Polyplex Corporation Ltd

Overview

• BRSR for FY 2025-26 filed and forms part of the Annual Report.

Governance & Policy Highlights

• Compliance with Regulation 34(2)(f) of SEBI LODR for BRSR filing.

• Revenue: ₹708,586.02 lakh.
• PAT attributable to owners: ₹4,495.13 lakh.
• Basic EPS: ₹14.32.
• Net borrowings: ₹91,709.27 lakh.
• Cash and cash equivalents: ₹32,321.87 lakh.
• India revenue: ₹133,114.97 lakh.
• Outside India revenue: ₹575,471.05 lakh.
• Interim dividend: ₹2.00 per share.
• Total dividend paid: ₹2,040.51 lakh.
• PDPL acquisition completed.

Business Overview

• Integrated and diversified manufacturer of plastic film substrates including BOPET, BOPP, CPP, and Blown PP/PE.
• Global manufacturing footprint across India, Thailand, and Turkey; DPAC-focused growth.
• Backward integration into captive PET resins; downstream capabilities at each site.
• Sustainability leadership via Ecoblue recycling and RPET solutions.
• PDPL acquisition: 51% stake completed April 30, 2026.
• Capacities: Total Resin 495,200 MTPA; Total Base Films 491,837 MTPA.
• Governance: DSIR-recognized R&D; strong governance framework.

Quarter & Year under review

• Q1 FY26-27 revenue INR 2,250 crore (~$238m); QoQ +20%, YoY +30%.
• Normalized EBITDA INR 362 crore (~$38m); margin 16%.
• PAT (Before Minority) INR 171 crore; EPS INR 29.00.
• Sales Volume 91,417 MT; QoQ +4%, YoY +1%.
• Unrealized FX loss INR 39.69 crore in Q1 FY27.

Financial Performance

• FY25-26 revenue USD 801m; Normalized EBITDA USD 38m; EBITDA margin 8%.
• ROCE FY25-26: 16%.

Inorganic Growth

• Acquisition of 51% stake in Polyplex DigiPrint Private Limited completed Apr 30, 2026.
• PDPL enhances downstream product manufacturing, R&D and distribution capabilities.

Growth Capex & Capacity

• New BOPET Line India capex USD 56m; Start-up Q4 FY26-27.
• Metallizers (India) capex USD 7m; Start-up Q4 FY26-27.
• Coater (Turkey) capex USD 10m; Start-up Q2 FY26-27.
• Total growth capex USD 74m under implementation.

Outlook & Guidance

• Q2-26/27: margins to improve with U.S. ramp-up and DPAC expansion.
• Tariffs stable; potential refunds expected to be passed to customers.
• Middle East crisis supports near-term margins; oversupply risk remains.

Risks & Governance

• Geopolitical and FX risk; mitigated by diversified geography and hedging.
• Integrated operations support supply continuity amid disruptions.
• Board has Audit, Nomination & Remuneration, Stakeholder Relationship, CSR, Risk Management committees.

Financial results approved

• Unaudited standalone Q1 FY27 results approved; revenue Rs 43,953 lakh, PAT Rs 1,248 lakh, after limited review.
• Unaudited consolidated Q1 FY27 results approved; revenue Rs 2,25,362 lakh, PAT Rs 17,107 lakh.

Major acquisitions / investments

• Acquisition of 51% stake in TechNova Printrite/PDPL for Rs 6,209.75 lakh.
• PTL-related: 18.09% stake acquired in Polyplex (Thailand) by AGPH (Thailand) Ltd; PTL remains subsidiary.

Regulatory / legal updates

• Arbitration notice from minority shareholder in PTL; management disputes obligation; no expected material adverse impact.

Auditor remarks

• Auditors' reviews concluded no material misstatement; no emphasis of matter.

Cost Auditor Re-appointment

• Re-appointment of M/s Sanjay Gupta & Associates as Cost Auditors for 2026-27.
• Remuneration to be ratified by shareholders at the AGM; out-of-pocket expenses borne by company.
• Term: financial year 2026-27; Board approved on 24 July 2026.
• Firm profile: established 1998; seven partners; 40+ professionals.
• Services include cost audits, management audits, stock audits, internal investigations, system development.
• Industry exposure includes manufacturing, telecom, healthcare, oil & gas, power.

Dematerialisation status

• Demat requests processed within 15 days of certificate receipt.
• Demat requests approved or rejected by the registrar.
• Securities dematerialised listed on the exchanges where earlier issued shares are listed.
• Physical certificates mutilated and cancelled after due verification.
• Depository's name substituted as registered owner for approved demat requests.
• Certification to depositories and exchanges in accordance with Regulations.

Purpose and process

• Purpose: Approve two director appointments via postal ballot.
• Period: Jun 5–Jul 4, 2026; record date May 29, 2026.
• Impact: No changes to share capital; governance changes only.

Resolution 1: Independent director

• Description: Appoint Rakesh Bhartia as Independent Director, effective May 12, 2026.
• Outcome: Approved by 99.986% in favour; 0.014% against.

Resolution 2: Non-executive director

• Description: Appoint Ranjit Singh as Non-Executive, Non-Independent Director, effective May 25, 2026.
• Outcome: Approved by 99.984% in favour; 0.016% against.

PTL tender offer response

• Board resolves not to participate in AGPH's tender offer for PTL shares.
• PTL is 51% owned by Polyplex (Thailand) Public Company Limited.
• Board meeting on July 1, 2026, 18:00–18:32 IST.
• Offer filed with SET and SEC Thailand; disclosed June 22, 2026.