PYRAMID TECHNOPLAST

Incorporated in 1997, Pyramid Technoplast Limited manufactures polymer-based molded products

(Polymer Drums) used by chemical, agrochemical, specialty chemical, and pharmaceutical
companies for their packaging requirements. Our products are marketed and sold under our brand
name “Pyramid”:

They are one of the few manufacturers of Rigid Intermediate Bulk Containers (IBC) in India having
the know-how, technology and equipment to manufacture 1,000 litre capacity IBC. IBC’s are
industrial-grade containers engineered for the mass handling, transport, and storage of liquids,
semi-solids, pastes, or solids.They also manufacture MS drums made of Mild Steel (MS) used in
the packaging and transport of chemicals, agrochemicals and speciality chemicals.

Presently, they have six (6) trategically situated manufacturing units out of which four (4) are in
Bharuch, GIDC and two (2) are situated at Silvassa.

The seventh (7) manufacturing unit is under construction at the Bharuch, GIDC adjacent to the
existing six units.

The total installed capacity of our Polymer Drum manufacturing units is 18,837 MTPA. The total
installed capacity of our IBC manufacturing unit is 3,240 MTPA and the total installed capacity Of
our MS Drums unit is 3,600 MTPA.

THE COMPANY’S GLANCE:

2019 Commnece
2018 Expansio of
1997 Incor[oration of production of MS Drums
production of polymer
company at Bharuch . Achieved
drums at Bharuch
turnover of Rs200 cr.

2016 Commence
1998 started it's 2022 Achieved Turnover
production of IBC at
commercial production of Rs.400cr.
Bharuch Reciept

2003 ACquired majority

shareeholding in 2023 Conversionof
2014 Achieved Turnover
Comoany's by private limited to public
of Rs.100 cr
Promoters and limited.
Promoters group

2011 Expansion of 2013 Exapansion of

polymer drums at polymer droms at
silvassa Bharuch
TWO MAIN TECHNOLGY USED:

1. Company use blow molding technology to manufacture Polymer Drums and IBC:
Blow molding is a type of plastic forming process for creating hollow plastic products made
from thermoplastic materials. The process involves heating and inflating a plastic tube
known as a parison or preform. Plastic blow molding originated from the ancient process of
glass blowing.

2. Injection molding technology is used for manufacturing caps, closures, bungs, lids, handles,
lugs, etc. for in-house use:
Injection moulding uses a ram or screw-type plunger to force molten plastic or rubber
material into a mould cavity; this solidifies into a shape that has conformed to the contour
of the mould.

PRODUCTS THEY MAKE:

1. IBC Containers: Streamlining Logistics and Enhancing Efficiency:

 Pyramid Technoplast is a leading manufacturer of rigid Intermediate Bulk Containers

(IBCs), specializing in the production of 1000-
liter capacity IBCs.
 With a strong focus on organization, mobility, and integration capabilities, our IBC
containers offer numerous benefits.
 They significantly enhance logistic and handling timelines, improve efficiencies, and
increase capacity by enabling the filling, moving,
loading, transit, and dispensing of materials in a single container.
 IBCs provide a reliable and consistent solution for the safe handling and storage of
various substances, offering convenience to the
customers
PRODUCT THEY MADE THIS:
 Steel Pallet IBC
 Composite Pallet IBC
 Wooden Pallet IBC

2. Plastic Barrels: Versatile Solutions For Industrial Packaging:

 Pyramid Technoplast is engaged in the manufacturing of all types of plastic barrels,

containers, and HDPE drums that are widely used
for industrial and commercial applications. Their plastic drums and containers are supplied
to chemical, agrochemical, speciality
chemical and pharmaceutical companies.
 The Company manufactures drums with capacities ranging from 20 LTR to 250 LTR and
even higher according to the clients’
specifications.
  Key Features of Plastic Barrel: Easy to handle, Tamper proof design, Leak proof, Easy to fill,
Easy to transport, Easy to unload.
TYPES OF PRODUCT MADE UNDER THIS:
 Full Open Top Drums
 Narrow mouth drums
 Wide mouth drums
 Jerry cans

3. MS Drums: Meeting Diverse Packaging Needs:

 Pyramid Technoplast serves as a one-stop shop for all your packaging needs, offering a
wide range of drum options such as GeneralPurpose Metal drums, Epoxy Coated/Lacquered
drums, Composite drums, Galvanized drums, and Open top drums.
 The Company's IBCs and MS Drums have received UN certification, meeting the safety levels
outlined by the United Nations Recommendations and conforming to the quality standards
of IS 1783:2014.
 MS Drums are capable of storing and transporting both liquid and solid raw/finished goods
of 18 gauge to 20 gauges with storage
capacity of 200 L to 210 L.
 With the diverse selection, customers can find the perfect drum solution for their specific
requirements, including various shapes,
sizes, & dimensions
TYPE SOF PRODUCTS THEY MADE UNDER THIS:
 Close mouth barrel
 Composite barrel
 W-Bead GI
 Goose neck Epoxy Coated Barrel

PRODUCT WISE REVENEUE BREAKUP:

FY 22

POLYMER DRUMS
IBC
MS DRUMS
OTHERS
 FY23

POLYMER DRUMS
IBC
MS DRUMS
OTHERS

FINANCIAL ANALYSIS:

Indicator Mar '23 Mar '22

Total Revenue 482 402.4
Operating Expenses 430.2 359.2
Operating Profit 49.8 40.9
Operating Profit Margin % 10.34% 10.16%
Total Expenses 439.2 367.6
EBIDT 51.8 43.2
EBIDT margin % 10.75% 10.74%
Interest 4.1 4.3
Depreciation 4.9 4
Profit Before Tax 42.8 34.9
Tax 11.1 8.3
PAT Before ExtraOrdinary Items 31.8 26.6
Net Profit 31.8 26.6
Net Profit Margin % 6.61% 6.64%
EPS 10.2 68

 Revenue of FY23 has rose from 402.4 to 482 approx 19.7%

 High was marked in PBT after 5 years.
 Low interest can be seen with indicates low debt of company
 Increase in net profit compared to past 5 years indicates now company can take a good
grow financially.

 The earnings before interest, tax, depreciation and amortisation (EBITDA) margin during the
fiscal 2023 was healthy at 51.8 (~10.75% in the corresponding period of the previous fiscal)
driven by stable gross margin.
  Revenue growth will be further supported by continuing product diversification given a
larger product base and geographical expansion.

BALANCE SHEET ANALYSIS:

PARTICULARS Mar 2022 Mar 2023

Equity Capital 4 31

Reserves 71 76

Borrowings + 66 56

Other Liabilities + 43 63

Total Liabilities 184 226

Fixed Assets + 50 65

CWIP 2 7

Investments 0 0

Other Assets + 131 154

Total Assets 184 226

CASH FLOW ANALYSIS:

Indicator Mar '23 Mar '22 Mar '21 Mar '0

Cash from Operating 39 0 10.2 -70.
Activity
Cash from Investing -23.9 0 -8.6 -12.
Activity
Cash from Financing -12.7 0 -0.8 96.
Activity
Net Cash Flow 2.3 0 0.8 12.
CURRENT VALUATION:

 Considering the P/E valuation, on the upper end of the price band of Rs.166, the
stock is priced at pre issue P/E of 16.35x on FY23 EPS of Rs.10.15.
 Post issue, the stock is priced at a P/E of 19.23x on its EPS of Rs.8.63.
 Looking at the P/B ratio at Rs.166 pre issue, book value of Rs. 34.28 of P/Bvx 4.84x.
Post issue, book value of Rs. 53.98 of P/Bvx 3.08x.
 Current share price of the company is RS. ₹ 169
 Current ROE of company was valued at 34.9%.

 Company has reduced debt.

 Company is almost debt free.
 Company has a good return on equity (ROE) track record: 3 Years ROE 38.7%
 Though the company is reporting repeated profits, it is not paying out dividend

COMPANY OUTLOOK:

The company is engaged in industrial packaging company with diverse customer base,
comprehensive product portfolio with strategic location of its manufacturing units.

The company is expanding its capacity with the construction of 7th plant.

However, the IPO proceeds has OFS portion too where company would not get benefited as
it goes to selling shareholders.

REFERENCE:

SCREENER

PYRAMID TECHNOPLAST ANNAULA REPORT

SHARECART

TRENDLYNE