OK Play India Ltd
BSE:526415
OK Play India Ltd
OK Play India Ltd. engages in the manufacture and sale of plastic molded products. The company is headquartered in New Delhi, Delhi. The firm is engaged in the manufacturing of plastic molded toys, school furniture, playground equipment, infrastructure and automotive products, point-of-purchase products, and e-vehicles. The Company’s products offering includes toy, including Ride-Ons, Games, Vehicles and Sports; indoor, including Easels, Funstations, Rockers, See Saw, Slides and Swings; outdoor, including Stand Alone Series, The Dinosaur Collection, The Nature Collection, The Castle Collection, The Robot Collection and Gym Equipment; and school furniture, including Collaborative Series, Wooden Series, Plastic Series and Cute Chair Series. The Company’s subsidiaries include OK Play Auto Private Limited, RMRS Electric Vehicles Private Limited and OK Play Healthcare Private Limited.
OK Play India Ltd. engages in the manufacture and sale of plastic molded products. The company is headquartered in New Delhi, Delhi. The firm is engaged in the manufacturing of plastic molded toys, school furniture, playground equipment, infrastructure and automotive products, point-of-purchase products, and e-vehicles. The Company’s products offering includes toy, including Ride-Ons, Games, Vehicles and Sports; indoor, including Easels, Funstations, Rockers, See Saw, Slides and Swings; outdoor, including Stand Alone Series, The Dinosaur Collection, The Nature Collection, The Castle Collection, The Robot Collection and Gym Equipment; and school furniture, including Collaborative Series, Wooden Series, Plastic Series and Cute Chair Series. The Company’s subsidiaries include OK Play Auto Private Limited, RMRS Electric Vehicles Private Limited and OK Play Healthcare Private Limited.
Revenue: Q4 FY25 revenue was approximately INR 58 crores, down 3% year-on-year.
Toys Growth: The toys segment grew 40% YoY in Q4, reaching INR 28 crores, and is seen as a central future growth driver.
Automotive Weakness: Automotive component revenue declined 25% YoY in Q4 to INR 30 crores, mirroring weakness in the commercial vehicle market.
Capacity Expansion: Phase 1 toy plant operating at over INR 9 crores/month; full capacity is INR 14–15 crores/month. Phase 2 with INR 100 crore investment to begin in H2 FY26.
Export Opportunity: US tariffs on Chinese toys (145%) vs. India (10%) seen as a major export growth catalyst, especially for Phase 2.
Air Purification: Exclusive 10-year licensing agreement with MANN+HUMMEL for air purifier manufacturing and distribution in India; commercial launch expected in FY25.
Profitability: Blended EBITDA margin in Q4 was about 20%; management guides for 20–22% margins going forward.
Funding: Ongoing preferential allotment; future CapEx likely funded through a mix of equity and debt, but with caution to keep leverage low.
