Presentation on Audited Financial Results (Consolidated) for the Quarter and Year ended March 31, 2026.
POLYPLEX · price
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Polyplex reported FY26 consolidated revenue of INR 7,076 crore ($801mn) and normalized EBITDA of INR 575 crore ($65mn, 8% margin), with Q4 revenue at $204mn and EBITDA at $14mn (7% margin). Sales volume rose 23% YoY to 370,515 MT, driven by a new U.S. film line. However, margins faced pressure from industry overcapacity, rising raw material costs, and reciprocal tariffs impacting U.S. distribution. A large unrealized FX loss of INR 138.49 crore (vs. INR 39.59 crore gain prior year) on foreign currency loans significantly affected reported earnings. PAT for FY26 was INR 41 crore ($4.6mn). Management highlighted its D-PAC (differentiated products) strategy and global manufacturing footprint as key tools to navigate industry cyclicality.
The company delivered strong top-line growth but profitability was squeezed by overcapacity and FX headwinds. The wide gap between EBITDA and net profit, driven by unrealized FX losses and likely high depreciation/interest, signals a challenging bottom-line recovery despite revenue expansion.