Polyplex Corporation Limited (POLYPLEX)
₹1,000.00 -0.38% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Polyplex's revenue was ₹2,254 Cr (+29.6% year on year, +20.5% on the previous quarter), and net profit ₹171 Cr (against a loss a year earlier); the operating margin was 13.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹2,254 | +29.6% | +20.5% |
| Operating profit | ₹296 | from loss | +236.9% |
| Net profit | ₹171 | from loss | +350.2% |
| EPS (₹) | 29.00 | from loss | +267.1% |
| Operating margin | 13.2% | — | — |
POLYPLEX delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 53.0% of the POLYPLEX shares traded on NSE were taken to delivery, against the stock's own 20-session average of 59.79%. That is close to its usual level. Turnover was only ₹95 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: 64.5% · 54.7% · 54.0% · 67.5% · 53.0%
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
Polyplex Corporation Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended September 30, 2026. The certificate, issued by Registrar and Transfer Agent KFIN Technologies Limited, confirms that dematerialisation requests received between July 1, 2026, and September 30, 2026, were processed within the mandated 15-day window. The report also confirms that mutilated share certificates were cancelled and records updated accordingly. This is a standard quarterly administrative filing with no impact on business operations or financials.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018 for the quarter ended September 30, 2026
- RTA KFIN Technologies confirmed demat requests processed within the stipulated 15 days
- Applicable period covered: July 1, 2026 to September 30, 2026
Polyplex Corporation's material subsidiary, Polyplex (Thailand) Public Company Limited, has approved setting up a 12,000 MT/year BOPP/BOPE film line project in Thailand. The project requires an estimated investment of USD 15.2 million (approx. ₹147 crore), funded entirely via internal accruals. The primary equipment is a 2-year-old secondhand line acquired for USD 2.91 million from Taghleef Industries Inc. USA. Commercial operation is targeted for Q4 FY2027-28, expanding Thailand's existing 98,045 MT/year capacity by ~12.2%.
- Proposed capacity addition of 12,000 MT/Year to existing 98,045 MT/Year capacity (~12.2% increase)
- Total project investment of USD 15.2 Mn (approx. ₹147 Crores) funded via internal accruals
- Acquisition of secondhand 6.6 mtr five-layer film line for USD 2.91 Mn from Taghleef Industries Inc.
- Target completion scheduled for Q4 FY 2027-28; current capacity utilization stands at 80%
Polyplex Corporation has approved the final post-closing purchase consideration for acquiring a 51% stake in PDPL at ₹7,348.83 lakh (approx. ₹73.49 cr). This represents an upward adjustment from the initial consideration of ~₹6,209.75 lakh disclosed on April 30, 2026. Consequently, the Board approved the payment of the balance amount of ₹1,139.08 lakh (approx. ₹11.39 cr) to the sellers. The total deal size remains small relative to Polyplex's balance sheet, representing ~1% of its TTM revenue of ₹7,601 cr.
- Final sale consideration settled at INR 7,348.83 Lakh for a 51% stake in PDPL
- Balance sum of INR 1,139.08 Lakh approved to be paid to continuing sellers following post-closing adjustments
- Initial acquisition investment was ~INR 6,209.75 Lakh completed on April 30, 2026
- Total acquisition value represents ~0.97% of TTM revenue (₹7,601 Cr) and ~1.3% of market cap (₹5,656 Cr)
Polyplex Corporation Limited announced the results and Scrutinizer's report of its 41st Annual General Meeting held on September 8, 2026. Shareholders approved all four ordinary resolutions with requisite majorities, including the declaration of a final dividend of ₹1 per equity share for FY 2025-26 (99.9991% votes in favor). Other passed resolutions included adoption of FY26 financial statements, the re-appointment of Director Mr. Iyad Malas, and remuneration ratification for cost accountants. Overall voter turnout stood at 56.98% of total outstanding shares.
- Final dividend of ₹1 per equity share for FY 2025-26 approved with 99.9991% votes in favor
- Adoption of FY26 Standalone and Consolidated Audited Financial Statements approved with 99.9992% approval
- Re-appointment of Director Mr. Iyad Malas approved with 99.5822% in favor (74,737 votes against)
- Total votes polled reached 1,78,88,546 shares, representing 56.9836% of total voting capital
Polyplex Corporation released its 41st AGM presentation outlining its operational status and financial performance. For Q1 FY27 (June 2026 quarter), the company generated $238 million in revenue with a normalized EBITDA margin of 16% and ROCE of 16%, rebounding from FY26 normalized EBITDA margins of 8% ($65 million on $801 million revenue). Growth in the recent quarter was helped by short-term price upticks, lower US tariffs, and the acquisition of Polyplex DigiPrint Private Limited. Management noted that short-term opportunistic gains may retract as industry-wide overcapacity persists.
- Q1 FY27 revenue reported at $238 million with normalized EBITDA of $38 million (16% margin)
- FY26 full-year revenue stood at $801 million with normalized EBITDA of $65 million (8% margin)
- Total base films capacity stands at 491,837 MTPA (including upcoming) and resin capacity at 495,200 MTPA
- Customer concentration remains low, with top 10 film customers accounting for 26% of total FY26 turnover across ~2,925 customers
- Ranked #2 globally (ex-China) in Thin BOPET film capacity
Polyplex Corporation conducted its 41st Annual General Meeting on September 8, 2026, via Video Conferencing with 42 shareholders attending. Ordinary business included adopting FY26 standalone and consolidated financials and declaring a final dividend of ₹1.00 per equity share. Additionally, shareholders considered the re-appointment of director Mr. Iyad Malas and approved cost auditor remuneration. Voting results via remote e-voting and Instapoll will be disclosed within two working days.
- Declared a final dividend of INR 1.00 per equity share for FY26
- Total of 42 shareholders attended the meeting via VC (8 promoter, 34 public)
- Total registered shareholders stood at 92,195 as of the September 1, 2026 cut-off date
- Voting results to be declared within two working days of AGM conclusion
Polyplex Corporation Limited has published newspaper notices regarding the dispatch of its Annual Report for FY 2025-26 and the notice of its 41st Annual General Meeting (AGM). The AGM is scheduled to take place on Tuesday, September 8, 2026, at 4:00 PM IST through Video Conferencing/OAVM. The cut-off date to determine shareholder voting eligibility is September 1, 2026, with remote e-voting running from September 5 to September 7, 2026. This is a routine statutory and compliance communication with no direct operational or financial impact.
- 41st Annual General Meeting scheduled for Tuesday, September 8, 2026 at 04:00 PM IST via VC/OAVM
- Cut-off date for e-voting eligibility set for September 1, 2026
- Remote e-voting window opens September 5, 2026 (09:00 AM IST) and closes September 7, 2026 (05:00 PM IST)
- Newspaper notices published in Business Standard (English) and Uttar Ujala (Hindi) on August 15, 2026
Polyplex Corporation Limited has issued the notice for its 41st Annual General Meeting scheduled for September 8, 2026, along with its Annual Report for FY 2025-26. Key agenda items include adoption of FY26 financial statements and declaration of a final dividend of ₹1 per equity share of face value ₹10. India Ratings has affirmed 'IND AA-/Stable/IND A1+' ratings across its term loans and working capital facilities. Total foreign shareholding stood at 60.85% as of March 31, 2026.
- 41st Annual General Meeting scheduled for Tuesday, September 8, 2026, at 4:00 PM IST via VC/OAVM
- Final dividend of ₹1 per equity share (face value ₹10) recommended for FY 2025-26
- India Ratings affirmed credit ratings of 'IND AA-/Stable/IND A1+' across term loans (₹447 cr total) and working capital limits (₹420 cr total)
- Total foreign shareholding stood at 60.85% (1,91,01,668 shares) as of March 31, 2026
Polyplex Corporation reported a strong recovery in Q1 FY27, with revenue reaching ₹2,250 Cr, a 20% sequential increase. Normalized EBITDA rose significantly to ₹362 Cr ($38M), with margins doubling to 16% from the FY26 average of 8%. This performance was driven by improved realizations, a stable US tariff regime, and opportunistic buying amid geopolitical uncertainties. Net profit stood at ₹171 Cr, representing a sharp turnaround compared to the ₹38 Cr reported in the previous quarter.
- Revenue grew to ₹2,250 Cr in Q1 FY27, representing ~31.7% of the total TTM revenue.
- Normalized EBITDA margin expanded to 16% in Q1 FY27 from 8% in FY25-26.
- Sales volume for all films reached 91,417 MT, a 1% increase over the previous quarter.
- EPS for the quarter stood at ₹29.00, a significant jump from ₹7.9 in Mar 2026.
- Company reported an unrealized FX loss of ₹39.69 Cr (USD 4.20 million) during the quarter.
Polyplex Corporation reported a standalone net profit of Rs 12.48 cr for Q1 FY27, a 43% decline from Rs 22.09 cr in the same quarter last year, despite a 12% increase in revenue to Rs 439.53 cr. The company finalized the acquisition of a 51% stake in Polyplex DigiPrint for Rs 62.10 cr, representing approximately 1.75% of its market cap. Critically, the company disclosed an arbitration claim of approximately Rs 378 cr (TBH 1,312 million) from a minority shareholder in its subsidiary EcoBlue, which management is currently contesting. This claim is highly material, representing nearly 50% of the company's current net worth.
- Standalone revenue from operations grew 12.1% YoY to Rs 439.53 cr in Q1 FY27.
- Standalone net profit declined 43.5% YoY to Rs 12.48 cr, with EPS dropping to Rs 3.98 from Rs 7.04.
- Completed 51% stake acquisition in Polyplex DigiPrint Private Limited for Rs 62.10 cr.
- Disclosed a significant arbitration risk of Rs 378 cr involving a 33.5% minority shareholder of subsidiary EcoBlue Limited.
- Group subsidiary AGPH (Thailand) acquired an additional 18.09% stake in Polyplex (Thailand) Public Company Limited via tender offer.
Polyplex Corporation has scheduled its 41st Annual General Meeting (AGM) for September 8, 2026, to be conducted via video conferencing. The company published the required statutory notices in Business Standard and Uttar Ujala on August 6, 2026. This meeting follows a fiscal year where the company generated TTM revenue of ₹7,086 Cr but saw thin margins with a TTM PAT of ₹41.3 Cr. Investors will have the opportunity to vote on resolutions and review the full annual report for FY 2025-26.
- 41st Annual General Meeting scheduled for September 8, 2026, at 04:00 PM IST
- Newspaper notices published on August 6, 2026, in Business Standard and Uttar Ujala
- Company reported TTM Revenue of ₹7,086 Cr with an Operating Profit Margin of 4.2%
- Promoter holding remains stable at 26.73% as of June 2026
Polyplex Corporation Limited has issued a formal notice for its 41st Annual General Meeting (AGM) to be held on September 8, 2026, at 4:00 PM IST via virtual mode. This is a routine administrative filing following the conclusion of FY 2025-26, where the company reported a TTM revenue of Rs 7,086.14 Cr and a PAT of Rs 41.3 Cr. The meeting will allow shareholders to review the annual performance and vote on key resolutions. The company continues to focus on its 'Profit Improvement Plan' to address the current low operating margins of 4.2%.
- 41st Annual General Meeting scheduled for September 8, 2026, at 04:00 p.m. IST
- Meeting to be conducted through Video Conferencing (VC) or Other Audio Visual Means (OAVM)
- Newspaper notices published on August 6, 2026, in Business Standard (English) and Uttar Ujala (Hindi)
- Company reported TTM Revenue of Rs 7,086.14 Cr and PAT of Rs 41.3 Cr for FY26
- Promoter holding remains stable at 26.73% as of June 2026
Polyplex Corporation has announced a final dividend of Re. 1.00 per share for the financial year 2025-26. The company has fixed September 08, 2026, as the record date to determine shareholder eligibility for this payout. Simultaneously, the Annual General Meeting (AGM) is scheduled to be held on the same day via video conferencing. This follows a year where the company reported a TTM PAT of Rs 41 Cr against a revenue of Rs 7,086 Cr.
- Final dividend of Re. 1.00 per share approved for the financial year 2025-26.
- Record date for dividend entitlement fixed as September 08, 2026.
- Annual General Meeting (AGM) scheduled for Tuesday, September 08, 2026.
- Board meeting conducted efficiently, lasting approximately 17 minutes from 16:45 to 17:02 IST.
Polyplex Corporation has declared a final dividend of ₹1.00 per share for the financial year 2025-26. The company has fixed September 08, 2026, as the record date to determine shareholder eligibility for this payout. This announcement comes as the company manages a TTM PAT of ₹41 Cr on a revenue base of ₹7086 Cr. Given the current market price of ₹1129.0, this specific dividend represents a yield of approximately 0.09%.
- Final dividend approved at ₹1.00 per equity share for FY 2025-26
- Record date for dividend entitlement fixed as September 08, 2026
- Annual General Meeting (AGM) scheduled for September 08, 2026, via video conferencing
- Company maintains a TTM EPS of ₹14.32 against the ₹1.00 dividend payout
- Current market capitalization stands at ₹3256 Cr with a P/E of 78.8
Polyplex Corporation has re-appointed M/s. Sanjay Gupta & Associates as the company's Cost Auditors for the financial year 2026-27. The decision was finalized in a brief board meeting held on July 24, 2026, lasting approximately 17 minutes. The audit firm, established in 1998, maintains a team of over 40 professionals and 7 partners. This is a standard regulatory compliance filing with no impact on the company's financial performance or TTM revenue of ₹7,086 Cr.
- Re-appointment of M/s. Sanjay Gupta & Associates as Cost Auditors for the full FY 2026-27
- The audit firm specializes in manufacturing sectors and has a professional team of 40+ members
- Board meeting conducted on July 24, 2026, from 16:45 to 17:02 IST (17 minutes duration)
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 6.8% from USD 760 million in FY24 to USD 812 million in FY25. The business is split between Packaging (65% of sales) and Industrial (35% of sales) segments.
Geographic Revenue Split
Revenue is diversified across Europe (31%), India (24%), Americas (21%), Other Asian countries (16%), and Rest of World (8%).
Profitability Margins
EBITDA margins improved from 8% in FY24 to 11% in FY25, though they remain below the 21% peak seen in FY22. Net profit after tax for the Thailand subsidiary was Rs. 1,343 lakhs for Q2 FY26.
EBITDA Margin
EBITDA margin stood at 11% in FY25, a 300 bps improvement YoY from 8% in FY24. EBITDA per kg increased from USD 0.18 to USD 0.26 over the same period.
Capital Expenditure
Capex was USD 59 million (approx. INR 490 Cr) in FY25 and USD 28 million in H1 FY26, primarily focused on the new BOPET film line expansion in the USA.
Credit Rating & Borrowing
The company maintains a net cash position with liquid investments and undrawn credit lines aggregating to INR 2,43,219 Lakh as of the reporting period end.
Operational Drivers
Raw Materials
Key raw materials include PET Resin (backward integrated), BOPET, and BOPP inputs. Raw material expenses increased 5% in FY25 due to higher BOPET prices.
Import Sources
Sourced globally with a focus on local raw material sources near manufacturing facilities in India, Thailand, Turkey, USA, and Indonesia to optimize logistics.
Key Suppliers
Not specifically named in available documents; however, the company utilizes a strategy of alternate vendor and raw material sourcing to reduce input costs.
Capacity Expansion
Current production volume is 226 KMT (FY25). A new film line in the USA is currently in the ramp-up phase, which temporarily reduced H1 FY26 utilization to 67%.
Raw Material Costs
Total manufacturing expenses were INR 5,06,722 Lakh in FY25, representing 73% of sales. RM costs are passed through to customers with a varying lag.
Manufacturing Efficiency
Maintains superior capacity utilization of 96% in FY25 compared to the industry average of 59%, driven by deep customer access and specialty film focus.
Logistics & Distribution
Logistics costs are optimized through proximity of manufacturing to customers; input cost reduction across freight is a primary target of the PIP.
Strategic Growth
Expected Growth Rate
7%
Growth Strategy
Growth is driven by a 7% CAGR in capacity addition, the ramp-up of the new USA film line, and the 'Profit Improvement Plan' (PIP) launched in April 2024 focusing on cost optimization and margin enhancement.
Products & Services
BOPET films (Thin and Thick), BOPP films, PET Resin (including recycled), CPP/Blown films, and downstream metallized/coated films.
Brand Portfolio
Polyplex, D-PAC (Differentiated Products, Applications, and Customers portfolio).
New Products/Services
Focus on specialty and high value-added films (D-PAC) to make earnings more predictable and preserve profitability moats.
Market Expansion
Expansion in the USA to reach an optimum combination of two BOPET lines with matching captive PET Resin capacity.
Market Share & Ranking
Industry leader in capacity utilization (96% vs 59% industry average) due to superior market access.
Strategic Alliances
Collaborative product and application development with global converters and brand owners.
External Factors
Industry Trends
The industry is currently facing overcapacity (59% utilization); trends favor local/regional sourcing and players with a global manufacturing footprint.
Competitive Landscape
Competes with global and regional BOPET/BOPP producers; maintains advantage through a competitive cost structure on a DDP (Delivered Duty Paid) basis.
Competitive Moat
Sustainable moat built on global manufacturing presence, backward integration into resin (unique among large producers), and a high proportion of specialty D-PAC sales.
Macro Economic Sensitivity
Sensitive to global trade flows and regional demand/supply imbalances in the polyester film industry.
Consumer Behavior
Growing preference for local sourcing and sustainable packaging solutions, addressed by the company's recycling facility in Thailand.
Geopolitical Risks
Impacted by deglobalization, protectionism, and trade barriers such as recent reciprocal tariffs in the US.
Regulatory & Governance
Industry Regulations
Operations are subject to PWMR (Plastic Waste Management Rules) 2016; provisions for liabilities under these rules are maintained.
Environmental Compliance
Operates a large recycling facility in Thailand for in-house and sourced polymeric waste to meet sustainability agendas.
Taxation Policy Impact
Effective tax rate was 10.3% in FY25. A one-time 10% special tax was applied in Turkey on FY23 manufacturing income for earthquake relief.
Legal Contingencies
Standalone cash flow statements indicate provisions for liabilities, but specific court case values are not disclosed in the provided documents.
Risk Analysis
Key Uncertainties
Industry-wide overcapacity (potential margin squeeze), volatility in raw material prices linked to crude oil, and geopolitical trade barriers.
Geographic Concentration Risk
Well-diversified with no single region contributing more than 31% (Europe) of revenue.
Third Party Dependencies
Low dependency on individual customers (Top 10 = 29%); relies on short-term and long-term debt for supplemental funding.
Technology Obsolescence Risk
Mitigated by repurposing older assets for D-PAC products and investing in direct melt casting and debottlenecking.
Credit & Counterparty Risk
Maintains a fragmented customer base of 2,735 clients, reducing individual counterparty credit risk.
