Jindal Poly Films Limited (JINDALPOLY)
₹698.75 -0.29% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Jindal Poly's revenue was ₹696 Cr (-35.8% year on year, +3.1% on the previous quarter), and net profit ₹107 Cr (+193.6% year on year); the operating margin was 1.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹696 | -35.8% | +3.1% |
| Operating profit | ₹9.9 | +178.2% | from loss |
| Net profit | ₹107 | +193.6% | from loss |
| EPS (₹) | 24.48 | +190.7% | from loss |
| Operating margin | 1.4% | — | — |
JINDALPOLY delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 44.44% of the JINDALPOLY shares traded on NSE were taken to delivery, against the stock's own 20-session average of 44.05%. That is close to its usual level. Turnover was only ₹87 lakh, so a handful of trades can move this figure. Volume was 0.2 times its average, well below normal.
Delivery in the last 5 sessions: 57.3% · 52.6% · 6.2% · 9.9% · 44.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Jindal Poly Films Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate from Registrar and Share Transfer Agent KFin Technologies confirms that all dematerialization requests received during the period from July 1, 2026, to September 30, 2026, were processed within 15 days. Security certificates received were verified, mutilated, and cancelled as mandated. This is a periodic administrative filing with no material impact on the company's financial or operational performance.
- Compliance certificate submitted for the quarter ended September 30, 2026
- RTA KFin Technologies confirmed demat requests processed within 15 days of receipt
- Coverage period covers July 1, 2026, to September 30, 2026
- Filing executed under Regulation 74(5) of SEBI Depositories Regulations
Jindal Poly Films responded on September 16, 2026, to an NSE surveillance inquiry dated September 15, 2026, regarding a significant increase in trading volume. The company confirmed that the movement in share price and volume is purely market-driven. It affirmed that all material events required under Regulation 30 of SEBI LODR have already been disclosed. There are no undisclosed price-sensitive developments pending reporting.
- Clarification issued in response to NSE Letter Ref. No. NSE/CM/Surveillance/17551 dated September 15, 2026
- Company stated that share volume and price movements are entirely market driven
- Affirmed full compliance with disclosure mandates under SEBI LODR Regulation 30
Jindal Poly Films Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 pursuant to Regulation 34 of SEBI LODR Regulations. The standalone disclosure highlights that 100% of standalone turnover was derived from Nonwoven Fabric (PP-based Spunmelt and Spunbond), with exports accounting for 18% of total turnover across 14 countries. The company reported a standalone turnover of Rs 697 Cr and net worth of Rs 3,891 Cr for CSR applicability. The document reflects routine annual compliance without any new financial or operational material events.
- Nonwoven fabric manufacturing accounted for 100% of standalone company turnover in FY 2025-26
- Exports contributed 18% to the total turnover, reaching 14 international countries
- Company reported standalone turnover of Rs 697 Cr and net worth of Rs 3,891 Cr for CSR criteria
- Total workforce comprised 184 permanent employees and 253 workers (162 permanent, 91 other than permanent)
- Turnover rate for permanent workers stood at 54.5% in FY 2025-26 compared to 28.62% in FY 2024-25
Jindal Poly Films has issued the notice for its 52nd Annual General Meeting scheduled for September 30, 2026, in Bulandshahr, Uttar Pradesh. Key agenda items include the adoption of FY26 audited standalone and consolidated financial statements, where the company recorded a net loss of Rs 73.41 Cr. Shareholders will also vote on the re-appointment of retiring director Vijender Kumar Singhal and a special resolution for the second term of Independent Director Sanjeev Aggarwal for 4 years until September 30, 2030. The remote e-voting cut-off date is set for September 23, 2026.
- 52nd Annual General Meeting scheduled for September 30, 2026, at 01:00 PM
- Cut-off date for remote e-voting set as September 23, 2026
- Special resolution proposed to re-appoint Independent Director Sanjeev Aggarwal for a 4-year term ending September 30, 2030
- Ordinary resolution to re-appoint retiring director Vijender Kumar Singhal by rotation
Jindal Poly Films Limited has scheduled its 52nd Annual General Meeting (AGM) for Wednesday, September 30, 2026, at 01:00 PM IST in Bulandshahr, Uttar Pradesh. The Board has fixed Wednesday, September 23, 2026, as the cut-off date to determine member eligibility for AGM attendance and voting. The share transfer books and register of members will remain closed from September 24 to September 30, 2026, while remote e-voting will run from September 27 to September 29, 2026.
- 52nd Annual General Meeting to be held on September 30, 2026, at 01:00 PM IST
- Cut-off date for voting and AGM eligibility set for September 23, 2026
- Book closure period scheduled from September 24, 2026, to September 30, 2026
- Remote e-voting window open from September 27, 2026 (09:00 AM) to September 29, 2026 (05:00 PM)
Jindal Poly Films Limited has announced that its 52nd Annual General Meeting (AGM) will take place on Wednesday, September 30, 2026. The Board has established September 23, 2026, as the cut-off date to determine shareholder voting and attendance eligibility. The share transfer books and member registers will remain closed from September 24 to September 30, 2026. Remote e-voting will be available to shareholders from September 27 to September 29, 2026.
- 52nd Annual General Meeting convened for September 30, 2026, at 01:00 PM IST in Bulandshahr, UP
- Cut-off date for AGM voting eligibility fixed as September 23, 2026
- Register of Members closed from September 24 to September 30, 2026 (both days inclusive)
- Remote e-voting window open from 09:00 AM on September 27 to 05:00 PM on September 29, 2026
Jindal Poly Films reported a standalone net loss of Rs 94.97 Cr for the quarter ended June 30, 2026, compared to a net profit of Rs 92.60 Cr in the year-ago period. Standalone revenue from operations grew 12.3% YoY to Rs 190.71 Cr (Rs 19,071.28 lakhs). Profitability was severely impacted by an exceptional provision of Rs 223.50 Cr for doubtful loans extended to its fire-stressed subsidiary, alongside Rs 64.43 Cr in unaccrued interest. Additionally, the board approved the appointment of Mr. Sanchit Jain as Internal Auditor for FY27 and the re-appointment of Independent Director Mr. Sanjeev Aggarwal for a 4-year term.
- Standalone net loss stood at Rs 94.97 Cr for Q1 FY27, down from a net profit of Rs 92.60 Cr in Q1 FY26.
- Recognized an exceptional provision of Rs 223.50 Cr (Rs 22,350 lakhs) on loans to a subsidiary affected by a plant fire.
- Revenue from operations rose 12.3% YoY to Rs 190.71 Cr from Rs 169.81 Cr in the corresponding quarter last year.
- Did not recognize interest income of Rs 64.43 Cr due to uncertainty over recovery from the distressed subsidiary.
- Appointed Mr. Sanchit Jain as Internal Auditor for FY26-27 and re-appointed Mr. Sanjeev Aggarwal as Independent Director for 4 years.
Jindal Poly Films has approved the re-appointment of Mr. Sanjeev Aggarwal as a Non-Executive Independent Director for a second 4-year term from October 1, 2026, to September 30, 2030, subject to shareholder approval. The Board also appointed Mr. Sanchit Jain as the Internal Auditor for FY 2026-27. Along with the management updates, the company published Q1 standalone results with revenue of Rs 190.71 crore (Rs 19,071.28 lakhs) and a net loss of Rs 94.97 crore, impacted by a Rs 223.50 crore exceptional provision on subsidiary loans.
- Mr. Sanjeev Aggarwal re-appointed as Independent Director for a 4-year term from Oct 1, 2026 to Sept 30, 2030.
- Mr. Sanchit Jain appointed as Internal Auditor for FY 2026-27.
- Standalone Q1 revenue from operations stood at Rs 19,071.28 lakhs compared to Rs 16,980.63 lakhs in Q1 FY26.
- Exceptional provision of Rs 22,350.00 lakhs recognized towards doubtful loans to a fire-impacted subsidiary.
- Foregone interest income of Rs 6,443.10 lakhs on subsidiary loans due to recovery uncertainty.
Jindal Poly Films reported standalone revenue from operations of ₹190.71 Cr (₹19,071.28 lakhs) for the quarter ended June 30, 2026, up 12.3% YoY from ₹169.81 Cr. The company posted a standalone net loss of ₹94.97 Cr (₹9,497.23 lakhs) compared to a net profit of ₹92.60 Cr in Q1 FY26. Earnings were severely impacted by an exceptional item of ₹223.50 Cr towards provisions for doubtful loans to its subsidiary facing disruption post-fire. Furthermore, interest income of ₹64.43 Cr was not recognized during the quarter due to recovery uncertainty.
- Standalone revenue from operations stood at ₹19,071.28 lakhs (₹190.71 Cr), up 12.3% YoY from ₹16,980.63 lakhs
- Net loss after tax reported at ₹9,497.23 lakhs (₹94.97 Cr) vs net profit of ₹9,260.08 lakhs in Q1 FY26
- Recognized exceptional loss provision of ₹22,350.00 lakhs (₹223.50 Cr) on loans extended to subsidiary
- Unaccounted interest on loans and receivables of ₹6,443.10 lakhs due to fire disruption and financial stress at the subsidiary
- Basic and diluted EPS stood at ₹(21.69) vs ₹21.15 in Q1 FY26
Jindal Poly Films reported a severe consolidated net loss of Rs 1,061.89 Cr for FY26, a sharp decline from the Rs 109.8 Cr profit in FY25. Statutory auditors have issued a qualified opinion on the consolidated results, citing an inability to physically verify inventories worth Rs 258.81 Cr at the fire-damaged Nashik plant. Total expenditure for the year reached Rs 3,849.37 Cr, significantly outpacing total income of Rs 3,502.58 Cr. The company's net worth has nearly halved to Rs 3,043.12 Cr compared to previous periods, reflecting the heavy operational impact of the May 2025 fire.
- Consolidated Net Loss of Rs 1,061.89 Cr for FY26, resulting in a negative EPS of Rs 242.52
- Auditors raised a qualified opinion regarding Rs 258.81 Cr of inventory stored in mixed conditions at the Nashik facility
- Total Income for FY26 stood at Rs 3,502.58 Cr against Total Expenditure of Rs 3,849.37 Cr
- Net Worth reported at Rs 3,043.12 Cr as of March 31, 2026, down from Rs 6,198 Cr in previous filings
- Operational capacity remains constrained at 25-30% following the fire incident in May 2025
Jindal Poly Films Limited received a Show Cause Notice (SCN) from SEBI on August 06, 2026, regarding observations on certain transactions and corporate governance. The notice is issued to the company, its promoters, and key management personnel under various sections of the SEBI Act, 1992, including 11(1), 11B(1), and 15HA. While no financial penalty or restriction has been imposed at this stage, the company is required to file a formal reply. This regulatory scrutiny adds to the company's existing challenges, including a projected 55-65% revenue decline in FY26 due to a major fire at its Nashik facility.
- Show Cause Notice received from SEBI on August 06, 2026, regarding governance and specific transactions.
- Notice involves the Company, its Promoters, and Key Management Personnel (KMP).
- Issued under SEBI Act sections 11(1), 11(4), 11B(1), 15HA, 15HB, and 15A(a).
- Company is already navigating a projected 55-65% YoY revenue decline for FY26.
- Financial implications are currently unascertained as the process is at the SCN stage.
Jindal Poly Films Limited has initiated the process to strike off its UK-based step-down subsidiary, JPF API Laminates UK Limited. The subsidiary is non-material, contributing only Rs 0.52 crore to the consolidated turnover, which represents approximately 0.01% of the company's total revenue. Furthermore, the subsidiary has a negative net worth of Rs -25.96 crore. This move is a routine administrative cleanup of a non-performing international entity and will have no material impact on the company's core operations.
- Subsidiary revenue contribution is minimal at Rs 0.52 crore (0.01% of total)
- Subsidiary net worth is negative Rs 25.96 crore as of the last financial year
- Application for striking-off was submitted on July 22, 2026, at 02:35 p.m.
- The entity is a wholly-owned subsidiary of JPF Netherlands Investment B.V.
- The company confirms the subsidiary is non-material to consolidated operations
Jindal Poly Films Limited has filed its quarterly compliance certificate for the period ending June 30, 2026, as required under SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by the company's Registrar and Share Transfer Agent (RTA), KFin Technologies Limited, confirms that all dematerialization requests were processed within the mandated 15-day timeframe. This includes the verification, listing, and mutilation of physical share certificates. This is a standard administrative filing and does not reflect any change in the company's financial or operational status.
- Covers the reporting period from April 1, 2026, to June 30, 2026
- Confirms demat requests were processed within a 15-day window from receipt
- Verification and mutilation of physical certificates completed by RTA KFin Technologies Limited
- Confirms name of depositories substituted in the register of members for approved requests
Jindal Poly Films Limited has announced the closure of its trading window for insiders and designated persons starting July 1, 2026. This action is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the results are officially declared. This is a procedural filing and does not impact the company's financial standing or operations.
- Trading window for dealing in equity shares will be closed from July 1, 2026.
- The closure is in relation to the unaudited financial results for the first quarter ended June 30, 2026.
- The window will reopen 48 hours after the declaration of the financial results.
- Applies to all Insiders, Designated Persons, and other concerned persons as per the Company's Code of Conduct.
The Supreme Court of India has set aside previous orders from the NCLT and NCLAT regarding a dispute between Jindal Poly Films and Monet Securities Pvt. Ltd. The overturned orders, dated February 5 and February 26, 2026, originally pertained to the maintainability of the case before the NCLT. The Supreme Court has now referred the matter to a sole arbitrator for resolution. While the company states that financial implications cannot be ascertained at this stage, the shift to arbitration marks a significant procedural development in this ongoing litigation.
- Supreme Court set aside the NCLT order dated February 5, 2026, and the NCLAT order dated February 26, 2026.
- The legal dispute involves Monet Securities Pvt. Ltd. and others as the opposing parties.
- The matter has been referred to a sole arbitrator appointed by the Supreme Court of India.
- Financial implications are currently unascertainable as the matter remains sub-judice.
- The company will take appropriate steps following the Supreme Court's direction for arbitration.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 35.9% YoY to INR 5,334.94 Cr in FY25 from INR 3,925.57 Cr in FY24. The Global Nonwovens (GnL) segment contributes approximately 13% of total revenue (INR 693 Cr). However, Q1 FY26 revenue declined 12.2% to INR 1,083 Cr from INR 1,233 Cr in Q1 FY25 due to a major fire incident at the Nashik plant.
Geographic Revenue Split
Revenue recovery in FY25 was driven by volume growth in both domestic and export markets, though specific percentage splits per region are not disclosed in available documents.
Profitability Margins
Consolidated Net Profit for FY25 was INR 147.20 Cr, a 61.9% increase from INR 90.94 Cr in FY24. Standalone Net Profit for FY25 was INR 468.03 Cr, significantly aided by exceptional items of INR 110.46 Cr. Net Profit margins are expected to turn negative in FY26 due to fire-related losses and unrecovered fixed costs.
EBITDA Margin
EBITDA margin improved to 5% in FY25 from 2.8% in FY24. Margins showed sequential recovery in FY25 (Q1: 5%, Q2: 8%, Q3: 7%) but crashed to 0.33% in Q1 FY26 following the fire. FY26 full-year margins are projected to be 6-7% due to sub-optimal capacity utilization.
Capital Expenditure
The company is undergoing a demerger of its GnL business involving a transfer of assets worth INR 1,500 Cr. Planned capex for restoring fire-impacted capacity is currently under assessment, with lenders closely monitoring the ED investigation before committing to new debt proposals.
Credit Rating & Borrowing
Credit rating was downgraded to 'CRISIL A/Watch Negative' from 'CRISIL A+' in late 2025. The company has a working capital limit of INR 1,600 Cr (35% utilized) and term loans totaling INR 320.03 Cr with maturities extending to 2032.
Operational Drivers
Raw Materials
Raw materials primarily include resins for BOPET and BOPP production, accounting for 55-60% of total sales costs.
Import Sources
Not specifically disclosed in available documents, though the company operates in both domestic and export markets.
Capacity Expansion
Total packaging capacity was ~695,000 TPA (173,000 TPA BOPET; 294,000 TPA BOPP). Post-fire (May 2025), operational capacity dropped to 25-30%. Currently, 68,000 TPA of BOPET is operational (39% of segment) while BOPP capacity is 0% operational. Management aims to restore capacity to 50% by the end of 2025.
Raw Material Costs
Raw material costs represent 55-60% of revenue. Profitability is highly vulnerable to price volatility in these inputs, as seen in the margin compression from 25.2% in FY22 to 2.8% in FY24 when raw material spreads narrowed.
Manufacturing Efficiency
Capacity utilization is currently sub-optimal at ~25-30% post-fire. Historically, the Nashik facility is the single largest in India, but efficiency has been hampered by a high share of commoditized products compared to peers.
Strategic Growth
Expected Growth Rate
-55% to -65%
Growth Strategy
Growth will be pursued through the restoration of fire-damaged lines at Nashik and the demerger of the GnL business (13% revenue) to allow it to expand independently. The company is also shifting focus toward value-added products like capacitor films, self-adhesive labels (added 2022), nylon films (2023), and BOPA (2024) to improve EBITDA margins toward a 10% target.
Products & Services
BOPET films, BOPP films, BOPA films, capacitor films, self-adhesive labels, nylon films, and non-woven fabrics.
Brand Portfolio
Jindal Poly Films, JPFL Films, Global Nonwovens (GnL).
New Products/Services
BOPA (Biaxially Oriented Polyamide) films launched in September 2024; expected to contribute to margin stabilization by reducing reliance on commoditized BOPET/BOPP.
Market Expansion
The demerger of the GnL business (assets of INR 1,500 Cr) is intended to facilitate separate growth and expansion of the non-woven segment over the next 9-12 months.
Market Share & Ranking
The company operates the single largest packaging film facility in Nashik, though it has recently faced loss of market share due to the fire incident and industry-wide oversupply.
Strategic Alliances
Consolidation includes Jindal Films India, Jindal SMI Coated Products, and a 45% stake in Jindal Display Limited.
External Factors
Industry Trends
The industry is cyclical; players tend to add large capacities when prices improve, leading to subsequent oversupply and price corrections. Current trend shows a shift toward specialized and value-added films to combat commodity price volatility.
Competitive Landscape
Faces intense competition from other packaging players; JPFL's margins were impacted more than peers recently due to a higher concentration of commoditized products.
Competitive Moat
Moat is based on scale (largest facility in Nashik) and a strong liquidity position (INR 4,000 Cr cash). However, this moat is currently weakened by the fire incident and legal investigations.
Macro Economic Sensitivity
Highly sensitive to the demand-supply balance in the global packaging industry. Oversupply in FY23-24 led to a margin crash from 25.2% to 2.8%.
Consumer Behavior
Growing importance of ESG among investors and lenders is influencing the company to strengthen its ESG disclosures and mitigate environmental impacts of power-intensive manufacturing.
Geopolitical Risks
Exposure to global trade dynamics as revenue recovery in FY25 was supported by export market volume growth.
Regulatory & Governance
Industry Regulations
Operations are subject to environmental norms regarding power consumption and waste management in flexible packaging. The company is currently under investigation for FEMA violations related to overseas investments.
Environmental Compliance
The company is in the process of strengthening ESG disclosures to maintain access to domestic and foreign capital markets.
Taxation Policy Impact
Consolidated tax expense for FY25 was INR 32.19 Cr on a pre-tax profit of INR 147.20 Cr (effective rate ~21.9%).
Legal Contingencies
Enforcement Directorate (ED) investigation initiated in September 2025 regarding suspected FEMA violations by BC Jindal Group entities. This has led to a 'Watch Negative' status on credit ratings.
Risk Analysis
Key Uncertainties
The primary uncertainty is the timeline for full restoration of the Nashik plant's capacity (currently 70-75% offline) and the potential legal/financial penalties arising from the ED investigation.
Geographic Concentration Risk
The Nashik plant is a single-location risk, as evidenced by the 75% capacity loss following the May 2025 fire.
Third Party Dependencies
High dependency on insurance providers for recovery of plant and machinery damage; however, loss of profit (shutdown period) is not covered.
Technology Obsolescence Risk
Risk is mitigated by recent investments in BOPA and capacitor film technology to stay ahead of commoditization.
Credit & Counterparty Risk
Financial risk profile is currently protected by a strong liquidity position of INR 4,000 Cr, which management has pledged to use to support debt obligations of subsidiaries like JPFL Films.
