Polyplex Corporation Ltd - Stock Valuation and Financial Performance

BSE: 524051 | NSE: POLYPLEX | Plastic Products | Small Cap

Polyplex Corporation Share Price

821.90 41.00 5.25%
as on 19-Mar'24 11:41

DeciZen - make an informed investing decision on Polyplex Corporation

Overall Rating
Bole Toh

1. Quality

2. Valuation

Fair

3. Price Trend

Polyplex Corporation stock performance -

mw4me loader
P/E Ratio (SA):
0.00
Market Cap:
2,451.4 Cr.
52-wk low:
760.1
52-wk high:
1,643.9

Is Polyplex Corporation Ltd an attractive stock to invest in?

1. Is Polyplex Corporation Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Polyplex Corporation Ltd is a average quality company.

2. Is Polyplex Corporation Ltd undervalued or overvalued?

The key valuation ratios of Polyplex Corporation Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

3. Is Polyplex Corporation Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Polyplex Corporation Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Polyplex Corporation:

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 end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

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

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 6.1%3.9%5.8%7.2%10.1%31.3%29.3%60.3%63.4%37%-
Value Creation
Index
-0.6-0.7-0.6-0.5-0.31.21.13.33.71.7-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 1,1191,0529689441,0891,3481,2731,2991,7851,6481,379
Sales YoY Gr.--6%-8%-2.6%15.4%23.8%-5.6%2.1%37.4%-7.7%-
Adj EPS 10.6610.49.917.670.470.8143.6154.890.7-2.9
YoY Gr.--43.8%74.4%-4.8%77.3%300.6%0.5%102.9%7.8%-41.4%-
BVPS (₹) 125.1129.1134.6137.7147.2173.5192.5177.2233221218.7
Adj Net
Profit
3419.133.331.756.2225226451486285-9
Cash Flow from Ops. 64.113814416.312.132.5155157142158-
Debt/CF from Ops. 6.42.31.312.6186.71.110.60.2-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 4.4%8.6%9%-7.7%
Adj EPS 26.9%38.9%8.6%-41.4%
BVPS6.5%8.5%4.7%-5.1%
Share Price 19.9% 9.8% -1% -35%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
8.84.77.97.312.343.838.676.875.439.9-1.3
Op. Profit
Mgn %
8.69.49.28.27.610.812.61715.26.90.2
Net Profit
Mgn %
31.83.43.45.216.717.834.727.217.3-0.7
Debt to
Equity
10.80.40.50.50.40.30.30.10-
Working Cap
Days
9299939511212314612511112655
Cash Conv.
Cycle
6468596170748271617242

Recent Performance Summary

No data to display

Return on Equity is Poor

Sales growth has been subdued in last 3 years 8.99%

Net Profit has been subdued in last 3 years 8.64%

Sales growth is not so good in last 4 quarters at -23.86%

Latest Financials - Polyplex Corporation Ltd.

Standalone Consolidated
TTM EPS (₹) -2.9 11.8
TTM Sales (₹ Cr.) 1,379 6,295
BVPS (₹.) 218.7 1,110
Reserves (₹ Cr.) 655 3,453
P/BV 3.57 0.70
PE 0.00 66.22
From the Market
52 Week Low / High (₹) 760.10 / 1643.90
All Time Low / High (₹) 3.00 / 2870.00
Market Cap (₹ Cr.) 2,451
Equity (₹ Cr.) 31.4
Face Value (₹) 10
Industry PE 33.9

Management X-Ray of Polyplex Corporation:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.0099.9799.94
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Polyplex Corporation

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales1,1191,0529689441,0891,3481,2731,2991,7851,648
Operating Expenses 1,0249548798671,0101,2031,1231,0781,5141,535
Manufacturing Costs103102103104121141140134175191
Material Costs8097306396347348987977551,0631,112
Employee Cost 414869627082849111097
Other Costs 71746866848110298166135
Operating Profit 9498897779145150221271113
Operating Profit Margin (%) 8.4%9.4%9.2%8.2%7.2%10.8%11.8%17.0%15.2%6.9%
Other Income 2317185064192220339337257
Interest 20168191653321
Depreciation 73776553484555575148
Exceptional Items 00-100000000
Profit Before Tax 2423255579287313499555321
Tax -93-210205983456327
Profit After Tax 3320274659228230453491295
PAT Margin (%) 2.9%1.9%2.8%4.8%5.4%16.9%18.1%34.9%27.5%17.9%
Adjusted EPS (₹)10.26.28.414.318.471.371.9144.4156.693.9
Dividend Payout Ratio (%)20%40%36%49%217%72%24%114%66%94%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 401413431441471556616557732694
Share Capital 33333333333333323232
Reserves 368381398408439523584525700662
Minority Interest0000000000
Debt3412481261521801881311255512
Long Term Debt2681799234461178347140
Short Term Debt7369341181347147784112
Trade Payables8101310162116272825
Others Liabilities 120119107859914724711733082
Total Liabilities 8707916776887669111,0098261,145814

Fixed Assets

Gross Block9299679859459571,0121,0961,1121,1381,154
Accumulated Depreciation435505569595641685739787826864
Net Fixed Assets493462416350316327357324312290
CWIP 301202455710
Investments 253520474755119498247
Inventories1259590120137164143151196207
Trade Receivables1081046482115172141141193123
Cash Equivalents 51053457412330
Others Assets84868086145184235113333107
Total Assets 8707916776887669111,0098261,145814

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 64138144161233155157142158
PBT 2423255579287313499555321
Adjustment 7881573619-128-133-267-270-189
Changes in Working Capital -333860-62-71-6533-32-7554
Tax Paid -5-4-8-13-15-62-58-43-67-29
Cash Flow From Investing Activity -31-439-252211168351271225
Capex -41-43-27-19-27-53-69-31-33-38
Net Investments -5-1016-270-8-6272-3339
Others 1510212149172199310336224
Cash Flow From Financing Activity -38-91-1576-33-144-221-498-410-386
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 12-63-105-42163-27-36-36-33
Interest Paid -20-17-9-19-17-5-3-3-2-1
Dividend Paid -9-6-8-19-29-143-166-457-335-323
Others -20-5-368712-59-25-2-37-28
Net Cash Flow -55-5-3102102-2
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)8.414.916.3910.512.9344.4739.2677.3776.3441.34
ROCE (%)5.535.044.9311.8514.2639.9240.5866.8572.441.83
Asset Turnover Ratio1.381.331.391.461.521.611.351.461.861.71
PAT to CFO Conversion(x)1.946.95.330.350.20.140.670.350.290.54
Working Capital Days
Receivable Days30353027333944383335
Inventory Days37363339424143403444
Payable Days447668810109

Polyplex Corporation Ltd Stock News

Polyplex Corporation Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Polyplex Corporation on 19-Mar-2024 11:41 is ₹821.9.
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 19-Mar-2024 11:41 the market cap of Polyplex Corporation stood at ₹2,451.4.
The latest P/E ratio of Polyplex Corporation as of 19-Mar-2024 11:41 is 0.00.
The latest P/B ratio of Polyplex Corporation as of 19-Mar-2024 11:41 is 3.57.
The 52-week high of Polyplex Corporation is ₹1,643.9 and the 52-week low is ₹760.1.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Polyplex Corporation is ₹1,379 ( Cr.) .

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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