SPP Polymer Limited (SPPPOLY)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, SPP Polymer's revenue was ₹57.0 Cr (+5.6% year on year, +5.6% on the previous half-year), and net profit ₹-3.0 Cr; the operating margin was -5.3%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹57.0 | +5.6% | +5.6% |
| Operating profit | ₹-3.0 | to loss | — |
| Net profit | ₹-3.0 | — | loss widened |
| EPS (₹) | -2.08 | to loss | loss widened |
| Operating margin | -5.3% | — | — |
📢 Recent Corporate Announcements
SPP Polymer Limited announced that Mrs. Chetna Shoor has tendered her resignation from the position of Company Secretary and Compliance Officer citing personal reasons on September 17, 2026. The company accepted the resignation, and she will be relieved from her duties upon completion of her 30-day notice period at the close of working hours on October 16, 2026. This administrative transition comes as the company navigates a TTM revenue base of Rs 219 Cr and a net loss of Rs -3 Cr. The company will need to appoint a successor to manage listing and statutory compliance.
- Chetna Shoor tendered her resignation on September 17, 2026, due to personal reasons
- Applicable notice period is 30 days, serving until closing of working hours of October 16, 2026
- Handover of statutory and secretarial responsibilities will occur during the notice period
- Company reported TTM revenue of Rs 219 Cr against net debt of Rs 13 Cr
SPP Polymer Limited has announced that Company Secretary and Compliance Officer Mrs. Chetna Shoor has tendered her resignation due to personal reasons on September 17, 2026. The company has accepted the resignation, and she will be relieved from her duties upon closing of business hours on October 16, 2026, serving a 30-day notice period. This is a standard secretarial transition with no reported impact on business operations. The company reported TTM revenue of ₹219 Cr and a net loss of ₹3 Cr.
- Chetna Shoor resigned as Company Secretary and Compliance Officer citing personal reasons on September 17, 2026
- Effective relieving date is fixed for the closing of working hours of October 16, 2026
- A 30-day notice period is being served with commitments for a smooth handover of pending matters
SPP Polymer Limited has issued the notice for its 22nd Annual General Meeting (AGM) scheduled for September 26, 2026, via video conferencing. Standalone total revenue for FY26 increased to ₹113.41 Cr from ₹108.90 Cr in FY25, while the company swung to a net loss of ₹4.16 Cr compared to a PAT of ₹1.13 Cr in FY25 due to elevated raw material costs. The Board has not recommended any dividend for FY26. Key AGM resolutions include the re-appointment of Whole-time Directors Mahavir Bahety and Liladhar Mundhara for 3-year terms at remuneration up to ₹50 Lakh per annum each.
- FY26 total revenue stood at ₹11,341.09 Lakh (₹113.41 Cr) vs ₹10,890.01 Lakh in FY25.
- Company posted a net loss after tax of ₹416.26 Lakh (₹4.16 Cr) in FY26 vs a profit of ₹112.58 Lakh in FY25.
- 22nd Annual General Meeting scheduled for Saturday, September 26, 2026 at 11:00 AM IST.
- No dividend recommended for the financial year ended March 31, 2026.
- Proposed re-appointment of two Whole-time Directors at remuneration up to ₹50.00 Lakh per director annually.
Financial Performance
Revenue Growth by Segment
The company operates in a single reportable segment. Total income grew 16.08% YoY from INR 93.81 Cr in FY24 to INR 108.90 Cr in FY25.
Profitability Margins
Net Profit Ratio slightly declined from 1.13% in FY24 to 1.05% in FY25. Return on Equity (ROE) decreased from 4.19% to 2.95% due to the increase in average shareholders' equity following the IPO.
EBITDA Margin
Operating profit before working capital changes was INR 7.15 Cr in FY25, representing an EBITDA margin of approximately 6.57% of total income.
Capital Expenditure
Historical capital expenditure for FY25 was INR 2.59 Cr for the purchase of fixed assets.
Credit Rating & Borrowing
Not disclosed in available documents; however, finance costs were INR 1.65 Cr in FY25, and the company utilized IPO proceeds to repay existing loans.
Operational Drivers
Raw Materials
Polymer-based raw materials represent the primary input, with the total cost of materials consumed reaching INR 82.01 Cr in FY25, accounting for 75.31% of total income.
Capacity Expansion
Not disclosed in available documents; however, the company proposes to utilize IPO proceeds for working capital requirements to support operational scaling.
Raw Material Costs
Raw material costs were INR 82.01 Cr in FY25. Procurement strategies are influenced by domestic and global demand-supply conditions affecting selling prices of finished goods.
Manufacturing Efficiency
Capacity utilization metrics are not disclosed, but the company employs 355 personnel to manage operations.
Strategic Growth
Growth Strategy
Growth is targeted through the utilization of INR 24.48 Cr raised via IPO for loan repayment and working capital. This strategy aims to reduce finance costs (INR 1.65 Cr in FY25) and improve liquidity to support a 16.08% historical revenue growth trajectory.
Products & Services
Polymer-based finished goods and products.
Market Expansion
The company listed on the NSE Emerge platform on September 17, 2024, to gain access to capital markets for future expansion.
External Factors
Industry Trends
The industry is evolving with shifts in polymer demand; the company is positioning itself through improved capital structure (Debt-Equity ratio improved 79.84% to 0.15).
Competitive Moat
Moat is derived from a significantly deleveraged balance sheet (DSCR increased 269.48% to 8.25) and access to public capital via the NSE Emerge listing.
Macro Economic Sensitivity
Operations are sensitive to domestic and global economic developments and demand-supply conditions.
Geopolitical Risks
Global demand-supply conditions and potential trade barriers affecting polymer inputs/outputs.
Regulatory & Governance
Industry Regulations
Compliance with the Companies Act 2013 and SEBI Listing Obligations; subject to domestic tax laws and industrial relations regulations.
Taxation Policy Impact
The effective tax rate for FY25 was approximately 42%, with Net Profit Before Tax of INR 1.96 Cr and Net Profit After Tax of INR 1.13 Cr.
Legal Contingencies
The company has pending litigations as per Note 31 of the financial statements which would impact its financial position; specific case values are not disclosed.
Risk Analysis
Key Uncertainties
Negative operating cash flow of INR -9.82 Cr in FY25 due to high working capital requirements (receivables increased by INR 21.25 Cr).
Technology Obsolescence Risk
The company uses accounting software with audit trail (edit log) facilities, though it only operated for part of the year.
Credit & Counterparty Risk
Trade Receivables Turnover Ratio declined 15.27% from 8.36 to 7.09, indicating a potential slowdown in collections.
