rs 197.95 crore from Rs 193.96 crore, although property, plant and equipment declined to Rs 120.43 crore from Rs 121.30 crore. Other non-current assets rose to Rs 62.15 crore from Rs 54.94 crore. Total assets consequently increased by Rs 21.76 crore to Rs 371.40 crore.

How did H1 FY27 operating growth coincide with balance-sheet changes?

RPPL's revenue from operations increased 21.82% year on year to Rs 205.81 crore in H1 FY27 from Rs 168.95 crore in H1 FY26. Operating earnings before interest, tax, depreciation and amortisation, or operating EBITDA, increased 30.50% to Rs 27.47 crore. Operating EBITDA margin rose to 13.35% from 12.46%.

Profit after tax increased 40.87% to Rs 12.27 crore from Rs 8.71 crore, and profit-after-tax margin rose to 5.96% from 5.15%. The increase in revenue coincided with lower receivable and inventory days, while inventory and receivables were higher in rupee terms at 30 September 2026 than at 31 March 2026.

Domestic revenue rose to Rs 179.62 crore in H1 FY27 from Rs 133.49 crore in H1 FY26, while export revenue declined to Rs 26.18 crore from Rs 35.46 crore. Packaging product sales represented 64.68% of H1 FY27 revenue, up from 59.23%, whereas injection moulding represented 11.64%, down from 18.61%.

Conclusion

RPPL's H1 FY27 balance-sheet position combined broadly unchanged debt with a larger equity base and lower reported debt-to-equity. The fall in receivable and inventory days occurred alongside 21.82% growth in revenue, but current assets, trade receivables, inventories and trade payables all increased in absolute rupee terms.

The next disclosed matter to watch is the contribution of the commissioned group captive wind-solar arrangement of about 1.9 megawatts. RPPL says the arrangement is expected to generate annual savings of about Rs 1.75 crore and fulfil 30% of its total energy requirements.