Silkflex Polymers (India) Ltd.
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ABOUT
AI Sector View
AI GENERATEDOil Gas & Consumable Fuels
Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.
PROS
- Company has a good return on equity (ROE) track record: 3 Years ROE 32.2%
- Company has a healthy return on capital (ROCE) of 25.0%
- Company has delivered good sales growth of 39.6% CAGR over last 5 years
- Operating margins have improved to 20.0% from 5.9%
- Working capital cycle has improved - days down from 163 to 47
CONS
- Receivables are growing faster than sales - a possible quality concern
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.32x)
- Equity base is being diluted - shares outstanding up 364.3%
- Free cash flow has been persistently negative
- Total debt has risen sharply - up 72.2% year on year
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIENT | 2894.80 | 52.64 | 391875.62 | 0.04 | -1461.54 | -249.67 | 32923.98 | 49.92 | 13.30 | 15.57 |
| PREMIERENE | 999.50 | 27.25 | 45372.45 | 0.10 | 471.92 | 53.32 | 2462.59 | 35.25 | 33.72 | 29.03 |
| CPPLUS | 3715.75 | 92.10 | 43957.48 | 0.04 | 142.20 | 332.51 | 1402.42 | 89.51 | 29.48 | 14.52 |
| AEGISLOG | 1242.80 | 34.86 | 43622.28 | 0.70 | 544.84 | 210.70 | 2356.86 | 37.07 | 19.76 | 30.28 |
| REDINGTON | 363.00 | 16.68 | 28378.41 | 1.65 | 453.49 | 94.65 | 34922.47 | 34.57 | 18.96 | 2.03 |
| HONASA | 470.45 | 61.63 | 15337.81 | 0.64 | 90.45 | 118.87 | 755.95 | 27.00 | 8.99 | 14.58 |
| LLOYDSENT | 70.95 | 96.45 | 10830.89 | 0.21 | 109.98 | -55.77 | 563.03 | 70.15 | 12.84 | 18.07 |
| SGMART | 825.65 | 83.70 | 10406.10 | 0.00 | 455.80 | 1310.71 | 13085.70 | 1044.08 | 10.43 | 4.49 |
| MMTC | 62.14 | 20.84 | 9321.00 | 0.00 | 104.24 | 135.52 | 0.68 | -50.00 | 33.46 | -1423.53 |
| ENTERO | 1799.70 | 62.46 | 7832.85 | 0.00 | 52.05 | 72.17 | 1940.50 | 38.23 | 10.93 | 5.00 |
| CELLO | 346.70 | 24.48 | 7658.08 | 0.43 | 73.40 | -8.99 | 526.72 | -0.43 | 17.15 | 18.80 |
| SILKFLEX | 261.55 | 24.98 | 303.58 | 0.00 | 4.66 | — | 39.07 | — | 22.77 | 23.06 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Dec 2024 | Mar 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|
| 32 | 13 | 34 | 39 | |
| 29 | 10 | 26 | 30 | |
| Operating Profit | 3 | 3 | 7 | 9 |
| OPM % | 9.71% | 21.26% | 21.20% | 23.06% |
| Other Income | 0 | 0 | 0 | 0 |
| Interest | 1 | 1 | 1 | 2 |
| Depreciation | 0 | 0 | 1 | 1 |
| 2 | 2 | 6 | 6 | |
| Tax % | 24.90% | 32.20% | 26.18% | 25.36% |
| Net Profit | 2 | 1 | 4 | 5 |
| 2 | 1 | 4 | 4 | |
| Equity Capital | 12 | 12 | 12 | 12 |
| Reserves | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|
| 21 | 28 | 44 | 50 | 80 | 110 | 117 | |
| 19 | 26 | 42 | 43 | 68 | 88 | 95 | |
| Operating Profit | 1 | 2 | 3 | 7 | 12 | 23 | — |
| OPM % | 7 | 7 | 6 | 15 | 15 | 20 | — |
| Other Income | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Interest | 1 | 1 | 1 | 2 | 3 | 4 | 4 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 2 | 2 |
| 1 | 1 | 1 | 5 | 9 | 16 | 16 | |
| Tax % | 25 | 26 | 25 | 25 | 26 | 26 | 26 |
| Net Profit | 0 | 1 | 1 | 4 | 7 | 12 | 12 |
| EPS | 2 | 3 | 3 | 5 | 6 | 10 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 1 | 1 | 1 | 5 | 6 | 10 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 40%
- 3 Years:
- 35%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 93%
- 3 Years:
- 145%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- 243%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 24%
- 3 Years:
- 32%
- Last Year:
- 29%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - |
| Equity Capital | 2 | 2 | 2 | 8 | 12 | 12 |
| 3 | 5 | 6 | 4 | 24 | 36 | |
| 2 | 8 | 11 | 14 | 19 | 20 | |
| Trade Payables | 1 | 1 | 1 | 8 | 6 | 15 |
| 5 | 4 | 3 | 4 | 22 | 50 | |
| Total Liabilities | 13 | 20 | 24 | 38 | 83 | 132 |
| ASSETS | - | - | - | - | - | - |
| 1 | 3 | 4 | 11 | 16 | 66 | |
| Capital Work in Progress | 1 | 0 | 0 | 1 | 1 | 6 |
| 2 | 1 | 1 | 0 | 0 | 0 | |
| 5 | 11 | 15 | 16 | 30 | 29 | |
| 0 | 0 | 0 | 6 | 10 | 20 | |
| Cash & Bank | 0 | 0 | 0 | 0 | 0 | 4 |
| 4 | 4 | 4 | 4 | 25 | 6 | |
| Total Assets | 13 | 20 | 24 | 38 | 83 | 132 |
| Total Debt | 6 | 10 | 14 | 15 | 36 | 62 |
| Net Working Capital | 5 | 5 | 5 | 1 | 36 | 14 |
| Contingent Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Book Value per Share | 24.99 | 29.52 | 33.32 | 15.09 | 30.68 | 40.96 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| -0 | -4 | -1 | 9 | -30 | 29 | |
| Cash from Investing | -1 | -0 | -1 | -9 | -5 | -49 |
| Cash from Financing | 2 | 5 | 2 | 0 | 35 | 22 |
| -0 | -0 | -0 | 0 | 0 | 2 | |
| Free Cash Flow | -0 | -5 | -2 | -0 | -35 | -28 |
| OCF / Net Profit | -0.38 | -6.25 | -1.15 | 2.18 | -4.32 | 2.40 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 0 | -71 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| PER SHARE | ||||||
| EPS (₹) | 2.21 | 2.74 | 3.32 | 4.84 | 6.03 | 10.47 |
| Book Value (₹) | 24.99 | 29.52 | 33.32 | 15.09 | 30.68 | 40.96 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 0.76 | 1.10 | 1.51 | 5.43 | 6.36 | 12.09 |
| PROFITABILITY | ||||||
| Operating Margin % | 7.06% | 6.69% | 5.88% | 14.27% | 14.95% | 19.96% |
| Net Margin % | 2.19% | 2.47% | 1.87% | 7.82% | 8.73% | 11.03% |
| ROE % | 8.83% | 10.96% | 10.57% | 38.16% | 29.24% | 29.23% |
| ROCE % | 12.53% | 11.58% | 11.25% | 28.14% | 24.08% | 22.77% |
| 3.46% | 4.19% | 3.83% | 12.67% | 11.58% | 11.34% | |
| EFFICIENCY | ||||||
| Debtor Days | 49 | 33 | 18 | 29 | 36 | 49 |
| Inventory Days | 92 | 108 | 106 | 112 | 106 | 99 |
| Payable Days | 13 | 10 | 9 | 47 | 44 | 48 |
| 128 | 130 | 115 | 94 | 98 | 100 | |
| FINANCIAL HEALTH | ||||||
| Debt to Equity (x) | 1.19x | 1.35x | 1.63x | 1.24x | 1.02x | 1.31x |
| Interest Coverage (x) | 1.75x | 2.26x | 2.01x | 4.11x | 4.68x | 4.72x |
| 2.31x | 1.46x | 1.37x | 1.04x | 2.28x | 1.31x | |
| GROWTH | ||||||
| Revenue Growth % | 0.00% | 34.08% | 59.20% | 13.49% | 59.44% | 37.49% |
| Operating Profit Growth % | 0.00% | 27.12% | 39.85% | 185.00% | 66.28% | 82.83% |
| Net Profit Growth % | 0.00% | 51.25% | 21.04% | 373.28% | 78.17% | 73.61% |
| 0.00% | 0.00% | 0.00% | 45.62% | 24.72% | 73.61% | |
| VALUATION | ||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 12.73x | 9.88x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 2.50x | 2.52x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 3.13x | 10.16x | 7.91x |
Documents
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