NSE: TAINWALCHM · BSE: 507785
TAINWALA CHEMICAL AND PLA
Manufactures and sells industrial plastic sheets and also trades in chemical/plastic products for resale. In FY26, total segment revenue was ₹17.83 crore, split between Tradable Items at ₹13.47 crore (75.5% of segment revenue, EBIT margin 2.2%) and Plastic Sheets at ₹4.37 crore (24.5% of segment revenue, EBIT margin 22.7%). The Plastic Sheets segment is the higher-margin business, while Tradable Items is the larger but thin-margin portion. The cost base is light: raw materials at 10.3% of revenue, employee cost at 5.1%, other operating expenses at 17.4%, and depreciation at 2.0%, with capex at near-zero. The company is debt-free and reported FY26 revenue of ₹17.83 crore, up 8.6% year-on-year, with net profit of ₹10.79 crore, up 119% year-on-year, partly supported by other income. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Tradable Items (76%), Plastic Sheets (25%). Small, debt-free industrial plastic products maker with a low-margin trading arm
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 8 | 13 | 18 | 16 | 18 |
| EBITDA (ex other income) | (4) | (5) | (0) | 1 | 0 |
| margin % | (48.0) | (42.3) | (1.3) | 7.8 | 2.5 |
| Owners' profit | 0 | 3 | 5 | 5 | 11 |
| EPS, as reported (₹) | 0.39 | 3.50 | 5.14 | 5.25 | 11.52 |
| ROE % · ROCE % | 0.4 · 0.7 | 3.3 · 3.9 | 4.1 · 4.5 | 3.2 · 3.8 | 6.3 · 7.1 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (2) | (6) | 1 | 9 | (2) |
| Capex | (1) | (1) | 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 | 5 | 5 | 5 | 1 | 5 | 10 | 1 | 1 |
| Profit before tax | 4 | 1 | 1 | 3 | 5 | 4 | 1 | 0 |
| Net profit | 3 | 0 | 1 | 3 | 4 | 3 | 1 | 0 |
| EPS (₹) | 3.65 | 0.17 | 0.59 | 3.00 | 4.14 | 3.62 | 0.76 | 0.03 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Plastic sheets | 1 | 7.5 |
| Tradable Items | 13 | 75.5 |
| Plastic Sheets | 3 | 17.0 |
| Total, before eliminations | 18 | 100.0 |
Exhibit 4: 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 22.8 | 14.4 | 34 of 46 | 27% |
| P/B | 1.1 | 1.6 | 11 of 42 | 76% |
| ROCE | 7.1 | 7.0 | 28 of 56 | 51% |
| ROE | 6.3 | 7.6 | 25 of 45 | 46% |
| Debt / Equity | 0.0 | 0.2 | 1 of 45 | 82% |
| EBITDA margin | 12.0 | 11.6 | 21 of 43 | 52% |
| Revenue growth | (5.7) | 10.6 | 38 of 49 | 23% |
| Profit growth | (99.1) | 20.7 | 38 of 47 | 20% |
| Market cap | 183 | 126 | 21 of 55 | 63% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 9 Oct 2026 · Quarterly demat certificate filed under SEBI Regulation 74(5) for Sep 2026 quarter | compliance | minimal | — | — |
| 8 Oct 2026 · Routine quarterly compliance certificate for Q2 FY26 filed with BSE and NSE | compliance | minimal | — | — |
| 23 Sept 2026 · Trading window closed for Q2 and H1 FY26 results | compliance | minimal | — | — |
| 4 Sept 2026 · 41st AGM voting results: all 9 resolutions passed | board shareholder meetings | low | — | — |
| 3 Sept 2026 · AGM clears one new director and three board re-appointments at Tainwala | general | low | — | — |
| 3 Sept 2026 · New statutory auditor SDBA and Co appointed at Tainwala for 5 years | management changes | medium | — | — |
| 3 Sept 2026 · 41st AGM proceedings filed: 9 resolutions put to e-vote | board shareholder meetings | medium | — | — |
| 3 Sept 2026 · Tainwala Chemicals 41st AGM held; 9 resolutions voted via e-voting | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Notice for re-lodging physical share transfers and KYC updation | 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.