Shakti Polytarp Limited Has 92% FY26 Revenue in Madhya Pradesh

Shakti Polytarp Limited derived Rs 197.9083 crore, or 91.77%, of revenue from operations in the financial year ended March 31, 2026 (FY26) from Madhya Pradesh. A second concentration was customer-led: Shakti Polytarp’s largest customer contributed Rs 88.7575 crore, or 41.16%, of FY26 operating revenue.

Why does Shakti Polytarp rely on Madhya Pradesh for revenue?

Shakti Polytarp relied on Madhya Pradesh for more than nine-tenths of its FY26 revenue from operations. The state produced Rs 197.9083 crore of the company’s Rs 215.6474 crore FY26 operating revenue, compared with Rs 158.5094 crore in the year ended March 31, 2025 and Rs 59.0738 crore in the year ended March 31, 2024. Madhya Pradesh’s share declined to 91.77% in FY26 from 95.35% in FY25 and 95.26% in FY24, but remained the company’s principal revenue market.

Shakti Polytarp’s operating footprint is also located in Madhya Pradesh. The company has one manufacturing facility, a leased 1,98,450-square-foot unit at Plot No. 45-48, Industrial Area IIDC Nimrani, Khargone, Madhya Pradesh, with a 30-year lease running from August 24, 2018 to August 23, 2048. Continued output depends on this facility, where the company processes high-density polyethylene (HDPE), polypropylene (PP) and low-density polyethylene (LDPE) materials into tapes, woven fabric and laminated tarpaulin.

The facility concentration means revenue generation requires production continuity at the Khargone unit as well as utilities supplied in Madhya Pradesh. Shakti Polytarp states that power for its office and production process is supplied by M.P. Paschim Kshetra Vidyut Vitaran Company Ltd., while water is sourced from Madhya Pradesh Industrial Corporation. The company had 12,900 metric tonnes per annum (MTPA) of installed capacity as of March 31, 2026, following additions of 3,000 MTPA in January 2026 and 3,000 MTPA in March 2026.

How much revenue does Shakti Polytarp generate outside Madhya Pradesh?

Shakti Polytarp generated Rs 17.7361 crore outside Madhya Pradesh in FY26, equal to 8.23% of total operating revenue. Gujarat was the largest non-Madhya Pradesh market at Rs 9.3746 crore, or 4.35%, followed by Maharashtra at Rs 6.1198 crore, or 2.84%, and Rajasthan at Rs 2.0134 crore, or 0.93%. Uttar Pradesh and Assam together accounted for Rs 0.2313 crore, or 0.10% and 0.00% respectively.

The FY26 change in geographic mix was led mainly by Gujarat rather than a broad spread across states. Gujarat’s share rose to 4.35% from 1.20% in FY25, an increase of 3.15 percentage points, while Madhya Pradesh’s share fell by 3.58 percentage points to 91.77%. Maharashtra’s share was nearly unchanged at 2.84% in FY26 from 2.86% in FY25, and Rajasthan’s share increased to 0.93% from 0.56%.

Karnataka and Tamil Nadu had small FY25 revenue but no FY26 revenue reported, while Daman recorded Rs 0.064 crore in FY24 but none in FY25 or FY26. The disclosed distribution therefore shows increased FY26 sales in Gujarat, while Madhya Pradesh remained the source of Rs 197.9083 crore of revenue. Maintaining a lower geographic concentration would require revenue outside Madhya Pradesh to continue increasing relative to the company’s total operating revenue.

How dependent is Shakti Polytarp on its largest customers?

Shakti Polytarp’s largest customer accounted for Rs 88.7575 crore, or 41.16%, of FY26 revenue from operations. The top five customers accounted for Rs 149.9679 crore, or 69.54%, and the top 10 customers accounted for Rs 167.8980 crore, or 77.86%. The company calculates these ratios by dividing receipts from the stated customer group by revenue from operations in the relevant restated financial statements.

The disclosed FY26 shares were below those in the preceding comparison column of the customer table, which shows 52.97% for the top customer, 76.65% for the top five and 82.69% for the top 10. However, that column is headed “For the Financial Year ended March 31, 2024” while listing revenue from operations of Rs 16.2357 crore, which differs from the separately disclosed Rs 62.0112 crore for FY24. Shakti Polytarp does not explain the differing period and revenue presentation in the supplied disclosures.

Customer retention depends partly on product specifications and delivery execution. Shakti Polytarp says customer requests may specify tarpaulin dimensions, thickness, ultraviolet resistance, colour, fire retardancy and quantity, after which it undertakes production planning, quality checks, packing and dispatch. The company states that customers are sourced directly and through references from existing customers, but it does not disclose customer names, contract terms or committed future order volumes.

Does Shakti Polytarp have concentrated supplier purchases?

Shakti Polytarp had concentrated supplier purchases in FY26, with its largest supplier accounting for Rs 109.1561 crore, or 55.87%, of purchases of material and traded goods. Its top five suppliers accounted for Rs 162.7809 crore, or 83.31%, while its top 10 suppliers accounted for Rs 177.0236 crore, or 90.61%, against total FY26 purchases of Rs 195.3721 crore. These purchase measures include both manufacturing materials and traded goods.

Supplier concentration declined from FY25 but remained high in FY26. The top supplier’s share fell from 78.69% in FY25 to 55.87% in FY26, while the top-five and top-10 shares fell from 89.33% and 93.44% to 83.31% and 90.61%, respectively. Even after the decline, only 9.39% of FY26 purchases were outside the top 10 suppliers.

Shakti Polytarp says all of its raw materials are sourced domestically within India, with most needs fulfilled by refineries and prominent chemical-industry companies. HDPE granules, LDPE granules and fillers are core inputs for extrusion, tape formation, weaving and lamination. The company does not disclose supplier names, alternative supplier arrangements, supply-contract durations or inventory coverage, so the disclosed ratios remain the available measure of procurement concentration.

Conclusion

Shakti Polytarp increased revenue from operations from Rs 62.0112 crore in FY24 to Rs 166.2357 crore in FY25 and Rs 215.6474 crore in FY26, but its revenue and purchases remained concentrated. Madhya Pradesh supplied 91.77% of FY26 operating revenue, the largest customer supplied 41.16%, and the top 10 suppliers represented 90.61% of purchases of material and traded goods.

The disclosed capacity plan is the next development to watch. Shakti Polytarp proposes to add 2,000 MTPA from initial public offering proceeds, taking installed capacity from 12,900 MTPA as of March 31, 2026 to 14,900 MTPA after the proposed addition. The company has not disclosed a target for reducing its Madhya Pradesh, customer or supplier concentration as that capacity is added.