Rajshree Polypack H1 revenue reaches ₹205.81 crore as exports fall

Rajshree Polypack reported H1 FY27 revenue of ₹205.81 crore, up 21.82% year on year, as domestic revenue reached ₹179.62 crore and offset export revenue falling to ₹26.18 crore from ₹35.46 crore. The geographic change coincided with a larger contribution from packaging product sales.

What drove Rajshree Polypack’s H1 FY27 revenue increase?

Domestic sales drove Rajshree Polypack’s ₹36.86 crore year-on-year rise in H1 FY27 revenue. Total revenue increased from ₹168.95 crore in H1 FY26 to ₹205.81 crore in H1 FY27, while domestic revenue rose by ₹46.13 crore, from ₹133.49 crore to ₹179.62 crore. This domestic increase was larger than the ₹9.28 crore reduction in export revenue over the same comparison.

The quarterly figures show that this pattern continued in Q2 FY27. Rajshree Polypack posted total revenue of ₹102.90 crore, compared with ₹86.43 crore in Q2 FY26. Domestic revenue increased to ₹88.43 crore from ₹64.37 crore, whereas export revenue declined to ₹14.46 crore from ₹22.05 crore. Total Q2 revenue was almost unchanged from ₹102.91 crore in Q1 FY27.

How much did Rajshree Polypack’s export revenue fall?

Rajshree Polypack’s H1 FY27 export revenue fell to ₹26.18 crore, a ₹9.28 crore decrease from ₹35.46 crore in H1 FY26. Exports had risen from ₹19.74 crore in H1 FY25 to ₹35.46 crore in H1 FY26, making the latest half-year result a reversal from the preceding period’s increase. Export revenue nevertheless remained above the ₹20.32 crore recorded in H1 FY24.

The geographic mix became more domestic-led in H1 FY27, with domestic revenue accounting for ₹179.62 crore of the ₹205.81 crore total. In H1 FY26, domestic revenue was ₹133.49 crore out of total revenue of ₹168.95 crore. The movement reflects both the increase in domestic sales and the reduction in exports, rather than a decline in total company revenue.

Q2 FY27 accounted for ₹14.46 crore of the ₹26.18 crore H1 export total, while Q2 FY26 had accounted for ₹22.05 crore of the ₹35.46 crore recorded in that half-year. The Q2 export decrease of ₹7.59 crore therefore made up most of the H1 decline. Domestic revenue in Q2 FY27 increased by ₹24.06 crore year on year, more than the total quarterly revenue increase of ₹16.47 crore.

Which product segments contributed most to Rajshree Polypack’s revenue mix?

Packaging product sales were Rajshree Polypack’s largest reported revenue segment in H1 FY27, representing 64.68% of revenue, up from 59.23% in H1 FY26. Sheet sales represented 21.12%, compared with 21.48% a year earlier. The data indicate that the increase in packaging products’ share was accompanied by a smaller contribution from injection moulding.

Injection moulding represented 11.64% of H1 FY27 revenue, down from 18.61% in H1 FY26. Others, comprising raw material, scrap and development, accounted for 2.56%, compared with 0.68% in the prior-year half. These figures describe the revenue composition, while the geographic table shows that total revenue increased despite export sales declining.

The Q2 mix also moved toward packaging product sales. Packaging products made up 59.08% of Q2 FY27 revenue, versus 53.04% in Q2 FY26, while injection moulding’s share fell to 10.97% from 21.49%. Sheet sales rose to 26.86% of Q2 FY27 revenue from 24.42% a year earlier, and other revenue was 3.10% compared with 1.04%.

Did Rajshree Polypack’s production rise with revenue in H1 FY27?

Rajshree Polypack increased production in four of its five disclosed operating categories in H1 FY27. Extrusion production rose to 11,402 metric tonnes (MT) from 10,705 MT in H1 FY26, while thermoforming rose to 4,686 MT from 4,411 MT. Printing increased to 4,632 lakh pieces from 3,889 lakh pieces and sleeving increased to 805 lakh pieces from 602 lakh pieces.

Injection moulding was the exception, with H1 FY27 production of 1,196 MT compared with 2,127 MT in H1 FY26. That production reduction coincided with injection moulding’s lower revenue share of 11.64%, compared with 18.61% in the prior-year half. The presentation does not assign the export decline or the segment-mix movement to a particular customer, product or market condition.

The capacity snapshot lists Q2 FY27 extrusion capacity of 25,600 MT, up from 24,000 MT in Q2 FY26, and injection-moulding capacity of 5,800 MT, up from 4,800 MT. Sleeving capacity is listed at 1,675 lakh pieces in Q2 FY27, compared with 1,275 lakh pieces in Q2 FY26. Thermoforming capacity remained 12,120 MT and printing capacity remained 11,000 lakh pieces across those two periods.

How did Rajshree Polypack’s profit performance compare with revenue growth?

Rajshree Polypack’s H1 FY27 operating earnings before interest, tax, depreciation and amortisation (EBITDA) increased 30.50% to ₹27.47 crore, faster than the 21.82% growth in revenue. Operating EBITDA margin was 13.35%, compared with 12.46% in H1 FY26. Profit after tax rose 40.87% to ₹12.27 crore from ₹8.71 crore, with profit after tax margin increasing to 5.96% from 5.15%.

In Q2 FY27, operating EBITDA was ₹13.05 crore, compared with ₹10.94 crore in Q2 FY26, while operating EBITDA margin was nearly unchanged at 12.69% from 12.66%. Profit after tax was ₹5.02 crore, up from ₹4.61 crore, although it was below ₹7.26 crore in Q1 FY27. Q2 FY27 earnings per share were ₹0.68, versus ₹0.62 a year earlier and ₹0.98 in Q1 FY27.

Conclusion

Rajshree Polypack’s H1 FY27 revenue growth was led by a ₹46.13 crore increase in domestic sales, which more than absorbed a ₹9.28 crore fall in exports. The revenue mix also tilted toward packaging product sales at 64.68%, while operating EBITDA margin increased by 0.89 percentage points to 13.35%.

The unresolved point in the presentation is the cause of the export decline, as it does not attribute the movement to a customer, product or market condition. Subsequent disclosures will show whether export revenue recovers from ₹26.18 crore and whether higher Q2 FY27 capacity in extrusion, sleeving and injection moulding is reflected in production and revenue.