Sati Poly Plast Limited (SATIPOLY)
📢 Recent Corporate Announcements
Sati Poly Plast 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 was issued by MUFG Intime India Private Limited (formerly Link Intime India Private Limited), the company's Registrar and Share Transfer Agent, on October 03, 2026. It confirms that share certificates received for dematerialisation during the quarter were duly processed, confirmed or rejected, and mutilated/cancelled within prescribed timelines. This is a standard regulatory compliance filing with no impact on operations or financials.
- Compliance submission under Regulation 74(5) of SEBI Regulations, 2018.
- Pertains to the quarter ended September 30, 2026.
- Certificate issued by RTA MUFG Intime India Private Limited dated October 03, 2026.
- Filing submitted to the National Stock Exchange of India on October 07, 2026.
Sati Poly Plast Limited announced the voting results and scrutinizer report for its 27th Annual General Meeting held on September 30, 2026. All four ordinary resolutions were approved with 100% of polled valid votes in favor, totaling 28,91,000 votes (58.44% turnout of total outstanding shares). Key resolutions passed include the adoption of audited financial statements, the re-appointment of Non-Executive Director Mr. Keshav Jhunjhunwala, and the approval of a related-party transaction with promoter entity M/s Osho Tradeflex Private Limited. Promoter votes were abstained/excluded for the interested resolutions, which passed via public votes.
- All 4 ordinary resolutions approved with 100% valid votes cast in favor
- Overall voter turnout was 58.44% (28,91,000 votes polled out of 49,47,000 shares)
- Related-party transaction with promoter group entity M/s Osho Tradeflex Private Limited approved
- Re-appointment of Keshav Jhunjhunwala as Non-Executive Director approved
- Cost auditor remuneration for FY 2026-27 ratified
Sati Poly Plast Limited has submitted its Annual Report for FY 2025-26 and issued the notice convening its 27th Annual General Meeting (AGM) on September 30, 2026. Key agenda items include the adoption of FY26 audited financial statements, the re-appointment of Director Mr. Keshav Jhunjhunwala, and the ratification of cost auditor fees of ₹60,000. Additionally, the company is seeking shareholder approval for material related-party transactions for sale of raw material and finished goods with promoter group entity M/s Osho Tradeflex Private Limited for FY 2026-27.
- 27th Annual General Meeting convened for September 30, 2026, via Video Conferencing.
- Approval sought for related-party transactions with promoter entity M/s Osho Tradeflex Pvt Ltd expected to exceed 10% of annual turnover.
- Proposed re-appointment of Non-Executive Director Keshav Jhunjhunwala, who holds 3,00,000 equity shares.
- Proposed ratification of ₹60,000 annual remuneration for Cost Auditor M/s Sourab Jain & Co. for FY 2026-27.
Sati Poly Plast Limited has issued the notice for its 27th Annual General Meeting (AGM) scheduled for September 30, 2026, via video conferencing. Key resolutions include the adoption of FY26 audited financial statements and the re-appointment of director Keshav Jhunjhunwala. The company is also seeking shareholder approval for material related-party transactions (RPT) with promoter group company M/s Osho Tradeflex Private Limited for FY27, expected to exceed 10% of annual turnover. Additionally, ratification of ₹60,000 remuneration for the cost auditor is tabled.
- 27th AGM scheduled to be held virtually on September 30, 2026, at 3:30 PM IST.
- Approval sought for related-party transactions with promoter entity M/s Osho Tradeflex Pvt Ltd exceeding 10% of turnover for FY27.
- Remote e-voting period open from September 27, 2026 (9:00 AM) to September 29, 2026 (5:00 PM).
- Voting cut-off date fixed for Wednesday, September 23, 2026.
- Ratification of ₹60,000 plus taxes as remuneration for Cost Auditor M/s Sourab Jain & Co.
Sati Poly Plast Limited's Board of Directors has approved convening the 27th Annual General Meeting (AGM) on September 30, 2026. Key agenda items include shareholder approval for related-party transactions with promoter group entity M/s Osho Tradeflex Private Limited for FY 2026-27, comprising sales of raw materials/finished goods up to ₹200 crore and purchases up to ₹150 crore. The board also recommended the re-appointment of Non-Executive Director Mr. Keshav Jhunjhunwala, who is retiring by rotation.
- Approved related-party sales of raw material and finished goods to Osho Tradeflex Private Limited up to ₹200 crore for FY 2026-27.
- Approved related-party purchases of raw material and finished goods from Osho Tradeflex Private Limited up to ₹150 crore for FY 2026-27.
- 27th Annual General Meeting scheduled for September 30, 2026 via video conferencing.
- Cut-off date for e-voting eligibility fixed as September 23, 2026, with remote e-voting active from September 27 to September 29, 2026.
- Recommended the re-appointment of Mr. Keshav Jhunjhunwala (holding 3,00,000 shares) as Non-Executive Director.
Sati Poly Plast's Board of Directors approved two asset-backed loan facilities totaling approximately ₹1.655 crore on August 25, 2026. The company approved a ₹35 lakh loan from Siemens Financial Services for acquiring a pouch making machine and a ₹1.305 crore loan from Mercedes-Benz Financial Services for a motor vehicle. Additionally, the Board reviewed the ongoing fire insurance claim, noting that documentation and stock assessment data requested by the insurer on August 7, 2026, are currently being collated for submission.
- Approved ₹35 Lakh loan from Siemens Financial Services for purchasing a pouch making machine
- Approved ₹1.305 Crore (₹13,050,000) vehicle loan from Mercedes-Benz Financial Services India
- First and exclusive charges created on the respective assets on August 25, 2026
- Reviewed status of fire insurance claim following insurer's document request received on August 7, 2026
Sati Poly Plast Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by Registrar MUFG Intime India Private Limited, confirms that all securities received for dematerialization during the quarter ended June 30, 2026, were processed within prescribed timelines. The Registrar verified that certificates were mutilated and cancelled, and the depository's name was updated in the register of members. This is a standard administrative filing required for all listed entities in India.
- Confirmation of compliance for the quarter ended June 30, 2026
- Registrar MUFG Intime India Private Limited confirmed processing of all demat requests
- Security certificates were mutilated and cancelled after due verification by the depository participant
- Filing submitted to NSE on July 29, 2026, following RTA confirmation on July 01, 2026
Financial Performance
Revenue Growth by Segment
The company reported a total revenue of INR 301.86 Cr in FY25, representing a significant growth of 68.3% compared to INR 179.35 Cr in FY24. For H1 FY26, revenue from operations reached INR 166.42 Cr, a 14.17% increase over the INR 145.76 Cr recorded in H1 FY25.
Geographic Revenue Split
A majority of the company's revenue is derived from the State of Uttar Pradesh. While the exact percentage is not disclosed, the management identifies this geographical concentration as a high-exposure risk to regional economic and demographic changes.
Profitability Margins
In FY25, the Profit Before Tax (PBT) margin was 3.77% (INR 11.38 Cr on INR 301.86 Cr revenue). However, for H1 FY26, the company reported a Net Loss of INR 18.11 Cr compared to a profit of INR 3.56 Cr in H1 FY25, primarily due to a massive exceptional item of INR 25.41 Cr related to fire damage.
EBITDA Margin
Core profitability before exceptional items in H1 FY26 remained thin; Profit Before Exceptional Items and Tax was INR 1.10 Cr, representing a margin of 0.66% of total income, down from 3.26% (INR 4.76 Cr) in H1 FY25.
Capital Expenditure
Additions to Property, Plant, and Equipment and Intangible Assets amounted to INR 12.28 Cr in H1 FY26. In FY25, the company reported depreciation of INR 2.89 Cr, reflecting its manufacturing asset base.
Credit Rating & Borrowing
As of September 30, 2025, the company had Long-Term Borrowings of INR 2.89 Cr and Short-Term Borrowings of INR 11.52 Cr. Finance costs for H1 FY26 were INR 0.66 Cr, down 17.5% from INR 0.80 Cr in H1 FY25.
Operational Drivers
Raw Materials
The primary raw materials are polymers and plastic granules used for flexible packaging. Cost of Materials Consumed in FY25 was INR 252.44 Cr, representing 83.6% of total revenue.
Key Suppliers
Not disclosed in available documents; however, the company notes dependency on a few numbers of customers for sales, which impacts procurement planning.
Capacity Expansion
The company sold 17,928.72 MT (1.79 Cr KG) of finished goods in FY25. Planned expansion details are not specified, though the company recently transitioned from trading to manufacturing with two set-up units.
Raw Material Costs
Raw material costs accounted for 83.6% of revenue in FY25 (INR 252.44 Cr). In H1 FY26, material costs were INR 152.26 Cr, or 91.5% of revenue, indicating a significant squeeze on margins due to rising input costs or inventory losses.
Manufacturing Efficiency
The cost of production for plastics and polymers was reported at INR 112.01 per KG for a volume of 17,864,244 KG in FY25. The net sales realization was INR 174.02 per KG, providing a margin of INR 5.93 per KG as per cost accounts.
Logistics & Distribution
Distribution costs are integrated into selling overheads, which represented approximately 0.15% of total revenue in FY25.
Strategic Growth
Growth Strategy
The company is focusing on providing end-to-end flexible packaging solutions, transitioning from a trading-heavy model to a manufacturing-led model. Growth is driven by catering to diverse industries and leveraging its ISO-certified manufacturing facilities.
Products & Services
Flexible packaging materials, including multi-functional films and pouches used for industrial and consumer goods packaging.
Brand Portfolio
Sati Poly Plast.
Market Expansion
The company is looking to diversify beyond its primary market in Uttar Pradesh to reduce geographical concentration risks.
External Factors
Industry Trends
The flexible packaging industry is growing due to multi-functional requirements across sectors. The company is positioning itself by moving from trading to manufacturing to capture higher value-add.
Competitive Landscape
The company faces intense competition in the Uttar Pradesh region, which heightens exposure to adverse price movements.
Competitive Moat
The company's moat is based on its ISO certification and end-to-end solution capability. However, the lack of geographical diversity and high customer concentration makes this moat vulnerable to local competition.
Macro Economic Sensitivity
The business is highly sensitive to economic and demographic changes in Uttar Pradesh, where the majority of revenue is generated.
Consumer Behavior
Shifts toward sustainable or biodegradable packaging could disrupt demand for traditional plastic-based flexible packaging.
Geopolitical Risks
Trade barriers or fluctuations in global polymer prices due to geopolitical tensions in oil-producing regions could adversely affect input costs.
Regulatory & Governance
Industry Regulations
The company must comply with the Companies (Cost Records and Audit) Rules, 2014. It maintains cost records for 'Plastic & Polymers Products' under Section 148 of the Companies Act, 2013.
Taxation Policy Impact
The effective tax rate for FY25 was approximately 10.2% based on a tax provision of INR 1.16 Cr on PBT of INR 11.38 Cr. For H1 FY26, the company recorded a tax credit of INR 4.67 Cr due to losses.
Legal Contingencies
The company has a pending insurance claim following a fire accident on February 15, 2025. The claim is currently under process, and the destruction of accounting records has delayed some regulatory appointments like internal auditors.
Risk Analysis
Key Uncertainties
The primary uncertainty is the recovery of the insurance claim for the fire loss of INR 25.41 Cr. Failure to recover this could permanently impair the balance sheet.
Geographic Concentration Risk
Majority of revenue is concentrated in the State of Uttar Pradesh.
Third Party Dependencies
High dependency on a limited number of customers for the majority of sales volume.
Technology Obsolescence Risk
The company follows the WDV method for depreciation, suggesting a need for regular technological upgrades to maintain manufacturing efficiency in the polymer sector.
Credit & Counterparty Risk
Trade receivables stood at INR 46.01 Cr as of September 30, 2025, representing 27.6% of H1 FY26 revenue, indicating significant credit exposure to its limited customer base.