Micro Packaging

Narmada Macplast Drip Irrigation Systems Ltd.

NARMP

₹189.5

1.34% (2.5)

Market Cap

₹69 Cr.

P/E

12.74

Narmada Macplast Drip Irrigation Systems Ltd.
Overview
Financials
Benchmarking
Shareholding

Narmada Macplast Drip Irrigation Systems Ltd.

Narmada Macplast Drip Irrigation Systems Ltd.
Overview
Financials
Benchmarking
Shareholding

Price
Growth Table
Balance Sheet
Profit & Loss
Cash Flow
Cash Flow Analysis
Ratios
Quarterly Results
Reverse DCF

FAQs on Narmada Macplast Drip Irrigation Systems Ltd. Shareprice

Has the share price of Narmada Macplast grown faster than its competition?

Narmada Macplast has given better returns compared to its competitors.
Narmada Macplast has grown at ~315.06% over the last 2yrs while peers have grown at a median rate of 49.56%

Is Narmada Macplast stock expensive?

Narmada Macplast is expensive when considering the EV/EBIDTA, however latest PE is < 3 yr avg PE.
Latest PE of Narmada Macplast is 12.74, while 3 year average PE is 72.72.
Also latest EV/EBITDA of Narmada Macplast is 102 while 3yr average is 34.01.

View FAQ's On Business

Growth Table

Narmada Macplast Drip Irrigation Systems Ltd.
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TPL India
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In %	1yr	2yr	3yr	4yr	5yr	6yr	7yr	8yr	9yr	10yr
Share Price CAGR	917	315	198	137	—	—	—	—	—	—
TTM EPS CAGR	—	2,496	880	—	—	—	—	—	—	—
Sales CAGR	285	-16.52	-17.41	18.66	13.21	11.57	—	—	—	83.65
PAT Margin (Abs Growth)	0.01	0.05	0.08	0.04	-0.67	4.30	11.45	—	—	—
PE CAGR	—	-84.01	-69.61	—	—	—	—	—	—	—
CFO CAGR	-76.29	378	—	28.45	—	—	—	—	30.90	—

* Share price and PE growth are updated everyday. All other fields are as of latest financial year end. EPS adjusted for bonus and splits.

Balance Sheet

Narmada Macplast Drip Irrigation Systems Ltd.
Mega Flex Plastics
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TPL India
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In Rs. Cr.	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Assets	3.93	2.60	5.76	6.21	3.38	3.45	8.84
Non Current Assets	1.92	1.81	1.81	1.81	1.91	2.08	5.44
Net Block	0.31	0.30	0.29	0.27	0.35	0.39	0.02
Capital Work in Progress	0.00	0.00	0.00	0.00	0.00	0.07	—
Intangible Assets Under Development	—	—	—	—	—	—	—
Long Term Investments	0.90	0.81	0.83	0.59	0.61	0.65	0.01
Current Assets	2.02	0.79	3.96	4.40	1.47	1.37	3.40
Inventory	—	—	—	—	—	—	—
Accounts Receivable	1.66	0.66	3.65	4.07	1.11	1.38	2.90
Short Term Investments	—	—	—	—	—	—	—
Cash & Bank Balances	0.26	0.04	0.23	0.27	0.30	-0.03	0.40
Liabilities	3.93	2.60	5.76	6.21	3.38	3.45	8.84
Shareholders Funds	2.30	2.31	2.31	2.31	2.34	2.33	7.73
Share Capital	3.62	3.62	3.62	3.62	3.62	3.62	3.62
Reserves	-1.32	-1.32	-1.32	-1.31	-1.28	-1.29	4.10
Non Current Liabilities	0.33	0.15	0.35	0.43	0.43	0.61	—
Secured Loans	—	—	0.35	0.29	0.29	0.30	—
Unsecured Loans	0.34	0.15	35,065	0.14	0.14	0.31	—
Current Liabilities	1.29	0.14	3.11	3.47	0.61	0.50	1.12
Accounts Payable	1.14	0.01	2.99	3.38	0.55	0.45	0.02
Short Term Loans	—	0.01	—	—	—	—	—

Balance Sheet Snapshot

No data available.

Fund Flow Analysis

Increase
Decrease
Total

No data available.

*Data is as of latest FY end

Profit & Loss

Narmada Macplast Drip Irrigation Systems Ltd.
Mega Flex Plastics
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TPL India
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In Rs. Cr.	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	TTM
Sales	0.37	5.95	0.45	8.94	3.97	3.67	12.46	10.02	1.81	6.98
Operating Expenses	0.32	5.79	0.37	8.88	3.99	3.67	12.48	10.26	1.98	6.32
Raw Material	—	5.09	—	8.52	3.47	3.44	12.26	10.01	1.71	0.00
Material Cost (%)	37.87	86.77	0.19	95.57	87.25	93.60	98.42	99.85	94.34	0.00
Employee Cost	0.04	0.07	0.12	0.17	0.08	0.09	0.09	0.08	0.08	0.15
Power & Fuel Cost	0.00	0.00	0.00	0.00	0.01	0.01	0.01	0.00	0.00	—
Operating Profit	0.05	0.16	0.08	0.07	-0.01	0.00	-0.01	-0.24	-0.16	0.67
Other Income	0.04	0.04	0.04	0.04	0.04	0.03	0.06	0.29	0.22	5.82
OPM (%)	13.35	2.73	17.22	0.74	-0.36	0.05	-0.11	-2.36	-9.09	9.56
Depreciation and Amortisation	0.03	0.02	0.02	0.02	0.02	0.02	0.01	0.01	0.02	0.01
Interest	0.00	0.01	0.01	0.00	0.01	0.02	0.02	0.03	0.03	0.02
Profit Before Tax	0.06	0.16	0.09	0.09	0.00	0.00	0.01	0.01	0.01	6.46
Tax	0.01	0.01	0.04	0.02	0.00	0.00	0.00	0.00	0.01	1.07
Net Profit	0.05	0.16	0.05	0.07	0.00	0.00	0.01	0.01	0.00	5.39
Number of shares(Crs)	—	—	—	—	0.36	0.36	0.36	0.36	0.36	—
Dividend Payout Ratio(%)	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	—

TTM Values as of Mar 2025

Cash Flow

Narmada Macplast Drip Irrigation Systems Ltd.
Mega Flex Plastics
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TPL India
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In Rs. Cr.	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Cash from Operating Activity	0.09	0.10	0.28	0.04	-0.13	0.01	-0.02	-1.49	-0.35	-5.41
Profit Before Tax	0.06	0.16	0.09	0.07	0.00	0.00	0.01	0.01	0.01	5.39
Adjustments	0.03	0.02	-0.01	0.11	-0.07	0.02	0.02	0.01	0.01	-4.30
OCF Before Working Capital	0.09	0.19	0.08	0.18	-0.07	0.02	0.02	0.02	0.02	1.09
Working Capital Changes	0.02	-0.07	0.21	-0.12	-0.06	-0.01	-0.04	-1.51	-0.37	-6.50
Taxes Paid	-0.01	-0.01	-0.01	-0.02	-0.00	-0.00	—	-0.00	-0.00	-0.00
Cash from Investing Activity	-0.04	-0.03	-0.18	-0.04	0.09	-0.01	0.24	-0.94	-0.12	6.47
Net Fixed Assets Purchased	-0.04	-0.03	-0.18	-0.04	-0.00	-0.01	0.00	-0.36	-0.12	5.81
Fixed Assets Purchased	-0.04	-0.03	-0.18	-0.04	-0.00	-0.01	—	-0.36	-0.12	-0.11
Fixed Assets Sold	—	—	—	—	—	—	—	—	—	5.92
Investment Purchased	—	—	—	—	—	—	—	-0.61	-0.03	0.64
Investment Sold	—	—	—	—	0.09	—	0.24	—	—	—
Interest Recieved	—	—	—	—	—	—	—	0.03	0.04	0.03
Dividends Recieved	—	—	—	—	—	—	—	—	—	—
Subsidiary Investments	—	—	—	—	—	—	—	—	—	—
Cash from Financing Activity	-0.04	0.12	-0.06	-0.07	-0.18	0.19	-0.18	2.74	0.15	-0.63
Proceeds From Shares	—	0.14	—	—	—	—	—	3.62	—	—
Net Long Term Borrowings	0.00	0.00	0.00	-0.05	-0.17	0.20	0.08	0.43	0.18	-0.61
Proceeds From Borrowings	—	—	—	—	0.01	0.20	0.08	0.43	0.18	—
Repayment From Borrowings	—	—	—	-0.05	-0.19	—	—	—	—	-0.61
Interest Paid	—	—	—	—	—	—	—	-0.03	-0.03	-0.02
Dividend Paid	—	—	—	—	—	—	—	—	—	—
Net Cash Flow	0.02	0.19	0.04	-0.07	-0.22	0.19	0.04	0.30	-0.33	0.43
Opening Cash & Cash Equivalents	0.09	0.10	0.29	0.33	0.26	0.04	0.23	0.27	0.30	-0.03
Effect of FX	—	—	—	—	—	—	—	—	—	—
Closing Cash & Cash Equivalents	0.10	0.29	0.33	0.26	0.04	0.23	0.27	0.30	-0.03	0.40
Net Capex (est)	0.04	0.03	0.18	0.04	0.00	0.01	0.00	0.36	0.12	-5.81
Free Cash Flow (est)	0.05	0.07	0.10	0.00	-0.13	-0.01	-0.02	-1.86	-0.48	0.39

Cash Flow Analysis

Increase
Decrease
Total

No data available.

Ratios

= Dominant Factor

Narmada Macplast Drip Irrigation Systems Ltd.
Mega Flex Plastics
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TPL India
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	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Operational Ratios
Quick Ratio	1.56	5.55	1.27	1.27	2.40	2.72
Liquid Assets (Crs)	2.02	0.79	3.96	4.40	1.47	1.37
Current Liabilities (Crs)	1.29	0.14	3.11	3.47	0.61	0.50
Current Ratio	1.56	5.55	1.27	1.27	2.40	2.72
Current Assets (Crs)	2.02	0.79	3.96	4.40	1.47	1.37
Current Liabilities (Crs)	1.29	0.14	3.11	3.47	0.61	0.50
Interest Coverage Ratio	80.53	1.41	1.24	1.29	1.43	1.43
EBIT (Crs)	0.09	0.01	0.02	0.03	0.04	0.04
Interest Expenses (Crs)	0.00	0.01	0.02	0.02	0.03	0.03
Fixed Asset Turnover	3.45	1.53	1.42	4.81	3.74	0.66
Net Sales (Crs)	8.94	3.97	3.67	12.46	10.02	1.81
Fixed Assets (Crs)	2.59	2.59	2.59	2.59	2.68	2.74
Cash Conversion Cycle	22.80	46.57	55.62	18.37	22.59	144
Inventory Days	0.00	0.00	0.00	0.00	0.00	0.00
Days Receivable	50.12	107	215	113	94.26	250
Days Payable	27.31	60.41	159	94.75	71.67	106
Debt to Equity Ratio	0.15	0.07	0.15	0.19	0.18	0.26
Total Debt (Crs)	0.34	0.17	0.35	0.43	0.43	0.61
Shareholders Equity (Crs)	2.30	2.31	2.31	2.31	2.34	2.33
Free Cash Flow/Sales (%)	0.00	-3.36	-0.19	-0.12	-18.51	-26.40
Free Cash Flow(est) (Crs)	0.00	-0.13	-0.01	-0.02	-1.86	-0.48
Net Sales (Crs)	8.94	3.97	3.67	12.46	10.02	1.81
Profitability Ratios
Gross Margin (%)	4.43	12.75	6.40	1.58	0.15	5.66
Op Profit Margin (%)	0.74	-0.36	0.05	-0.11	-2.36	-9.09
Operating Profit (Crs)	0.11	0.03	0.03	0.04	0.05	0.06
Net Sales (Crs)	8.94	3.97	3.67	12.46	10.02	1.81
Net Profit Margin (%)	0.77	0.06	0.02	0.05	0.09	0.10
Net Profit (Crs)	0.07	0.00	0.00	0.01	0.01	0.00
Net Sales (Crs)	8.94	3.97	3.67	12.46	10.02	1.81
ROCE (%)	3.45	0.42	0.74	1.04	1.41	1.35
EBIT (Crs)	0.09	0.01	0.02	0.03	0.04	0.04
Capital Employed (Crs)	2.64	2.45	2.65	2.74	2.77	2.95
Return on Assets (%)	1.76	0.09	0.01	0.10	0.26	0.05
Net Profit (Crs)	0.07	0.00	0.00	0.01	0.01	0.00
Total Assets (Crs)	3.93	2.60	5.76	6.21	3.38	3.45
ROIC (%)	4.69	-2.61	-0.27	-2.96	-20.55	-2.04
Op Profit after Taxes (Crs)	0.04	-0.02	-0.00	-0.03	-0.19	-0.03
Invested Capital (Crs)	0.77	0.91	0.90	0.93	0.91	1.35
ROE (%)	3.00	0.10	0.03	0.27	0.38	0.08
Net Profit Margin (%)	0.77	0.06	0.02	0.05	0.09	0.10
Asset Turnover ratio	2.28	1.53	0.64	2.01	2.96	0.53
Equity Multiplier	1.71	1.13	2.50	2.69	1.45	1.48
Adjusted EPS	0.19	0.01	0.00	0.02	0.02	0.01
Valuation Ratios
P/E	0.00	0.00	0.00	609	453	2,000
Price to Book	0.00	0.00	0.00	1.66	1.71	1.55
EV/EBITDA	33.61	136	108	95.81	79.64	74.17
Dividend Yield (%)	—	—	—	0.00	0.00	0.00

Quarterly Results

Narmada Macplast Drip Irrigation Systems Ltd.
Mega Flex Plastics
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TPL India
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In Rs. Cr.	Dec'22	Mar'23	Jun'23	Sep'23	Dec'23	Mar'24	Jun'24	Sep'24	Dec'24	Mar'25
Net Sales	2.48	0.21	0.00	0.06	1.42	0.34	0.00	0.98	3.53	2.47
Operating Expenses	2.54	0.26	0.04	0.06	1.49	0.39	0.07	0.86	3.33	2.06
Increase/Decrease in Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Raw Material	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Employee Cost	0.04	0.04	0.03	0.03	0.04	0.04	0.04	0.04	0.03	0.05
Selling and Distribution Expenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Electricity, Power & Fuel Cost	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Gen_AdminExpenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Miscellaneous Expenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Profit	-0.06	-0.05	-0.04	-0.00	-0.07	-0.04	-0.07	0.12	0.20	0.41
Other Income	0.01	0.12	0.06	0.06	0.07	0.03	0.08	0.12	5.51	0.11
Interest	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.00	0.00
PBDT	-0.06	0.06	0.01	0.05	-0.01	-0.02	0.01	0.23	5.71	0.52
Depreciation and Amortization	0.00	0.00	0.00	0.00	0.00	0.01	0.01	0.00	0.00	0.00
Profit Before Tax	-0.06	0.06	0.01	0.05	-0.02	-0.03	0.01	0.23	5.71	0.52
Tax	0.00	-0.03	0.00	0.00	0.00	0.00	0.00	0.04	0.95	0.09
Profit After Tax	-0.06	0.09	0.01	0.05	-0.02	-0.03	0.01	0.19	4.76	0.43
Exceptional Items	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit	-0.06	0.09	0.01	0.05	-0.02	-0.03	0.01	0.19	4.76	0.43
Quarterly Ratios
EPS	-0.17	0.26	0.02	0.13	-0.06	-0.09	0.01	0.54	13.14	1.19
Operating Profit Margin	-2.46	-23.33	0.00	-7.27	-5.30	-12.87	0.00	12.44	5.72	16.61
Net Profit Margin	-2.50	44.29	0.00	87.27	-1.62	-9.06	0.00	19.78	135	17.42

Reverse DCF

Earnings

Discount Rate (%)

Terminal Multiple

5 YEAR

10 YEAR

20 YEAR

15.00%

Implied Growth Rate over a 5 year period*

2.00%

Implied Growth Rate over a 10 year period*

-1.00%

Implied Growth Rate over a 20 year period*

*Implied Growth calculated using Newton-Raphson method.

Learn how to use Reverse DCF

FAQs on Narmada Macplast Drip Irrigation Systems Ltd. Financials

How strong is Narmada Macplast balance sheet?

Balance sheet of Narmada Macplast is strong.
It shouldn't have solvency or liquidity issues.

Is the debt of Narmada Macplast increasing or decreasing?

The net debt of Narmada Macplast is decreasing.
Latest net debt of Narmada Macplast is -₹0.4 Crs as of Mar-25.
This is less than Mar-24 when it was ₹0.72 Crs.

Is the profitablity of Narmada Macplast improving?

The profit is oscillating.
The profit of Narmada Macplast is ₹5.39 Crs for TTM, ₹0 Crs for Mar 2024 and ₹0.01 Crs for Mar 2023.

Does Narmada Macplast pay decent dividends?

The company seems to be paying a very low dividend.
Investors need to see where the company is allocating its profits.
Narmada Macplast latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%

How has Narmada Macplast allocated its funds?

Companies resources are majorly tied in miscellaneous assets

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Narmada Macplast Drip Irrigation Systems Ltd.

Narmada Macplast Drip Irrigation Systems Ltd.

Has the share price of Narmada Macplast grown faster than its competition?

Is Narmada Macplast stock expensive?

How strong is Narmada Macplast balance sheet?

Is the debt of Narmada Macplast increasing or decreasing?

Is the profitablity of Narmada Macplast improving?

Does Narmada Macplast pay decent dividends?

How has Narmada Macplast allocated its funds?

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