Jindal Poly Films revenue rises 27%, reports Rs 86.17 crore loss

Jindal Poly Films Limited reported consolidated revenue from operations of Rs 738.07 crore for the quarter ended September 30, 2026, up 27% from a year earlier, but posted a Rs 86.17 crore net loss after recording a Rs 96.43 crore loss on fair valuation of investments measured at fair value through profit or loss.

Why did Jindal Poly Films revenue rise in the September quarter?

Jindal Poly Films increased revenue from operations to Rs 738.07 crore in the quarter ended September 30, 2026, from Rs 583.37 crore in the comparable quarter a year earlier. Revenue also exceeded Rs 695.80 crore in the June 2026 quarter, while total income, including other income, rose to Rs 772.54 crore from Rs 642.87 crore a year earlier.

Packaging films remained the largest business by revenue, reporting Rs 430.64 crore in the September quarter compared with Rs 345.21 crore a year earlier. Nonwoven fabrics revenue rose to Rs 226.18 crore from Rs 172.98 crore, while the others segment, which includes self-adhesive labels, reported Rs 87.97 crore against Rs 77.64 crore. Inter-segment revenue fell to Rs 6.73 crore from Rs 12.46 crore.

The six-month comparison was different from the quarterly movement. Revenue from operations for the six months ended September 30, 2026 was Rs 1,433.86 crore, below Rs 1,666.78 crore in the restated six months ended September 30, 2025. The September-quarter increase therefore did not offset the reported year-on-year reduction for the first half.

What caused Jindal Poly Films to make a quarterly loss?

Jindal Poly Films reported a consolidated net loss of Rs 86.17 crore for the September 2026 quarter, compared with a Rs 13.41 crore loss a year earlier and a Rs 107.20 crore profit in the June 2026 quarter. The reported loss was from continuing operations, as the September 2026 quarter did not contain a discontinued-operations result.

The largest identified cost movement was a Rs 96.43 crore net loss on fair valuation of investments measured at fair value through profit or loss, abbreviated as FVTPL. This item had produced a Rs 28.53 crore gain in the June 2026 quarter. Total expenses rose to Rs 856.74 crore from Rs 671.97 crore a year earlier, exceeding total income of Rs 772.54 crore and resulting in a Rs 84.20 crore pre-tax loss from continuing operations.

Finance costs were Rs 32.78 crore, compared with Rs 30.04 crore in June and Rs 57.84 crore a year earlier. Materials consumed increased to Rs 452.13 crore from Rs 422.12 crore in September 2025, while power and fuel expense rose to Rs 75.50 crore from Rs 56.33 crore. Total tax expense was Rs 0.98 crore, and basic and diluted loss per share was Rs 19.45.

Which Jindal Poly Films segments were profitable?

Jindal Poly Films' nonwoven fabrics segment reported profit before finance cost and tax of Rs 35.09 crore for the September 2026 quarter, compared with Rs 10.58 crore a year earlier. Its revenue increased 31% year on year to Rs 226.18 crore, making nonwoven fabrics the larger of the two principal operating segments to report a positive result.

Packaging films recorded a segment loss before finance cost and tax of Rs 25.66 crore, narrower than the Rs 102.77 crore loss in the September 2025 quarter. Revenue from the segment increased by Rs 85.43 crore year on year to Rs 430.64 crore. The others segment reported a Rs 13.16 crore profit, against a Rs 1.05 crore loss a year earlier.

Unallocable income and expenses were a net Rs 74.01 crore expense in the September 2026 quarter, compared with Rs 121.99 crore of income a year earlier. The filing states that segment results include exceptional-item gains or losses, so the segment figures need to be considered alongside the Rs 96.43 crore FVTPL valuation loss and Rs 32.78 crore finance cost in the consolidated statement.

What changed in Jindal Poly Films' balance sheet?

Jindal Poly Films had total assets of Rs 8,521.47 crore as of September 30, 2026, down from Rs 8,725.61 crore on March 31, 2026. Current investments declined to Rs 2,122.78 crore from Rs 2,643.94 crore, while bank balances other than cash equivalents increased to Rs 192.14 crore from Rs 79.11 crore. Cash and cash equivalents fell to Rs 31.88 crore from Rs 45.79 crore.

Total borrowings, including current and non-current facilities, were Rs 3,731.67 crore at September 30, compared with Rs 4,002.56 crore at March 31. Non-current borrowings declined to Rs 2,993.45 crore from Rs 3,201.17 crore, and current borrowings reduced to Rs 738.21 crore from Rs 801.39 crore. Total equity increased to Rs 3,084.11 crore from Rs 3,043.13 crore.

Property, plant and equipment declined to Rs 2,108.67 crore at September 30 from Rs 2,195.05 crore at March 31, while capital work-in-progress increased to Rs 428.98 crore from Rs 316.76 crore. Inventories increased to Rs 642.34 crore from Rs 624.92 crore and trade receivables rose to Rs 279.86 crore from Rs 232.57 crore during the same period.

What unresolved matters did Jindal Poly Films disclose?

Jindal Poly Films disclosed an arbitration matter involving a subsidiary's Rs 292 crore borrowing from the holding company as of September 30, 2026. The subsidiary's investor shareholder raised concerns that the borrowing breached a reserved matter under a shareholders' agreement dated March 16, 2022, and the subsidiary and Jindal Poly Films received a notice of arbitration on October 16, 2026.

The subsidiary continues to carry the Rs 292 crore loan pending resolution, and the filing says necessary action, if any, will be taken when the matter is resolved. Separately, management has determined the carrying amount of inventories of Rs 277.74 crore at a subsidiary as of September 30, 2026, while physical verification remains pending following a May 21, 2025 fire at its Nashik plant.

The filing says insurance claims relating to the Nashik fire of May 2025 and an earlier January 2023 incident will be recognised when recognition criteria under Indian Accounting Standards are met. The board had also approved withdrawal of the proposed scheme of arrangement with Global Non Woven Limited on April 10, 2026, stating that the withdrawal had no impact on Jindal Poly Films' financial position or performance.

Conclusion

Jindal Poly Films combined a 27% increase in September-quarter revenue with a Rs 86.17 crore consolidated loss, as a Rs 96.43 crore FVTPL investment valuation loss outweighed improved operating results in nonwoven fabrics and a narrower packaging-films loss. Packaging films supplied Rs 430.64 crore of revenue, while nonwoven fabrics generated Rs 35.09 crore of segment profit before finance cost and tax.

Next, investors can watch for the resolution of the arbitration notice issued on October 16, 2026 over the Rs 292 crore subsidiary borrowing, and for completion of the pending inventory verification following the Nashik fire. The filing also leaves the timing and amount of any insurance-claim recognition unresolved, pending satisfaction of the applicable accounting recognition criteria.