Polyplex Corporation Ltd
Polyplex Corporation is engaged in manufacturing of BOPP, Blown PP/PE and CPP films used in the flexible packaging industry and in industrial usages like release liners, tapes, labels etc. They have 35 Years Of Experience in Plastic Films. They have 7 Manufacturing Facilities In 5 Countries with Multiple Warehouses & Liaison Offices Worldwide. [1]
- Market Cap ₹ 2,493 Cr.
- Current Price ₹ 794
- High / Low ₹ 1,398 / 740
- Stock P/E 37.1
- Book Value ₹ 235
- Dividend Yield 1.70 %
- ROCE 13.7 %
- ROE 11.2 %
- Face Value ₹ 10.0
Pros
- Company has a good return on equity (ROE) track record: 3 Years ROE 17.4%
Cons
- The company has delivered a poor sales growth of 4.19% over past five years.
- Promoter holding is low: 26.7%
- Earnings include an other income of Rs.57.4 Cr.
- Promoter holding has decreased over last 3 years: -24.2%
* 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 Packaging
Part of BSE Allcap BSE Industrials
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,119 | 1,052 | 968 | 944 | 1,089 | 1,348 | 1,273 | 1,299 | 1,785 | 1,648 | 1,414 | 1,563 | 1,478 | |
| 1,024 | 953 | 879 | 867 | 1,010 | 1,202 | 1,123 | 1,078 | 1,514 | 1,535 | 1,415 | 1,453 | 1,396 | |
| Operating Profit | 94 | 99 | 89 | 77 | 79 | 145 | 150 | 221 | 271 | 113 | -2 | 110 | 82 |
| OPM % | 8% | 9% | 9% | 8% | 7% | 11% | 12% | 17% | 15% | 7% | -0% | 7% | 6% |
| 23 | 17 | 8 | 50 | 64 | 192 | 220 | 339 | 337 | 257 | 37 | 49 | 57 | |
| Interest | 20 | 16 | 8 | 19 | 16 | 5 | 3 | 3 | 2 | 1 | 3 | 10 | 10 |
| Depreciation | 73 | 77 | 65 | 53 | 48 | 45 | 55 | 57 | 51 | 48 | 46 | 47 | 47 |
| Profit before tax | 24 | 23 | 25 | 55 | 79 | 287 | 313 | 499 | 555 | 321 | -14 | 101 | 82 |
| Tax % | -38% | 13% | -8% | 17% | 26% | 21% | 27% | 9% | 11% | 8% | -33% | 24% | |
| 33 | 20 | 27 | 46 | 59 | 228 | 230 | 453 | 491 | 295 | -9 | 77 | 67 | |
| EPS in Rs | 10.20 | 6.23 | 8.43 | 14.29 | 18.42 | 71.31 | 71.85 | 144.43 | 156.55 | 93.85 | -2.88 | 24.56 | 21.41 |
| Dividend Payout % | 20% | 41% | 36% | 50% | 221% | 73% | 24% | 116% | 68% | 95% | -106% | 56% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 4% |
| 5 Years: | 4% |
| 3 Years: | -4% |
| TTM: | -5% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 14% |
| 5 Years: | -20% |
| 3 Years: | -46% |
| TTM: | 131% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 15% |
| 5 Years: | -2% |
| 3 Years: | -13% |
| 1 Year: | -36% |
| Return on Equity | |
|---|---|
| 10 Years: | 33% |
| 5 Years: | 39% |
| 3 Years: | 17% |
| Last Year: | 11% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 33 | 33 | 33 | 33 | 33 | 33 | 33 | 32 | 32 | 32 | 32 | 32 | 32 |
| Reserves | 368 | 381 | 398 | 408 | 439 | 523 | 584 | 525 | 700 | 662 | 637 | 681 | 705 |
| 412 | 323 | 179 | 205 | 218 | 218 | 167 | 161 | 88 | 26 | 111 | 128 | 162 | |
| 57 | 55 | 66 | 41 | 60 | 70 | 76 | 111 | 90 | 70 | 65 | 78 | 119 | |
| Total Liabilities | 870 | 791 | 677 | 687 | 750 | 843 | 859 | 829 | 910 | 791 | 845 | 920 | 1,018 |
| 493 | 462 | 416 | 353 | 319 | 330 | 360 | 327 | 314 | 293 | 286 | 261 | 270 | |
| CWIP | 30 | 1 | 2 | 0 | 2 | 4 | 5 | 5 | 7 | 10 | 2 | 15 | 29 |
| Investments | 25 | 35 | 20 | 47 | 47 | 55 | 119 | 49 | 82 | 47 | 49 | 82 | 84 |
| 322 | 294 | 239 | 287 | 381 | 454 | 374 | 447 | 507 | 441 | 508 | 562 | 636 | |
| Total Assets | 870 | 791 | 677 | 687 | 750 | 843 | 859 | 829 | 910 | 791 | 845 | 920 | 1,018 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 64 | 138 | 144 | 16 | 12 | 33 | 155 | 157 | 142 | 158 | -44 | 112 | |
| -31 | -43 | 9 | -25 | 22 | 111 | 68 | 351 | 271 | 225 | -8 | -89 | |
| -38 | -91 | -157 | 6 | -33 | -144 | -221 | -498 | -410 | -386 | 56 | -24 | |
| Net Cash Flow | -5 | 5 | -5 | -3 | 1 | -0 | 2 | 10 | 2 | -2 | 4 | -1 |
| Free Cash Flow | 23 | 96 | 116 | -2 | -15 | -21 | 86 | 126 | 110 | 120 | -77 | 22 |
| CFO/OP | 73% | 144% | 170% | 38% | 35% | 65% | 142% | 91% | 77% | 165% | 2,371% | 118% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 35 | 36 | 24 | 32 | 39 | 47 | 41 | 40 | 40 | 27 | 50 | 42 |
| Inventory Days | 55 | 47 | 49 | 69 | 68 | 67 | 66 | 73 | 67 | 68 | 72 | 77 |
| Days Payable | 3 | 5 | 7 | 6 | 8 | 9 | 7 | 13 | 10 | 8 | 7 | 13 |
| Cash Conversion Cycle | 86 | 78 | 66 | 95 | 99 | 105 | 99 | 100 | 97 | 87 | 115 | 106 |
| Working Capital Days | 34 | 26 | 21 | 15 | 35 | 65 | 58 | 46 | 63 | 66 | 74 | 71 |
| ROCE % | 6% | 5% | 6% | 12% | 14% | 40% | 41% | 67% | 72% | 42% | -1% | 14% |
Insights
In beta| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Capacity Utilization Factor (CUF) % |
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| D-PAC / Specialty Film Share of Turnover % |
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| Production Volume (All Films) MT |
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| Total Base Films Capacity MT/Annum |
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| Number of Customers Count |
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Documents
Announcements
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Announcement Under Regulation 30- Update Regarding Termination Of PAR LLC, USA, A Step-Down Subsidiary Of The Company
27 Mar - PAR LLC (USA) voluntarily dissolved effective March 27, 2026; net worth Rs.15.55 Crore, turnover NIL.
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Closure of Trading Window
26 Mar - Trading window closed April 1, 2026 until 48 hours after audited results for quarter and year ended March 31, 2026.
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Announcement under Regulation 30 (LODR)-Acquisition
25 Mar - Approved up to Rs.110 Lakh investment for ~26% stake in BECIS Solar 1 for Khatima and Bazpur solar projects.
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Announcement under Regulation 30 (LODR)-Acquisition
25 Mar - Board approved up to Rs.1,100 Lakh for ~49% stake in Clean Max Neht Private Limited to procure solar power.
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Board Meeting Outcome for Board Approval For Acquisition Of 51% Of The Share Capital Of Technova Printrite Products Private Limited By Polyplex Corporation Limited
25 Mar - Polyplex acquires 51% of TechNova Printrite for ~INR 6,210 lakh; SPA/SHRA executed March 25, 2026.
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2012
from bse
Concalls
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Feb 2026TranscriptAI SummaryPPT
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Nov 2020TranscriptAI SummaryPPT
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Leading Packaging Company[1][2][3]
It is a leading global PET film manufacturer with a polyethylene terephthalate (PET) film capacity of 4,78,500 metric tonne (MT) (including upcoming capacities).
Polyplex is Ranked #2 Globally (ex-China) in Thin BOPET Film Capacity with market share of ~10% globally.