Mold-tek Packaging (MTEP IN) – Q4FY26 Result Update – Healthy demand outlook, food/pharma to drive growth – ACCUMULATE
Published on 11 May 2026
We believe LT drivers for MTEP remain intact, led by 1) rising business from leading paint & FMCG companies along with improving utilization and scale-up in the pharma business, and 2) capacity expansion at Cheyyar and Panipat coupled with increasing demand from ABG, which should drive capacity utilization from FY27 onwards. We estimate a Sales CAGR of 16% and EPS CAGR of 29.4% over FY26-FY28. We assign a PE multiple of 18x on Mar’28 EPS, valuing the company at Rs662/share (vs. Rs650 earlier). Retain ‘Accumulate’.
