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Ekansh Mittal

Jun 27, 2024 • 10 tweets • 5 min read • Read on X

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BOPP & BOPET are key flexible packaging films and there are many listed cos. in this space

Currently, BO films industry is facing overcapacity...while volumes are good...oversupply has suppressed selling prices

Stocks are down and some promoters are buying from open market 🧵

(1/n)

What are Biaxially Oriented (BO) Films?

BO Films are polymer films stretched in both machine and transverse directions during production, enhancing tensile strength, clarity, barrier properties, and dimensional stability

Types of Biaxially Oriented Films

(2/n)

Flexible packaging BO films are produced by melting and extruding polymers, then stretching the film biaxially for enhanced properties

Multiple layers can be coextruded for combined benefits. Film is cooled, treated for printability, and cut into rolls for packaging use

(3/n)

Key Raw Materials required in Indian Flexible Packaging Films Industry:

Main Feed Stocks
# Natural Gas Liquids
# Ethane
# Propane
# Butane
# Naphtha
# Crude Oil

Key Downstream RM
# Ethylene
# Paraxylene
# Propylene
# Polypropylene
# Ethylene
# Polyethylene

(4/n)

Indian Flexible Packaging Industry was valued at $22 Bn in 2022

Packaging films segment shared $4.7 Bn/ 22% of the Flexible Packaging

(5/n)

Global BOPP films market size is projected to grow from $24.26 Bn in 2020 to $31.42 Bn by 2025

(6/n)

Key Indian Flexible Packaging Players on the basis of topline are

(refer image)

(7/n)

Key Growth Factors for Flexible BO Packaging Industry:

# Expanding Food and Beverage Industry
# Growing Demand for Flexible Packaging
# Technological Advancements
# Emerging Markets
# Industrial Applications

(8/n)

Key Challenges for the Flexible Packaging Films Industry:

# Overcapacity/Oversupply
# Falling Demand
# Intense Competition
# Volatile Raw Material Prices
# Environmental Concerns & Regulations
# Substitutes and Alternatives

(9/n)

Sources referred:

timesofindia.indiatimes.com/blogs/voices/p…
custommarketinsights.com/report/biaxial…
imarcgroup.com/bopp-films-mar…
marketsandmarkets.com/Market-Reports…
datamintelligence.com/research-repor…
chemanalyst.com/industry-repor…
industryarc.com/Report/15186/f…
timesofindia.indiatimes.com/blogs/voices/t…
globenewswire.com/en/news-releas…

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More from @EkanshMittal_KW

Ekansh Mittal

@EkanshMittal_KW

Apr 22

India’s Plastic Pipes & Fittings Industry is a silent compounder

₹50,000–60,000 Cr market, driven by water, housing & infra.

With strong tailwinds like Jal Jeevan Mission, sector offers long runway for growth

Detailed🧵on this industry

Product wise Value Chain Chart

(1/n)

What is PVC?

Polyvinyl Chloride is a type of synthetic plastic material made from petroleum (crude oil) and salt (chlorine). It is widely used to make pipes, fittings, cables, and many everyday products

(2/n)

Key PVC Pipes:

uPVC remains volume backbone, with FY12–FY15 being largely uPVC-driven due to Agri +drainage usage

Now, CPVC is gaining share in premium plumbing, while PVC-O is emerging as the next growth driver, driven by infra demand for high-pressure water pipelines

(3/n)

Read 11 tweets

Ekansh Mittal

@EkanshMittal_KW

Feb 16

I've lost money in few companies where the business was good but management was terrible

Here are 6 management red flags that should make you RUN — no matter how cheap the stock looks:

(This thread could save you some money) 🧵

🚩 RED FLAG #1: The "Serial Acquirer"

Company keeps buying new businesses every year.

Why it's bad:

- Destroys focus
- Integration rarely works
- Often overpays (ego bidding)
- M&A fees to bankers (hidden cost)

Example pattern:

2020: Buys logistics co
2021: Buys pharma co
2022: Buys tech co

Ask: "Do they even understand all these businesses?"

🚩 RED FLAG #2: The "Guidance Breaker"

Track record of missing own guidance repeatedly.

How to check:

1. Read last 3 years' annual reports
2. Note what management promised
3. Check if they delivered

Pattern:

FY23: "Will grow 20%" → Grew 8%
FY24: "Will achieve 15% margin" → Achieved 10% FY25: "This time will be different" ❌

Read 7 tweets

Ekansh Mittal

@EkanshMittal_KW

Feb 12

Everyone talks about "follow the smart money"

But 90% of investors read insider buying data WRONG

Here's the framework I use to separate real conviction from noise:

A masterclass in reading SAST filings 🧵

First, understand the 3 types of insider buying:

1️⃣ Open Market Purchase
→ Promoter buys from secondary market
→ Signal strength: MODERATE

2️⃣ Preferential Allotment
→ Company issues fresh shares to promoter
→ Signal strength: STRONG

3️⃣ Warrant Conversion
→ Promoter converts warrants to equity
→ Signal strength: STRONG (already paid 25% upfront)

🚩 RED FLAGS - Avoid these types of "insider buying":

❌ Inter-se transfers (just moving shares between family members)
❌ Reclassification (converting public to promoter category)
❌ Inheritance/gift transfers
❌ Frequent issuance of shares/warrants

These show ZERO conviction. Just accounting jugglery

Read 7 tweets

Ekansh Mittal

@EkanshMittal_KW

Dec 26, 2025

Molecular Diagnostics is a small and fast growing industry in India

There are very few listed players - 3B Blackbio being one of them

Here's a detailed 🧵 on the industry with lots of charts and data

(1/n)

Molecular diagnostics is gaining prominence as a vital tool for early and accurate disease detection

(2/n)

To understand India’s Molecular Diagnostics market, we must first look at the broader Diagnostic Industry

It has 3 major segments:

• Routine Tests
• Clinical Lab Tests
• Speciality / Molecular Diagnostic Tests

(3/n)

Read 11 tweets

Ekansh Mittal

@EkanshMittal_KW

Dec 2, 2025

Was reading about Sealmatic India

I particularly like Engr. goods cos. with small replacement cycle

They are a lot like FMCG

Sealmatic makes mechanical seals for critical industries like oil & gas, chemical, nuclear, etc

Here's a 🧵 on Seals industry

(1/n)

A seal is a device used to prevent leakage of liquids, gases, oil, chemicals, water, steam, or air from one area to another

It prevents dust and contaminants from entering machinery such as pumps, motors, compressors, engines, and household appliances

(2/n)

Why Seals Are Needed?

- To prevent leakage of liquids, gases, oil, chemicals, water, steam, or air from one area to another
- To prevent product loss
- To ensure safety
- To prevent contamination of clean fluids
- To maintain machine efficiency

(3/n)

Read 10 tweets

Ekansh Mittal

@EkanshMittal_KW

Oct 29, 2025

Analyzing a banking stock is very different from studying regular listed company

Banks follow unique accounting norms making their analysis distinct

In this 🧵, we’ll simplify key banking terms to help you understand how banks operate

(1/n)

How Banks Earn Money

Banks take Deposits from their account holder customers and give Loans to others. Bank pay you a small interest and charge borrowers a higher one

The difference = Bank's main profit

That’s where NIM (Net Interest Margin) comes in

(2/n)

NIM (Net Interest Margin)

NIM = Interest earned on loans – Interest paid on deposits

NIM Margins= (Interest earned on loans – Interest paid on deposits) ÷ Earning Total assets

Higher NIM → better profitability. Lower NIM → rising funding costs or weaker pricing power

(3/n)

Read 11 tweets

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