NSE: DDEVPLSTIK · BSE: 543547
DDEV PLASTIKS IND LTD
Manufactures polymer compounds, primarily cross-linked polyethylene (XLPE) and other compounds, used by wire and cable makers serving renewables, transmission and distribution, and data centre build-outs. Total installed capacity reached >315,000 MTPA after a 48,000 MTPA XLPE line at Bhiwadi commenced in April 2026. FY26 revenue of Rs 2,947.87 crore came in 13% higher year-on-year, with exports up 30% despite logistics disruptions from the Israel-Iran conflict; volumes were 201,370 MT. A new battery energy storage systems (BESS) business is being added, targeting 5 GW of phased installed capacity by 2030 with each gigawatt projected at INR800-900 crore of revenue. Raw materials — polymers and chemicals — account for 82.7% of revenue, the dominant cost line. CRISIL has reaffirmed an A+/Stable long-term rating on Rs 759 crore of bank facilities. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Polymer compounding (XLPE and other compounds), Battery energy storage systems (BESS). Specialty polymer compounding; raw-material-driven, asset-light on labour
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 2,504 | 2,431 | 2,603 | 2,948 |
| EBITDA (ex other income) | 160 | 258 | 269 | 287 |
| margin % | 6.4 | 10.6 | 10.3 | 9.7 |
| Owners' profit | 104 | 182 | 185 | 202 |
| EPS, as reported (₹) | 11.07 | 17.56 | 17.93 | 19.50 |
| ROE % · ROCE % | 21.1 · 33.3 | 27.5 · 39.0 | 22.2 · 31.3 | 19.9 · 28.9 |
| Debt / equity (x) | 0.11 | 0.10 | 0.05 | 0.05 |
| Cash from operations | 145 | 116 | 137 | 85 |
| Capex | (28) | (23) | (53) | (73) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 580 | 661 | 737 | 769 | 680 | 733 | 766 | 989 |
| Profit before tax | 60 | 64 | 69 | 70 | 64 | 67 | 73 | 85 |
| Net profit | 45 | 47 | 52 | 52 | 47 | 48 | 55 | 64 |
| EPS (₹) | 4.32 | 4.50 | 5.00 | 5.04 | 4.55 | 4.64 | 5.27 | 6.16 |
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. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,42,095 | 53.6 | 12.86 | 37.6 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,659 | 32.2 | 4.96 | 21.6 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 47,075 | 76.8 | 5.95 | 37.4 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,610 | 55.1 | 10.97 | 39.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,905 | 88.6 | 8.51 | 56.8 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 20,257 | 25.9 | 3.45 | 21.0 | 9.4 | 10.2 | 12.6 | 21.5 |
| AARTI INDUSTRIES LTD | 15,871 | 29.9 | 2.67 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
| FINE ORGANIC IND. LTD. | 15,604 | 35.6 | 5.86 | 25.5 | 15.7 | 20.0 | 15.9 | 28.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.9 | 23.1 | 16 of 99 | 85% |
| P/B | 2.5 | 2.8 | 44 of 99 | 56% |
| ROCE | 26.1 | 10.1 | 10 of 106 | 91% |
| ROE | 19.9 | 8.1 | 12 of 99 | 89% |
| Debt / Equity | 0.1 | 0.2 | 34 of 99 | 66% |
| EBITDA margin | 10.2 | 15.5 | 73 of 99 | 27% |
| Revenue growth | 28.6 | 24.4 | 35 of 94 | 63% |
| Profit growth | 22.3 | 55.1 | 59 of 92 | 36% |
| Market cap | 2543 | 699 | 33 of 108 | 70% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · 6th AGM minutes note Rs. 1.25 final dividend and governance changes | compliance | minimal | — | — |
| 13 Oct 2026 · Compliance certificate under SEBI Depositories Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Final Dividend of Rs 1.25 per share approved at AGM | corporate actions | high | — | — |
| 28 Sept 2026 · Final Dividend of Rs 1.25 per share approved at AGM | corporate actions | high | — | — |
| 28 Sept 2026 · AGM approves director regularization and auditor re-appointment | management changes | medium | — | — |
| 28 Sept 2026 · AGM outcome: auditor re-appointed for 5 years, independent director regularized | management changes | medium | — | — |
| 28 Sept 2026 · All 6 resolutions passed at 6th AGM including final dividend of Rs 1.25 per share | compliance | minimal | — | — |
| 26 Sept 2026 · Ddev Plastiks 6th AGM held; final dividend of Rs 1.25 per share proposed | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Trading window closed from Oct 1 until Q2 FY27 results declaration | compliance | minimal | — | — |
| 1 Sept 2026 · Notice of 6th AGM published in newspapers | compliance | minimal | — | — |
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.