DDev Plastiks Industries Ltd(DDEVPLSTIK)

NSE: DDEVPLSTIKBSE: 543547

₹ 239-1.32%refreshed 26 Oct, 02:58 pm ISTMarket cap: ₹ 2,473 crWebsite: www.ddevgroup.inUpdated: 24 Oct 2026

About

DDev Plastiks Industries Ltd is India's largest manufacturer of polymer compounds for the wire and cable industry, producing XLPE, PVC, PE, Sioplas, and HFFR compounds across multiple plants. The company generated revenue of ₹2,948 cr in FY26 (+13% YoY) with installed capacity of 3,16,400 MTPA as of Q1 FY27. It holds approximately 33% market share in XLPE compounds in India and is the only domestic player offering products across the 66 kV to 132 kV voltage range.^[1][2]

Business segments

Polyethylene product turnover was INR 2,22,931.97 lakhs in FY25, the largest product line.^[3]
Poly Vinyl Chloride product turnover was INR 30,617.86 lakhs in FY25; other products contributed INR 6,782.54 lakhs.^[3]

Products and market position

Product portfolio spans XLPE, Sioplas, PVC, PE, and HFFR (halogen-free flame-retardant) compounds, all for the wire and cable industry.^[1]
Largest XLPE compounder in India with ~33% market share in XLPE and ~50% share in Sioplas as of FY26; competes against overseas players Dow and Borealis.^[1]
Only domestic player offering XLPE compounds across the full 66 kV to 132 kV voltage range as of FY26.^[1]
Received NTPC approval for 3.3 kV insulation products, as reported in FY25.^[3]
Holds UL certifications for select products enabling exports to the US market; additional PVC UL certification was being pursued as of Q3 FY26.^[4]

Manufacturing capacity and utilisation

Total installed capacity reached 3,16,400 MTPA as of Q1 FY27, after the 48,000 MTPA Bhiwadi XLPE greenfield plant was commissioned in April 2026; it was 2,33,400 MT across five plants in FY25.^[5][3]
XLPE installed capacity stands at 2,14,500 MTPA as of Q1 FY27, following the Bhiwadi addition.^[5]
Capacity utilisation was 66% in Q1 FY27, versus 77% in FY26 and 81% in FY25, as the new Bhiwadi plant had limited operating time.^[5][3]
Production volume in FY26 was 2,01,370 MT at 77% capacity utilisation; Q1 FY27 production was 52,163 MT at 66% utilisation.^[1]
HFFR capacity stood at 10,000 MTPA after the 5,000 MT addition commissioned in Q3 FY26 at a cost of ₹50 cr alongside 25,000 MT of PVC capacity.^[6]

Key operating numbers

EBITDA per ton reached ₹19,177 in Q1 FY27, above the normalised range of ₹15,000 - 16,500 due to war-risk and freight premiums on MENA exports.^[5]
EBITDA per ton in FY26 was ₹16,878, versus ₹5,819 in FY21, reflecting a shift toward PE and XLPE from PVC.^[1]
Export revenues rose 30% and export volumes 23% in FY26, with MENA and parts of Europe as primary contributors.^[1]
Export revenue in Q1 FY27 was ₹312 cr (32% of revenue), roughly doubling YoY; export volume growth was low single-digit.^[5]
PVC capacity utilisation was 49% in FY26 (down from 66% in FY25), attributable to new capacity added late in FY26.^[1]

Customers and distribution

Key customers are domestic and international clients in the wire and cable industry, served in domestic and export markets (FY26).^[7]
Apar, Havells, KEC, KEI, Paramount, and Polycab collectively contributed ~22% of FY26 revenue; top client was 9% and top-10 clients 25% of FY26 revenue.^[1]
Bhiwadi plant positioned to serve North India cable customers and gain share in medium-voltage XLPE, where the company historically had lower share.^[5]
Company was pursuing non-India cable makers exporting to the US as a hedge against US tariff impacts on Indian customers (Q2 FY26).^[4]

Expansion and capex

FY27 total capex guidance of ₹150 - 175 cr covers XLPE, HFFR, East medium-voltage capacity, Vapi site consolidation, and the BESS plant.^[5]
HFFR capacity targeted at 20,000 MTPA by FY27, with PE compound capacity to expand by 25,000 MTPA by FY27.^[1]
Total installed capacity targeted at ~3,34,400 MTPA by end of FY27 with additional XLPE East, HFFR, and Vapi site additions.^[5]
BESS Phase 1: a 5 GWh assembly plant expected to be commissioned in Q1 FY28 (delayed from H2 FY27 after relocation to West Bengal); investment ₹150 - 200 cr from internal accruals.^[5]
220 kV XLPE compound is targeted for certification and commercial readiness around 2030.^[1]
Polymer compounding revenue target of ₹5,000 cr by FY30 maintained; BESS revenue is excluded from this figure.^[5]

Recent developments

48,000 MTPA XLPE greenfield facility in Bhiwadi, Rajasthan commissioned in April 2026 at a committed capex of ₹80 cr; utilisation at ~20 - 25% in Q1 FY27.^[5]
Q1 FY27 was the first quarter EBITDA crossed ₹100 cr, reaching ₹101 cr (+27% YoY) on revenue of ₹989 cr (+29% YoY).^[5]
BESS plant location shifted to West Bengal in mid-2026, delaying commissioning by about two quarters; West Bengal's forthcoming industrial policy cited.^[5]
India-EU FTA expected to lower duties on existing European shipments; India-UK FTA expected to help indirectly as Indian cable makers expand UK exports.^[5]
Iran-Israel conflict disrupted polymer imports and export logistics from late February 2026, with stuck March consignments transiting in April 2026.^[1]

Market Cap

₹2,473 Cr

High / Low

₹319 / 188

Stock P/E

11.8

Price / Book

2.5

Book Value

₹98

EPS

₹19.5

No. of Shares

10.35 Cr

ROCE

31.1%

ROE

21.8%

OPM

10.2%

Debt / Equity

0.05

Sales

₹2,948 Cr

Net Profit

₹202 Cr

Promoter holding

75.0%

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