Mold-tek Packaging (MTEP IN) – Q2FY27 Result Update – Healthy demand outlook, improving mix to drive growth – ACCUMULATE
Published on 02 Nov 2026
We believe MTEP’s LT growth drivers remain intact, supported by: 1) increasing business from leading paint and FMCG players, improving utilisation and scale-up of the pharma business; and 2) healthy demand from Cheyyar and Panipat units, along with Hyderabad plant consolidation, driving medium-term capacity utilisation. We estimate Sales/EPS CAGR of 17.3%/28.8% over FY27-FY29. We assign an 17x PE multiple to Sep’28 EPS, arriving at a TP of Rs345/share ( Rs372 earlier on 19x Sep’28 EPS). Retain Accumulate.
