Polyplex Corporation Ltd (NSE: POLYPLEX) | Aamara Capital Research

Snapshot

Market data (13 Oct 2026)	Value
CMP (NSE)	₹1,013 (₹1,013.3 close; ₹1,014 per one source)
Shares outstanding	3,13,92,462 (FV ₹10)
Market cap	~₹3,180 Cr (Screener shows ₹3,167 Cr)
52-week high / low	₹1,267.75 / ₹740
3-yr range (weekly closes)	₹765.7 (28-Mar-24) – ₹1,406.3 (13-Dec-24); avg ₹1,046
Stock CAGR	-4% (3y) / -11% (5y)
Book value / share (owners, FY26)	₹1,351 (₹1,388 at Q1 FY27 per deck)
P/B	0.75x
P/E on owners' TTM PAT ~₹155 Cr (EPS ₹49.47)	20.5x
P/E on FY26 owners' EPS ₹14.32	70.8x
EV/EBITDA TTM (NCI at book / PTL at market)	9.6x / 7.8x
Dividend yield (FY26 DPS ₹3)	0.30%
Listed date / index membership	Not captured in research inputs

Company overview	Detail
Registered office	Lohia Head Road, Khatima 262308, Udham Singh Nagar, Uttarakhand
Incorporated	1984 (CIN year); first thin BOPET line at Khatima 1988
Employees	2,930+ (AR p.5) vs 2,850 (AR p.78): AR inconsistency
Promoter	Sanjiv Saraf family, 26.72% (Secure Investments Ltd main vehicle)
Strategic holder	AGP Holdco Ltd (Al Ghurair / Taghleef group), 24.28%
Sector	Plastic films: thin/thick BOPET, BOPP, CPP, blown, PET resin, downstream coatings
Footprint	8 plants, 5 countries (India x2, Thailand, Turkey, USA, Indonesia); ~2,925 customers in ~85 countries
Key listed subsidiary	Polyplex (Thailand) PCL (SET: PTL), 51% (17.19% direct + 33.81% via PAPL Singapore)
Credit rating	India Ratings IND AA-/Stable/IND A1+ (10 Mar 2026)
Auditors	S S Kothari Mehta & Co LLP + S.R. Batliboi & Co LLP (joint)
CEO / CFO	Pranay Kothari (ED & CEO) / Manish Gupta

What Polyplex is. The listed Indian parent of the world's #2 thin-BOPET (polyester film) producer outside China (~9% ex-China share) [Fact]. It runs 8 plants in 5 countries, has captive PET resin at every film site (unique among large peers) and a downstream layer: metallizing, silicone/offline/extrusion coating, holography, transfer-metallized paper, digital print media and recycling (EcoBlue). The economics sit mostly abroad: PCL owns only 51% of Polyplex (Thailand) PCL, which owns the Thailand, Turkey, USA and Indonesia operations and 66.5% of EcoBlue. About 78% of consolidated total income (₹5,577 Cr of ₹7,173 Cr) comes from the PTL group, so 49% of overseas earnings belong to Thai minorities. Specialty (D-PAC) products earn all the group's profit. Standard film has lost money at EBITDA level for three straight years in an industry running at ~54% global utilisation.

Quick Verdict Scorecard

BusinessMediumGlobal #2 ex-China, integrated; commodity core loss-making

ManagementMediumProfessional, but AGP options opaque; governance hygiene items

FinancialMediumNet cash, AA-; RoE 1%, 49% minority leakage

ValuationFair0.75x book; look-through ≈ parity with mcap

OverallNeutralEvent-driven optionality; cyclical earnings not yet proven

FY26 Revenue₹7,086 Cr+3% YoY; volume 370,515 MT (+8%)

FY26 PAT: pre-MI | owners₹41 | ₹45 Cr-89% / -79% YoY; NCI share (₹4 Cr)

FY26 EBITDA margin4.9% | 8.1%Reported ₹349 Cr | normalized ₹575 Cr (ex ₹138 Cr non-cash FX)

FY26 RoE (owners) / RoCE1.1% / 1%Normalized RoCE 3%; FY22 RoE ~18%

Q1 FY27 Revenue₹2,254 Cr+29.6% YoY; +20.5% QoQ

Q1 FY27 EBITDA₹296 | ₹362 Cr13.1% Screener basis | 16% normalized (USD 38.2 mn)

Q1 FY27 PAT: pre-MI | owners₹171 | ₹91 CrEPS ₹29.00 (vs loss ₹19.3 Cr owners in Q1 FY26)

Net cash (31-Mar-26)₹313 CrCash+investments ₹1,248 Cr vs debt incl. leases ₹935 Cr

Headline reconciliations (chosen figure used in every tab)

Item	Chosen figure	Label	Alternative / note
FY26 revenue	₹7,086 Cr (revenue from operations)	[Fact]	₹7,075.8 Cr = sales only (AR KPI page); USD 801 mn
FY26 EBITDA	Reported ₹349 Cr (4.9%, ex other income, after FX loss)	[Fact]	₹437 Cr (6%) incl. ₹88 Cr other income; normalized ₹575 Cr (8.1%) adds back ₹138 Cr unrealised FX loss on LT loans
FY26 PAT	Pre-MI ₹41 Cr; owners ₹45 Cr	[Fact]	Owners > pre-MI because NCI absorbed a ₹4 Cr loss (PTL group loss)
FY26 dividend	₹3/share (₹2 interim + ₹1 final)	[Fact]	Cut from ₹13.5 (FY25). "Re 1" in some sources = final only
Q1 FY27 EBITDA	₹296 Cr (13.1%) Screener basis; ₹362 Cr (16%) / USD 38.2 mn company normalized	[Fact] both, different basis	296 + other income 25 + unrealised FX loss ~40 ≈ 362. Some aggregators show ₹297 Cr
Q1 FY27 PAT	Pre-MI ₹171 Cr; owners ~₹91 Cr (₹91.03 Cr)	[Fact]	Implied NCI ~₹80 Cr. Management: windfall "may not be sustainable"; Q2 guide ~USD 28.6 mn
Valuation	P/E 20.5x (owners TTM ~₹155 Cr); P/B 0.75x; EV/EBITDA 9.6x (NCI at book)	[Est.]	EV/EBITDA 7.8x with PTL minority at market; 8.4x with NCI at 0.75x book; Screener P/E 20.4x on ₹3,167 Cr mcap
Look-through	~₹2,840–3,090 Cr (PTL at THB 13.80) ≈ parity with ₹3,180 Cr mcap	[Est.]	18–23% discount if PTL at book; 18–27% at Thai IFA value; INR/THB 2.88 (31-Mar-26 AOC-1 rate; spot unverified)
Net cash	₹313 Cr (debt incl. leases ₹935 Cr)	[Fact/calc.]	₹331 Cr vs borrowings ex-leases ₹917 Cr; company Ind AS net debt/equity 14% nets cash equivalents only
FY26 capex	₹405 Cr (Screener PPE purchase)	[Fact]	₹386.8 Cr per AR; USD 46 mn per deck
Free float	~49% (ex promoter 26.72% and AGP 24.28%)	[Calc.]	~36% if institutions (FII 10.22%, DII 2.85%) also excluded

Data freshness: prices 13 Oct 2026; latest reported quarter Q1 FY27 (Jun-26, results 11 Aug 2026); FY26 AR filed 14 Aug 2026; shareholding Jun-26 (Sep-26 pattern not yet available). Q2 FY27 results expected ~mid-Nov 2026. INR Cr unless stated. Labels: [Fact] sourced; [Est.] calculated/derived; [Analyst View] Aamara assessment; [Inferred]/[Unverified] as flagged by the research inputs. Primary-text spot verification against AR_FY26/AR_FY25 text extracts was not re-performed at assembly (no search tool available); figures carried from the research inputs.

Analyst Notes

One-line read: a good global franchise inside a bad industry and a complicated ownership structure. The stock trades at roughly look-through value. The upside case depends on an AGP/promoter event more than on the BOPET cycle. [Analyst View]

What Polyplex actually is. On assets it is a real global business: the #2 thin-BOPET producer outside China, integrated into resin at every site, with onshore plants behind tariff walls in the US, Turkey/EU, Indonesia, Thailand and India. Look at the segment-like disclosure, though, and the picture is narrower. In FY26 the D-PAC specialty book (108 KMT, 29% of volume) made ~USD 87 mn of incremental EBITDA. Standard film (263 KMT) made -USD 22 mn. Standard film has been EBITDA-negative in FY24, FY25 and FY26. The industry is running at ~54% global thin-film utilisation (53% trough in 2026E, only ~64% by 2030E). China built ~73% of the 4.5 MMT added since 2019, and India is adding 13 lines into a ~69%-utilised market. Polyplex is a specialty business carrying a loss-making commodity base, not a commodity producer with a specialty kicker.

FY26 was the trough; Q1 FY27 was a windfall. FY26 revenue rose 3% on 8% higher volume. Normalized EBITDA fell 23% to ₹575 Cr (8.1%) and reported EBITDA was ₹349 Cr (4.9%) after a ₹138 Cr non-cash FX loss. PAT before minorities was ₹41 Cr and owners' PAT ₹45 Cr, an RoE of ~1%. The cause was a ₹270 Cr fixed-cost jump from the US Line 14 ramp (US entity -₹158 Cr PAT), Indonesia (-₹62 Cr), US reciprocal tariffs on the distribution business and unplanned maintenance. The dividend went from ₹13.5 to ₹3. Q1 FY27 then printed normalized EBITDA of USD 38.2 mn (₹362 Cr, 16%), the best quarter since Q1 FY23. ₹296 Cr (13.1%) is the Screener-basis number. Owners' PAT was ~₹91 Cr, more than all of FY26 (pre-MI ₹171 Cr). The bridge says why: +USD 26.1 mn of rate value-addition from Middle East-driven raw-material and price moves, precautionary buying and stock gains. Management guided Q2 down to ~USD 28.6 mn and wrote that margins "are expected to be offset by steep retraction in prices once the situation normalises". I take them at their word. Q1 FY27 is not a run-rate. Trailing P/E of 20.5x on ~₹155 Cr owners' TTM PAT already capitalises part of it.

The holdco problem is the real valuation issue. About 78% of total income comes from PTL, and 49% of PTL belongs to Thai minorities. In Q1 FY27 minorities took ~₹80 Cr of the ₹171 Cr. On a look-through basis the 51% PTL stake is worth ≈₹1,824 Cr at THB 13.80 (INR/THB 2.88, the 31-Mar-26 rate; spot unverified). Add ~₹513 Cr of PCL + Singapore net cash after the PDPL payment and ₹500–750 Cr for the India business, and you get ~₹2,840–3,090 Cr. That is roughly the ₹3,180 Cr market cap. There is no holdco discount at the PCL level. The discount sits at PTL, which trades at ~0.63x book. On book value the PCL discount is 18–23%. At the Thai IFA's THB 21.71–23.56 it is ~18–27% [Est.].

The competitor in the room. AGP Holdco (Al Ghurair / Taghleef, a global BOPP/CPP/specialty film group) bought 24.28% of PCL from a promoter entity in Nov 2023, just under the 25% open-offer trigger. Put/call options exist with promoter-group members; the AR confirms them but does not disclose terms. AGP's nominee sits on the Audit Committee and NRC. Vendor data showed 99.94% of promoter shares "encumbered" through Mar-25 and released in Jun-25, which is likely tied to the AGP arrangement [Inferred]. In Jun–Aug 2026 AGPH (Thailand) tendered for PTL at THB 15, well below the IFA value. PCL refused to tender, and AGPH ended with 18.09% of PTL. On 7 Oct 2026 PTL approved buying a used BOPP/BOPE line from Taghleef (an RPT, USD 2.91 mn of main equipment in a USD 15.2 mn project). On 6 Oct 2026 Bhilangana Hydro transferred its 6.07 lakh shares to Secure Investments at ₹1,040, an intra-promoter consolidation that lifts Secure to ~24.0%. The street links this to a Nov-2026 option window. That claim is from ValuePickr and is [Unverified]. My read: the Al Ghurair group is building a position at both listed tiers, and minorities at PCL have no visibility on the option economics. That cuts both ways. It could produce a control transaction or open offer at a premium. It could also mean the crown-jewel subsidiary gets accumulated cheaply below PCL. [Analyst View]

What tempers it. Governance is not abusive, but it is untidy. The auditors modified their report on the SAP audit trail while the Directors' Report claims "no qualifications". The May-2026 reshuffle moved the Audit/NRC chair from independent to non-independent two days after a promoter director resigned, with no reason given. ~90% of CSR goes to the Chairman-linked Rekhta Foundation. An independent director's law firm and the CEO's spouse are paid. There was a Reg. 23 RPT lapse at PTL–EcoBlue. The EcoBlue minority's ~THB 1,312 mn (~₹377 Cr) put-arbitration is neither provided for nor counted in the ₹1.6 Cr contingent liabilities. A step-down subsidiary breached its DSCR covenant and got a waiver. The CEO and CS are both 67, with no disclosed successor.

What supports it. The balance sheet is sound: ₹1,248 Cr cash and investments vs ₹935 Cr debt, ₹1,308 Cr undrawn lines, IND AA-/Stable. The stock trades at 0.75x book (~₹1,351/share, although FY26 book growth was mostly FX translation). Capex is modest (USD 73 mn pipeline). Specialty economics have held at USD 0.8–0.95/kg through the trough.

What to watch: (1) Q2 FY27 results ~mid-Nov vs the USD 28.6 mn guide; (2) Ministry of Finance notification of Indian anti-dumping duty on thin PET film (DGTR final findings 29 Sep 2026), which helps India and hurts PTL's exports to India; (3) the Bazpur 52.4 kt line in Q4 FY27, landing in an oversupplied India; (4) any AGP/promoter transaction, SAST filing or open offer; (5) the Sep-26 shareholding pattern (due by 21 Oct 2026).

What the market prices vs what I think	Market (implied)	Aamara view
Earnings base	TTM owners' PAT ~₹155 Cr at 20.5x	Normalised owners' PAT likely ₹100–150 Cr mid-cycle; Q1 FY27 inflates TTM [Analyst View]
Asset value	0.75x owners' book	Book includes ₹452 Cr FCTR gain; PTL itself at 0.63x book
Corporate action	Partially priced (stock +25% to ₹1,268 high, then -20%)	Real but unquantifiable; option terms undisclosed
Cycle	Bottomed	Industry utilisation stays ~53–64% to 2030E; specialty carries the group

Business Deep-Dive

Corporate structure

Entity	Country	Role	PCL effective %
Polyplex Corporation Ltd (PCL)	India	Listed parent; Khatima + Bazpur plants	100%
Polyplex (Asia) Pte Ltd (PAPL)	Singapore	Investment/trading holdco; holds 33.81% of PTL	100%
Polyplex (Thailand) PCL (PTL)	Thailand (SET)	Thai plant; holdco for all other overseas ops	51% (17.19% direct + 33.81% via PAPL)
Polyplex (Singapore) Pte Ltd	Singapore	Investment/trading (under PTL); dormant	51%
Polyplex Europa Polyester Film (PE)	Turkey	BOPET, resin, metallizing, coating, blown film	51%
Polyplex Paketleme Cozumleri (PP)	Turkey	Packaging solutions; holography (2019/20)	51%
Polyplex Europa B.V. (PEBV)	Netherlands	EU trading and distribution	51%
Polyplex America Holdings Inc → Polyplex USA LLC	USA	Decatur, Alabama plant + US distribution (Spectrum Marketing, 2006-07)	51%
PT Polyplex Films Indonesia (PFI)	Indonesia	Banten: BOPET, BOPP, resin, metallizing	51%
EcoBlue Ltd	Thailand	Recycling (rPET, rPP, rHDPE); PTL 66.5%, minority 33.5%	33.92%
Polyplex DigiPrint Pvt Ltd (ex-TechNova Printrite)	India	Digital print media; 51% from 30-Apr-2026; final consideration ₹73.49 Cr	51%
BECIS Solar 1 Pvt Ltd	India	Captive solar; associate, not consolidated	26%
Onsite Solar Energy Pvt Ltd	India	Captive solar (₹1.50 Cr, classed as security deposit)	26%
PAR LLC	USA	Dissolved 27-Mar-2026; ₹5.2 Cr remitted to PAPL	–

Products: base films and resin

Product	What it does	Key applications	Capacity (MTPA)	Rev mix FY25→FY26
Thin BOPET (Sarafil®)	<50 micron PET: strength, heat resistance, barrier, clarity, recyclable	Flexible packaging (snacks, coffee/tea, confectionery, pet food, dairy, pharma, tobacco); labels, tapes, hot-stamping foil, MLCC, release liners, EV battery, window film, FRP	284,000 (+52,400 Bazpur Q4 FY27 = 336,400)	51% → 53%
Thick BOPET	50–350 micron (Thailand line); India Line-1 revamped for intermediate/specialty	Electrical insulation, PV backsheet, screen protection, face shields, electronic/release liners	28,800 (Thailand)	4% → 4%
BOPP	Biaxially oriented PP	Food packaging, textile bags (India), labels, tape, cigarette overwrap, pearlized, matte, anti-fog	95,000 (India 35,000; Indonesia 60,000)	14% → 14%
CPP	Cast PP multilayer; sealable, metallizable	Snack, bakery, retort; laminates; medical; labels; FPC carrier	10,000 (Thailand)	3% → 3% (CPP + Blown)
Blown PP/PE	Tubular multilayer; 5 lines (Thailand 2013, 2018, 2021, Feb-2026; Turkey Mar-2022)	Mulch, airbag substrate, sealant layers, shrink/stretch, retort PP, liners, underlayment	21,637 (Thailand 17,245; Turkey 4,392)	3% → 3% (CPP + Blown)
PET resin (chips)	Film-grade PET from PTA+MEG incl. chemically recycled (glycolysis) and mechanical rPET	Captive film feed; merchant resin incl. food-grade rPET	435,500 + 59,700 mech. recycled (EcoBlue)	9% → 6%
Other (scrap, traded)	–	–	–	2% → 4%

Downstream / value-added (17% of revenue in FY25 and FY26)

Business	Process / product	Applications	Capacity
Metallizing	Vacuum Al deposition on PET/BOPP/CPP; high and ultra-high barrier (foil replacement)	Coffee, milk powder, snacks, confectionery, electronics	102,150 MT; +17,000 MT India (USD 7 mn, Q4 FY27) = 119,150
Silicone coating	3 offline lines (India 1, Thailand 2); inline at Thailand, Turkey, USA; Turkey offline due Q2 FY27	Label liners, tapes, electronics, EV, medical, roofing peel-and-stick	in Coated
Extrusion coating (Saralam®)	Thermal lamination film; 2 Thai lines (2008, 2013)	Documents, ID cards, book covers, cartons; market growth 3–5%	in Coated
Offline chemical coating (Saracote®, Saraprint®)	AlOx barrier, lidding, matte, heat transfer, soft-touch, hot-stamping; digital print media (HP Indigo, laser, inkjet, UV)	Premium packaging, photo books, labels, shrink sleeves, signage	1,832 Mn sqm (India 407, Thailand 985, Turkey 320, USA 120); +158 Turkey = 1,990 (FY25: 1,682)
Holography	Seamless + shim embossing then metallized	Anti-counterfeit, hot-stamping foil, security labels, tobacco; India market ~12,000 t, ~6% growth	5,520 MT (India 5,040; Thailand 480)
Transfer/Direct Metallized Paper (TMP/DMP)	Metal transferred onto FSC® paper; 2nd laminator H2 FY26 (Bazpur)	Label face stock, gift wrap, cigarette wrap, cartons; India TMP ~10–11k t	152 Mn sqm (FY25: 83)
Digital Print Media (PDPL)	Polyester, paper, textile substrates	Signage, graphics, wide-format	coater in Coated total
Recycling (EcoBlue, since 2013)	PCR/PIR PET, PP, HDPE → food-grade rPET, rPP, rHDPE; recycles coated/printed/metallized scrap	Bottles, PET film, yarn; Strap2Strap™, CircuLiner™; ocean-bound plastics	rPET 49,200 TPA; polyolefin 10,500 TPA; extrusion 59,700 MT

D-PAC (specialty) portfolio

D-PAC = Differentiated products, Application-specific solutions, Customers with high qualification barriers.

Packaging (PET): holographic; specialty-coated wet-wipe; high-barrier metallized (coffee/milk powder); susceptor; AlOx transparent barrier; thermoformable lid (e.g., Kinder Joy); monomeric high-seal PET (mono-PET laminates); cold-formable pharma blister; biodegradable PET; coated matt; peelable lidding; rPET (90% PCR); straight-tear zipper film. BOPP: anti-fog, ultra-high-barrier metallized, matte, cigarette overwrap, pearlized. Other: blown retort PP; holo/metallized paper; heat-sealable barrier paper; BOPLA.
Industrial: inline siliconized release liner; Li-ion battery pouch-cell film; PV backsheet; low-metallized electronics; anti-fog face shield; heavy-metal-free battery labels; mulch; medical CPP.
Label: durable PET label face; high-shrink sleeve; pearlized BOPP; PE label face; metallized/holo paper labels.
Digital/thermal: HP Indigo/laser/inkjet/UV films; backlit PET/BOPP; thermal films.
FY26 launches: Fuji-printer media, industrial tag media, ultra-matte film, low-SIT peelable; PVC/chlorine/antimony-free films; monomeric PET structures; up to 100% PCR Sarafil rPET.

Volume mix	FY21	FY22	FY23	FY24	FY25	FY26
D-PAC volume (KMT)	73	94	92	94	104	108
Standard volume (KMT)	233	229	268	244	239	263
Total film volume (KMT)	306	323	360	338	343	371
D-PAC % of volume [calc.]	24%	29%	26%	28%	30%	29%
D-PAC incremental EBITDA (USD/kg)	0.75	0.81	0.93	0.89	0.91	0.81

D-PAC share of volume has been flat at ~29–30% since FY22. The new US line added mostly standard volume in FY26: standard +24 KMT, D-PAC +4 KMT. Q1 FY27: 30 KMT D-PAC / 62 KMT standard at USD 0.95/kg, with standard EBITDA positive.

How they make it

Polyester chain: crude/gas → paraxylene → PTA; ethylene → MEG. Together with PET bottle flakes these feed captive resin at every site, then base film, then downstream, then converters and CPGs/OEMs. Polyolefin chain: merchant PP/PE → BOPP/CPP/blown.
Resin: continuous polymerization plus batch lines (Turkey 2021; Thailand upgraded 2022). Direct Melt Casting sends melt straight to the die (first Indian producer to use it). US resin was debottlenecked from 58,000 to 86,000 MTPA in FY25.
Chemical recycling (glycolysis): bottle flakes → rPET resin "same as virgin"; up to 100% PCR. Thai PM Innovation Award 2021.
Lines: newest lines are 10m+ wide (Indonesia, USA Line 14, Bazpur). "First in industry to operate a 10.6 m line @ 675 mpm". Older lines are repurposed for specialty. Co-extrusion, twin-screw, inline coating.
Downstream assets: metallizers; offline coaters (Bazpur OLC-3 FY26; Turkey 2014/2022; Thailand; USA 2025); silicone and extrusion coaters; holography embossers; TMP laminators.
R&D/IP: DSIR-recognized centre; 40 patents granted (32 in FY25), 6 filed (Q1 FY27 deck: 42 patents); 43 trademarks; standalone R&D ₹6.4 Cr.
Energy/ESG: 11.25 MWp renewables (Bazpur 40 lakh kWh, Khatima 28 lakh kWh solar); renewables 7% of electricity; rice husk boilers (Bazpur 17,334 MT, Khatima 8,820 MT); SBTi commitment; -30% Scope 1+2 intensity by FY30 vs FY19; zero waste to landfill by FY30.

Facilities and capacity (MT/yr unless stated)

Location	PET resin	Mech. rec.	Thin BOPET	Thick	BOPP	CPP	Blown	Metallized	Holo	Coated (Mn sqm)	TMP (Mn sqm)
India (Khatima + Bazpur)	77,600	–	55,000 (+52,400)	–	35,000	–	–	32,500 (+17,000)	5,040	407	152
Thailand (PTL + EcoBlue)	106,050	59,700	42,000	28,800	–	10,000	17,245	21,700	480	985	–
Turkey	75,850	–	58,000	–	–	–	4,392	20,700	–	320 (+158)	–
USA (Decatur, AL)	86,000	–	81,000	–	–	–	–	9,250	–	120	–
Indonesia (Banten)	90,000	–	48,000	–	60,000	–	–	18,000	–	–	–
Total existing	435,500	59,700	284,000	28,800	95,000	10,000	21,637	102,150	5,520	1,832	152
Incl. projects	435,500	59,700	336,400	28,800	95,000	10,000	21,637	119,150	5,520	1,990	152

Base film 491,837 MTPA incl. upcoming (439,437 existing); resin 495,200 MTPA. "8 manufacturing facilities in five countries" (FY26 p.5); the FY25 AR and FY26 CEO letter say 7, likely the difference is PDPL (location undisclosed). Turkish, Thai and Indonesian town locations are not stated in the ARs (commonly cited Corlu/Tekirdag and Cilegon) [Unverified]. Plant land and building areas are not disclosed. Group capacity grew from ~447 kt (2012) to 1,181 kt (2027E), a 7% CAGR. Khatima: first BOPET 1988, resin 1996-97, metallizer 2002, silicone coater 2006-07, OLC 2014, holography 2018. Bazpur: BOPP+BOPET 2010, TMP 2019-20, OLC-3 + laminator FY26, new line on surplus land. Overseas: Thailand 2003 (PTL listed 2004), Turkey 2005, USA 2013, Indonesia 2019/20 (BOPP 2021).

Thin PET utilisation	FY21	FY22	FY23	FY24	FY25	FY26
Production (KMT)	229	232	231	230	226	248
Polyplex CUF	99%	99%	99%	98%	96%	87% (94% ex-US line)
Industry CUF	82%	81%	74%	67%	59%	54%
Base-film production (KMT)	305	326	355	343	346	369

Chart: Polyplex runs near-full while the industry sinks to ~54%. The FY26 dip is the new US line ramp.

Projects

Project	Location	Capex	Capacity	Start-up / status
Brownfield thin BOPET Line 15 (12 micron)	Bazpur	USD 56 mn (was 58); 2:1 debt:equity	52,400 TPA	Q4 FY27 (initially H1 FY28; "much before" schedule)
2 metallizers	India	USD 7 mn	+17,000 MT	Q4 FY27
Offline/silicone coater	Turkey	USD 10 mn	+158 Mn sqm	Q2 FY27 (slipped from Q4 FY26, then Q1 FY27)
Used 6.6 m 5-layer BOPP/BOPE line (ex-Taghleef USA; RPT)	Thailand (PTL)	USD 15.2 mn (~₹147 Cr), internal accruals	+12,000 t/yr (existing 98,045 t at 80% CUF)	Approved 7-Oct-2026; Q4 FY28
USA Line 14 (50,000 t) + resin debottleneck + 2,100 t OLC	Decatur	Large; Line-14 USD loan prepaid 18-Mar-2026	US thin 81,000 t	Commercial Mar-2025 (HR section says "Q4 FY25-26": AR inconsistency); slow ramp
Thailand blown line 5	Thailand	USD 5 mn	+3,600 t	Started Feb-2026
OLC-3 + 2nd TMP laminator	Bazpur	USD 4–4.5 mn	Coated +, TMP 83→152 Mn sqm	Laminator Oct-2025; coater Feb-2026
Captive solar (CleanMax, BECIS)	India	n/d	–	Approved 25-Mar-2026

Certifications

Site	ISO 9001	ISO 14001	ISO 45001/OHSAS	FSSC 22000
Khatima	1996	2002	2004	2008
Bazpur	2010	2010	2012	2012
Thailand	2003	2004	2008	2009
Turkey	2006	2009	2009	2006
USA	2018	2018	–	2021
Indonesia	2020	2020	–	2021

Also: ISO 50001 (Khatima, Bazpur 2013 + 3 overseas sites); FSC® chain of custody; EcoVadis awards. rPET: ISCC PLUS, RCV, APR PCR, US FDA NOL, EFSA, FSSAI, RCS, GRS (some in progress). EcoBlue: FDA, EFSA, GRS, RecyClass, Ocean Bound Plastic (2024). IATF 16949 / ISO 13485 / AS9100 are not applicable. Industry firsts: first Indian company with overseas manufacturing; first into metallizing and digital-print films; patented metallized-BOPET recycling.

Export footprint and go-to-market

Metric	FY26	Note
Customers / countries	~2,925 / ~85	FY25: ~2,735 / ~86
Revenue India / outside India	₹1,331.1 Cr (18.8%) / ₹5,754.7 Cr (81.2%)	India +32.5%, outside -2.1%
PCL standalone exports	21.9% of turnover, 42 countries	FX earnings ₹355.7 Cr (FY25 ₹557.1 Cr, -36%)
Warehouses / offices	Poland, Germany, Netherlands; liaison Korea, Japan; presence Vietnam, Philippines, Singapore	EU sales team in 9 countries + Turkey, UK
Sales headcount	India 50 (15 locations); Other Asia 23 (8); Europe 28 (9); N. America 12 (6)	–

Segment Analysis

There is a single reportable segment, "Polymeric films" (Ind AS 108), and no customer is ≥10% of revenue. Three proxies follow: (1) D-PAC vs Standard EBITDA, (2) product revenue mix, (3) entity-level AOC-1 results.

Consolidated headline

₹ Cr	FY22	FY23	FY24	FY25	FY26	Q1 FY26	Q1 FY27
Sales (annual: sales only; qtr: rev. from ops)	6,607.2	7,640.3	6,294.4	6,869.3	7,075.8	1,739	2,254
Normalized EBITDA	1,382.0	1,059.7	504.6	751.8	575.4	n.a.	362
Normalized margin	21%	14%	8%	11%	8%	–	16%
Reported EBITDA incl. other income	–	–	425.4	791.4	436.9	~(0.6)	297
PAT before minority	964.8	615.5	86.4	357.7	40.9	(60)	171
PAT to owners	~569	~348	37.8	209.2	45.0	(19.3)	91
Sales volume (MT)	322,785	359,646	338,047	342,685	370,515	–	91,417
Realisation (₹/kg) [calc.]	204.7	212.4	186.2	200.5	191.0	–	~246.6
CFO adj. for inter-co tax	574.4	827.5	552.4	470.2	562.9	–	–

FY25 restated in AR-FY26 (originally normalized EBITDA 740.5, PAT 346.4). USD: FY25 revenue 812 mn, EBITDA 89 mn, PAT 42 mn, capex 59 mn; FY26 801 / 65 / 4.6 mn. Q1 FY27 ₹2,250 Cr per deck vs ₹2,254 Cr filing. Q1 FY27 realisation is +29% vs FY26 average, i.e. raw-material-led price inflation.

Proxy 1: D-PAC (specialty) vs Standard EBITDA (USD mn)

USD mn	FY21	FY22	FY23	FY24	FY25	FY26
D-PAC incremental EBITDA	55	76	85	83	95	87
Standard EBITDA	116	110	47	(22)	(6)	(22)
Total EBITDA	171	186	132	61	89	65
D-PAC share [calc.]	32%	41%	64%	136%	107%	134%

Chart: specialty carries all the profit since FY24 (USD mn).

Q3 FY26 YTD annualised: D-PAC USD 0.82/kg (USD 65 mn), standard -USD 13 mn. Note: market.md's chart-read swapped FY25/FY26 standard values; this report uses the deck/AR values (FY25 -6, FY26 -22), which reconcile to the totals.

Proxy 2: revenue by product line

Line	FY25 %	FY25 ₹ Cr [Est.]	FY26 %	FY26 ₹ Cr [Est.]	YoY [Est.]	Q1 FY27 %
Thin PET	51%	~3,503	53%	~3,750	~+7%	54%
Downstream	17%	~1,168	17%	~1,203	~+3%	17%
BOPP	14%	~962	14%	~991	~+3%	14%
PET resin (incl. recycled)	9%	~618	6%	~425	~-31%	7%
Thick PET	4%	~275	4%	~283	~+3%	3%
CPP/Blown	3%	~206	3%	~212	~+3%	2%
Other (scrap, traded)	2%	~137	4%	~283	n.m.	3%

Audited (note 32), ₹ Cr	FY25	FY26	YoY
Plastic film	6,173.4	6,416.0	+3.9%
Resins	558.8	507.6	-9.2%
Others	137.1	152.2	+11.0%
Application: Packaging / Industrial	65 / 35	65 / 35	–

Region mix	FY25	FY26	Q1 FY27
Americas	31%	31%	32%
Other Asia	24%	25%	28%
Europe	21%	20%	19%
India	16%	19%	16%
RoW	8%	5%	4%

The FY26 Europe/Other Asia split is inferred from label order (AR p.60). India 19% matches the audited 18.8%. India growth is partly re-routing: PCL's FX earnings fell 36% as exports were redirected home under US tariffs. The AR-FY26 "operating company" pie (20/14/27/16/16/7) is identical to FY25's, likely stale, and is not used.

Proxy 3: entity results (AOC-1, FY26)

Entity	Turnover ₹ Cr (closing rate)	Local-ccy turnover YoY	PAT FY25	PBT FY26	PAT FY26	Total assets	Group %
Polyplex USA LLC	2,067.1	USD -0.6% (220.5→219.1 mn)	19.5	(215.0)	(158.5)	2,730	51%
PTL standalone (equity method from 1-Apr-25)	1,651.5	THB -17.3% (6.94→5.74 bn)	109.8	(64.7)	(51.0)	7,272	51%
PCL standalone (India)	1,490.5 (total income 1,556.1)	INR -3.4%	77.1	74.1	59.2	–	100%
Polyplex Europa (Turkey)	1,327.2	EUR -6.9% (131.8→122.7 mn)	163.5	179.3	146.7	4,588	51%
PT Polyplex Films Indonesia	1,183.6	IDR -3.5%	(0.6)	(80.5)	(62.4)	1,444	51%
EcoBlue (Thailand)	356.3	THB -18.9%	34.9	62.7	62.0	305	33.92%
Polyplex Paketleme (Turkey)	287.6	TRY +63.7% (inflation)	5.6	10.1	7.7	105	51%
Polyplex (Asia) Pte	136.4	USD +7.6%	51.6	48.0	41.8	879	100%
Polyplex Europe BV	31.0	EUR -9.7%	0.8	0.8	0.6	21	51%
Polyplex Singapore	~0	–	–	(0.3)	(0.3)	–	51%
PAR LLC (dissolved)	5.3	–	–	4.7	4.2	–	0%
PTL consolidated (Note 46D)	5,603 total income (5,472)	–	291.4	(72.2)	(28.8)	equity 5,644	51%

AOC-1 uses closing rates (USD 94.36 / EUR 108.16 / THB 2.88 in FY26 vs 85.47 / 92.70 / ~2.52), so INR growth is mostly rupee depreciation; consolidated uses ~₹88/USD average. Turnovers include inter-company sales. Turkey is the profit engine: a local producer behind a 10% duty and a USD 2.5/kg minimum import price.

Fastest growers (FY26): India-destination sales +32.5% (partly re-routed); volume +8% via the US line (standard +10%); downstream capacity (TMP +83%, coated +9%); EcoBlue PAT +78%.

Under pressure: Polyplex USA (+₹19.5 Cr to -₹158.5 Cr; tariffs and ramp costs); Indonesia (losses widened); Thai own sales -17% in THB; standard films overall. Every manufacturing entity's local-currency turnover was flat or down.

Management focus: accelerate the US ramp "while maintaining an optimum and profitable product mix"; D-PAC and specialty; downstream (metallizers, coaters, PDPL digital print); India BOPET Line 15; "evaluate investment opportunities across both base films and downstream speciality films, with a disciplined approach to capital allocation".

Financials: P&L

Holding-company format: every PAT figure is shown both before minority interest (consolidated) and attributable to owners. ~49% of PTL-group profit belongs to Thai minorities.

EBITDA basis bridge: why three numbers exist

₹ Cr	FY26	Q1 FY27	Basis / label
EBITDA, Screener basis (ex other income, after unrealised FX)	349 (4.9%)	296 (13.1%)	[Fact] "reported"
+ Other income	88	25	[Fact]
= Reported EBITDA incl. other income	437 (6.2%)	~321 (297 per some aggregators)	[Fact/calc.]
+ Unrealised FX loss on FC long-term loans	138.5	39.7	[Fact] non-cash, intra-group loans
= Normalized EBITDA (company definition)	575 (8.1%) / USD 65 mn	362 (16%) / USD 38.2 mn	[Fact] company basis

Five-year consolidated P&L

₹ Cr	FY22	FY23	FY24	FY25	FY26	TTM (Q2FY26–Q1FY27)
Revenue from operations	6,624	7,652	6,307	6,885	7,086	7,601
YoY growth	+35%	+16%	-18%	+9%	+3%	–
Gross profit	n/a	n/a	2,162	2,544	2,631	–
GP margin	n/a	n/a	34.3%	36.9%	37.1%	–
EBITDA reported (ex OI)	1,308	947	367	696	349	592
EBITDA margin	19.7%	12.4%	5.8%	10.1%	4.9%	7.8%
Other income	128	95	58	95	88	137
Normalized EBITDA (co.)	1,382	1,060	505	752	575	–
Normalized margin	21%	14%	8%	11%	8%	–
Depreciation	273	296	307	300	363	372
EBIT	1,163	746	118	491	74	358
EBIT margin	17.6%	9.7%	1.9%	7.1%	1.0%	4.7%
Finance cost	16	35	42	46	53	56
PBT	1,147	711	76	445	20	302
PBT margin	17.3%	9.3%	1.2%	6.5%	0.3%	4.0%
Effective tax rate	16%	13%	-14%	20%	-101%	–
PAT before minority	965	616	86	358	41	272
Minority (NCI) share	~396	~268	49	149	(4)	~117
NCI % of PAT	41%	43%	56%	42%	n.m.	43%
PAT attributable to owners	~569 [Est.]	~348 [Est.]	38	209	45	~155
Owners' PAT margin	8.6%	4.6%	0.6%	3.0%	0.6%	2.0%
EPS (owners), ₹	181.19	110.96	12.05	66.64	14.32	49.47
Sales volume (MT)	322,785	359,646	338,047	342,685	370,515	–

FY24–FY26 owners/NCI splits are audited (FY24 37.83/48.55; FY25 209.21/148.51; FY26 44.95/(4.02)). FY22–FY23 owners' PAT = EPS × 3.1392 cr shares, with NCI as the residual. Screener: 5-yr sales CAGR 8%, profit CAGR -47%; 3-yr RoE ~2%.

Chart: revenue is flat while margins collapsed from 21% to 8%.

Chart: owners keep ~55–60% of consolidated profit in normal years.

FY26 normalized EBITDA bridge vs FY25

Item	₹ Cr	USD mn (deck)
FY25 normalized EBITDA	751.8	85.1
Volume VA (thin PET & OPP)	+202.3	+22.9
Rate VA	(59.0)	(6.7)
Other film & chips	(48.7)	(5.5)
Other variable cost	(21.8)	(2.5)
Fixed cost	(270.4)	(30.6)
Other income	+21.2	+2.4
FY26 normalized EBITDA	575.4	65.1

FY26 cost line	₹ Cr	YoY
Raw materials consumed	4,168	+2% (59% of sales)
Employee cost	763	+24%
Power & fuel	478	+8%
Selling (freight 240)	299	+7%
Packing	286	+8%
Administrative	258	+26%
Stores & spares	215	+12%
Repairs & maintenance	112	+24%
Depreciation	363	+21%
Total FX loss in other expenses	152	(unrealised on LT loans 138.5)

Volume rose 8% but revenue only 3% because prices fell. Other income components FY26 (FY25): insurance claims 18 (9); export incentives 10 (16); other non-operating 30 (14); FY25 included a ₹33 Cr FX gain. Tax was a ₹21 Cr credit: current 55.6, deferred (74.0) from a DTA on losses, earlier years (2.2). Deck "current-tax adjusted" ETR 125.4%. Normalized EBITDA/kg USD 0.18 (FY25 0.26; FY22 0.57).

Last 8 quarters (consolidated)

₹ Cr	Q2FY25	Q3FY25	Q4FY25	Q1FY26	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Revenue	1,739	1,721	1,740	1,739	1,794	1,682	1,871	2,254
Revenue YoY	+10.6%	+15.0%	+3.6%	+3.1%	+3.2%	-2.3%	+7.5%	+29.6%
Revenue QoQ	+3.1%	-1.0%	+1.1%	-0.1%	+3.2%	-6.2%	+11.2%	+20.5%
EBITDA (ex OI, Screener)	191	121	64	(1)	103	105	88	296
EBITDA margin	11.0%	7.0%	3.7%	-0.1%	5.7%	6.2%	4.7%	13.1%
Normalized EBITDA (USD mn, deck)	23	20	22	22	16	13.9	14.0	38.2
Other income	100	107	18	30	23	27	62	25
Depreciation	79	76	76	86	89	94	94	94
Interest	11	12	11	14	13	13	13	17
PBT	202	142	(6)	(71)	23	25	43	211
PAT before MI	164	105	(9)	(60)	34	30	38	171
PAT to owners (~EPS × 3.139 cr)	~88	~58	~10	(19.3)	~25	~15	~25	~91
Implied NCI	~76	~47	~(19)	~(41)	~9	~15	~13	~80
EPS (owners), ₹	27.97	18.40	3.22	(6.15)	7.87	4.70	7.90	29.00
Unrealised FX (₹ Cr, deck)	–	gain 58.2	loss 105.1	loss 156.4	loss 12.7	gain 8.5	gain 22.1	loss 39.7
Standalone sales / PAT	393 / 15	405 / 19	382 / 37	392 / 22	373 / 16	331 / (8)	401 / 29	440 / 12

Q1 FY26 was the trough (EBITDA ~0 on FX restatement of USD/EUR intra-group loans plus US tariff disruption). Q2/Q3 FY25 other income was inflated by FX gains. Q1 FY27 drivers: Middle East-driven price and raw-material moves, opportunistic buying, IEEPA tariff invalidation, US ramp; PDPL consolidated from 30 Apr 2026. Q2 FY27 (Sep-26) is not yet reported.

Chart: 17 quarters plus the Q2 FY27 guidance bar (dashed). Q1 FY27 is the outlier, not the trend.

Earnings quality: profit vs cash

₹ Cr	FY22	FY23	FY24	FY25	FY26	5-yr
PAT pre-MI	965	616	86	358	41	2,066
PAT to owners	~569	~348	38	209	45	~1,209
CFO	560	802	455	438	537	2,792
CFO / PAT (pre-MI)	0.58x	1.30x	5.3x	1.22x	13.1x	1.35x
CFO / reported EBITDA	43%	85%	124%	63%	154%	76%

One-off / non-cash item	Period	Amount	Effect
Unrealised FX loss on FC LT loans	FY26	₹138.5 Cr (not tax-deductible)	Depressed reported EBITDA and PAT; non-cash
Deferred tax credit (DTA on losses)	FY26	₹74.0 Cr	Flattered PAT (tax credit ₹20.5 Cr vs PBT ₹20.4 Cr)
Unrealised FX loss / DTA credit	FY24	₹69 Cr / ₹51 Cr	Same pattern
FX gain in other income	FY25	₹33 Cr (unrealised gain ₹40 Cr)	Flattered FY25
Stock gains + opportunistic buying	Q1 FY27	Rate VA +USD 26.1 mn	Management expects reversal
PDPL transaction costs	Q1 FY27	n/d	In fixed cost
EPR provision	FY25	₹7.68 Cr (nil FY26)	Regulatory

Read: FY22's 0.58x CFO/PAT was a cyclical-peak working-capital trap (inventory +₹495 Cr, receivables +₹434 Cr). FY24/FY26 CFO far above PAT reflects non-cash FX and DTA, not aggressive accounting. Cumulative FY22–26 FCF of ₹692 Cr roughly matched dividends to owners plus NCI. ~49% of PTL's cash flow belongs to minorities. PTL alone generated ₹446 Cr CFO in FY26 vs ₹100 Cr standalone. [Analyst View]

Financials: Balance Sheet, Cash Flow & Ratios

Five-year consolidated balance sheet

₹ Cr (31 Mar)	FY22	FY23	FY24	FY25	FY26
Net fixed assets (PPE+ROU+inv. prop.)	3,152	3,252	3,002	3,944	4,226
CWIP	126	196	628	36	70
Goodwill	negl.	negl.	0.25	0.33	0.44
Inventory	1,309	1,363	1,346	1,566	1,712
Trade receivables	1,104	921	971	1,016	1,125
Cash + bank	906	980	706	730	825
Cash + bank + liquid/bond investments	1,228	1,256	1,081	1,074	1,248
Total debt incl. leases	946	799	748	882	935
Net cash	282	457	333	192	313
Trade payables	509	465	538	508	626
Net worth: owners	3,316	3,483	3,511	3,763	4,240
Non-controlling interest	2,006	2,286	2,300	2,458	2,797
Total equity	5,322	5,769	5,811	6,221	7,037
Total assets	7,216	7,373	7,383	7,954	8,870
BVPS (owners), ₹	1,056	1,110	1,118	1,199	1,351

FY26 owners' equity includes ₹452 Cr of an ₹819 Cr FCTR translation gain, so book growth is mostly rupee depreciation. Deck book values: ₹1,299 (Dec-25), ₹1,342 (FY26), ₹1,388 (Jun-26; shareholders' funds ₹4,357 Cr). FY26 asset detail: PPE 4,195; ROU 26.8; capital advances/other NCA 173; DTA 70 vs DTL 44; NC investments 114 (bonds); current investments 234; deposits >3 months 502 plus 76 for >12 months. Receivables ageing: not due 999; 0–180 days past due 119; >180 days 7.6 (from 1.5); ECL 15.4. Contract liabilities ₹45.1 Cr. Capital commitments ₹349.7 Cr; LCs ₹428 Cr (FY25 ₹188 Cr).

FY26 liquidity breakdown	₹ Cr
Cash	229
FDs <3 months	94
FDs 3–12 months	497
Bonds	307
Liquid funds	41
FDs >12 months	76
Total	1,248
Undrawn WC limits	1,308
Total liquidity	2,481

Cash vs debt by tier (MD&A chart, pairing inferred)	Cash	Debt
PCL + PAPL	~826	~240
PTL group	~420	~677
Total	1,245	917
Company net debt/equity (Note 51, cash equivalents only)	14.0% (FY25 12.4%)
Deck net cash	USD 28 mn (FY26); USD 14 mn (Jun-26)

Cash flow and FCF

₹ Cr	FY22	FY23	FY24	FY25	FY26	5-yr
Operating profit before WC	n/a	n/a	458	747	542	–
Working-capital change	n/a	n/a	+65	(267)	+45	–
Tax paid	n/a	n/a	(68)	(41)	(50)	–
CFO	560	802	455	438	537	2,792
Capex (PPE purchase)	(402)	(273)	(517)	(503)	(405)	(2,100)
FCF	158	529	(62)	(65)	132	692
CFI	41	16	(796)	(473)	(509)	–
CFF	(232)	(657)	(152)	(38)	(133)	–
Dividends to owners	n/a	n/a	(25)	(32)	(22)	–
Dividends to NCI	n/a	n/a	(32)	(44)	(24)	–
FCF yield on ₹3,180 Cr mcap	5.0%	16.6%	-1.9%	-2.0%	4.1%	avg 4.4%
Adjusted CFO (AR KPI)	574	828	552	470	563	–

AR capex FY26 ₹386.8 Cr (FY25 ₹484.9 Cr); deck USD 46 / 59 / 62 mn (FY26/25/24). Q1 FY27: capex USD 12 mn; NWC build ~USD 39 mn (inventory pre-build), so CFO after NWC was ~USD 1 mn.

Working capital

Days (Screener, consolidated)	FY22	FY23	FY24	FY25	FY26
Debtor days	61	44	56	54	58
Inventory days	141	110	126	140	150
Creditor days	55	38	51	45	55
Cash conversion cycle	147	116	132	149	153
WC days	72	69	84	79	77
Standalone CCC	97	87	115	106	112
Standalone debtor / inventory / payable days	40/67/10	27/68/8	50/72/7	42/77/13	43/81/12

On revenue, FY26 inventory is 88 days and payables 32 days; on material cost (~₹4,454 Cr) they are ~140 and ~51. The CCC widened on the US line, consignment programs and Middle East safety stocks. Credit period 58 days (54).

Key ratios

Ratio	FY22	FY23	FY24	FY25	FY26
RoE: owners' PAT / avg owners' equity	~17.9%	~10.2%	1.1%	5.8%	1.1%
RoE (co. definition)	25%	14%	2%	7%	1%
RoCE (Screener)	20%	12%	2%	7%	1%
Normalized RoCE (co.)	25%	15%	4%	8%	3%
Debt / total equity	0.18	0.14	0.13	0.14	0.13
Interest coverage (EBIT/interest)	~73x	~21x	2.8x	10.7x	1.4x
EBITDA incl. OI / interest	~89x	~30x	10.0x	17.2x	8.2x (norm. 10.8x)
Current ratio	n/a	n/a	2.97x	2.78x	2.59x
Asset turnover	0.92x	1.04x	0.85x	0.87x	0.80x
Fixed-asset turnover	2.10x	2.35x	2.10x	1.75x	1.68x

Standalone FY26 (FY25): current ratio 2.57 (3.47); D/E 0.32 (0.18); DSCR 5.77 (2.37); RoE 8.07% (11.15%); RoCE 8.46% (13.31%); net margin 3.97% (4.97%); inventory turnover 6.83x; receivables 8.36x; payables 30.1x. Q1 FY27 annualised RoCE 16%, RoE 12% (deck).

Standalone PCL (India)

₹ Cr	FY22	FY23	FY24	FY25	FY26
Revenue	1,785	1,648	1,414	1,563	1,497
EBITDA (ex OI)	271	113	(2)	110	74
OPM	15%	7%	-0.1%	7%	5.0%
Other income (incl. sub dividends)	337	257	37	49	59
Dividend from subsidiaries	n/a	n/a	16	32	21
PBT	555	321	(14)	101	74
PAT	491	295	(9)	77	59
EPS, ₹	156.55	93.85	(2.88)	24.56	18.86
Net worth	732	694	669	713	754
Borrowings	88	26	111	128	241
CFO	142	158	(44)	112	100
RoCE	72%	42%	-1%	14%	9%

FY26 standalone: PPE 283, CWIP 41 (Bazpur), capital advances 114, inventory 220, receivables 177, cash 59, current investments 38; investment in PAPL at cost ₹47 Cr; borrowings NC 100 + current 140; capex ₹161 Cr (FY25 89). Segment capex India ₹110 Cr vs overseas ₹162 Cr. Large FY22–23 other income was mainly upstream dividends from PAPL/PTL.

Debt structure, maturities, lenders and rating

Facility	FY26 ₹ Cr	FY25 ₹ Cr	Terms
Rupee term loans (PCL, Bazpur)	121.0	65.0	₹90 Cr: 18 qtrly instalments from Jun-26; ₹31 Cr: 26 qtrly from Mar-27; 6.86–8.06%
FC term loans	112.4	369.9	PU Line-14 loan (~₹207 Cr) prepaid 18-Mar-26; remaining ₹38.8 Cr + ₹74.1 Cr, PTL guarantee, SOFR-linked
Total term debt	233.4	434.9	Current maturities 74.8
FC WCDL secured (step-down sub)	235.9	82.1	SOFR + 1.5–2.5%
INR WCDL secured (PCL)	42.0	–	6.35–6.55%, 90 days
INR WCDL unsecured (PCL)	77.0	41.0	6.21–7.68%, 180 days
FC promissory notes unsecured (Thailand)	328.8	269.8	1.20–1.25% (FY25 2.04–2.90%)
FC promissory notes secured	–	37.3	–
Total borrowings	917.1	865.1	+ leases 18.2 (17.0); ~75% short-term/WC

Term-loan maturity	₹ Cr
FY27	74.5
FY28	63.7
FY29+	95.2
Total	233.4
Finance cost FY26 (interest 50.0 + charges 3.4)	53.3

Rating (India Ratings, 10-Mar-26)	Amount	Rating
Term loans	₹100 Cr + ₹347 Cr	IND AA-/Stable
Fund-based WC	₹237 Cr + ₹183 Cr	IND AA-/Stable/IND A1+
FY25 rated: TL / FB WC / NFB	₹100 / ₹237+153 / ₹30 Cr	IND AA-/Stable/A1+
CRISIL / ICRA / CARE; PTL rating	None disclosed / not found

Covenants: a step-down subsidiary breached DSCR (entity not named; likely US or Indonesia [Inferred]); bank waiver 26-Feb-2026, no reclassification, no defaults. Bankers: Axis, DBS India, HDFC, IDBI, YES, ICICI, CTBC. Capex pipeline USD 73 mn (deck USD 74 mn); Bazpur funded 2:1 debt:equity.

Equity dilution, share count and dividends

Share capital item	Detail
Shares outstanding	3,13,92,462 (unchanged FY24–FY26); paid-up ₹31.97 Cr
Issued incl. forfeited	3,25,88,162 incl. 11,95,700 forfeited (₹57.86 lakh paid-up)
QIP / preferential / rights / warrants	None
GDR/ADR/convertibles; ESOP	None; no ESOP scheme
Buyback	FY21 (capital redemption reserve); none FY22–FY26
Ownership change	Promoter 50.97% → 26.70% (Dec-23) after 24.28% sale to AGP

FY	DPS ₹	Payout	Cash to owners ₹ Cr
FY22	~105 (derived)	~58%	n/a
FY23	~90 (derived)	~81%	n/a
FY24	3.0	25%	25.2
FY25	13.5 (9 interim + 4.5 final)	20%	31.7
FY26	3.0 (2 interim rec. 21-Nov-25 + 1 final rec. 8-Sep-26)	21%	21.8

Policy: up to 20% of consolidated PAT. Yield 0.30% (FY26 DPS), 1.3% (FY25 DPS). PTL paid ~₹49 Cr in total in FY26 (₹24 Cr to NCI). FY22–23 DPS derived from Screener payout × EPS, not verified.

Minority interest and PTL look-through

NCI flows, ₹ Cr	FY24	FY25	FY26
NCI share of profit	48.6	148.5	(4.0)
NCI share of OCI	(2.1)	53.3	367.0
NCI balance	2,300	2,458	2,797
Dividends to NCI	32.3	44.3	24.0

FY26 owners' PAT build	₹ Cr
PCL standalone	59.2
PAPL	39.2
PAR	3.9
PTL group	(28.8)
NCI add-back	4.0
Eliminations (upstream dividends)	(32.6)
Owners' PAT	45.0

PTL consolidated FY26 (FY25): total income 5,603 (5,472); PBT (72.2) (352.4); PAT (28.8) (291.4); equity 5,644 (4,973), of which PCL share 2,847 and NCI 2,797; NCA 4,117; CA 3,067; liabilities 1,541; CFO 446 (428); CFI (277); CFF (233). PCL's direct 17.19% PTL stake was worth ₹467 Cr at market on 31-Mar-26 vs ₹42 Cr book.

Management, Promoters & Governance

Verdict: moderate risk. This is not a promoter-abuse case: no bank pledge stress, no SEBI penalties in 3 years, a clean opinion, Big-4 joint auditors, a majority-independent board and low contingent liabilities. The risk is structural and situational: a 51% two-party bloc (Saraf 26.72% + AGP 24.28%) with undisclosed options, a thin holdco, large subsidiary problems and a set of hygiene issues.

Promoter profile: Sanjiv Saraf family

Item	Detail
Founder / Chairman	Sanjiv Saraf (DIN 00003998), Non-Executive Chairman; Director and Vice-Chairman of PTL; Director of PAPL; no pay; waived commission and sitting fees. FY26 attendance: Board 6/8, NRC 2/3, CSR 3/4. Chairs CSR and Finance committees
Personal holding	138 shares; economic interest through Secure Investments Ltd and family
Background	Engineering graduate, IIT Kharagpur per recollection [Unverified]; founder of the Rekhta Foundation (Urdu literature)
Family (RPT list)	Spouse Huma Khalil; daughters Amla and Sakhi Saraf; parents Narayandas D. and Urmiladevi N. Saraf; Sarita Saraf
Other entities (KMP-influenced)	Bhilangana Hydro Power, Kotla Hydro, Punjab Hydro, Abohar Power, Kanchanjunga Power, Manupatra Information Solutions, Beehive Systems, Aspire Labs Accelerator, Sanjiv Sarita Consulting, Rekhta Foundation
Holding vehicles	Secure Investments Ltd 69,37,946 (22.10%; absorbed Utkarsh Trading's 14,02,202 shares in FY25); Mahalaxmi Trading 1,000; Sanjiv Sarita Consulting 1,000. 6-Oct-2026: Bhilangana Hydro sold 6,07,000 shares (1.93%) to Secure at ₹1,040 (~₹63 Cr), an intra-promoter transfer; Secure now ~24.0%; total promoter % unchanged
Track record	Built the #2 ex-China thin-BOPET producer; first Indian film maker abroad (Thailand 2003, Turkey 2005, US 2013, Indonesia 2019-20). Sold ~half the stake (24.28%) to AGP in 2023

Key management

Name	Role	Background	FY26 pay	Notes
Pranay Kothari (DIN 00004003)	ED & CEO	67; FCA, CS; joined 1-Aug-1985; ex-Optima Consultants	₹305.32 lakh (-39.4%); no incentive; 62x median	Term to 6-Sep-2027; 13.41% votes against pay (Jun-2024); spouse Ritu Kothari paid ₹24.75 lakh; no successor disclosed
Manish Gupta	CFO	57; B.Com, MBA IIM Bangalore; joined 2008; ex-GM Commercial PTL	₹180.86 lakh	No change
Ashok Kumar Gurnani	CS & Compliance	67; FCS, M.Com, LL.B; joined 1987; ex-Bharat Gears	₹78.95 lakh	Near retirement
Sunil Kumar Ram	Group Head HR	59; BE, M.Tech IIT Kanpur; ex-Plant Head Turkey	₹158.3 lakh	–
Ramakrishna Rao Kuchipudi	Head NPD/R&D	63; ex-Bhilangana Hydro (promoter group)	₹128.97 lakh	–
Rajpal Yadav	Head Projects	64; ex-President Director PFI	₹114.07 lakh	Rejoined May-2022
Rakesh Aggarwal	Business Head India	45; CA; joined 2003	₹99.1 lakh	Senior mgmt from 13-Nov-2025
Pranay Jain	MD & founder, EcoBlue	Minority partner	–	Arbitration counterparty [Inferred]
Others	Amit Prakash (PC Head Thailand/Indonesia/Turkey); Amit Kalra (PC Head USA/India exports); Amit Khurana & Ankur Agarwal (PDPL)	Ashish K. Ghosh (S&M Thailand/Indonesia) left 30-Jun-2026; Amarnath Parida superannuated 31-Jan-2026	–	Managerial pay -28.77% vs employees +7.91%

Board of Directors

Name (DIN)	Category	Tenure	Other listed boards	Notes
Sanjiv Saraf (00003998)	Chairman, NE promoter	Founder	None in India	6/8
Pranay Kothari (00004003)	Executive	To 6-Sep-2027	None	8/8
Iyad Malas (10381216)	NE non-independent, AGP nominee	From 9-Nov-2023; re-appointed 41st AGM	None	62; AUB, MBA GWU; 33 yrs real estate/retail/finance; ex-Majid Al Futtaim [Unverified]. On Audit, NRC, CSR, RMC; 8/8
Ranjit Singh (01651357)	ID to 11-May-2026; NE non-independent from 25-May-2026	Two ID terms	Shaily Engineering; VA Tech Wabag	Was Audit and NRC chair and Reg. 24(1) nominee on PTL/PE/PU; postal ballot 4-Jul-2026
Rakesh Bhartia (00877865)	Independent	12-May-2026 to 11-May-2031	n/a	Profile not in AR excerpts
Yogesh Kapur (00070038)	Independent	Apr-2024 to Mar-2029	Relaxo, Rico Auto, ASK Automotive, Greenlam, Kirloskar Oil	8 directorships, 5 committee chairs; missed last AGM
Sandip Das (00116303)	Independent	Jul-2024 to Jul-2029	Greenlam	RMC chair; 8/8
Hemant Sahai (00088238)	Independent	Aug-2024 to Aug-2029	ACME Solar; JSW Dulux	SRC chair; his firm billed ₹21.18 lakh (RPT)
Dr Shalini Sarin (06604529)	Independent (woman)	Mar-2025 to Mar-2030 (99.89%)	Sagility, Linde India, Kirloskar Ferrous, Kirloskar Oil, Schneider Infra	5 other listed boards
Sanjiv Chadha (00356187)	NE promoter category	Resigned 23-May-2026, no reason given	–	5/8; drew ₹27.5 lakh commission; 4,000 shares

Committee (FY26)	Members
Audit (5 meetings)	Ranjit Singh (chair), Das, Kapur, Malas
NRC	Ranjit Singh (chair), Das, Sarin, Kapur, Saraf, Malas
Stakeholders' Relationship	Sahai (chair), Sarin, Kothari
CSR	Saraf (chair), Sahai, Malas, Sarin
Risk Management	Das (chair), Sahai, Malas, Kothari
Finance	Saraf, Kothari, Kapur

May-2026 sequence	Event
11-May	Ranjit Singh's ID term ends
12-May	Rakesh Bhartia appointed ID
23-May	Sanjiv Chadha resigns; FY26 results
25-May	Singh re-seated as non-independent
Open question	New Audit/NRC chair and Reg. 24(1) nominees on PE/PU not disclosed

Board refresh: Dr Suresh Surana and Pooja Haldea completed second ID terms (9-Jul-2024, 29-Mar-2025); their firms received FY25 fees (Surana & Associates ₹12.13 lakh, RSM Astute ₹3.72 lakh, Praxis ₹4.77 lakh). Meetings: 9 (FY25), 8 (FY26, incl. a 2-day meeting 2–3 Dec-2025). ID pay: ₹27.5 lakh commission each (₹165 lakh total) + ₹67 lakh sitting fees.

Shareholding trend

Quarter	Promoter	Foreign / Indian	AGP	FII/FPI	DII (MF)	Public incl. AGP	Shareholders	Pledge/encumbrance
Sep-24	26.70	–	24.28	7.39	2.81 (2.37)	63.11	1,32,193	~99.9%
Dec-24	26.70	–	24.28	7.82	3.25 (2.77)	62.23	1,20,943	~99.9%
Mar-25	26.69	23.93 / 2.76	24.28	7.67	2.82 (2.33)	62.82	1,14,664	99.94%
Jun-25	26.72	24.75 / 1.97	24.28	7.10	2.95 (2.28)	63.23	1,07,967	0%
Sep-25	26.72	24.75 / 1.97	24.28	9.31	2.78 (2.26)	61.18	1,04,111	0%
Dec-25	26.72	24.75 / 1.97	24.28	8.97	2.89 (2.26)	61.39	1,02,155	0%
Mar-26	26.73	24.76 / 1.97	24.28	9.90	2.91 (2.09; AIF 0.82)	60.46	98,128	0%
Jun-26	26.72	24.76 / 1.97	24.28	10.22	2.85 (2.09)	60.18	95,075	0%
Sep-26	Not yet available (due by 21-Oct-2026)

Chart: two blocs hold ~51%; FIIs accumulating, retail exiting (1.32 lakh → 0.95 lakh holders).

Free float: ~49% excluding promoter and AGP; ~36% if institutions are also excluded (street figure). Promoter long-run: 50.03% (FY17–20); 50.97% after the FY21 buyback; 26.70% Dec-23. FY26 promoter changes were reclassifications: Amla Saraf's 2,59,000 shares moved from Indian to foreign promoter; Huma Khalil (spouse) was added with 10,926 shares. Pledge: 99.94% "encumbered" Sep-24 to Mar-25 per vendor data (Accord via Equitymaster), 0% from Jun-25. The AR discloses no bank borrowing against promoter shares. The encumbrance is most plausibly the AGP non-disposal/option arrangement reported under SAST Reg. 28(3) [Inferred]. One street source attributes it to "AGP transaction and financing". The release coincided with the Jun-25 reclassifications, suggesting a reset of the AGP arrangements [Inferred, unconfirmed].

AGP Holdco / Al Ghurair: the key relationship

Date	Event	Status / label
23-May-2023	Binding term sheet with AGP Holdco	[Fact]
30-Oct-2023	EGM adopts Amended & Restated Articles (presumably investor rights)	[Fact] / purpose [Inferred]
9-Nov-2023	Promoter-group entity sells 76,21,390 shares (24.2778%) to AGP; "The Investor and certain promoter group members have also agreed to certain put and call option arrangement"	[Fact] options confirmed in AR; price, seller, strike and tenor undisclosed. Street: ~₹1,189 Cr (~₹1,560/sh) [Unverified]
9-Nov-2023	Iyad Malas appointed AGP nominee director	[Fact]
Sep-24 – Mar-25	99.94% promoter encumbrance (vendor data); released Jun-25	Likely AGP-linked [Inferred]
22-Jun-2026	AGPH (Thailand) Ltd, owned by AGP Holdco, launches voluntary tender for 100% of PTL at THB 15 (THB 13.5 bn; +43% vs THB 10.50); PTL stock +~40%	[Fact]
1-Jul-2026	PCL Board resolves not to tender its 51%	[Fact]
20-Jul-2026	IFA values PTL at THB 21.71–23.56 (offer 31–36% below)	[Fact, via street sources]
5–6 Aug 2026	Tender closes; AGPH acquires 162,812,291 PTL shares (18.09%)	[Fact]; post-tender buying reported on ValuePickr [Unverified]
7-Oct-2026	PTL approves used BOPP/BOPE line; main equipment ~USD 2.91 mn from Taghleef Industries Inc. USA, "wholly and indirectly owned by Al Ghurair Petrochemicals LLC, UAE, which is also an indirect major shareholder of PTL"	[Fact] RPT; confirms Al Ghurair ownership
Nov-2026	Reported first window of AGP–Saraf put/call options	[Unverified] (ValuePickr only)

AGP's fellow subsidiaries (RPT note): Taghleef Industries S.L. (Spain), S.A.E. (Egypt), Pty (Australia), S.A.O.C. (Oman), LLC and Inc (USA), Taghleef Latin America, Derprosa Speciality Films USA. AGP sits just under the 25% open-offer trigger. A retail investor filed a SEBI SCORES complaint about PTL undervaluation. The company's CS reportedly told an investor that AGP planned to buy from minorities and the India board decided independently [Unverified].

Notable holders and deals

Holder	Holding (Jun-26)	Change / note
Secure Investments (promoter)	22.10% → ~24.0% after 6-Oct-26	+6.07 lakh shares inter-se at ₹1,040
Bhilangana Hydro (promoter group)	1.93% → 0%	Seller in the inter-se transfer
Sakhi / Amla Saraf	1.82% / 0.83%	Flat
AGP Holdco Ltd	24.28%	Flat since 2023
Ricky Kirpalani + PACs (incl. First Water Fund)	5.04% (15,81,181 sh), SAST 4-Oct-2025	Up from 2.57% (Sep-2021 to Oct-2025); First Water 3.26% (Simply Wall St 3.91%)
Nippon India Small Cap	2.09% (6,57,517 sh)	Effectively the only MF holder; 2 schemes
1729 Capital (FPI Cat-II)	1.36%	New above 1%
K2 Family Private Trust	~0.88%	Bought at ₹820, 5-Dec-2025
Dolly Khanna	<1% since Sep-25 quarter	Trimmed or exited

Date	Buyer	Seller	Qty	Price ₹	Value
06-Oct-2026	Secure Investments	Bhilangana Hydro	6,07,000	1,040	₹63 Cr (inter-se)
05-Dec-2025	K2 Family Private Trust	First Water Fund	2,75,000	820	₹22.6 Cr
25-Jul-2025	First Water Fund	Haresh T. Kaswani (PAC)	2,23,527	1,120	₹25 Cr
22-Jul-2025	First Water Fund	Open market	2,00,000	1,125	₹22.5 Cr

No large FII/MF block exits in 12 months. No open-market promoter trades. KMP held 3,352 shares (0.01%). Trading window closed from 1-Oct-2026.

Related-party transactions (₹ lakh)

Counterparty	Nature	FY26	FY25	Comment
Polyplex USA LLC	Sales by PCL	9,666.1	18,933.1	Halved as US line started; receivable 2,450
PE / PFI / PTL	Sales by PCL	820.1 / 33.6 / 159.1	1,117.3 / 649.2 / 161.4	–
PTL	RM purchases by PCL	897.1	332.8	FY25 also PP&E 355.7 from PE/PTL
PTL / PAPL	Dividend to PCL	835.2 / 1,271.5	1,738.1 / 1,443.7	PAPL up-streams cash
Taghleef group	Sales (group)	1,250.6	1,903.6	Derprosa 471.2; Pty 480.5; S.L. 180.5; Inc 88.7; LLC 29.6
Taghleef group	RM purchases (group)	385.4	81.7	S.L. 191.3; LLC 194.1
Taghleef Latin America	Services	79.9 (PCL 41.9)	–	New; 41.85 payable
Rekhta Foundation	CSR	238.0	450.0	~90% of CSR (obligation 263 / 564)
Rekhta, Manupatra, Beehive, Aspire, hydro entities	Rent from PCL property	235.2	241.9	Rekhta 81.4; Manupatra 62.8; Beehive 48.6; recovery 160.1; valuer benchmark
Ritu Kothari (CEO spouse)	Services	24.75	29.70	20.25 receivable at Mar-25
Hemant Sahai Associates	Services	21.18	–	Sitting ID's firm
Surana / RSM Astute / Praxis	Services	–	12.13 / 3.72 / 4.77	Former IDs' firms
AGP / Secure / Bhilangana / Sakhi / Amla	Dividends paid	495.4 / 451.0 / 39.5 / 37.1 / 16.8	762.1 / 693.8 / –	–
Directors	Commission / sitting fees	165.0 / 67.0	156.7 / 73.5	–
PTL ↔ EcoBlue	Inter-se trade	FY25: 11.03% of EcoBlue turnover vs 10% threshold, no prior AC approval		Ratified ex-post (postal ballot Apr–May 2025)

Auditors

Role	Firm	Tenure	Remarks
Statutory (joint)	S S Kothari Mehta & Co LLP (partner Jalaj Soni)	2nd term to 42nd AGM (FY27); rotation due 2027	Unmodified; KAM: revenue recognition (discounts/rebates)
Statutory (joint)	S.R. Batliboi & Co LLP (EY; partner Vikas Mehra)	From 28-Jun-2024 to 44th AGM (FY29)	Same
Modification	Both, s.143(3)(b) and Rule 11(g)	–	SAP audit trail not enabled for privileged/database access; cannot comment on tampering or FY24–25 preservation. Directors' Report says "no qualifications"
Components	PTL: EY Bangkok (from Jul-2022); PE Turkey: Grant Thornton → Güney (EY) 26-Dec-2025; PFI: KAP Purwantono (EY); PAPL: Solaris Assurance PAC (small firm, ₹879 Cr assets)	–	~80% of group revenue audited by component auditors
Polyplex USA LLC	No local statutory audit	–	Largest loss-maker; group procedures only
Internal	Protiviti India (FY26–28); replaced PKMB & Co	–	–
Secretarial / Cost	RSM & Co (FY26–30) / Sanjay Gupta & Associates (₹4.5 lakh)	–	FY25 report carried the Reg. 23(2) exception
Fees	Network ₹254.3 lakh (₹207.3); PCL ₹203.4 lakh	–	Certification ₹2 lakh (₹31.4)

CARO FY26: statutory dues paid "with slight delay in a few cases"; a freehold land title (₹8.66 lakh) in the name of Rajesh Jindal since 17-Mar-1999; satisfaction of charges for two foreign banks pending at ROC Uttarakhand since Sep-2018; disputed dues ₹31.8 lakh; no fraud, whistle-blower complaints or auditor resignation. Transfer-pricing documentation "in process"; ₹59 lakh CSR unspent; third-party consultant reviewing the risk policy.

Acquisitions and investments

Deal	When	Terms	Working?
Spectrum Marketing (US distribution)	2006-07	n/d	Integrated; hit by FY26 tariffs
EcoBlue (JV with Pranay Jain; SHA 20-Sep-2012)	2012-13	PTL 66.5%	Operationally yes (₹62 Cr PAT). Minority seeks forced buyout ~THB 1,312 mn (~₹377 Cr), implying ~THB 3.9 bn (~₹1,127 Cr) for 100%, ~18x PAT. Employee misappropriation (Note 53, no P&L impact)
US expansion (Line 14 + OLC)	2025	Large USD capex; loan repaid	Not yet: -₹158 Cr PAT FY26
Indonesia BOPET/BOPP	2019-21	–	Loss-making FY26 (-₹62 Cr)
PDPL (TechNova) 51%	SPA 25-Mar-26; closed 30-Apr-26	₹62.10 Cr at close; final ₹73.49 Cr (+₹11.39 Cr, ~18% true-up, approved 1-Oct-26)	Too early; probe the true-up
Thailand BOPP/BOPE (used Taghleef line)	7-Oct-2026	₹147 Cr, 12,000 t	Q4 FY28
PAR LLC	Dissolved 27-Mar-2026	₹5.2 Cr to PAPL	Clean-up

Litigation, tax, regulatory

Matter	Amount	Status
EcoBlue minority put arbitration (Thai Arbitration Institute)	THB 1,312 mn (~₹377 Cr; ~9x FY26 PAT)	PTL defending; not provided, not in contingent liabilities (Note 54 narrative only)
PTL damages suit vs minority's owner	THB 49 mn (₹14.1 Cr)	Dismissed on jurisdiction; under appeal
Income tax AY 2013-14	₹21.65 lakh (₹5.50 lakh paid)	Before AO (CPC)
Indonesia WHT/VAT (PFI)	₹123.5 lakh	Tax court
GST FY 2018-19 / Uttarakhand sales tax FY 2015-16	₹2.30 lakh / ₹7.82 lakh	Superintendent / High Court
Labour cases	₹6.72 lakh	Various
Civil case (step-down sub)	₹25.22 lakh	Settled via mediation FY26
Consolidated contingent liabilities	₹162 lakh (₹1.6 Cr; FY25 ₹178 lakh)	–
EPCG / Advance Authorisation	Duty saved ₹459 / ₹33 lakh; export obligation ₹9,264 lakh	Ongoing
SEBI / exchanges	No penalties in 3 years	Exchange clarification on volume 2-Mar-2026, replied same day

Governance red-flag register

#	Flag	Severity
1	Competitor-shareholder (AGP 24.28%) with undisclosed put/call; nominee on Audit/NRC; 18.09% of PTL via tender; RPT capex with Taghleef	High
2	EcoBlue ₹377 Cr arbitration unprovided	High
3	Audit-trail modification vs "no qualifications" claim	Medium
4	Loss-making US/Indonesia/PTL standalone; DSCR waiver	Medium
5	Audit reach: 80% component-audited; small PAPL auditor; no PU statutory audit	Medium
6	May-2026 board reshuffle; vacated chair roles undisclosed	Medium
7	Reg. 23(2) RPT lapse FY25	Low-Med
8	~90% CSR to Chairman's Rekhta Foundation (also a tenant)	Low-Med
9	Fees to IDs' firms and CEO's spouse	Low-Med
10	PDPL price true-up +18% in 5 months	Low-Med
11	EcoBlue employee misappropriation	Low
12	Pay dissent (13.4%); KMP aged 67, no succession plan	Low
13	Hygiene: land title, charges, late dues, TP docs, unspent CSR, Turkey auditor switch	Low
14	Over-boarded IDs (Kapur, Sarin)	Low

Supply Chain

↑ Upstream: what Polyplex depends on

Input	Use	Source / dependence	Pass-through
PTA + MEG	PET resin (largest cost: "cost of resin is the single-largest component")	Asia-dominated; procurement linked to Asian indices. Named suppliers not disclosed. Industry context: Reliance/IOCL/MCPI (India), Indorama/PTTGC (Thailand) [Unverified for Polyplex]	1–3 month lag; RM-linked contracts with key customers
PP/PE resin	BOPP, CPP, blown	Local or imported	Same
PET bottle flakes	Chemical/mechanical recycling	Collectors/recyclers	–
Aluminium, silicone, adhesives, coating chemicals, additives, FSC paper	Downstream	Paper release chemicals localized in India in FY26	–
Packing	₹286.4 Cr	–	–
Energy	Power & fuel ₹477.8 Cr	Grid/captive, gas, rice husk, solar (BECIS, CleanMax, OPEX solar)	Gas spikes in Middle East conflict

Spend / concentration	Value
RM consumed (consolidated)	₹4,045.9 Cr
RM purchases	₹4,109.8 Cr
RM inventory	₹433.0 Cr (₹369.1)
PCL inputs sourced in India	92.2% (92.7%); MSMEs 6%
PCL purchases via 543 trading houses	9.18%; top-10 traders 49.6% (52.1%)
Only named RM supplier	Taghleef (RPT) ₹3.9 Cr
Sustainably sourced key inputs	70% by value

Trade defence on inputs	Measure
EU	Provisional AD on PTA (Mexico, Korea); AD on MEG (US, Saudi) since Jun-2021, due for expiry/review 2026
Turkey	Safeguard duty on PET resin (all countries)
Thailand	AD probe on Chinese PET resin
Mexico / Canada	AD on PET resin from China (and Pakistan)

Single-source risk is low: captive resin in all 5 countries removes merchant-chip dependence. Residual exposure is to PTA/MEG/PP availability from a few regional petrochemical majors. In FY26–Q1 FY27 the Middle East conflict (Red Sea, Hormuz) diverted crude and delayed cargoes. The company pre-built inventories at all sites, bridged force-majeure shortfalls with spot buying, and reports no production loss.

↓ Downstream: who depends on Polyplex

Dimension	Detail
Customer types	Tier-1 supplier to global/regional converters serving top CPGs/OEMs; distributors serve tier-B converters
Base	~2,925 customers / ~85 countries; most take <10 TPM; ~20-year average key relationships
Concentration	Top-10 = 26% of FY26 turnover (FY25 29%; Feb deck 27%), incl. a large distributor; top-5 not disclosed; none ≥10%
PCL standalone channel	50.35% via 272 dealers (47.1% via 233); top-10 dealers 61.4% (67.2%); intra-group 7.2% (13.5%)
Packaging (65%)	Food & beverage, confectionery, coffee/tea, pet food, dairy, frozen, pharma, personal/home care, tobacco, textile bags, e-commerce
Industrial (35%)	MLCC, insulation, PV backsheet, EV pouch film, labels/liners/tapes, hot-stamping, window film, roofing/FRP/underlayment, mulch, airbags, signage, security holography
End products	Snack/coffee/pet-food pouches, retort pouches, Kinder Joy lid, pharma blisters, shrink sleeves, cigarette packs, holo labels, metallized cartons (liquor, ketchup), ID cards, solar modules, EV cells, capacitors, photo books
Stickiness	D-PAC qualification cycles and trial costs (release liners, electronics, LIB, OEM-specified rPET) are sticky; 12-micron standard PET is price-substitutable; consignment and onshore supply add friction
Contracts	Tenors not disclosed; monthly/quarterly price resets; customer advances ₹45.1 Cr; credit insurance up to 95%; 221 complaints at PCL (26 pending)

Value-chain map

Oil / natural gas → paraxylene, ethylene, propylene: petrochemical majors. High pricing power, Asian-indexed

▼

PTA + MEG | PP/PE resin | PET bottle flakes

▼

PET resin: Polyplex captive in all 5 countries + EcoBlue rPET

▼

Base film (thin/thick BOPET, BOPP, CPP, blown): Polyplex. Low in standard (CUF ~54%); Moderate onshore US/Turkey/EU

▼

Downstream (metallize, coat, siliconize, holo, TMP, DPM): Polyplex. Moderate-High, stable prices

▼

Converters / laminators / label & tape makers: fragmented price-takers

▼

CPGs / OEMs (food, FMCG, pharma, tobacco, electronics, solar, EV): Highest pricing power → retail → consumer

Where pricing power sits: upstream with the PTA/MEG majors and downstream with brand owners. Polyplex earns its margin through (1) location arbitrage: standard-film margins are "significantly and consistently higher" in Europe and North America, though Europe is "more balanced now"; (2) D-PAC and downstream specialties; (3) cost: captive resin, DMC, 10m+ lines. Margin = value addition (film price minus PTA/MEG melt cost), driven by supply/demand rather than crude. Polyplex VA was USD 1.02/kg vs China 0.30 in Q1 FY27 (Q4 FY26: 0.67 vs 0.27).

Competitive Position

Rank: #2 globally ex-China in thin BOPET, ~9% ex-China share. ~3.5% of global thin capacity (336.4 kt incl. Bazpur vs 9,517 kt). India thin capacity 55 kt is ~4% of India's ~1,300 kt FY27E (~8% incl. Bazpur); "no single dominant player" in India. Thin CUF 94% ex-US line vs ex-China industry ~71% and global ~54%.

Peer comparison (FY26 consolidated, Screener, 13 Oct 2026)

Company	Mcap ₹ Cr	FY26 Rev	Growth	EBITDA %	PAT %	RoE	P/E TTM	EV/EBITDA	Moat / positioning
Polyplex	3,180	7,086	+2.9%	4.9% rep.; 8.1% norm.	0.6%	1.1% (owners)	20.5x (owners TTM ~₹155 Cr)	9.6x (NCI book); 7.8x (PTL mkt)	5-country footprint; captive resin; #2 ex-China; D-PAC; P/B 0.75x
Jindal Poly Films	2,838	2,899	-45.7%	-20.1%	-36.6%	-34.8%	NM (TTM PAT -₹991 Cr; Screener 48.5x erroneous, discarded)	NM	Ex-largest BOPP/BOPET; Nashik fire 21-May-2025 (695 ktpa site); ED FEMA probe; NCLT case; promoter 74.5%
Uflex (Flex Films)	4,536	15,401	+2.4%	12.0%	2.1%	3.9%	6.7x	6.4x gross	Global film footprint + converting; borrowings ₹10,152 Cr; promoter 44.6%
SRF (films ~40%)	74,326	15,787	+7.4%	21.6%	11.6%	13.1%	34.4x	20.8x gross	BOPET/BOPP in India, Thailand, SA, Hungary; films Q1 FY27 ₹2,017 Cr (+42%); new ₹250 Cr 25 ktpa thick line
Cosmo First	2,182	3,639	+25.7%	10.6%	4.3%	9.7%	13.1x	9.0x gross	BOPP specialty; gaining share during Jindal outage; borrowings ₹1,680 Cr
Garware Hi-Tech	16,731	2,120	+0.5%	20.5%	15.9%	12.7%	43.1x	~33.7x	Window film/PPF brand; debt-free; thick-film AD petitioner vs Thailand
Ester Industries	972	1,375	+7.3%	6.8%	-2.0%	-3.4%	NM	13.9x gross	BOPET + specialty polymers; thin-film AD petitioner; contingent liabilities ₹514 Cr
Vacmet / Chiripal (unlisted)	N/A: no reliable public financials								Large BOPET/BOPP (Agra / Ahmedabad); AD petitioners
Toray, Mitsubishi, SKC, DuPont Teijin, Terphane	N/A: segment data not retrieved								High-cost incumbents retreating to optical, MLCC, electronics
Chinese (Shuangxing, Kanghui/Hengli, Great Southeast)	N/A								~73% of post-2019 thin and ~69% of thick capacity; set benchmark VA; negligible in US/EU

Peer EV/EBITDA uses gross-debt EV (peer cash unavailable). Polyplex EV = 3,180 + NCI 2,797 + debt 935 - cash 1,248 = ₹5,664 Cr on TTM reported EBITDA ₹592 Cr. Market.md's 3,167/20.4x/9.5x used Screener's mcap. With NCI at 0.75x book: 8.4x. Jindal RoE uses closing equity ₹3,051 Cr; Screener's -0.97% is discarded. Polyplex FY25: revenue 6,885, OPM 10%, PAT 358; FY24 trough OPM 6%, PAT 86.

Strengths and weaknesses vs each peer

Peer	Polyplex stronger	Polyplex weaker
Jindal Poly	Net cash; uninterrupted ops; 5 countries; no regulatory overhang	Jindal's pre-fire 467 kt BOPET+BOPP dwarfs Polyplex India's 90 kt; restoration to ~50% by end-FY27 would re-flood India
Uflex	Leverage (₹935 vs ₹10,152 Cr debt); resin everywhere; deeper downstream	Captive converting demand; trades at 6.4x; OPM 12% vs 8%
SRF	Pure-play global reach; onshore US/Turkey; larger thin scale	OPM 22%, RoE 13%; chemicals cross-subsidy; 25 kt thick entry; overlaps in Thailand/Hungary
Cosmo First	BOPET scale; global plants; resin integration	Better OPM (10.6%) and RoE (9.7%); faster growth; Polyplex subscale in India BOPP (35 kt)
Garware	Revenue 3.3x; diversified end markets	Brand-led specialty with ~21% OPM; its AD petition targets PTL's thick-film exports
Ester	Scale, global, profitable	Petitioner seeking duties on Thai imports
Chinese	Onshore behind tariffs; service; breadth; credit	Chinese cost leadership; diversion to SE Asia/India/Middle East hits PTL pricing
Toray/Mitsubishi/SKC	Lower cost; faster 10m+ line deployment	Tech leaders in optical/MLCC thick films; Polyplex thick only 28.8 kt

Industry size and supply-demand (company estimates)

Metric	2020	2025	CAGR	Outlook
Thin PET demand (kt)	4,235	5,172	4.1%	~5% p.a.; India ~10%, China ~6%
Thin PET capacity (kt)	5,166	9,517	13.0%	Capacity CAGR to 2030E: global 7.1%, ex-China 4.0%
Global thin CUF	~82%	~54%	–	53% (2026E) → 55/58/61/64% (2027–30E); ~84% in 2019
Ex-China thin CUF	~81%	~71%	–	72% (2026E) → ~82% (2030E), chart-extracted
Thick PET demand (kt)	1,044	1,208	3.0%	4–5% (MLCC, OLED, AI electronics); PV weakening
Thick PET capacity (kt)	1,699	2,794	10.5%	China 69% (51% in 2020)
Global thick CUF	~61%	~43%	–	~52% by 2030E; optimal ~70%
BOPP demand (kt)	9,155	10,858	3.5%	>4%; food 59%
BOPP capacity (kt)	13,411	16,483	4.2%	CUF ~66% vs optimal 75–80%

India FY27E	Thin BOPET	BOPP
Demand	~893 kt (> N. America + Europe)	~950 kt
Growth	>10%	~10%
Capacity	~1,300 kt	~1,117 kt
Implied CUF	~69%	~85%
Additions	13 lines in 3–4 years	4 lines FY26; 8–10 more in 1–2 yrs

Recent price colour. China BOPET reportedly +~25% in Q2 2026 (low-quality source, [Unverified]), then -4.3% in late June 2026 (ChemAnalyst). Jindal: pre-fire 173 kt BOPET + 294 kt BOPP; now ~97 kt BOPET + 5 kt capacitor + 5 kt BOPA; uninsured loss of profit. CRISIL on Jindal: margins 24% (FY22) → 10% → -0.1% (FY24). Trends: onshoring, specialty migration, recycled-content mandates (EU PPWR from 12-Aug-2026), mono-material laminates, 10m+ lines at ~675 m/min, trade fragmentation.

Trade policy by market

Market	Measure	Effect on Polyplex
India: thin PET AD (8–100 micron)	vs China, Thailand, Bangladesh; petitioners Chiripal, Ester, Vacmet; initiated 30-Sep-2025; DGTR final findings 29-Sep-2026 (e.g., Bangladesh USD 218/t, 5 yrs); POI imports China 26,086 t, Thailand 12,870 t, Bangladesh 2,763 t; MoF notification pending (AR called it "preliminary")	+ India pricing; - PTL exports to India (PTL rate not retrieved)
India: thick PET AD (>100 micron)	vs China, Thailand, UAE (Singapore excluded); Garware petition; initiated 30-Jun-2026; POI Jan–Dec 2025	Targets PTL's 28.8 kt thick line
India other	EPCG obligation ₹92.6 Cr exports (₹4.6 Cr duty); export incentives ₹10.1 Cr (₹15.9); no PLI; PWMR recycled content (Cat II 10% FY26–27, 20% FY28; Cat III 5→10%); FSSAI rPET since Jan-2022; MLPs not banned	Mixed
US	IEEPA reciprocal tariffs struck down by SCOTUS; Section 122 10% from 24-Feb-2026 for 150 days (status after ~late Jul-2026 [Unverified]); Section 301 proposals 10–12.5%; MFN 4.2%; AD/CVD on PET film from India, China, Taiwan, UAE (PCL rates "amongst the lowest"); EPR in 4 states, bills in 11	US plant is the hedge; distribution hit in FY26
EU	India lost GSP on Ch. 39 from 1-Jan-2023; Turkey duty-free, Indonesia GSP; plastic levies EU €800/t, UK £200/t, Spain €450/t, Italy 2027; PPWR recyclability 2030, content 30%/50% (2030/2040)	Favours Turkey/Indonesia plants
Turkey	10% extra duty; USD 2.5/kg minimum import price; PET resin safeguard; BOPP AD China 16.76–62.94%, Egypt 12.85–42.62%, Russia 47.14%; Iran BOPP quota expired 1-Jul-2026	Protects Polyplex Europa
Korea / Japan	Korea AD/CVD on PET film: China 2.5–25.04%, Indonesia 3.19–5.98%, Thailand 3.49–10.55%; Indonesia duty-free into Korea	Supplied from Indonesia/Thailand
Indonesia	Home BOPP protected vs China, Malaysia, Thailand, Vietnam; PFI BOPP exports face AD in Korea, Thailand	Mixed

Porter's Five Forces

Force	Intensity	Rationale
New entrants	High std / Med specialty	Off-the-shelf German line tech; state-backed Chinese capacity; Indian converters integrating back; Bazpur ~USD 1,070/t
Supplier power	Medium	Commoditised, Asia-priced petrochemicals; captive resin helps
Buyer power	Med-High std / Low-Med spec.	Fragmented buyers but import parity sets price
Substitutes	Medium	BOPP/CPP/PE, foil, paper; mono-PO laminates; glass-glass solar modules eliminating PV backsheet
Rivalry	Very High	~54% global CUF; India ~69%; Chinese export diversion; VA is the battleground

Moat: narrow and cyclical [Analyst View]. Durable: local-manufacturer status across 5 regions (Chinese presence in US/EU "negligible"), resin integration, D-PAC at USD 0.8–0.9/kg, ~20-year customers, qualification and food-contact certifications, 40 patents. Not durable: standard thin-film economics, fully exposed to oversupply. Pricing power is low in standard and moderate in specialty.

Risks & Red Flags

#	Risk	Category	Severity	Explanation	Mitigant
1	Prolonged BOPET oversupply	Business	High	Global thin CUF ~54% (2025), 53% trough 2026E, ~64% by 2030E; standard EBITDA negative; more Chinese lines in 1–3 yrs	D-PAC; regional arbitrage; ex-China CUF ~71→82%; old-line closures
2	Q1 FY27 windfall reverses	Business	High	Rate VA +USD 26.1 mn from Middle East moves and stock gains; Q2 guide USD 28.6 mn; China price fell in June; brokers see Jindal-outage benefits fading from Q2 FY27	US ramp; specialty growth
3	India overcapacity + own Bazpur line	Business/Execution	High	~1,300 kt vs ~893 kt demand; Bazpur +52 kt; Jindal restoration	Low-cost 10m+ line; metallizer pairing; pending AD duty
4	US Line 14 ramp / US cost base	Execution	High	₹270 Cr fixed-cost hit FY26; US PAT -₹158 Cr; "continued ramp-up" 18 months on	Group experts; USD loan prepaid; onshoring demand
5	Minority leakage / holdco structure	Financial/Governance	High	~78% of total income in 51%-owned PTL; NCI ₹2,797 Cr; FY25 MI took ₹149 of ₹358 Cr; Q1 FY27 ~₹80 of ₹171 Cr; cash not freely transferable	PTL dividends upstream (PTL to PCL ₹8.4 Cr FY26; ₹17.4 Cr FY25); board control
6	AGP 24.28% with undisclosed options; promoter 26.7%	Governance	High	Options could shift control or trigger a block sale/open offer; competitor sees Audit/NRC deliberations; AGPH 18.09% of PTL; RPT line purchase; Nov-2026 window [Unverified]	LODR disclosure; AC oversight; Taghleef RPTs small
7	Promoter encumbrance history (~99.9% to Mar-25)	Governance	Med	Vendor data; likely AGP non-disposal [Inferred]; nil since Jun-25	Verify SAST Reg. 31 filings (Apr–Jun 2025)
8	EcoBlue forced-buyout arbitration	Financial/Legal	High	~THB 1,312 mn (~₹377 Cr; ~9x FY26 PAT); not provided, not in ₹1.6 Cr contingent liabilities	PTL contests; management sees no obligation; asset earns ₹62 Cr PAT
9	Trade remedies against Polyplex plants	Regulatory	Med	India thin and thick AD name Thailand; US AD/CVD on India; Indonesian BOPP AD in Korea/Thailand	Multi-location sourcing; India benefits
10	US tariff volatility	Macro/Regulatory	Med	Section 122 / 301 uncertainty after IEEPA invalidation	Onshore US base; refunds possible but likely passed on
11	Raw material / Middle East shock	Macro	Med	PTA/MEG track crude (USD 103/bbl in Q1 FY27 vs 81); 1–3 month lag; inventory gains/losses swing VA	Captive resin; safety stocks; RM-linked pricing
12	FX translation/transaction	Financial	Med	₹138 Cr unrealised loss FY26 vs ₹40 Cr gain FY25; EUR intra-group loans; lira	Natural hedges; 3-month forwards
13	Standalone leverage for Bazpur	Financial	Low-Med	Standalone D/E 0.18→0.32; current ratio 3.47→2.57; ~83% of group borrowings due within a year	Group net cash ₹313 Cr; ₹1,308 Cr undrawn; AA-
14	Covenant breach at step-down sub	Financial	Med	DSCR breach; waiver 26-Feb-2026; entity unnamed	No defaults; PTL guarantees
15	Dividend cut	Financial	Med	DPS ₹3 vs ₹13.5; yield 0.3%	Policy up to 20% of PAT
16	Thick-film competition / PV demand loss	Business	Med	Thick CUF ~43%; SRF +25 kt; glass-glass modules	Shift to release liners, MLCC
17	Sustainability regulation (PPWR, EPR)	ESG	Med	Recyclability grades may favour mono-PO; levies	rPET to 100% PCR; mono-PET; EcoBlue
18	PDPL integration and +18% price true-up	Execution	Low	₹73.49 Cr vs ₹62.1 Cr at close	Fit with Saraprint coating
19	Capex execution	Execution	Low-Med	Turkey coater re-dated 3 times; commitments ₹350 Cr; LCs ₹428 Cr	Bazpur ahead of schedule
20	Key person / board transition	Governance	Med	CEO and CS both 67; CEO term ends Sep-2027; May-2026 reshuffle; S&M head exit; SSKM rotation FY27	Long-tenured bench; succession tracker
21	Audit-trail / audit reach	Governance	Med	Rule 11(g) modification; 80% component-audited; no PU statutory audit	Clean opinion and IFC; EY network
22	RPT / CSR optics	Governance	Low	Rekhta CSR ₹2.38 Cr; promoter tenants; ID firm fees; Reg. 23 lapse	Small amounts; valuer benchmark
23	Fire / safety	ESG/Business	Med	Jindal Nashik shows tail risk	Property + BI insurance; ₹18 Cr claims received FY26
24	Credit risk	Business	Low	Credit period 58 days; >180 days overdue rose to ₹7.6 Cr	Credit insurance; ECL
25	Cyber / ERP migration	Business	Low	New ERP at 4th location from 1-Apr-2026	MDR, MFA, CERT-In reviews, insurance
26	Liquidity / no sponsorship	Market	Med	No concalls; nil active sell-side; 1 MF	Smart-money FPIs present

Red-flag checklist

Flag	Status	Evidence
Rising debt	Mild (standalone)	Standalone ₹128→₹240 Cr; consolidated ₹865→₹917 Cr; group net cash
Margin deterioration	Yes	Normalized margin 21/14/8/11/8%; RoE 25/14/2/7/1%
Auditor concerns	Minor	Audit-trail modification; land title CARO remark
Related-party abuse	Low	No loans; competitor RPTs to watch
Promoter selling	Yes (2023)	50.97% → 26.7% to AGP; stable since
Pledge	Historical	99.94% "encumbered" to Mar-25, released
Dilution	No	No equity issuance or ESOPs
Customer loss	No	Top-10 26%
Litigation / tax	Low on books, high off-book	₹1.62 Cr contingent vs ₹377 Cr EcoBlue claim
Commodity / currency	Moderate	₹138 Cr FX loss; floating debt ₹121 Cr
Technology obsolescence	Moderate	Narrow lines vs 10m+; PV backsheet
Key-person dependency	Moderate	Founder + 41-year CEO

Management Commentary & Guidance

No concalls. Polyplex hosts no earnings calls and has no analyst Q&A. Its channel is a quarterly investor deck filed 2–5 days after results, with a normalized-EBITDA bridge and an explicit next-quarter EBITDA guidance bar (USD mn), plus the AR MD&A and the e-AGM (8-Sep-2026). The Q1/Q2 FY26 decks were not retrieved. Sell-side coverage is effectively nil.

Guidance vs actual

Quarter (results / deck)	Prior guidance	Actual normalized EBITDA	Verdict
Q1 FY26 (~Aug-2025)	not retrieved	USD ~22 mn	–
Q2 FY26 (~Nov-2025)	not retrieved	USD ~16 mn (bridge base 15.5; Aug deck chart shows 22, inconsistent)	–
Q3 FY26 (13/17-Feb-2026)	not retrieved	USD 13.9 mn (₹124 Cr, 7%)	–
Q4 FY26 (23/27-May-2026)	~USD 15 mn	USD 14.0 mn (₹128 Cr, 7%)	Small miss
Q1 FY27 (11/13-Aug-2026)	≈USD 32–33 mn (visual) + "already seeing some reversals"	USD 38.2 mn (₹362 Cr, 16%)	Beat
Q2 FY27 (~mid-Nov-2026)	USD 28.61 mn	pending	Mgmt flags non-sustainability

Normalized EBITDA, USD mn	Q1	Q2	Q3	Q4
FY23	52	36	32	13
FY24	13	16	15	16
FY25	24	23	20	22
FY26	22	16	14 (13.5–13.9)	14.0
FY27	38.2	28.61 (guide)	–	–

Q3 FY26: tone cautious/defensive (deck 17-Feb-2026)

Volume 90,190 MT (-4% QoQ, +5% YoY); revenue ₹1,680 Cr / USD 189 mn; normalized EBITDA ₹124 Cr / USD 14 mn (-27% YoY); PAT pre-MI ₹30 Cr, owners ~₹15 Cr; EPS ₹4.70; RoCE 2%; FX gain ₹8.54 Cr. 9M FY26: volume 2,75,188 MT (+8%); revenue ₹5,208 Cr; EBITDA ₹447 Cr (-21%); PAT pre-MI ₹3 Cr, owners ~₹20 Cr (EPS ₹6.42); unrealised FX loss ₹160.55 Cr. Bridge Q2→Q3 (USD mn): 15.5 -0.8 vol +1.4 rate -1.7 other film -1.2 fixed +0.7 OI = 13.9.

"Market sentiment remained cautious, influenced by the impact of reciprocal tariffs, which weighed on customer purchasing decisions"; "industry overcapacity exerting sustained pressure on pricing"; "Lower sales realizations largely offset the volume growth"; "With the recent reduction in reciprocal tariffs on India, we anticipate higher exports to USA from India with improved margins". Boilerplate repeated in May: "strong DPAC product portfolio and global manufacturing base will enable it to overcome the prevailing cyclicality ... in the next few quarters." Capex table (Feb): total USD 84 mn incl. India line USD 58 mn H2 FY27, Turkey coater Q1 FY27. TSR (3-Feb-26): -24% 1y, -16% 3y CAGR vs Nifty500 TRI 11%/17%. Shareholding 31-Dec-25: promoter 26.73%, institutions 11.87%; PTL: group 51%, institutions 4.82%.

Q4 FY26 + FY26: tone defensive, "Short-term pressures, long-term strength" (deck 27-May-2026)

Q4: volume 95,424 MT (+8% YoY); revenue ₹1,868 Cr / USD 204 mn; normalized EBITDA ₹128 Cr / USD 14 mn (-31% YoY); PAT pre-MI ₹38 Cr, owners ~₹25 Cr; EPS ₹7.90; FX gain ₹22.06 Cr. Bridge: 13.5 +2.9 vol -3.1 rate +0.6 other -0.1 +0.2 = 14.0. FY26: CFO after NWC USD 64 mn; capex USD 46 mn; net cash USD 28 mn; book ₹1,342/sh. TSR (15-May-26): -28% 1y.

Chairman/CEO: "Profitability remained under pressure ... reciprocal tariffs on our U.S. distribution business, the slower-than-anticipated ramp-up of the new U.S. film line, and persistent industry-wide overcapacity." "Our immediate priority is to accelerate the ramp-up of our U.S. production line." "While additional BOPET capacity is expected to come onstream in China over the next one to three years, we remain confident in the industry's long-term growth prospects." Middle East slide: "In the short term, increased margins and stock gains should reflect in better profitability, these are expected to be offset by steep retraction in prices once the situation normalises given the underlying over supply scenario." Q1 outlook: "There is no assurance these trends will continue and infact we are already seeing some reversals."

Q1 FY27: numbers upbeat, narrative self-discounting (deck 13-Aug-2026)

Bridge Q4→Q1 (USD mn)	Value
Q4 FY26 (restated)	13.5
Volume VA	(2.3)
Rate VA	+26.1
Other film & chips	+7.5
Other variable	(1.0)
Fixed cost (PDPL, maintenance, inflation)	(5.7)
Other	+0.1
Q1 FY27	38.2

Q1 FY27 KPI	Value
Volume	91,417 MT (-4% QoQ, +1% YoY)
Revenue	₹2,250 Cr / USD 238 mn (+30% YoY)
Normalized EBITDA	₹362 Cr / USD 38 mn (+95% YoY), 16%
PAT pre-MI / owners	₹171 Cr / ~₹91 Cr; EPS ₹29.00
Polyplex VA vs China VA	USD 1.02 vs 0.30/kg
Thin CUF (annualised)	92% vs industry ~54%
Unrealised FX loss	₹39.69 Cr (Q1 FY26 ₹156.42 Cr)
Net cash	USD 14 mn (FY26-end 28)
TSR (4-Aug-26)	0% 1y, -4% 3y vs Nifty500 5%/13%

"Demand was aided by precautionary and opportunistic buying amid ongoing geopolitical uncertainties"; "The withdrawal of reciprocal tariffs, partially offset by ... Section 122 tariff (10%), resulted in a net positive impact on margins, particularly in the Distribution business in the US"; "sustainability of these trends remains uncertain, particularly in the context of prevailing global oversupply." "Potential refunds of reciprocal tariffs, although likely to be passed on to customers, remain a positive development." Investor-presentation tone was described as "cautiously confident".

Credibility scorecard

Item	What was said	What happened	Verdict
US Line 14 ramp	FY25 AR: "quick ramp up ... shortest possible time"	"Slower-than-anticipated"; CUF 87%; still "continued ramp-up"	Miss
Tariffs	FY25: "higher premium for local players"	FY26: hurt US distribution, margin compression	Reversed
Q4 FY26 EBITDA	~USD 15 mn	14.0	Small miss
Q1 FY27 EBITDA	≈32–33 + caution	38.2	Beat
Bazpur Line 15	H1 FY28; USD 58 mn	Q4 FY27; USD 56 mn	Ahead
Turkey coater	Q4 FY26 → Q1 FY27	Q2 FY27	Slipped, re-dated 3x
Thailand blown line 5	FY26	Feb-2026	On time
OLC-3 + laminator	Up to Q3 FY26	Oct-2025 / Feb-2026	~On time
India metallizers	H2 FY27	Q4 FY27	On plan
India line descriptor	"greenfield" (Chairman) vs "brownfield" (MD&A)	–	Inconsistent
Dividend policy	Up to 20% of PAT	21% FY26; 20% FY25	Consistent
PV narrative	FY25: solar PV promising	FY26: glass-glass "eliminating" the avenue	Reversed

Tone trajectory: FY25 AR confident ("Combining Growth with Localization") → Feb-2026 cautious → May/Jul-2026 defensive-but-steady → Aug-2026 upbeat numbers, self-discounting narrative. Recurring themes: overcapacity, US tariff whiplash, US ramp, "unplanned maintenance" (cited in FY25, FY26 and Q1 FY27), D-PAC as the moat, FX noise.

What the street is saying (no institutional coverage)

Date	Source	View	Label
Jan-2025	ValuePickr (Rohan Dedhia; Niveyshak; sadan0074)	New Chinese BOPET keeps realisations low; MNCL initiation "88% upside" (image); Cosmo Q3 as an upcycle sign	[Unverified]
Aug-2025	ValuePickr (vikashkota)	Tracks First Water 1.99% → 3.3%	[Fact via SAST]
Oct-2025	ValuePickr (Kush Smart; AKGupta)	Bull: owner earnings ~₹547 Cr, IV ₹3,200–3,700/sh; Nandurbar investment (~600 jobs). Bear (technical): sideways since Jul-2024	[Unverified]
Jun–Aug 2026	ValuePickr (Devendra Patel, novice2014, Gaurav_Catalyst, keeyes)	SOTP "doesn't add up"; governance bear (2023 sale at ~₹1,562 gave minorities nothing); AGP is a related party (FY25 AR p.205); Saraf–AGP rift speculation; SCORES complaint	[Unverified]
Post Q1 FY27	Forum	No posts after results; attention on corporate action	–
Other	B's Notes (Apr-24, bear); AxePac (Nov-24, long); kowshick kk (EV/EBITDA ~5.5x, Mar-24); TradingView "undervalued ... breakout"; one aggregator calls Q1 a sign oversupply is "stabilizing"	Mixed	[Unverified]

Street bull case: (1) P/B 0.75x and PTL at IFA value worth up to ~90% of mcap; (2) strategic BOPP major bidding signals undervaluation, with possible action around the Nov-2026 window [Unverified]; (3) Q1 FY27 shows the cycle bottomed; (4) smart money (Kirpalani >5%, FIIs 7.1→10.2%), pledge released; (5) capacity growth and the PDPL specialty bolt-on.

Street bear case: (1) structural Chinese oversupply, and management says Q1 "may not be sustainable"; (2) minorities were left out of the 2023 sale; AGP–PTL dealings without a minority vote; no concalls; (3) holdco discount may persist, AGP owns 18% of PTL directly; (4) 3-yr RoE ~2.4%, dividend cut; (5) no sell-side or MF sponsorship.

Sentiment arc (Apr→Oct 2026): apathy (~₹950–985 in Jun) → excitement on the PTL tender and Q1 beat (52-week high ₹1,267.75; ₹1,077.95 on 17-Sep) → cooled ~20% to ₹1,014 as the tender closed at 18% and management cautioned.

Growth, Outlook & Valuation

Order book and revenue visibility

Proxy	Status
Order book	None. Film is short-cycle and "almost always 'made to order'"; prices reset monthly/quarterly; RM pass-through lag 1–3 months
Contracted share	Not disclosed; "judicious mix of raw material linked and market linked pricing"
Customer tenure / repeat	~20 years average; "high rate of repeat customers"; top-10 26%
Utilisation	Thin CUF 87% FY26 (94% ex-US); 92% Q1 FY27 annualised
Specialty share	D-PAC 108 of 371 KMT (29%); Q1 FY27 30 of 92 KMT
Next-quarter guidance	Q2 FY27 normalized EBITDA USD 28.61 mn (vs 38.2 in Q1)

Catalysts

Catalyst	Timing	Direction
Sep-26 shareholding pattern (AGP, FII, any SAST)	By 21-Oct-2026	Information
Q2 FY27 results vs USD 28.6 mn guide; Q3 guide	~mid-Nov 2026	Likely QoQ decline [Analyst View]
Reported AGP–Saraf option window	Nov-2026 [Unverified]	Potential open offer / control change
MoF notification of India thin PET AD duty	Pending after DGTR final findings 29-Sep-2026	+ India / - PTL exports
Thick PET AD case (Thailand named)	Investigation from 30-Jun-2026	- PTL
Turkey silicone coater	Q2 FY27	+ specialty
Bazpur Line 15 + India metallizers	Q4 FY27	+ volume into oversupplied India
EcoBlue arbitration outcome	Timetable unknown	Up to ~₹377 Cr cash call at PTL
Thailand used BOPP/BOPE line (Taghleef)	Q4 FY28	+12 kt
CEO term end / auditor rotation	Sep-2027 / FY27 AGM	Governance

Long-term drivers (3–5y): ex-China CUF recovery (~71→82% by 2030E) as ex-China capacity growth stays ~4%; India demand >10%; onshoring in the US/EU; specialty migration (EV pouch film, release liners, MLCC, digital print, TMP, holography); recycled-content mandates (PPWR, PWMR) favouring rPET and mono-PET; closure of old narrow lines.

Management guidance: Q2 FY27 USD 28.61 mn; "gradual improvement" from the US ramp; better US visibility under Section 301; Middle East margins "uncertain". Capex USD 73–74 mn (India line USD 56 mn, metallizers USD 7 mn, Turkey coater USD 10 mn) + PTL USD 15.2 mn. Consensus FY27/FY28: not available; no active institutional coverage.

Broker / research coverage

House	Rating	Target ₹	Date	Note
Univest / Uniresearch (Neeraj Pandey, SEBI RA INH000013776)	Implicit Buy	1,180 base (bull 1,355 / bear 870); 3–6m 1,045; FY27–28 1,357–1,593	30-Jun-2026 (CMP ₹966)	Promotional blog; no model (+16% vs CMP)
Monarch Networth (MNCL)	Initiation, implied Buy	"88% upside" [Unverified]	~Jan-2025	Seen only as a ValuePickr image
AUM Capital	Buy	1,090	10-Mar-2021	Stale; "target met" (Trendlyne)
Sharekhan	Note	n/a	2023	On the AGP stake (~₹1,189 Cr for 24.3%)

Valuation multiples

Metric	Current	FY24 YE (₹765.7)	FY25 YE (₹1,194.75)	FY26 YE (₹778.2)	3-yr ref.
P/E (owners)	20.5x TTM; 70.8x FY26	63.5x	17.9x	54.3x	Screener median 24.0x
P/B (owners)	0.75x	0.68x	1.00x	0.58x	0.75x
EV/EBITDA (NCI at book)	9.6x TTM	11.9x	8.6x	14.1x (8.6x norm.)	~11.5x
EV/EBITDA (PTL at market)	~7.8x	–	–	–	–
Dividend yield	0.30%	–	1.1%	0.4%	–
FCF yield (FY26 FCF ₹132 Cr)	4.1% (~half belongs to PTL minorities)	–	–	–	avg 4.4%

EV build, ₹ Cr	NCI at book	PTL minority at market
Market cap	3,180	3,180
+ NCI	2,797	~1,753 (49% × ₹3,577 Cr)
+ Debt incl. leases	935	935
- Cash + liquid investments	(1,248)	(1,248)
EV	5,664	~4,620
TTM reported EBITDA	592	592
EV/EBITDA	9.6x	7.8x

Sum-of-parts / look-through

Rate assumption: INR/THB 2.88 is the 31-Mar-2026 AOC-1 closing rate; the 13-Oct-2026 spot was not verified. Each ±0.10 change in INR/THB moves the 51% stake by ~±₹63 Cr. PTL: 900 mn shares (THB 900 mn capital, par THB 1); close THB 13.80 on 13-Oct-2026 (52-week THB 7.50–15.10); market cap THB 12,420 mn ≈ ₹3,577 Cr, ~0.63x PTL book of ₹5,644 Cr. [Est.]

₹ Cr	PTL at market (THB 13.80)	PTL at tender (THB 15)	PTL at IFA (THB 21.71–23.56)	PTL at book
51% PTL stake	1,824	~1,983	~2,870–3,114	2,847
PCL + PAPL net cash (~826 - 240 = ~586, less PDPL ~73)	513	513	513	513
India operations (FY26 EBITDA ex-dividend ~₹112 Cr incl. OI; 6–7x EV)	500–750	500–750	500–750	500–750
NAV	~2,840–3,090	~3,000–3,250	~3,880–4,380	~3,860–4,110
vs mcap ₹3,180 Cr	Parity: mcap 3–12% above NAV	Parity to ~2% discount	~18–27% discount	18–23% discount
NAV per share (₹)	~905–985	~955–1,035	~1,235–1,395	~1,230–1,310

Chart: NAV ranges (dark = low end, grey = range to high end) against the ₹3,180 Cr market cap (dashed red), all at 0.12 px per ₹ Cr. At PTL's traded price there is no holdco discount at PCL; the discount sits at PTL (0.63x book).

Street vs our arithmetic. ValuePickr puts the 51% stake at ~₹1,800 Cr at THB 15 and ~₹2,600–2,800 Cr at the IFA range, which implies ~2.6 INR/THB. At 2.88 we get ~₹1,983 Cr and ~₹2,870–3,114 Cr. The street concludes India + Singapore treasury + capex are valued at only ₹350–1,350 Cr. On our numbers the "doesn't add up" gap exists only if PTL is marked at IFA/book, not at market. Applying a standard 20–30% Indian holdco discount to the at-market NAV implies PCL is fully priced; applied to book NAV it gives ~₹2,900–3,300 Cr, roughly the current price. [Analyst View]

Capital return

Dividend yield 0.30% (FY26 DPS ₹3); policy up to 20% of consolidated PAT; no buyback since FY21. Ghanashyam Das (ValuePickr, 2022) once owned it as a ~6.5%-yield debt-free dividend payer; that status was lost with the cuts.

Final Verdict

Business QualityMediumGlobal #2 ex-China; integrated; D-PAC moat; standard film loss-making

Management QualityMediumProfessional, long-tenured; US ramp miss; governance hygiene; opaque AGP options

Financial QualityMediumNet cash ₹313 Cr, AA-; RoE 1%; 49% leakage; ₹377 Cr off-book claim

ValuationFair0.75x book; 20.5x windfall-TTM P/E; look-through ≈ parity

Overall ViewNeutralEvent-driven upside; fundamentals not yet re-rated

Bull case

Corporate action: an Al Ghurair group already at 24.28% of PCL and 18.09% of PTL, with options against the promoters, could produce an open offer or group-level deal. PTL's IFA value (THB 21.71–23.56) implies an ~18–27% NAV discount.
Asset backing: 0.75x book, net cash, AA-, ₹1,308 Cr undrawn; downside cushioned near look-through.
Operating leverage: if the US line ramps and ex-China CUF improves, normalised EBITDA could return toward USD 85–90 mn (FY25 level), with D-PAC holding USD 0.8–0.95/kg.

Bear case

Windfall unwinds: Q2 guide is already -25% QoQ; management expects a "steep retraction"; standard film reverts to losses at ~53% global CUF; India oversupply meets Bazpur and the Jindal restoration.
Value accrues below PCL: AGP accumulates PTL cheaply; options settle privately; PCL minorities get no premium; 49% leakage persists.
Off-book and execution hits: EcoBlue ₹377 Cr claim, US/Indonesia losses, PTL exports hit by Indian AD duties, governance slippage.

Base case (12–18m)

Q2–Q4 FY27 normalized EBITDA falls back toward USD 20–30 mn a quarter. FY27 owners' PAT lands ~₹180–250 Cr (pre-MI roughly ₹320–440 Cr) on the strong Q1, then fades in FY28 as Bazpur adds volume into a weak India. The stock trades between ₹850 and ₹1,150, anchored by book and look-through, with spikes on any AGP/promoter news. [Analyst View / Est.]

5 things to remember

Always use owners' PAT: FY26 ₹45 Cr (pre-MI ₹41 Cr); Q1 FY27 ~₹91 Cr (₹171 Cr); TTM ~₹155 Cr (₹272 Cr).
Specialty (D-PAC, ~USD 87 mn) makes all the profit; standard film lost USD 22 mn in FY26.
Q1 FY27's 16% normalized margin (13.1% Screener basis) was a Middle East windfall; Q2 guide USD 28.6 mn.
The look-through at PTL's market price ≈ market cap; the discount is at PTL (0.63x book), not PCL.
A competitor (AGP/Taghleef, Al Ghurair) holds 24.28% with undisclosed options, plus 18.09% of PTL.

5 questions to ask before investing

What are the price, tenor and triggers of the AGP–promoter put/call options, and does exercise cross 25% (open offer)?
Why did PCL decline the THB 15 tender, and what is the group's plan for PTL (merger, delisting, status quo)?
What is US Line 14's standalone EBITDA, and when does Polyplex USA break even?
How will the EcoBlue arbitration be funded if lost, and why is it absent from contingent liabilities?
Who now chairs the Audit Committee and NRC, and who succeeds the CEO in Sep-2027?

Aamara view: Neutral. Polyplex is a well-run global film franchise trapped in an oversupplied industry and a two-tier holding structure. At ₹1,013 the market already pays roughly look-through value on PTL's traded price and capitalises a windfall quarter at 20.5x. We would not buy for the cycle. The only asymmetric angle is a Saraf–AGP transaction, and its terms are invisible to minorities. Track it, revisit after Q2 FY27 and any SAST filing, and size only as a special situation.

Sources

Merged and de-duplicated from the six research inputs (financials, business, governance, narrative, market, street sentiment). All accessed 13-Oct-2026 unless stated. Local text extracts used by researchers: AR_FY26.txt and AR_FY25.txt.

Filings and annual reports

Source	URL	Date
FY26 Annual Report (NSE; filed 14-Aug-2026)	nsearchives.nseindia.com/.../AR_30358_POLYPLEX_2025_2026...pdf	13-Oct-2026
FY26 Annual Report (BSE mirror)	devuat.dionglobal.com/BSEAnn/20260814/524051_14082026192419_37069.pdf	13-Oct-2026
FY25 Annual Report (NSE; filed 22-Aug-2025)	nsearchives.nseindia.com/.../AR_27585_POLYPLEX_2024_2025...pdf	13-Oct-2026
Company corporate announcements / IR site	investor.polyplex.com/corporate-announcement.aspx	13-Oct-2026
Q3 FY26 investor presentation (17-Feb-2026)	.../20260217/524051_17022026120835_17011.pdf	13-Oct-2026
Q4/FY26 investor presentation (27-May-2026)	.../20260527/524051_27052026175002_39051.pdf	13-Oct-2026
Q1 FY27 investor presentation (13-Aug-2026)	.../20260813/524051_13082026190053_35652.pdf	13-Oct-2026
Q1 FY27 BSE filing (HTTP 403 on fetch)	bseindia.com/.../5daddafa-86d1-4627-aed9-9ee53e4bb99f.pdf	13-Oct-2026
AGPH (Thailand) tender offer result (6-Aug-2026)	.../20260806/524051_06082026183719_37740.pdf	13-Oct-2026
PTL capacity addition (7-Oct-2026)	.../20261007/524051_07102026203415_42928.pdf	13-Oct-2026
PDPL final consideration (1-Oct-2026)	.../20261001/524051_01102026192858_23292.pdf	13-Oct-2026
AGM presentation / proceedings (8-Sep-2026)	..._14241.pdf ; ..._34733.pdf	13-Oct-2026
Board approvals 25-Mar-2026 (TechNova; CleanMax; BECIS)	.../20260325/524051_25032026174515_37765.pdf	13-Oct-2026
Volume clarification 2-Mar-2026	.../20260302/524051_02032026115359_15092.pdf	13-Oct-2026
India Ratings intimation 10-Mar-2026	.../20260310/524051_10032026164321_32716.pdf	13-Oct-2026
Jindal Poly fire intimation (21-May-2025)	nsearchives.nseindia.com/corporate/JINDALPOLY_21052025...pdf	13-Oct-2026
Garware Hi-Tech intimation (16-Jun-2026, thick PET AD)	nsearchives.nseindia.com/corporate/GRWRHITECH_16062026...pdf	13-Oct-2026

Financial databases and market data

Source	URL	Date
Screener: Polyplex consolidated / standalone	screener.in/company/POLYPLEX/consolidated/ ; screener.in/company/POLYPLEX/	13-Oct-2026
Screener API: price and P/E charts	price ; P/E	13-Oct-2026
Screener schedules (CFI, other assets, other liabilities)	CFI ; assets ; liabilities	13-Oct-2026
Screener peers: Jindal Poly, Uflex, Cosmo First, Garware, Ester, SRF	JINDALPOLY ; UFLEX ; COSMOFIRST ; GRWRHITECH ; ESTER ; SRF	13-Oct-2026
SET: PTL quote	set.or.th/.../PTL/price	13-Oct-2026
Trendlyne shareholding / research reports	shareholding ; reports	13-Oct-2026
IIFL / Upstox / Equitymaster shareholding and pledge	IIFL ; Upstox ; Equitymaster	13-Oct-2026
Pocketful deals; Simply Wall St ownership (403, snippet); Bajaj Finserv; Business Standard	Pocketful ; Simply Wall St ; Bajaj Finserv ; Business Standard	13-Oct-2026

Ratings, broker and industry research

Source	URL	Date
CRISIL: Jindal Poly Films (18-May-2026; 26-Aug-2025)	May-2026 ; Aug-2025	13-Oct-2026
SRF Q1 FY27: ICICI Direct; PL (23-Jul-2026); DSIJ; askfuzz (single source, films EBIT); Sahi	ICICI ; PL ; DSIJ ; askfuzz ; Sahi	13-Oct-2026
Univest target (Jun-2026) and Q1 FY27 blog; Sharekhan	target ; Q1 ; Sharekhan	13-Oct-2026
Arthneeti Q1 FY27; MarketsMojo	Arthneeti ; MarketsMojo	13-Oct-2026
ChemAnalyst China BOPET (-4.3%, late Jun-2026); BOPET price post (low quality)	ChemAnalyst ; Google Groups	13-Oct-2026
PTL sustainability report aggregator	sustainabilityreports.com/polyplex-thailand	13-Oct-2026

News and regulatory

Source	URL	Date
Sahi: Polyplex Q1 FY27 (owners ₹91.03 Cr)	sahi.com/news/polyplex-corp-posts-q1...	13-Oct-2026
Investywise: Q1 presentation; tender announcement; tender update	presentation ; announcement ; update	13-Oct-2026
Kaohoon International (22-Jun-2026 tender; follow-up)	585241 ; 585269	13-Oct-2026
ScanX: AGPH acquires 18.09%; Tijori: board not to tender	ScanX ; Tijori	13-Oct-2026
FilingReader: Kirpalani & PACs above 5% (7-Oct-2025)	filingreader.com/...ricky-kirpalani...	13-Oct-2026
Asia News Network: India AD final findings on PET film	asianews.network/?p=305221	13-Oct-2026
TeamLease RegTech: thick PET film AD investigation	teamleaseregtech.com/updates/article/57553/...	13-Oct-2026

Forums and social

Source	URL	Date
ValuePickr: "Polyplex Corporation: Are Good Days Ahead?" (topic 9761; ~211 posts; last 16-Aug-2026)	forum.valuepickr.com/t/.../9761	13-Oct-2026
ValuePickr search	forum.valuepickr.com/search.json?q=polyplex	13-Oct-2026
TradingView idea	vn.tradingview.com/chart/POLYPLEX/...	13-Oct-2026

Known gaps

Q1 FY27 primary filing not text-extracted (BSE 403); the FX vs operating split and the entity split for Q1 FY27 are not verified against the primary filing.
AGP–Saraf option terms, AGP deal price and seller; SAST Reg. 31 filings behind the Jun-2025 encumbrance release.
Sep-2026 shareholding; MNCL report details; India Ratings rationale text.
INR/THB spot rate; PTL-level credit rating; PTL-specific Indian AD rate; US Section 122 status after July 2026; US AD/CVD sunset status.
Global and unlisted peer financials; named suppliers and customers; top-5 customer share; contract tenors; plant land areas; PDPL plant location.
Who chairs Audit/NRC after May-2026; Chadha's resignation reason; Bhartia profile; which subsidiary breached its covenant; EcoBlue arbitration timetable.
Primary-text spot checks against AR_FY26/AR_FY25 extracts were not re-run at assembly.