Polyplex Corporation Ltd(POLYPLEX)

NSE: POLYPLEXBSE: 524051

₹ 895.85-2.95%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,812 crWebsite: www.polyplex.comUpdated: 24 Oct 2026

About

Polyplex Corporation Ltd is a manufacturer of polymeric packaging films - principally BOPET, BOPP, CPP and Blown PP/PE - with 492,000 MTPA installed capacity across eight facilities in five countries. It is ranked second globally (excluding China) in thin BOPET film capacity with approximately 9% market share (ex-China), and is the only global player with captive PET resin production at every manufacturing location. Revenue in FY26 was Rs 7,085.86 crore.^[1][2]

Products

Base films portfolio spans BOPET thin and thick grades, BOPP, CPP and Blown PP/PE.^[1]
Downstream value-added products include metallized, silicone-coated, extrusion-coated, holography, Transfer Metallized Paper (TMP), Direct Metallized Paper (DMP) and offline chemically coated films.^[1]
D-PAC (Differentiated Product, Application and Customer) portfolio reached 108 KMT volumes in FY26, up from annualised 65 KMT in Q1 FY26.^[1][3]
In April 2026, Polyplex acquired 51% of Polyplex DigiPrint Private Limited (PDPL), adding polyester, paper and textile-based substrates for digital printing applications to the portfolio.^[1][4]
EcoBlue Ltd (Thailand, 66.50% owned) converts post-consumer and post-industrial plastic waste into recycled materials; EcoBlue rPET film is compliant with US FDA 21 CFR, EU Regulation 10/2011 and Japan JHOSPA regulations.^[1]

Manufacturing capacity by location

India: PET resin 77,600 MT, BOPET thick 107,400 MT, CPP 35,000 MT, metallized 49,500 MT, coated 407 Mn Sqm, TMP 152 Mn Sqm.^[1]
Thailand: PET resin 106,050 MT, BOPET thin 59,700 MT, BOPET thick 42,000 MT, BOPP 28,800 MT, Blown PP/PE 10,000 MT, metallized 21,700 MT.^[1]
Turkey: PET resin 75,850 MT, BOPET thick 58,000 MT, metallized 20,700 MT.^[1]
USA: PET resin 86,000 MT, BOPET thin 81,000 MT, metallized 9,250 MT.^[1]
Indonesia: PET resin 90,000 MT, BOPET thick 48,000 MT, CPP 60,000 MT.^[1]
Sales infrastructure includes warehouses in Poland, Germany and Netherlands, and liaison offices in South Korea and Japan.^[1]

Key operating metrics

All-film sales volume in Q1 FY27 was 91,417 MT, up 1% YoY.^[4]
Thin BOPET capacity utilisation: Polyplex 87% vs industry 54% in Q1 FY27 annualised; full-year FY26 was 92% for Polyplex vs 67% for industry.^[4]
Normalised EBITDA in Q1 FY27 was $38mn (16% margin), up 95% YoY and 182% QoQ; EBITDA per kg was $0.42.^[4]
D-PAC incremental EBITDA reached $132mn annualised in Q1 FY27 vs $65mn for full-year FY26; incremental EBITDA per kg was $0.95/kg, the highest in the series.^[4]
Normalised ROCE was 16% in Q1 FY27.^[4]
Net debt was $1mn as of Q1 FY27, effectively a net cash positive position.^[4]

Customers and distribution

Polyplex served approximately 2,925 customers across nearly 85 countries in FY26, with top 10 film customers contributing only 26% of FY26 turnover.^[1]
On a standalone basis, exports contributed 21.9% of total turnover in FY26, with customers in 42 countries.^[1]
Americas contributed 34% of geographic revenue in Q1 FY26 following startup of the US BOPET line, up from 31% in FY25.^[3]

Expansion and capex

New BOPET film line in India: $56mn capex, startup targeted Q4 FY26-27; India PET film demand growing at 10%+ pa, described as the fastest-growing market globally.^[4]
Two metallizers in India: $7mn capex, startup targeted Q4 FY26-27.^[4]
Turkey silicone offline coater: $10mn capex, startup targeted Q2 FY26-27.^[4]
Polyplex Thailand plans to add a second-hand BOPP/BOPE film line adding 12,000 MT/year capacity at an investment of 15.2 Mn USD (INR 147 crores approx.), targeted for commissioning in Q4 FY27-28, funded from internal accruals.^[5]

Recent developments

On 30 April 2026, Polyplex completed acquisition of 51% equity stake in Polyplex DigiPrint Private Limited (formerly TechNova Printrite Products Pvt Ltd), making PDPL a subsidiary; final sale consideration was INR 7,348.83 lakh, with a balance of INR 1,139.08 lakh to be paid to sellers.^[4][6]
US reciprocal tariffs were withdrawn and replaced with a flat 10% Section 122 tariff in Q1 FY27, providing a net positive impact on margins in the US distribution business.^[4]
India offline coater (OLC-3) started February 2026; Thailand blown film line also started February 2026.^[7]
Polyplex holds 26% equity stake in BECIS Solar 1 Private Limited (a captive power company) from July 18, 2024; not consolidated as there is no significant influence under Ind AS.^[8]
A fire incident in May 2025 at a major Indian competitor's facility took several BOPET lines offline, improving near-term domestic supply dynamics in India.^[8]

Industry and competitive position

Global thin BOPET film demand expected to grow at ~5% per annum; India demand at ~10% per annum.^[1]
Chinese producers account for 73% of global capacity additions since 2019; ex-China global CUF remains stable, with some Chinese lines expected to be cancelled or postponed due to prevailing oversupply.^[1]
Polyplex is the only global player with captive PET resin facilities at every manufacturing location; its latest 10m+ wide lines (Indonesia, USA, upcoming Bazpur India) are expected to enhance cost competitiveness.^[1]
BOPP global demand was ~10.8 MMT in 2025 and is expected to grow at more than 4%; food applications account for ~59% of demand.^[1]

Market Cap

₹2,812 Cr

High / Low

₹1,268 / 743

Stock P/E

18.1

Price / Book

0.7

Book Value

₹1,351

EPS

₹14.3

No. of Shares

3.14 Cr

ROCE

1.0%

ROE

1.1%

OPM

1.0%

Debt / Equity

0.22

Sales

₹7,086 Cr

Net Profit

₹41 Cr

Promoter holding

26.7%

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