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Polymac Thermoformer Overview

1. Business Overview

Polymac Thermoformers Ltd. is a company operating in the Plastic Products sector in India. Based on its name, the core business involves thermoforming, a manufacturing process where a plastic sheet is heated to a pliable temperature, formed to a specific shape in a mold, and then trimmed. The company likely manufactures a range of thermoformed plastic products that serve various industries. These products could include packaging solutions (e.g., trays, blisters, clamshells for food, consumer goods, electronics), industrial components, automotive parts, and consumer durables. The company makes money by producing these custom or standardized plastic products and selling them to B2B clients across different end-user markets.

2. Key Segments / Revenue Mix

Specific breakdowns of revenue by key segments are not provided. However, given the nature of thermoforming, potential segments could include:

Packaging Solutions: For food & beverage, pharmaceuticals, electronics, and consumer goods.

Industrial Components: For various manufacturing industries.

Automotive: Interior or exterior plastic parts.

Consumer Products: Components for appliances, toys, or other household items.

Without detailed financial reports, the precise contribution of these potential segments cannot be determined.

3. Industry & Positioning

The plastic products industry in India is a large, diverse, and generally fragmented market. It is characterized by the presence of numerous small and medium-sized enterprises alongside a few larger organized players. The industry is highly dependent on demand from various end-user sectors such as packaging, automotive, construction, electrical & electronics, and consumer durables.

Polymac Thermoformers, as a player in this segment, likely competes on factors such as product quality, customization capabilities, price competitiveness, delivery timelines, and customer service. Its positioning would depend on its specific niche within thermoforming, its technological capabilities, and its geographic reach within India relative to its peers.

4. Competitive Advantage (Moat)

Without specific data, establishing a strong, durable competitive advantage (moat) for a company like Polymac Thermoformers can be challenging to definitively confirm. Potential sources of advantage in this industry could include:

Operational Efficiency & Scale: Optimized manufacturing processes and sufficient scale could lead to cost efficiencies.

Specialized Expertise: Niche technical know-how in complex thermoforming applications or specific material handling.

Customer Relationships & Switching Costs: Long-standing relationships with key clients, integration into their supply chains, and specialized tooling for custom products can create switching costs.

Proximity to Customers/Raw Materials: Strategic location reducing logistics costs.

However, in a fragmented industry, these advantages can often be incremental rather than providing a deep moat against new entrants or existing competitors.

5. Growth Drivers

Key factors that can drive growth for Polymac Thermoformers over the next 3-5 years include:

Rising Domestic Consumption: Growth in India's population and disposable income drives demand for packaged goods and consumer durables.

E-commerce and Organized Retail Expansion: Fuels demand for efficient and protective packaging solutions.

Manufacturing Growth: Expansion in automotive, electronics, and other manufacturing sectors will increase demand for plastic components.

Substitution Trends: Plastics replacing traditional materials (metal, glass, wood) due to lightweight properties, design flexibility, and cost-effectiveness.

Technological Advancements: Investment in more efficient machinery and processes, enabling new product development and better quality.

Focus on Sustainability: Developing expertise in recycled or biodegradable plastics could open new market opportunities.

6. Risks

Key business risks include:

Raw Material Price Volatility: Plastic resins are largely crude oil derivatives, making the company susceptible to fluctuations in global crude oil prices, impacting production costs and margins.

Intense Competition: The fragmented nature of the plastic products industry can lead to price wars and pressure on profitability.

Environmental Regulations: Increasing global and domestic pressure against single-use plastics and plastic waste could lead to stricter regulations, bans, or increased compliance costs.

Economic Downturns: A slowdown in key end-user industries (e.g., automotive, consumer goods) could significantly impact demand for plastic products.

Technological Obsolescence: Failure to invest in modern thermoforming technology could lead to inefficiencies or inability to meet evolving customer demands.

7. Management & Ownership

Specific details regarding the promoters, management quality, and ownership structure are not available in the provided information. As an Indian "Ltd." company, it is typically governed by a board of directors and often has a promoter-led ownership structure, where a founding family or group holds a significant stake and exerts control. Management quality would depend on their strategic vision, operational execution capabilities, and financial discipline, which cannot be assessed without further data.

8. Outlook

Polymac Thermoformers Ltd. operates in a dynamic sector driven by India's overall economic growth and evolving consumer patterns. The demand for plastic products, especially in packaging and various industrial applications, is expected to grow. The company could benefit from this underlying demand by focusing on operational efficiencies, developing niche product expertise, and strengthening customer relationships. However, the industry faces significant headwinds from volatile raw material prices and increasing environmental scrutiny on plastics. The ability to innovate, adapt to sustainable practices, and manage cost pressures will be crucial for long-term success. While growth opportunities exist, the competitive landscape and regulatory environment present considerable challenges, requiring agile management and strategic investments.

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Polymac Thermoformer Key Financials

Market Cap ₹7 Cr.

Stock P/E 150.2

P/B 0.6

Current Price ₹13.9

Book Value ₹ 22.2

Face Value 10

52W High ₹20.3

Dividend Yield 0%

52W Low ₹ 11.3

Polymac Thermoformer Share Price

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Volume
Price

Polymac Thermoformer Quarterly Price

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Polymac Thermoformer Peer Comparison

Polymac Thermoformer Quarterly Results

#(Fig in Cr.) Mar 2014
Net Sales 0
Other Income 0
Total Income 0
Total Expenditure 1
Operating Profit -0
Interest 0
Depreciation 0
Exceptional Income / Expenses 0
Profit Before Tax -0
Provision for Tax 0
Profit After Tax -0
Adjustments 0
Profit After Adjustments 0
Adjusted Earnings Per Share -0.9

Polymac Thermoformer Profit & Loss

#(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 1 1 3 4 7 5 6 7 9 15 9 0
Other Income 6 2 5 1 0 1 1 1 2 1 1 0
Total Income 8 3 8 5 7 6 7 8 11 15 9 0
Total Expenditure 7 3 7 5 7 6 7 7 10 14 9 1
Operating Profit 0 0 0 0 0 0 0 1 1 1 0 0
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 0 0 0 -0 0 -0 0 1 1 0 0 0
Provision for Tax 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Tax 0 0 0 -0 0 -0 0 1 0 0 0 0
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 0 0 0 -0 0 -0 0 1 0 0 0 0
Adjusted Earnings Per Share 0.1 0 0.5 -0.2 0.2 -0.5 0.2 1 0.9 0.6 0.1 -0.9

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -40% 9% 12% 25%
Operating Profit CAGR -100% -100% 0% 0%
PAT CAGR 0% -100% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 16% -25% 7% -1%
ROE Average 0% 3% 3% 1%
ROCE Average 2% 3% 3% 2%

Polymac Thermoformer Balance Sheet

#(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 10 10 11 11 11 10 11 11 10 11 11
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 0 0 0 0 0 0 0 0 0 2 2
Other Non-Current Liabilities 0 1 1 0 0 0 0 0 0 0 0
Total Current Liabilities 2 3 4 1 2 2 2 30 8 7 6
Total Liabilities 13 14 15 12 12 12 13 41 18 19 19
Fixed Assets 1 1 1 1 1 1 1 2 2 2 3
Other Non-Current Assets 1 2 3 2 1 2 3 2 1 1 2
Total Current Assets 11 11 11 9 10 9 9 37 15 15 14
Total Assets 13 14 15 12 12 12 13 41 18 19 19

Polymac Thermoformer Cash Flow

#(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 0 0 0 0 0 0 0 0 2 7 0
Cash Flow from Operating Activities 0 -0 1 -1 -2 1 -1 -25 25 -1 0
Cash Flow from Investing Activities 2 -0 -1 -6 1 -1 0 -0 2 0 -0
Cash Flow from Financing Activities -2 1 -0 6 1 -0 0 27 -22 -5 -0
Net Cash Inflow / Outflow 0 -0 0 -0 0 -0 0 1 5 -7 -0
Closing Cash & Cash Equivalent 0 0 0 0 0 0 0 2 7 0 0

Polymac Thermoformer Ratios

# 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) 0.14 0.03 0.47 -0.2 0.23 -0.51 0.23 1.05 0.94 0.64 0.09
CEPS(Rs) 0.46 0.32 0.68 -0.01 0.42 -0.25 0.44 1.32 1.3 1.05 0.51
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 21.83 21.78 22.25 22.05 22.28 21.77 22 23.05 21.47 22.12 22.21
Core EBITDA Margin(%) -391.24 -95.18 -170.48 -17.19 -0.1 -10.07 -6.68 -0.37 -10.03 0.73 -2.16
EBIT Margin(%) 9.72 4.9 14.04 -1.34 2.81 -1.94 4.88 12.54 8.51 3.99 2.84
Pre Tax Margin(%) 6.18 1.26 11.72 -2.44 1.94 -4.18 3.27 9.05 6.87 2.86 0.82
PAT Margin (%) 4.66 1.02 8.63 -2.44 1.61 -4.66 1.79 6.98 5.1 2.12 0.52
Cash Profit Margin (%) 15.09 10.39 12.38 -0.17 3 -2.31 3.4 8.78 7.07 3.45 2.83
ROA(%) 0.51 0.11 1.6 -0.71 0.89 -1.97 0.88 1.87 1.52 1.66 0.24
ROE(%) 0.66 0.14 2.16 -0.9 1.02 -2.32 1.05 4.65 4.21 2.96 0.42
ROCE(%) 1.3 0.63 3.11 -0.45 1.65 -0.86 2.52 3.48 2.63 3.97 2
Receivable days 18.29 -37.26 15.99 54.64 55.84 70 41.92 59.96 46.8 29.08 41.29
Inventory Days 314.42 386.42 220.16 147.22 115.3 173.34 162.54 158.75 131.94 93.6 199.33
Payable days 21.04 80.85 74.97 67.1 32.71 31.86 30.19 35.13 26.81 83.26 219.44
PER(x) 163.29 501.59 69.08 0 59.6 0 40.83 31.82 36.25 63.4 123.11
Price/Book(x) 1.07 0.73 1.47 0 0.61 0 0.43 1.45 1.58 1.85 0.51
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 8.04 5.96 6.44 1.32 1.11 1.13 0.96 6 1.85 1.44 0.83
EV/Core EBITDA(x) 39.92 41.74 36.19 140.43 26.36 274.82 15.42 41.83 17.63 27.06 16.03
Net Sales Growth(%) 234.97 0.8 77.77 48.44 72.36 -22.17 17.14 16.97 22.55 65.3 -41.08
EBIT Growth(%) 143.3 -49.15 408.96 -114.12 462.82 -153.78 394.61 200.22 -16.86 -22.4 -58.07
PAT Growth(%) 2461.99 -78.03 1408.31 -142.04 213.48 -325.42 145.08 355.24 -10.51 -31.3 -85.62
EPS Growth(%) 2461.94 -78.02 1407.35 -142.04 213.47 -325.47 145.08 355.3 -10.5 -31.31 -85.63
Debt/Equity(x) 0.07 0.12 0.13 0.05 0.12 0.12 0.15 2.61 0.67 0.14 0.16
Current Ratio(x) 5.05 4.22 2.98 7.01 5.42 4.93 4.58 1.23 1.92 2.29 2.33
Quick Ratio(x) 4.39 3.55 2.59 5.65 4.03 3.67 2.96 1.12 1.52 1.65 1.5
Interest Cover(x) 2.74 1.34 6.05 -1.21 3.23 -0.87 3.02 3.6 5.21 3.53 1.41
Total Debt/Mcap(x) 0.07 0.17 0.09 0 0.2 0 0.35 1.8 0.42 0.08 0.31

Polymac Thermoformer Shareholding Pattern

# Sep 2021 Mar 2022 Sep 2022 Mar 2023 Sep 2023 Mar 2024 Sep 2024 Mar 2025 Sep 2025 Mar 2026
Promoter 22.38 22.38 22.38 22.38 22.38 22.38 25.21 25.21 25.21 25.21
FII 0 0 0 0 0 0 0 0 0 0
DII 0 0 0 0 0 0 0 0 0 0
Public 77.62 77.62 77.62 77.62 77.62 77.62 74.79 74.79 74.79 74.79
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Polymac Thermoformer News

Polymac Thermoformer Pros & Cons

Pros

  • Stock is trading at 0.6 times its book value
  • Company is almost debt free.

Cons

  • Promoter holding is low: 25.21%.
  • Company has a low return on equity of 3% over the last 3 years.
  • Debtor days have increased from 83.26 to 219.44days.
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