Polyplex Corporation Ltd is a globally recognized leader in the manufacturing of Biaxially Oriented Polyethylene Terephthalate (BOPET), Biaxially Oriented Polypropylene (BOPP), and Cast Polypropylene (CPP) films. These films are integral to the flexible packaging industry and find applications in various industrial uses such as release liners, tapes, and labels. Incorporated in October 1984, the company has grown significantly to become a major player in the international plastic films market. Promoted by Sanjiv Saraf, Polyplex Corporation has established a strong reputation as a leading BOPET film producer.
The company boasts substantial manufacturing capabilities spread across multiple countries, with 7 manufacturing facilities located in 5 countries: India, Thailand, Indonesia, Turkey, and the United States. Supported by multiple warehouses and liaison offices worldwide, Polyplex has accumulated over 35 years of experience in the plastic films industry. Their production infrastructure is designed for global distribution, ensuring a wide market reach.
Polyplex Corporation offers a diverse range of plastic films across various substrates, including PET, BOPP, CPP, and blown PP/PE (Polyplex Europa). These films are critical for packaging a wide array of products and are also utilized in industrial applications like release liners, tapes, labels, thermal lamination, imaging and graphics, photovoltaic, and optical applications.
The company holds a formidable position in the global market. It is recognized as a leading global PET film manufacturer with a current PET film capacity of 478,500 metric tonnes (MT), including upcoming expansions. Polyplex is ranked #2 globally (excluding China) in Thin BOPET Film capacity, holding approximately 10% of the global market share. Upon completion of its ongoing expansions, it is set to become the second-largest producer of BOPET worldwide, excluding China.
As of June 25, 2025, the market capitalization of Polyplex Corporation Ltd (POLYPLEX) stands at ₹3,830.19 Crore. The 52-week high for the stock is ₹1,478.70, and the 52-week low is ₹970.25. The Price-to-Earnings (P/E) ratio is 18.31, and the Price-to-Book (P/B) ratio is 0.66.
For the fiscal year 2025, Polyplex Corporation demonstrated robust financial performance. Net sales grew by 9.2% year-over-year to ₹6,885.18 crore, while net profit saw a significant increase of 5.5 times year-over-year, reaching ₹209.21 crore. However, the fourth quarter of FY25 presented some challenges, with a consolidated net loss of ₹8.65 crore recorded, compared to a net profit of ₹31.37 crore in Q4 FY24.
The company exhibited strong year-over-year growth in the third quarter of FY25. Polyplex Corporation Ltd's revenue increased by 18.72% compared to the same period last year, reaching ₹1,828.61 crore. Net profit surged by 1155.87% year-over-year, amounting to ₹57.77 crore in Q3 FY2024-2025.
- Revenue (FY25): ₹6,885.18 crore (9.2% YoY growth)
- Net Profit (FY25): ₹209.21 crore (5.5x YoY growth)
- Q3 FY25 Revenue: ₹1,828.61 crore (18.72% YoY growth)
- Q3 FY25 Net Profit: ₹57.77 crore (1155.87% YoY growth)
Polyplex Corporation is actively expanding its manufacturing footprint. The company is investing approximately $128 million USD in a Brownfield BOPET Film line and an Offline Coater Project in the United States. This project is currently under implementation and is expected to commence operations by the second quarter of the fiscal year 2024-25.
The company's commitment to innovation is underscored by its 27 patents across various products, processes, and nations, with an additional 14 patent applications filed. This dedication to research and development is crucial for maintaining its technological edge in the competitive plastic films industry.
Polyplex Corporation has established a truly global presence, operating in 75 countries with manufacturing plants strategically located in 7 countries. Its operations are segmented into India and Outside India. The company maintains manufacturing facilities in key locations, including two plants in India situated in Khatima and Bazpur, both in the State of Uttarakhand.
While Polyplex Corporation demonstrates strong market participation, certain operational challenges and risks exist. The company has delivered a relatively modest sales growth of 8.94% over the past five years. Additionally, its return on equity over the last three years has been low at 5.65%. Key risks for the company include fluctuations in raw material prices and impacts from foreign exchange rates.
However, the company maintains a strong balance sheet with very low debt levels, as indicated by a Debt-to-Equity (D/E) ratio of just 0.23. This healthy financial position provides significant flexibility for future growth and expansion initiatives.
The current dividend yield of Polyplex Corporation Ltd (POLYPLEX) is 1.11%. The company has maintained a consistent dividend policy. In its audited results for FY25, Polyplex reported a final dividend of ₹4.50 per share, coinciding with the commencement of production from its new BOPET Film Line.
Polyplex Corporation stands as a significant player in the global plastic films industry, characterized by its strong manufacturing capabilities, diverse product portfolio, and strategic expansion plans. Despite facing challenges from raw material price volatility and foreign exchange fluctuations, the company's robust market position, low debt levels, and ongoing capacity expansions provide a solid foundation for sustained long-term growth within the packaging and industrial films sector.
