Mold-tek Packaging (MTEP IN) – Q3FY26 Result Update – Near term outlook healthy, Paints to drive growth – Accumulate
Published on 09 Feb 2026
We believe LT drivers for MTEP remain intact given 1) rising business from leading paint & FMCG companies, visible recovery in lubes, and scale up in pharma business. 2) Company received incremental orders from new customers, with more than seven orders during Q3. & 3) Capacity enhancements at Cheyyar and Panipat with growing demand from ABG will enable increase in capacity utilization from Q4FY26 onwards. We estimate EBIDTA/kg to increase to Rs44.4/46.9 over FY27 and FY28. We estimate a 15.8% Sales CAGR & 30.9% EPS CAGR over FY26-FY28. We assign a PE of 20x on Dec27 valuing the company at Rs697. Retain ‘Accumulate’.
