Polyplex Q1 FY27: A sharp margin rebound, with volatility still in the frame

The presentation reports revenue of USD 238 million (INR 2,250 crore) and normalized EBITDA of USD 38 million (INR 362 crore) for Q1 FY 26-27.

The presentation provides Q1 FY27 revenue mix by product: Thin PET 54%, Downstream BOPP 17%, Thick PET 7%, PET resin 3%, CPP/Blown 14%, and Other 3%.

Management guided normalized EBITDA of USD 27 million for Q2 FY 26-27 in the investor presentation.

Projects listed are: new BOPET film line in India (USD 56 million, Q4 FY 26-27 start-up), metallizers in India (USD 7 million, Q4 FY 26-27), and a coater in Turkey (USD 10 million, Q2 FY 26-27).

It notes headwinds from higher raw material, energy and logistics costs, and tailwinds from higher end-product prices and opportunistic orders. It also states these higher margins may be offset by price retraction once conditions normalize due to oversupply.

PDPL operates in digital print media substrates (polyester, paper and textile). Polyplex acquired 51% on April 30, 2026, stating it strengthens downstream capabilities and supports higher value-added and specialty product mix.

Ecoblue is Polyplex’s recycling subsidiary in Thailand. The presentation discloses current capacity of rPET 49,200 TPA and polyolefin 10,500 TPA, along with approvals/certifications including US FDA, EFSA, Thai FDA and GRS for relevant products.