BSE: 544366
L.K.MEHTA POLYMERS LIMITED
Manufactures and trades plastic ropes and plastic granules from a base in Ratlam, Madhya Pradesh, with the bulk of disclosed commercial activity covering the sale, purchase and job work of these products. Revenue from operations grew from Rs 1,896.58 lakhs in FY25 to Rs 2,919.32 lakhs in FY26. A material related-party transaction with M/s Kamlesh Industries — a proprietorship of the Managing Director — covering plastic ropes and plastic granuels is capped at Rs 10 crore for FY26, equivalent to about 52% of FY25 consolidated turnover. The company went public via an IPO on 21 February 2025, raising Rs 7.38 crore; by 31 March 2026, Rs 7.28 crore had been deployed, mostly for working capital (including Rs 207.32 lakh on raw materials in H1 FY26) with Rs 10 lakh parked in an HDFC Bank fixed deposit. To diversify beyond polymers, it incorporated a wholly owned subsidiary, L.K. Mehta Green Private Limited, targeting solar, wind, bio-energy, plastic recycling and sustainable technologies, with an initial Rs 1 lakh subscription. Materials account for 12.7% of revenue, employee costs 0.5%, other opex 6.6% and capex 0.8%, while trade receivables rose from Rs 609.33 lakhs to Rs 1,389.71 lakhs and short-term borrowings from Rs 474.08 lakhs to Rs 870.30 lakhs over FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Plastic ropes and plastic granules/granuels — sale, purchase and job work, Renewable energy, recycling and sustainable technologies. Small, asset-light industrial plastics trader/processor diversifying into renewables.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY25 | FY26 |
|---|---|---|
| Revenue | 19 | 29 |
| EBITDA (ex other income) | — | — |
| margin % | — | — |
| Owners' profit | — | — |
| EPS, as reported (₹) | 2.08 | 1.63 |
| ROE % · ROCE % | — · 11.3 | — · 11.8 |
| Debt / equity (x) | — | — |
| Cash from operations | (2) | (8) |
| Capex | 0 | (0) |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|
| Revenue | 12 | 15 | 14 |
| Profit before tax | 0 | 0 | 0 |
| Net profit | — | — | — |
| EPS (₹) | 1.21 | 0.66 | 0.48 |
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 | 41,906 | 40.4 | 6.79 | 25.8 | 15.5 | 17.9 | 12.0 | 15.0 |
| ASTRAL LIMITED | 37,014 | 64.2 | 9.12 | 33.4 | 13.2 | 16.9 | 15.6 | 15.5 |
| GARWARE HI-TECH FILMS LTD | 16,546 | 42.7 | 6.23 | 32.9 | 12.7 | 16.4 | 16.5 | 30.3 |
| KINGFA SCI & TEC IND LTD. | 9,213 | 40.8 | 6.58 | — | 13.2 | 17.7 | — | 16.9 |
| FINOLEX INDUSTRIES LTD | 8,719 | 14.2 | 1.40 | 10.3 | 9.6 | 11.8 | 3.5 | 20.6 |
| TIME TECHNOPLAST LTD. | 8,051 | 15.8 | 1.93 | 9.1 | 11.4 | 14.0 | 15.2 | 13.3 |
| PRINCE PIPES FITTINGS LTD | 2,776 | 27.2 | 1.69 | — | 4.5 | 5.6 | — | 13.3 |
| APOLLO PIPES LIMITED | 2,132 | — | 2.39 | 28.3 | 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) | 17.6 | 14.2 | 31 of 46 | 33% |
| ROCE | 6.8 | 7.0 | 30 of 56 | 47% |
| Market cap | 16 | 122 | 47 of 55 | 15% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Routine compliance certificate for dematerialised shares filed with BSE | compliance | minimal | — | — |
| 26 Sept 2026 · Trading Window Closure for Half Year ended September 30, 2026 | compliance | minimal | — | — |
| 26 Sept 2026 · 31st AGM held; 3 resolutions passed incl. related party deal with Kamlesh Industries | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Dispatch of Letter with Annual Report Weblink for FY 2025-26 | compliance | minimal | — | — |
| 5 Sept 2026 · Notice of 31st AGM published in newspapers; meeting on September 26, 2026 | compliance | minimal | — | — |
| 3 Sept 2026 · Annual Report FY2025-26 submitted; PAT rises to Rs 62.64 lakh on strong revenue growth | compliance | minimal | — | — |
| 3 Sept 2026 · 31st AGM on September 26, 2026; related party approval of up to Rs 10 Crore sought | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Board approves 31st AGM notice and related party deal for FY27 | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Board approves AGM notice and Board Report for 31st AGM on 26 September 2026 | board shareholder meetings | low | — | — |
| 5 Aug 2026 · Incorporates wholly owned subsidiary L.K. Mehta Green for green energy push | strategic transactions | 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.