BSE: 531597
MIDLAND POLYMERS LTD.
Classified as a commodity chemicals company on BSE, this entity currently has no operational revenue and has reported losses for the past three years. FY26 results show a net loss of Rs. 14.07 lakhs against total assets of Rs. 41.15 lakhs and a negative net worth. The board has approved acquiring a 70% stake in JMRCLEAN Energy Private Limited, a Hyderabad-based renewable energy EPC firm, through a share swap. The company is altering its objects clause to enter power transmission, underground cabling, wind energy, defence infrastructure, and infrastructure projects, with a planned preferential issue of Rs. 26.29 crore — Rs. 23.29 crore earmarked for the subsidiary and Rs. 3 crore for general corporate purposes. The transactions remain subject to regulatory approvals, with effective control set to shift to five new acquirers from the clean energy and infrastructure sector. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Renewable energy EPC (planned via JMRCLEAN Energy acquisition), Power transmission, cabling, wind energy, defence and infrastructure (planned new objects). Currently a dormant BSE-listed shell entity; planned transition into renewable energy EPC and infrastructure via acquisition of JMRCLEAN Energy
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 0 | 0 | 0 |
| EBITDA (ex other income) | (0) | (0) | (0) |
| margin % | (843.6) | — | — |
| Owners' profit | (0) | (0) | (0) |
| EPS, as reported (₹) | (0.68) | 2.21 | (2.10) |
| ROE % · ROCE % | 25.0 · 25.0 | 7.5 · 7.5 | 6.6 · 6.6 |
| Debt / equity (x) | (1.25) | (1.20) | (1.19) |
| Cash from operations | 2 | (0) | (0) |
| Capex | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| Net profit | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| EPS (₹) | (0.04) | (0.24) | 2.01 | (0.75) | (0.16) | (0.20) | (1.00) | (4.79) |
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. % |
|---|---|---|---|---|---|---|---|---|
| TATA CHEMICALS LTD | 15,351 | — | 0.69 | 139.2 | (7.7) | (5.0) | 7.4 | 14.4 |
| DEEPAK FERTILIZERS & PETR | 14,679 | 14.9 | 1.97 | 11.1 | 9.9 | 8.4 | 14.6 | 26.1 |
| GUJ NAR VAL FER & CHEM L | 7,529 | 7.3 | 0.83 | 5.4 | 8.9 | 10.3 | 8.7 | 22.1 |
| TANFAC INDUSTRIES LTD. | 6,923 | 56.6 | 18.55 | — | 18.8 | 24.3 | — | 16.0 |
| GUJARAT ALKALIES & CHEM | 4,105 | 61.8 | 0.79 | 8.7 | (0.0) | 0.7 | 12.4 | 18.4 |
| GHCL LIMITED | 3,565 | 7.8 | 1.00 | 4.7 | 13.3 | 16.6 | 1.1 | 23.9 |
| GRAUER & WEIL IND LTD | 3,543 | 21.6 | 3.28 | 14.4 | 15.2 | 19.2 | 14.5 | 20.4 |
| J.G.CHEMICALS LIMITED | 2,179 | 29.0 | 4.03 | 22.2 | 12.7 | 16.9 | — | 11.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| ROCE | 6.6 | 6.0 | 28 of 62 | 56% |
| Profit growth | (528.4) | 21.0 | 63 of 64 | 2% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Q2 FY26 results cleared; consolidated profit via new subsidiary | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Six-month consolidated profit of Rs 36.14 lakh amid heavy cash burn | results | high | — | — |
| 17 Oct 2026 · Board meeting postponed to Oct 22 for Q2 results approval | results | low | — | — |
| 13 Oct 2026 · Board meeting on 17 Oct to consider Q2 FY26 results | results | low | — | — |
| 12 Oct 2026 · Compliance Certificate under Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 10 Oct 2026 · Name change from Midland Polymers to Rare Earth Engineers Limited | general | low | — | — |
| 2 Sept 2026 · Annual Report FY26 Filed; AGM on Sept 24; Name Change Proposed | results | high | — | — |
| 2 Sept 2026 · 34th AGM notice on Sep 24, 2026; name change to Rare Earth Engineers proposed | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Promoter and PACs acquire 65.24% via preferential allotment | ownership changes | high | — | — |
| 14 Aug 2026 · Promoter Shaik Mahammad Amaan and PACs acquire shares via preferential allotment | ownership changes | 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.