BSE: 531280
PANKAJ POLYMERS LTD.
Operates in the packaging and industrial products space, classified by the exchange under Capital Goods / Industrial Products / Packaging. In FY26, revenue was Rs 1.30 crore with materials accounting for 99.3% of revenue, employee cost 14.1%, other operating expenses 51.3% and depreciation 0.4% — indicating a thin-margin operation where raw materials are essentially the entire cost base. Capex was nil and the company carried no debt, with total assets of Rs 14.13 crore. A complete change of control took place in 2026: the existing Goel-family promoter group sold out through a Share Purchase Agreement dated 14 January 2026 and an open offer, with incoming promoters Sandeep Jain, Vikas Garg, Rahul Nagar and Himanshu Arora collectively acquiring 58.15% of voting capital. The entire old board and CFO resigned citing change in management, replaced by a new team led by CEO Mayank Chawla (background at Bharti Airtel, Paytm and Edenred) along with directors from fintech and RBI backgrounds. The board has approved a preferential issue of 8.55 lakh equity shares and 22.2 lakh convertible warrants at Rs 81 each, a proposed name change to a fintech-themed identity, shifting of the registered office from Telangana to Delhi, and alteration of the objects clause to add digital payments, BBPS, payment aggregation and IT services. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Packaging / industrial products. Very small, materials-heavy packaging business undergoing full change of control and a proposed pivot to fintech and digital payments.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2 | 2 | 2 | 1 | 1 |
| EBITDA (ex other income) | (1) | (1) | (1) | (1) | (1) |
| margin % | (42.9) | (34.6) | (32.5) | (40.5) | (64.7) |
| Owners' profit | (0) | 0 | (0) | (0) | 2 |
| EPS, as reported (₹) | (0.04) | 0.09 | (0.23) | (0.23) | 3.96 |
| ROE % · ROCE % | (0.2) · 1.4 | 0.4 · 3.0 | (1.2) · 1.0 | (1.2) · 0.6 | 16.8 · 18.9 |
| Debt / equity (x) | 0.30 | 0.25 | 0.22 | 0.17 | 0.00 |
| Cash from operations | (1) | (1) | (0) | 0 | (0) |
| Capex | (0) | (0) | (1) | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 |
| Profit before tax | (0) | (0) | (0) | (0) | (0) | 2 | 0 | 0 |
| Net profit | (0) | (0) | (0) | (0) | (0) | 2 | 0 | 0 |
| EPS (₹) | (0.10) | (0.11) | (0.01) | (0.02) | (0.31) | 4.60 | 0.04 | 0.17 |
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. % |
|---|---|---|---|---|---|---|---|---|
| EPL LIMITED | 7,122 | 14.6 | 2.48 | 7.8 | 13.7 | 13.6 | 9.0 | 19.1 |
| AGI GREENPAC LIMITED | 4,672 | 12.9 | 1.94 | 7.1 | 14.6 | 16.5 | — | 23.4 |
| UFLEX LIMITED | 4,177 | 6.1 | 0.51 | 6.6 | 3.9 | 2.7 | 11.6 | 17.1 |
| TCPL PACKAGING LIMITED | 3,700 | 32.0 | 5.15 | 14.0 | 13.6 | 13.0 | 15.4 | 17.8 |
| JINDAL POLY FILMS LIMITED | 2,999 | 146.7 | 0.74 | 10.1 | 0.6 | 0.8 | 8.5 | 23.0 |
| POLYPLEX CORPORATION LTD | 2,900 | 18.7 | 0.41 | 8.0 | 0.6 | 0.3 | 7.6 | 14.3 |
| XPRO INDIA LIMITED | 2,359 | 71.4 | 2.95 | 51.2 | 2.4 | 2.8 | 6.2 | 11.4 |
| COSMO FIRST LIMITED | 1,940 | 11.5 | 1.20 | 7.3 | 9.6 | 6.4 | 9.8 | 12.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 26.7 | 16.6 | 44 of 64 | 32% |
| P/B | 5.1 | 1.3 | 58 of 61 | 5% |
| ROCE | 17.6 | 6.9 | 7 of 68 | 91% |
| ROE | 16.8 | 6.8 | 6 of 61 | 92% |
| Debt / Equity | 0.0 | 0.4 | 1 of 61 | 95% |
| EBITDA margin | 58.2 | 12.1 | 2 of 62 | 98% |
| Revenue growth | (33.8) | 14.0 | 56 of 61 | 8% |
| Profit growth | 1153.8 | 23.4 | 3 of 60 | 97% |
| Market cap | 67 | 113 | 47 of 73 | 36% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Pankaj Polymers partners with SIS India for expense management solution | strategic transactions | medium | — | — |
| 3 Oct 2026 · Pankaj Polymers files Reg 74(5) compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 3 Oct 2026 · AGM approves statutory auditor and independent director appointments | management changes | medium | — | — |
| 3 Oct 2026 · Pankaj Polymers appoints new statutory auditor for 5-year term | management changes | medium | — | — |
| 3 Oct 2026 · AGM results: All 5 resolutions passed with about 99.99 percent approval | board shareholder meetings | low | — | — |
| 3 Oct 2026 · AGM Scrutinizer Report: All 5 Resolutions Passed with Overwhelming Majority | compliance | minimal | — | — |
| 30 Sept 2026 · Pankaj Polymers 34th AGM: 5 resolutions transacted, voting results awaited | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Pankaj Polymers announces B2C and D2C digital voucher partnerships | compliance | low | — | — |
| 29 Sept 2026 · Pankaj Polymers partners with B2C, D2C brands for digital voucher platform | strategic transactions | medium | — | — |
| 25 Sept 2026 · Pankaj Polymers publishes corrigendum to 34th AGM notice in newspapers | compliance | minimal | — | — |
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.