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Polyplex Corporation Ltd. Investor Presentation 2026
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Investor Presentation
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POLYPLEX
May 27, 2026
| The Manager - Listing Department, National Stock Exchange of India Limited, Exchange Plaza, NSE Building, Bandra Kurla Complex, Bandra East, Mumbai- 400 051 | The General Manager - Listing Department, BSE Limited
Phiroze Jeejeebhoy Towers,
Dalal Street,
Mumbai- 400 001 |
| --- | --- |
| SYMBOL : POLYPLEX | BSE Scrip Code : 524051 |
Dear Sir(s),
Sub: Regulation 30 of SEBI (LODR) Regulations, 2015
Ref: Presentation on Audited Financial Results (Consolidated) for the Quarter and Year ended March 31, 2026.
We are pleased to enclose herewith our presentation on Audited Financial Results (Consolidated) for the Quarter and Year ended March 31, 2026.
A copy of the presentation is also being posted on Company's Website i.e. www.polyplex.com.
Thanking you,
Yours faithfully,
For Polyplex Corporation Limited
ASHOK
KUMAR
GURNANI
Digitally signed by
ASHOK KUMAR
GURNANI
Date: 2026.05.27
17:14:44 +05'30'
Ashok Kumar Gurnani
Company Secretary
Encl: as above
Email: [email protected]
Polyplex Corporation Limited
CIN: L25209UR1984PLC011596
B-37, Sector-1, Noida-201301, Distt. Gautam Budh Nagar (U.P.) India
Board: +91.120.2443716-19, Fax: +91.120.2443724 Website: www.polyplex.com
Registered Office: Lohia Head Road, Khatima - 262308, Distt. Udham Singh Nagar, Uttarakhand, India
POLYPLEX®
1
Polyplex Corporation Limited
May 27, 2026
Fourth Quarter & Financial Year 25-26
Consolidated Financial Results & Business Profile
Contents
- Company Overview
- Quarter & Year under review
- Success Enablers
- Trends – Key Financial Indicators
- Stability in Earnings
- Industry Outlook
- Inorganic Growth
- Growth Capex
- Navigating the Middle East Crisis
- Guidance
- Annexures
POLYPLEX
Company Overview
POLYPLEX
Polyplex at a Glance
- Integrated and diversified manufacturer of plastic film substrates including BOPET (thin & thick), BOPP, CPP and Blown PP / PE
- Wide offering of specialty, innovative and differentiated products across a variety of packaging, electrical & electronic and other industrial applications
- Unique value proposition of on-shoring, off-shoring and near-shoring for a global customer base, while maintaining cost leadership
- Superior sales & distribution network and strong technical support in key demand centers driving deep customer relationships
Unique Global Business Model...
...With a Diverse Product Profile...
...Across a Wide Range of Applications
| Packaging | Industrials |
|---|---|
| Food & Beverage | Electrical & Electronic |
| Textile Bags | Building & Construction |
| Beauty, Personal & Home Care | Film for Liners, Labels, PV and LiB for EV |
| Healthcare & Pharma | Digital |
POLYPLEX
- Includes Recycled Resin
Polyplex Journey so far: Ability to identify & capitalize on opportunities
Trend-Setter With Many 'Firsts' in the Industry
POLYPLEX
First Indian manufacturer to set up overseas operations
Among the first to introduce chemical recycling based rPET films
First in the industry to operate 10.6-meter line @ 675 mpm
Only multinational player integrated with resin at all locations
First in the industry to invest in post-consumer and post-industrial plastic waste recycling
First in the industry to foray into Digital Printing Films
First Indian producer to undertake Direct Melt Casting for BOPET film manufacturing
First in the industry to forward integrate into metallizing
First Indian producer to foray into digital printing films
1988
- Public listing of PCL
- First Thin BOPET film line in Khatima, India
1996/1997
- First Resin plant and expansion of Thin BOPET film line capacity in Khatima, India
2002
- First Metallizer in Khatima, India
2003
- First & second Thin BOPET film line in Thailand
2004
- Public listing of PTL
- Added resin capacity in Thailand
2010
- First BOPP & new BOPET film line in Bazpur, India
- CPP line in Thailand
2008
- First extrusion coating line in Thailand
- Expanded Thin BOPET film line in Turkey
2006/2007
- Acquisition of Spectrum Marketing for warehousing & distribution of Polyplex products in USA
- First silicone coating line in Khatima, India
- Added resin capacity in Turkey
2005
- First Thin BOPET film line in Turkey
2012
- First silicone coating line in Thailand
2013
- Started manufacturing in Decatur, USA
- Thick BOPET film line along with resin capacity & Blown film line in Thailand
- Recycling plant in Thailand – EcoBlue
- Second extrusion coating line in Thailand
2014
- Started offline coaters (OLC) in Turkey & India
2018
- Started holography operations in India
- Expansion of Blown film line in Thailand
2019/2020
- TMP in Bazpur, India
- Started manufacturing in Indonesia
- Expansion of OLC and holography business in Khatima, India
- Expansion of coating in Thailand (OLC & Silicone)
- Started holography in Turkey
2021
- New BOPP film line Indonesia
- Expansion of Blown film line in Thailand
- Batch resin in Turkey
- New metallizer in India and Indonesia
- Started holography in Thailand
2022
- Expansion of recycling unit in Thailand
- Batch resin Thailand
- OLC-2 and Blown line in Turkey
2025
- New PET film line and OLC in USA
- Expansion of TMP capacity in India
2026
- Expansion of OLC Capacity in India
- Expansion of Blown film capacity in Thailand
- PCL acquisition of 51% stake in TechNova Printrite Products Private Limited (TPPPL)
- Silicone coating capacity in Turkey
2027
- PET Film line in India
- Two Metallizers in India
Pioneer in Sustainable Products and Processes in the Industry
Strong Commitment Towards Sustainability Focused Innovative Solutions
- Spearheading post-consumer and post-industrial waste (PIW) recycling in the industry towards achieving the goal of circular economy
- Has taken various initiatives to recycle waste, save energy and use clean technology to assert environmental commitment
-
Ecoblue, a subsidiary of Polyplex is a pioneer in mechanical recycling and is amongst the leading recycling companies in the region
-
Optimized “chemical recycling” process for manufacturing Sarafil rPET film with Post-Consumer Recycled (PCR) content up to 100% and increased product applications in both packaging and industrial end uses
-
Investments in renewable energy projects like Solar power. Implemented at Thailand, Turkey, Indonesia, Bazpur & Khatima. Additional investments approved for purchase of Solar Power in India
-
Increasing presence in high potential sustainability related applications (Solar PV, Lithium-Ion Batteries, Transfer Metallized film/paper)
-
Developed monomeric PET structures for circularity; Promotes use of bio-based raw materials and renewable energy sources
-
Follows best practices relating to the environment and health & safety of its employees and the community
Partnering with Leading Brands to Develop Sustainable Products
Active Participation in Several Industry Groups
BOPET
FCIMS Europe
CEFLEX
IFCA
pectcore EUROPE
POLYPLEX
Quarter under review
POLYPLEX
Financial Performance – Snapshot
India Rating & Research
IND AA- with Stable
Superior Value Creation Over the Years...
(Q4 FY 25-26)
(FY 25-26)
$204mn
Revenue#
$14mn
Normalized EBITDA*
$801mn
Revenue#
$65mn
Normalized EBITDA*
7% Normalized EBITDA* Margin
2% ROCE¹
8% Normalized EBITDA* Margin
3% ROCE¹
...Driven by Strong, Sustainable Profitability
Widening of the Product Portfolio
Increasing Share of D-PAC Sales
Operational Efficiencies and Cost Optimization
Market Positioning
POLYPLEX
- Normalized EBITDA: EBITDA excluding impact of unrealized FX gains/(losses) on long term loans; # Reported sales excluding other operating revenues; ¹Normalized ROCE = Normalized EBIT [excluding impact of unrealized FX gains/(losses)] as % of Average Capital Employed; Capital Employed excludes
Cash & Cash Equivalents
Q4 FY 25-26 Performance Snapshot
| | QoQ Growth
(Q4 FY 25-26 v/s Q3 FY 25-26) | YoY Growth
(Q4 FY 25-26 v/s Q4 FY 24-25) |
| --- | --- | --- |
| Sales Volume
(All Films) 95,424 MT | 6% ↑ | 8% ↑ |
| Sales Revenue
1,868 INR Crores ($ 204 million) | 11% ↑ | 8% ↑ |
| Normalized EBITDA
128 INR Crores ($ 14 million) | 3% ↑ | 31% ↓ |
| PAT (Before Minority)
38 INR Crores ($ 4 million) | INR 8 cr ↑ | INR 46 cr ↑ |
| EPS 7.90 INR/Share | INR 3.20 ↑ | INR 4.68 ↑ |
Factors impacting the quarterly performance (QoQ):
- Higher sales volumes and revenue, primarily attributable to better market conditions
- However, margins experienced some pressure due to:
- Industry wise overcapacity, which impacted price dynamics
- Cautious market sentiments, influenced by ongoing geopolitical uncertainties
- Increase in the raw material cost, primarily driven by geopolitical tensions in the Middle East
Factors impacting the quarterly performance (YoY):
- Higher revenue is mainly due to higher sales volume (Line start up in US as well as change in sales mix)
- The operating environment continued to be highly competitive with industry overcapacity exerting sustained pressure on pricing and consequently, EBITDA margins
- In Q4 FY25-26, there is an unrealized FX gain of INR 22.06 crores (USD 2.41 million) as against a FX loss of INR 105.13 crores (USD 12.14 million) in Q4 FY24-25 on account of the restatement of foreign currency long-term loans, a large portion of which relates to inter-company loans.
POLYPLEX
EBITDA Evolution
Normalized EBITDA Bridge (Q4 25-26 vs Q3 25-26)
Factors impacting Normalized EBITDA in Q4 FY26:
- Higher sales volume during the quarter, offset by challenging market environment driven by overcapacity and cautious market sentiments.
- The Company believes that its strong DPAC product portfolio and global manufacturing base will enable it to overcome the prevailing cyclicality and market uncertainty in the next few quarters.
POLYPLEX
Note - Bracket implies negative numbers; The above numbers have been derived using simple average of monthly exchange rates for Q4 FY 25-26
FY 25-26 Performance Snapshot
YoY Growth
(FY 25-26 v/s FY 24-25)
| Sales Volume
(All Films) 370,515 MT | 8% |
| --- | --- |
| Sales Revenue
7,076 INR Crores ($ 801 million) | 3% |
| Normalized EBITDA
575 INR Crores ($ 65 million) | 23% |
| PAT (Before Minority)
41 INR Crores ($ 4.6 million) | INR 317 cr |
| EPS 14.32 INR/Share | INR 52.32 |
Factors impacting YoY:
- Higher sales revenue was driven by increased volumes, supported by the start-up of a new production line in the USA. This was partially offset by a reduction in selling prices
- The operating environment remained highly competitive, primarily due to industry-wide oversupply. Reciprocal tariffs during the year had a significant adverse impact on the U.S. distribution business, leading to pressure on margins
- In FY 25-26, there is an unrealized FX loss of INR 138.49 crores ($ 15.67 million) as against unrealized FX gain of INR 39.59 crores ($ 4.68 million) in FY 24-25 on account of restatement of foreign currency long term loans
POLYPLEX
EBITDA Evolution
Normalized EBITDA Bridge (FY 25-26 vs FY 24-25)
- Higher volumes were driven by the commissioning of the new Thin PET film line in the U.S.
- Margins were impacted by reciprocal tariffs and persistent industry oversupply
- The increase in fixed costs is mainly due to the expanded scale of operations in the U.S.
POLYPLEX. Note - Bracket implies negative numbers; The above numbers have been derived using simple average of monthly exchange rates for FY 25-26
Shareholders' Return
Sustained Longer Term Shareholders' Return
| Shareholders' Return (CAGR) | Last 1 year | Last 3 years | Last 5 years | Since IPO (1988) |
|---|---|---|---|---|
| (A) Total Returns* | ||||
| ➢ Polyplex | -28% | -15% | 0% | 21% |
| ➢ Nifty 500-TRI | 0% | 14% | 14% | - |
| ➢ BSE Small Cap-TRI | 4% | 21% | 19% | - |
| (B) Stock Price Movement | ||||
| ➢ Polyplex | -28% | -16% | -4% | 13% |
| ➢ Nifty 500 | -1% | 13% | 13% | 11% |
| ➢ BSE Small Cap | 3% | 21% | 19% | 14% |
POLYPLEX
- Dividend Reinvestment Method; Dividend considered based on the pay-out dates; The returns have been calculated based on the stock price data as on 15 May'26
Success Enablers
POLYPLEX
14
Success Enablers
POLYPLEX
15
POLYPLEX.
1 Including capacity under implementation
A Self-Contained Manufacturing & Sales Capability in Each Region
Manufacturing Proximity and an Entrenched Sales & Distribution Network in Major Demand Centers Ensure a Reliable Supply Chain for Customers
8 Manufacturing Facilities In 5 Countries with Multiple Warehouses & Liaison Offices Worldwide with Total Base Films Capacity¹ of 492k MTPA (BOPET Films: 365k MTPA)
Group Manufacturing Locations
● Warehouses
▲ Trading Company/Representative Office
□ Countries with Direct Sales Presence
□ Agent Presence
POLYPLEX.
1 Including capacity under implementation
1 Integrated Manufacturing Capacities Across Geographies
Ability to Provide a Comprehensive Suite of Products in Each Manufacturing Location
| Resin | Base Films | Value Added Films | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| PET Film Resin¹ (MT) | Mechanically Recycled Resin² (MT) | BOPET Thin (MT) | BOPET Thick (MT) | BOPP (MT) | CPP (MT) | Blown PP / PE (MT) | Metallized (MT) | Holography (MT) | Coated³ (mn SQM) | TMP (mn SQM) | |
| India | 77,600 | 52,400 | 35,000 | 17,000 | 5,040 | 406 | 152 | ||||
| 55,000 | 32,500 | ||||||||||
| Thailand | 1,06,050 | 59,700 | 42,000 | 28,800 | 10,000 | 17,245 | 21,700 | 480 | 985 | ||
| Turkey | 75,850 | 58,000 | 4,392 | 20,700 | 158 | ||||||
| 320 | |||||||||||
| USA | 86,000 | 81,000 | 9,250 | 120 | |||||||
| Indonesia | 90,000 | 48,000 | 60,000 | 18,000 | |||||||
| Total | 435,500 | 59,700 | 336,400 | 28,800 | 95,000 | 10,000 | 21,637 | 119,150 | 5,520 | 1,990 | 152 |
Total Resin Capacity 495,200 in MTPA
Total Base Films Capacity (incl. upcoming capacities): 491,837 in MTPA
Upcoming capacity
POLYPLEX
Note: ¹ Includes capacities for Chemical recycling; ² Represents extrusion capacity for Ecoblue Thailand ; ³ Includes Saracote, Saralam and OLC (including Saraprint & TPPPL).
POLYPLEX®
Polyplex's Area of Operation
18
1 Integrated Manufacturing Has Broadened Product Portfolio
Base Film Lines with Upstream PET Resin Plants and Downstream Capabilities
- The only global player with resin plants at all manufacturing locations
- Forward integration provides ability to undertake one or more downstream processes on the Base film, leading to higher innovation and value addition, while ensuring cost effectiveness and reduced volatility
- Backward integration is vital to developing resins required for specialty products, apart from enhancing cost competitiveness and ensuring supply security
- In-house mechanical and chemical recycling furthers Polyplex's sustainability goals, by replacing virgin PET resins (made from PTA and MEG) with Post consumer PET bales / flakes
POLYPLEX
1 Integrated Manufacturing Across Geographies
Ensures Supply Chain Efficiency, Cost Optimization & Lower Time to Access and Market New Products and Applications
Backward integration into captive PET resin production at all film manufacturing locations is unique to Polyplex in this industry
Forward integration to downstream capabilities results in superior market positioning and higher returns
Assured and consistent availability of quality raw material
Wider product and application range
Reduced costs with adequate and secured return on incremental investment
Diversified customer base
Protects proprietary composition and helps in film product development, especially for D-PAC portfolio
Increase customer and market penetration
Significant premium saved in buy v/s make for specialty resin
Increased ability to provide customized and more technical products
Direct Melt Casting (DMC) ensures better quality and energy management, while being cost competitive
Increasing proportion of value-added films with corresponding reduction in standard film sales
Chemical recycling of post consumer & post-industrial waste
Substantial savings including freight, packing costs, wastage, fixed costs and technical development
Opens merchandizing opportunities
Provides platform for future growth
POLYPLEX
Polyplex – A Respected Plastic Film Manufacturer
In addition to Sarafil range of standard and specialty base films, Polyplex has diversified into several value-added downstream products under Saracote, Saralam and Saraprint brands over the last 10-15 years
Saral
The Saralam range of extrusion coated film products cater to a variety of end uses such as thermal lamination products including documents, identity cards, carton lamination and wide format commercial films
The Saracote range of silicone coated films (PET/PP) is designed to provide an excellent carrier to pressure sensitive material. The typical applications are in labels, tapes, roofing shingles and "peel & stick" underlayment
Saraprint
Coloring Digitally with Innovation
Saraprint is an innovative non-tearable polyester film designed for digital print media segment for photo album, general printing, promotional & customized digital printing, mini-offset printing and labels
POLYPLEX
POLYPLEX
2 Focus on Highly Differentiated Specialty Film Sales
Differentiated Product, Application or Customer (D-PAC): Drives Polyplex's Right to Win in a Competitive Industry
Unique value proposition of differentiated products, applications and customers has led to a healthy growth in specialty portfolio
POLYPLEX
2
Increasing Contribution of D-PAC Sales
Continued Increase in D-PAC Volumes...
...Resulting in Growth of Incremental† D-PAC EBITDA
Polyplex's Unique Strategy
Constant addition of new products to the differentiated portfolio, effectively "replacing" older and standard products
Sustained investments in projects in Turkey, US, India and Thailand expected to drive growth in D-PAC sales
Strong relationships and continued engagement with anchor customers for an iterative product development process
POLYPLEX
† The contribution from D-PAC sales to the overall EBITDA represents "incremental" margin over and above standard products net of additional costs (raw materials, differential productivity, wastages and conversion costs). As an illustration, if standard film price is 100, D-PAC product price is 200 and additional cost is 30, then the resulting incremental margin would be 70;
POLYPLEX
1 Sarafil Thin BOPET (Primarily).
2 Product and Application Penetration (1/6)
Flexible Packaging - Food¹
Sugar & Confectionary
Frozen Food
Cheese & Dairy
Snacks & Cookies
Tea & Coffee
Cereals
Food Staples
Soups
Liquids
Specialty
Food
Others
1
BOPP Specific
2 Product and Application Penetration (2/6)
Flexible Packaging – Non Food¹
Medical & Pharmaceutical
Kitchen & Home Care
Cigarettes & Tobacco
Personal Care & Hygiene
Pet Food
Garden & Outdoor
Electronics Packaging
Miscellaneous
Personal Care & Hygiene
Shrink Films
Textile Bags
POLYPLEX
¹ Sarafil Thin BOPET, BOPP and CPP film.
BOPP Specific
2 Product and Application Penetration (3/6)
CPP & Blown PP/ PE
POLYPLEX
POLYPLEX
1Sarafil Thin BOPET, BOPP
2 Product and Application Penetration (4/6)
Labels, Carton, Holography¹ and Paper
Labels
Direct and Transfer Metallized Paper
Carton Packaging
Brand Protection - Holography
POLYPLEX
1 Sarafil Thin BOPET; 2 Sarafil Thick BOPET
2 Product and Application Penetration (5/6)
Industrial¹,²
Thin Films¹
| Flexible Ducting | Hot Stamping Foil | Tapes | Release Liners¹,² | EV Battery |
|---|---|---|---|---|
| MLCC | Construction, FRP ¹,² | Window Films ¹,² | Electronics ¹,² | Others |
Thick Films²
| PV Solar | Electricals | Media & Decoration | Screen Protection | Face Shield | Electronic Liner |
|---|---|---|---|---|---|
| TRANSPASSIST FACE SHIELD |
POLYPLEX
2 Product and Application Penetration (6/6)
Downstream
Sanacote
Construction
Release Liners
Saralam
Saraprint (Digital Print Media)
POLYPLEX
2
Constantly Innovating to Ensure Sustained Differentiation
Dedicated R&D Ecosystem in India
Demonstrated ability to partner with customers for joint product development and co-innovation due to strong technical capabilities, thereby deepening customer relationships
A separate R&D department registered with the Department of Scientific and Industrial Research (DSIR), Ministry of Science and Technology (India)
Dedicated team in corporate R&D supplemented by local technical service with significant experience in chemicals, coatings, resin, converting process and other relevant fields
Growing IPR* portfolio (40 patents and 43 trademarks granted, 6 patents applied for)
POLYPLEX
- This excludes the IPR used by EcoBlue but includes that of TPPPL
3
Global and Well-Diversified Customer Base
Deep-Rooted Relationships with Key Customers Spanning Over 15+ Years
- Tier I supplier to leading global and regional converters who cater to global CPGs / OEMs
- Strong manufacturing and distribution capabilities helps capitalize on the increasing preference of customers to source locally
Access to Global Customer Base...
Geographic Business Mix FY26 Revenue)
...Given Capability of Catering to Customers' Preference for Local Sourcing
- Domestic availability helps in improving supply chain reliability and optimizing inventory
- Changing needs of CPGs/ OEMs requiring quick turnaround
- Flexibility in small order deliveries and responding to unplanned requirements
- Domestic purchase reduces risk from pricing and foreign exchange movements
- Limited financial capability of small customers
~2,925 customers in ~85 countries across Europe, Asia (ex-India), India, the Americas and RoW
Packaging and Industrial applications (65% and 35% of FY26 turnover respectively)
Diversified end-use across several industries
Low customer concentration risk with top 10 film customers accounting for 26% of total FY26 turnover
POLYPLEX
4
Continued Focus on Operational Efficiencies and Costs
Business process continuous improvement and excellence programs
- Undertaking several initiatives to improve business processes and optimize costs through continuous improvement in the areas of productivity, wastage, freight, packing, energy conservation, inventory management and other processes
- Benefits from these programs have been accruing over the last several years and incremental benefits are expected in the future as well
Structure new investments to build on leadership in delivered cost
- Near-shore and on-shore manufacturing strategy
- Benefit from logistics and trade duty differentials
Capacity utilization
- Ensuring high CUF across all manufacturing plants even in the context of global over-capacity
- Swift ramp up in capacity utilization of BOPET, BOPP and other downstream assets
- Debottlenecking existing assets
- Continuous improvement in plant reliability and throughput
Asset configuration
- Cost efficiency through large contemporary assets being used for standard products
- Continue to repurpose older lines for producing specialty films efficiently
- Economies of scale through minimum asset base of two base film lines, resin plant and downstream capabilities at each manufacturing location
POLYPLEX
4
Superior Utilization Relative to Industry
Polyplex has consistently improved capacity utilization through debottlenecking and outperformed the industry
(Thin BOPET Film utilization)
*Reduction in Polyplex Capacity utilization in FY26 is due to the slow ramp-up of new film line in USA. Excluding new line in the US, CUF is 94%
Key Drivers for Strong Capacity Utilization
Deep customer access and higher market penetration in key demand centers due to multi location manufacturing
Higher and increasing proportion of specialty films
Extensive sales and distribution network with local warehousing
Ability to move material between different regions depending on local market conditions
Diversification across packaging and industrial segment and in-house downstream businesses with varying market conditions
Consistent improvement in productivity and cost competitiveness
POLYPLEX
Note:
Polyplex CUF is calculated based on the extant capacity;
Industry CUF as per CY, Polyplex CUF as per FY; Industry CUF is based on internal estimates
Polyplex's Commitment to Sustainable Development & Growth
A
Commitment Towards Sustainable Environment
- Strive to work on sustainable products and processes
- Continue to make multiple and substantial investments in recycling operations to provide solutions for post industrial as well as post-consumer plastic waste
B
Meaningful Social Impact
- Focused on the health and safety of employees
- Makes monetary contributions to NGOs, hospitals and Government relief funds and helped support the infrastructure in hospitals
- Has undertaken various initiatives to help communities in areas adjoining its plants
C
Strong Governance And Accountability
- Promoting fundamental values of honesty, integrity, and ethical conduct among all stakeholders
- Ensuring strict adherence to laws and regulations across all jurisdictions where it functions
- Operates with a strong governance and accountability framework
POLYPLEX
POLYPLEX
5 Continued Focus and Thrust on Sustainability
5 Industry Collaboration
- Working in close collaboration with industry associations, CPGs/OEM, Converters and research organizations to develop viable solutions
4 Ecoblue Initiative
- New facility uses post-consumer bottle / container waste (PET and Olefin) as input with wash lines
- Most countries now permit the use of recycled PET in food contact applications which provides strong growth opportunity
3 Eliminate Scrap Sales
- Recycle BOPP / EVA thermal films and sell as resin
- Planned to chemically recycle and reuse BOPET film line lumps in film line
- Considering delaminating BOPET / EVA thermal films and recycling separated layers to produce resin
1 Increase in Post-consumer / Post-industrial Recycling Capacity
2 New Product Development
- Promoting use of rPET in different end applications in both packaging & industrial end uses
- Develop and promote products to enable conversion to mono-PET structures
POLYPLEX
5
Recent Initiatives Undertaken by Polyplex (1/2)
Sustainable Products That Have Already Been Delivered
Polyplex has successfully executed several sustainability initiatives till date
POLYPLEX
5
Recent Initiatives Undertaken by Polyplex (2/2)
Sustainable Products That Have Already Been Delivered
Polyplex RPET solutions - Sarafil rPET Films
Available with 30, 70, 90 & 100% PCR in Transparent, Metalized and White
rPET grades available in Metalized and White
Superior recycling process – Glycolysis (Chemical recycling)
Availability across the globe – manufacturing in India, Thailand, Turkey & USA.
Compliances – for all the relevant US FDA, EU food safety & recycling as well as other regulations
Verification criteria for PCR RPET contents as per : ISO14021:2016
Sarafil RPET Film have the same properties as Virgin PET
POLYPLEX
Ecoblue - A Recycling Initiative of Polyplex
ecoblue
Ecoblue is helping brands meet their sustainability goals
About Ecoblue
- Starting operations in 2013, Ecoblue provides sustainable solutions for film-based process waste as well as post-consumer plastic waste for varied applications
- Only recycler in the region to develop food grade products across different polymers including rPET, rHDPE and rPP spanning several applications
- Has been working with different post-consumer and industrial wastes (both PET and Polyolefin based) over the years
- Focused on developing and producing high quality recycled materials which can replace virgin resin in high end applications such as Bottles, BOPET Film and Filament Yarn
- First in Thailand to produce food grade rPET resin for bottle application
- Recycling of Ocean-bound plastics
- Working with Ocean-bound plastics marketplace platforms
- Ocean bound plastics certified
Key Products
rPET resin
rPP resin
rHDPE resin
Certifications
US FDA, EFSA & Thai FDA approvals and GRS certification for rPET, rPP, rPE
Current Capacity
rPET – 49,200 TPA
Polyolefin –10,500 TPA
Manufacturing in Thailand
POLYPLEX
5
Promoting Sustainability Through Ecoblue
Engaged in Adopting Innovative Recycling Solutions
ecoblue
Ecoblue is a specialist in recycling a wide spectrum of materials
Recycling "Unrecyclable Materials"
Ecoblue Strap2Strap Solution
Metallized BOPET Film Recycling (Patented)
Ecoblue CircuLiner Solution
Ecoblue Laminate Solution
rPET for Virgin Replacement
Bottles
US FDA approved
BOPET Film
US FDA approved
High Quality Fiber
Recycled Polyolefin for Virgin Replacement
rHD for Bottles (under development)
rPP COPO with High Impact
rPP Clear HOPO Injection Molding & Filaments
POLYPLEX
5
Meaningful Social Impact
Conscientious Approach to Contribute to the Community
Safety & Security
- Ensures safety and security of staff members
- A robust health monitoring mechanism has been in place including handling of emergency situations
-
Proactive communication and prevention has been the hallmark of these initiatives
-
Monetary contributions to NGOs, hospitals and Government relief funds across all its locations
- Donates medical equipment, supplies and protective gear for healthcare workers
- Supports various NGOs by providing necessary food supplies to the communities around Polyplex's locations
- Provides infrastructure facilities to Government hospitals at the plant locations in India
Job Creation
- Committed to hiring and promoting local talent in each of the geographies
- Equal opportunity employer across geographies
Education and Culture
- Has been running a school at its Khatima plant for the past three decades
- The school provides best-in-class educational facilities to more than 2,000 students
-
Under a PPP model at Bazpur and Khatima, Polyplex has adopted two local schools and provides them with the necessary infrastructure
-
Contributes to the Rekhta Foundation, which is a non-profit organization established to promote and disseminate literature and culture
- Offers a slew of sports and educational sponsorships as well as full scholarships to the school-going children of deceased employees
- Regular contributions to various other schools/educational institutes in order to promote education and help contributing to a better society
POLYPLEX
5
Focus on SCORE
Core Values Binding the Employees
TOGETHER WE
SCORE
Seamlessness
Care
Ownership & Responsibility
Excellence
Seamlessness
- We leverage synergies across hierarchies, functions and locations
Care
- We value our people and are committed to their development
- We are sensitive to and respect diversity
- We take a long-term approach to all our relationships
Ownership and Responsibility
- We display ownership and feel responsible for the organization's performance
- We trust in the capabilities of our people and believe in delegation while adopting a hands-on approach
Excellence
- We exhibit a passion to excel and strive to continuously improve the way we work
- We constantly pursue newer and better ideas, processes, products and practices
Professional, highly qualified and experienced leadership team
Stable management team with almost zero attrition over the last several years
Strong and institutionalized employee engagement schemes/programs
Holistic development with opportunities for cross-learning & growth
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Creating Impact Through Strong Governance
Continuously Strives to Follow Best Practices
☑ Committed to promoting fundamental values of honesty, integrity, and ethical conduct among all stakeholders
☑ Strong compliance orientation
- Adheres to all applicable laws, regulations and guidelines across all jurisdictions
- Undertakes a wide variety of steps to keep employees informed about current and proposed laws, regulations, and guidelines
☑ Strong governance and accountability framework
- Accomplished and experienced Board of Directors in India and Thailand
- Board of Directors have constituted various committees in India
- Audit Committee, Nomination and Remuneration Committee, Stakeholder’s Relationship Committee, Corporate Social Responsibility Committee and Risk Management Committee
☑ Unwavering commitment towards occupational health and safety performance
- Best practices relating to the health and safety standards by continuously improving working conditions, minimizing workplace hazards and raising awareness through involvement, participation and continuous training of the shop floor workforce
- Focus is on ensuring that the health and safety standards are adhered to as per the local legislations and standards
- The approach is reflected in the Environmental, Health and Safety (EHS) policy that emphasizes continuous improvement
- All the manufacturing facilities are certified on occupational health and safety management system
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Recipient of Prestigious Awards and Accolades Globally
Polyplex has been a recipient of some of the most prestigious awards in the industry, demonstrating its commitment towards becoming a global leader in the industry
Best Public Company of 2020 – Industrial Group at Money & Banking Awards
Green Innovation Award 2021 at ACES
Prime Minister's Award for Innovation 2021 – Chemical Recycling in Thailand
Best Public Company of 2021 – Industrial Group at Money & Banking Awards
Prime Minister's Industry Award 2022 for Quality Management
Corporate Social Responsibility Award - 2023 from Department of Industrial work
Zero Accident Award & Safety Committee Award from Ministry of Manpower, Indonesia - April 2025
Environmental Management Awards (PROPER) with Category Blue Rating from Ministry of Environment, Indonesia – June 2025
Occupational Safety and Health Committee (P2K3), Indonesia – March 2026 from Governor of Banten
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Trends
Key Financial Indicators
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Key Financial Indicators (1/3)
Sales Volume Across All Films (KMT)
EBITDA ($mn) and EBITDA Margin (%) & $/kg
Cash Flow from Operations¹ ($mn)
Capex ($mn) & Net Debt ($mn)
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Note: ¹ Cash flow from operations have been adjusted for tax on inter-company dividend and interest
Key Financial Indicators (2/3)
Revenue ($ mn)
Effective Tax Rate
Tax rate % for the FY26 is impacted because of lower PBT on account of large unrealized losses on FX loans which are not tax deductible
Free Cash Flow Deployment Trend ($ mn) $^a$
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Note:
- Current tax adjusted for tax on intercompany dividend and interest as the corresponding income gets eliminated at Consolidated level
$^a$ Translated using simple average of monthly exchange rates for the respective applicable period(s)
Key Financial Indicators (3/3)
EPS (INR/Share)
* EPS is not Annualised
Dividend Per Share (INR/Share)
Normalized¹ ROCE
ROE
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¹Normalized ROCE = Normalized EBIT [excluding impact of unrealized FX gains/(losses)] as % of Average Capital Employed
ROE is as reported [not adjusted for unrealized FX gains/(losses)]
Stability in Earnings
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Key Attributes of the Business Model Creates a Natural Hedge Against Industry Volatility
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Polyplex Has Consistently Generated Superior and Stable Gross Margins Relative to the Industry
VA Stability
- Raw Material (PTA/MEG melt cost) tracks crude oil
- Raw material movements tend to be ‘pass through’ in film prices
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Value Addition (VA/material margin) is dependent on industry CUF
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The gap between Polyplex and Chinese players’ gross margin increases significantly during the trough of industry cycle
- Chinese players achieved a higher margin for a short period in second half of 2021 owing to supply constraints resulting from logistic disruption / energy crisis
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- PCL VA is after eliminating consolidation impact of FX on change in stock
Industry Outlook
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Thin BOPET Film Demand
Thin BOPET Film Demand Expected to Stay Resilient and Accounts for 80% of Global BOPET Film Demand
Key Trends - Demand
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Global thin film demand has remained resilient, with growth expected at over 5% annually. Asia, particularly India, continues to drive demand, supported by expanding end-use applications and strong domestic consumption. In contrast, demand in the Western markets has been relatively muted, impacted by reciprocal tariff uncertainties and broader geopolitical risks
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Growth drivers include population growth, increasing urbanization, changing demographics, trend towards nuclear families and increase in purchasing power in developing countries
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Ageing population, evolving retail formats and penetration of e-commerce, together with focus on safety and hygiene has led to rise in per capita packaging material consumption. There is a continued shift from rigid to flexible packaging, and from loose to packaged products
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Demand driven by higher disposable income. Technological developments are leading to accelerated demand in electrical, electronics and other industrial applications, along with new applications which is expected to further increase demand
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Packaging remains the largest end-use segment (estimated 60-70% of global volume) but regions show diverging performance. The Electrical & Electronics sector is expected to support healthy growth through the forecast period, primarily concentrated in South Korea and China. Key drivers include MLCC films, OLED displays, AI-related applications, and autonomous vehicle electronics, which command premium pricing and better margins than commodity films. However, photovoltaic film demand has slowed as solar manufacturers shift to glass on glass panels for efficiency gains, eliminating what was previously a robust renewable energy growth avenue for BOPET
Source: Industry Publications/Company Estimates
Thin BOPET Industry Outlook
Upcoming Capacity Additions
- The majority of new capacity additions scheduled for commissioning are concentrated in China. However, prevailing market conditions and existing overcapacity could lead to delays or cancellations of several planned projects.
- Many of the recently added/announced Chinese lines are expected to cater to non-packaging applications, such as optical films, release liners, and other specialty segments.
- The impact of new capacity additions is anticipated to be largely confined to China, with some influence on Southeast Asian (SEA) markets. Chinese producers primarily serve domestic demand and select export destinations with standard-grade products, while factors such as trade barriers, established supplier relationships, and quality perceptions among regional buyers further limit their penetration in SEA markets.
- Excluding China, global capacity utilization rates (CUF) remain stable, with lower volatility between peaks and troughs.
- The expected rationalization and underutilization of older, less efficient lines—driven by shifting cost structures—should support an improvement in overall utilization rates in the medium term.
- Broader trends of deglobalization, protectionism, and a growing preference for local and regional sourcing are expected to further influence capacity deployment and trade flows across the industry.
Expected Capacity - Thin PET Film
Polyplex Strengths
- Players with global footprint can better withstand the regional imbalances, industry volatility and trade barriers (recent reciprocal tariffs in the US)
- With its manufacturing presence across key demand centers, Polyplex is able to cater to all major geographies, consistently maintaining high-capacity utilization (CUF) levels and a superior margin profile over the years
- Focus on speciality and high value-added products thus making earnings more predictable
- Competitive cost structure (on DDP basis) helps sustain competitive advantage
- Pricing is a function of demand/supply - effect of crude is limited as RM prices are generally passed through to customers with a varying lag
- Globally integrated operations, distributed manufacturing & sales and strong, long-standing supplier relationships have enabled the Company to effectively navigate geopolitical disruptions, including the ongoing Middle East crisis. This has ensured largely uninterrupted raw material sourcing and minimal impact on operations, reinforcing overall business resilience
- Tax efficient structure
- Recent and ongoing capex on various line upgrades to enable optimal utilization of assets
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Inorganic Growth
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Acquisition of 51% Stake in TechNova Printrite Products Private Limited (1/2)
Strengthening Polyplex's position in the digital print media segment
Polyplex Corporation Limited (“Polyplex”) on April 30, 2026, has successfully completed the acquisition of a 51% equity stake in TechNova Printrite Products Private Limited (“TPPPL”) from its existing shareholders, pursuant to Share Purchase Agreement. Following the completion of this transaction, TPPPL has become a subsidiary of Polyplex.
About TPPPL
TPPPL is engaged in Digital Print Media (DPM) business which comprises of manufacturing and marketing of polyester, paper, textile based substrates used for digital print applications in various industries. TPPPL brings capabilities across downstream product manufacturing, coating, product innovation, marketing and distribution
Strategic Rationale for Acquisition
Polyplex, focused on creating shareholder value, aims to improve its Value Added and Specialty Product mix through continuous investment in downstream businesses. This acquisition combines TPPPL’s strong product knowledge, R&D and application development capabilities with Polyplex’s proven manufacturing, international presence, well-established global distribution network & extensive customer base
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Acquisition of 51% Stake in TechNova Printrite Products Private Limited (2/2)
Strengthening Polyplex's position in the digital print media segment
This strategic acquisition is aligned with Polyplex's growth ambitions in the digital print media segment and is expected to significantly enhance the product portfolio and market presence
Market and product synergies
- Potential to offer a broader product portfolio and leverage combined distribution to expand customer base and address new markets
Market Opportunities
- Creating new market opportunities and delivering enhanced sector value
Product Innovation
- Accelerating advancements in technology and product innovation within digital print media
Sustainable Growth
- Building a long-term platform for sustainable innovation, strengthened manufacturing capabilities, and a unified strategic direction
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Growth Capex
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Investment Under Implementation
Key Investment Rationale
| Projects | Location | Capital Cost (In USD million) | Likely Start Up |
|---|---|---|---|
| New BOPET Film Line | India | 56 | Q4 FY 26-27 |
| Metallizers | India | 7 | Q4 FY 26-27 |
| Coater | Turkey | 10 | Q1 FY 26-27 |
| Total | 73 |
Investment rationale:
BOPET Film Line – India:
- PET Film Demand expected to grow at 10%+, making it the fastest-growing market in the world
- Cost Structure Optimization
Other Projects:
- Expansion of product portfolio
- Increasing the share of speciality films
- Growing focus on industrial applications
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Impact of Middle East Crisis
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Navigating the Middle East Crisis
Global Diversification Driving Operational Continuity and Margin Resilience
Financial Impact & Margin Trajectory
Polyplex Advantage
Global Diversification – Wide geographic presence helps us stay resilient, minimizing the impact of disruptions in any one region
Agile Procurement – Proven capability to rapidly secure critical spot volumes to bridge Force Majeure shortfalls
Proactive Inventory Control – Strategic decision to pre-build reserves to outlast logistical lead times and supply chain uncertainties
Integrated Operations – Integrated manufacturing setup allows us to absorb and manage disruptions more effectively
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
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Guidance
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First Quarter 26-27 Guidance
Normalized EBITDA ($ mn)
Short to Medium term
- Incremental volumes from the continued ramp-up of the U.S. facility, alongside ongoing portfolio expansion initiatives and increased DPAC sales, are expected to support a gradual improvement in margins and overall profitability
- The discontinuation of reciprocal tariffs, partially offset by the Section 122 (10%) tariff, may help improve margins on DPAC sales in the U.S.
- Recent geopolitical developments, particularly in the Middle East, have led to short-term demand upticks driven by precautionary and opportunistic buying, resulting in temporary expansion in margins. As a global player, the Company is able to leverage these dynamics better. There is no assurance these trends will continue and infact we are already seeing some reversals prompted by a more cautious approach to buying
- However, ongoing geopolitical uncertainties may also pose potential risks to demand, supply chains, and input costs, and will continue to be closely monitored
The forward-looking statements reflect Polyplex's expectations of its next quarter earnings. These are based on certain assumptions as on date and are subject to significant risks and uncertainties, as they could be substantially influenced by several factors which are beyond Company's control including, but not limited to, fluctuations in foreign exchange rates, changes in key raw material prices, changes in market dynamics, impact of consolidation of subsidiaries and any unexpected production down times due to machinery breakdown, unforeseen delays in project start up etc. The Company does not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will actually be achieved.
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Annexures
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Shareholder Pattern
- Polyplex Corporation Limited (PCL) is the Group Holding Company
- PCL's economic interest in the overseas businesses is 51%
- PCL listed on BSE/NSE in India and the Thai subsidiary (PTL) on the Stock Exchange of Thailand (SET)
- Shareholding of the Company (as on 31st March'2026) is as below:
PCL Shareholding
PTL Shareholding
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Group Structure
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Disclaimer
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This presentation may contain forward-looking statements which are based on the Company's current expectations and estimates about the industry, management's beliefs and various other assumptions. These forward-looking statements are subject to various risks, uncertainties and other factors, some of which may be beyond our control. No assurance is given with regard to future events or the actual results, which may differ materially from those projected herein.
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This presentation does not constitute an offer to sell or a solicitation of an offer to buy or sell PCL stock and in no event shall the Company be held responsible or liable for any damages or lost opportunities resulting from use of this material.
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Numbers for previous periods may have been regrouped/rearranged/reworked for comparison purpose and for better analysis.
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Financial information provided in US Dollars have been illustratively translated from reported financial information in Indian Rupees to US Dollars using simple average of monthly exchange rates for the respective applicable period(s) for the P&L related items and respective period ending exchange rate(s) for the Balance Sheet related items.
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Growth rates have been calculated based on reported INR financial information.
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Glossary
- EBITDA: Reported Earning before interest, tax, depreciation and amortisation
- Normalized EBITDA: EBITDA excluding impact of unrealized FX gains/(losses) on long term loans
- Revenue: Reported sales excluding other operating revenues
- Net debt: Long-term debt + short term debt + current maturities of long-term debt – cash & cash equivalents
- Cash & Cash Equivalent: Cash & bank balance + other bank balances + fixed deposits with bank + other investments in bonds and liquid funds
- RoW: Rest of the World
- PET: Polyethylene Terephthalate
- BOPP: Biaxially Oriented Polypropylene
- CPP: Cast Polypropylene
- TMP: Transfer Metallized Paper
- TRI: Total Return Index
- VA: Value Addition
- MEG: Mono Ethylene Glycol
- PTA: Purified Terephthalic Acid
- RM: Raw Material
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Thank You
Polyplex Corporation Limited
B-37, Sector-1, NOIDA
Distt. Gautam Budh Nagar
Uttar Pradesh-201 301
Board:+91.120.2443716-19
Fax:+91.120.2443724
3SE
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NSE
BSE (scrip code) : 524051
NSE (symbol) : POLYPLEX
ISIN : INE633B01018
Polyplex India
SET
The Stock Exchange of Thailand
Symbol : PTL
Polyplex Thailand
67