Pyramid Technoplast Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Pyramid Technoplast Ltd trades at ₹161, in a confirmed uptrend and 6 weeks into that stage. That is −1.2% against its own 200-day average. It sits at 54% of a 52-week range of ₹141 to ₹178. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (2 weeks and counting).

Today the stock is in a confirmed uptrend — week 6 of stage 2, confirmed. At ₹161 it trades −1.2% versus its 200-day average and sits at 54% of its 52-week range (₹141–₹178).

Against the market, two honest reads. Cumulative: over the last 2.9 years the stock moved +0% while the NIFTY 500 moved +35% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (2 weeks and counting; last ahead the week of 2026-07-03) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 38th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Pyramid Technoplast Ltd trades at 21.0× P/E, mid-range by its own standards (38th percentile). Its long-run median P/E is 21.7×, measured across 2.9 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 21.0× is mid-range by its own standards (38th percentile), against a long-run median of 21.7× measured over 2.9 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +8.0% against a −7.7% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 3y, of the +0.0%/yr price move, ~−8.5%/yr came from earnings growth and ~+8.5 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Pyramid Technoplast Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE slipping at 12.0% — the per-curve reads carry the story. The read is built from 10 quarters across 3 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

46.8/100 — rank 1 of 3 in Packaging & Containers · 84% evidence confidence

Pyramid Technoplast Ltd scores 46.8 out of 100 against the 3 companies it is compared with in Packaging & Containers, ranking 1. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 17.7 + 10.8 + 10.8 + 7.5 = 46.8. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Pyramid Technoplast Ltd reported ₹195 Cr of revenue in the Mar 26 quarter, +14.0% year on year. That is the 7th straight quarter of year-on-year growth. Over 6 years it has compounded at 17.5% a year. The last full year, FY26, came in at ₹681 Cr. The last four reported quarters add to ₹681 Cr.

Pyramid Technoplast Ltd reported ₹195 Cr of revenue in the Mar 26 quarter, +14.0% year on year. That is the 7th straight quarter of year-on-year growth. Over 6 years it has compounded at 17.5% a year. The last full year, FY26, came in at ₹681 Cr. The last four reported quarters add to ₹681 Cr.

FY26 revenue came in at ₹681 Cr (+15.2% on the year), capping 6 years at 17.5% compound. The latest quarter (Mar 26) printed ₹195 Cr, +14.0% year on year — the 7th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +15.7% growth against the decade's 17.5% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +15.2% over the last 4 quarters against +13.0%/yr over the last 8 — stabilising; TTM profit +3.6% vs +0.0%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 10.0% this quarter (+3.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Pyramid Technoplast Ltd's operating margin is 10.0% in the Mar 26 quarter, +3.0 percentage points against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 7.0% to 11.0%. The current quarter sits inside that band.

Pyramid Technoplast Ltd's operating margin is 10.0% in the Mar 26 quarter, +3.0 percentage points against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 7.0% to 11.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 10.0%, +3.0 pp against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 7.0%–11.0%.

Why the margin moved: operating margin went +3.4 pp year on year while gross margin went +4.1 pp — the gain came mostly from the gross line: input costs and pricing.

→ Margins held — did that reach the bottom line? Next: profit +42.9% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Pyramid Technoplast Ltd earned ₹10.0 Cr of net profit in the Mar 26 quarter, +42.9% year on year. Full-year FY26 profit was ₹29.0 Cr. The 6-year compound rate is 30.0%. That is 5.1% of the quarter's revenue. The same quarter a year earlier earned ₹7.0 Cr.

Pyramid Technoplast Ltd earned ₹10.0 Cr of net profit in the Mar 26 quarter, +42.9% year on year. Full-year FY26 profit was ₹29.0 Cr. The 6-year compound rate is 30.0%. That is 5.1% of the quarter's revenue. The same quarter a year earlier earned ₹7.0 Cr.

Mar 26 profit was ₹10.0 Cr, +42.9% year on year. On the full year, FY26 printed ₹29.0 Cr (+7.4%), and the 6-year compound rate is 30.0%.

Why profit moved: revenue contributed +14.0% and the margin +3.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +3.6% vs revenue +15.7%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: −12% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −12% of Pyramid Technoplast Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−41.0 Cr of operating cash against ₹29.0 Cr of profit. After ₹89.0 Cr of capital spending, ₹−130 Cr was left as free cash.

FY26: operating cash of ₹−41.0 Cr against reported profit of ₹29.0 Cr, leaving free cash of ₹−130 Cr after ₹89.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −12% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at −12%: the cash cycle stretched 81 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 81 days — the next section's job is to find where the cash is stuck.

→ So follow the cash to where it goes. Next: the 124-day cycle, in money terms.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Pyramid Technoplast Ltd's cash conversion cycle runs 124 days in FY26, up from 43 days in FY21. Capital spending ran ₹191 Cr over the last 3 years. At FY26 sales of ₹681 Cr each day of that cycle holds about ₹1.9 Cr, so roughly ₹231 Cr sits inside the business at any moment.

FY26: debtors at 77 days, inventory at 79 days — roughly 2.6 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 124 days, looser than FY21's 43.

The full loop: cash goes out to suppliers and production on day 0; stock waits 79 days to sell; customers pay about 77 days after that; and suppliers themselves are paid at 31 days — netting out to the 124-day cycle.

In money terms: at FY26 sales of ₹681 Cr, each day of the cycle holds about ₹1.9 Cr — so the 124-day loop keeps roughly ₹231 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹191 Cr over the last 3 fiscal years against ₹26.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹3.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 12% and the ROIC − WACC spread is −4.4 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Pyramid Technoplast Ltd earns a ROCE of 12% in FY26. Return on invested capital clears the cost of that capital by −4.4 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 4.3% net margin on 1.29× asset turns.

FY26 ROCE is 12%.

🚨 Why the return is what it is — the wiring (FY26): 4.3% net margin × 1.29× asset turns × 1.90× balance-sheet leverage ≈ 10.5% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 7.6% − 12.0% = a −4.4 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.66.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Pyramid Technoplast Ltd carries ₹184 Cr of borrowings against ₹277 Cr of equity in FY26, a debt-to-equity of 0.66. Operating profit covers the interest bill 7×. Over 5 years borrowings went from ₹52.0 Cr to ₹184 Cr. Capital spending ran ₹191 Cr across the last 3 of those years.

FY26: borrowings of ₹184 Cr against equity of ₹277 Cr — a debt-to-equity of 0.66. Operating profit covers the interest bill 7×. Over 5 years borrowings went from ₹52.0 Cr to ₹184 Cr while capital spending ran ₹191 Cr in just the last 3 — part of the build-out is riding on borrowed money.

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Pyramid Technoplast Ltd moved a full percentage point over the last two years — the register is quiet. Domestic institutions moved +0.4 points over the same window, to 3.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: +0.4 points over 8 quarters to 1.0%; Domestic institutions: +0.4 points over 8 quarters to 3.1%; Promoters: +0.0 points over 8 quarters to 74.9%.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Pyramid Technoplast Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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