Injecto Polymers trading exceeds half of FY26 revenue

Injecto Polymers Limited derived Rs 189.1221 crore, or 50.4%, of revenue from trading plastic granules and polyvinyl chloride (PVC) resin in FY26, the year ended March 31, 2026. Trading sales exceeded manufacturing sales of Rs 186.4092 crore, changing the revenue mix from FY24, when trading accounted for 27.6% of Rs 109.0479 crore of revenue.

How did trading exceed half of Injecto Polymers revenue?

Trading became Injecto Polymers’ larger revenue activity in FY25 and remained so in FY26, despite a reduction in its share of total sales. Domestic trading sales of plastic granules and PVC resin increased from Rs 30.152 crore in FY24 to Rs 139.0892 crore in FY25 and Rs 189.1221 crore in FY26. This was an increase of Rs 158.9701 crore, or 527.2%, over two years, while total revenue from operations increased by Rs 266.4834 crore, or 244.4%.

Manufacturing sales also rose, but from a larger FY24 base and at a lower two-year rate. Domestic manufacturing sales, comprising polypropylene (PP) fabrics and PP fabric bags, rose from Rs 78.8959 crore in FY24 to Rs 122.3881 crore in FY25 and Rs 186.4092 crore in FY26. Trading was 53.2% of FY25 revenue of Rs 261.4773 crore, compared with 50.4% in FY26, because FY26 manufacturing sales grew 52.3% year on year, faster than the 36.0% increase in trading sales.

What products make up Injecto Polymers’ manufacturing and trading sales?

Plastic granules and PVC resin accounted for all Rs 189.1221 crore of Injecto Polymers’ trading revenue in FY26, according to the revenue-from-operations statement. The major-products note reports Rs 189.1293 crore for the same category, a difference of Rs 0.72 lakh. The financial disclosures do not provide a further product split within plastic granules and PVC resin, so the relative contribution of each product cannot be determined from these notes.

PP fabrics remained the larger manufacturing product, generating Rs 117.5761 crore in FY26, while PP fabric bags generated Rs 68.8331 crore. PP fabrics represented 63.1% of FY26 manufacturing sales of Rs 186.4092 crore, compared with 36.9% for bags. In FY24, PP fabrics contributed Rs 46.2603 crore and bags Rs 32.6355 crore, showing that both manufactured categories expanded as trading grew from Rs 30.152 crore to Rs 189.1221 crore.

The revenue-mix change does not mean manufacturing declined. Manufacturing added Rs 107.5133 crore of sales between FY24 and FY26, versus Rs 158.9701 crore added by trading. Trading provided about 59.7% of the Rs 266.4834 crore increase in total revenue over that period, based on the disclosed revenue categories. A trading-led mix would require sales of plastic granules and PVC resin to remain above the two manufacturing product lines combined.

What purchasing and inventory needs support the trading business?

Injecto Polymers purchased Rs 211.0375 crore of stock in trade in FY26, entirely described as plastic granules and PVC resin. That purchase value was Rs 76.3611 crore higher than FY25 purchases of Rs 134.6764 crore and Rs 174.1967 crore above FY24 purchases of Rs 36.8408 crore. Purchases can exceed same-year trading revenue because stock in trade moved during the period, so purchases and sales are not like-for-like measures.

Closing stock in trade, including stock in transit where applicable, was Rs 58.9014 crore at March 31, 2026, compared with Rs 23.9439 crore at March 31, 2025 and Rs 17.6427 crore at March 31, 2024. The FY26 movement in stock in trade was negative Rs 34.9575 crore in the statement of changes in inventories, reflecting a higher closing balance than opening stock. On an inventory-adjusted basis, FY26 purchases plus opening stock less closing stock equal Rs 176.0800 crore; the Rs 13.0421 crore difference from trading revenue is not a profit measure because it excludes operating, finance and other expenses.

Imported stock in trade represented Rs 96.8171 crore, or 45.9%, of FY26 stock-in-trade purchases, compared with Rs 26.3177 crore, or 19.5%, in FY25. Indigenous stock-in-trade purchases were Rs 114.2204 crore in FY26, compared with Rs 108.3587 crore in FY25. The disclosed mix shows that the trading activity’s purchasing profile became more import-dependent in FY26, while import-related expenses were Rs 4.0168 crore, up from Rs 1.064 crore in FY25.

How does the larger trading operation affect working-capital requirements?

The expansion in trading coincided with a higher stock position and larger trade receivables. Total inventories were Rs 140.217 crore at March 31, 2026, up from Rs 74.139 crore a year earlier, with trading goods alone at Rs 58.9014 crore, or 42.0% of total inventory. Finished goods were Rs 49.6524 crore and raw materials were Rs 26.8365 crore, so inventory funding covered trading stock as well as manufacturing inputs.

Trade receivables were Rs 64.2648 crore at March 31, 2026, compared with Rs 35.8043 crore at March 31, 2025. The receivables ageing schedule lists Rs 56.9725 crore, or 88.7% of its Rs 64.2448 crore total, as due within six months; the schedule’s total differs by Rs 2 lakh from the headline receivables balance. Injecto Polymers reported no doubtful or disputed receivables in either presentation, but the notes do not split receivables between manufacturing customers and trading customers.

Finance costs rose alongside the increase in inventory and receivables. Interest on working-capital loans was Rs 7.45 crore in FY26, compared with Rs 4.4382 crore in FY25 and Rs 2.9982 crore in FY24, while total finance cost reached Rs 12.2829 crore. The disclosures establish that working-capital interest increased as the business expanded, but they do not attribute the increase specifically to trading; the effect of a trading-led revenue mix therefore depends in part on stock, collections, purchase funding and imported supply.

Conclusion

Injecto Polymers’ FY26 revenue composition shows that trading in plastic granules and PVC resin became its largest sales category, at Rs 189.1221 crore against Rs 186.4092 crore from PP fabrics and bags. The shift resulted from a Rs 158.9701 crore increase in trading revenue between FY24 and FY26, while manufacturing sales also rose by Rs 107.5133 crore over the same period.

The next disclosure to watch is whether the company reconciles the Rs 0.72 lakh difference between its two FY26 trading-revenue presentations and the Rs 2 lakh difference between its receivables headline and ageing schedule. The supplied notes also do not provide separate receivables or profitability data for manufacturing and trading, leaving the earnings and collection profile of each activity unresolved.