Polyplex Corporation logo

Polyplex Corporation

POLYPLEX NSE

Key Fundamentals

MicrocapPackagingIndustrial Products
Market Cap
₹3,470 Cr
Volatility
Moderate
P/E Ratio
22.93
EBITDA
₹437 Cr
Return on Equity
0.58%
Debt to Equity
0.22
Book Value
₹1,349.63
EPS
₹12.05
52W High
₹1,264
52W Low
₹740

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Stock is trading at 0.84 times its book value
  • Company has been maintaining a healthy dividend payout of 22.4%

Weaknesses

5
  • The company has delivered a poor sales growth of 7.58% over past five years.
  • Promoter holding is low: 26.7%
  • Tax rate seems low
  • Company has a low return on equity of 2.40% over last 3 years.
  • Promoter holding has decreased over last 3 years: -24.2%

Growth Rate

Revenue Growth
2.76% higher than 3Y
Net Income Growth
-88.57% lower than 3Y
Cash Flow Change
22.56% higher than 3Y
ROE
-89.91% lower than 3Y
ROCE
-86.24% lower than 3Y
EBITDA Margin (Avg.)
-46.3% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 69d ago
AI opinion · based on fundamentals
Risk high

Polyplex Corporation trades at a market cap of ₹3,188 Cr with a P/E of 77.9x reflecting severely compressed earnings, while its P/B of 0.75x indicates the stock is below book value. Compounded profit has declined 49% over 3 years and 78% on a TTM basis, even as the 10-year sales CAGR remains at 8%.

Bull Case 7
  • Stock trades at 0.75x book value, offering a significant discount to its net asset base
  • 10-year compounded sales CAGR of 8% demonstrates long-term revenue scaling ability in the BOPET/BOPP films space
  • 10-year stock price CAGR of 13% shows the company has created meaningful long-term shareholder value despite recent weakness
  • 10-year ROE average of 9% indicates the business has historically generated reasonable returns on equity
  • TTM sales growth has turned positive at 3% after a 3-year compounded sales decline of -3%, suggesting a potential revenue recovery
  • 5-year compounded sales growth of 8% outpaces the recent 3-year decline, indicating cyclical trough rather than structural deterioration
  • At a P/B of 0.75x, the market is pricing in permanent impairment — any normalization of margins could lead to a re-rating from depressed levels
Bear Case 8
  • TTM compounded profit has collapsed by 78%, signaling severe margin compression in the current cycle
  • 3-year compounded profit decline of 49% shows earnings erosion is not a single-quarter aberration but a sustained trend
  • P/E of 77.9x on trough earnings makes the stock expensive on a current earnings basis despite low P/B
  • Promoter holding stands at just 26.7% and has decreased by 24.2 percentage points over the last 3 years, raising governance and alignment concerns
  • Last year ROE of just 1% and 3-year average ROE of 3% indicate capital is generating negligible returns
  • Low interest coverage ratio suggests debt servicing pressure relative to current operating profits
  • 1-year stock price return of -16% and 3-year CAGR of -9% reflect sustained investor de-rating
  • Dividend yield of only 0.2% provides minimal income cushion while waiting for an earnings recovery

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 69d ago
Neutral 3
  • Board declines Thailand stake tender Jul 1

    Polyplex board resolved not to participate in the tender offer for its 51% stake in Polyplex (Thailand) Public Company Limited, maintaining its current holding.

  • AGPH bids THB 13.5bn for Thailand unit Jun 22

    AGPH (Thailand) Ltd announced intent to acquire all ordinary shares of Polyplex Thailand at THB 15/share, totaling THB 13.5 billion, with formal offer expected by June 29, 2026.

  • Shareholders approve two board appointments Jul 6

    Postal ballot (Jun 05–Jul 04) approved appointment of Rakesh Bhartia as Independent Director (99.99% in favour) and Ranjit Singh as Non-Executive Director (99.98% in favour).

TL;DR: Recent newsflow for Polyplex is largely procedural with no material positive or negative catalysts. The key development is the board's decision to reject the tender offer for its 51% Thailand subsidiary despite a THB 13.5 billion bid from AGPH, signaling management's intent to retain the asset. No operational or financial headwinds surfaced. Investors should watch whether AGPH revises its offer or pursues alternative routes to acquire the Thailand unit.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,561
1,572
1,496
1,679
1,686
1,739
1,721
1,740
1,739
1,794
1,682
1,871
2,254
Expenses
1,499
1,451
1,446
1,582
1,522
1,548
1,600
1,676
1,739
1,692
1,577
1,783
1,957
Operating Profit
61
121
50
97
164
191
121
64
-1
103
105
88
296
OPM %
3.9%
8%
3.3%
6%
10%
11%
7%
3.7%
0%
6%
6%
4.7%
13%
Other Income
12
24
45
17
26
100
107
18
30
23
27
62
25
Interest
12
10
10
10
13
11
12
11
14
13
13
13
17
Depreciation
75
75
75
82
70
79
76
76
86
89
94
94
94
PBT
-13
59
8
21
107
202
142
-6
-71
23
25
43
211
Tax %
-20%
18%
-102%
-48%
10%
19%
26%
54%
-15%
-43%
-19%
12%
19%
Net Profit
-10
48
17
31
97
164
105
-9
-60
34
30
38
171
EPS in Rs
-0.99
8.9
1.47
2.68
17.05
27.97
18.4
3.22
-6.15
7.87
4.7
7.9
29
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
3,204
3,202
3,201
3,572
4,570
4,487
4,918
6,624
7,652
6,307
6,885
7,086
7,601
Expenses
2,919
2,849
2,758
3,078
3,838
3,706
3,701
5,316
6,705
5,940
6,189
6,737
7,009
Operating Profit
285
353
443
494
732
781
1,217
1,308
947
367
696
349
592
OPM %
9%
11%
14%
14%
16%
17%
25%
20%
12%
6%
10%
4.9%
8%
Other Income
70
-32
177
44
163
131
59
128
95
58
95
88
137
Interest
56
48
47
39
29
18
18
16
35
42
46
53
56
Depreciation
216
209
197
185
209
253
280
273
296
307
300
363
372
PBT
83
64
376
314
657
640
979
1,147
711
76
445
20
302
Tax %
6%
75%
4%
9%
11%
23%
12%
16%
13%
-14%
20%
-101%
—
Net Profit
78
16
361
284
584
494
862
965
616
86
358
41
272
EPS in Rs
11.87
9.08
72.44
49.85
103
88.18
163
181
111
12.05
66.64
14.32
49.47
Div. Payout %
21%
34%
10%
82%
50%
20%
102%
58%
81%
25%
21%
21%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
33
33
33
33
33
33
32
32
32
32
32
32
Reserves
2,088
2,289
2,270
2,516
2,739
2,997
3,021
3,284
3,451
3,479
3,731
4,208
Borrowings
1,655
1,294
810
863
786
758
695
946
799
748
882
935
Other Liabilities
968
951
1,243
1,457
1,648
1,952
2,420
2,954
3,091
3,124
3,309
3,694
Total Liabilities
4,744
4,566
4,356
4,868
5,205
5,739
6,168
7,216
7,373
7,383
7,954
8,870
Fixed Assets
2,569
2,406
2,184
2,218
2,242
2,824
2,759
3,152
3,252
3,002
3,944
4,226
CWIP
8
3
10
8
181
30
325
126
196
628
36
70
Investments
16
1
100
133
123
233
288
276
275
374
340
348
Other Assets
2,151
2,157
2,062
2,509
2,658
2,652
2,796
3,663
3,650
3,379
3,634
4,226
Total Assets
4,744
4,566
4,356
4,868
5,205
5,739
6,168
7,216
7,373
7,383
7,954
8,870
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
376
448
441
307
551
731
1,102
560
802
455
438
537
Investing
0
86
-246
-106
-265
-323
-451
41
16
-804
-464
-480
Financing
-234
-473
-436
-42
-312
-298
-660
-232
-657
-152
-38
-133
Net Cash Flow
142
61
-240
159
-26
110
-8
369
160
-501
-64
-76
Free Cash Flow
220
400
375
170
181
261
576
160
532
-56
-47
150
CFO/OP
133
128
104
68
86
105
95
51
105
142
69
168
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
46
49
53
56
48
55
50
61
44
56
54
58
Inventory Days
82
78
88
103
92
105
133
141
110
126
140
150
Days Payable
38
36
52
48
32
37
55
55
38
51
45
55
Cash Conversion Cycle
90
92
90
110
107
123
128
147
116
132
149
153
Working Capital Days
0
8
29
29
39
62
56
72
69
84
79
77
ROCE %
4%
4%
9%
8%
15%
12%
19%
20%
12%
2%
7%
1%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others31.85%Public28.35%DIIs2.85%FIIs10.22%Promot.26.73%As ofJun 2026

Documents

1
Concall - May 2026 May 2026
2
Concall - May 2026 May 2026
3
Concall - Nov 2025 Nov 2025
4
Concall - Nov 2025 Nov 2025
5
Concall - Sep 2025 Sep 2025

Frequently Asked Questions about Polyplex Corporation

What does Polyplex Corporation Ltd do?
Polyplex Corporation is engaged in manufacturing of BOPP, Blown PP/PE and CPP films used in the flexible packaging industry and in industrial usages like release liners, tapes, labels etc. They have 35 Years Of Experience in Plastic Films. They have 7 Manufacturing Facilities In 5 Countries with ...
Where is Polyplex Corporation Ltd (POLYPLEX) listed?
Polyplex Corporation Ltd trades as POLYPLEX on the NSE and under code 524051 on the BSE.
Which sector does Polyplex Corporation Ltd belong to?
Polyplex Corporation Ltd is classified under the Industrial Products sector, in the Packaging industry.
What is the market capitalisation of Polyplex Corporation Ltd?
Polyplex Corporation Ltd has a market capitalisation of ₹3,470 Cr, which places it in the Small Cap band.
What is the PE ratio of Polyplex Corporation Ltd?
Polyplex Corporation Ltd trades at a PE ratio of 22.93, on earnings per share of ₹12.05, against a book value of ₹1,349.63 per share.
What is the 52-week high and low of Polyplex Corporation Ltd?
Over the last 52 weeks Polyplex Corporation Ltd has traded between ₹740 and ₹1,264.
Does Polyplex Corporation Ltd pay dividends?
Polyplex Corporation Ltd has a dividend yield of 0.27%.
What is the Return on Equity (ROE) of Polyplex Corporation Ltd?
Polyplex Corporation Ltd reported a return on equity of 0.58%. Its debt-to-equity ratio is 0.22.

Company Information

Polyplex Corporation is engaged in manufacturing of BOPP, Blown PP/PE and CPP films used in the flexible packaging industry and in industrial usages like release liners, tapes, labels etc. They have 35 Years Of Experience in Plastic Films. They have 7 Manufacturing Facilities In 5 Countries with Multiple Warehouses & Liaison Offices Worldwide. [1]

Website polyplex.com
CEO Mr. Pranay Kothari
Employees 935
Listed 2003-04-11
Face Value ₹ 10
Issued Size 3,13,92,462

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