Polyplex Corporation Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2011 • Polyester Film: 100.0%
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Latest quarter profit grew 386.0% YoY, showing strong momentum
- Company has consistently been profitable over the last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.95x)
- Stock looks reasonably valued - P/E of 23.0 is below its historical median
- Company has a consistent dividend-paying track record
- Institutional investors have been accumulating - FII+DII up 3.1pp
CONS
- A large part of profit comes from other income (429.6% of PBT)
- Company has a low return on capital employed of 5.1%
- Company has a low return on equity of 4.4% over last 3 years
- Interest coverage is weak at 1.4x - earnings barely cover interest
- Company has delivered a poor profit growth of -45.6% over past five years
- Operating margins have contracted to 4.9% from 13.5%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SUPREMEIND | 3509.50 | 43.18 | 44580.08 | 1.03 | 280.72 | 38.76 | 2717.66 | 4.16 | 21.49 | 17.33 |
| ASTRAL | 1471.15 | 68.67 | 39522.47 | 0.27 | 120.20 | 51.77 | 1578.00 | 15.93 | 19.95 | 14.65 |
| SHAILY | 3445.35 | 89.63 | 15846.97 | 0.09 | 48.01 | 16.75 | 280.67 | 13.77 | 29.46 | 29.59 |
| GRWRHITECH | 6755.75 | 40.47 | 15695.22 | 0.18 | 132.65 | 59.78 | 633.08 | 27.90 | 18.08 | 27.17 |
| FINPIPE | 156.70 | 15.80 | 9722.87 | 1.75 | 114.52 | 16.67 | 883.58 | -15.30 | 12.73 | 12.09 |
| TIMETECHNO | 185.95 | 18.74 | 9179.15 | 0.81 | 1178.60 | 1120.71 | 16927.10 | 1151.40 | 17.37 | 13.25 |
| KINGFA | 6167.55 | 37.03 | 8357.88 | 0.00 | 80.21 | 101.58 | 688.57 | 49.06 | 30.70 | 16.12 |
| RESPONIND | 169.65 | 44.65 | 4523.01 | 0.06 | 2.74 | -94.51 | 192.87 | -43.06 | 10.76 | 12.09 |
| POLYPLEX | 1139.35 | 23.03 | 3576.70 | 0.26 | 171.07 | 386.02 | 2253.62 | 29.62 | 1.51 | 13.15 |
| PRINCEPIPE | 280.95 | 30.42 | 3106.21 | 0.36 | 337.49 | 6900.41 | 6094.18 | 949.97 | 6.20 | 12.66 |
| NILKAMAL | 2054.30 | 24.59 | 3065.53 | 0.97 | 24.40 | 59.20 | 819.73 | -7.18 | 10.76 | 9.44 |
| XPROINDIA | 1300.85 | 93.48 | 3053.15 | 0.15 | 7.63 | 239.10 | 174.42 | 20.37 | 4.00 | 9.08 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,561 | 1,572 | 1,496 | 1,679 | 1,686 | 1,739 | 1,721 | 1,740 | 1,739 | 1,794 | 1,682 | 1,871 | 2,254 | |
| 1,499 | 1,451 | 1,446 | 1,582 | 1,522 | 1,548 | 1,600 | 1,676 | 1,739 | 1,692 | 1,577 | 1,783 | 2,068 | |
| Operating Profit | 61 | 121 | 50 | 97 | 164 | 191 | 121 | 64 | -1 | 103 | 105 | 88 | 185 |
| OPM % | 3.92% | 7.67% | 3.31% | 5.75% | 9.72% | 10.98% | 7.04% | 3.67% | -0.04% | 5.72% | 6.25% | 4.71% | 8.22% |
| 12 | 24 | 45 | 17 | 26 | 100 | 107 | 18 | 30 | 23 | 27 | 62 | 25 | |
| Interest | 12 | 10 | 10 | 10 | 13 | 11 | 12 | 11 | 14 | 13 | 13 | 13 | 17 |
| Depreciation | 75 | 75 | 75 | 82 | 70 | 79 | 76 | 76 | 86 | 89 | 94 | 94 | 94 |
| Profit before Tax | -13 | 59 | 8 | 21 | 107 | 202 | 142 | -6 | -71 | 23 | 25 | 43 | 211 |
| Tax % | 19.58% | 18.40% | -101.53% | -48.46% | 9.57% | 18.75% | 25.73% | -54.19% | 15.28% | -42.80% | -18.58% | 11.58% | 18.79% |
| Net Profit | 0 | 0 | 0 | 0 | 97 | 164 | 105 | -9 | -60 | 34 | 30 | 38 | 171 |
| -0.99 | 8.90 | 1.47 | 2.68 | 17.05 | 27.97 | 18.40 | 3.22 | -6.15 | 7.87 | 4.70 | 7.90 | 29.00 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,201 | 3,572 | 4,570 | 4,487 | 4,918 | 6,624 | 7,652 | 6,307 | 6,885 | 7,086 | 7,601 | |
| 2,758 | 3,078 | 3,839 | 3,706 | 3,701 | 5,316 | 6,705 | 5,942 | 6,189 | 6,737 | 7,120 | |
| Operating Profit | 443 | 494 | 731 | 781 | 1,217 | 1,308 | 947 | 365 | 696 | 349 | 481 |
| OPM % | 13.83% | 13.83% | 16.00% | 17.40% | 24.74% | 19.74% | 12.38% | 5.79% | 10.11% | 4.93% | 6.33% |
| 177 | 44 | 164 | 131 | 59 | 128 | 95 | 60 | 95 | 88 | 137 | |
| Interest | 47 | 39 | 29 | 18 | 18 | 17 | 35 | 42 | 46 | 53 | 56 |
| Depreciation | 197 | 185 | 209 | 253 | 280 | 273 | 296 | 307 | 300 | 363 | 372 |
| Profit before Tax | 376 | 314 | 657 | 640 | 979 | 1,147 | 711 | 76 | 445 | 20 | 302 |
| Tax % | 3.92% | 9.49% | 11.13% | 22.86% | 11.91% | 15.87% | 13.40% | -13.80% | 19.68% | -100.78% | 9.89% |
| Net Profit | 361 | 284 | 584 | 494 | 862 | 965 | 616 | 86 | 358 | 41 | 272 |
| EPS | 72.44 | 49.85 | 103.18 | 88.18 | 162.57 | 181.19 | 110.97 | 12.05 | 66.64 | 14.32 | — |
| Dividend Payout % | 9.66% | 80.24% | 49.43% | 19.28% | 100.59% | 57.40% | 79.30% | 24.89% | 20.26% | 20.95% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 8%
- 5 Years:
- 8%
- 3 Years:
- -3%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 4%
- 5 Years:
- -39%
- 3 Years:
- -49%
STOCK PRICE CAGR
- 10 Years:
- 15%
- 5 Years:
- -6%
- 3 Years:
- -2%
- 1 Year:
- 9%
RETURN ON EQUITY
- 10 Years:
- 16%
- 5 Years:
- 12%
- 3 Years:
- 4%
- Last Year:
- 1%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 32 | 32 | 32 | 32 | 31 | 31 | 31 | 31 | 31 | 31 |
| Minority Interest | 885 | 1,072 | 1,235 | 1,457 | 1,755 | 2,006 | 2,286 | 2,300 | 2,458 | 2,797 |
| 2,270 | 2,516 | 2,739 | 2,997 | 3,021 | 3,284 | 3,451 | 3,479 | 3,731 | 4,208 | |
| 812 | 864 | 787 | 765 | 697 | 946 | 798 | 670 | 788 | 877 | |
| Trade Payables | 256 | 267 | 235 | 240 | 335 | 509 | 465 | 538 | 508 | 626 |
| 74 | 106 | 212 | 398 | 524 | 678 | 366 | 364 | 438 | 305 | |
| Total Liabilities | 4,329 | 4,857 | 5,240 | 5,889 | 6,363 | 7,455 | 7,398 | 7,383 | 7,954 | 8,844 |
| 2,181 | 2,215 | 2,239 | 2,821 | 2,756 | 3,149 | 3,249 | 2,998 | 3,940 | 4,222 | |
| Capital Work in Progress | 10 | 8 | 181 | 30 | 325 | 126 | 196 | 628 | 36 | 70 |
| 100 | 133 | 123 | 233 | 288 | 276 | 275 | 374 | 340 | 348 | |
| 436 | 567 | 664 | 678 | 814 | 1,309 | 1,363 | 1,346 | 1,566 | 1,712 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 971 | 1,016 | 1,125 | |
| Cash & Bank | 385 | 781 | 784 | 961 | 952 | 906 | 980 | 706 | 730 | 825 |
| 1,217 | 1,153 | 1,249 | 1,166 | 1,228 | 1,690 | 1,335 | 360 | 325 | 542 | |
| Total Assets | 4,329 | 4,857 | 5,240 | 5,889 | 6,363 | 7,455 | 7,398 | 7,383 | 7,954 | 8,844 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 461 | 334 | 628 | 819 | 1,161 | 673 | 991 | 455 | 438 | 537 | |
| Cash from Investing | -144 | -126 | -296 | -405 | -436 | 1 | -115 | -796 | -473 | -509 |
| Cash from Financing | -436 | -42 | -312 | -298 | -660 | -232 | -657 | -152 | -38 | -133 |
| -138 | 139 | -57 | 28 | 7 | 329 | 30 | -493 | -73 | -105 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Polyplex Corporation Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on September 08, 2026. Further, the company has informed the Exchange regarding voting results.
2026-09-08 - Polyplex Corporation Limited has informed the Exchange about presentation made at the 41st AGM held on September 08, 2026.
2026-09-08 - Polyplex Corporation Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 08, 2026
2026-08-17 - Polyplex Corporation Limited has informed the Exchange about Submission of Newspaper Notice regarding dispatch of Annual Report for the FY 2025-26 and Notice of 41st AGM
2026-08-14 - Polyplex Corporation Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 08, 2026 and Annual Report for the financial year 2025-26.
2026-08-13 - Polyplex Corporation Limited has informed the Exchange about Investor Presentation on the consolidated financial results for the quarter ended June 30, 2026.
2026-08-11 - Polyplex Corporation Limited has submitted to the Exchange the financial results for the quarter ended Jun 30, 2026.
2026-08-06 - Polyplex Corporation Limited has informed the Exchange about General Updates
2026-08-06 - Polyplex Corporation Limited has informed the Exchange about Newspaper Notice for information regarding 41st Annual General Meeting of the Company to be held through VC/OAVM
News
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Polyplex Corporation Ltd.
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