JINDALPOLY - Jindal Poly Film
📢 Recent Corporate Announcements
Jindal Poly Films Limited has officially responded to a surveillance inquiry from the National Stock Exchange regarding recent volatility in its share price. The company clarified that the movement in price and trading volume is entirely market-driven and not linked to any internal developments. They reaffirmed that all material events required under SEBI Regulation 30 have been disclosed to the exchanges. This response indicates that there is no undisclosed price-sensitive information currently affecting the stock.
- NSE requested clarification via letter Ref. No. NSE/CM/Surveillance/16515 dated February 26, 2026.
- Company states price and volume fluctuations are purely market-driven.
- Management confirms compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- No new material events or price-sensitive information were disclosed in the response.
Jindal Poly Films Limited has reported that the National Company Law Appellate Tribunal (NCLAT) dismissed its appeal (No. 47 of 2026) on February 26, 2026. The legal dispute involves individual claimants Mr. Ankit Jain and others, and the matter remains sub-judice before the National Company Law Tribunal (NCLT). The company has stated that financial implications cannot be ascertained at this stage until a final order is passed by the NCLT. This dismissal represents a procedural setback for the company in its ongoing litigation efforts.
- NCLAT dismissed the company's petition (Appeal No. 47 of 2026) on February 26, 2026.
- The opposing parties are Mr. Ankit Jain, Mrs. Rina Virendra Jain, and Mrs. Ruchi Jain Hanasoge.
- The underlying matter is still pending and sub-judice before the NCLT.
- Financial implications are currently unascertainable and will be disclosed post NCLT's final direction.
- The company is currently reviewing the NCLAT order to determine its next legal course of action.
The National Company Law Appellate Tribunal (NCLAT) has dismissed Jindal Poly Films' appeal against an NCLT order that admitted a class action lawsuit against the company. The dismissal occurred on February 26, 2026, regarding Petition No. 47 of 2026, effectively allowing the class action proceedings to move forward. This case, initiated by Mr. Ankit Jain and others, is notable as one of India's first major corporate class action suits. The company has stated it is not currently in negotiations with the petitioners and will provide further updates as required by SEBI regulations.
- NCLAT dismissed the company's appeal (No. 47 of 2026) on February 26, 2026.
- The legal battle stems from an NCLT order dated February 5, 2026, which admitted the class action petition.
- The company confirmed it has not entered into any settlement negotiations with the counterparty as of the report date.
- The proceedings involve a class action suit filed by Mr. Ankit Jain and other stakeholders against the company.
The National Stock Exchange (NSE) sought clarification from Jindal Poly Films on February 23, 2026, regarding a significant increase in trading volume. In its response dated February 24, 2026, the company stated that the volume and price movements are purely market-driven. Management confirmed that all material events under SEBI (LODR) Regulations have been disclosed. No undisclosed price-sensitive information currently exists that would explain the unusual market activity.
- NSE issued surveillance letter Ref. No. NSE/CM/Surveillance/16492 on February 23, 2026
- Company responded on February 24, 2026, denying any undisclosed material developments
- Management attributes recent volume spurts to external market forces rather than internal events
- Company reaffirmed commitment to Regulation 30 of SEBI (LODR) for future disclosures
Jindal Poly Films reported a total net profit of ₹75.41 crore for the quarter ended December 31, 2025, marking a significant turnaround from a loss of ₹25.09 crore in the year-ago period. The results were bolstered by a substantial 'Other Income' of ₹104.62 crore, primarily derived from financial investments following previous business divestments. The Non-Woven business, classified as a discontinued operation pending demerger, contributed ₹2.01 crore to the bottom line. Revenue from continuing operations remains negligible at ₹10.40 lakhs as the company shifts its focus.
- Net profit stood at ₹75.41 crore for Q3 FY26 versus a loss of ₹25.09 crore in Q3 FY25.
- Other income from investments grew to ₹104.62 crore from ₹82.09 crore in the previous quarter.
- Discontinued Non-Woven business turned profitable with ₹2.01 crore PAT vs ₹1.49 crore loss in Q2 FY26.
- Exceptional items included a ₹4.06 lakh charge for the new Labour Code impact.
- Demerger of Non-Woven business into Global Nonwovens Limited is currently awaiting NCLT approval.
Jindal Poly Films has informed the exchanges that its board meeting, which commenced at 7:00 PM on February 13, 2026, is still in progress due to ongoing deliberations. The meeting was convened to approve the standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. The company will submit the results immediately upon the conclusion of the meeting. The trading window for insiders will remain closed until 48 hours after the results are officially declared.
- Board meeting for Q3 FY26 results commenced at 07:00 PM IST on February 13, 2026.
- Meeting agenda includes approval of both standalone and consolidated financial results for the period ended December 31, 2025.
- Deliberations are ongoing and the meeting had not concluded as of the late-night filing.
- Trading window for insiders remains closed for 48 hours post-result announcement.
The National Company Law Tribunal (NCLT) has admitted a class action lawsuit filed by minority shareholders against Jindal Poly Films under Section 245 of the Companies Act. The petition, filed by Mr. Ankit Jain and others, resulted in the NCLT issuing notices to the respondents on February 5, 2026. In response, the company has filed an appeal and a stay application before the National Company Law Appellate Tribunal (NCLAT). This development marks a significant legal challenge for the company regarding its treatment of minority stakeholders.
- NCLT admitted petition CP No. 58/245/PB/2024 filed by minority shareholders on February 5, 2026.
- The lawsuit is filed under Section 245 of the Companies Act, 2013, which allows for class action suits against management.
- Jindal Poly Films has already moved the NCLAT seeking a stay on the NCLT order.
- The company claims it has complied with all disclosure requirements under SEBI LODR Regulation 30.
Jindal Poly Films Limited has officially appointed Ms. Rashmi Gupta as the Company Secretary and Compliance Officer, effective February 7, 2026. Ms. Gupta is designated as a Key Managerial Personnel (KMP) in accordance with SEBI regulations. She brings over 15 years of professional experience in secretarial compliances, having previously worked with major firms like HCL Technologies and Chambal Fertilisers. This appointment ensures the company maintains its regulatory compliance framework with an experienced professional at the helm.
- Ms. Rashmi Gupta appointed as Company Secretary and Compliance Officer effective February 7, 2026
- The new appointee has over 15 years of experience in handling secretarial and regulatory compliances
- Ms. Gupta is a qualified Company Secretary (ICSI Membership No. F8616) and a Law graduate
- Previous professional background includes roles at HCL Technologies, Chambal Fertilisers, and Inox Group
Jindal Poly Films Limited has appointed Ms. Rashmi Gupta as the Company Secretary and Compliance Officer, effective February 7, 2026. Ms. Gupta is a qualified Company Secretary and Law graduate with over 15 years of experience in secretarial compliances. She has previously held positions at major firms including HCL Technologies, Chambal Fertilisers, and Inox Group. This appointment fulfills a Key Managerial Personnel (KMP) requirement under SEBI regulations.
- Appointment of Ms. Rashmi Gupta as Company Secretary and Compliance Officer effective February 7, 2026
- Ms. Gupta brings over 15 years of professional experience in handling secretarial and regulatory compliances
- She is a Fellow member of ICSI (Membership No. F8616) and a Law graduate
- Previous professional background includes roles at HCL Technologies, Chambal Fertilisers, and ReNew Group
The Hon’ble NCLT, New Delhi, has admitted a petition (CP No. 58/245/PB/2024) filed by minority shareholders Mr. Ankit Jain and others against Jindal Poly Films. The petition was filed under Section 245 of the Companies Act, 2013, which relates to class action suits by shareholders. While the NCLT has currently only issued notices to the respondents, the company has already filed an appeal and a stay application before the NCLAT. Financial implications are currently unquantified as the matter is in the early admission stage.
- Petition filed by minority shareholders Mr. Ankit Jain & Ors under Section 245 of Companies Act, 2013.
- NCLT Principal Bench admitted the petition on February 5, 2026, for the purpose of issuing notices.
- Company has proactively filed an appeal and stay application before the NCLAT, New Delhi.
- Financial implications cannot be quantified at this stage as the litigation is at the admission level.
- The case involves a class action suit, which typically addresses grievances regarding company management or conduct.
Jindal Poly Films Limited has responded to a clarification request from the National Stock Exchange regarding significant movement in its share price and trading volume. The company stated that the recent volatility is entirely market-driven and not a result of any undisclosed material information. Management confirmed that all events requiring disclosure under SEBI Regulation 30 have been reported. This filing suggests that there are no hidden corporate developments currently influencing the stock's performance.
- NSE sought clarification via letter Ref. No. NSE/CM/Surveillance/16363 dated January 22, 2026.
- Company responded on January 23, 2026, stating price movements are purely market-driven.
- Management confirmed compliance with SEBI (LODR) Regulations, 2015, regarding all disclosures.
- No new price-sensitive information or undisclosed events were reported in the clarification.
Jindal Poly Films Limited has filed its monthly compliance report regarding the special window for re-lodgment of physical share transfer requests. For the month of December 2025, the company reported that zero requests were received, approved, or rejected. This disclosure is in accordance with SEBI circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97 dated July 02, 2025. The report was verified and confirmed by the company's Registrar and Share Transfer Agent, KFin Technologies Limited.
- Zero requests received for re-lodgment of physical share transfers during December 2025
- Compliance filing as per SEBI circular dated July 02, 2025, regarding special transfer windows
- KFin Technologies Limited confirmed nil activity in this category for the reporting period
- Average time taken for processing such requests was zero days due to no applications
Jindal Poly Films Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the period ended December 31, 2025. The company's Registrar and Share Transfer Agent, KFin Technologies, confirmed that all dematerialization requests were processed within the mandated 15-day timeframe. The filing confirms that physical certificates were verified, mutilated, and cancelled as per regulatory requirements. This is a standard administrative disclosure to ensure transparency in the company's shareholding records.
- Compliance certificate issued for the quarter ended December 31, 2025.
- RTA KFin Technologies confirmed processing of demat requests within 15 days of receipt.
- Physical security certificates were mutilated and cancelled after due verification.
- Register of members updated with depository names for all approved dematerialization requests.
Jindal Poly Films reported a standalone net profit of ₹18,483.16 Lakhs for the quarter ended September 30, 2025. The company is proceeding with the demerger of its Non-Woven business into Global Nonwovens Limited, which is currently classified as a discontinued operation and reported a loss of ₹1,459.59 Lakhs for the quarter. An exceptional loss of ₹3,980.11 Lakhs was recorded during the period related to a share buyback by a wholly-owned subsidiary. Despite these factors, the continuing operations remain robust with a profit of ₹19,942.75 Lakhs.
- Standalone Net Profit for Q2 FY26 reached ₹18,483.16 Lakhs including discontinued operations.
- Exceptional item of ₹3,980.11 Lakhs loss recognized due to subsidiary share buyback.
- Non-Woven business demerger approved with an appointed date of April 1, 2025, pending NCLT approval.
- Discontinued Non-Woven business segment reported a net loss of ₹1,459.59 Lakhs for the quarter.
- Total standalone assets stood at ₹7,54,240.74 Lakhs as of September 30, 2025.
Jindal Poly Films reported a standalone net profit of ₹184.83 crore for the quarter ended September 30, 2025, a significant decline from ₹383.24 crore in the same quarter last year. The company is currently in the process of demerging its Non-Woven business into Global Nonwovens Limited, which reported a loss of ₹14.16 crore for the quarter. An exceptional loss of ₹39.80 crore was recorded due to a share buyback by a wholly-owned subsidiary. Total standalone income for the quarter stood at ₹248.18 crore, primarily driven by investment income as the company transitions its business model.
- Standalone net profit from continuing operations fell 51.7% YoY to ₹184.83 crore.
- Recorded an exceptional loss of ₹39.80 crore related to a subsidiary's share buyback during the quarter.
- Non-Woven business (discontinued) reported a net loss of ₹14.16 crore for Q2 FY26.
- Board approved the demerger of the Non-Woven business into Global Nonwovens Limited with an appointed date of April 1, 2025.
- Total standalone assets stood at ₹7,542.40 crore as of September 30, 2025.
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.