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Alternicq Ltd (Formerly Manjushree Technopack) - Unlisted Shares
Fundamentals
- Current Price
- ₹1,000
- Market Cap
- ₹7,641.88 Cr
- ISIN
- INE435H01023
- Face Value
- ₹2
- P/E Ratio
- 29.11
- EPS
- 34.35
- P/B Ratio
- 5.42
- Book Value
- ₹ 184.65
- Debt / Equity Ratio
- 0.30
Key Financials
Profit & Loss
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue from Operations | 2569.8 | 2,117.00 | 2,096.34 | 1,467.53 | 1,046.83 |
| Growth % | 21.39% | 0.99% | 42.85% | 40.19% | -3.17% |
| Operating Expenses | 2172.6 | 1,743.67 | 1,802.83 | 1,231.32 | 843.66 |
| Growth % | 24.60% | -3.28% | 46.41% | 45.95% | -5.48% |
| Operating Profit | 397.20 | 373.33 | 293.51 | 236.21 | 203.17 |
| Op. Profit Margin % | 15.46% | 17.63% | 14.00% | 16.10% | 19.41% |
| Other Income | 14.20 | 13.30 | 12.21 | 6.27 | 7.14 |
| Finance Costs | 122.26 | 91.46 | 78.54 | 49.21 | 43.23 |
| Depreciation | 199.3 | 154.88 | 132.82 | 86.24 | 78.33 |
| Profit Before Tax | 89.82 | 140.29 | 94.35 | 107.03 | 88.76 |
| Exceptional items | 176.9 | 20.56 | -3.25 | -5.56 | 23.96 |
| Tax | 19.1 | 20.1 | 31.87 | 30.65 | 21.56 |
| Tax % | 0.74% | 0.95% | -1.52% | 2.09% | 2.06% |
| Profit After Tax | 247.63 | 140.79 | 59.23 | 70.81 | 91.16 |
| Growth % | 75.89% | 137.69% | -16.36% | -22.31% | 35.60% |
| PAT % | 9.64% | 6.65% | 2.83% | 4.83% | 8.71% |
Company Financials
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Equity Capital | 17.33 | 13.72 | 13.72 | 13.72 | 13.72 |
| Reserves | 1393.73 | 994.42 | 937.28 | 887.01 | 536.80 |
| Total Equity | 1411.07 | 1,008.14 | 951.00 | 900.73 | 550.52 |
| Borrowings | 382.36 | 384.41 | 433.91 | 339.23 | 190.42 |
| Provision | 2.5438 | 1.75 | 7.12 | 6.98 | 5.80 |
| Other Non-Current Liabilities | 189.93 | 181.52 | 163.74 | 68.19 | 40.82 |
| Total Non current Liabilities | 574.83 | 567.68 | 604.77 | 414.40 | 237.04 |
| Borrowings | 41.37 | 369.25 | 371.25 | 334.87 | 206.57 |
| Other Current Liabilities | 1,178.05 | 339.24 | 373.13 | 345.68 | 283.15 |
| Total current Liabilities | 1219.42 | 708.49 | 744.38 | 680.55 | 489.72 |
| Equity + Liabilities | 3,205.34 | 2,284.31 | 2300.16 | 1995.7 | 1277.28 |
| Fixed Assets (incl. WIP) | 1498.42 | 1035.41 | 959.29 | 794.14 | 577.83 |
| Other Non Current Assets | 506.18 | 491.89 | 493.88 | 439.76 | 207.54 |
| Total Non current Assets | 2004.61 | 1,527.30 | 1453.17 | 1233.90 | 785.37 |
| Trade Receivables | 423.74 | 301.07 | 309.73 | 249.86 | 199.78 |
| Cash & Cash Equivalents | 113.34 | 25.22 | 79.38 | 54.46 | 0.87 |
| Other Current Assets | 663.63 | 430.72 | 457.88 | 457.47 | 291.25 |
| Total current Assets | 1200.72 | 757.01 | 846.98 | 761.78 | 491.91 |
| Total Assets | 3,205.34 | 2,284.31 | 2,300.16 | 1,995.7 | 1,277.28 |
Shareholding Pattern
- AI Lenarco MIDCO Ltd
- 97.24%
- Other
- 2.76%
Strengths & Weaknesses
Strengths
- Market leader: Manjushree has the highest market share in terms of revenue of 7.6% in Fiscal 2024 in the organized consumer RPP industry in India (Source: Technopak Report). Their sales were almost double the revenues of the second largest RPP player in India (Source: Technopak Report).
- Marquee clientele: They have a diversified customer base of 964 customers in Fiscal 2024 which enables them to de-risk and reduce dependency on any customer or group of customers. Their top 20 customers had an average term of relationship of nine years. Some of their marquee customers include Varun Beverages Limited, Dabur India Limited, Marico Limited, Honasa Consumer Limited, Hershey India Private Limited, Kansai Nerolac Paints Limited, Pernod Ricard Private Limited and Parag Milk Foods Limited.
- Profitability: PAT (Profit After Tax) has increased by 75% YoY, reaching ₹247.63 Cr in FY25.
- Aggressive Acquisitions: Successfully acquired multiple entities (Hitesh Plastics, Classy Kontainers, National Plastics, Oriental Containers) to enter new categories like pumps, dispensers, and paints
- Manufacturing Capacity: They have a total of 23 manufacturing facilities with an aggregate installed capacity of 268,940.00 metric tons per annum. This large-scale operations enable them to benefit from procurement efficiencies, lower cost of production, ability to invest in continuous innovative and sustainable solutions and ability to sustain key customer relationships.
Weaknesses
- Large working capital requirement: Operations are moderately working capital intensive due to seasonal demand. Though the work capital turnover ratio has improved on a yearly basis.
- Environmental issues: As the company operates in the RRP industry, it is susceptible to negative externalities.
- Escalating Expenses: Total expenses rose by 25.34% in FY25, outpacing revenue growth (21.39%)
About Alternicq Ltd (Formerly Manjushree Technopack)
The company makes plastic packaging products, mainly polyethylene terephthalate (PET) jars and bottles—the kind you see every day in packaged foods, soft drinks, medicines, cosmetics, and even agricultural products. It also manufactures specialised multilayer containers and hot-fillable PET bottles, which are designed to handle higher temperatures used in food and beverage packaging. A key milestone came in February 2013, when MTL began operations at its advanced PET preform manufacturing plant in Bidadi, Karnataka. This facility supplies the basic raw shapes that are later blown into bottles. Importantly, this plant has received a ‘Platinum Green’ certification under the LEED (Leadership in Energy & Environmental Design) programme, highlighting its focus on energy efficiency and sustainability. It is also the largest PET preform facility in South Asia, giving MTL significant scale and cost advantages in its core business.
Board of Directors
- Nikhil Kumar Srivastava - Chairman and Director
- Aswin Vikram - Director
- Sumit Nadgir - Director
- Kamlesh Vikamsey - Independent Director
- Sameer Kaji - Independent Director
- Anisha Motwani - Additional Independent Director
Senior Management
- Thimmaiah NP - Managing Director and CEO
- Rajesh Kumar Ram - Chief Financial Officer
- Himanshu Parmar - Company Secretary & Compliance Officer
Frequently Asked Questions
- Is there any lock in period for Alternicq Ltd (Formerly Manjushree Technopack) unlisted shares?
- The lock-in period for Alternicq Ltd (Formerly Manjushree Technopack) Unlisted Shares differs based on the investor category, as per SEBI regulations:
●Venture Capital Funds and Foreign Venture Capital Investors (FVCIs): A lock-in period of 6 months from the date of acquisition of the shares.
●Alternative Investment Funds – Category II (AIF-II): No lock-in period is applicable.
●Other investors (including retail investors, high net-worth individuals (HNIs), and body corporates): A lock-in period of 6 months from the date of IPO listing of Alternicq Ltd (Formerly Manjushree Technopack).
These norms were introduced by SEBI in August 2021, reducing the earlier lock-in requirement from one year to six months. The change was aimed at improving liquidity and encouraging investor participation in companies preparing for public listings. Since then, interest in pre-IPO investments has increased, with investors exploring opportunities to participate in companies ahead of their potential listing. - How much long term capital gains tax do I have to pay on Alternicq Ltd (Formerly Manjushree Technopack) unlisted shares?
- Long-Term Capital Gains (LTCG) on Unlisted Shares in India arise when such shares are sold after being held for a period of more than two years. The key aspects of LTCG taxation on Alternicq Ltd (Formerly Manjushree Technopack) unlisted shares are outlined below:
1. Tax Rate
Earlier, LTCG on unlisted shares was taxed at 20% with indexation benefits. However, as per Union Budget 2024, the tax structure has been revised. For transfers made on or after 23rd July 2024, LTCG on unlisted shares is taxed at a flat rate of 12.5%.
2. Indexation Benefit
Previously, investors could avail indexation benefits to adjust the purchase price for inflation, thereby reducing taxable gains. This indexation benefit has been removed under Budget 2024 for unlisted shares transferred on or after 23rd July 2024
. 3. Importance for Investors
Understanding LTCG taxation is important for both retail investors and High Net-Worth Individuals (HNIs), as it directly impacts investment returns, exit planning, and overall tax strategy.
4. Calculation Method
For eligible transactions after 23rd July 2024, LTCG will be calculated at a flat tax rate of 12.5% on the capital gains, without indexation.
5. Applicability
LTCG tax is applicable when unlisted shares are held for more than 24 months before being sold.
6. Relevance
These tax provisions are particularly relevant for investors in the unlisted share market who are considering exiting their investments after a long-term holding period. - How do I start investing in Alternicq Ltd (Formerly Manjushree Technopack) unlisted shares through InCred Money?
- Buying Alternicq Ltd (Formerly Manjushree Technopack) Unlisted Shares on InCred Money is quick, seamless, and fully digital.
Step 1: Create Your Account
Sign up using your mobile number and email ID. Complete your KYC by submitting your PAN, Aadhaar, bank account, and demat account details. Once submitted, your KYC is reviewed and approved.
Step 2: Select & Buy Shares Browse and select Alternicq Ltd (Formerly Manjushree Technopack) from our Unlisted Shares list and place your order.
Step 3: Share Transfer Based on the settlement period for the shares noted on the platform, the purchased shares are transferred and reflected in both your InCred Money portfolio and your demat account. - What documents are needed to invest in Alternicq Ltd (Formerly Manjushree Technopack) unlisted shares?
- To invest in Alternicq Ltd (Formerly Manjushree Technopack) Unlisted Shares on InCred Money, you need to complete your The lock-in period for Alternicq Ltd (Formerly Manjushree Technopack) Unlisted Shares differs based on the investor category, as per SEBI regulations:
●Venture Capital Funds and Foreign Venture Capital Investors (FVCIs): A lock-in period of 6 months from the date of acquisition of the shares.
●Alternative Investment Funds – Category II (AIF-II): No lock-in period is applicable.
●Other investors (including retail investors, high net-worth individuals (HNIs), and body corporates): A lock-in period of 6 months from the date of IPO listing of Alternicq Ltd (Formerly Manjushree Technopack).
These norms were introduced by SEBI in August 2021, reducing the earlier lock-in requirement from one year to six months. The change was aimed at improving liquidity and encouraging investor participation in companies preparing for public listings. Since then, interest in pre-IPO investments has increased, with investors exploring opportunities to participate in companies ahead of their potential listing.KYC verification by submitting the following documents:
●PAN Card
●Aadhaar Card
●Bank account details
●Demat account details
Once your KYC is successfully completed and approved, you can start investing in unlisted shares on the platform.