Investor Presentation for the Quarter and Year ended March 31, 2026.
POLYPLEX · price
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Polyplex Corporation reported Q4 FY26 consolidated revenue of INR 1,868 crore ($204 million) with normalized EBITDA of INR 128 crore ($14 million) at 7% margin. Full year FY26 revenue stood at INR 7,076 crore ($801 million) with normalized EBITDA of INR 575 crore ($65 million) at 8% margin. Sales volumes reached 370,515 MT for FY26, up 23% YoY driven by a new production line in the USA. However, margins faced pressure from industry-wide overcapacity, reciprocal tariffs impacting US business, and geopolitical tensions affecting raw material costs. The company completed acquisition of 51% stake in TechNova Printrite Products Private Limited (TPPPL) in April 2026 to strengthen its digital print media segment. Management indicated confidence in overcoming cyclicality through its differentiated D-PAC product portfolio and global manufacturing base.
Margins remain compressed due to overcapacity and tariffs, but volume growth from new US capacity and the D-PAC strategy provide some offset. The TPPPL acquisition adds downstream digital print capabilities. FX losses on foreign currency loans significantly impacted reported earnings.