Vedant Poly Fabs lamination reached 59% of FY26 revenue

Vedant Poly Fabs Limited made lamination its largest revenue stream in fiscal 2026 (FY26), generating Rs 68.1832 crore, or 59.22% of revenue from operations. Its reported mix had been trading-led in FY24, when trading supplied 56.12% and lamination only 2.44% of revenue.

How did Vedant Poly Fabs change its revenue mix?

Vedant Poly Fabs changed from a trading-led revenue profile in FY24 to a lamination-led profile in FY26. Lamination revenue rose from Rs 1.2081 crore in FY24 to Rs 27.0323 crore in FY25 and Rs 68.1832 crore in FY26, increasing its revenue share by 56.78 percentage points over two years. Trading revenue moved from Rs 27.7965 crore, or 56.12% of FY24 revenue, to Rs 30.1772 crore, or 37.25%, in FY25, before declining to Rs 4.1811 crore, or 3.63%, in FY26.

Revenue from operations more than doubled across the same period, rising from Rs 49.5346 crore in FY24 to Rs 81.0212 crore in FY25 and Rs 115.1391 crore in FY26. The change therefore involved both growth in the revenue base and a different source of sales: lamination supplied most of the FY26 increase, while trading of billet strips became a small component. Vedant Poly Fabs describes this trading activity as bill-to-ship, meaning vendors supply material directly to customers without inventory being held at the company's facility.

What drove Vedant Poly Fabs' lamination revenue mix shift?

Vedant Poly Fabs' lamination revenue mix shift coincided with substantially higher lamination output and capacity use. Lamination production increased from 73,648.33 kilograms in FY24 to 13,60,511.10 kilograms in FY25 and 30,82,044.37 kilograms in FY26. FY26 lamination output was more than 41 times the FY24 volume, while printed-plastic output grew from 20,49,885.58 kilograms in FY24 to 28,79,427.92 kilograms in FY26.

Lamination is a further manufacturing stage rather than a trading activity. Vedant Poly Fabs extrudes films, prints them to customer specifications and, for relevant products, combines printed or unprinted films with polyester films, hardeners and solvents to create laminated structures. The company states that this process is used to deliver the required strength, durability and barrier properties, with orders based on customer requirements for size, thickness, composition, printing, quantity and delivery schedules.

Lamination installed capacity doubled to 40,00,000 kilograms in FY26 from 20,00,000 kilograms in FY25, while utilisation increased to 77.05% from 68.03%. FY24 lamination utilisation was 3.68% on the same 20,00,000-kilogram installed capacity. Vedant Poly Fabs also disclosed that lamination, slitting and pouching machines became operational in March 2026, after the FY26 period covered by its financial statements.

Did the revenue shift coincide with higher reported margins?

Yes, Vedant Poly Fabs reported higher margins as lamination became its main revenue category, but its disclosures do not establish that lamination alone caused the change. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose from Rs 1.2859 crore in FY24 to Rs 7.7424 crore in FY25 and Rs 19.1769 crore in FY26. EBITDA margin, calculated as EBITDA divided by revenue from operations, increased from 2.60% in FY24 to 9.56% in FY25 and 16.50% in FY26.

Profit after tax increased from Rs 63.59 lakh in FY24 to Rs 4.5606 crore in FY25 and Rs 10.9662 crore in FY26. The profit-after-tax margin rose from 1.28% in FY24 to 5.63% in FY25 and 9.52% in FY26. These movements occurred while lamination's share rose from 2.44% to 59.22%, but Vedant Poly Fabs does not disclose revenue, costs or margins by individual segment.

Other product categories did not move uniformly over the three years. Printed plastic remained the second-largest FY26 category at Rs 36.5153 crore and 31.72% of revenue, compared with Rs 16.4850 crore and 33.28% in FY24. Milk-film revenue rose from Rs 1.3059 crore to Rs 3.8128 crore, whereas shrink-film revenue declined from Rs 2.1800 crore to Rs 1.4897 crore.

What must continue for lamination to remain central to revenue?

Customer orders, manufacturing throughput and input availability must continue for lamination to retain its 59.22% FY26 revenue share. Vedant Poly Fabs operates one manufacturing facility in Barasat, West Bengal, undertaking extrusion, printing, lamination, slitting and rewinding. Total installed capacity increased from 68,50,000 kilograms in FY25 to 88,50,000 kilograms in FY26, and overall capacity utilisation increased from 57.78% to 71.64%.

Lamination-sheet procurement is a material input dependency. Lamination sheet accounted for Rs 53.8750 crore, or 55.02%, of total FY26 procurement of Rs 97.9171 crore, and the company sourced that material from West Bengal. Its five largest suppliers accounted for 79.32% of FY26 purchases, up from 49.70% in FY25, while its 10 largest suppliers accounted for 90.16%, compared with 53.24% a year earlier.

Revenue is also concentrated in West Bengal, which supplied Rs 111.4548 crore, or 96.80%, of FY26 revenue, compared with 97.90% in FY25 and 98.64% in FY24. Customer A and Customer B together generated Rs 37.5941 crore in FY26, equal to 33.19% of revenue. Vedant Poly Fabs sells directly to customers under a business-to-business model and disclosed that it did not make sales through online channels as of the draft prospectus date.

Conclusion

Vedant Poly Fabs' FY26 figures show a measurable change in the composition of sales: manufactured lamination became the largest category at Rs 68.1832 crore, while trading declined to Rs 4.1811 crore. Higher revenue, output, EBITDA margin and profit-after-tax margin were reported during the same two-year period, although the absence of segment-level profitability data prevents a direct attribution of margin change to lamination.

The disclosed March 2026 addition of lamination, slitting and pouching machines is the next operating development to watch, together with utilisation of the 40,00,000-kilogram lamination capacity. The durability of the FY26 revenue mix will depend on customer demand, production execution and procurement continuity, particularly because lamination sheet represented 55.02% of FY26 purchases and the top 10 suppliers provided 90.16% of procurement.