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Swing Capital

Polyplex Corporation Ltd

NSE: POLYPLEX BSE: 524051

Polyplex Corporation is engaged in manufacturing of BOPP, Blown PP/PE and CPP films used in the flexible packaging industry and in industrial usages like release liners, tapes, labels etc. They have 35 Years Of Experience in Plastic Films. They have 7 Manufacturing Facilities In 5 Countries with Multiple Warehouses & Liaison Offices Worldwide. [1]

₹870
52W: ₹740 — ₹1398
PE 40.7 · Book ₹235 · +270% vs book
Market Cap₹2,733 Cr
Stock P/E40.7Price to Earnings
ROCE13.7%Return on Capital
ROE11.2%Return on Equity
Div. Yield1.54%Face Value ₹10

Strengths

  • +Company has a good return on equity (ROE) track record: 3 Years ROE 17.4%

Weaknesses

  • −The company has delivered a poor sales growth of 4.19% over past five years.
  • −Promoter holding is low: 26.7%
  • −Earnings include an other income of Rs.57.4 Cr.
  • −Promoter holding has decreased over last 3 years: -24.2%

Shareholding Pattern

Promoters26.72%
FIIs9.91%
DIIs2.91%
Public60.46%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters26.7%26.7%26.7%26.7%26.72%▲0.026.72%26.72%26.72%
FIIs7.08%7.39%▲0.37.82%▲0.47.67%▼0.27.1%▼0.69.31%▲2.28.97%▼0.39.91%▲0.9
DIIs2.43%2.81%▲0.43.25%▲0.42.82%▼0.42.95%▲0.12.78%▼0.22.89%▲0.12.91%▲0.0
Public63.8%63.11%▼0.762.23%▼0.962.82%▲0.663.23%▲0.461.18%▼2.061.39%▲0.260.46%▼0.9

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales381.33312.81368.65382.78392.52405.38382.09391.94372.6331.17
Expenses371.36321.73378.54366.4372.52369.99343.92365.33355331.99
Operating Profit9.97-8.92-9.8916.382035.3938.1726.6117.6-0.82
OPM %2.61%-2.85%-2.68%4.28%5.1%8.73%9.99%6.79%4.72%-0.25%
Net Profit10.8-9.09-11.326.5314.719.1936.6722.0916.13-7.7
EPS ₹3.44-2.9-3.612.084.686.1111.687.045.14-2.45

AI Insights

Revenue Trend

TTM revenue at ₹1,478Cr, down 5.4% YoY. OPM at 6%.

Debt Position

Borrowings at ₹162Cr. Debt-to-equity ratio: 0.23x. Healthy balance sheet.

Capex Cycle

CWIP at ₹29Cr (11% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 2.91% (+0.10pp change). FIIs: 9.91% (-0.93pp change). Promoters hold 26.72%.

Margin & Efficiency

ROCE improving from 6% (Mar 2014) to 14% (Mar 2025). Working capital days: 71.

Valuation

PE 40.7x with 13.7% ROCE. Price is 270% above book value of ₹235. Dividend yield: 1.54%.

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