SPP Polymer Ltd
₹ 13.1
-4.38%
19 May
3:31 p.m.
About
Incorporated in 2004, SPP Polymers Ltd manufactures woven and non-woven fabrics and bags[1]
Key Points
- Market Cap ₹ 20.2 Cr.
- Current Price ₹ 13.1
- High / Low ₹ 19.0 / 10.3
- Stock P/E
- Book Value ₹ 30.0
- Dividend Yield 3.82 %
- ROCE -5.50 %
- ROE -8.56 %
- Face Value ₹ 10.0
Pros
- Stock is trading at 0.44 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 | |
| 56 | 63 | 79 | 63 | 86 | 102 | 113 | |
| Operating Profit | 2 | 2 | 2 | 3 | 6 | 6 | -3 |
| OPM % | 4% | 4% | 2% | 4% | 7% | 6% | -2% |
| 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 | 1.92 | 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: | -27% |
| 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/OP | 200% | -397% | 149% | 105% | -158% | -95% |
Ratios
Figures in Rs. Crores
| 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 2024 | Mar 2025 | |
|---|---|---|
| Installed Capacity - HDPE/PP Woven Fabric and Bags Metric Tonnes Per Annum |
|
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| Installed Capacity - Non-Woven Fabric Metric Tonnes Per Annum |
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| Number of Circular Looms Numbers |
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| Total Permanent Employees Numbers |
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| Trade Receivables Turnover Ratio Ratio |
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| Manufacturing Facility Area Square Meters |
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| Planned Employment Generation (UP New Project) Numbers |
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Documents
Announcements
-
Outcome of Board Meeting
15 May 2026 - Board approved audited standalone results for half year and year ended 31 March 2026; auditor gave unmodified opinion.
-
Certificate under SEBI (Depositories and Participants) Regulations, 2018
14 April 2026 - Regulation 74(5) certificate received from KFin for quarter ended March 31, 2026.
-
Trading Window
30 March 2026 - Trading window closed Apr 1, 2026 until 48 hours after FY/Half-year results for year ending Mar 31, 2026.
-
Copy of Newspaper Publication
26 March 2026 - Published Form INC-26 notice on March 26, 2026 inviting objections to shift registered office from Delhi to Uttarakhand.
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Bagging/Receiving of orders/contracts
23 February 2026 - Received ₹24,14,85,000 government order from Punjab for HDPE/PP woven sacks; delivery expected March 2026.
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.