BSE: 543843
Command Polymers Limited
Makes polythene and tarpaulin products from its base in West Bengal, generating Rs. 10.7493 crore of revenue in FY26. Revenue from operations slipped about 6% year-on-year from Rs. 1,142.97 lakh in FY25, while profit after tax came in at Rs. 51.54 lakh versus Rs. 55.96 lakh the year before. The company is listed on the BSE SME platform under scrip code 543843, so several SEBI disclosure rules for larger listed firms do not apply to it. The cost base is dominated by raw materials, which cost Rs. 12.535 crore in FY26 — equivalent to 116.6% of revenue — with employee cost at 2.4% and other operating expenses at 1.5% of revenue, leaving very thin margins. The first half of FY26 was particularly weak, with H1 revenue collapsing to Rs. 212.19 lakh against Rs. 915.09 lakh in H1 FY25 and material cost alone of Rs. 645.54 lakh pushing the company to a Rs. 331.67 lakh loss in that half. Balance sheet stress is visible too: long-term borrowings roughly tripled year-on-year to Rs. 919.68 lakh, trade receivables doubled to Rs. 568.34 lakh, and inventories stood at Rs. 1,207.79 lakh at year-end. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Polythene and tarpaulin products. Small, raw-material-heavy plastic products maker on the BSE SME platform with a stressed balance sheet
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 23 | 11 | 11 | 11 |
| EBITDA (ex other income) | 1 | (1) | — | — |
| margin % | 6.3 | (7.3) | — | — |
| Owners' profit | 0 | (2) | — | — |
| EPS, as reported (₹) | 0.61 | (2.16) | 0.60 | 0.55 |
| ROE % · ROCE % | 2.5 · 6.5 | (13.4) · (7.9) | — · 6.5 | — · 3.9 |
| Debt / equity (x) | 0.46 | 0.71 | — | — |
| Cash from operations | 6 | (5) | (1) | (3) |
| Capex | (6) | (1) | (0) | (0) |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|
| Revenue | 21 | 7 | 4 | 9 | 2 | 2 | 9 |
| Profit before tax | 1 | (0) | (2) | 0 | 0 | (3) | 4 |
| Net profit | 0 | (1) | (3) | — | — | — | — |
| EPS (₹) | 0.71 | (0.72) | (2.67) | (0.01) | 0.43 | 3.54 | 4.09 |
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 | 43,985 | 42.4 | 7.13 | 27.1 | 15.5 | 17.9 | 12.0 | 15.0 |
| ASTRAL LIMITED | 37,889 | 65.7 | 9.34 | 34.2 | 13.2 | 16.9 | 15.6 | 15.5 |
| GARWARE HI-TECH FILMS LTD | 16,136 | 41.6 | 6.07 | 32.0 | 12.7 | 16.4 | 16.5 | 30.3 |
| FINOLEX INDUSTRIES LTD | 9,343 | 15.2 | 1.50 | 10.9 | 9.6 | 11.8 | 3.5 | 20.6 |
| KINGFA SCI & TEC IND LTD. | 9,205 | 40.8 | 6.58 | — | 13.2 | 17.7 | — | 16.9 |
| TIME TECHNOPLAST LTD. | 8,971 | 17.6 | 2.15 | 10.1 | 11.4 | 14.0 | 15.2 | 13.3 |
| PRINCE PIPES FITTINGS LTD | 2,761 | 27.1 | 1.68 | — | 4.5 | 5.6 | — | 13.3 |
| APOLLO PIPES LIMITED | 2,220 | — | 2.49 | 29.4 | 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) | 2.5 | 14.7 | 3 of 47 | 96% |
| ROCE | 1.1 | 7.0 | 42 of 56 | 26% |
| Revenue growth | 100.2 | 10.6 | 4 of 49 | 94% |
| Market cap | 19 | 126 | 45 of 56 | 20% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 28 Sept 2026 · Trading Window Closure Ahead of Half-Yearly Results | compliance | minimal | — | — |
| 26 Sept 2026 · Command Polymers 28th AGM: All resolutions passed with 100 percent votes | board shareholder meetings | low | — | — |
| 25 Sept 2026 · 28th AGM held on Sept 25, 2026; 2 ordinary resolutions tabled | board shareholder meetings | low | — | — |
| 2 Sept 2026 · AGM notice published in newspapers, AGM on 25 Sept 2026 | compliance | minimal | — | — |
| 1 Sept 2026 · Annual Report weblink sent to shareholders without registered email | compliance | minimal | — | — |
| 1 Sept 2026 · Command Polymers files 28th Annual Report for FY 2025-26, AGM on Sept 25 | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Book Closure for 28th AGM from 19 to 25 September 2026 | compliance | minimal | — | — |
| 31 Aug 2026 · Command Polymers 28th AGM notice for September 25, 2026 | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Board approves FY26 report and 28th AGM notice | board shareholder meetings | low | — | — |
| 20 Aug 2026 · Board Meeting on 25 Aug 2026 for Director Report and AGM Notice approval | board shareholder meetings | low | — | — |
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.