NSE: POLYPLEX · BSE: 524051
POLYPLEX CORPORATION LTD
Manufactures plastic films used in flexible packaging, with global manufacturing operations. The company reported FY26 revenue of ₹7,085.86 crore, an EBITDA margin of 6.17%, and a net profit of ₹40.93 crore. It runs a differentiated product portfolio it brands as D-PAC across multiple geographies. FY26 sales volumes reached 370,515 metric tonnes, up 23% year-on-year, helped by a new film production line in the USA. In April 2026 it acquired 51% of TechNova Printrite Products Private Limited (TPPPL) to strengthen its digital print media segment, and it continues to hold 51% in Polyplex Thailand (PTL), a Thailand-listed step-down subsidiary, having declined a tender offer from AGPH (Thailand) Ltd on July 1, 2026. Materials make up 61.1% of revenue and are the largest input cost, followed by other operating expenses at 21.4% and employee costs at 10.8%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Packaging films (D-PAC differentiated portfolio), Digital print media. Asset-heavy, cyclical packaging films manufacturer with global footprint
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 6,624 | 7,652 | 6,307 | 6,885 | 7,086 |
| EBITDA (ex other income) | 1,308 | 947 | 365 | 696 | 349 |
| margin % | 19.7 | 12.4 | 5.8 | 10.1 | 4.9 |
| Owners' profit | 569 | 348 | 38 | 209 | 45 |
| EPS, as reported (₹) | 181.19 | 110.97 | 12.05 | 66.64 | 14.32 |
| ROE % · ROCE % | 18.1 · 19.6 | 10.7 · 11.9 | 1.5 · 1.9 | 5.8 · 7.3 | 0.6 · 1.0 |
| Debt / equity (x) | 0.18 | 0.14 | 0.13 | 0.14 | 0.13 |
| Cash from operations | 560 | 802 | 455 | 438 | 537 |
| Capex | (402) | (273) | (517) | (503) | (405) |
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 | 1,739 | 1,721 | 1,740 | 1,739 | 1,794 | 1,682 | 1,871 | 2,254 |
| Profit before tax | 202 | 142 | (6) | (71) | 23 | 25 | 43 | 211 |
| Net profit | 164 | 105 | (9) | (60) | 34 | 30 | 38 | 171 |
| EPS (₹) | 27.97 | 18.40 | 3.22 | (6.15) | 7.87 | 4.70 | 7.90 | 29.00 |
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 | 6,871 | 14.1 | 2.40 | 7.5 | 13.7 | 13.6 | 9.0 | 19.1 |
| AGI GREENPAC LIMITED | 4,627 | 12.8 | 1.92 | 7.0 | 14.6 | 16.5 | — | 23.4 |
| UFLEX LIMITED | 4,203 | 6.2 | 0.52 | 6.7 | 3.9 | 2.7 | 11.6 | 17.1 |
| TCPL PACKAGING LIMITED | 3,722 | 32.2 | 5.18 | 14.1 | 13.6 | 13.0 | 15.4 | 17.8 |
| JINDAL POLY FILMS LIMITED | 2,951 | 144.3 | 0.72 | 10.1 | 0.6 | 0.8 | 8.5 | 23.0 |
| POLYPLEX CORPORATION LTD ◆ | 2,899 | 18.7 | 0.41 | 8.0 | 0.6 | 0.3 | 7.6 | 14.3 |
| XPRO INDIA LIMITED | 2,360 | 71.5 | 2.96 | 51.2 | 2.4 | 2.8 | 6.2 | 11.4 |
| COSMO FIRST LIMITED | 1,923 | 11.4 | 1.19 | 7.2 | 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) | 18.7 | 16.2 | 41 of 64 | 37% |
| P/B | 0.4 | 1.3 | 3 of 61 | 95% |
| ROCE | 0.3 | 6.9 | 58 of 68 | 15% |
| ROE | 0.6 | 6.8 | 53 of 61 | 13% |
| Debt / Equity | 0.1 | 0.4 | 19 of 61 | 70% |
| EBITDA margin | 14.3 | 12.1 | 24 of 62 | 62% |
| Revenue growth | 29.6 | 14.0 | 14 of 61 | 78% |
| Profit growth | 386.0 | 23.4 | 9 of 60 | 86% |
| Market cap | 2899 | 118 | 6 of 73 | 93% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Quarterly compliance certificate for share dematerialization filed | compliance | minimal | — | — |
| 7 Oct 2026 · Polyplex Thailand adds 12,000 MT capacity, invests INR 147 Cr | capex operations | high | — | — |
| 1 Oct 2026 · Final sale consideration for PDPL acquisition revised upward | strategic transactions | high | — | — |
| 28 Sept 2026 · Trading Window closure for Q2 and H1 FY27 results | compliance | minimal | — | — |
| 9 Sept 2026 · All resolutions passed at 41st AGM; final dividend of Re 1 per share approved | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Polyplex AGM presentation filed - Q1 FY27 shows margin recovery | investor communications | medium | — | — |
| 8 Sept 2026 · Polyplex Corporation holds 41st AGM; final dividend of INR 1.00 per share declared | board shareholder meetings | low | — | — |
| 17 Aug 2026 · Polyplex submits newspaper notice for 41st AGM and Annual Report dispatch | compliance | minimal | — | — |
| 13 Aug 2026 · Polyplex Q1 FY27 results: Revenue $238mn, EBITDA $38mn, 16% margin | investor communications | medium | — | — |
| 11 Aug 2026 · Q1 FY27 results: revenue up but standalone profit dips | results | 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.