Plastic Products · Founded 1991 · www.polyconltd.com · BSE 531397 · · ISIN INE262C01014
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Business
Polycon International Ltd. is an Indian company primarily engaged in the manufacturing and sale of plastic products. Its core business model revolves around transforming raw plastic materials (polymers derived from petrochemicals) into finished goods for various applications. The company likely operates manufacturing facilities to produce these items and distributes them to its customers, generating revenue from their sales. Given the broad "Plastic Products" industry, its offerings could range from consumer goods, packaging materials, industrial components, to specific plastic solutions.
Revenue Mix
Without specific company disclosures, the exact revenue mix is not available. However, in the plastic products industry, potential segments often include:
Packaging: Films, bottles, containers for food, beverages, personal care, pharmaceuticals.
Consumer Goods: Household items, toys, furniture components.
Industrial/Automotive: Components for manufacturing, construction, automotive parts.
Agriculture: Pipes, irrigation equipment.
Polycon International Ltd. would likely derive revenue from one or a combination of these application areas.
Industry
The plastic products industry in India is characterized by its diversity and fragmentation, comprising numerous players ranging from large integrated companies to small and medium-sized enterprises. It is highly dependent on raw material prices (linked to crude oil) and the demand from various end-user industries like FMCG, automotive, construction, and healthcare. Polycon International Ltd. operates within this competitive landscape. Its positioning relative to peers would depend on its specific product portfolio, technological capabilities, geographical presence, and cost efficiencies. It likely competes on product quality, price, delivery timelines, and customer relationships.
MOAT
Without specific details, Polycon International Ltd.'s competitive advantages are likely to be moderate. Potential moats could include:
Cost Leadership: Efficient manufacturing processes and economies of scale, especially for high-volume products.
Strong Client Relationships: Long-term contracts or preferred supplier status with key industrial or consumer brands.
Product Specialization/Innovation: Developing niche plastic products or possessing proprietary manufacturing techniques that offer superior performance or cost advantages.
Geographical Concentration: Dominant market share in specific regional markets due to established distribution or manufacturing proximity.
However, the broader plastic products industry can face intense price competition, limiting the durability of such advantages unless continuously reinforced.
Growth Drivers
Key factors that could drive Polycon International Ltd.'s growth over the next 3-5 years include:
Increasing Domestic Consumption: Rising disposable incomes, urbanization, and changing lifestyles in India drive demand for packaged goods and consumer durables.
Growth in End-User Industries: Expansion in sectors like FMCG, e-commerce, automotive, and infrastructure directly translates to higher demand for plastic components and packaging.
Substitution Trend: Plastics continue to replace traditional materials (metal, glass, wood) in various applications due to their light weight, durability, and cost-effectiveness.
Product Diversification & Innovation: Expansion into new product lines or developing sustainable plastic solutions can open new market opportunities.
Export Opportunities: Tapping into international markets for specific plastic products.
Risks
Raw Material Price Volatility: Plastic resins are petrochemical derivatives, making input costs highly susceptible to fluctuations in global crude oil prices.
Environmental Regulations & Public Perception: Increasing regulatory scrutiny on plastic waste, bans on single-use plastics, and growing consumer preference for eco-friendly alternatives pose significant challenges.
Intense Competition: The fragmented nature of the industry can lead to pricing pressures and margin erosion.
Economic Slowdown: A downturn in the broader economy can reduce demand from key end-user industries.
Technological Obsolescence: Failure to invest in new manufacturing technologies or sustainable material alternatives could impact competitiveness.
Working Capital Management: High raw material inventory and credit cycles can strain working capital.
Management & Ownership
Polycon International Ltd., as an Indian listed company, likely has a promoter group holding a significant stake, alongside institutional and public shareholders. The management team would be responsible for day-to-day operations, strategic planning, and financial performance. Without specific information, it is not possible to assess the quality of management or provide details on the specific promoter group. The ownership structure would adhere to SEBI regulations for publicly listed entities in India.
Outlook
Polycon International Ltd. operates in a sector with structural tailwinds in India, driven by increasing consumption, urbanization, and industrial growth. This provides a favorable backdrop for demand for plastic products. However, the company faces significant challenges from volatile raw material prices and an evolving regulatory landscape concerning plastics and environmental sustainability. Its ability to navigate these external factors, coupled with operational efficiencies, effective product diversification, and strong customer relationships, will be crucial for sustained performance. Continued investment in sustainable practices and innovation will be key to mitigating regulatory risks and capturing future market share.
| #(Fig in Cr.) | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 6 | 6 | 5 | 5 | 4 | 4 | 5 | 5 | 4 | 3 |
| Other Income | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 6 | 6 | 5 | 5 | 4 | 4 | 5 | 5 | 4 | 3 |
| Total Expenditure | 5 | 5 | 6 | 4 | 4 | 4 | 5 | 5 | 4 | 3 |
| Operating Profit | 1 | 1 | -1 | 1 | 1 | -0 | 0 | -0 | 0 | -0 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -0 | -0 | 1 | -0 | -0 | -1 | -1 | -1 | -0 | -1 |
| Provision for Tax | 0 | -0 | 0 | 0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Profit After Tax | -0 | 0 | 1 | -0 | -0 | -1 | -1 | -1 | -0 | -1 |
| Adjustments | -0 | -0 | 0 | 0 | 0 | 0 | 0 | -0 | -0 | 0 |
| Profit After Adjustments | -0 | 0 | 1 | -0 | -0 | -1 | -1 | -1 | -0 | -1 |
| Adjusted Earnings Per Share | -0.6 | 0 | 1.5 | -0.6 | -0.5 | -1.9 | -1.3 | -1.7 | -0.9 | -1.6 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 38 | 37 | 40 | 36 | 38 | 30 | 28 | 31 | 26 | 23 | 22 | 17 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 39 | 37 | 40 | 36 | 38 | 30 | 28 | 31 | 26 | 23 | 22 | 17 |
| Total Expenditure | 35 | 34 | 36 | 33 | 34 | 28 | 25 | 27 | 23 | 20 | 21 | 17 |
| Operating Profit | 4 | 3 | 3 | 2 | 3 | 2 | 3 | 3 | 3 | 3 | 1 | 0 |
| Interest | 2 | 2 | 2 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 4 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | -2 | 0 | 0 | 0 | 0 | 2 | 0 |
| Profit Before Tax | 0 | 0 | 0 | 0 | 0 | -3 | -0 | -0 | 0 | 0 | 0 | -3 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 |
| Profit After Tax | 0 | 0 | 0 | 0 | 0 | -3 | -0 | -0 | 0 | 0 | 0 | -3 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 0 | 0 | 0 | 0 | -3 | -0 | -0 | 0 | 0 | 0 | -3 |
| Adjusted Earnings Per Share | 0.5 | 0.6 | 0.5 | 0.6 | 0.3 | -5.9 | -0.6 | -0.2 | 0.1 | 0.1 | 0.3 | -5.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -4% | -11% | -6% | -5% |
| Operating Profit CAGR | -67% | -31% | -13% | -13% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 10% | 25% | 29% | 13% |
| ROE Average | 4% | 3% | -1% | -3% |
| ROCE Average | 6% | 6% | 7% | 6% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 7 | 7 | 7 | 8 | 8 | 5 | 4 | 4 | 4 | 4 | 4 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 7 | 9 | 10 | 10 | 10 | 11 | 14 | 15 | 18 | 22 | 26 |
| Other Non-Current Liabilities | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 |
| Total Current Liabilities | 15 | 13 | 13 | 14 | 16 | 14 | 14 | 17 | 14 | 15 | 12 |
| Total Liabilities | 30 | 30 | 32 | 33 | 35 | 31 | 33 | 37 | 37 | 42 | 43 |
| Fixed Assets | 11 | 11 | 11 | 12 | 12 | 10 | 10 | 10 | 9 | 9 | 9 |
| Other Non-Current Assets | 3 | 3 | 3 | 2 | 4 | 2 | 2 | 2 | 3 | 3 | 3 |
| Total Current Assets | 16 | 16 | 17 | 19 | 19 | 19 | 21 | 25 | 25 | 30 | 31 |
| Total Assets | 30 | 30 | 32 | 33 | 35 | 31 | 33 | 37 | 37 | 42 | 43 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | 8 | 1 | 3 | 2 | 4 | 1 | -0 | 2 | -0 | -1 | -0 |
| Cash Flow from Investing Activities | -1 | -1 | -1 | -1 | -3 | 1 | -1 | -1 | -1 | -1 | -1 |
| Cash Flow from Financing Activities | -8 | 0 | -1 | -2 | -1 | -1 | 0 | -1 | 1 | 2 | 2 |
| Net Cash Inflow / Outflow | -0 | 0 | 0 | -1 | 0 | -0 | -0 | 0 | 0 | -0 | -0 |
| Closing Cash & Cash Equivalent | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.51 | 0.56 | 0.49 | 0.62 | 0.3 | -5.88 | -0.6 | -0.21 | 0.13 | 0.13 | 0.29 |
| CEPS(Rs) | 2.97 | 2.55 | 2.49 | 2.68 | 2.35 | -3.73 | 1.85 | 2.37 | 2.35 | 2.26 | 3.05 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 12.68 | 13.24 | 13.64 | 14.24 | 14.59 | 8.7 | 6.67 | 6.46 | 6.61 | 6.73 | 7.03 |
| Core EBITDA Margin(%) | 8.21 | 7.33 | 7.8 | 6.26 | 8.39 | 6.98 | 11.09 | 10.79 | 11.65 | 13.6 | 6.18 |
| EBIT Margin(%) | 6.04 | 5.28 | 5.44 | 4.98 | 5.86 | -2.17 | 6.9 | 6.95 | 7.64 | 9.19 | 10.87 |
| Pre Tax Margin(%) | 0.77 | 0.9 | 0.86 | 1.05 | 0.54 | -9.39 | -1.05 | -0.28 | 0.56 | 0.21 | 1.02 |
| PAT Margin (%) | 0.55 | 0.62 | 0.6 | 0.86 | 0.4 | -9.58 | -1.07 | -0.33 | 0.25 | 0.27 | 0.65 |
| Cash Profit Margin (%) | 3.22 | 2.86 | 3.08 | 3.68 | 3.06 | -6.08 | 3.28 | 3.79 | 4.38 | 4.8 | 6.76 |
| ROA(%) | 0.76 | 0.9 | 0.77 | 0.95 | 0.44 | -8.7 | -0.92 | -0.29 | 0.17 | 0.16 | 0.33 |
| ROE(%) | 4.08 | 4.29 | 3.64 | 4.47 | 2.1 | -50.53 | -7.86 | -3.14 | 2.01 | 1.91 | 4.24 |
| ROCE(%) | 9.19 | 8.45 | 7.68 | 6.13 | 7.38 | -2.28 | 6.92 | 7.14 | 6.23 | 6.07 | 6.44 |
| Receivable days | 90.06 | 86.47 | 93.83 | 116.81 | 111.85 | 130.27 | 140.1 | 129.31 | 136.57 | 138.37 | 141.55 |
| Inventory Days | 32.22 | 32.07 | 39.78 | 47.3 | 54.19 | 83.55 | 108.86 | 133.58 | 198.27 | 272.33 | 336.73 |
| Payable days | 13.24 | 17.42 | 16.17 | 21.56 | 22.21 | 41.46 | 61.64 | 63.67 | 75.59 | 85.74 | 91.37 |
| PER(x) | 19.19 | 13.86 | 38.87 | 20.22 | 29.67 | 0 | 0 | 0 | 0 | 137.15 | 90.05 |
| Price/Book(x) | 0.77 | 0.58 | 1.39 | 0.89 | 0.62 | 0.65 | 0 | 1.73 | 0 | 2.6 | 3.74 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.65 | 0.64 | 0.75 | 0.78 | 0.71 | 0.81 | 1.06 | 1.07 | 1.3 | 1.79 | 2.12 |
| EV/Core EBITDA(x) | 6.36 | 7.17 | 9.52 | 11.37 | 8.38 | 11.2 | 9.42 | 9.68 | 11 | 13.02 | 32.62 |
| Net Sales Growth(%) | -12.92 | -4.2 | 7.63 | -9.98 | 5.39 | -20 | -8.03 | 10.65 | -14.18 | -12.21 | -4.16 |
| EBIT Growth(%) | -5.09 | -15.53 | -6.37 | -17.59 | 23.85 | -129.68 | 392.04 | 11.39 | -5.66 | 5.62 | 13.41 |
| PAT Growth(%) | -8 | 9.38 | -12.04 | 27.57 | -51.36 | -2039.78 | 89.73 | 65.88 | 163.79 | -2.95 | 128.37 |
| EPS Growth(%) | -7.99 | 9.37 | -12.04 | 27.58 | -51.37 | -2039.96 | 89.73 | 65.87 | 163.77 | -2.97 | 128.45 |
| Debt/Equity(x) | 3.02 | 2.89 | 2.99 | 2.88 | 2.96 | 4.57 | 6.44 | 7.4 | 7.77 | 8.54 | 8.53 |
| Current Ratio(x) | 1.07 | 1.26 | 1.32 | 1.3 | 1.22 | 1.31 | 1.46 | 1.46 | 1.78 | 2 | 2.54 |
| Quick Ratio(x) | 0.84 | 0.94 | 0.98 | 0.97 | 0.8 | 0.8 | 0.82 | 0.69 | 0.71 | 0.71 | 0.76 |
| Interest Cover(x) | 1.15 | 1.21 | 1.19 | 1.27 | 1.1 | -0.3 | 0.87 | 0.96 | 1.08 | 1.02 | 1.1 |
| Total Debt/Mcap(x) | 4.28 | 5.38 | 2.32 | 3.5 | 5.17 | 7.96 | 0 | 5.02 | 0 | 3.83 | 2.64 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 49.61 | 49.61 | 49.61 | 49.61 | 49.61 | 49.61 | 49.61 | 49.61 | 49.61 | 49.61 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 50.39 | 50.39 | 50.39 | 50.39 | 50.39 | 50.39 | 50.39 | 50.39 | 50.39 | 50.39 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -4% | -11% | -6% | -5% |
| Operating Profit CAGR | -67% | -31% | -13% | -13% |
| PAT CAGR | — | — | — | — |
| Share Price CAGR | +10% | +25% | +29% | +13% |
| ROE Average | +4% | +3% | -1% | -3% |
| ROCE Average | +6% | +6% | +7% | +6% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 49.61 | 49.61 | 49.61 | 49.61 | 49.61 | 49.61 | 49.61 | 49.61 | 49.61 | 49.61 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 50.39 | 50.39 | 50.39 | 50.39 | 50.39 | 50.39 | 50.39 | 50.39 | 50.39 | 50.39 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 |
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