Silkflex Polymers (India) Ltd
Incorporated in 2016, Silkflex Polymers
India Ltd is in the business of Chemicals
and Printing dyes and water based Wood Coatings[1]
- Market Cap ₹ 162 Cr.
- Current Price ₹ 140
- High / Low ₹ 140 / 52.5
- Stock P/E 17.2
- Book Value ₹ 33.6
- Dividend Yield 0.00 %
- ROCE 24.1 %
- ROE 29.2 %
- Face Value ₹ 10.0
Pros
- Company has delivered good profit growth of 82.1% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 27.9%
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Company might be capitalizing the interest cost
- Debtor days have increased from 35.3 to 46.1 days.
- Working capital days have increased from 69.7 days to 163 days
* 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
Commodities Chemicals Chemicals & Petrochemicals Specialty Chemicals
Quarterly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 20.52 | 20.73 | 27.82 | 44.30 | 50.25 | 80.13 | |
| 19.71 | 19.48 | 26.18 | 41.90 | 43.08 | 68.15 | |
| Operating Profit | 0.81 | 1.25 | 1.64 | 2.40 | 7.17 | 11.98 |
| OPM % | 3.95% | 6.03% | 5.90% | 5.42% | 14.27% | 14.95% |
| 0.04 | 0.21 | 0.22 | 0.21 | 0.25 | 0.36 | |
| Interest | 0.33 | 0.80 | 0.73 | 1.10 | 1.69 | 2.56 |
| Depreciation | 0.06 | 0.05 | 0.21 | 0.40 | 0.48 | 0.38 |
| Profit before tax | 0.46 | 0.61 | 0.92 | 1.11 | 5.25 | 9.40 |
| Tax % | 26.09% | 26.23% | 25.00% | 25.23% | 25.14% | 25.53% |
| 0.35 | 0.45 | 0.69 | 0.83 | 3.93 | 7.00 | |
| EPS in Rs | 2.33 | 2.19 | 2.76 | 3.32 | 4.84 | 6.03 |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 31% |
| 3 Years: | 42% |
| TTM: | 16% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 82% |
| 3 Years: | 116% |
| TTM: | 35% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 158% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 25% |
| 3 Years: | 28% |
| Last Year: | 29% |
Balance Sheet
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 1.50 | 2.05 | 2.50 | 2.50 | 8.13 | 11.61 | 11.61 |
| Reserves | 1.24 | 3.08 | 4.88 | 5.83 | 4.14 | 24.01 | 27.44 |
| 5.60 | 6.12 | 9.94 | 13.55 | 15.16 | 36.27 | 55.23 | |
| 1.31 | 1.89 | 2.37 | 1.84 | 10.90 | 10.78 | 11.06 | |
| Total Liabilities | 9.65 | 13.14 | 19.69 | 23.72 | 38.33 | 82.67 | 105.34 |
| 1.22 | 1.47 | 3.46 | 4.02 | 11.30 | 15.91 | 19.55 | |
| CWIP | 0.00 | 1.15 | 0.00 | 0.00 | 0.93 | 0.93 | 31.23 |
| Investments | 1.38 | 1.60 | 1.13 | 1.40 | 0.00 | 0.00 | 0.00 |
| 7.05 | 8.92 | 15.10 | 18.30 | 26.10 | 65.83 | 54.56 | |
| Total Assets | 9.65 | 13.14 | 19.69 | 23.72 | 38.33 | 82.67 | 105.34 |
Cash Flows
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| -0.09 | -0.17 | -4.29 | -0.95 | 8.58 | -30.23 | |
| -1.79 | -1.49 | -0.37 | -1.17 | -8.59 | -4.88 | |
| 1.88 | 1.66 | 4.64 | 2.11 | 0.03 | 35.14 | |
| Net Cash Flow | 0.00 | 0.00 | -0.01 | 0.00 | 0.02 | 0.03 |
Ratios
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 40.73 | 48.77 | 29.00 | 17.30 | 42.42 | 46.14 |
| Inventory Days | 90.36 | 124.86 | 215.65 | 153.46 | 164.07 | 185.20 |
| Days Payable | 27.60 | 12.68 | 10.79 | 12.58 | 81.58 | 38.42 |
| Cash Conversion Cycle | 103.50 | 160.95 | 233.85 | 158.19 | 124.91 | 192.93 |
| Working Capital Days | 27.39 | 86.80 | 61.66 | 39.71 | 6.76 | 162.71 |
| ROCE % | 14.40% | 11.55% | 11.28% | 28.15% | 24.08% |
Documents
Announcements
-
Updates
24 February 2026 - Promoter Mr. Tushar Sanghavi bought 10,000 shares at Rs.119.96 on Feb 24, 2026.
-
Updates
11 February 2026 - Promoter Tushar L. Sanghavi bought 10,000 Silkflex shares at Rs.122.90; Form C disclosure dated Feb 11, 2026.
-
Analysts/Institutional Investor Meet/Con. Call Updates
10 February 2026 - Q3 revenue INR33.54cr; Vadodara manufacturing (500 tpm) commissioned; Q3 EBITDA INR7.11cr, PAT INR4.06cr.
-
Analysts/Institutional Investor Meet/Con. Call Updates
5 February 2026 - Uploaded audio recording of Q3/9M FY26 earnings call (31 Dec 2025) on company website.
-
Analysts/Institutional Investor Meet/Con. Call Updates
5 February 2026 - Q3/9M FY26 presentation: Q3 revenue Rs3,354.4L, PAT Rs406.4L; Vadodara plant commercialised, ~500 t/month.
Annual reports
Concalls
-
Feb 2026Transcript PPT
-
Nov 2025Transcript PPT
-
May 2025Transcript PPT
Business Overview:[1]
Company does trading of textile printing inks and water-based wood coating polymers products of a Malaysian based brand - Silkflex produced by Silkflex Polymers SDN BHD (Silkflex Malaysia). It is one of the garment printing ink manufacturers of Malaysia supplying products around the globe through its authorised agents, including countries like India, Thailand, Turkey, Russia, Sri Lanka, Bangladesh and Indonesia