SPP Polymer Ltd
₹ 11.5
0.44%
03 Nov
- close price
About
Incorporated in 2004, SPP Polymers Ltd manufactures woven and non-woven fabrics and bags[1]
Key Points
- Market Cap ₹ 17.7 Cr.
- Current Price ₹ 11.5
- High / Low ₹ 17.6 / 10.3
- Stock P/E
- Book Value ₹ 30.0
- Dividend Yield 0.00 %
- ROCE -5.50 %
- ROE -8.56 %
- Face Value ₹ 10.0
Pros
- Stock is trading at 0.38 times its book value
Cons
- Company has low interest coverage ratio.
- Company has a low return on equity of -1.83% over last 3 years.
- Debtor days have increased from 62.1 to 75.0 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.
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Half Yearly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 59 | 66 | 80 | 66 | 92 | 108 | 111 | |
| Sales growth | +12% | +22% | -18% | +39% | +17% | +3% | |
| 56 | 63 | 79 | 63 | 86 | 102 | 113 | |
| Operating Profit | 2 | 2 | 2 | 3 | 6 | 6 | -3 |
| OPM % | 3.7% | 3.6% | 1.9% | 4.0% | 7% | 6% | -2.4% |
| 0 | 0 | 0 | 1 | 2 | 1 | 3 | |
| Interest | 1 | 1 | 1 | 1 | 3 | 2 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 4 | 4 | 3 |
| Profit before tax | 1 | 1 | 0 | 1 | 1 | 2 | -4 |
| Tax % | 31% | 17% | 32% | 47% | 27% | 43% | -0% |
| 1 | 1 | 0 | 1 | 1 | 1 | -4 | |
| EPS in Rs | 0.48 | 0.93 | 0.73 | -2.70 | |||
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 68% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 11% |
| 3 Years: | 19% |
| TTM: | 3% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | -468% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -34% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | -1% |
| 3 Years: | -2% |
| Last Year: | -9% |
Balance Sheet
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 3 | 3 | 11 | 15 | 15 |
| Reserves | 11 | 12 | 17 | 22 | 14 | 36 | 31 |
| 8 | 5 | 13 | 22 | 19 | 8 | 13 | |
| 4 | 4 | 6 | 8 | 27 | 22 | 23 | |
| Total Liabilities | 25 | 22 | 38 | 54 | 71 | 81 | 82 |
| 6 | 6 | 7 | 27 | 24 | 23 | 20 | |
| CWIP | 0 | 0 | 4 | 0 | 0 | 1 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 19 | 16 | 27 | 27 | 46 | 57 | 61 | |
| Total Assets | 25 | 22 | 38 | 54 | 71 | 81 | 82 |
Cash Flows
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 4 | -6 | 4 | 6 | -10 | 2 | ||
| -0 | -6 | -17 | -2 | -5 | 0 | ||
| -4 | 13 | 12 | -5 | 15 | -2 | ||
| Net Cash Flow | 0 | 0 | -0 | -1 | -0 | 0 | |
| Free Cash Flow | 4 | -13 | -14 | 5 | -12 | 1 | |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 200% | -397% | 149% | 105% | -158% | -95% |
Ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 44 | 54 | 46 | 43 | 56 | 55 | 75 |
| Inventory Days | 64 | 29 | 53 | 71 | 129 | 133 | 118 |
| Days Payable | 16 | 12 | 24 | 41 | 124 | 86 | 81 |
| Cash Conversion Cycle | 93 | 70 | 76 | 73 | 61 | 102 | 112 |
| Working Capital Days | 31 | 35 | 29 | 34 | 30 | 81 | 73 |
| ROCE % | 9% | 4% | 5% | 9% | 7% | -6% |
Insights
In beta| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Installed Capacity - HDPE/PP Woven Fabric & Bags MT |
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| Installed Capacity - Non-Woven Fabric MT |
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| Domestic Revenue Share % |
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| Export Revenue Share % |
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| Production Volume - HDPE/PP Woven Fabric & Bags MT |
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| Production Volume - Non-Woven Fabric MT |
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| Number of Permanent Employees count |
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| Number of Circular Looms count |
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Documents
Announcements
-
Certificate under SEBI (Depositories and Participants) Regulations, 2018
- Submitted Regulation 74(5) certificate for quarter ended September 30, 2026.
-
General Updates
- Company Secretary and Compliance Officer Mrs. Chetna Shoor resigned effective 16 October 2026.
-
Shareholders meeting
- SPP Polymer filed AGM scrutinizer report for 26 Sep 2026; all 5 resolutions passed.
-
Trading Window
- Trading window closed from October 1, 2026 until 48 hours after half-year results.
-
Shareholders meeting
- SPP Polymer held AGM on 26 Sep 2026, adopted FY26 financials and reappointed three directors.
Business Overview:[1][2]
a) SPPPL is in the business of manufacturing:
- HDPE/PP woven fabric & bags
- Non-woven fabrics & bags
- PP Multi filament yarn.
b) The company offers packaging solutions to the B2B manufacturers catering to various industries
c) It manufactures products based on customer orders to meet specific requirements.
d) Raw materials are sourced only from reliable vendors and undergo thorough testing in the company’s laboratory before being used in production.