Solve Plastic Products Ltd
Incorporated in 1994, Solve Plastic Products Ltd manufactures Unplasticized Polyvinyl Chloride Pipes and Rigid PVC Electrical Conduits[1]
- Market Cap ₹ 12.2 Cr.
- Current Price ₹ 28.0
- High / Low ₹ 50.9 / 25.0
- Stock P/E
- Book Value ₹ 23.8
- Dividend Yield 0.00 %
- ROCE -24.7 %
- ROE -66.7 %
- Face Value ₹ 10.0
Pros
- Stock is trading at 1.17 times its book value
Cons
- Company has low interest coverage ratio.
- Company has a low return on equity of -19.0% 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
Half Yearly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|
| 40.59 | 54.59 | 58.71 | 46.19 | 41.46 | 43.21 | |
| 39.36 | 53.50 | 56.75 | 43.43 | 45.41 | 45.06 | |
| Operating Profit | 1.23 | 1.09 | 1.96 | 2.76 | -3.95 | -1.85 |
| OPM % | 3.03% | 2.00% | 3.34% | 5.98% | -9.53% | -4.28% |
| 0.66 | 0.71 | 1.48 | 0.97 | 0.38 | 0.59 | |
| Interest | 1.67 | 1.43 | 1.38 | 1.51 | 0.99 | 0.88 |
| Depreciation | 1.18 | 0.90 | 0.83 | 0.77 | 0.95 | 0.97 |
| Profit before tax | -0.96 | -0.53 | 1.23 | 1.45 | -5.51 | -3.11 |
| Tax % | -84.38% | -22.64% | 2.44% | 1.38% | -13.25% | |
| -0.15 | -0.41 | 1.20 | 1.42 | -4.79 | -2.42 | |
| EPS in Rs | -0.49 | -1.35 | 3.95 | 4.63 | -10.97 | -5.54 |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | -9% |
| TTM: | 1% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | -144% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -38% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | -19% |
| Last Year: | -67% |
Balance Sheet
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|
| 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 | 6.03 |
| 15.44 | 12.30 | 12.22 | 12.41 | 9.86 | 10.85 | |
| 4.76 | 5.20 | 4.60 | 5.32 | 4.49 | 7.51 | |
| Total Liabilities | 21.34 | 18.23 | 18.75 | 22.12 | 24.33 | 28.76 |
| 5.52 | 5.28 | 5.14 | 5.26 | 5.96 | 5.94 | |
| CWIP | 0.00 | 0.00 | 0.00 | 0.89 | 0.11 | 2.06 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 15.82 | 12.95 | 13.61 | 15.97 | 18.26 | 20.76 | |
| Total Assets | 21.34 | 18.23 | 18.75 | 22.12 | 24.33 | 28.76 |
Cash Flows
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 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 |
Ratios
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Debtor Days | 45.14 | 29.95 | 25.61 | 39.91 | 38.91 |
| Inventory Days | 80.09 | 51.82 | 54.86 | 91.52 | 74.16 |
| Days Payable | 20.83 | 25.91 | 10.58 | 30.51 | 18.57 |
| Cash Conversion Cycle | 104.40 | 55.86 | 69.90 | 100.92 | 94.50 |
| Working Capital Days | 1.44 | -13.31 | -7.21 | 3.63 | 19.54 |
| ROCE % | 6.08% | 18.84% | 19.13% | -24.67% |
Documents
Announcements
-
Outcome of Board Meeting
14 November 2025 - H1 FY26: Revenue ₹2,182.59 lakh, PAT ₹41.82 lakh; results approved Nov 14, 2025.
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Structural Digital Database
5 November 2025 - SDD updated for UPSI: CFO appointment and six directors' resignations, shared 27/08/2025.
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Integrated Filing- Governance
28 October 2025 - Quarterly investor complaints report (01/07/2025–30/09/2025): no complaints received or pending.
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Certificate under SEBI (Depositories and Participants) Regulations, 2018
22 October 2025 - Solve Plastic Products Ltd submitted RTA certificate under SEBI Reg 74(5) for quarter ended 30 Sep 2025.
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Structural Digital Database
15 October 2025 - Compliance certificate: SDD maintained; one UPSI captured for FY ended 31-03-2025.
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.