Packaging (USD Bn) 2015 2020E CAGR

Industry Size 32 73 18%

It is estimated that India has more than 22,000 packaging manufacturers leading to significant competition at the regional level.

End Use Sectors Size ($ Bn) Growth Rate

Offline - Primary/ Secondary Packaging 161 15%-20%

Packaged Food & Beverages 82 19%

Beauty & Personal Care 14 13%
Home Care & Sanitary Protection 8 12%
Pharmaceutical 21 11%
Branded Fashion Retail 15 15%
Liquor 22 9%

eCommerce - Transit Packaging 39 22%

Mobiles 19
Fashion 6
FMCG & Large Appliances 4
Others 10

Food Delivery 3 15%

 Only for listed companies
Player/ INR Cr Ticker HQ Avendus Watc
Investors, if Sectors Revenue FY YoY GrowthEBITDA EBITDA MarD&A Taxes NFA NWC ROCE Debt Cash Net Debt FCFF Net Debt/ EBIT Net Debt/ FCFF Market Cap - Pre COMarket Cap - Post C EV/ EBITDA - Pre EV/ EBITDA - Post Promoter Name & Sh% of Promoter Holding Pledged, if any

Domestic Players

Montage Enterprises Mumbai Food, Beverage, Pet food, Pharma 2,664 19 10.3% 222 8.3% 87 29 547 340 12.0% 356 31 325 8 1.5x 38.6x
Ultimate Flexipack Noida Yes Milk, Oil, Ghee, Liquor. Detergen 695 19 17.6% 94 13.5% 31 13 245 225 10.6% 219 32 186 9 2.0x 20.5x
Gayatrishakti Paper & Boards Mumbai F&B, FMCG 700 19 7.3% 85 12.2% 23 2 407 95 12.0% 331 8 323 60 3.8x 5.4x
Pravesha Industries Hyderabad Pharma and Chemical Packaging 367 19 30.8% 67 18.1% 16 10 173 121 14.0% 148 1 146 - 16 2.2x negative
Horizon Packs Mumbai Yes FMCG, F&B, E-Commerce, Consume 519 19 8.3% 66 12.7% 48 0 113 120 7.6% 21 19 2 19 0.0x 0.1x
SunPet Mumbai Pharma, FMCG, Liquor, Edible Oils 388 18 13.9% 64 16.5% 21 15 114 71 15.0% 12 7 5 0.1x
Shrinath Rotopack Hyderabad Food and Beverages, Agricultural 704 19 19.8% 59 8.4% 26 7 135 223 7.4% 269 3 266 - 6 4.5x negative
Pragati Pack Hyderabad Yes Pharma, Auto, Fashion, Spirits & 163 18 14.8% 41 25.2% 20 7 97 66 8.2% 93 2 91 - 7 2.2x negative
Manjushree Technopak Bengaluru Yes Advent PE FMCG, Dairy, Liquor, Food, Agro 1,149 19 22.5% 211 18.4% 98 27 361 359 12.0% 469 10 459 34 2.2x 13.6x
Parksons Packaging Mumbai Yes Kedaara Capita
FMCG, F&B, Pharma, Electronics, 946 19 21.2% 127 13.5% 50 16 507 153 9.3% 276 4 271 - 13 2.1x negative
Oriental Containers Mumbai Caps for F&B; Tubes for Pharma 368 17 -9.5% 49 13.3% 26 8 185 131 4.5% 116 0 116 15 2.4x 7.5x
Borkar Packaging Goa F&B, FMCG, Retail, Pharmaceutica 348 18 -1.4% 41 11.8% 13 3 119 183 8.1% 184 21 163 - 28 4.0x negative
Creative Polypack Kolkata Food, Home Care, Soaps 421 19 19.4% 31 7.3% 6 10 68 132 7.5% 19 5 15 0.5x

Listed Players

Uflex (Listed) BSE:500148 Noida Yes F&B, FMCG, Pharma, Agri Product 7,701 LTM -0.1% 1,074 14.0% 397 129 3,659 1,647 10.3% 2,061 333 1,727 - 172 1.6x negative 1,456 1,326 3.0x 2.8x 44.02% 16.67%
TCPL Packaging (Listed) BSE:523301 Mumbai Tobacco, FMCG, Food 883 LTM 11.0% 121 13.7% 45 13 446 153 10.6% 313 3 310 - 30 2.6x negative 237 238 4.5x 4.5x 55.74% 75.44%
Mold-tek Packaging (Listed) BSE:533080 Hyderabad Yes Arcstone Capital
Food,LLC, DSP
Paints, Investment
Lubricants, Bulk
Managers
Pa Pvt. Ltd. 432 LTM 12.0% 80 18.5% 18 12 195 80 18.1% 109 7 102 14 1.3x 7.3x 781 538 11.0x 8.0x 50.37%
Essel Propack (Listed) BSE:500135 Mumbai Blackstone Capital
BeautyPartners (Cayman)
& Cosmetics, VII L.P., Clareville
Pharma, Fo Capital
2,765 Partners LTM
LLP, Lazarus Investments Limited, NTAsset
4.7% 541 19.5% (Cayman)
223Limited, Premier
69 Finance and Trading
1,288 467 Company
14.1% Limited, The
502 Blackstone
164 Group
338 Inc. (NYSE:BX), Vyoman
417 Tradelink
0.6x India Private
0.8xLimited 5,572 5,678 10.9x 11.1x 74.99%
HiTech Plast (Listed) BSE:526217 Mumbai Paints & Coatings, Personal Care 454 LTM -1.1% 58 12.7% 28 1 258 43 9.4% 175 2 173 25 3.0x 7.0x 143 93 5.5x 4.6x 74.43%

Global Players

Huhtamaki PPL BSE:509820 Thane Food and beverage, pet food, heal 2,548 19 9.0% 293 11.5% 87 32 422 306 23.9% 269 45 224 182 1.2x 1,860 1,567 7.1x 6.1x
Westrock NYSE:WRK Atlanta, USA  Package food, paper, beverages, dairy products,
130,850 tobacco, confectionery,
19 10.0%health and20,877
beauty, other
16.0%
household
3,004
consumer, 1,855
and commercial
85,248 and 14,843
industrial products
16.0% 78,055 1,113 76,942 9,221 8.3x 78,862 62,490 7.5x 6.7x
Rexam -
Alpla -
Essentra LSE:ESNT UK Heronbridge Health
Investment
and Personal
Management
Care LLP, M&G Investment
9,182Management 19Limited, Majedie
-5.0% Asset1,161
Management12.6%Limited, Standard
216 Life
229Investments
3,011 Limited724 19.2% 3,397 664 2,734 767 3.6x 10,757 6,921 11.6x 8.3x
Amcor ASX:AMC Zurich, Switzerland BI Asset Management Fondsmæglerselskab
Food, beverage, AS, Capital78,974
pharmaceutical, Research and Management
19 Company, Counsel
18.5% 10,583Portfolio Services Inc., Finex
13.4% - Investment
1,321 Management
30,680 Llp, Forester
4,896 26.0%Capital Management
48,299 4,795Ltd., GO ETF Solutions 2,890
43,504 LLP, Kiwoom Asset Management 15.1x
Co., Ltd., Liontrust Investment Partners
125,008 LLP, LLB Asset Management
108,341 15.9x AG, Manulife14.3x
Asset Management (Hong Kong) Limited, MD Financial Management Inc., Pacer Advisors Inc, Prudential Investment Manageme
Gerresheimer XTRA:GXI Germany APG Asset Management
Pharma andNV, ING
Healthcare
Groep NV, Insurance and
11,009
Banking Investments, Lord,
19 1.8%Abbett & Co.
2,101
LLC 19.1% - 122 4,227 692 40.2% 8,102 679 7,423 - 166 negative 17,304 18,796 11.8x 12.5x
Intertape Polymer Group TSX:ITP Canada Fiera Capital Food processing, general manufact 8,245 19 10.0% 1,064 12.9% - 116 2,956 1,343 22.0% 3,631 50 3,581 478 7.5x 5,369 4,360 8.4x 7.5x
Toppain

Global Players in India

Huhtamaki PPL Thane Food and beverage, pet food, heal 2,548 19 9.0% 293 11.5% 87 32 422 306 23.9% 269 45 224 182 0.8x 1.2x
Westrock Vapi, Gujarat 512 19 2% 56 10.9% 27 - 435 96 5.5% 33 1 32 22 0.6x 1.5x
Rexam New Delhi Beverage Cans for carbonated soft 512 19 20.0% 10 2.0% 56 - 848 225 -4.3% 445 4 441 - 57 43.3x negative
Alpla Hyderabad FMCG 723 18 0.4% 91 12.6% 55 6 320 133 6.6% 422 4 418 5 4.6x 87.0x
Essentra Not Present
Amcor Mumbai FMCG, Home and Personal Care, 615 19 3.6% 6 1.0% 18 - 247 77 -3.7% 171 8 163 - 36 27.4x negative
Gerresheimer (Triveni) New Delhi Pharma, Industrial Components 194 19 7.4% 44 22.4% 9 12 30 63 24.4% - 78 - 78 15 -1.8x negative
Gerresheimer (Neutral) Mumbai Pharma 103 18 -14.8% - 4 -3.6% 28 - 6 133 89 -11.5% 165 0 165 - 93 -43.9x negative
Intertape Polymer Group (Powerband) Daman Packaging Tapes 175 18 -10.6% 9 5.3% 9 1 47 31 -0.9% 66 2 64 - 46 6.8x negative
Toppain