Creative Graphics Solutions India Ltd. (CGRAPHICS)
SME CapIndustrials stocks · SME cap · NSE
Creative Graphics Solutions India Ltd. processes digital & analogue plates for flexography, letter press, corrugated box printing & U.V. spot coating. Its Wahren subsidiary manufactures pharma packaging products like Alu Alu, Blister, PVC, and PVDC foils, serving a wide client base across India and targeting exports.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust needs verification, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 62/100Rev +102% YoY · PAT +75% YoY · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹170 Cr | +102.4% | -3.4% |
| EBITDA | ₹12 Cr | -36.8% | -42.9% |
| Operating margin | 7.0% | -700 bps | -500 bps |
| PAT | ₹7 Cr | +75.0% | -41.7% |
| PAT margin | 4.1% | -458 bps | -270 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY26 consolidated income grew to Rs.348 crores from Rs.135 crores in FY24, but net profit after tax declined to Rs.18.67 crores from Rs.20.77 crores in FY25. H2 FY26 saw significant profit decline due to front-loaded expansion costs and raw material price volatility.
Profitability is under stress due to front-loaded expansion costs, raw material price volatility (aluminum, PVC, Nylon), and war-related supply chain disruptions. While capacity is being built for future growth, current execution is hampered by procurement challenges and project delays, impacting H2 FY26 results significantly.
Revenue by Business Segment (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
New Product Lines
PVC, PVDC product line commercialized; new tandem machine commercialized in April, offering a different product line for pharma companies.
Export Market Focus
Received first export order in February, now has 100+ metric tons of export orders, targeting better realization and profit/margin contribution.
Capacity Expansion
New 20,000 metric ton Alu Alu factory is installed and on the cusp of commercialization, capable of supporting Rs.1000+ crores turnover.
Flexo Market Recovery
Anticipates a much better year for flexographic printing plates due to EPR practices coming into picture.
Bangalore Flexo Facility
Bangalore facility commercialized, currently in the stage of acquiring clients and testing.
Oman Flexo Expansion
Oman expansion delayed due to war issues, supply challenges, and manpower; hopes to commercialize in the coming quarter.
PVC, PVDC Product Line
Production of PVC, PVDC machine commercialized, currently facing some raw material shortage.
New 20,000 MT Alu Alu Factory
Bosch machine (Alu Alu factory) installed, trials ongoing, commercial revenues expected 'very soon' (next month).
Strong Pharma Demand
No impact on the demand side for pharma packaging; order book is full.
Ability to Pass on Price Hikes
Received 30%+ price hikes on pharma products (e.g., from Rs.400 to Rs.550) to offset raw material cost increases.
Enhanced Working Capital Facilities
Tied up with Citibank for Rs.60 crores limit and initiated bill discounting transactions (Rs.3-4 crores in March), which are scalable.
EPR Practices
Anticipates that EPR practices will lead to a much better year for flexographic printing plate sales.
Raw Material Price Volatility
H2 was volatile due to 'tantrums from America' and war-related supply chain issues, impacting aluminum, PVC, and Nylon derivative prices.
War-Related Supply Chain Disruptions
Severe delays in raw material imports, cancellation of orders from suppliers, and restricted supply in March, continuing in April and May.
Project Delays
Bosch machine (Alu Alu factory) got delayed; Oman expansion delayed due to war issues.
Port Clearing Delays
Clogging at all ports and rail is taking a lot of time, impacting raw material clearing and availability.
Continued Supply Chain Disruptions
Supply chain issues are not 'out of the woods yet'; world continues to remain volatile, impacting raw material availability.
Raw Material Price Fluctuations
Volatility in aluminum and other commodity prices will continue to impact the business, though the company aims to be better prepared.
Working Capital Management
Increased working capital requirements due to higher raw material prices and expanded operations need continuous management.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is relevant for assessing overall growth trajectory and full-year performance. QoQ (H1 vs H2) is crucial to understand the immediate impact of supply chain issues, raw material volatility, and project delays on sequential momentum and profitability.
Consolidated Income (FY26)
Total consolidated income for the year was Rs.348 crores, up from Rs.135 crores in FY23-24.
Net Profit After Tax (FY26)
Net profit after tax was Rs.18.67 crores in FY25-26, down from Rs.20.77 crores in FY24-25.
H2 FY26 Consolidated Revenue
H2 2026 revenue was Rs.172 crores, a slight drop from H1 2026 (Rs.177 crores) but up significantly YoY from H2 2025 (Rs.140 crores).
H2 FY26 Consolidated Profit
Profit at consolidated level declined to Rs.6.55 crores from Rs.12.21 crores in H1 2026 and significantly declined compared to H2 2025.
Optimistic for FY27
Expects some volatility in H1 FY27 but is very optimistic for H2, assuming normalization within a month to a month and a half.
Ambition to Double Top Line Annually
Maintains ambition to double top line every year, believing installed capacity can support Rs.1000+ crores turnover, acknowledging non-linear growth.
Prepared for Supply Challenges
Taking steps to fill coffers with supplies and be fully prepared in the coming months to mitigate future supply problems.
Alu Alu Market Share Target
Currently holds 8-10% market share in Alu Alu and is looking to have better capitalization in the coming year.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Raw Material Supply Normalization | Still not out of the woods yet, but visibility on things normalizing. | Consistent and timely raw material procurement, reduced delays at ports and in transit. |
| New 20,000 MT Alu Alu Factory Commercialization | Installed, trials ongoing, on the cusp of starting commercial revenues (expected next month). | Official announcement of commercial operations and ramp-up of production. |
| PVC/PVDC Plant Utilization | Very small revenue recognized, targeting 25% utilization for FY27. | Sequential increase in PVDC revenue and progress towards targeted utilization. |
| Flexo Business Ramp-up (Bangalore & Oman) | Bangalore commercialized, in client acquisition. Oman delayed, expected next quarter. | Successful client acquisition in Bangalore and commercialization of the Oman facility. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
49NeutralSMA20 +9.4% / mo · MACD −
Technical chart
CGRAPHICSdaily · 1Y · AUTO-1.3%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 52. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~8.6% over last month) — short-term momentum positive.
- RSI(14) at 52 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 40% off 52W high · 21% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 47 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 47 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 51.7%.
- Growth contributes 19/25 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Penalty bucket subtracts 3 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Valuation is weaker at 11/30; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: -1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 23rd percentile of the scored universe and 18th percentile within Industrials. Main check: cash conversion is weak at 28/100.
Mixed Trust Lite: Promoter holding is 68.1%. Key concern: Operating cash flow is negative at ₹-9 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 18th pctile, median 68 · SME: 24th pctile, median 64
12 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 68.1%.
- ▸Promoter pledge is zero.
- ▸Latest 3 quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-9 Cr.
- ▸Only 1 years of positive FCF.
- ▸ROCE trend is -7.5%.
- ▸OPM spread across recent quarters is 17%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 19.10
- P/B
- 2.86
- EV/EBITDA
- 11.62
- Market Cap
- 358.00Cr
Profitability
- ROE
- 16.20%
- ROCE
- 15.80%
- ROA
- 6.79%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 49.00%
- EPS 5Y
- 52.00%
- Revenue 3Y
- 57.00%
- EPS 3Y
- 30.00%
Balance Sheet
- Debt/Equity
- 0.76
- Interest Coverage
- 4.71×
- Altman Z
- 3.68
- Book Value
- 51.70
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -9.00 Cr
- EPS TTM
- 7.72
Shareholding
- Promoter Hold
- 68.07%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 21%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.