NSE: DEEP · BSE: 541778
DEEP POLYMERS LTD.
Manufactures plastic masterbatches — BOPP masterbatch (white and additives), Pearlscent, and Cavitation masterbatch — used by flexible and food packaging converters, with sales to both domestic and international markets. Operations run from three plants in Gujarat: Rakanpur, Santej, and Hajipur. In August 2025, a new Rakanpur unit began commercial production; the company expects this unit to add about ₹12.60 crore in monthly turnover once it operates at full capacity. The Hajipur plant has reported segment losses in every recent quarter, while Rakanpur and Santej are profitable. Raw materials account for 69.6% of revenue, followed by depreciation at 7.5%, other opex at 7.9%, and employee cost at 6.6%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Masterbatch manufacturing (100%). Specialty chemicals — masterbatch manufacturing
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 120 | 105 | 98 | 99 |
| EBITDA (ex other income) | 15 | 13 | 14 | 14 |
| margin % | 12.6 | 11.9 | 13.8 | 14.1 |
| Owners' profit | 0 | 0 | 0 | 12 |
| EPS, as reported (₹) | 4.41 | 3.04 | 2.13 | 7.26 |
| ROE % · ROCE % | 15.6 · 13.2 | 8.4 · 9.4 | 5.8 · 8.2 | 11.6 · 8.5 |
| Debt / equity (x) | 0.75 | 0.42 | 0.37 | 0.29 |
| Cash from operations | 19 | 35 | 20 | 12 |
| Capex | (1) | 0 | (25) | (4) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 26 | 28 | 25 | 23 | 23 | 25 | 26 | 27 |
| Profit before tax | 0 | 2 | 3 | 2 | 1 | 2 | 2 | 4 |
| Net profit | 1 | 2 | 2 | 1 | 0 | 1 | 2 | 3 |
| EPS (₹) | 0.50 | 0.63 | 0.78 | 0.57 | 0.14 | 0.60 | 0.73 | 5.60 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Rakanpur | 22 | 27.4 |
| Santej | 11 | 13.7 |
| Hajipur | 9 | 10.8 |
| Ranakpur | 38 | 48.1 |
| Total, before eliminations | 80 | 100.0 |
Exhibit 4: 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 5.4 | 23.1 | 5 of 99 | 96% |
| P/B | 0.9 | 2.8 | 7 of 99 | 94% |
| ROCE | 7.1 | 10.1 | 65 of 106 | 39% |
| ROE | 11.6 | 8.1 | 37 of 99 | 63% |
| Debt / Equity | 0.3 | 0.2 | 63 of 99 | 37% |
| EBITDA margin | 25.9 | 15.5 | 21 of 99 | 80% |
| Revenue growth | 17.8 | 24.4 | 61 of 94 | 36% |
| Profit growth | 98.3 | 55.1 | 28 of 92 | 70% |
| Market cap | 92 | 699 | 83 of 108 | 23% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board meeting set for Q2 and half-year results approval | results | low | — | — |
| 10 Oct 2026 · Board approves issue of 32 lakh equity warrants worth Rs 3.2 cr on preferential basis | fund raising | high | — | — |
| 7 Oct 2026 · Board meeting on 10 Oct 2026 to consider preferential issue of equity shares and warrants | fund raising | medium | — | — |
| 2 Oct 2026 · All 3 resolutions passed at Deep Polymers 21st AGM on Sept 30, 2026 | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Deep Polymers 21st AGM proceedings held on 30 September 2026 | board shareholder meetings | medium | — | — |
| 22 Sept 2026 · Trading window closed for Q2 and half year results, Sep 30, 2026 | compliance | minimal | — | — |
| 8 Sept 2026 · Deep Polymers files FY26 annual report with auditor qualifications | results | high | — | — |
| 8 Sept 2026 · Deep Polymers 21st AGM scheduled on 30 September 2026 | board shareholder meetings | low | — | — |
| 12 Aug 2026 · Deep Polymers Q1 FY27: revenue up 18%, PAT up 32%, auditor gives qualified opinion | results | high | — | — |
| 12 Aug 2026 · Deep Polymers Q1 FY27 results: PAT up 32%, auditor flags qualified opinion for 5th time | results | high | — | — |
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.