Polyplex Q2 consolidated profit rises to Rs 179.67 crore

Polyplex Corporation Limited reported consolidated profit of Rs 179.67 crore for the quarter ended September 30, 2026, versus Rs 33.50 crore a year earlier, as profit before tax rose to Rs 220.85 crore and revenue from operations reached Rs 2,324.09 crore. The unaudited results were approved by the board on November 13, 2026.

Why did Polyplex's Q2 profit rise?

Polyplex's consolidated profit rose because total income increased more than total expenses and the inventory-change line turned favourable. Profit before tax was Rs 220.85 crore in the September 2026 quarter, compared with Rs 23.46 crore in the September 2025 quarter. Total income increased to Rs 2,367.68 crore from Rs 1,816.81 crore, while total expenses rose to Rs 2,146.83 crore from Rs 1,793.35 crore.

Changes in inventories of finished goods, work in progress and stock in trade reduced expenses by Rs 80.64 crore in the latest quarter, against an expense of Rs 22.30 crore a year earlier. Material costs nevertheless increased to Rs 1,420.77 crore from Rs 1,079.83 crore, while total tax expense was Rs 41.18 crore, compared with a tax credit of Rs 10.04 crore in the prior-year quarter.

How did Polyplex's revenue and costs change in Q2?

Polyplex's revenue from operations increased to Rs 2,324.09 crore in the quarter ended September 30, 2026 from Rs 1,794.04 crore a year earlier. Other income rose to Rs 43.59 crore from Rs 22.77 crore. The group reports polymeric films as its single reportable segment, so the filing does not provide separate revenue or profit figures by film product or geography.

Polyplex's employee-benefit expense rose to Rs 222.28 crore from Rs 185.32 crore, depreciation and amortisation increased to Rs 96.81 crore from Rs 88.80 crore, and power and fuel expense reached Rs 132.18 crore from Rs 121.43 crore. Other expenses were Rs 291.89 crore, compared with Rs 254.10 crore. The September 2026 quarter also included a Rs 1.24 crore net foreign-currency transaction gain, after a Rs 45.08 crore loss in the June 2026 quarter.

What do Polyplex's half-year results and cash flows show?

Polyplex reported consolidated profit of Rs 350.74 crore for the half year ended September 30, 2026, reversing a Rs 26.31 crore loss in the corresponding 2025 period. Revenue from operations increased to Rs 4,577.71 crore from Rs 3,532.71 crore, while profit before tax moved to Rs 431.50 crore from a pre-tax loss of Rs 47.14 crore.

Polyplex generated net operating cash flow of Rs 365.42 crore in the six months ended September 30, 2026, compared with Rs 308.34 crore a year earlier. Inventories increased by Rs 345.86 crore and trade receivables increased by Rs 175.39 crore, while capital expenditure on property, plant and equipment was Rs 371.44 crore, compared with Rs 246.06 crore in the prior-year period. Cash and cash equivalents ended the period at Rs 654.28 crore, versus Rs 554.35 crore a year earlier.

What investment and unresolved matters did Polyplex disclose?

Polyplex consolidated Polyplex DigiPrint Private Limited from May 1, 2026 after acquiring a 51% equity stake for Rs 73.49 crore. The acquired company was formerly TechNova Printrite Products Private Limited. Based on a draft valuation report, Polyplex recognised Rs 57.10 crore of identifiable intangible assets and Rs 45.33 crore of goodwill, while the purchase-price allocation remains provisional pending completion of the valuation exercise.

Polyplex (Thailand) Public Company Limited approved approximately USD 15.2 million, or about Rs 146 crore, for a biaxially oriented polypropylene, or BOPP, film line after September 30, 2026. Commercial operations are expected in the fourth quarter of financial year 2027-28. Separately, a 33.5% minority shareholder in EcoBlue Limited has initiated arbitration over a proposed share purchase at an approximate valuation of Rs 376 crore; management says it contests the claim and does not anticipate a material adverse effect on group results.

Conclusion

Polyplex's September 2026 quarter showed a substantial year-on-year recovery in consolidated earnings, with profit rising to Rs 179.67 crore from Rs 33.50 crore. Revenue increased by Rs 530.05 crore, while the inventory-change line moved from a Rs 22.30 crore expense to a Rs 80.64 crore reduction in expenses, helping lift pre-tax profit to Rs 220.85 crore.

Next, Polyplex has set November 20, 2026 as the record date for its Rs 12-per-share interim dividend. Management's disclosed operating milestone is the expected fourth-quarter financial year 2027-28 start of commercial operations at the planned Rs 146 crore BOPP film line, while the Polyplex DigiPrint valuation and EcoBlue arbitration remain unresolved matters.