BSE: 543239
G M Polyplast Limited
Manufactures plastic sheets and polymer granules from a single facility in Silvassa, Dadra Nagar Haveli. The product range covers HIPS, ABS, PET, PP and HDPE sheets, alongside premium compounded granules, which it sells to packaging, automotive, construction, consumer durables and healthcare customers. Existing annual capacity stands at 19,800 metric tonnes, currently running at 65% utilisation, with a further 2,000 MT expansion targeted for completion in FY27 backed by ₹3.5 crore of investment funded from internal accruals and debt. An additional 1,800 MT of capacity was commissioned in November 2025. The company has incorporated a wholly-owned subsidiary, Regranix Private Limited, with an authorised capital of ₹10 lakh to enter plastic recycling. Raw materials account for 76.5% of revenue, making polymer input costs the dominant cost driver. FY26 revenue was ₹102.99 crore (up 7.1% year-on-year), with a five-year revenue CAGR of 14.58%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Plastic sheets (HIPS, ABS, PET, PP, HDPE), Compounded polymer granules. Small-cap, single-site plastic sheet and granule manufacturer with a materials-heavy cost structure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 74 | 82 | 92 | 96 | 103 |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | 21.80 | 3.66 | 5.27 | 0.00 | 0.00 |
| ROE % · ROCE % | — · 28.9 | — · 26.4 | — · 31.1 | — · 26.2 | — · 23.3 |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 5 | (0) | 5 | 0 | 10 |
| Capex | — | — | — | (1) | (6) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q4 FY23 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 43 | 39 | 49 | 22 | 43 | 53 | 45 | 58 |
| Profit before tax | 3 | 3 | 3 | 1 | 5 | 5 | 5 | 6 |
| Net profit | — | — | — | 1 | — | — | — | — |
| EPS (₹) | 13.18 | 1.77 | 1.48 | 0.61 | 2.69 | 0.00 | 2.60 | 0.00 |
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) | 11.9 | 14.4 | 17 of 46 | 64% |
| ROCE | 22.8 | 7.0 | 4 of 56 | 95% |
| Revenue growth | 170.9 | 10.6 | 3 of 49 | 96% |
| Market cap | 85 | 126 | 32 of 55 | 43% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Board to review half-year results on October 31, 2026 | results | low | — | — |
| 21 Oct 2026 · Compliance certificate under SEBI Regulation 74(5) for quarter ended September 2026 | compliance | minimal | — | — |
| 29 Sept 2026 · Trading window closed from Oct 1 ahead of H2 FY26 results | compliance | minimal | — | — |
| 8 Sept 2026 · G M Polyplast to sell machinery to wholly owned subsidiary for up to Rs 2 Crore | strategic transactions | medium | — | — |
| 8 Sept 2026 · MD and CFO Dinesh Sharma Reappointed for 5 Years | management changes | medium | — | — |
| 8 Sept 2026 · Shareholders approve all resolutions at 23rd AGM | board shareholder meetings | low | — | — |
| 8 Sept 2026 · AGM voting results: All 9 resolutions approved | board shareholder meetings | low | — | — |
| 8 Sept 2026 · G M Polyplast AGM: All 9 resolutions approved at 23rd AGM | board shareholder meetings | low | — | — |
| 7 Sept 2026 · 23rd AGM held Sept 7, 2026; 9 resolutions passed including subsidiary deals | board shareholder meetings | low | — | — |
| 7 Sept 2026 · 23rd AGM held; 9 resolutions passed including subsidiary deals and borrowing powers | board shareholder meetings | 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.