Polyplex Corporation Limited (POLYPLEX)

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Polyplex Corporation Limited (POLYPLEX) · mywealthgrid

About

Polyplex manufactures flexible packaging within industrial products. Trailing revenue ₹2,253.62 Cr with market cap ₹3,709.91 Cr. Regular dividend distributions (Nov 2025, Sep 2025, Nov 2024, Sep 2024, Nov 2023) indicate consistent shareholder-return policy.

Face value: ₹10

Market cap

₹3,228 Cr

P/E

20.8×

P/B

0.8×

Dividend yield

0.7%

ROE

1.1%

ROCE

1.1%

Debt / equity

0.22

OPM

4.9%

EPS (TTM)

₹48.6

Book value

₹1,326.2

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin collapse: OPM ranged -0.25% (Dec 2025 quarter) to 13.15% (Jun 2026 trailing); Dec 2025 posted net loss of -₹7.7 Cr (EPS -2.46). Verify root cause and reversal risk.
Weak capital returns: ROE of 1.12% despite low leverage (D/E 0.22) signals poor returns on equity capital.
Valuation concern: PE of 23.89 high relative to ROE of 1.12%; verify if margin recovery is structural or cyclical.
Cyclical commodity exposure: Packaging demand tied to FMCG, pharma, food sectors and resin costs follow crude oil; verify current end-market and input-cost trends.

Generated analysis · source review pending

Growth drivers

OPM rebounded to 13.15% (Jun 2026 trailing) from 4.93% average; verify if structural cost gains or cyclical.
D/E ratio 0.22 provides debt capacity for growth capex or shareholder returns; verify management's capital allocation direction.
Trailing net profit ₹171.07 Cr funds 8 consecutive dividend payments (Nov 2023–Nov 2025), demonstrating reliable cash discipline.
Flexible packaging exposure to India's FMCG, pharma, food segments; verify end-market demand recovery and export market potential.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,028.0-3.1%1Y

Quick read

rule-based

Pros

No positive flags triggered.

Cons

−Low return on equity of 2.7% (3-yr avg)
−Thin operating margin of 4.9%
−Profit declined 38.5% a year over the last 5 years
−Modest revenue growth of 7.6% a year over the last 5 years
−Weak interest coverage of 1.4×

Research score

Structured signal from quality, growth, valuation and momentum.

43/100

Business quality: 18
Growth: 33
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	3,588	4,570	4,487	4,918	6,624	7,652	6,307	6,885	7,086
COGS	2,150	2,795	2,510	2,427	3,624	4,793	4,145	4,341	4,454
Gross profit	1,438	1,774	1,977	2,491	3,001	2,859	2,162	2,544	2,631
	944	1,043	1,196	1,275	1,693	1,912	1,797	1,848	2,282
	494	731	781	1,217	1,308	947	365	696	349
OPM %	13.8%	16%	17.4%	24.7%	19.7%	12.4%	5.8%	10.1%	4.9%
Depreciation	185	209	253	280	273	296	307	300	363
Interest	39	29	18	18	17	35	42	46	53
	44	164	131	59	128	95	60	95	88
Profit before tax	314	657	640	979	1,147	711	76	445	20
Tax	30	73	146	117	182	95	-10	88	-21
Tax %	9.5%	11.1%	22.9%	11.9%	15.9%	13.4%	-13.8%	19.7%	-100.7%
	284	584	494	862	965	616	86	358	41
PAT margin %	7.9%	12.8%	11%	17.5%	14.6%	8%	1.4%	5.2%	0.6%
EPS (₹)	49.9	103.2	88.2	162.6	181.2	111	12.1	66.6	14.3
EPS adjusted (₹)	—	—	86.6	160.1	177.9	109	11.8	65.4	14.1
	20.1%	48.5%	54.4%	100.9%	76.7%	47.8%	24.9%	20.3%	20.9%
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	33	32	32	32	32	32	32
Reserves	2,997	3,021	3,284	3,451	3,479	3,731	4,208
Minority interest	1,457	1,755	2,006	2,286	2,300	2,458	2,797
	688	691	940	787	728	865	917
	588	678	983	841	892	912	960
Total equity & liabilities	5,762	6,177	7,246	7,397	7,431	7,998	8,914
	2,821	2,756	3,149	3,249	2,998	3,940	4,222
CWIP	30	325	126	196	628	36	70
Investments	236	291	278	278	378	344	351
	2,676	2,805	3,692	3,674	3,428	3,678	4,270
Total assets	5,762	6,177	7,246	7,397	7,431	7,998	8,914

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	38.8%	44.1%	50.7%	45.3%	37.4%	34.3%	36.9%	37.1%
EBITDA margin %	16%	17.4%	24.7%	19.7%	12.4%	5.8%	10.1%	4.9%
EBIT margin %	11.4%	11.8%	19.1%	15.6%	8.5%	0.9%	5.8%	-0.2%
PAT margin %	12.8%	11%	17.5%	14.6%	8%	1.4%	5.2%	0.6%
Working capital
Receivable days	—	55	50	61	44	56	54	58
Inventory days	—	99	122	132	104	119	132	140
Payable days	—	35	50	51	35	47	43	51
NWC days	—	119	122	141	112	127	143	147
Leverage
Current ratio	—	3.29	2.96	2.81	3.3	2.97	2.78	2.59
Debt to EBITDA	—	0.88	0.57	0.72	0.83	1.99	1.24	2.63
Debt to equity	—	0.23	0.23	0.28	0.23	0.21	0.23	0.22
Interest coverage	23.6	32.7	56.7	70.5	21.2	2.8	10.7	1.4
Asset turnover	—	0.78	0.8	0.91	1.03	0.85	0.86	0.79
Return ratios
Return on assets %	—	8.6%	14%	13.3%	8.3%	1.2%	4.5%	0.5%
Return on capital employed %	—	11.8%	19.5%	20.8%	12.2%	1.9%	7.6%	1.1%
Return on equity %	—	16.3%	28.2%	29.1%	17.7%	2.5%	9.5%	1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	50.97%	26.69%	26.69%	26.69%	26.69%	26.69%	26.69%	26.69%	26.73%	26.73%	26.73%	26.73%
	9.41%	8.29%	7.93%	7.08%	7.39%	7.82%	7.67%	7.1%	9.31%	8.97%	9.9%	10.22%
	2.25%	2.27%	2.3%	2.43%	2.81%	3.25%	2.82%	2.95%	2.78%	2.9%	2.91%	2.85%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	37.37%	62.75%	63.08%	63.8%	63.11%	62.24%	62.82%	63.26%	61.18%	61.4%	60.46%	60.2%
No. of shareholders	—	—	—	—	—	—	—	—	1,04,111	1,02,155	98,128	95,075

Promoter holding down 24.24 percentage points since Sep 2023.

53 deals · 19 Sept 2022 – 5 Dec 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
5 Dec 2025	K2 FAMILY PRIVATE TRUST	Block	NSE	Buy	2,75,000	₹820.00	₹22.55 Cr
5 Dec 2025	FIRST WATER FUND	Block	NSE	Sell	2,75,000	₹820.00	₹22.55 Cr
5 Dec 2025	K2 FAMILY PRIVATE TRUST	Bulk	NSE	Buy	2,75,000	₹820.00	₹22.55 Cr
5 Dec 2025	FIRST WATER FUND	Bulk	NSE	Sell	2,75,000	₹820.00	₹22.55 Cr
25 Jul 2025	HARESH TIKAMDAS KASWANI	Block	NSE	Sell	2,23,527	₹1,120.00	₹25.04 Cr
25 Jul 2025	FIRST WATER FUND	Block	NSE	Buy	2,23,527	₹1,120.00	₹25.04 Cr
25 Jul 2025	HARESH TIKAMDAS KASWANI	Bulk	NSE	Sell	2,23,527	₹1,120.00	₹25.04 Cr
25 Jul 2025	FIRST WATER FUND	Bulk	NSE	Buy	2,23,527	₹1,120.00	₹25.04 Cr
22 Jul 2025	HARESH TIKAMDAS KASWANI	Block	NSE	Sell	2,00,000	₹1,125.00	₹22.50 Cr
22 Jul 2025	FIRST WATER FUND	Block	NSE	Buy	2,00,000	₹1,125.00	₹22.50 Cr

1–10 of 53

1 / 6

Mr. Sanjiv SarafNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. Pranay KothariExecutive Director-CEO
Manish GuptaChief Financial Officer
Mr. Iyad MalasNon-Executive - Non Independent Director
Mrs. Shalini SarinNon-Executive - Independent Director
Mr. Hemant SahaiNon-Executive - Independent Director
Mr. Yogesh KapurNon-Executive - Independent Director
Mr. Sandip DasNon-Executive - Independent Director
Mr. Rakesh BhartiaNon-Executive - Independent Director
Mr. Ranjit SinghNon-Executive - Non Independent Director
Ashok Kumar GurnaniCompany Secretary & Compliance Officer

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F&O

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 2 fund houses

Held by these funds

2.09%

of the company's equity

All mutual funds

2.09%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

2 schemes · 2 fund houses

		Shares
SMALL CAP FUND	Nippon India Mutual Fund	6.58 L	77.76	0.09%	2.094%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	45	0.01	0.01%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

39

Final dividend8 Sept 2026 · ex-date₹1
Interim dividend21 Nov 2025 · ex-date₹2
Final dividend15 Sept 2025 · ex-date₹4.5
Interim dividend26 Nov 2024 · ex-date₹9
Final dividend20 Sept 2024 · ex-date₹1
Interim dividend17 Nov 2023 · ex-date₹2
Dividend dividend8 Sept 2023 · ex-date₹3
Interim dividend24 Feb 2023 · ex-date₹30
Interim dividend24 Nov 2022 · ex-date₹20
Special dividend24 Nov 2022 · ex-date₹35
Final dividend22 Sept 2022 · ex-date₹21
Interim dividend24 Feb 2022 · ex-date₹35
Interim dividend24 Nov 2021 · ex-date₹15
Final dividend24 Sept 2021 · ex-date₹17
Interim dividend25 Aug 2021 · ex-date₹33
Interim dividend17 Feb 2021 · ex-date₹100
Interim dividend19 Nov 2020 · ex-date₹15
Interim dividend25 Aug 2020 · ex-date₹32
Dividend dividend25 Aug 2020 · ex-date₹6
Interim dividend21 Nov 2019 · ex-date₹11
Final dividend27 Aug 2019 · ex-date₹10
Interim dividend28 May 2019 · ex-date₹31
Interim dividend27 Nov 2018 · ex-date₹10
Final dividend19 Sept 2018 · ex-date₹5
Interim dividend7 Jun 2018 · ex-date₹30
Interim dividend23 Nov 2017 · ex-date₹5
Final dividend31 Aug 2017 · ex-date₹4
Interim dividend23 Nov 2016 · ex-date₹3
Dividend dividend22 Sept 2016 · ex-date₹3
Dividend dividend16 Sept 2015 · ex-date₹2.5
Dividend dividend18 Sept 2014 · ex-date₹2
Final dividend19 Sept 2013 · ex-date₹3
Dividend dividend20 Sept 2012 · ex-date₹4
Final dividend22 Sept 2011 · ex-date₹7
Interim dividend15 Nov 2010 · ex-date₹6
Dividend dividend16 Sept 2010 · ex-date₹8
Dividend dividend24 Sept 2009 · ex-date₹7
Dividend dividend18 Sept 2008 · ex-date₹6
Final dividend6 Sept 2007 · ex-date₹4

1

Board meeting to consider results11 Aug 2026

1

Bonus 1:123 Dec 2010 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

5 announcementsExport CSV

1 Oct 2026, 7:26 pmOthers

Board Meeting Outcome for Disclosure Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirement) Regulations, 2015 ('Listing Regulations')

Outcome without intimation PDF

28 Sept 2026, 3:12 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

9 Sept 2026, 4:50 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

8 Sept 2026, 7:13 pmCompany Update

Presentation Made At The 41St AGM Held On September 08, 2026.

General PDF

8 Sept 2026, 7:07 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

Date	Category	Subject	Filing
1 Oct 2026, 7:26 pm	Others Outcome without intimation	Board Meeting Outcome for Disclosure Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirement) Regulations, 2015 ('Listing Regulations')	PDF
28 Sept 2026, 3:12 pm	Insider Trading / SAST Closure of Trading Window

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	38.8%	44.1%	50.7%	45.3%	37.4%	34.3%	36.9%	37.1%
EBITDA margin %	16%	17.4%	24.7%	19.7%	12.4%	5.8%	10.1%	4.9%
EBIT margin %	11.4%	11.8%	19.1%	15.6%	8.5%	0.9%	5.8%	-0.2%
PAT margin %	12.8%	11%	17.5%	14.6%	8%	1.4%	5.2%	0.6%
Working capital
Receivable days	—	55	50	61	44	56	54	58
Inventory days	—	99	122	132	104	119	132	140
Payable days	—	35	50	51	35	47	43	51
NWC days	—	119	122	141	112	127	143	147
Leverage
Current ratio	—	3.29	2.96	2.81	3.3	2.97	2.78	2.59
Debt to EBITDA	—	0.88	0.57	0.72	0.83	1.99	1.24	2.63
Debt to equity	—	0.23	0.23	0.28	0.23	0.21	0.23	0.22
Interest coverage	23.6	32.7	56.7	70.5	21.2	2.8	10.7	1.4
Asset turnover	—	0.78	0.8	0.91	1.03	0.85	0.86	0.79
Return ratios
Return on assets %	—	8.6%	14%	13.3%	8.3%	1.2%	4.5%	0.5%
Return on capital employed %	—	11.8%	19.5%	20.8%	12.2%	1.9%	7.6%	1.1%
Return on equity %	—	16.3%	28.2%	29.1%	17.7%	2.5%	9.5%	1%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Epl LimitedEPLEPL	₹7,443 Cr	₹8,152 Cr	₹5,043 Cr	₹1,000 Cr	20.3%	₹388 Cr	8.3%	19.5%	14.9%	97
Agi Greenpac LimitedAGIAGI	₹5,116 Cr	₹5,355 Cr	₹2,763 Cr	₹628 Cr	22.3%	₹362 Cr	13.2%	18.6%	15.6%	188
Uflex LimitedUFLEXUFLEX	₹4,692 Cr	₹14,545 Cr	₹16,866 Cr	₹2,302 Cr	12.2%	₹682 Cr	2.1%	8.6%	4.1%	89
Tcpl Packaging LimitedTCPLPACKTCPLPACK	₹3,574 Cr	₹4,148 Cr	₹1,872 Cr	₹299 Cr	16.2%	₹115 Cr	5.4%	22.4%	14.4%	98
Polyplex Corporation LimitedPOLYPLEXPOLYPLEX	₹3,228 Cr	₹4,145 Cr	₹7,601 Cr	₹592 Cr	4.9%	₹155 Cr	0.6%	1.1%	1.1%	147
Jindal Poly Films LimitedJINDALPOLYJINDALPOLY	₹2,863 Cr	₹6,866 Cr	₹2,152 Cr	₹-613 Cr	-20.2%	₹-989 Cr	-36.6%	-2%	-29.6%	81
Xpro India LimitedXPROINDIAXPROINDIA	₹2,670 Cr	₹2,959 Cr	₹535 Cr	₹50 Cr	6.3%	₹33 Cr	3.9%	3.9%	2.8%	80
Knack Packaging LimitedKNACKKNACK	₹2,211 Cr	₹2,404 Cr	₹736 Cr	₹133 Cr	18.1%	₹74 Cr	10%	47.1%	41.5%	—
Mold-Tek Packaging LimitedMOLDTKPACMOLDTKPAC	₹2,187 Cr	₹2,231 Cr	₹631 Cr	₹121 Cr	19.1%	₹64 Cr	10.1%	24.3%	17.9%	148
Cosmo First LimitedCOSMOFIRSTCOSMOFIRST	₹2,166 Cr	₹3,752 Cr	₹4,004 Cr	₹428 Cr	10.5%	₹167 Cr	4.3%	11.6%	10.1%	10
Huhtamaki India LimitedHUHTAMAKIHUHTAMAKI	₹1,757 Cr	₹1,859 Cr	₹2,610 Cr	₹225 Cr	7.7%	₹136 Cr	4.8%	12.3%	9.5%	26
Arrow Greentech LimitedARROWGREENARROWGREEN	₹1,306 Cr	₹1,306 Cr	₹247 Cr	₹86 Cr	32.2%	₹64 Cr	23.6%	30.4%	22.4%	141

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	731	1,102	560	802	455	438	537
	-405	-436	1	-115	-796	-473	-509
	-298	-660	-232	-657	-152	-38	-133
Net cash flow	28	7	329	30	-493	-73	-105
Free cash flow	259	573	158	529	-62	-65	132
CFO / Operating profit %	93.6%	90.6%	42.8%	84.6%	124.7%	62.9%	153.7%

Polyplex Corporation Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

39

1

1

Announcements

39

1

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Compounded sales growth

Compounded profit growth

Return on equity

Polyplex Corporation Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Dividends39

Board meetings1

Bonus issues1

Announcements

Dividends39

Board meetings1

Bonus issues1

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

39

1

1

39

1

1