Sharescart Research Club logo

GM Polyplast Overview

1. Business Overview

GM Polyplast Ltd. operates in the Plastic Products sector in India. Based on its name and industry, the company is likely involved in the manufacturing, processing, and sale of various plastic-based goods. This could encompass a wide range of products such as plastic packaging materials, industrial components, consumer plastic goods, pipes and fittings, films, or other specialized polymer applications. The core business model involves sourcing raw plastic polymers (often petroleum derivatives), processing them through various techniques (e.g., injection molding, extrusion, blow molding), and selling the finished or semi-finished products to B2B clients (e.g., FMCG companies, automotive manufacturers, construction firms) or directly to consumers. The company makes money by adding value through manufacturing and distribution, selling its plastic products at a margin above its production and operational costs.

2. Key Segments / Revenue Mix

Specific revenue mix and key segments for GM Polyplast Ltd. are not provided in the input. However, typical segments for a plastic products manufacturer in India could include:

Packaging: Films, bottles, containers, pouches for food & beverages, pharmaceuticals, personal care.

Industrial/Automotive: Plastic components for various industries, including auto parts.

Construction: Pipes, fittings, sheets, profiles for infrastructure and housing.

Consumer Goods: Household items, toys, furniture components.

Agricultural: Drip irrigation components, mulching films.

The actual contribution of each segment would depend on GM Polyplast's specific product portfolio.

3. Industry & Positioning

The Indian plastic products industry is vast, diverse, and rapidly growing, driven by increasing consumption, industrialization, and infrastructure development. It is characterized by a mix of large integrated players and numerous small and medium enterprises. Competition is intense, with companies vying on price, quality, product innovation, and supply chain efficiency. Raw material prices, largely dependent on crude oil, significantly influence the industry. Without specific market share data, product specialization, or operational scale details, GM Polyplast's exact positioning (e.g., market leader, niche player, cost leader) relative to its peers cannot be determined. It likely competes within a specific sub-segment of the plastic products market.

4. Competitive Advantage (Moat)

Without detailed information on its operations, market share, or product differentiation, it is difficult to ascertain specific durable competitive advantages (moats) for GM Polyplast. Potential sources of competitive advantage in the plastic products industry could include:

Cost Leadership: Achieved through economies of scale, efficient manufacturing processes, or backward integration.

Product Specialization/Differentiation: Developing proprietary formulations, unique product designs, or high-performance plastics for specific applications.

Strong Customer Relationships: Long-term contracts and deep integration with key B2B clients, creating switching costs.

Efficient Supply Chain: Robust sourcing of raw materials and effective distribution networks.

Brand Recognition: (More relevant for B2C consumer plastic goods, less so for B2B components).

Any competitive advantage would need to be sustained against a fragmented and competitive market.

5. Growth Drivers

Key factors that can drive growth for GM Polyplast Ltd. over the next 3-5 years include:

Economic Growth: Rising disposable incomes and increasing consumption in India, boosting demand for packaged goods and consumer durables.

Urbanization & Infrastructure Development: Driving demand for plastic pipes, fittings, construction materials, and other related products.

E-commerce & Organized Retail: Fueling demand for packaging solutions and logistics-related plastic products.

Substitution Trend: Increasing adoption of plastics over traditional materials (metal, wood, glass) due to advantages in cost, weight, durability, and versatility.

Government Initiatives: Programs like "Make in India" potentially supporting domestic manufacturing and exports.

6. Risks

Raw Material Price Volatility: Significant exposure to fluctuations in crude oil prices, as plastic polymers are petroleum derivatives, directly impacting production costs and profitability.

Intense Competition: A fragmented market with numerous players (organized and unorganized) leading to pricing pressures and margin erosion.

Regulatory & Environmental Risks: Increasing government scrutiny, potential bans or restrictions on certain plastic products (e.g., single-use plastics), and evolving waste management regulations requiring significant investments in compliance or alternative materials.

Economic Slowdown: A downturn in the broader economy or specific end-user industries (e.g., automotive, construction) could reduce demand for plastic products.

Technological Obsolescence: Need to continuously invest in new technologies and processes to remain competitive and meet evolving product requirements.

7. Management & Ownership

Information regarding the specific promoters, management quality, and detailed ownership structure for GM Polyplast Ltd. is not provided in the input. In India, many companies, especially in the SME segment, are promoter-led, where the founding family or group holds a significant stake and often plays a direct role in managing the business operations and strategic direction. A thorough assessment would require details on the board of directors, management's experience, track record, and corporate governance practices.

8. Outlook

GM Polyplast Ltd. operates within the robust and growing Indian plastic products sector, which is fundamentally supported by strong domestic consumption, industrial expansion, and infrastructure development. The long-term demand for diverse plastic applications across packaging, construction, automotive, and consumer goods presents a significant opportunity. However, the company faces inherent industry-specific challenges, including its sensitivity to volatile raw material costs (linked to global crude oil prices), intense competitive pressures from a fragmented market, and an increasingly stringent regulatory environment concerning plastic waste and environmental impact. The company's future success will likely depend on its ability to effectively manage input costs, innovate its product offerings, achieve operational efficiencies, and adapt proactively to evolving environmental regulations and market demands.

Want to Start Investing in Top Unlisted Stocks?

Our experts help you choose the right stocks based on performance, risk, and growth potential.

GM Polyplast Key Financials

Market Cap ₹92 Cr.

Stock P/E 12.3

P/B 2.3

Current Price ₹68

Book Value ₹ 29.1

Face Value 10

52W High ₹98

Dividend Yield 0%

52W Low ₹ 55

GM Polyplast Share Price

| |

Volume
Price

GM Polyplast Quarterly Price

Show Value Show %

GM Polyplast Peer Comparison

GM Polyplast Quarterly Results

#(Fig in Cr.) Jun 2023 Jun 2024
Net Sales 18 22
Other Income 0 0
Total Income 18 22
Total Expenditure 16 20
Operating Profit 2 2
Interest 0 0
Depreciation 0 0
Exceptional Income / Expenses 0 0
Profit Before Tax 2 1
Provision for Tax 1 0
Profit After Tax 1 1
Adjustments 0 0
Profit After Adjustments 1 1
Adjusted Earnings Per Share 1 0.6

GM Polyplast Profit & Loss

#(Fig in Cr.) Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 55 68 63 52 74 82 92 96 40
Other Income 0 0 0 0 1 0 0 0 0
Total Income 56 68 63 52 75 82 92 96 40
Total Expenditure 53 65 59 47 68 74 81 84 36
Operating Profit 2 3 4 6 7 8 12 12 4
Interest 0 0 0 0 0 0 0 1 0
Depreciation 0 1 1 1 1 1 1 1 0
Exceptional Income / Expenses 0 0 -0 0 0 0 0 0 0
Profit Before Tax 1 2 3 5 5 6 10 10 3
Provision for Tax 0 1 1 1 1 2 3 3 1
Profit After Tax 1 1 2 4 4 5 7 7 2
Adjustments 0 0 0 0 0 0 0 0 0
Profit After Adjustments 1 1 2 4 4 5 7 7 2
Adjusted Earnings Per Share 0.8 1.2 2 2.6 3.1 3.7 5.3 5.5 1.6

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 4% 9% 9% 0%
Operating Profit CAGR 0% 20% 25% 0%
PAT CAGR 0% 21% 28% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -29% -17% 23% NA%
ROE Average 21% 22% 24% 25%
ROCE Average 29% 30% 31% 29%

GM Polyplast Balance Sheet

#(Fig in Cr.) Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 4 6 8 16 20 25 32 39
Minority's Interest 0 0 0 0 0 0 0 0
Borrowings 2 1 0 1 0 0 1 1
Other Non-Current Liabilities -0 -0 -0 -0 -0 -0 0 0
Total Current Liabilities 19 19 17 10 19 11 9 8
Total Liabilities 25 25 25 28 39 36 41 48
Fixed Assets 2 3 3 3 6 5 6 6
Other Non-Current Assets 1 1 1 2 1 1 1 2
Total Current Assets 22 21 21 23 32 30 34 40
Total Assets 25 25 25 28 39 36 41 48

GM Polyplast Cash Flow

#(Fig in Cr.) Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 1 2 1 3 2 1 1 2
Cash Flow from Operating Activities 2 2 3 -4 5 -0 5 0
Cash Flow from Investing Activities -1 -1 -1 -0 -4 -1 -2 -1
Cash Flow from Financing Activities 1 -2 -1 4 -2 1 -2 -1
Net Cash Inflow / Outflow 2 -1 1 -1 -1 -0 1 -1
Closing Cash & Cash Equivalent 2 1 3 2 1 1 2 1

GM Polyplast Ratios

# Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 0.82 1.23 2.05 2.61 3.12 3.66 5.27 5.53
CEPS(Rs) 1.23 1.76 2.74 3.04 3.83 4.56 6.22 6.47
DPS(Rs) 0 0 0 1 1 0 0.5 0
Book NAV/Share(Rs) 3.83 5.07 7.12 12.2 15.17 18.83 23.59 29.12
Core EBITDA Margin(%) 3.62 3.88 5.91 10.62 8.17 9.63 12.34 12.17
EBIT Margin(%) 2.87 3.35 5 9.94 8.05 8.25 11.13 10.95
Pre Tax Margin(%) 2.31 2.81 4.64 9.13 7.43 7.87 10.72 10.39
PAT Margin (%) 1.66 2.03 3.63 6.73 5.68 5.98 7.7 7.74
Cash Profit Margin (%) 2.49 2.89 4.87 7.84 6.98 7.47 9.1 9.06
ROA(%) 3.65 5.45 9.08 13.31 12.59 13.04 18.26 16.65
ROE(%) 21.48 27.7 33.61 28.78 22.76 21.5 24.82 20.98
ROCE(%) 18.28 26.22 32.67 35.73 29.97 27.92 34 28.82
Receivable days 88.03 72.53 75.62 91.43 75.97 72.11 68.14 76.06
Inventory Days 28.71 23.88 23.86 26.67 29.31 39.85 38.42 43.86
Payable days 108.61 89.28 96.91 88.36 59 55.86 29.32 21.01
PER(x) 0 0 0 9.69 8.44 38.78 32.19 14.83
Price/Book(x) 0 0 0 2.07 1.73 7.53 7.18 2.82
Dividend Yield(%) 0 0 0 0.57 0.54 0 0.3 0
EV/Net Sales(x) 0.04 0.03 0 0.65 0.47 2.33 2.47 1.15
EV/Core EBITDA(x) 0.98 0.61 0.01 5.9 5.05 23.96 19.69 9.35
Net Sales Growth(%) 0 22.81 -7.3 -17.42 41.66 11.36 11.87 4.5
EBIT Growth(%) 0 43.53 38.34 64.05 14.78 14.1 50.92 2.75
PAT Growth(%) 0 49.72 66.12 53.06 19.46 17.35 44.03 5.05
EPS Growth(%) 0 49.72 66.12 27.36 19.46 17.35 44.03 5.05
Debt/Equity(x) 1.03 0.54 0.33 0.12 0.04 0.08 0.04 0.02
Current Ratio(x) 1.15 1.12 1.22 2.24 1.7 2.73 3.99 4.8
Quick Ratio(x) 0.92 0.88 1 1.86 1.27 1.8 2.9 3.17
Interest Cover(x) 5.18 6.2 13.62 12.32 12.9 21.88 27.34 19.71
Total Debt/Mcap(x) 0 0 0 0.06 0.02 0.01 0.01 0.01

GM Polyplast Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 73.54 73.54 73.54 73.54 73.54 73.54 73.54 73.54 73.54 73.54
FII 0.42 0.42 0.42 1.27 1.27 1.27 1.27 1.27 1.27 1.27
DII 0 0 0 0 0 0 0 0 0 0
Public 26.05 26.05 26.05 25.19 25.19 25.19 25.19 25.19 25.19 25.19
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

GM Polyplast News

GM Polyplast Pros & Cons

Pros

  • Company has delivered good profit growth of 28% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 22%
  • Debtor days have improved from 29.32 to 21.01days.
  • Company is almost debt free.

Cons

whatsapp