Deep Polymers Ltd

DEEP

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Market Cap

₹ 97 Cr

P/E

19.47

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Investment Checklist

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Performance

UNDER PERFORMER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Deep Polymers Limited is a specialized manufacturer and exporter of PTFE and masterbatch polymer products, having transitioned to a public company in 2018.

The company operates a significant production capacity, achieving 12,000 MT in color master batches and 25,000 MT in filler master batches, highlighting its established scale.

In FY 2021-22, Deep Polymers expanded its operational base by acquiring Deep Plast Industries, enhancing its manufacturing capability.

The company raised substantial capital through an IPO in 2018, which underlined its growth and strategic intent.

Sector

Chemicals

Industry

Chemicals - Speciality - Medium / Small

Market Cap

97 Cr

Volatility

Moderate Risk

P/E Ratio

19.5

Industry P/E

29.4

PEG Ratio

—

P/B Ratio

1.0

52W High

74.25

52W Low

35.69

Sales CAGR

-6.75%

-10.66%

24.45%

10Y

11.84%

Profit CAGR

-27.17%

-22.50%

27.83%

10Y

33.47%

ROE

TTM

5.34%

9.21%

10.90%

10Y

10.94%

ROCE

TTM

7.69%

10.58%

11.57%

10Y

11.99%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
RESONANCE	103.02	120 Cr	16.08	1.93	0.96	11.28	15.66	9.20
TECHNICHEM	58.00	100 Cr	24.89	2.21	0.00	6.64	7.76	4.18
DEEP	40.31	97 Cr	19.47	1.04	0.00	5.34	7.69	3.49
PARAGON	43.05	84 Cr	14.25	0.94	0.00	6.79	8.81	5.95
POLYCHEM	2100.00	84 Cr	14.26	1.76	0.95	12.37	18.78	13.63
AMBANIORGO	105.00	80 Cr	—	1.66	0.00	1.11	8.59	0.55
EIKO	54.19	74 Cr	23.35	1.26	0.00	5.86	9.26	6.11

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	30	26	23	26	28	25	23	23	25	26
Expenses	28	24	19	23	24	21	20	19	23	22
Operating Profit	2.16	2.52	4.37	3.45	3.27	3.59	2.98	3.73	2.80	4.09
OPM %	7.26	9.64	18.72	13.25	11.81	14.39	13.22	16.22	11.02	15.88
Other Income	0.41	0.43	0.51	0.75	0.59	0.82	0.76	0.59	0.99	0.69
Interest	0.27	0.34	0.24	2.02	0.21	0.17	0.17	1.49	0.18	0.77
Depreciation	0.42	0.42	0.89	1.80	1.41	1.50	1.68	1.89	1.65	1.66
Profit Before Tax	1.89	2.19	3.75	0.37	2.25	2.74	1.89	0.95	1.96	2.36
Tax %	-1.59	45.21	25.07	-218.92	32.44	31.39	26.46	58.95	26.02	25.00
Net Profit	1.92	1.20	2.81	1.19	1.52	1.88	1.39	0.39	1.45	1.77
EPS in Rs	0.83	0.47	1.22	0.50	0.63	0.78	0.57	0.14	0.60	0.73

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	40	40	33	40	138	120	105	98	96
Expenses	37	37	31	37	121	105	93	85	83
Operating Profit	2.82	3.51	1.92	2.32	16	16	13	14	13
OPM %	7.10	8.67	5.85	5.83	11.92	12.96	11.88	13.84	13.66
Other Income	1.31	2.11	1.05	0.55	1.62	2.08	2.12	2.77	3.16
Interest	0.57	0.44	0.43	0.03	0.61	2.20	2.87	2.03	2.01
Depreciation	0.68	0.58	0.45	0.41	2.10	2.02	3.52	6.49	6.72
Profit Before Tax	2.89	4.59	2.10	2.42	15	13	8.23	7.83	7.54
Tax %	27.03	26.42	27.71	24.66	27.41	30.00	13.23	33.62	32.23
Net Profit	2.11	3.37	1.52	1.82	11	9.44	7.14	5.20	5.11
EPS in Rs	—	—	—	0.90	3.99	4.20	3.02	2.12	2.04
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	11	12	12	12	23	23	24	24
Reserves	7.40	12	14	15	35	44	61	66
Borrowings	10	5.13	1.05	0.00	47	51	36	34
Other Liabilities	3.21	1.79	1.69	4.30	10	13	13	12
Total Liabilities	31	31	28	32	115	132	134	137
Fixed Assets	3.66	2.99	2.64	2.73	13	14	41	43
CWIP	0.00	0.00	0.00	0.00	0.00	10	1.67	15
Investments	3.98	0.10	0.10	0.10	21	6.14	6.12	9.81
Other Assets	24	28	25	29	82	101	85	69
Total Assets	31	31	28	32	115	132	134	137

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	0.55	-6.34	-0.01	1.54	-2.54	12	35	20
Cash from Investing Activity	-0.02	1.29	-1.21	-0.50	-12	-13	-24	-22
Cash from Financing Activity	-0.27	5.09	1.07	-0.03	16	-0.49	-7.38	-3.86
Net Cash Flow	0.26	0.04	-0.14	1.00	1.71	-1.16	4.21	-5.99

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	62.79%	62.79%	62.79%	62.80%	64.59%	64.59%	64.59%	64.59%	64.60%	64.60%	65.26%	60.97%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	37.21%	37.21%	37.21%	37.20%	35.41%	35.38%	35.37%	35.37%	35.37%	35.37%	34.71%	39.00%
Total Shareholders	9,479	9,533	10,000	9,893	9,652	12,849	11,725	10,943	10,901	10,901	10,635	10,231

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Mar 27, 2023	Nnm securities pvt ltd	Bulk	Sell	95.41	1.20 Cr	1,25,330	0.51
Mar 27, 2023	Nnm securities pvt ltd	Bulk	Buy	95.87	0.02 Cr	1,685	0.00
Jan 10, 2023	Nnm securities pvt ltd	Bulk	Sell	149.74	2.54 Cr	1,69,805	0.70
Jan 10, 2023	Nnm securities pvt ltd	Bulk	Buy	148.58	1.52 Cr	1,02,549	0.42

Projection

Actions

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Announcements

Last 7 days

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY23

Investor Presentation

Q3 FY22

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Overall

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	30	26	23	26	28	25	23	23	25	26
Expenses	28	24	19	23	24	21	20	19	23	22
Operating Profit	2.16	2.52	4.37	3.45	3.27	3.59	2.98	3.73	2.80	4.09
OPM %	7.26	9.64	18.72	13.25	11.81	14.39	13.22	16.22	11.02	15.88
Other Income	0.41	0.43	0.51	0.75	0.59	0.82	0.76	0.59	0.99	0.69
Interest	0.27	0.34	0.24	2.02	0.21	0.17	0.17	1.49	0.18	0.77
Depreciation	0.42	0.42	0.89	1.80	1.41	1.50	1.68	1.89	1.65	1.66
Profit Before Tax	1.89	2.19	3.75	0.37	2.25	2.74	1.89	0.95	1.96	2.36
Tax %	-1.59	45.21	25.07	-218.92	32.44	31.39	26.46	58.95	26.02	25.00
Net Profit	1.92	1.20	2.81	1.19	1.52	1.88	1.39	0.39	1.45	1.77
EPS in Rs	0.83	0.47	1.22	0.50	0.63	0.78	0.57	0.14	0.60	0.73

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	40	40	33	40	138	120	105	98	96
Expenses	37	37	31	37	121	105	93	85	83
Operating Profit	2.82	3.51	1.92	2.32	16	16	13	14	13
OPM %	7.10	8.67	5.85	5.83	11.92	12.96	11.88	13.84	13.66
Other Income	1.31	2.11	1.05	0.55	1.62	2.08	2.12	2.77	3.16
Interest	0.57	0.44	0.43	0.03	0.61	2.20	2.87	2.03	2.01
Depreciation	0.68	0.58	0.45	0.41	2.10	2.02	3.52	6.49	6.72
Profit Before Tax	2.89	4.59	2.10	2.42	15	13	8.23	7.83	7.54
Tax %	27.03	26.42	27.71	24.66	27.41	30.00	13.23	33.62	32.23
Net Profit	2.11	3.37	1.52	1.82	11	9.44	7.14	5.20	5.11
EPS in Rs	—	—	—	0.90	3.99	4.20	3.02	2.12	2.04
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	11	12	12	12	23	23	24	24
Reserves	7.40	12	14	15	35	44	61	66
Borrowings	10	5.13	1.05	0.00	47	51	36	34
Other Liabilities	3.21	1.79	1.69	4.30	10	13	13	12
Total Liabilities	31	31	28	32	115	132	134	137
Fixed Assets	3.66	2.99	2.64	2.73	13	14	41	43
CWIP	0.00	0.00	0.00	0.00	0.00	10	1.67	15
Investments	3.98	0.10	0.10	0.10	21	6.14	6.12	9.81
Other Assets	24	28	25	29	82	101	85	69
Total Assets	31	31	28	32	115	132	134	137

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	0.55	-6.34	-0.01	1.54	-2.54	12	35	20
Cash from Investing Activity	-0.02	1.29	-1.21	-0.50	-12	-13	-24	-22
Cash from Financing Activity	-0.27	5.09	1.07	-0.03	16	-0.49	-7.38	-3.86
Net Cash Flow	0.26	0.04	-0.14	1.00	1.71	-1.16	4.21	-5.99

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
RESONANCE	103.02	120 Cr	16.08	1.93	0.96	11.28	15.66	9.20
TECHNICHEM	58.00	100 Cr	24.89	2.21	0.00	6.64	7.76	4.18
DEEP	40.31	97 Cr	19.47	1.04	0.00	5.34	7.69	3.49
PARAGON	43.05	84 Cr	14.25	0.94	0.00	6.79	8.81	5.95
POLYCHEM	2100.00	84 Cr	14.26	1.76	0.95	12.37	18.78	13.63
AMBANIORGO	105.00	80 Cr	—	1.66	0.00	1.11	8.59	0.55
EIKO	54.19	74 Cr	23.35	1.26	0.00	5.86	9.26	6.11

Overview

Detailed Summary

Deep Polymers Limited is a specialized manufacturer and exporter of PTFE and masterbatch polymer products, having transitioned to a public company in 2018.

The company operates a significant production capacity, achieving 12,000 MT in color master batches and 25,000 MT in filler master batches, highlighting its established scale.

In FY 2021-22, Deep Polymers expanded its operational base by acquiring Deep Plast Industries, enhancing its manufacturing capability.

The company raised substantial capital through an IPO in 2018, which underlined its growth and strategic intent.

Sector

Chemicals

Industry

Chemicals - Speciality - Medium / Small

Market Cap

97 Cr

Volatility

Moderate Risk

P/E Ratio

19.5

Industry P/E

29.4

PEG Ratio

—

P/B Ratio

1.0

52W High

74.25

52W Low

35.69

Sales CAGR

-6.75%

-10.66%

24.45%

10Y

11.84%

Profit CAGR

-27.17%

-22.50%

27.83%

10Y

33.47%

ROE

TTM

5.34%

9.21%

10.90%

10Y

10.94%

ROCE

TTM

7.69%

10.58%

11.57%

10Y

11.99%