Polyplex FY26: Higher volumes, lower margins, and a bigger bet on specialty films

FY26 revenue was INR 7,076 crores (USD 801 million) and normalized EBITDA was INR 575 crores (USD 65 million), as stated in the presentation.

The presentation shows FY26 revenue mix of 53 percent thin PET, 17 percent downstream BOPP, 14 percent thick PET, 6 percent PET resin, 4 percent CPP or blown, and 4 percent other.

The presentation attributes pressure to industry oversupply, reciprocal tariffs impacting the US distribution business, and higher fixed costs mainly due to expanded US scale, along with unrealized FX losses on long term loans.

Projects disclosed are a new BOPET film line in India (USD 56 million, likely start up Q4 FY26-27), metallizers in India (USD 7 million, Q4 FY26-27), and a coater in Turkey (USD 10 million, Q1 FY26-27).

Polyplex acquired 51 percent of TechNova Printte Products Private Limited on April 30, 2026. The stated rationale is to strengthen its position in digital print media by combining TPPPL capabilities in downstream manufacturing, coating, innovation and distribution with Polyplex global manufacturing and sales network.

FY26 geographic revenue mix shown is Americas 31 percent, Other Asia 25 percent, Europe 20 percent, India 19 percent, and Rest of World 5 percent.

The guidance slide indicates normalized EBITDA of USD 14 million for Q1 FY26-27 and notes that US ramp up and higher DPAC sales may support gradual margin improvement, while geopolitical uncertainty and tariff changes can affect outcomes.