­Experienced management and established track record of operations
MPPL has an operational track record of over six decades in the synthetic resins industry. The company was established as a proprietorship concern in 1962 by Mr. Shirish Parikh (Chairman) and later in 1995, the constitution was changed to private limited company. At present, the company is promoted by his son, Mr. Mayank Parikh (Managing Director), who possess an extensive experience of over three decades in the synthetic resins industry. He is further supported by its well-qualified and experienced team of professionals in managing day-to-day operations of MPPL. The extensive experience of the management has enabled MPPL to establish a healthy relationship with its customers and suppliers.

Moderate financial risk profile
The group  has a moderate financial risk profile marked by moderate net worth, low gearing, and moderate debt protection metrics. The tangible net worth of the group stood at Rs.77.17 Cr. as on March 31, 2025, as compared against Rs.87.74 Cr. as on March 31, 2024, with the decline attributable to a share buyback of Rs.26.52 crore (including Rs.4.90 crore of tax) involving 2,38,000 shares repurchased at a face value of Rs.10 per share and a premium of Rs.912 per share. The gearing level of the group stood below unity at 0.34 times as on 31 March 2025 as against 0.24 times as on 31 March 2024. The total debt of the group stood at Rs.26.39 Cr. as on March 31, 2025. Interest coverage ratio stood at 14.98 times in FY2025 against 8.56 times in FY2024. Debt service coverage ratio stood at 3.36 times in FY2025 against 2.61 times in FY2024. The total outside liabilities to tangible net worth (TOL/TNW) of the group stood at 1.10 times as of March 31, 2025.

­Moderately working capital intensive operations
The group has moderately intensive working capital operations along with moderate reliance on bank limits. The GCA days stood at 107 day in FY2025 against 121 Days in FY2024. The inventory days stood at 44 days in FY2025 against 39 days in FY2024. The debtor days stood at 62 days in FY2025 against 66 days in FY2024. The group typically receives payments from its suppliers within an average period of 60 days. The creditor days stood at 72 days in FY2025 against 67 days in FY2024. The utilization of the working capital limits stood moderate at ~74.55% in the last 6 months ending December 2025.

Susceptibility of profitability margins to volatility in raw material prices and forex fluctuation
The group's profitability margins are susceptible to volatility in raw material prices, which are derived from petroleum-based products and are inherently volatile. Any adverse movement in raw material prices could significantly impact the group's profitability. Furthermore, the group faces foreign exchange fluctuation risk, as approximately 15% to 20% of its revenue is generated through exports. However, this risk is partially mitigated by the group's foreign currency imports, which provide a natural hedge to some extent.