Solve Plastic Products Ltd
Incorporated in 1994, Solve Plastic Products Ltd manufactures Unplasticized Polyvinyl Chloride Pipes and Rigid PVC Electrical Conduits[1]
- Market Cap ₹ 8.47 Cr.
- Current Price ₹ 19.4
- High / Low ₹ 36.6 / 13.4
- Stock P/E 19.3
- Book Value ₹ 23.8
- Dividend Yield 0.00 %
- ROCE 7.89 %
- ROE 4.31 %
- Face Value ₹ 10.0
Pros
- Stock is trading at 0.81 times its book value
Cons
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 2.35% 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
Half Yearly Results
Figures in Rs. Crores
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 | 41.46 | 45.58 | |
| 39.36 | 53.50 | 56.75 | 43.43 | 45.41 | 43.52 | |
| Operating Profit | 1.23 | 1.09 | 1.96 | 2.76 | -3.95 | 2.06 |
| OPM % | 3.03% | 2.00% | 3.34% | 5.98% | -9.53% | 4.52% |
| 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: | -8% |
| TTM: | 10% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 36% |
| 3 Years: | -27% |
| TTM: | 109% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -41% |
| 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 | 7.70 | |
| Total Liabilities | 21.34 | 18.23 | 18.75 | 22.12 | 24.33 | 29.45 |
| 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 | 20.64 | |
| Total Assets | 21.34 | 18.23 | 18.75 | 22.12 | 24.33 | 29.45 |
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 | ||
| -0.11 | -0.73 | -0.68 | -1.75 | -0.84 | ||
| -2.25 | -4.57 | -1.46 | -0.11 | 6.88 | ||
| Net Cash Flow | -0.00 | -0.00 | -0.01 | -0.00 | 2.96 | |
| Free Cash Flow | 2.22 | 4.56 | 1.49 | 0.10 | -3.94 | |
| CFO/OP | 192% | 486% | 109% | 67% | 75% |
Ratios
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 45.14 | 29.95 | 25.61 | 39.91 | 38.91 | 34.83 |
| Inventory Days | 80.09 | 51.82 | 54.86 | 91.52 | 74.16 | 107.15 |
| Days Payable | 20.83 | 25.91 | 10.58 | 30.51 | 18.57 | 67.61 |
| Cash Conversion Cycle | 104.40 | 55.86 | 69.90 | 100.92 | 94.50 | 74.37 |
| Working Capital Days | 1.44 | -13.31 | -7.21 | 3.63 | 19.54 | -7.21 |
| 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 Count |
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| Number of Electricians Enrolled in Network Count |
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| Number of Electricians Meets Conducted Count |
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| Total Employee Headcount Number |
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Extracted by Screener AI
Documents
Announcements
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General Updates
30 May 2026 - Solve Plastic Products achieved ZED GOLD for Kannur and Shencotta; Bronze for Edamon and Punalur plants.
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Structural Digital Database
30 May 2026 - FY2026 compliance certificate confirms SDD in place, but some UPSI entries were delayed.
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Outcome of Board Meeting
29 May 2026 - Board approved FY26 audited results, unmodified opinion, and Rs 2.5 crore charge creation; Rs 296.41 lakh IPO funds unutilised.
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General Updates
26 May 2026 - Company entered lease and acquired a property/facility at Kannur, Kerala after board meeting.
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Press Release
22 May 2026 - Postal ballot e-voting on IPO proceeds variation runs 22 May-20 June 2026.
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.