BSE: 530795
SUNCITY SYNTHETICS LTD.
Reprocesses synthetic and PET bottle waste as its stated line of business, but FY26 filings disclose no production activities took place during the year. Net revenue of Rs. 75.08 lakhs in FY26 was down roughly 36% from Rs. 116.93 lakhs in FY25, and the return to a Rs. 3.85 lakh net profit was driven primarily by exceptional items of Rs. 40.06 lakhs from asset sales rather than operations. Operating cash flow swung to a negative Rs. 80.39 lakhs from a positive Rs. 270.27 lakhs the prior year, and other equity stands deeply negative at Rs. 639.04 lakhs, indicating severe capital erosion. Q4 FY26 itself posted a loss of Rs. 5.50 lakhs on total income of Rs. 32.07 lakhs. Cost structure shows materials at 117.9% of revenue, employee cost at 3.8%, other opex at 9.7%, depreciation at 8.2% and capex at 0.0% of revenue, with no production recorded. The board has approved amending the Main Object Clause to add real estate development (residential, commercial, industrial, township and infrastructure) and general trading/import-export, subject to shareholder approval, signalling a planned pivot away from the existing synthetic-waste business. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Reprocessing of synthetic and PET bottle waste. Small-cap, near-dormant textiles/synthetic-waste reprocessor with no FY26 production and severely eroded capital
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 8 | 5 | 2 | 1 | 1 |
| EBITDA (ex other income) | 1 | 0 | 0 | (1) | 0 |
| margin % | 18.9 | 3.5 | 18.1 | (43.1) | 3.3 |
| Owners' profit | 0 | (0) | 0 | (1) | 0 |
| EPS, as reported (₹) | 0.35 | (0.25) | 0.26 | (1.14) | 0.08 |
| ROE % · ROCE % | 0.0 · 0.0 | 266.4 · 8.8 | 157.6 · 10.7 | 116.9 · 163.5 | (8.7) · (14.8) |
| Debt / equity (x) | 66.85 | (103.53) | 56.90 | (0.10) | (0.39) |
| Cash from operations | 2 | 1 | (0) | 3 | (1) |
| Capex | (0) | 0 | 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 | 1 | 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 (₹) | (0.38) | 0.22 | 0.03 | 0.12 | (0.08) | 0.15 | (0.11) | 0.03 |
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. % |
|---|---|---|---|---|---|---|---|---|
| KPR MILL LTD. | 35,410 | 38.8 | 6.21 | 25.6 | 15.2 | 19.3 | 13.5 | 21.2 |
| WELSPUN LIVING LIMITED | 20,311 | 73.9 | 4.08 | 26.1 | 4.3 | 4.0 | 5.1 | 12.7 |
| VARDHMAN TEXTILES LIMITED | 14,333 | 16.6 | 1.35 | 11.0 | 7.1 | 7.4 | 10.0 | 20.4 |
| TRIDENT LIMITED | 11,018 | 27.7 | 2.31 | 13.5 | 7.9 | 8.6 | 8.1 | 17.7 |
| INDO COUNT INDUSTRIES LTD | 8,338 | 55.3 | 3.54 | 20.1 | 5.4 | 5.4 | 10.5 | 13.3 |
| GARWARE TECH FIBRES LTD | 7,621 | 36.8 | 5.63 | 23.8 | 14.7 | 18.7 | 8.1 | 20.5 |
| FILATEX INDIA LTD | 4,197 | 22.0 | 2.79 | 11.5 | 12.2 | 13.8 | — | 7.6 |
| SANATHAN TEXTILES LIMITED | 4,161 | 68.6 | 2.22 | 18.6 | 4.1 | 3.5 | — | 8.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| Revenue growth | (100.0) | 6.9 | 186 of 192 | 0% |
| Profit growth | (72.0) | 20.0 | 163 of 203 | 20% |
| Market cap | 7 | 59 | 213 of 223 | 5% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Suncity changes CFO and appoints an additional director | management changes | high | — | — |
| 26 Oct 2026 · CFO succession and additional director appointment | management changes | medium | — | — |
| 26 Oct 2026 · CFO resigns; Vidhi Bafna appointed successor | management changes | high | — | — |
| 26 Oct 2026 · CFO transition and additional director appointment at Suncity Synthetics | management changes | high | — | — |
| 26 Oct 2026 · CFO replaced and additional non-executive director appointed | management changes | medium | — | — |
| 5 Oct 2026 · Routine compliance certificate for share dematerialization filed for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Enclosed Herewith Scrutinizer Report and Voting Results for 38th AGM held on 25.09.2026 through VC / Other Audio Visual Means | board shareholder meetings | low | — | — |
| 28 Sept 2026 · 38th AGM voting results: both resolutions passed with 99.56% majority | compliance | minimal | — | — |
| 26 Sept 2026 · Trading Window Closed from Oct 1 Ahead of Q2 Results | compliance | minimal | — | — |
| 25 Sept 2026 · 38th AGM concluded; financial statements adopted and director reappointed | board shareholder meetings | low | — | — |
How to read this document
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|---|---|---|
| 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 |
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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.