Sah Polymers Ltd is a prominent Indian manufacturer specializing in Flexible Intermediate Bulk Containers (FIBC) and other flexible packaging products. Incorporated in 1992, the company has established itself as a pioneer in the flexible packaging industry, boasting over 25 years of experience. Originally incorporated as Peacock Continental Limited in Udaipur, Rajasthan, the company commenced commercial operations in November 1992. Sah Polymers Ltd is a Recognized Star Export House by the Government of India and trades on both the NSE and BSE under the stock symbol SAH.
Sah Polymers operates as a manufacturer and exporter of polypropylene (PP) and high-density polyethylene (HDPE) fabric. Its extensive product portfolio includes:
- Flexible Intermediate Bulk Containers (FIBC) - ranging from simple builder bags to complex C panel and circular baffle bags.
- Polypropylene Woven Bags.
- BOPP (Biaxially Oriented Polypropylene) Laminated Bags.
- PP Woven Fabric Rolls.
- PP Box Bags.
- PP Woven Silt Fence.
- PP Woven Ground Cover.
The company serves a diverse range of industries including agriculture, basic drugs, cattle feed, cement, chemicals, food products, metals, minerals, paper mills, textiles, tires, fertilizers, and salt. Sah Polymers exports its products to countries such as Algeria, Togo, Ghana, Poland, Portugal, France, Italy, Dominican Republic, the United States, Australia, the United Arab Emirates, and Palestine.
Sah Polymers Ltd holds a market capitalization of ₹304 crore as of July 2025, classifying it as a small-cap company within the packaging industry. The company's market value has shown growth, with a 36.9% increase in market cap over the past year, reaching ₹309 crore.
Key valuation metrics include:
- Current PE Ratio: 326.92
- Current PB Ratio: 2.50
- 52-Week High: ₹124.95
- 52-Week Low: ₹65.00
For the financial year ended March 2024, Sah Polymers Ltd reported a total income of ₹109.19 crore and a profit of ₹0.93 crore.
Recent Quarterly Performance (Q4 FY2024-25):
- Revenue: ₹34.74 crore (a 5.85% increase year-over-year).
- Net Profit: ₹0.36 crore (a decrease of 427.27% year-over-year, indicating pressure on profitability margins).
Trailing Twelve Months (TTM) Performance:
- Revenue: ₹129 crore
- Profit: ₹0.23 crore
The company has demonstrated improvement in gross profit, with Gross Profit standing at USD 6.36 million for the year ending March 31, 2025, reflecting a 66.66% year-over-year change.
Key Financial Metrics Summary:
- Q4 FY2024-25: Revenue ₹34.74 Cr, Net Profit ₹0.36 Cr
- FY2023-24: Total Income ₹109.19 Cr, Profit ₹0.93 Cr
- TTM Revenue: ₹129 Cr
- Gross Profit (FY2024-25): USD 6.36 M (+66.66% YoY)
- Promoter Holding: 60.5% (as of Mar 2025), showing strong promoter commitment. Promoter holding has remained stable, recorded at 60.46% as of Mar 2025 and Jun 2024.
- Auditor: H R Jain & Co.
- Subsidiary: Fibcorp Polyweave Private Limited, which complements the company's packaging business.
- Recent Corporate Development: Appointment of Ms. Bhagyashree Mohan Kamble as the Compliance Officer, effective June 16, 2025.
Sah Polymers Ltd operates in the flexible packaging industry, which presents significant growth opportunities driven by increasing demand from various end-user sectors. As a Recognized Star Export House, the company is well-positioned to leverage export markets. Its diversified customer base across multiple industries contributes to revenue stability and growth potential.
However, the company faces certain challenges:
- Low Interest Coverage Ratio: Indicates potential strain on servicing debt.
- Low Return on Equity (ROE): A ROE of 1.97% over the last 3 years suggests areas for operational improvement and capital efficiency.
- Declining Profitability Margins: As seen in the recent quarterly results, pressure on net profit requires strategic attention to enhance profitability.
Addressing these challenges while capitalizing on the industry's growth potential will be crucial for Sah Polymers Ltd's sustained success.
