Polyspin Exports Ltd.

•

polyspin.orgBSE: -NSE: POLYSPIN

Market Cap₹ 29 Cr.

Current Price

High / Low₹ 35 / 28

Stock P/E7.9

Book Value₹ 60

Price to Book0.43

Dividend Yield0.00 %

ROCE8.3 %

ROE6.8 %

Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • PP Woven FIBC Bags: 100.0%

AI Sector View

AI GENERATED

Capital Goods

Buy

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.

Confidence

72%

View full sector analysis →

PROS

Strong cash generation - operating cash flow backs reported profits (CFO/PAT 5.90x)
Attractively priced for its growth - PEG of 0.4

CONS

A large part of profit comes from other income (79.0% of PBT)
Company has a low return on equity of 3.1% over last 3 years
Company has a low return on capital employed of 6.4%
Interest coverage is weak at 1.8x - earnings barely cover interest
Company's sales have been declining over the last five years

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

Peer comparison

Capital GoodsPlastic ProductsPlastic Products

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

S.No.	Name
1.	SUPREMEIND	3450.15	42.45	43826.18	1.04	280.72	38.76	2717.66	4.16	21.49	17.33
2.	ASTRAL	1504.80	70.25	40426.48	0.27	120.20	51.77	1578.00	15.93	19.95	14.65
3.	GRWRHITECH	7090.70	42.47	16473.39	0.17	132.65	59.78	633.08	27.90	18.08	27.17
4.	SHAILY	3276.85	85.25	15071.95	0.09	48.01	16.75	280.67	13.77	29.46	29.59
5.	FINPIPE	158.65	16.00	9843.87	1.73	114.52	16.67	883.58	-15.30	12.73	12.09
6.	TIMETECHNO	188.40	18.99	9300.09	0.80	1178.60	1120.71	16927.10	1151.40	17.37	13.25
7.	KINGFA	5950.60	35.73	8063.88	0.00	80.21	101.58	688.57	49.06	30.70	16.12
8.	RESPONIND	155.35	40.89	4141.76	0.06	2.74	-94.51	192.87	-43.06	10.76	12.09
9.	POLYPLEX	1187.85	24.01	3728.95	0.25	171.07	386.02	2253.62	29.62	1.51	13.15
10.	NILKAMAL	2121.25	25.39	3165.44	0.94	24.40	59.20	819.73	-7.18	10.76	9.44
11.	PRINCEPIPE	282.80	30.62	3126.67	0.35	337.49	6900.41	6094.18	949.97	6.20	12.66
12.	POLYSPIN	28.59	5.05	28.59	0.00	1.50	7.21	53.14	-7.36	7.69	5.69

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
	49	53	51	49	49	62	55	60	57	59	54	56	53
	49	51	52	50	46	57	52	57	54	55	51	54	53
Operating Profit	-0	3	-2	-2	3	5	3	3	3	4	2	2	-0
OPM %	-0.51%	4.73%	-3.33%	-3.11%	5.32%	7.57%	4.82%	4.92%	5.94%	6.56%	4.48%	3.00%	-0.43%
	1	1	1	1	1	1	1	1	1	1	1	1	1
Interest	1	1	1	1	1	1	1	2	1	2	1	1	1
Depreciation	1	1	1	1	1	1	1	1	1	1	1	1	1
Profit before Tax	-1	2	-3	-2	2	3	1	1	2	2	1	1	1
Tax %	2.92%	3.33%	-3.59%	76.07%	-31.18%	74.53%	68.04%	57.43%	27.85%	8.84%	27.38%	26.47%	24.54%
Net Profit	-1	2	-3	-1	2	1	0	0	1	2	1	0	1
	-1.33	2.03	-2.60	-0.45	2.23	0.81	0.31	0.44	1.14	1.65	0.61	0.50	0.87

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
	154	181	212	166	235	277	208	202	225	226	222
	143	166	195	156	219	260	204	203	211	214	214
Operating Profit	12	15	17	10	16	17	4	-0	15	12	8
OPM %	7.72%	8.47%	7.85%	6.06%	6.77%	6.02%	2.15%	-0.18%	6.45%	5.29%	3.48%
	1	0	3	6	4	6	4	4	4	4	4
Interest	5	5	6	5	6	5	4	4	7	6	6
Depreciation	3	3	3	4	4	4	3	3	4	5	5
Profit before Tax	5	8	11	7	11	13	3	-4	7	5	4
Tax %	36.56%	34.29%	32.61%	28.65%	30.78%	32.29%	16.44%	40.30%	44.86%	20.56%	19.03%
Net Profit	3	5	7	5	7	9	2	-2	4	4	4
EPS	0.00	0.00	0.00	0.00	7.93	9.00	0.91	-2.46	3.78	3.90	—
Dividend Payout %	15.16%	9.56%	6.57%	4.56%	8.00%	6.67%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 5%
5 Years:: -1%
3 Years:: 3%

COMPOUNDED PROFIT GROWTH

10 Years:: 3%
5 Years:: -12%
3 Years:: 22%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 13%
5 Years:: 6%
3 Years:: 3%
Last Year:: 7%

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	4	4	4	4	5	5	5	5	5	5
	17	22	29	34	41	49	48	46	50	54
	45	50	56	58	76	72	66	70	82	65
Trade Payables	14	16	16	10	10	8	20	17	6	11
	14	13	15	13	15	20	15	14	16	17
Total Liabilities	95	104	120	118	148	155	155	152	158	153
	40	38	38	45	46	43	43	37	50	49
Capital Work in Progress	0	0	7	2	0	0	7	16	0	0
	1	1	1	1	1	1	1	1	1	3
	20	24	27	25	47	29	46	37	38	38
	0	0	0	0	0	0	0	30	45	35
Cash & Bank	5	5	12	13	16	22	12	9	9	17
	29	35	36	32	38	60	47	23	15	12
Total Assets	95	104	120	118	148	155	155	152	158	153

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
	9	5	18	14	-8	18	13	8	-9	32
Cash from Investing	-3	-2	-15	-10	-1	-0	-8	-8	4	-12
Cash from Financing	-1	-0	1	-3	13	-6	-12	1	5	-20
	-0	0	1	-2	2	6	-9	-0	0	-0

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 (₹)	7.92	12.55	18.27	13.17	7.50	9.00	2.14	-2.46	3.78	3.90
Book Value (₹)	53.70	64.95	82.40	94.66	45.57	54.31	53.25	51.43	54.57	59.42
Dividend per Share (₹)	1.20	1.20	1.20	0.60	0.60	0.60	0.00	0.00	0.00	0.00
Cash EPS (₹)	5.96	7.92	10.34	8.78	11.15	12.87	4.88	0.71	8.16	8.50
PROFITABILITY
Operating Margin %	8.13%	8.71%	9.19%	9.72%	8.62%	8.14%	4.25%	-0.18%	6.45%	5.29%
Net Margin %	2.04%	2.77%	3.45%	3.17%	3.19%	3.25%	1.02%	-1.22%	1.68%	1.73%
ROE %	16.21%	21.16%	24.80%	14.88%	17.98%	18.02%	3.97%	-4.70%	7.14%	6.84%
ROCE %	14.72%	17.20%	19.00%	13.08%	14.83%	14.52%	4.79%	0.29%	10.47%	8.31%
	3.46%	5.05%	6.51%	4.41%	5.64%	5.96%	1.38%	-1.60%	2.44%	2.51%
EFFICIENCY
Debtor Days	38	43	40	50	39	43	63	56	60	64
Inventory Days	45	45	44	56	56	50	66	75	61	61
Payable Days	51	52	45	49	27	21	45	59	36	25
	31	36	38	57	68	73	84	72	86	100
FINANCIAL HEALTH
Debt to Equity (x)	2.28x	2.05x	1.86x	1.62x	1.74x	1.44x	1.31x	1.46x	1.57x	1.19x
Interest Coverage (x)	2.03x	2.46x	2.93x	2.41x	2.88x	3.47x	1.72x	0.08x	1.97x	1.78x
	0.91x	0.97x	1.01x	1.05x	1.12x	1.42x	1.24x	1.17x	1.27x	1.53x
GROWTH
Revenue Growth %	13.78%	17.09%	17.24%	-21.62%	41.18%	18.05%	-24.82%	-2.89%	11.34%	0.27%
Operating Profit Growth %	14.36%	24.82%	23.67%	-17.16%	25.43%	11.30%	-60.69%	-60.12%	418.94%	-13.71%
Net Profit Growth %	8.84%	58.58%	45.55%	-27.91%	42.36%	20.02%	-76.27%	-215.18%	253.80%	3.06%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-215.18%	253.80%	3.06%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	9.51x	6.56x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.94x	0.66x	0.43x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	32.60x	6.11x	5.01x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	47.96	47.44	46.81	46.81	46.81	46.81	46.81	46.83	47.03
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DIIs	0.00	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	0.00
	52.04	52.56	53.19	53.19	53.19	53.19	53.19	53.17	52.97

Documents

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

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