---
title: "Solve Plastic Products Ltd (BALCO) — Share Price, Financials & Analysis"
symbol: "BALCO"
company: "Solve Plastic Products Ltd"
canonical: "https://tapetide.com/stocks/BALCO"
isin: "INE0U0201016"
nse_symbol: "BALCO"
sector: "Industrial Products"
industry: "Plastic Products - Industrial"
market_cap_cr: 8.3
generated_at: "2026-09-13T19:29:42.783Z"
---

# Solve Plastic Products Ltd (BALCO)

Canonical page: https://tapetide.com/stocks/BALCO

## Company

- **NSE Symbol:** BALCO
- **ISIN:** INE0U0201016
- **Sector:** Industrial Products
- **Industry:** Plastic Products - Industrial
- **Macro Sector:** Industrials
- **Stock Type:** EQUITY
- **Listed Since:** 2024-08-21
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** balcopipes.com

## About

Incorporated in 1994, Solve Plastic Products Ltd manufactures Unplasticized Polyvinyl Chloride Pipes and Rigid PVC Electrical Conduits[1]

## Latest Price

- **Price:** ₹19.95
- **Change:** +0.95 (+5%)
- **Open:** ₹19.85
- **Day High:** ₹19.95
- **Day Low:** ₹19.85
- **Previous Close:** ₹19
- **Volume:** 4800
- **As Of:** 2026-09-11T08:53:49+00:00

## Key Fundamentals

Observed at 2026-09-11T04:49:52.124315Z.

- **Market Cap:** ₹8.3 Cr
- **Classification:** SME
- **P/E (reported):** 19
- **Book Value:** ₹23.85
- **Price to Book:** 0.8
- **Dividend Yield:** 0%
- **ROE:** -47.99%
- **ROCE:** -33.06%
- **Debt to Equity:** 1.09
- **Revenue (yearly):** ₹45.58 Cr
- **Net Income:** ₹0.6 Cr
- **EBITDA:** ₹2.06 Cr
- **52-Week High:** ₹31.85
- **52-Week Low:** ₹13.4
- **RSI (14):** 49.51

## Tapetide Score

- **Score:** 49 / 100
- **Score date:** 2026-09-04
- **Archetype:** Cheap but Weak
- **What it means:** A low multiple sitting on weak financials. Worth establishing what the market is discounting before treating the low valuation as an opportunity — weak fundamentals often justify it.
- **Pillar profile:** Quality: Weak · Valuation: Cheap · Momentum: Falling
- **Percentile:** 43.6 (of 4473 scored stocks)
- **Confidence:** 100%
- **Data coverage:** 100%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 25.82 | 9% |
| growth | 51.69 | 9% |
| momentum | 48.22 | 12% |
| ownership | 50 | 24% |
| quality | 36.81 | 22% |
| valuation | 67.05 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Stock is trading at 0.84 times its book value

### Weaknesses

- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 2.35% over past five years.
- Company has a low return on equity of -14.3% over last 3 years.

## Growth Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| cash flow growth | — | -265.59% | -243.93% | -230.51% |
| ebitda margin growth | -23.08% | -152.28% | -43.42% | 38.39% |
| net income growth | -33.33% | -112.5% | -27% | 36% |
| revenue growth | 11.93% | 9.04% | -8% | 2% |
| roce | — | -192.22% | -170.15% | 15.69% |
| roe | — | -247.8% | 15.65% | 252.87% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Sales | 23.58 | 22.61 | 20.08 | 21.38 | 21.83 | 23.76 |
| Expenses | 22.65 | 20.78 | 20.94 | 24.46 | 20.6 | 22.93 |
| Operating Profit | 0.93 | 1.83 | -0.86 | -3.08 | 1.23 | 0.83 |
| OPM % | 3.94 | 8.09 | -4.28 | -14.41 | 5.63 | 3.49 |
| Other Income | 0.49 | 0.48 | 0.2 | 0.17 | 0.42 | 0.11 |
| Interest | 0.77 | 0.74 | 0.64 | 0.35 | 0.53 | 0.51 |
| Depreciation | 0.36 | 0.41 | 0.45 | 0.5 | 0.47 | 0.49 |
| Profit before tax | 0.29 | 1.16 | -1.75 | -3.76 | 0.65 | -0.06 |
| Tax % | -62.07 | 17.24 | 11.43 | -24.47 | 36.92 | -133.33 |
| Net Profit | 0.47 | 0.96 | -1.95 | -2.84 | 0.42 | 0.02 |
| EPS in Rs | 1.53 | 3.13 | -4.46 | -6.5 | 0.96 | 0.05 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Sales | 40.59 | 54.59 | 58.71 | 46.19 | 41.46 | 45.58 |
| Expenses | 39.36 | 53.5 | 56.75 | 43.43 | 45.41 | 43.52 |
| Operating Profit | 1.23 | 1.09 | 1.96 | 2.76 | -3.95 | 2.06 |
| OPM % | 3.03 | 2 | 3.34 | 5.98 | -9.53 | 4.52 |
| Other Income | 0.66 | 0.71 | 1.48 | 0.97 | 0.38 | 0.54 |
| Interest | 1.67 | 1.43 | 1.38 | 1.51 | 0.99 | 1.05 |
| Depreciation | 1.18 | 0.9 | 0.83 | 0.77 | 0.95 | 0.96 |
| Profit before tax | -0.96 | -0.53 | 1.23 | 1.45 | -5.51 | 0.59 |
| Tax % | -84.38 | -22.64 | 2.44 | 1.38 | -13.25 | 27.12 |
| Net Profit | -0.15 | -0.41 | 1.2 | 1.42 | -4.79 | 0.44 |
| EPS in Rs | -0.49 | -1.35 | 3.95 | 4.63 | -10.97 | 1.01 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 3.04 | 3.04 | 3.04 | 3.07 | 4.37 | 4.37 |
| Reserves | -1.9 | -2.31 | -1.11 | 1.32 | 5.61 | 6.05 |
| Borrowings | 15.44 | 12.3 | 12.22 | 12.41 | 9.86 | 11.33 |
| Other Liabilities | 4.76 | 5.2 | 4.6 | 5.32 | 4.49 | 7.7 |
| Total Liabilities | 21.34 | 18.23 | 18.75 | 22.12 | 24.33 | 29.45 |
| Fixed Assets | 5.52 | 5.28 | 5.14 | 5.26 | 5.96 | 5.73 |
| CWIP | 0 | 0 | 0 | 0.89 | 0.11 | 3.08 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 15.82 | 12.95 | 13.61 | 15.97 | 18.26 | 20.64 |
| Total Assets | 21.34 | 18.23 | 18.75 | 22.12 | 24.33 | 29.45 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 2.36 | 5.3 | 2.14 | 1.86 | -3.08 | 3.23 |
| Cash from Investing Activity | -0.11 | -0.73 | -0.68 | -1.75 | -0.84 | -3.66 |
| Cash from Financing Activity | -2.25 | -4.57 | -1.46 | -0.11 | 6.88 | 0.45 |
| Net Cash Flow | 0 | 0 | -0.01 | 0 | 2.96 | 0.02 |
| Free Cash Flow | 2.22 | 4.56 | 1.49 | 0.1 | -3.94 | -0.47 |
| CFO/OP | 192 | 486 | 109 | 67 | 75 | 157 |

### Ratios

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 45.14 | 29.95 | 25.61 | 39.91 | 38.91 | 34.83 |
| Inventory Days | 80.09 | 51.82 | 54.86 | 91.52 | 74.16 | 107.15 |
| Days Payable | 20.83 | 25.91 | 10.58 | 30.51 | 18.57 | 67.61 |
| Cash Conversion Cycle | 104.4 | 55.86 | 69.9 | 100.92 | 94.5 | 74.37 |
| Working Capital Days | 1.44 | -13.31 | -7.21 | 3.63 | 19.54 | -7.21 |
| ROCE % | — | 6.08 | 18.84 | 19.13 | -24.67 | 7.89 |

## Shareholding Pattern

### Quarterly

| Category | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- |
| Promoters | 63.33% | 63.33% | 63.33% | 63.35% | 63.35% |
| FIIs | 0% | 0% | 0% | 0% | 0% |
| DIIs | 0% | 0% | 0% | 0% | 0% |
| Government | 0% | 0% | 0% | 0% | 0% |
| Public | 34.94% | 34.92% | 32.58% | 32.53% | 32.47% |
| Others | 1.73% | 1.76% | 4.09% | 4.12% | 4.18% |
| No. of Shareholders | 781 | 677 | 617 | 581 | 573 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Sell
- **Buy / Neutral / Sell:** 7 / 4 / 8

### Moving Averages — summary: **Neutral**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 18.88 | Buy |
| EMA (10) | 18.96 | Buy |
| SMA (20) | 18.88 | Buy |
| EMA (20) | 19.03 | Buy |
| SMA (50) | 19.99 | Sell |
| EMA (50) | 19.68 | Buy |
| SMA (100) | 20.76 | Sell |
| EMA (100) | 21.08 | Sell |
| SMA (200) | 24.24 | Sell |
| EMA (200) | 24.68 | Sell |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 54.38 | Neutral |
| MACD (12,26,9) | -0.2 | Buy |
| Stochastic (14,3,3) | 80.43 | Sell |
| ADX (14) | 17.95 | Neutral |
| Williams %R (14) | 0 | Sell |
| ATR (14) | 0.87 | High Volatility |
| ROC (12) | 16.33 | Buy |
| Stoch RSI (14) | 100 | Sell |
| UO (7,14,28) | 67.74 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 8 Sep - Notice of 31st AGM on 30 Sep 2026; e-voting 27–29 Sep; financial statements, two director reappointments, secretarial auditor appointment. | [Shareholders meeting 8 Sep - Notice of 31st AGM on 30 Sep 2026; e-voting 27–29 Sep; financial statements, two director reappointments, secretarial auditor appointment.](https://nsearchives.nseindia.com/corporate/SPPL_08092026120944_AGM_Intimation.pdf) |
| 8 Sep - Newspaper ads published for 31st AGM on 30 September 2026 at Hotel HYBIZ RO, Kerala. | [Press Release 8 Sep - Newspaper ads published for 31st AGM on 30 September 2026 at Hotel HYBIZ RO, Kerala.](https://nsearchives.nseindia.com/corporate/SPPL_08092026120324_BALCO_Press_release.pdf) |
| 7 Aug - Promoters filed SEBI SAST Regulation 31(4) declaration confirming shareholding and no encumbrance. | [Disclosure under SEBI Takeover Regulations 7 Aug - Promoters filed SEBI SAST Regulation 31(4) declaration confirming shareholding and no encumbrance.](https://nsearchives.nseindia.com/corporate/team_bbodade_07082026161309_10072026162124_BALCO1.pdf) |
| 5 November 2025 - SDD updated for UPSI: CFO appointment and six directors' resignations, shared 27/08/2025. | [Structural Digital Database 5 November 2025 - SDD updated for UPSI: CFO appointment and six directors' resignations, shared 27/08/2025.](https://nsearchives.nseindia.com/corporate/SPPL_05112025110411_SDD_Compliance_Certificate.pdf) |
| 30 May - Solve Plastic Products achieved ZED GOLD for Kannur and Shencotta; Bronze for Edamon and Punalur plants. | [General Updates 30 May - Solve Plastic Products achieved ZED GOLD for Kannur and Shencotta; Bronze for Edamon and Punalur plants.](https://nsearchives.nseindia.com/corporate/SPPL_30052026170004_ZED_Update.pdf) |
| 30 May - FY2026 compliance certificate confirms SDD in place, but some UPSI entries were delayed. | [Structural Digital Database 30 May - FY2026 compliance certificate confirms SDD in place, but some UPSI entries were delayed.](https://nsearchives.nseindia.com/corporate/SPPL_30052026170324_SDD.pdf) |
| 29 May - Board approved FY26 audited results, unmodified opinion, and Rs 2.5 crore charge creation; Rs 296.41 lakh IPO funds unutilised. | [Outcome of Board Meeting 29 May - Board approved FY26 audited results, unmodified opinion, and Rs 2.5 crore charge creation; Rs 296.41 lakh IPO funds unutilised.](https://nsearchives.nseindia.com/corporate/SPPL_29052026163713_Outcome__3_.pdf) |
| 28 October 2025 - Quarterly investor complaints report (01/07/2025–30/09/2025): no complaints received or pending. | [Integrated Filing- Governance 28 October 2025 - Quarterly investor complaints report (01/07/2025–30/09/2025): no complaints received or pending.](https://nsearchives.nseindia.com/corporate/SPPL_28102025142845_IGR.pdf) |
| 26 May 2026 - Company entered lease and acquired a property/facility at Kannur, Kerala after board meeting. | [General Updates 26 May 2026 - Company entered lease and acquired a property/facility at Kannur, Kerala after board meeting.](https://nsearchives.nseindia.com/corporate/SPPL_26052026121808_Update_Kannur_Lease.pdf) |
| 22 May 2026 - Postal ballot e-voting on IPO proceeds variation runs 22 May-20 June 2026. | [Press Release 22 May 2026 - Postal ballot e-voting on IPO proceeds variation runs 22 May-20 June 2026.](https://nsearchives.nseindia.com/corporate/SPPL_22052026143800_Newspaper_Update.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_31844_BALCO_2025_2026_A_660540777_08092026121703.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_28882_BALCO_2024_2025_A_18624953_08092025104717.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T19:29:42.783Z.