Solve Plastic Products Ltd

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Solve Plastic Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents
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Solve Plastic Products Ltd

₹ 16.6 4.72%
03 Nov - close price
balcopipes.com NSE - SME: BALCO
About

Incorporated in 1994, Solve Plastic Products Ltd manufactures Unplasticized Polyvinyl Chloride Pipes and Rigid PVC Electrical Conduits[1]

Key Points

Business Overview:[1][2]
SPPL is Kerala’s first ISI-certified manufacturer of Rigid PVC Electric Conduits. It has also received ISO 9001:2015, and Zero Effect Zero Defect (ZED) GOLD Certification
by the Ministry of MSME, Govt. of India, in Nov 2024, making it one of only 6 companies in India to attain the ZED Gold. The company manufactures uPVC pipes, fittings, tanks, garden and suction hoses, CPVC systems, etc., for residential, commercial, and industrial use,
under the brand of BALCO.

Website NSE - SM
  • Market Cap ₹ 7.27 Cr.
  • Current Price ₹ 16.6
  • High / Low ₹ 28.2 / 13.4
  • Stock P/E 16.5
  • Book Value ₹ 23.8
  • Dividend Yield 0.00 %
  • ROCE 7.89 %
  • ROE 4.31 %
  • Face Value ₹ 10.0
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Pros

  • Stock is trading at 0.70 times its book value

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 1.92% over past five years.
  • Company has a low return on equity of -14.3% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Industrial Products Plastic Products - Industrial

Part of Nifty SME Emerge

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Half Yearly Results

Figures in Rs. Crores

Sep 2023 Mar 2024 Sep 2024 Mar 2025 Sep 2025 Mar 2026
23.58 22.61 20.08 21.38 21.83 23.76
22.65 20.78 20.94 24.46 20.60 22.93
Operating Profit 0.93 1.83 -0.86 -3.08 1.23 0.83
OPM % 3.94% 8.09% -4.28% -14.41% 5.63% 3.49%
0.49 0.48 0.20 0.17 0.42 0.11
Interest 0.77 0.74 0.64 0.35 0.53 0.51
Depreciation 0.36 0.41 0.45 0.50 0.47 0.49
Profit before tax 0.29 1.16 -1.75 -3.76 0.65 -0.06
Tax % -62.07% 17.24% 11.43% -24.47% 36.92% -133.33%
0.47 0.96 -1.95 -2.84 0.42 0.02
EPS in Rs 1.53 3.13 -4.46 -6.50 0.96 0.05
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
40.59 54.59 58.71 46.19 39.86 44.65
39.36 53.50 56.75 43.43 43.81 42.59
Operating Profit 1.23 1.09 1.96 2.76 -3.95 2.06
OPM % 3.03% 2.00% 3.34% 5.98% -9.91% 4.61%
0.66 0.71 1.48 0.97 0.38 0.54
Interest 1.67 1.43 1.38 1.51 0.99 1.05
Depreciation 1.18 0.90 0.83 0.77 0.95 0.96
Profit before tax -0.96 -0.53 1.23 1.45 -5.51 0.59
Tax % -84.38% -22.64% 2.44% 1.38% -13.25% 27.12%
-0.15 -0.41 1.20 1.42 -4.79 0.44
EPS in Rs -0.49 -1.35 3.95 4.63 -10.97 1.01
Dividend Payout % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Compounded Sales Growth
10 Years: %
5 Years: 2%
3 Years: -9%
TTM: 12%
Compounded Profit Growth
10 Years: %
5 Years: 36%
3 Years: -27%
TTM: 109%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: -37%
Return on Equity
10 Years: %
5 Years: -10%
3 Years: -14%
Last Year: 4%

Balance Sheet

Figures in Rs. Crores

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 3.04 3.04 3.04 3.07 4.37 4.37
Reserves -1.90 -2.31 -1.11 1.32 5.61 6.05
15.44 12.30 12.22 12.41 9.86 11.33
4.76 5.20 4.60 5.32 4.49 7.71
Total Liabilities 21.34 18.23 18.75 22.12 24.33 29.46
5.52 5.28 5.14 5.26 5.96 5.73
CWIP 0.00 0.00 0.00 0.89 0.11 3.08
Investments 0.00 0.00 0.00 0.00 0.00 0.00
15.82 12.95 13.61 15.97 18.26 20.65
Total Assets 21.34 18.23 18.75 22.12 24.33 29.46

Cash Flows

Figures in Rs. Crores

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
2.36 5.30 2.14 1.86 -3.08 3.23
-0.11 -0.73 -0.68 -1.75 -0.84 -3.66
-2.25 -4.57 -1.46 -0.11 6.88 0.45
Net Cash Flow 0.00 0.00 -0.01 0.00 2.96 0.02
Free Cash Flow 2.22 4.56 1.49 0.10 -3.94 -0.47
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit 192% 486% 109% 67% 78% 157%

Ratios

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 45.14 29.95 25.61 39.91 40.47 35.56
Inventory Days 80.09 51.82 54.86 91.52 72.47 107.15
Days Payable 20.83 25.91 10.58 30.51 18.15 67.61
Cash Conversion Cycle 104.40 55.86 69.90 100.92 94.80 75.09
Working Capital Days 1.44 -13.31 -7.21 3.63 20.33 -7.36
ROCE % 6.08% 18.84% 19.13% -24.67% 7.89%

Insights

In beta
Mar 1991 Mar 2008 Mar 2010 Mar 2018 Mar 2024 Mar 2025
Number of Manufacturing Units
units

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Number of Shareholders
shareholders
Electricians Enrolled in Royal Electricians Group
electricians
Electricians' Meets Conducted
meets
Number of Employees
employees
Number of Product Categories
categories

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Shareholding Pattern

Numbers in percentages

Sep 2024Mar 2025Sep 2025Mar 2026Jun 2026Sep 2026
63.33% 63.33% 63.33% 63.35% 63.35% 63.35%
36.67% 36.67% 36.67% 36.65% 36.65% 36.65%
No. of Shareholders 781677617581573565

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