NSE: KSHITIJPOL
KSHITIJ POLYLINE LIMITED
Manufactures plastic sheets and films in materials including polypropylene (PP), PVC, HIPS/PS, ABS and HDPE, used across stationery and packaging applications. Corporate filings describe the range as plastic sheets, films and stationery items, with the company classified under the household products and stationery segment. In FY26, revenue stood at Rs 44.75 crore, up from Rs 30.58 crore in FY25, with a profit after tax of Rs 3.87 crore against a prior-year loss. Material inputs account for 83.4% of revenue and employee costs 14.3%, making raw polymer resins the dominant cost line. Capital expenditure of Rs 1,995.63 lakhs was incurred on property, plant and equipment in FY26, and operating cash flow was negative due to inventory buildup. The company has completed the acquisition of Omkar Speciality Chemicals Limited under an NCLT-approved resolution plan and disclosed a recycling expansion plan. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Plastic sheets, films and stationery items. Small-cap plastic sheet and film manufacturer with stationery exposure, in turnaround with capacity and recycling expansion
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 59 | 42 | 45 |
| EBITDA (ex other income) | (1) | (7) | 6 |
| margin % | (1.8) | (15.7) | 13.0 |
| Owners' profit | 0 | (7) | 4 |
| EPS, as reported (₹) | 0.32 | (0.77) | 0.25 |
| ROE % · ROCE % | 7.9 · 12.1 | (18.6) · (16.4) | 6.1 · 8.3 |
| Debt / equity (x) | 2.17 | 0.36 | 0.28 |
| Cash from operations | (8) | (9) | (1) |
| Capex | (8) | (1) | (9) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11 | 7 | 9 | 12 | 11 | 13 | 14 | 16 |
| Profit before tax | (1) | (6) | 0 | 0 | 0 | 3 | 1 | 0 |
| Net profit | (1) | (4) | 0 | 1 | 1 | 2 | 0 | 0 |
| EPS (₹) | (0.06) | (0.43) | 0.05 | 0.02 | 0.04 | 0.14 | 0.03 | 0.02 |
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. % |
|---|---|---|---|---|---|---|---|---|
| DOMS INDUSTRIES LIMITED | 12,441 | 63.4 | 9.10 | 31.0 | 6.1 | 7.2 | — | 12.4 |
| NAVNEET EDUCATION LTD | 2,838 | 7.4 | 1.28 | 1051.0 | 6.2 | 7.9 | (54.0) | 3.4 |
| FLAIR WRITING INDUST LTD | 2,627 | 16.7 | 2.19 | 11.8 | — | — | — | 15.8 |
| KOKUYO CAMLIN LIMITED | 707 | — | 2.84 | 16.9 | 6.1 | 8.0 | — | — |
| LINC LIMITED | 535 | 19.6 | 2.00 | 8.9 | 4.2 | 5.2 | — | 7.3 |
| ALKOSIGN LIMITED | 69 | 5.8 | — | — | — | 4.9 | — | (0.8) |
| KSHITIJ POLYLINE LIMITED ◆ | 67 | 13.7 | 0.82 | 14.5 | 1.0 | 1.2 | — | 7.6 |
| SUNDARAM MULTI PAP LTD | 51 | — | 0.53 | 6.0 | (0.1) | (0.1) | — | 1.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.7 | 15.2 | 3 of 6 | 60% |
| P/B | 0.8 | 1.6 | 3 of 8 | 71% |
| ROCE | 1.2 | 5.1 | 6 of 8 | 29% |
| ROE | 1.0 | 4.2 | 5 of 7 | 33% |
| Debt / Equity | 0.1 | 0.1 | 3 of 8 | 71% |
| EBITDA margin | 7.6 | 7.3 | 3 of 7 | 67% |
| Revenue growth | 34.4 | 24.4 | 2 of 6 | 80% |
| Profit growth | (29.7) | (33.4) | 3 of 6 | 60% |
| Market cap | 67 | 535 | 7 of 9 | 25% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Nov 2026 · Independent director Ruhini Chakraborty resigns | management changes | medium | — | — |
| 5 Nov 2026 · Independent Director Ruhini Kumar Chakraborty resigns | management changes | medium | — | — |
| 5 Nov 2026 · No deviation in use of Rs 18.98 crore right issue proceeds | compliance | minimal | — | — |
| 5 Nov 2026 · Kshitij Polyline submits September 2026 quarter financial results | results | high | — | — |
| 28 Oct 2026 · September 2026 share capital audit shows no mismatch or physical shares | compliance | minimal | — | — |
| 13 Oct 2026 · Compliance certificate under SEBI Depository Regulations for Q2 FY27 | compliance | minimal | — | — |
| 7 Oct 2026 · Independent Director Resigns; New Director Appointed at Kshitij Polyline | management changes | medium | — | — |
| 7 Oct 2026 · Independent Director Rajesh Pherwani resigns citing personal reasons | management changes | medium | — | — |
| 7 Oct 2026 · Independent Director resigns, new Independent Director joins board | management changes | medium | — | — |
| 7 Oct 2026 · Independent Director Resigns from Kshitij Polyline Board | management changes | 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.