Polyplex Corporation Ltd

POLYPLEX

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Market Cap

₹ 2,604 Cr

P/E

35.54

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Investment Checklist

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Performance

UNDER PERFORMER

Valuation

UNDERVALUED

Growth

SLUGGISH

Profitability

LOW MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Polyplex Corporation Limited is a prominent producer of Biaxially Oriented Polyethylene Terephthalate (BOPET) films with operations worldwide, catering to packaging, electrical, and industrial sectors.

The company's strategic investments include significant capacity expansions across multiple geographies aimed at maintaining a competitive edge in the polyester film industry.

Polyplex faces challenging market conditions marked by excess capacity and fluctuating demand, impacting profitability and necessitating operational adjustments.

Despite competitive pressures, Polyplex maintains a robust and diversified product portfolio, with advanced integration strategies to enhance cost competitiveness and supply chain security.

The company's ongoing commitment to innovation is evidenced by multiple downstream processing capabilities, positioning it as a leader in specialty and value-added film products.

Sector

Packaging

Industry

Packaging - Polyester Film

Market Cap

2,604 Cr

Volatility

High Risk

P/E Ratio

35.5

Industry P/E

31.0

PEG Ratio

0.1

P/B Ratio

0.6

52W High

1,445.00

52W Low

775.00

Sales CAGR

9.17%

-4.33%

4.19%

10Y

4.87%

Profit CAGR

314.08%

-46.07%

-19.62%

10Y

12.39%

ROE

TTM

1.81%

3.34%

6.00%

10Y

5.86%

ROCE

TTM

2.76%

7.03%

11.53%

10Y

11.29%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
UFLEX	471.65	3,408 Cr	10.74	0.44	0.64	4.10	6.58	1.88
TCPLPACK	2929.40	2,675 Cr	21.10	4.00	1.02	18.94	17.04	7.38
POLYPLEX	831.00	2,604 Cr	35.54	0.64	1.66	1.81	2.76	0.81
XPROINDIA	985.50	2,307 Cr	170.63	3.36	0.19	1.97	2.94	1.23
COSMOFIRST	707.85	1,867 Cr	12.77	1.21	0.56	9.49	8.95	3.24
HUHTAMAKI	211.00	1,598 Cr	16.15	1.30	0.95	6.06	8.10	5.05
MOLDTKPAC	580.90	1,480 Cr	23.26	3.13	0.67	13.93	19.10	11.09

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	1,561	1,572	1,496	1,679	1,686	1,739	1,721	1,740	1,739	1,794
Expenses	1,499	1,451	1,446	1,582	1,522	1,548	1,600	1,676	1,739	1,692
Operating Profit	61	121	50	97	164	191	121	64	-0.61	103
OPM %	3.92	7.67	3.31	5.75	9.72	10.98	7.04	3.67	-0.04	5.72
Other Income	12	24	45	17	26	100	107	18	30	23
Interest	12	9.95	10	10	13	11	12	11	14	13
Depreciation	75	75	75	82	70	79	76	76	86	89
Profit Before Tax	-13	59	8.47	21	107	202	142	-5.61	-71	23
Tax %	19.58	18.40	-101.53	-48.46	9.57	18.75	25.73	-54.19	15.28	-42.80
Net Profit	-10	48	17	31	97	164	105	-8.65	-60	34
EPS in Rs	-0.99	8.90	1.47	2.68	17.05	27.97	18.40	3.22	-6.15	7.87

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	3,251	3,588	4,570	4,487	4,918	6,624	7,652	6,307	6,885	6,938
Expenses	2,758	3,078	3,839	3,706	3,701	5,316	6,705	5,942	6,189	6,563
Operating Profit	493	510	731	781	1,217	1,308	947	365	696	375
OPM %	15.16	14.21	16.00	17.40	24.74	19.74	12.38	5.79	10.11	5.41
Other Income	177	44	164	131	59	128	95	60	95	255
Interest	47	39	29	18	18	17	35	42	46	47
Depreciation	197	185	209	253	280	273	296	307	300	316
Profit Before Tax	376	314	657	640	979	1,147	711	76	445	267
Tax %	3.92	9.49	11.13	22.86	11.91	15.87	13.40	-13.80	19.68	24.89
Net Profit	361	284	584	494	862	965	616	86	358	201
EPS in Rs	84.26	50.81	105.14	89.84	162.74	181.18	110.96	12.06	66.64	23.34
Dividend Payout %	9.66	80.24	49.43	19.28	100.88	57.40	79.30	24.90	20.26	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	33	33	33	33	33	32	32	32	32	32
Reserves	2,289	2,270	2,516	2,739	2,997	3,021	3,284	3,451	3,479	3,731
Borrowings	1,210	663	739	664	688	695	946	799	748	882
Other Liabilities	1,035	1,391	1,581	1,772	2,045	2,428	2,984	3,115	3,172	3,353
Total Liabilities	4,566	4,356	4,868	5,208	5,762	6,177	7,246	7,397	7,431	7,998
Fixed Assets	2,406	2,181	2,215	2,239	2,821	2,756	3,149	3,249	2,998	3,940
CWIP	2.93	10	8.09	181	30	325	126	196	628	36
Investments	0.83	103	137	126	236	291	278	278	378	344
Other Assets	2,157	2,062	2,509	2,662	2,676	2,805	3,692	3,674	3,428	3,678
Total Assets	4,566	4,356	4,868	5,208	5,762	6,177	7,246	7,397	7,431	7,998

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	448	441	307	551	731	1,102	560	802	455	438
Cash from Investing Activity	86	-246	-106	-265	-323	-451	41	16	-804	-473
Cash from Financing Activity	-473	-436	-42	-312	-298	-660	-232	-657	-152	-38
Net Cash Flow	61	-240	159	-26	110	-8.06	369	160	-501	-73

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	50.97%	50.97%	50.97%	50.97%	26.69%	26.69%	26.69%	26.69%	26.69%	26.69%	26.69%	26.69%
FIIs	13.16%	12.68%	10.84%	9.41%	8.29%	7.93%	7.08%	7.39%	7.82%	7.67%	7.10%	9.31%
DIIs	2.83%	2.82%	2.82%	2.26%	2.27%	2.30%	2.43%	2.81%	3.25%	2.82%	2.95%	2.78%
Public	33.04%	33.53%	35.37%	37.36%	62.74%	63.08%	63.79%	63.10%	62.23%	62.81%	63.26%	61.21%
Total Shareholders	1,43,354	1,45,156	1,48,714	1,53,800	1,52,660	1,46,268	1,37,449	1,32,193	1,20,943	1,14,664	1,07,967	1,04,111

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jun 06, 2024	Wisdomtree trust a/c wisdom t...	Bulk	Sell	777.02	14.12 Cr	1,81,717	0.57
Jun 01, 2024	Secure investments limited	Insider - Promoter Group	Acquisition	1,200.00	168.26 Cr	14,02,202	4.46
Jun 01, 2024	Utkarsh trading and holdings ...	Insider - Promoter Group	Disposal	1,200.00	168.26 Cr	14,02,202	4.47
Nov 10, 2023	Mahalaxmi trading & investmen...	Insider - Promoter Group	Disposal	1,560.00	1,188.94 Cr	76,21,390	24.2
Feb 02, 2023	Utkarsh trading and holdings ...	Insider - Promoter Group	Acquisition	1,505.00	34.75 Cr	2,30,924	0.73
Feb 02, 2023	Sanjiv sarita consulting priv...	Insider - Promoter Group	Disposal	1,509.00	10.41 Cr	69,000	0.21
Feb 02, 2023	Bhilangana hydro power limited	Insider - Promoter Group	Acquisition	1,509.00	10.41 Cr	69,000	0.21
Feb 02, 2023	Sanjiv sarita consulting priv...	Insider - Promoter Group	Disposal	1,505.00	34.75 Cr	2,30,924	0.73
Feb 01, 2023	Sanjiv sarita consulting priv...	Insider - Promoter Group	Disposal	1,535.00	39.91 Cr	2,60,000	0.82
Feb 01, 2023	Utkarsh trading and holdings ...	Insider - Promoter Group	Acquisition	1,535.00	39.91 Cr	2,60,000	0.82

Projection

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Presentations

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Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
UFLEX	471.65	3,408 Cr	10.74	0.44	0.64	4.10	6.58	1.88
TCPLPACK	2929.40	2,675 Cr	21.10	4.00	1.02	18.94	17.04	7.38
POLYPLEX	831.00	2,604 Cr	35.54	0.64	1.66	1.81	2.76	0.81
XPROINDIA	985.50	2,307 Cr	170.63	3.36	0.19	1.97	2.94	1.23
COSMOFIRST	707.85	1,867 Cr	12.77	1.21	0.56	9.49	8.95	3.24
HUHTAMAKI	211.00	1,598 Cr	16.15	1.30	0.95	6.06	8.10	5.05
MOLDTKPAC	580.90	1,480 Cr	23.26	3.13	0.67	13.93	19.10	11.09

Overview

Detailed Summary

The company's strategic investments include significant capacity expansions across multiple geographies aimed at maintaining a competitive edge in the polyester film industry.

Polyplex faces challenging market conditions marked by excess capacity and fluctuating demand, impacting profitability and necessitating operational adjustments.

Despite competitive pressures, Polyplex maintains a robust and diversified product portfolio, with advanced integration strategies to enhance cost competitiveness and supply chain security.

The company's ongoing commitment to innovation is evidenced by multiple downstream processing capabilities, positioning it as a leader in specialty and value-added film products.

Sector

Packaging

Industry

Packaging - Polyester Film

Market Cap

2,604 Cr

Volatility

High Risk

P/E Ratio

35.5

Industry P/E

31.0

PEG Ratio

0.1

P/B Ratio

0.6

52W High

1,445.00

52W Low

775.00

Sales CAGR

9.17%

-4.33%

4.19%

10Y

4.87%

Profit CAGR

314.08%

-46.07%

-19.62%

10Y

12.39%

ROE

TTM

1.81%

3.34%

6.00%

10Y

5.86%

ROCE

TTM

2.76%

7.03%

11.53%

10Y

11.29%