Bai-Kakaji Polymers Limited is engaged in manufacturing PET preforms, plastic caps, and closures used in food and beverage packaging. The company earns revenue through bulk supply to packaged drinking water, carbonated beverages, juices, and dairy brands. Its key products include Alaska closures, CSD caps, and customized PET preforms designed for different bottling needs across FMCG and beverage applications.

Key Clients & Manufacturing Facilities

The company supplies products to beverage bottlers, packaged drinking water manufacturers, dairy processors, and FMCG packaging companies. Bai-Kakaji Polymers operates four manufacturing units in Latur, Maharashtra, spread across 33,000 square meters, equipped with modern injection and compression moulding machines, in-house testing laboratories, and quality control systems. The facilities are ISO 9001:2015 certified and ensure consistent quality and timely deliveries.

Product Portfolio, Order Book & Execution

The product portfolio includes PET preforms, plastic closures, shrink films, and specialty caps. For the six months ended September 30, 2025, PET preforms contributed 65.28%, closures 26.27%, shrink films 7.27%, and others 1.17% of revenue. These products support clients across the full packaging lifecycle, from bottling to distribution. The order book is executed through continuous production cycles ensuring steady capacity utilization.

Merger, Capex & Expansion Plans

The company acquired the business of M/s Bai Kakaji Industries effective March 1, 2025, enabling operational synergies and capacity expansion. IPO proceeds are proposed to be used mainly for repayment and prepayment of borrowings amounting to ₹6,400 lakh, improving the balance sheet and supporting future capacity expansion and efficiency-led growth initiatives.

Employees & Banker to the Company

As of September 30, 2025, we employ 359 full-time employees. The Banker to the Company is State Bank of India.

MANAGEMENT & GROWTH VISION

The company is led by promoters with over 30 years of experience in the polymers and packaging industry. Management focuses on capacity expansion, improving product mix, and strengthening client relationships. Near-term growth will be driven by higher utilization of acquired assets, while long-term plans include scale expansion and operational efficiency. Funding for capex is planned through internal accruals, debt optimization, and IPO proceeds used primarily for balance-sheet strengthening.

INDUSTRY OVERVIEW

Bai-Kakaji Polymers operates in India’s plastics and packaging industry. The Indian plastics industry contributes ₹3.5 lakh crore to the economy and employs over 50,000 people. By 2027, the industry is expected to generate ₹10 lakh crore (US$ 122.54 billion) in annual revenue. India recycles around 60% of plastic waste. Growth is driven by FMCG, beverages, dairy, and government initiatives like Make in India and Digital India.

KEY RISK FACTORS

1. Raw Material Price Volatility
   Fluctuations in polymer prices can impact margins, as raw materials form a significant portion of production costs.
2. Customer Concentration Risk
   Dependence on beverage and packaging clients may expose the company to demand fluctuations in specific end-use sectors.
3. Regulatory & Compliance Risk
   Non-compliance with environmental, GST, or industrial regulations may lead to penalties or operational disruptions.
4. High Working Capital Requirement
   The business requires continuous working capital for raw materials and inventory, which may strain cash flows.
5. Integration Risk from Acquisition
   Failure to smoothly integrate Bai Kakaji Industries could impact operational efficiency and profitability.
6. Debt & Interest Rate Risk
   Existing borrowings expose the company to interest rate fluctuations affecting profitability.

KEY STRENGTHS & OPPORTUNITIES

1. Diversified Product Portfolio
   Wide range of PET preforms and closures reduces dependency on a single product segment.
2. Modern Manufacturing Infrastructure
   Four ISO-certified units with advanced testing ensure quality consistency and timely order execution.
3. Strong Industry Experience
   Promoters with over three decades of experience provide operational stability and strategic direction.
4. Growing Packaging Demand
   Rising consumption of packaged beverages and dairy products supports long-term volume growth.
5. Balance Sheet Improvement Post IPO
   Debt repayment from IPO proceeds strengthens financial position and improves future funding capacity.
6. Scalable Business Model
   Expandable capacity and repeat client demand provide scope for sustainable long-term growth.