Injecto Polymers’ FY26 Revenue Was 85.27% From West Bengal

Injecto Polymers Limited generated 85.27% of FY26 revenue from operations in West Bengal, equal to Rs 320.2098 crore of Rs 375.5313 crore. Injecto Polymers plans a pan-India expansion after adding manufacturing capacity, but a reduction in this concentration requires sales outside West Bengal to grow faster than sales within the state.

How concentrated was Injecto Polymers’ FY26 revenue in West Bengal?

Injecto Polymers derived 85.27% of FY26 revenue from operations from West Bengal, up from 75.86% in FY25 and 82.24% in FY24. West Bengal revenue rose to Rs 320.2098 crore in FY26 from Rs 198.3669 crore in FY25, while total revenue from operations increased 43.62% to Rs 375.5313 crore. West Bengal’s revenue growth therefore outpaced the company’s overall growth and increased the state’s share of the revenue base.

Other eastern states accounted for 7.04% of FY26 revenue, compared with 7.99% in FY25 and 12.90% in FY24. Jharkhand was the second-largest disclosed state market, contributing 5.10%, or Rs 19.1345 crore, followed by Maharashtra at 2.92%, or Rs 10.9527 crore. Delhi contributed 2.27%, or Rs 8.5421 crore, down from 11.86% in FY25.

This geographic concentration is material because Injecto Polymers states that its business is significantly exposed to regional economic, political and environmental conditions in West Bengal and other eastern geographies. West Bengal and the other eastern states together represented 92.31% of FY26 revenue from operations, making changes in those markets more consequential to reported revenue than conditions in any individual non-eastern state disclosed.

Why did West Bengal’s revenue share increase despite sales growth elsewhere?

Injecto Polymers’ West Bengal sales increased by Rs 121.8429 crore from FY25 to FY26, while total revenue from operations increased by Rs 114.054 crore. That comparison indicates that reductions in revenue in some states offset part of the West Bengal increase. Delhi, for example, declined to Rs 8.5421 crore in FY26 from Rs 31.0037 crore in FY25.

Revenue remained split between manufacturing and trading in FY26. Manufacturing revenue increased to Rs 186.4092 crore from Rs 122.3881 crore in FY25, while trading revenue, comprising plastic granules and polyvinyl chloride, or PVC, resin, increased to Rs 189.1221 crore from Rs 139.0893 crore. Manufacturing accounted for 49.64% of FY26 revenue and trading accounted for 50.36%, meaning the West Bengal concentration applied across a revenue mix divided almost evenly between the two activities.

Injecto Polymers attributed FY26 manufacturing revenue growth partly to the full-year contribution from an additional facility taken on leave and licence from Hind Polyfabs Private Limited on June 1, 2024. The company also cited higher selling prices in response to input costs and a higher contribution from polypropylene, or PP, fabric bags. It attributed trading growth in FY25 and FY26 to a broader procurement network, domestic and international sourcing, and expanded distribution of plastic granules and PVC resin to new customers.

What operating footprint supports Injecto Polymers’ eastern revenue base?

Injecto Polymers operates two manufacturing units in West Bengal, near Kolkata, Odisha, Jharkhand, Bihar, rice-producing belts and industrial zones. The company says the locations have connectivity to ports, airports and highways, while the units are located close to markets in eastern India. The two-unit West Bengal production footprint corresponds with the 92.31% share of FY26 revenue generated in West Bengal and other eastern states.

Combined installed capacity was 10,870 metric tonnes, or MT, as of March 31, 2026, while average production was 10,350 MT and average capacity utilisation was 95.29%. Unit I had installed capacity of 8,470 MT and utilisation of 95.20%; Unit II had installed capacity of 2,400 MT and utilisation of 95.63%. The company’s stated expansion strategy links added capacity with its ability to serve customers in other geographies.

Unit II has operated under a leave-and-licence arrangement with Hind Polyfabs Private Limited from June 1, 2024. The renewed agreement permits extensions through successive 11-month terms for up to seven years. Combined installed capacity rose from 8,470 MT in FY24 to 10,470 MT in FY25 and 10,870 MT in FY26, with the FY25 combined-capacity calculation including Unit II from June 1, 2024 to March 31, 2025.

Can Injecto Polymers’ capacity plan support pan-India expansion?

Injecto Polymers says its pan-India expansion depends on increased manufacturing capacity that can serve customers outside its current eastern base. The company has commenced the next phase of its manufacturing expansion with a goal of adding up to 7,200 MT a year. It states that increased capacity will allow it to cater to customers in other geographies and expand its outreach.

Phase III, funded through internal accruals, is intended to add up to 2,400 MT, and 1,200 MT commenced operations on July 1, 2026. Phase IV is expected to become operational in 2026, has an estimated cost of Rs 30.50 crore and is to be funded fully from issue proceeds; the company states that it has acquired the required land. Injecto Polymers also proposes to use Rs 29.6196 crore towards expanding manufacturing capabilities.

Capacity additions do not by themselves establish geographic diversification. Injecto Polymers states that the expansion initiative is subject to regulatory approvals, financial closure and execution timelines. The West Bengal share would decline only if revenue from outside the state grows faster than West Bengal revenue after the additional output becomes available and distribution supports sales in those markets.

How do customer and supplier concentrations add to the geographic issue?

Injecto Polymers also reported customer concentration, although customer and geographic concentration measure different forms of dependency. Its top 10 customers accounted for 40.07% of FY26 revenue from operations, or Rs 150.4689 crore, compared with 40.63% in FY25. The top customer represented 11.49% of FY26 revenue, down from 18.91% in FY25, while West Bengal’s geographic share increased over the same period.

Procurement was concentrated among a smaller supplier group. The top five suppliers represented 58.07% of FY26 total purchases, and the top 10 represented 72.72%; plastic granules are identified as a major raw-material requirement. Injecto Polymers generally does not enter into long-term supply contracts and says it plans to diversify suppliers across geographies as operations expand, while stating that abundant raw-material availability creates minimal risk of supply shortage.

Conclusion

Injecto Polymers’ FY26 revenue growth increased rather than reduced its reliance on West Bengal. Revenue from the state increased by Rs 121.8429 crore year on year and reached 85.27% of total revenue from operations, while combined manufacturing capacity utilisation was 95.29% and both manufacturing units remained located in West Bengal. The stated pan-India strategy therefore addresses an existing measured concentration as well as future growth.

The disclosed milestones to watch are Phase IV’s expected operation in 2026 and the remaining Phase III capacity after 1,200 MT commenced operations on July 1, 2026. The unresolved measure is whether revenue in states outside West Bengal rises faster than West Bengal sales, because that outcome, rather than capacity addition alone, would reduce the 85.27% FY26 concentration.