BSE: 530429
ASHISH POLYPLAST LTD.
Manufactures PVC pipes and hoses from its base in Ahmedabad, Gujarat. Revenue in FY26 was Rs. 15.02 crore, down 6.2% from Rs. 1,601.44 lakhs in FY25, with net profit falling 47% to Rs. 0.13 crore. The cost structure is dominated by raw materials at 82.6% of revenue, while employee costs are 4.3% and other operating expenses 7.1%. The business is small-scale with total assets of Rs. 9.54 crore at FY26 end and a debt-to-equity ratio of 0.22. For the first nine months of FY26, revenue of Rs. 1,097.12 lakhs was about 11% below the prior year period, reflecting weakness in PVC product sales. Capex of Rs. 0.74 crore in FY26 (4.9% of revenue) was directed at maintaining the manufacturing base. The Q4 FY26 quarter slipped to a loss of Rs. 34.07 lakhs, largely due to Rs. 43.36 lakhs in mark-to-market losses on mutual fund holdings. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. PVC pipes and hoses. Small, materials-heavy PVC products manufacturer
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 16 | 16 | 16 | 16 | 15 |
| EBITDA (ex other income) | 1 | 1 | 1 | 1 | 1 |
| margin % | 3.8 | 3.8 | 3.9 | 3.9 | 3.5 |
| Owners' profit | 0 | 0 | 1 | 0 | 0 |
| EPS, as reported (₹) | 0.95 | 56.56 | 2.48 | 0.73 | 0.38 |
| ROE % · ROCE % | 5.9 · 10.5 | 3.4 · 6.1 | 13.0 · 15.6 | 3.7 · 6.6 | 1.9 · 3.9 |
| Debt / equity (x) | 0.19 | 0.26 | 0.05 | 0.03 | 0.22 |
| Cash from operations | 0 | 1 | 2 | 1 | 0 |
| Capex | (1) | (1) | (0) | (0) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4 | 3 | 4 | 4 | 4 | 4 | 4 | 4 |
| Profit before tax | 0 | 0 | 0 | (0) | 0 | (0) | 0 | (0) |
| Net profit | 0 | 0 | 0 | (0) | 0 | (0) | 0 | (0) |
| EPS (₹) | 0.98 | 0.00 | 0.06 | (1.17) | 1.15 | (0.21) | 0.45 | (1.00) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUPREME INDUSTRIES LTD | 41,024 | 39.5 | 6.65 | 25.3 | 15.5 | 17.9 | 12.0 | 15.0 |
| ASTRAL LIMITED | 36,600 | 63.5 | 9.02 | 33.0 | 13.2 | 16.9 | 15.6 | 15.5 |
| GARWARE HI-TECH FILMS LTD | 16,621 | 42.9 | 6.26 | 33.0 | 12.7 | 16.4 | 16.5 | 30.3 |
| KINGFA SCI & TEC IND LTD. | 9,296 | 41.2 | 6.64 | — | 13.2 | 17.7 | — | 16.9 |
| FINOLEX INDUSTRIES LTD | 8,740 | 14.2 | 1.41 | 10.3 | 9.6 | 11.8 | 3.5 | 20.6 |
| TIME TECHNOPLAST LTD. | 8,001 | 15.7 | 1.92 | 9.0 | 11.4 | 14.0 | 15.2 | 13.3 |
| PRINCE PIPES FITTINGS LTD | 2,861 | 28.0 | 1.74 | — | 4.5 | 5.6 | — | 13.3 |
| APOLLO PIPES LIMITED | 2,122 | — | 2.38 | 28.1 | 0.5 | 1.0 | — | 1.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 63.6 | 14.4 | 45 of 46 | 2% |
| P/B | 1.2 | 1.6 | 14 of 42 | 68% |
| ROCE | 2.6 | 7.0 | 37 of 56 | 35% |
| ROE | 1.9 | 7.6 | 32 of 45 | 30% |
| Debt / Equity | 0.2 | 0.2 | 26 of 45 | 43% |
| EBITDA margin | (7.5) | 11.6 | 40 of 43 | 7% |
| Revenue growth | 10.6 | 10.6 | 25 of 49 | 50% |
| Profit growth | 14.6 | 20.7 | 28 of 47 | 41% |
| Market cap | 8 | 126 | 50 of 55 | 9% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Q2 and H1 profits improve as operating cash flow turns negative | results | medium | — | — |
| 27 Oct 2026 · Q2 FY27 turns profitable year on year, but operating cash flow turns negative | results | high | — | — |
| 15 Oct 2026 · Board meeting on 27 Oct 2026 to consider Q2 and H1 FY26-27 results | results | low | — | — |
| 15 Oct 2026 · RTA Compliance Certificate under Regulation 74(5) for Q2 FY26-27 | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closed ahead of Q2 FY27 results | compliance | minimal | — | — |
| 25 Sept 2026 · 32nd AGM held via video conferencing on 25 September 2026 | board shareholder meetings | low | — | — |
| 25 Sept 2026 · 32nd AGM concluded, both resolutions passed with 99.99% approval | compliance | minimal | — | — |
| 25 Sept 2026 · 32nd AGM held; FY26 financial statements adopted, director reappointed | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Newspaper ad for 32nd AGM notice filed with BSE | compliance | minimal | — | — |
| 31 Aug 2026 · Ashish Polyplast submits 32nd Annual Report for FY25-26 | compliance | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.