NSE: JINDALPOLY · BSE: 500227
JINDAL POLY FILMS LIMITED
Manufactures flexible packaging films, which account for the bulk of its business, along with self-adhesive labels and (until recently) nonwoven fabrics. In FY25, packaging films generated Rs 4,373.58 crore in revenue, nonwoven fabrics Rs 669.75 crore, and self-adhesive labels Rs 340.63 crore. The nonwoven fabrics business has been classified as discontinued operations from the quarter ended September 2025, and a proposed demerger of that unit into Global Nonwovens Limited was withdrawn by the board in April 2026 citing procedural delays and market conditions. In YTD results through December 2025, packaging films made up 65.6% of segment revenue but ran negative on EBIT, while the smaller 'others' segment (which includes self-adhesive labels) generated Rs 22.93 crore of EBIT. A fire in May 2025 at a material subsidiary's Nashik plant disrupted operations, delayed FY26 financial reporting, and triggered a Rs 2,000 crore Brookfield investment in subsidiary JPFL Films to support revival. The cost structure is raw-material heavy, with materials at 71.7% of revenue, followed by other operating expenses at 18.2% and employee costs at 5.8%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Packaging films (66%), Discontinued operations (nonwoven fabrics) (24%), Others (including self-adhesive labels) (11%). Asset-heavy packaging manufacturer with a raw-material-heavy cost structure
Exhibit 1: Financial summary, FY21–FY25 (all audited; no estimate years)
| ₹ crore · consolidated | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 4,082 | 5,878 | 4,627 | 3,926 | 5,335 |
| EBITDA (ex other income) | 1,100 | 1,518 | 119 | (1) | 323 |
| margin % | 27.0 | 25.8 | 2.6 | (0.0) | 6.1 |
| Owners' profit | 791 | 1,196 | 319 | 72 | 110 |
| EPS, as reported (₹) | 180.62 | 273.20 | 72.84 | 16.33 | 25.08 |
| ROE % · ROCE % | 29.9 · 28.3 | 31.2 · 30.9 | 7.6 · 7.0 | 1.7 · 3.0 | 2.7 · 5.8 |
| Debt / equity (x) | 0.29 | 0.31 | 0.97 | 1.04 | 1.07 |
| Cash from operations | 911 | 724 | (566) | 133 | 222 |
| Capex | (200) | (386) | (689) | (198) | (325) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,233 | 1,311 | 1,371 | 1,420 | 1,083 | 410 | 372 | 696 |
| Profit before tax | 235 | 137 | 46 | (270) | 49 | (15) | (80) | 87 |
| Net profit | 168 | 117 | 4 | (179) | 37 | (13) | (97) | 107 |
| EPS (₹) | 38.39 | 26.63 | 0.94 | (40.88) | 8.34 | (6.01) | (22.14) | 24.48 |
Exhibit 3: Segment revenue, FY25
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Packaging films | 2,195 | 40.8 |
| Nonwoven Fabrics | 174 | 3.2 |
| Other - Self Adhesive Labels | 96 | 1.8 |
| Nonwovens Fabrics | 362 | 6.7 |
| Others - Self Adhesive Labels | 164 | 3.0 |
| Packaging Films | 2,179 | 40.5 |
| Nonwoven fabrics | 134 | 2.5 |
| Other unallocable income/(expense)(net) | 81 | 1.5 |
| Total, before eliminations | 5,384 | 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. % |
|---|---|---|---|---|---|---|---|---|
| EPL LIMITED | 6,871 | 14.1 | 2.40 | 7.5 | 13.7 | 13.6 | 9.0 | 19.1 |
| AGI GREENPAC LIMITED | 4,627 | 12.8 | 1.92 | 7.0 | 14.6 | 16.5 | — | 23.4 |
| UFLEX LIMITED | 4,203 | 6.2 | 0.52 | 6.7 | 3.9 | 2.7 | 11.6 | 17.1 |
| TCPL PACKAGING LIMITED | 3,722 | 32.2 | 5.18 | 14.1 | 13.6 | 13.0 | 15.4 | 17.8 |
| JINDAL POLY FILMS LIMITED ◆ | 2,951 | 144.3 | 0.72 | 10.1 | 0.6 | 0.8 | 8.5 | 23.0 |
| POLYPLEX CORPORATION LTD | 2,899 | 18.7 | 0.41 | 8.0 | 0.6 | 0.3 | 7.6 | 14.3 |
| XPRO INDIA LIMITED | 2,360 | 71.5 | 2.96 | 51.2 | 2.4 | 2.8 | 6.2 | 11.4 |
| COSMO FIRST LIMITED | 1,923 | 11.4 | 1.19 | 7.2 | 9.6 | 6.4 | 9.8 | 12.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 144.3 | 16.2 | 63 of 64 | 2% |
| P/B | 0.7 | 1.3 | 15 of 61 | 77% |
| ROCE | 0.8 | 6.9 | 57 of 68 | 16% |
| ROE | 0.6 | 6.8 | 54 of 61 | 12% |
| Debt / Equity | 0.8 | 0.4 | 44 of 61 | 28% |
| EBITDA margin | 23.0 | 12.1 | 10 of 62 | 85% |
| Revenue growth | (51.0) | 14.0 | 59 of 61 | 3% |
| Profit growth | 159.9 | 23.4 | 13 of 60 | 80% |
| Market cap | 2951 | 118 | 5 of 73 | 94% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Response to BSE Query on Volume Movement | general | low | — | — |
| 15 Oct 2026 · BSE seeks volume movement clarification from Jindal Poly Films | compliance | low | — | — |
| 14 Oct 2026 · NSE seeks clarification on Jindal Poly Films volume surge | regulatory legal | high | — | — |
| 9 Oct 2026 · Compliance certificate from RTA for July-September 2026 quarter | compliance | minimal | — | — |
| 1 Oct 2026 · 52nd AGM: All 3 resolutions passed with over 99% approval | board shareholder meetings | low | — | — |
| 1 Oct 2026 · Jindal Poly Films: 52nd AGM voting results, all 3 resolutions passed | compliance | minimal | — | — |
| 30 Sept 2026 · 52nd AGM held on Sept 30; accounts adopted, two directors re-appointed | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading Window Closure for Q2 and Half-Year Results | compliance | minimal | — | — |
| 16 Sept 2026 · Standard clarification on share volume movement, no undisclosed info | regulatory legal | low | — | — |
| 16 Sept 2026 · BSE seeks clarification on unusual volume movement in Jindal Poly Films | 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.