Date: August 13, 2026

Financial Results (Consolidated)

Q1 FY27 Performance Snapshot:

  • Sales Volume (All Films): 91,417 MT (4% growth)
  • Sales Revenue: ₹2,250 Crores ($238 million) (20% growth)
  • Normalized EBITDA: ₹362 Crores ($38 million) (182% growth QoQ, 95% growth YoY)
  • PAT (Before Minority): ₹171 Crores ($18 million) compared to ₹133 Cr in Q4 FY26 and ₹231 Cr in Q1 FY26
  • EPS: 29.00 INR/Share compared to INR 21.10 in Q4 FY26 and INR 35.15 in Q1 FY26
  • Normalized EBITDA Margin: 16% (vs 8% in FY25-26)
  • ROCE: 16% (vs 3% in FY25-26)

Key Performance Drivers:

  • Higher sales revenue driven by improved realizations and relatively better market conditions
  • Demand aided by precautionary and opportunistic buying amid geopolitical uncertainties
  • Withdrawal of reciprocal tariffs partially offset by Section 122 tariff (10%) resulted in net positive impact on margins
  • Continued strategic focus on DPAC and specialty films contributed to margin resilience
  • Unrealized FX loss of ₹39.69 crores ($4.20 million) in Q1 FY27 vs FX gain of ₹22.06 crores ($2.41 million) in Q4 FY26

Additional Cost Factors:

  • Inclusion of PDPL (newly acquired entity) in cost structure
  • Inflationary pressures across operating cost heads
  • Higher stores & spares consumption due to unplanned maintenance
  • One-time transaction costs related to PDPL acquisition

Inorganic Growth

Acquisition of Polyplex DigiPrint Private Limited (PDPL):

  • Completed acquisition of 51% equity stake in PDPL (formerly TechNova Printrite Products Private Limited) on April 30, 2026
  • PDPL has become a subsidiary of Polyplex
  • PDPL is engaged in Digital Print Media (DPM) business comprising manufacturing and marketing of polyester, paper, textile based substrates for digital print applications

Strategic Rationale:

  • Combines PDPL's product knowledge, R&D and application development capabilities with Polyplex's manufacturing, international presence, and global distribution network
  • Aligned with Polyplex's growth ambitions in digital print media segment
  • Expected to significantly enhance product portfolio and market presence

Growth Capex

Investment Under Implementation:

  • New BOPET Film Line (India): $56 million, likely startup Q4 FY26-27
  • Metallizers (India): $7 million, likely startup Q4 FY26-27
  • Coater (Turkey): $10 million, likely startup Q2 FY26-27
  • Total Investment: $74 million

Investment Rationale:

  • PET Film Demand expected to grow at 10%+ in India
  • Cost Structure Optimization
  • Expansion of product portfolio
  • Increasing share of specialty films
  • Growing focus on industrial applications

Guidance

Second Quarter FY27 Guidance:

  • Incremental volumes from continued ramp-up of US facility expected to support gradual margin improvement
  • Ongoing portfolio expansion and higher DPAC sales to contribute to margin improvement
  • Relative stability in tariff regime under Section 301 expected to provide better visibility in US distribution business
  • Potential refunds of reciprocal tariffs (likely to be passed on to customers) remain positive for market sentiment
  • Ongoing Middle East crisis has led to temporary margin expansion and stock gains

Risk Factors:

  • Sustainability of current trends remains uncertain given prevailing global oversupply
  • Subject to fluctuations in foreign exchange rates
  • Changes in key raw material prices
  • Changes in market dynamics
  • Impact of consolidation of subsidiaries
  • Unexpected production downtime due to machinery breakdown
  • Unforeseen delays in project startup

Industry Outlook

Thin BOPET Film Demand:

  • Accounts for 80% of global BOPET film demand
  • Growth expected at over 5% annually
  • Asia, particularly India, continues to drive demand
  • Packaging remains largest end-use segment (60-70% of global volume)
  • Electrical & Electronics sector expected to support healthy growth through forecast period

Capacity Additions:

  • Majority of new capacity additions concentrated in China
  • Expected rationalization and underutilization of older, less efficient lines should support improvement in overall utilization rates
  • Broader trends of deglobalization, protectionism, and growing preference for local/regional sourcing expected to influence capacity deployment

Corporate Profile

Manufacturing Capacity:

  • 8 Manufacturing Facilities in 5 Countries
  • Total Base Films Capacity: 492k MTPA (BOPET Films: 365k MTPA)
  • Total Resin Capacity: 495,200 MTPA

Sustainability Initiatives:

  • Ecoblue recycling initiative in Thailand
  • Current Capacity: rPET – 49,200 TPA, Polyolefin – 10,500 TPA
  • Certifications: US FDA, EFSA & Thai FDA approvals, GRS certification
  • Focus on post-consumer and post-industrial waste recycling

Credit Rating:

  • India Rating & Research: IND AA- with Stable