BSE: 537573
POLYMAC THERMOFORMERS LTD
Makes thermoformed plastic products for industrial customers, operating from its registered office in Kolkata. Revenue from operations grew about 53% in FY26 to Rs 13.14 crore from Rs 8.57 crore in FY25. Raw materials dominate the cost structure at 67.5% of revenue, with employees at 5.8% and other operating expenses at 19.7%. Profitability was thin: net profit fell to Rs 1.15 lakh from Rs 4.43 lakh in FY25, and operating cash flow turned negative at Rs 190.65 lakh as trade receivables jumped from Rs 40.93 lakh to Rs 245.37 lakh and short-term borrowings surged to Rs 379.50 lakh from zero. The board declared no dividend for FY26 and the statutory auditor issued an unmodified opinion. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Thermoformed plastic products. Small, thin-margin, materials-driven industrial plastic processor.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 7 | 9 | 15 | 9 | 13 |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | 1.05 | 0.94 | 0.64 | 0.09 | 0.02 |
| ROE % · ROCE % | — · 8.1 | — · 7.2 | — · 4.8 | — · 2.0 | — · 2.2 |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (25) | 25 | (1) | 0 | (2) |
| Capex | — | — | — | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4 | 5 | 8 | 6 | 4 | 5 | 4 | 9 |
| Profit before tax | 1 | (0) | 0 | 0 | (0) | (1) | 0 | (0) |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | 1.85 | 0.91 | 0.08 | 0.56 | (1.02) | 2.09 | 0.71 | 0.69 |
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 | 41,024 | 39.5 | 6.65 | 25.3 | 15.5 | 17.9 | 12.0 | 15.0 |
| ASTRAL LIMITED | 36,600 | 63.5 | 9.02 | 33.0 | 13.2 | 16.9 | 15.6 | 15.5 |
| GARWARE HI-TECH FILMS LTD | 16,621 | 42.9 | 6.26 | 33.0 | 12.7 | 16.4 | 16.5 | 30.3 |
| KINGFA SCI & TEC IND LTD. | 9,296 | 41.2 | 6.64 | — | 13.2 | 17.7 | — | 16.9 |
| FINOLEX INDUSTRIES LTD | 8,740 | 14.2 | 1.41 | 10.3 | 9.6 | 11.8 | 3.5 | 20.6 |
| TIME TECHNOPLAST LTD. | 8,001 | 15.7 | 1.92 | 9.0 | 11.4 | 14.0 | 15.2 | 13.3 |
| PRINCE PIPES FITTINGS LTD | 2,861 | 28.0 | 1.74 | — | 4.5 | 5.6 | — | 13.3 |
| APOLLO PIPES LIMITED | 2,122 | — | 2.38 | 28.1 | 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) | 4.5 | 14.4 | 7 of 46 | 87% |
| ROCE | 0.5 | 7.0 | 44 of 56 | 22% |
| Revenue growth | 40.7 | 10.6 | 9 of 49 | 83% |
| Market cap | 5 | 126 | 53 of 55 | 4% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Director resigns, new Director appointed at Polymac Thermoformers | management changes | medium | — | — |
| 6 Oct 2026 · Routine quarterly RTA certificate for shares dematerialised in Q2 FY27 | compliance | minimal | — | — |
| 6 Oct 2026 · Polymac confirms no NCDs; Regulation 57(5) not applicable for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closure from Oct 1 for Half-Yearly Results | compliance | minimal | — | — |
| 2 Sept 2026 · Appointment of Internal Auditor for FY 2026-27 | management changes | low | — | — |
| 29 Aug 2026 · AGM results: all 5 resolutions passed with 100 percent approval | board shareholder meetings | medium | — | — |
| 27 Aug 2026 · AGM on 27 Aug 2026 - financials adopted, directors appointed | board shareholder meetings | low | — | — |
| 3 Aug 2026 · Notice of 27th AGM and E-voting details published in newspapers | compliance | minimal | — | — |
| 31 Jul 2026 · Book closure Aug 21-27, 2026 for 27th AGM; cutoff Aug 20 | board shareholder meetings | low | — | — |
| 31 Jul 2026 · Polymac Thermoformers AGM on Aug 27, 2026; director changes and results adoption on agenda | board shareholder meetings | low | — | — |
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.