Plastiblends India Ltd.

•

plastiblends.comBSE: 523648NSE: PLASTIBLEN

Market Cap₹ 492 Cr.

Current Price

High / Low₹ 216 / 121

Stock P/E11.5

Book Value₹ 179

Price to Book0.70

Dividend Yield1.58 %

ROCE11.4 %

ROE8.4 %

Face Value₹ 5

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ABOUT

AI Sector View

AI GENERATED

Chemicals

Hold

The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.

Confidence

55%

View full sector analysis →

PROS

Company is almost debt free
Latest quarter profit grew 67.6% YoY, showing strong momentum
Company comfortably covers its interest (23.8x coverage)
Company has a consistent dividend-paying track record
Company generates healthy free cash flow
Stock looks reasonably valued - P/E of 11.5 is below its historical median

CONS

A large part of profit comes from other income (27.4% of PBT)
Company has a low return on equity of 8.3% over last 3 years
Company has a low return on capital employed of 11.4%
Receivables are growing faster than sales - a possible quality concern
Company has delivered a poor profit growth of -0.4% over past five years
Company has delivered a poor sales growth of 6.4% over past five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ChemicalsChemicalsChemicals

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	SOLARINDS	21410.70	97.29	193745.54	0.05	666.37	88.98	3668.20	70.26	38.16	27.91
2.	PIDILITIND	1632.00	62.71	166117.97	1.32	8835.10	1202.86	45515.50	1112.74	32.38	26.28
3.	SRF	2605.00	35.72	77218.67	0.35	758.87	75.53	5033.26	34.63	14.21	24.57
4.	FLUOROCHEM	4691.60	83.80	51537.23	0.06	219.00	19.02	1588.00	23.97	9.58	26.83
5.	NAVINFLUOR	8697.20	56.51	44623.69	0.17	243.31	107.67	1045.08	44.07	21.39	34.17
6.	GODREJIND	1155.90	33.12	38936.61	0.00	523.36	-27.85	5448.09	22.16	10.64	12.82
7.	DEEPAKNTR	1727.25	30.08	23558.49	0.43	345.01	207.36	2577.60	36.39	11.58	20.96
8.	AETHER	1656.35	93.47	21984.38	0.00	62.75	33.45	326.56	27.49	11.65	31.47
9.	ATUL	6465.50	23.93	19035.57	0.46	253.93	91.85	1847.95	25.03	15.05	21.41
10.	AARTIIND	501.75	34.27	18199.81	0.20	155.00	260.47	2387.00	42.42	6.95	16.00
11.	DEEPAKFERT	1356.30	17.46	17179.29	0.74	490.04	100.95	3256.26	22.47	12.12	25.96
12.	PLASTIBLEN	189.35	11.52	492.11	1.58	14.95	67.61	221.61	11.01	11.37	9.92

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	196	210	197	199	212	185	184	199	200	193	186	211	222
	183	196	186	183	195	176	173	185	186	182	176	192	204
Operating Profit	13	14	11	16	16	10	11	14	13	11	10	19	18
OPM %	6.71%	6.86%	5.69%	7.93%	7.71%	5.28%	6.20%	7.26%	6.75%	5.64%	5.20%	9.02%	8.06%
	1	3	2	2	2	3	2	2	3	4	3	4	2
Interest	0	0	0	0	0	0	0	0	0	1	1	1	0
Depreciation	4	4	4	4	4	4	4	4	4	4	4	4	4
Profit before Tax	10	13	9	14	15	8	9	13	12	10	9	18	20
Tax %	27.03%	25.43%	26.61%	22.75%	25.74%	23.88%	27.38%	25.12%	24.98%	25.67%	24.80%	24.34%	26.09%
Net Profit	8	10	7	11	11	6	7	10	9	7	6	14	15
	2.94	3.67	2.54	4.13	4.17	2.43	2.58	3.68	3.43	2.86	2.49	5.33	5.75

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	545	568	627	606	577	718	769	802	780	789	811
	482	513	567	538	509	655	720	749	729	736	753
Operating Profit	63	55	60	67	69	62	48	53	52	53	57
OPM %	11.60%	9.66%	9.62%	11.13%	11.86%	8.67%	6.31%	6.63%	6.62%	6.68%	7.08%
	2	2	1	3	4	6	7	10	10	13	13
Interest	8	8	8	2	3	3	2	1	1	2	2
Depreciation	11	12	12	17	16	16	16	15	15	15	15
Profit before Tax	46	38	42	52	53	49	36	46	45	49	57
Tax %	29.61%	28.11%	25.09%	27.86%	29.79%	25.07%	26.41%	25.21%	25.55%	24.84%	25.26%
Net Profit	33	27	31	37	37	37	27	35	33	37	43
EPS	0.00	0.00	0.00	0.00	14.37	14.12	10.33	13.28	12.87	14.12	—
Dividend Payout %	9.93%	23.79%	22.93%	26.22%	27.84%	28.33%	38.72%	31.99%	19.43%	21.25%	—

COMPOUNDED SALES GROWTH

10 Years:: 4%
5 Years:: 6%
3 Years:: 1%

COMPOUNDED PROFIT GROWTH

10 Years:: 0%
5 Years:: 0%
3 Years:: 11%

STOCK PRICE CAGR

10 Years:: -1%
5 Years:: -6%
3 Years:: -7%
1 Year:: -3%

RETURN ON EQUITY

10 Years:: 11%
5 Years:: 8%
3 Years:: 8%
Last Year:: 8%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	6	13	13	13	13	13	13	13	13	13
	217	235	256	268	317	368	382	392	415	436
	109	123	89	59	48	59	18	15	12	31
Trade Payables	36	41	16	20	26	24	28	23	28	33
	29	30	40	50	49	54	44	39	39	44
Total Liabilities	399	441	414	409	453	518	484	482	507	558
	169	176	173	178	177	187	179	174	168	178
Capital Work in Progress	0	1	0	3	9	2	0	1	3	6
	10	11	8	6	24	51	67	71	56	56
	71	98	80	99	124	136	122	126	139	154
	0	0	0	0	0	0	0	88	111	130
Cash & Bank	2	2	2	1	3	2	3	3	6	6
	146	155	151	122	116	140	114	20	23	29
Total Assets	399	441	414	409	453	518	484	482	507	558

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	36	27	75	88	58	27	83	38	9	21
Cash from Investing	-25	-17	-8	-20	-27	-5	-26	-27	6	-33
Cash from Financing	-0	3	-51	-55	-19	-12	-45	-11	-12	-8
	-0	0	-1	-1	1	-1	1	-0	3	-20

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	25.17	10.51	11.99	14.30	14.37	14.12	10.33	13.28	12.87	14.12
Book Value (₹)	172.05	95.42	103.39	108.08	127.02	146.78	151.99	155.99	164.51	172.78
Dividend per Share (₹)	2.50	2.50	2.75	3.75	4.00	4.00	4.00	4.25	2.50	3.00
Cash EPS (₹)	16.71	14.99	16.51	20.86	20.48	20.31	16.66	19.21	18.73	19.92
PROFITABILITY
Operating Margin %	10.99%	9.87%	9.81%	11.64%	12.38%	9.42%	7.10%	6.56%	6.55%	6.61%
Net Margin %	5.52%	4.71%	4.97%	6.14%	6.41%	5.07%	3.46%	4.26%	4.24%	4.60%
ROE %	16.04%	11.59%	12.06%	13.53%	12.22%	10.31%	6.92%	8.63%	8.03%	8.37%
ROCE %	18.73%	13.66%	14.22%	15.83%	16.26%	13.40%	9.53%	11.85%	11.08%	11.37%
	8.61%	6.50%	7.29%	9.04%	8.67%	7.56%	5.36%	7.14%	6.76%	6.89%
EFFICIENCY
Debtor Days	67	73	74	70	61	54	50	40	46	55
Inventory Days	39	53	52	54	70	66	61	56	61	67
Payable Days	40	33	22	15	21	17	16	15	16	19
	66	92	104	109	110	102	94	81	91	103
FINANCIAL HEALTH
Debt to Equity (x)	0.41x	0.42x	0.29x	0.17x	0.10x	0.09x	0.00x	0.00x	0.00x	0.04x
Interest Coverage (x)	6.82x	5.99x	6.11x	27.36x	18.63x	16.81x	18.24x	35.56x	36.51x	23.78x
	2.07x	1.84x	2.40x	2.52x	2.69x	3.02x	4.81x	5.87x	6.02x	4.23x
GROWTH
Revenue Growth %	4.89%	4.14%	10.40%	-3.35%	-4.71%	24.30%	7.09%	4.38%	-2.71%	1.05%
Operating Profit Growth %	5.70%	-12.13%	7.38%	14.73%	2.18%	-5.43%	-19.26%	14.28%	-2.36%	7.56%
Net Profit Growth %	-13.18%	-16.48%	14.10%	19.28%	0.46%	-1.74%	-26.83%	28.58%	-3.14%	9.71%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	28.58%	-3.14%	9.71%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	17.38x	14.03x	8.60x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.48x	1.10x	0.70x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.84%	1.39%	2.47%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	9.51x	7.55x	5.00x

Shareholding Pattern

Numbers in percentages

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	64.38	63.07	63.07	62.85	62.81	62.81	62.81	62.81
	0.65	0.64	0.69	0.53	0.24	0.24	0.24	0.25
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	34.96	36.29	36.24	36.61	36.94	36.95	36.95	36.94

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-02

Updates

2026-09-02 - Plastiblends India Limited has informed the Exchange regarding 'Audio Recording of 35th Annual General Meeting'.

2026-08-26

Shareholders meeting

2026-08-26 - Plastiblends India Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 24, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-24

Shareholders meeting

2026-08-24 - Plastiblends India Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 24, 2026

2026-08-04

Copy of Newspaper Publication

2026-08-04 - Plastiblends India Limited has informed the Exchange about Copy of Newspaper Publication post dispatch informing about 35th Annual General Meeting and e-voting

2026-07-31

Record Date

2026-07-31 - Plastiblends India Limited has informed the Exchange that Record date for the purpose of Dividend is 17-Aug-2026.

2026-07-31

Shareholders meeting

2026-07-31 - Plastiblends India Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on August 24, 2026

2026-07-29

Copy of Newspaper Publication

2026-07-29 - Plastiblends India Limited has informed the Exchange about Copy of Newspaper Publication informing about 35th Annual General Meeting of the Company

2026-07-29

Disclosure under SEBI Takeover Regulations

2026-07-29 - Varun S. Kabra has Submitted to the Exchange a copy of Disclosure under Regulation 10 (5) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

2026-07-13

Outcome of Board Meeting

2026-07-13 - Plastiblends India Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

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