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Polyplex Corporation Ltd (POLYPLEX)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 524051 NSE: POLYPLEX Plastic Products | Small Cap | Polyplex Corporation Share Price
₹1,190.10 1.30 (0.11%)
As on 02-Sep'26 16:59
Polyplex Corporation Ltd (POLYPLEX)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 524051 NSE: POLYPLEX Plastic Products | Small Cap | Polyplex Corporation Share Price
₹1,190.10 1.30 (0.11%)
As on 02-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹3,736 Cr.
Current Price
₹1,190.1
52-Week Low / High
₹743 / 1,268
TTM EPS
₹15.8
TTM Sales
₹1,545 Cr.
Book Value per Share
₹243.9
P/E Ratio
75.32
Higher than its 5-year historical median
Industry PE
38.3
Price to Book (P/B)
4.88
Lower than its 5-year historical median
Price to Sales (P/S)
2.42
In line with its 5-year historical median
EV/EBITDA
31.42
Higher than its 5-year historical median
Dividend Yield
0.25%
Profitability Efficiency
Return on Equity (ROE)
8.08%
Outperforms industry median
Return on Capital Employed (ROCE)
9.10%
In line with industry median
Return on Assets (ROA)
5.96%
Operating Profit Margin
5.1%
Net Profit Margin
3.95%
Gross Profit Margin
8%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-4.2%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-32.46%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
-23.19%
Asset Quality
Promoter Holding
26.73%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹734 Cr.
Equity
₹31.4 Cr.
Face Value
₹10
All Time Low / High
₹3.00 / 2870.00
Check Before You Invest
Quality
Somewhat GoodValuation
Somewhat OvervaluedCheck Valuation charts
Price Trend
Strong
Is Polyplex Corporation Ltd a good quality company?
Polyplex Corporation Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Polyplex Corporation Ltd performance compare with that of its Peers?
Revenue growth of Polyplex Corporation Ltd vs industry peers?
Polyplex Corporation Ltd revenue CAGR is 2.88%, compared to the industry median CAGR of 3.59%, indicating slower growth and losing its market share.
Promoter shareholding and pledge status of Polyplex Corporation Ltd?
Promoters hold 26.73% of the Polyplex Corporation Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Polyplex Corporation Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 15.2% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Polyplex Corporation Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 11.9% | 14.3% | 39.9% | 40.6% | 66.9% | 72.4% | 41.8% | -1.4% | 13.7% | 9.1% | - |
| Value Creation Index ⓘ | -0.2 | 0.0 | 1.9 | 1.9 | 3.8 | 4.4 | 2.0 | -1.1 | 0.0 | -0.4 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 944 | 1,089 | 1,348 | 1,273 | 1,299 | 1,785 | 1,648 | 1,414 | 1,563 | 1,497 | 1,545 |
| Sales YoY Gr. | - | 15.4% | 23.8% | -5.6% | 2.1% | 37.4% | -7.7% | -14.2% | 10.5% | -4.2% | - |
| Adj EPS ⓘ | 9.9 | 17.6 | 70.4 | 70.8 | 143.6 | 154.8 | 91.4 | -4.5 | 22.6 | 17.3 | 15.8 |
| YoY Gr. | - | 77.3% | 300.6% | 0.5% | 102.9% | 7.8% | -41% | -104.9% | NA | -23.5% | - |
| BVPS (₹) ⓘ | 137.7 | 147.2 | 173.5 | 192.5 | 177.2 | 233 | 221 | 212.9 | 227.1 | 239.9 | 243.9 |
| Adj Net Profit ⓘ | 31.7 | 56.2 | 225 | 226 | 451 | 486 | 287 | -14.1 | 71 | 54.3 | 50 |
| Cash Flow from Ops. ⓘ | 16.3 | 12.1 | 32.5 | 155 | 157 | 142 | 158 | -43.6 | 112 | 100 | - |
| Debt/CF from Ops. ⓘ | 12.6 | 18 | 6.7 | 1.1 | 1 | 0.6 | 0.2 | -2.5 | 1.2 | 2.4 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 5.3% | 2.9% | -3.2% | -4.2% | ||||
| Adj EPS ⓘ | 6.4% | -34.5% | -42.6% | -23.5% | ||||
| BVPSⓘ | 6.4% | 6.3% | 2.8% | 5.7% | ||||
| Share Price | 15.3% | -5.1% | -0.9% | 15.8% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 7.3 | 12.3 | 43.8 | 38.6 | 76.8 | 75.4 | 40.2 | -2.1 | 10.3 | 7.4 | 6.5 |
| Op. Profit Mgn % ⓘ | 8.2 | 7.6 | 10.8 | 12.6 | 17 | 15.2 | 6.9 | -0.1 | 7 | 5.2 | 4.8 |
| Net Profit Mgn % ⓘ | 3.4 | 5.2 | 16.7 | 17.8 | 34.7 | 27.2 | 17.4 | -1 | 4.5 | 3.6 | 3.2 |
| Debt to Equity ⓘ | 0.5 | 0.5 | 0.4 | 0.3 | 0.3 | 0.1 | 0 | 0.2 | 0.2 | 0.3 | - |
| Working Cap Days ⓘ | 95 | 109 | 121 | 146 | 125 | 111 | 126 | 116 | 115 | 132 | 63 |
| Cash Conv. Cycle ⓘ | 61 | 68 | 73 | 82 | 71 | 61 | 72 | 84 | 83 | 85 | 40 |
Valuation of Polyplex Corporation - Standalone
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 99.94 | 99.94 | 99.94 | 99.94 | 99.94 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 944 | 1,089 | 1,348 | 1,273 | 1,299 | 1,785 | 1,648 | 1,414 | 1,563 | 1,497 |
| Operating Expenses ⓘ + | 867 | 1,010 | 1,203 | 1,123 | 1,078 | 1,514 | 1,535 | 1,415 | 1,453 | 1,423 |
| Operating Profit ⓘ | 77 | 79 | 145 | 150 | 221 | 271 | 113 | -2 | 110 | 74 |
| Operating Profit Margin (%) | 8.2% | 7.2% | 10.8% | 11.8% | 17.0% | 15.2% | 6.9% | -0.1% | 7.0% | 5.0% |
| Other Income ⓘ + | 50 | 64 | 192 | 220 | 339 | 337 | 257 | 37 | 49 | 59 |
| Interest ⓘ | 19 | 16 | 5 | 3 | 3 | 2 | 1 | 3 | 10 | 9 |
| Depreciation ⓘ | 53 | 48 | 45 | 55 | 57 | 51 | 48 | 46 | 47 | 50 |
| Profit Before Tax ⓘ | 55 | 79 | 287 | 313 | 499 | 555 | 321 | -14 | 101 | 74 |
| Tax ⓘ | 10 | 20 | 59 | 83 | 45 | 63 | 27 | -5 | 24 | 15 |
| Profit After Tax | 46 | 59 | 228 | 230 | 453 | 491 | 295 | -9 | 77 | 59 |
| PAT Margin (%) | 4.9% | 5.4% | 16.9% | 18.1% | 34.9% | 27.5% | 17.9% | -0.6% | 4.9% | 4.0% |
| Adjusted EPS (₹) | 14.3 | 18.4 | 71.3 | 71.9 | 144.4 | 156.6 | 93.9 | -2.9 | 24.6 | 18.9 |
| Dividend Payout Ratio (%) | 49% | 217.20% | 71.50% | 23.70% | 113.60% | 66.40% | 93.80% | -104% | 55% | 15.90% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 441 | 471 | 556 | 616 | 557 | 732 | 694 | 669 | 713 | 754 | |
| Debt + | 152 | 180 | 188 | 131 | 125 | 55 | 12 | 111 | 122 | 219 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 10 | 16 | 21 | 16 | 27 | 28 | 25 | 18 | 36 | 33 | |
| Others Liabilities ⓘ | 85 | 99 | 147 | 247 | 117 | 330 | 82 | 40 | 42 | 68 | |
| Total Liabilities ⓘ | 688 | 766 | 911 | 1,009 | 826 | 1,145 | 814 | 838 | 913 | 1,074 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 350 | 316 | 327 | 357 | 324 | 312 | 290 | 282 | 257 | 290 | |
| CWIP ⓘ | 0 | 2 | 4 | 5 | 5 | 7 | 10 | 2 | 4 | 4 | |
| Investments ⓘ | 47 | 47 | 55 | 119 | 49 | 82 | 47 | 49 | 82 | 85 | |
| Inventories | 120 | 137 | 164 | 143 | 151 | 196 | 207 | 199 | 216 | 220 | |
| Trade Receivables | 82 | 115 | 172 | 141 | 141 | 193 | 123 | 193 | 179 | 177 | |
| Cash Equivalents | 3 | 4 | 5 | 7 | 41 | 23 | 30 | 24 | 25 | 63 | |
| Others Assets ⓘ | 86 | 145 | 184 | 235 | 113 | 333 | 107 | 89 | 149 | 234 | |
| Total Assets ⓘ | 688 | 766 | 911 | 1,009 | 826 | 1,145 | 814 | 838 | 913 | 1,074 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 16 | 12 | 33 | 155 | 157 | 142 | 158 | -44 | 112 | 100 |
| Cash Flow From Investing Activity ⓘ + | -25 | 22 | 111 | 68 | 351 | 271 | 225 | -8 | -89 | -138 |
| Cash Flow From Financing Activity ⓘ + | 6 | -33 | -144 | -221 | -498 | -410 | -386 | 56 | -23 | 79 |
| Net Cash Flow ⓘ | -3 | 1 | -0 | 2 | 10 | 2 | -2 | 4 | -1 | 41 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 10.5 | 12.93 | 44.47 | 39.26 | 77.37 | 76.34 | 41.34 | -1.33 | 11.16 | 8.08 |
| ROCE (%) | 11.85 | 14.26 | 39.92 | 40.58 | 66.85 | 72.4 | 41.83 | -1.36 | 13.7 | 9.1 |
| Asset Turnover Ratio | 1.46 | 1.56 | 1.63 | 1.35 | 1.46 | 1.86 | 1.71 | 1.78 | 1.83 | 1.56 |
| PAT to CFO Conversion(x) | 0.35 | 0.2 | 0.14 | 0.67 | 0.35 | 0.29 | 0.54 | N/A | 1.45 | 1.69 |
| Working Capital Days | ||||||||||
| Receivable Days | 26.90 | 31.70 | 38.20 | 44.20 | 38.40 | 33.20 | 34.50 | 39.30 | 42.50 | 42.10 |
| Inventory Days | 38.50 | 41.30 | 40.10 | 43.40 | 40 | 34.50 | 43.80 | 50.40 | 47.40 | 51.60 |
| Payable Days | 6.50 | 6.40 | 7.50 | 8.40 | 10.40 | 9.50 | 8.70 | 7.90 | 9.70 | 12.60 |
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Polyplex Corporation Ltd FAQs
The current trading price of Polyplex Corporation on 02-Sep-2026 16:59 is ₹1,190.1.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 01-Sep-2026 the market cap of Polyplex Corporation stood at ₹3,736 Cr
The latest P/E ratio of Polyplex Corporation as of 01-Sep-2026 is 75.32.
The latest P/B ratio of Polyplex Corporation as of 01-Sep-2026 is 4.88.
The 52-week high of Polyplex Corporation is ₹1,267.8 and the 52-week low is ₹743.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Polyplex Corporation is ₹1,545 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Polyplex Corporation Ltd is a average quality company.
The key valuation ratios of Polyplex Corporation Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Polyplex Corporation Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About Polyplex Corporation Ltd
Polyplex Corporation was incorporated in 1984 and commenced commercial operations with its first film line of 4000 TPA in May 1988, which was subsequently increased to 6000 TPA. With its operations stabilizing, by the mid 90s, Polyplex was able to emerge as one of the most profitable producers of Polyester Film in India.
Polyplex is one of India’s leading manufacturers and exporters of Biaxially Oriented Polyester (BOPET) Film for packaging, electrical and other industrial applications.
With its headquarters in NOIDA, New Delhi the Company has three PET Film manufacturing facilities – one located in Khatima in the state of UttaranchAal, India, another at Rayong province in Thailand (owned and operated by Polyplex (Thailand) Public Company Ltd. (PTL), its subsidiary) and the latest facility at Çorlu, Tekirdag in Turkey (owned and operated by Polyplex Europa Polyester Film San. ve Tic. A.S. (PE), which is a wholly-owned subsidiary of PTL).
Polyplex has established itself as one of the most profitable producers of PET Film by way of cost efficient operations resulting from high productivity and low overheads. Its products have gained wide acceptance in the Global markets, such as USA, Europe, South-East Asia, South America, North America and Australia, where the Company has been consistently exporting about 75% of its production.
The company has a dynamic workforce of about 400 employees in India, more than 250 employees in Thailand and more than 150 employees in Turkey. With its expansion in Turkey, Polyplex has a capacity of 83,000 TPA. The capacity enhancement in Turkey has made Polyplex the 5th largest Thin Film Producer in the world.
Following from the company’s objective of being a PET Film manufacturer of global significance, Polyplex expanded its film capacity further by investing in a new film line of 15000 MT in Thailand. The new line was commissioned on April 2, 2003 within the budgeted costs and ahead of time. Following this, PTL has set up its next PET film line with a capacity of 15000 MT in a record time of nine months. The line commenced commercial production in November 2003.
The company also commissioned a Metallizer in India in December 2002. This has enabled the company to broaden its product portfolio and improve value additions.These investments have strengthened the company’s competitive position in the PET Film business ensuring continued cost leadership. This together with the current demand-supply situation, would enable Polyplex to provide an attractive value proposition to its customers and investors.
Production in both the India and the Thailand units has been more than rated capacity. Consequently in 2003-04 capacities were restated at 20,000 MT for India and 39,000 MT for Thailand.
During 2004-05, the company took steps to implement a Polyester film plant in Turkey and has formed a company in Turkey, Polyplex Europa Polyester Film San. Ve Tic. A.S., for this purpose. This unit successfully started commercial production in December 2005.
During 2005-06, the company planned to set up a Silicone Coater Plant with an investment of around Rs. 22 Crore. Currently Trial runs are being undertaken. Polyplex Corporation is a Public Company listed on National Stock Exchange and Mumbai Stock Exchange.
Products manufactured by the company:
The company is engaged in the production of Biaxially Oriented Polyester (BOPET) Film, that is used successfully in a wide range of applications, due to its excellent combination of optical, physical, mechanical, thermal, and chemical properties, as well as its unique versatility.
- Plain Film (Untreated)
- Plain Film (Treated)
- Plain Film (Untreated and Hazy)
- Metallised
Subsidiaries:
- Polyplex in Thailand (PTL) Polyplex (Thailand) Public Company Ltd., is a subsidiary of Polyplex Corporation Ltd. The company commenced commercial production on April 2, 2003 from its first Polyester Film line located in Rayong province. With the start of production at its second PET film line on November 13, 2003, the compnay has a total capacity of 39000 MT. In September 2004, it also successfully started operations of our batch polycondensation PET chips plant. After the startup of the continuous process PET chips plant, the company has become self-sufficient in its raw material requirement and improved its value addition. The total investment in these projects is about USD 60 million.
- Polyplex in Turkey (PE) A wholly-owned subsidiary of PTL, Polyplex Europa Polyester Film Sanayi ve Ticaret A.S. has been formed in 2004-05 for setting up a Thin Film line with a capacity of 24000 MT in the Free Zone in Çorlu, Tekridaag in Turkey. The Film line successfully started commercial production in December 2005. Metallizer has also successfully started production in March, 2006. PE is now in the process of implementing a Chips plant at the existing location. The total investment in these projects is about $ 55 million.
- Polyplex in USA Polyplex (Americas) Inc. is a subsidiary of PTL. This company is a distributor of Polyplex Corporation Limited for North American Region.
Achievements/ recognition :ISO 9002 and 14001 accreditation.
Milestones:
- 1984 Polyplex Corporation Limited is incorporated.
- 1987 Became a listed company in India.
- 1988 Commences commercial operations with its first Film line of 4000 TPA.
- 1996 Polyplex undertakes expansion in Film capacity by adding a new Film line of 9000 TPA.
- 1997 Commences integrated backward manufacturing of Polyester Chips meant for captive consumption.
- 2002 Polyplex commissions a Metalliser in India with a capacity of 4800 TPA.
- 2003 Polyplex (Thailand) Public Company Limited (PTL) commences operations in Thailand with a 39,000 MT PET film plant.
- 2004 PTL’s Batch Polycondensation PET chips plant commences in September.
- 2004 PTL successfully floated an IPO and is listed on Stock Exchange of Thailand.
- 2005 PTL’s Continuous Process PET chips plant commences in February.
- 2005 PTL commissions a Metallizer in Thailand with a capacity of 4800 TPA in June.
- 2005 PE commences operations in Turkey with a 24,000 MT PET film plant in December.
- 2006 PE commissions a Metallizer in Turkey with a capacity of 5000 TPA in March.
- 2006 PTL invested USD 1 Mn in Polyplex America to Acquire 90% stake in the company.
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