Ecoline Exim Ltd. (ECOLINE)
SME CapIndustrials stocks · SME cap · NSE
Ecoline Exim is an Indian manufacturer and exporter of sustainable cotton & jute bags, serving global retail. It promotes eco-friendly alternatives to single-use plastics, with 18+ years experience and a 4.5% global cotton bag market share. The company expanded to 35+ export countries in FY26 and added new product lines.
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.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
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
Average · 30/100YoY data unavailable — classification deferred
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹139 Cr | NDF | +0.0% |
| EBITDA | ₹9 Cr | -18.2% | -40.0% |
| Operating margin | 6.0% | -200 bps | -500 bps |
| PAT | ₹7 Cr | NDF | -46.1% |
| PAT margin | 5.0% | -3 bps | -431 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
Ecoline Exim reported FY26 revenue of ₹286.88 Cr, up from ₹269.29 Cr in FY25, with PAT at ₹20.18 Cr (7.25% margin). The company expanded its global footprint to 35+ countries, adding 8 new markets, and launched new product lines like polyester backpacks and cotton towels.
Ecoline Exim demonstrated strong top-line growth and margin expansion in FY26, driven by global market expansion and new product introductions. Significant capacity additions and an ambitious revenue target for FY27-28 suggest continued aggressive growth, though execution and utilization of new capacity will be key.
Revenue by Product Type (FY 2025-26)
Latest issuer-disclosed distribution across 6 reported categories.
Global Market Expansion
Entered 8 new countries in FY26, including 5 in Latin America, expanding to 35+ export countries from 27 in FY25.
New Product Lines
Launched Polyester Backpacks (36,000 supplied in FY26) and Cotton Towels (250,000+ exported in FY26).
Capacity Expansion
Added 22M bags/year capacity with two new units (Badu Unit IV & Taki Road Unit V), increasing daily output to 215,000 bags.
Badu Unit IV, Kolkata
New unit with 12M bags/year capacity, launched Polyester Backpack production. Utilization rates for cutting (15.23%) and stitching (2.14%) in FY26.
Taki Road, Kolkata
New unit with 10M bags/year capacity, latest addition. Utilization rates for printing (48.11%) and packaging (12.99%) in FY26.
Total New Capacity
22 million bags added in FY26, increasing total daily output to 215,000 bags.
Capacity Expansion Roadmap
Targeting 87M bags by 2027 and 110M bags by 2028.
Demand for Sustainable Packaging
Company promotes eco-friendly cotton & jute bags as alternatives to single-use plastics, catering to global demand.
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.
The presentation provides annual financial statements and operational data, making year-over-year comparison most relevant for assessing performance trends and growth.
Export Order Book
₹95 Cr export order book as of April 30, 2026.
Revenue from Operations
₹286.88 Cr revenue in FY 2025-26 (up from ₹269.29 Cr in FY 2024-25).
Profit After Tax (PAT)
₹20.18 Cr PAT in FY 2025-26 (up from ₹18.82 Cr in FY 2024-25).
PAT Margin
7.25% PAT margin in FY 2025-26.
Revenue Targets
Targeting ₹400 Cr in FY 2026-27 and ₹550 Cr in FY 2027-28.
Margin Expansion
Expects expanding PAT margins in coming years.
New Product Strategy
Plans OEM supply for Polyester Backpacks from Q2 FY27 and exports from FY27.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Growth | ₹95 Cr (export, as of Apr 30, 2026) | Sustained growth in export order book to support revenue targets. |
| New Capacity Utilization | Badu Fct 2 (cutting 15.23%, stitching 2.14%), Taki Road (printing 48.11%, packaging 12.99%) in FY26. | Ramp-up of utilization rates for new Factory IV and V. |
| New Product Contribution | Polyester Backpacks (36k supplied in FY26), Cotton Towels (250k+ exported in FY26). | Contribution of new products to overall revenue and margins. |
| Revenue Target Achievement | ₹286.88 Cr (FY26) | Progress towards ₹400 Cr (FY27) and ₹550 Cr (FY28) revenue targets. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
47NeutralSMA20 -5.9% / mo · MACD −
Technical chart
ECOLINEdaily · 1Y · AUTO+43.1%Daily history is available from 2025-09-30; the requested 1Y window is partially covered.
Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 43.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~6.2% over last month) — short-term momentum negative.
- RSI(14) at 43 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 17% off 52W high · 62% 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 72 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 72 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 97.7%.
- Quality contributes 18/20 to the score.
Main drags
- Penalty bucket subtracts 3 points.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; 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: +0 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.
Healthy Trust: Claim history is still being built. It ranks around the 83rd percentile of the scored universe and 83rd percentile within Industrials. Main check: results consistency is weak at 55/100.
High Trust Lite: Promoter holding is 74.6%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 83rd pctile, median 68 · SME: 97th pctile, median 64
4 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
Healthy 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 74.6%.
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 49.6%.
- ▸FCF yield is positive at 1.9%.
Trust risks
- ▸No major Trust Lite risk flags.
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
- —
- EV/EBITDA
- 14.82
- Market Cap
- 370.00Cr
Profitability
- ROE
- 32.00%
- ROCE
- 25.30%
- ROA
- 17.83%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 17.21%
- EPS 5Y
- 139.79%
- Revenue 3Y
- 32.00%
- EPS 3Y
- 32.00%
Balance Sheet
- Debt/Equity
- 0.63
- Interest Coverage
- 12.50×
- Altman Z
- 7.61
- Book Value
- —
Cash Flow
- FCF Yield
- 1.89%
- FCF Positive Y
- 2/5
- OCF
- 20.00 Cr
- EPS TTM
- 195.52
Shareholding
- Promoter Hold
- 74.57%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 66%
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.