Silkflex Polymers (India) Limited (SILKFLEX)
Q2 FY27 results
📅 Next results: 26 Oct 2026 (board meeting)Silkflex Polymers (India) Limited's board meets on 26 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q4 FY26, Silkflex Polymers' revenue was ₹39.1 Cr (+199.8% year on year, +16.5% on the previous quarter), and net profit ₹4.7 Cr (+235.3% year on year); the operating margin was 23.1%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹39.1 | +199.8% | +16.5% |
| Operating profit | ₹9.0 | +224.1% | +26.7% |
| Net profit | ₹4.7 | +235.3% | +14.8% |
| EPS (₹) | 4.01 | +234.2% | +14.6% |
| Operating margin | 23.1% | — | — |
SILKFLEX delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 64.29% of the SILKFLEX shares traded on NSE were taken to delivery, against the stock's own 20-session average of 71.99%. That is close to its usual level. Turnover was only ₹35 lakh, so a handful of trades can move this figure. It closed at a price band (circuit) on 7 sessions in about the last 20.
Delivery in the last 5 sessions: 84.2% · 70.0% · 93.3% · 85.7% · 64.3%
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
Silkflex Polymers (India) Limited held an Extraordinary General Meeting (EGM) on September 22, 2026, where shareholders unanimously approved all three proposed resolutions. The passed proposals include increasing the authorized share capital, issuing equity shares on a preferential basis, and issuing fully convertible equity warrants on a preferential basis. A total of 82,81,700 votes (representing 71.3509% of outstanding shares) were polled, with 100% voting in favor. The specific issue size and pricing terms were not disclosed in this filing.
- Shareholders approved preferential issuance of equity shares and convertible warrants with 100% of votes cast in favor.
- Increase in authorized share capital approved via ordinary resolution.
- Total votes polled stood at 82,81,700, representing 71.3509% of total outstanding shares (1,16,07,000 shares).
- Promoter group cast 81,41,700 votes and public non-institutional holders cast 1,40,000 votes, with zero votes against across all items.
Silkflex Polymers conducted its first Extraordinary General Meeting (EGM) on September 22, 2026, concluding in 8 minutes. Shareholders voted on three key resolutions, including increasing the authorized share capital, issuing equity shares on a preferential basis, and issuing fully convertible equity warrants. The specific issue price, total dilution, and fundraising quantum were not disclosed in the proceedings filing. Final approval is subject to the Scrutinizer's voting report.
- EGM conducted via video conferencing on September 22, 2026, between 12:00 PM and 12:08 PM IST
- Resolution presented to increase authorized share capital and amend Memorandum of Association
- Special resolutions presented for preferential issue of equity shares and convertible equity warrants
- Scrutinizer's voting results to be announced and submitted to exchanges separately
Silkflex Polymers (India) Limited announced the appointment of M/s. ABD & Co., Cost Accountants (FRN: 005090), as its Cost Auditor for the financial year 2026-2027. The decision was approved during a Board meeting held on September 18, 2026, which ran from 12:30 PM to 1:00 PM IST. The firm will be responsible for conducting cost audits and examining cost records in compliance with the Companies Act, 2013. This is a standard statutory compliance filing with no direct financial impact.
- Appointed M/s. ABD & Co., Cost Accountants (FRN: 005090), as Cost Auditor
- Appointment covers the financial year 2026-2027
- Approved at the Board meeting held on September 18, 2026 (12:30 PM to 1:00 PM IST)
- Auditor confirmed to have no relationship with any director of the company
Silkflex Polymers (India) Limited held a Board of Directors meeting on September 18, 2026, which commenced at 12:30 PM IST and concluded at 01:00 PM IST. The Board approved the appointment of M/s. ABD & Co., Cost Accountants (FRN: 005090), as the Cost Auditor of the company for FY 2026-2027. This is a standard statutory compliance appointment with no impact on operations or financial performance.
- Board meeting conducted on September 18, 2026, from 12:30 PM to 01:00 PM IST
- Appointment of M/s. ABD & Co., Cost Accountants (FRN: 005090), as Cost Auditor
- Audit appointment covers the financial year 2026-2027
Silkflex Polymers (India) Limited disclosed the scrutinizer's report and voting results for its 10th Annual General Meeting held on September 12, 2026. All five ordinary and special resolutions were passed with the requisite majority, with overall promoter and public turnout representing 71.71% of outstanding shares. Resolutions included the adoption of FY26 audited accounts, re-appointment of director Mr. Atanu Bhuniya, appointment of independent director Mr. Krishan Kumar Jaisansariya, revision of remuneration for non-executive director Mr. Raj Nitin Mehta, and approval of material related party transactions. For the material related party transaction resolution, where promoters abstained, it passed with 78.02% of polled public votes in favor (1,42,000 votes) and 21.98% against (40,000 votes).
- All 5 resolutions passed at the 10th AGM held on September 12, 2026
- Overall voter turnout was 71.71% of total equity shares (83,23,700 votes polled out of 1,16,07,000 shares)
- Material Related Party Transaction passed with 78.02% votes in favor and 21.98% (40,000 votes) against among voting public shareholders
- Independent Director Krishan Kumar Jaisansariya appointed for a 5-year term with 100% votes in favor
Silkflex Polymers (India) Limited shareholders have approved the appointment of Mr. Krishan Kumar Jaisansariya as an Independent Director at its Annual General Meeting on September 12, 2026. The appointment is for a first term of 5 consecutive years, effective from March 25, 2026 to March 24, 2031. Mr. Jaisansariya is a qualified Chartered Accountant with domain expertise across statutory audits, Ind AS, and internal financial controls. The AGM concluded within 12 minutes, and the appointee holds no relation to existing directors.
- Appointed for a first term of 5 consecutive years
- Term effective from March 25, 2026 to March 24, 2031
- AGM approval secured on September 12, 2026 (meeting held from 3:30 PM to 3:42 PM)
- Appointee is a qualified Chartered Accountant with expertise in Ind AS and Statutory Audits
Silkflex Polymers (India) Limited held its 10th Annual General Meeting (AGM) on September 12, 2026, through video conferencing. The meeting lasted 12 minutes (03:30 PM to 03:42 PM IST) where members considered five resolutions. These included the adoption of FY26 audited accounts, re-appointment of retiring directors, appointment of an Independent Director, revision of director remuneration, and approval of material related party transactions. The final voting outcomes are pending the scrutinizer's report.
- 10th Annual General Meeting conducted virtually on September 12, 2026
- Meeting commenced at 03:30 P.M. IST and concluded at 03:42 P.M. IST (12 minutes total duration)
- 5 total resolutions tabled, including approval of material related party transactions and an Independent Director appointment
- Statutory auditor's report contained no qualifications, observations, or adverse remarks for FY26
Silkflex Polymers issued a corrigendum to its EGM notice scheduled for September 22, 2026, revising its proposed preferential issue. Following observations by the NSE under Regulation 159(1) of SEBI ICDR Regulations, one proposed allottee (Mr. Moulik Virendra Kumar Shah) was found ineligible due to prior share sales within 90 days. Consequently, 24,500 shares were removed, revising the issue size from 15,98,000 to 15,73,500 equity shares at ₹205 each, aggregating to ₹32.26 Cr. Additionally, promoter Tushar Sanghavi is being allotted 12,00,000 convertible warrants, moving overall post-issue equity capital to 1,43,80,500 shares.
- Preferential equity issue revised to 15,73,500 shares from 15,98,000 shares at ₹205 per share
- Total equity fundraise size stands at ₹32,25,67,500 (₹32.26 Cr)
- Proposed allotment of 24,500 shares excluded due to SEBI ICDR Regulation 159(1) ineligibility
- Promoter Tushar Sanghavi to be allotted 12,00,000 fully convertible warrants
- Post-issue total equity base expands from 1,16,07,000 shares to 1,43,80,500 shares upon full warrant conversion
Silkflex Polymers (India) Limited has announced an expansion of its manufacturing capabilities by installing two vessels of 2 MT capacity each at its manufacturing facility. The expansion is aimed at the in-house production of various types of water-based inks. Commercial production will commence following the completion of installation, commissioning, and trial runs. Financial details regarding capex investment and exact project completion timelines were not disclosed.
- Installing two manufacturing vessels of 2 MT capacity each
- Targeted for in-house manufacturing of various water-based inks
- Commercial production subject to installation, commissioning, and trial runs
- Separate exchange intimation to be provided upon commencement of commercial production
Silkflex Polymers has approved the 100% business takeover of M/s Sylera Inc. to expand capacity in textile printing inks and wood coatings. Sylera Inc. sells ~450 MT of premium inks annually in India and generated ₹8.31 Cr in turnover during FY26 (up 22% YoY from ₹6.81 Cr in FY25). The cash acquisition is targeted to close on or before November 2026, with the final cost to be disclosed later. Concurrently, the company announced the commercial launch of indigenous textile inks under the brand 'Sylera' and wood coating products under 'Slyvora'.
- Acquiring 100% control of Sylera Inc., a 11-year-old manufacturer selling ~450 MT of premium garment inks per year
- Sylera Inc. turnover grew from ₹5.38 Cr in FY24 to ₹6.81 Cr in FY25 and ₹8.31 Cr in FY26
- Targeted completion date for the all-cash acquisition is on or before November 2026
- Commercial launch of indigenous textile printing inks brand 'Sylera' and wood coating brand 'Slyvora'
Silkflex Polymers (India) Limited has issued a notice for an Extraordinary General Meeting (EGM) on September 22, 2026, to approve a preferential equity issue and increase its authorized share capital. The company plans to issue up to 15,98,000 equity shares at an issue price of ₹205.00 per share (face value ₹10 + premium ₹195), raising approximately ₹32.76 crore from non-promoter public investors. Additionally, the authorized share capital is proposed to be increased from ₹13.50 crore to ₹18.00 crore. Fully diluted equity base is set to expand from 1,16,07,000 shares to 1,44,05,000 shares upon full subscription/conversion of proposed instruments.
- Preferential allotment of up to 15,98,000 equity shares at ₹205 per share, raising ₹32.76 crore
- Increase in authorized share capital from ₹13.50 crore (1.35 crore shares) to ₹18.00 crore (1.80 crore shares)
- Post-issue equity share base expands from 1,16,07,000 to 1,44,05,000 shares (including proposed warrants)
- Public shareholding to increase from 29.86% to 35.15% post-allotment
- EGM scheduled for September 22, 2026, via Video Conferencing
Silkflex Polymers' Board has approved a total preferential fundraise of Rs 57.36 Cr at an issue price of Rs 205 per share/warrant. This includes Rs 32.76 Cr through 15.98 lakh equity shares to 59 public investors and Rs 24.60 Cr through 12 lakh convertible warrants to Promoter Tushar Lalit Kumar Sanghavi (25% upfront). Post-allotment and full conversion, total share count will expand from 1.16 Cr to 1.44 Cr shares, with promoter holding shifting from 70.14% to 64.85%. An EGM is scheduled on September 22, 2026, to seek shareholder approval.
- Approved issue of 15.98 lakh equity shares to public investors at Rs 205 each, aggregating Rs 32.76 Cr
- Approved issue of 12.00 lakh convertible warrants to promoter at Rs 205 each, aggregating Rs 24.60 Cr (25% payable upfront)
- Total capital raised stands at Rs 57.36 Cr, exceeding the company's existing Net Worth of Rs 48 Cr
- Authorized share capital increased from Rs 13.50 Cr to Rs 18.00 Cr
- EGM scheduled for September 22, 2026 to seek shareholder approval
Silkflex Polymers' Board has approved a total capital raise of up to ₹57.36 Cr through preferential allotments at ₹205 per share/warrant. The issue comprises ₹32.76 Cr via 15.98 lakh equity shares to 59 non-promoter investors and ₹24.60 Cr via 12.00 lakh convertible warrants to promoter Tushar Sanghavi. The total proposed capital raise is substantial relative to the company's existing net worth of ₹48 Cr (~119.5% of net worth). Additionally, the company is increasing its authorized share capital from ₹13.50 Cr to ₹18.00 Cr, subject to shareholder approval at the EGM on September 22, 2026.
- Preferential allotment of 15,98,000 equity shares at ₹205 each to non-promoter investors, raising ₹32.76 Cr
- Issuance of 12,00,000 convertible warrants at ₹205 each to the promoter, raising ₹24.60 Cr (25% upfront, 18-month tenure)
- Authorized share capital raised from ₹13.50 Cr (1.35 Cr shares) to ₹18.00 Cr (1.80 Cr shares)
- Post-conversion equity base expands from 1,16,07,000 shares to 1,44,05,000 shares, with promoter holding shifting from 70.14% to 64.85%
- Extraordinary General Meeting (EGM) scheduled for September 22, 2026, to seek shareholder approval
Silkflex Polymers (India) Limited has issued the notice for its 10th Annual General Meeting (AGM) to be held virtually on September 12, 2026. The ordinary business includes the adoption of FY26 audited standalone financial statements and the re-appointment of Director Atanu Bhuniya. Key special resolutions cover regularizing Krishan Kumar Jaisansariya as an Independent Director for a 5-year term with annual sitting fees up to Rs 1.5 lakh, revising Non-Executive Director Raj Nitin Mehta's remuneration up to Rs 20 lakh per annum, and approving material Related Party Transactions.
- 10th Annual General Meeting scheduled for September 12, 2026 at 03:30 PM IST via VC/OAVM
- Appointment of Krishan Kumar Jaisansariya as Independent Director for a 5-year tenure (March 25, 2026 to March 24, 2031) with sitting fees up to Rs 1,50,000 p.a.
- Proposed remuneration increase for Non-Executive Director Raj Nitin Mehta up to Rs 20,00,000 per annum from FY27
- Seeking shareholder approval for entering into material Related Party Transactions in ordinary course of business
Silkflex Polymers (India) Limited has appointed M/s. Nikhar Agarwal & Co., Chartered Accountants, as its Internal Auditor for the financial year 2026-27. The appointment was approved during a board meeting held on August 14, 2026, which concluded within 30 minutes. The appointed firm brings over 10 years of experience in audit, assurance, and taxation. This is a standard regulatory compliance filing and does not impact the company's immediate financial position.
- Appointment of M/s. Nikhar Agarwal & Co. as Internal Auditor for the full financial year 2026-27
- The audit firm possesses over 10 years of professional practice experience in assurance and taxation
- Board meeting for approval commenced at 04:00 P.M. and concluded at 04:30 P.M. on August 14, 2026
- Lead auditor CA Nikhar Agarwal has been an ICAI member since August 27, 2014
- The company maintains a Debt-to-Equity ratio of 1.29 as per latest financial context
Financial Performance
Revenue Growth by Segment
The Textile Coatings and Printing Inks segment remains the primary driver, contributing 93-96% of total turnover. The Wood Coatings segment, while smaller at 4-7% of revenue, demonstrated robust growth of 45.13% YoY in FY 2024-25. Total revenue for FY 2024-25 reached INR 80.16 Cr, a 59% increase from INR 50.27 Cr in the previous year.
Geographic Revenue Split
The company has established regional offices in Kolkata, Tirupur, Ludhiana, Ahmedabad, Jodhpur, and Mumbai to penetrate key manufacturing hubs. While specific % splits per region are not disclosed, these offices target export-oriented textile clusters and domestic apparel markets.
Profitability Margins
H1 FY26 Profit After Tax (PAT) grew 7.6% to INR 3.43 Cr, with PAT margins expanding from 9.08% to 9.13% (an improvement of 5 basis points). Gross profit is expected to reach 25% following the commissioning of the new manufacturing facility, up from current levels of 12-15%.
EBITDA Margin
EBITDA margin for H1 FY26 stood at 14.97%, a slight improvement of 2 basis points from 14.95% in H1 FY25. EBITDA for the period was INR 5.62 Cr, up 7.1% YoY. Management targets an EBITDA margin of approximately 24% post-commissioning of the new plant.
Capital Expenditure
The company is investing approximately INR 40 Cr in a new manufacturing facility in Baroda, Gujarat. Capital Work in Progress (CWIP) surged from INR 0.93 Cr to INR 31.22 Cr as of September 2025, reflecting the scale of this ongoing expansion.
Credit Rating & Borrowing
Long-term borrowings increased significantly to INR 32.13 Cr as of September 30, 2025, compared to INR 17.11 Cr in March 2025, primarily to fund the Baroda capex. The Debt-Equity ratio improved to 1.02 in FY25 from 1.24 in FY24, a reduction of 17.64%.
Operational Drivers
Raw Materials
Key raw materials include binders (specifically Silkbond 35) and chemical formulations for water-based inks. The company is transitioning to in-house binder manufacturing to reduce dependency and improve margins from 12-15% to 25%.
Import Sources
Not specifically disclosed in available documents, though the company utilizes royalty-based technology and research for product development.
Capacity Expansion
The new Baroda facility is entering the trial production phase. It features a boiler-less manufacturing process and full automation to ensure precision and consistency. This facility is a key part of the forward integration strategy to produce binders in-house.
Raw Material Costs
Raw material procurement was optimized in FY25 to manage volatility in input prices. The shift to in-house manufacturing of binders is expected to significantly lower procurement costs and boost gross margins to 25%.
Manufacturing Efficiency
The Baroda plant is fully automated to minimize human intervention and maximize precision. The boiler-less process further enhances operational sustainability and cost efficiency.
Logistics & Distribution
The company utilizes six regional offices (Kolkata, Tirupur, etc.) to manage distribution across India's key textile hubs, though specific logistics costs as a % of revenue are not provided.
Strategic Growth
Expected Growth Rate
30% to 40%
Growth Strategy
Growth will be driven by the commissioning of the Baroda plant for forward integration, widening the product range through royalty purchases and R&D, and capturing market share from Bangladesh as global sourcing shifts to India. The company aims to increase its SKU count (currently 108) and expand into the mid-premium wood coatings segment.
Products & Services
Water-based textile printing inks, wood coatings (PU and water-based), Silkbond 35 Binder, and Silkflex Glue.
Brand Portfolio
Silkflex, Silkbond.
New Products/Services
Initial production at the Baroda plant focuses on Silkbond 35 Binder and Silkflex Glue. These new in-house products are expected to drive the target EBITDA margin toward 24%.
Market Expansion
Targeting deeper penetration into export-oriented textile clusters and expanding the wood coatings division, which grew 45.13% YoY. Future plans include exporting once the Indian market requirements are fully met.
Market Share & Ranking
Silkflex is a niche player in the wood coatings market dominated by Asian Paints (52% share) and Sirca Paints (INR 268 Cr revenue). In textile inks, it is a leading organized player with a 33% CAGR from FY23 to FY25.
Strategic Alliances
The company utilizes royalty-based agreements to widen its product range, though specific partner names are not listed.
External Factors
Industry Trends
The Indian textile and apparel industry is forecast to grow at 10% annually. There is a structural shift toward premium, sustainable, water-based coatings and compliance-driven sourcing (GOTS/ZDHC).
Competitive Landscape
Competitors include Tier-1 paint giants like Asian Paints, Kansai Nerolac, and Berger, as well as specialists like Sirca Paints. Silkflex competes by focusing on the niche mid-premium, eco-friendly segment.
Competitive Moat
Moat is built on technical certifications (ZDHC Level 3, GOTS), a specialized portfolio of 108 SKUs, and forward integration into binder manufacturing which provides a cost advantage over unorganized competitors.
Macro Economic Sensitivity
The company aligns with India's expected 6.5% GDP growth. The textile industry (2% of GDP) is a critical driver, with a sector target of USD 350 billion by 2030.
Consumer Behavior
Increasing demand for sustainable and low-VOC products in both apparel and home furnishings is driving adoption of Silkflex's water-based solutions.
Geopolitical Risks
The shift in global sourcing from Bangladesh to India due to power disruptions and rising costs in Bangladesh acts as a significant tailwind for Silkflex.
Regulatory & Governance
Industry Regulations
Operations are governed by increasingly stringent norms related to Volatile Organic Compounds (VOCs), hazardous substance disposal, and worker safety.
Environmental Compliance
The company maintains full compliance through ETP and STP systems (25,000 litres/day) and adheres to ZDHC Level 3 and GOTS standards for its textile inks.
Legal Contingencies
The company received a deficiency notice from the National Stock Exchange (NSE) regarding the legability of financial results submitted on November 12, 2025, which was rectified on November 27, 2025. No major court cases or tribunal disputes were listed.
Risk Analysis
Key Uncertainties
The primary uncertainty is the successful ramp-up and market absorption of products from the new Baroda facility, which represents a significant portion of the company's capital. Input price volatility remains a constant risk.
Geographic Concentration Risk
While expanding, the company is heavily concentrated in the Indian market, with future export plans only slated for after domestic demand is satisfied.
Third Party Dependencies
The company is reducing dependency on third-party binder suppliers by moving production in-house at the Baroda plant.
Technology Obsolescence Risk
The shift toward water-based, eco-friendly technology is a key focus to avoid obsolescence as global brands mandate stricter environmental standards.
Credit & Counterparty Risk
Trade receivables turnover ratio was 10.04 in FY25, a decrease from 12.66 in FY24, indicating a slight increase in the credit cycle as turnover grew.
