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Premier Polyfilm Overview

1. Business Overview

Premier Polyfilm Ltd. is an Indian manufacturer specializing in a diverse range of PVC (Polyvinyl Chloride) based products. Its core business involves the production of various PVC films, sheeting, and coated fabrics. These products serve a wide array of industries, including packaging, stationery, automotive, construction, agriculture, medical, flooring, and home furnishings. The company generates revenue by manufacturing and selling these specialized PVC products to industrial clients, distributors, and directly to manufacturers, both in the domestic Indian market and through exports to over 50 countries. A key aspect of its business model is backward integration, where it produces its own PVC compounds, enabling better quality control and cost management.

2. Key Segments / Revenue Mix

While specific revenue percentages for each product are not always explicitly detailed, Premier Polyfilm's revenue streams are primarily derived from:

PVC Films & Sheeting: This segment includes rigid and flexible PVC films, transparent films, opaque films, and calendared PVC films. These are widely used in packaging, stationery, medical applications (e.g., blood bags), and various industrial applications.

Coated Fabrics & Artificial Leather: This comprises products like PVC leather cloth (artificial leather) for automotive interiors, footwear, upholstery, and fashion accessories; tarpaulins; geo-membranes for civil engineering; and PVC flooring.

Other Value-Added Products: Specialized films and sheeting tailored for specific industrial and consumer applications.

The company has a strong export orientation, with a significant portion of its sales coming from international markets, contributing to a diversified revenue mix geographically and by product application.

3. Industry & Positioning

Premier Polyfilm operates within the Indian plastic products sector, specifically focusing on the flexible packaging and engineered plastics segment. This industry is characterized by a mix of organized and unorganized players, leading to a competitive landscape. Premier Polyfilm has carved out a niche as a specialized manufacturer of PVC films and coated fabrics. It differentiates itself through a diversified product portfolio, established quality standards, and a substantial international presence, serving markets beyond India. While not a dominant market leader across all PVC product categories, its backward integration capabilities and long-standing export relationships provide a competitive edge against smaller, less integrated domestic players. The industry is susceptible to volatility in raw material prices and increasing environmental regulations concerning plastics.

4. Competitive Advantage (Moat)

Backward Integration: The ability to manufacture its own PVC compounds offers a significant advantage in terms of controlling raw material quality, ensuring supply consistency, and potentially achieving cost efficiencies over competitors reliant solely on external suppliers.

Diversified Product Portfolio & End-User Markets: Serving a wide range of industries (packaging, automotive, construction, medical, etc.) and offering various PVC products reduces dependence on any single sector, providing revenue stability and mitigating market-specific risks.

Global Presence & Export Network: Exports to over 50 countries highlight established international relationships, adherence to global quality standards, and a diversified geographical revenue base, reducing reliance on the domestic market alone.

Experience & Quality Reputation: With decades of operation, the company has likely built a reputation for product quality and reliability within its specialized B2B segments, which is crucial for retaining industrial customers.

5. Growth Drivers

Rising Demand in End-User Industries: Continued expansion in key sectors such as packaging, automotive, construction, healthcare, and consumer goods, both in India and globally, will fuel demand for PVC films and coated fabrics.

Infrastructure Development: Government-led infrastructure projects (e.g., roads, water management) can boost demand for products like geo-membranes and specialized films.

New Product Development & Customization: The company's ability to innovate, introduce new products, and offer customized solutions tailored to specific client needs can open up new market opportunities and enhance margins.

Export Market Expansion: Further penetration into existing international markets and exploration of new geographies can provide substantial growth, particularly as global supply chains evolve.

"China Plus One" Strategy: Global manufacturers diversifying their supply chains away from China could present opportunities for Indian manufacturers like Premier Polyfilm to secure larger export orders.

6. Risks

Raw Material Price Volatility: PVC resin prices are closely linked to crude oil derivatives, making the company highly susceptible to fluctuations in global oil prices, which can significantly impact profit margins.

Intense Competition: The plastic products industry is highly competitive, with numerous domestic and international players, leading to potential pricing pressures and market share challenges.

Regulatory Environment: Increasing global and domestic environmental concerns and potential stricter regulations concerning plastic usage, waste management, and recycling could affect production costs, demand for certain products, and operational compliance.

Economic Slowdown: A downturn in the Indian economy or key export markets could lead to reduced demand across various end-user industries, impacting sales volumes.

Foreign Exchange Fluctuations: As a significant exporter, the company is exposed to volatility in currency exchange rates, which can affect its realized revenues and profitability.

Technological Obsolescence: While PVC remains widely used, advancements in alternative materials or manufacturing technologies could pose a long-term risk to product relevance.

7. Management & Ownership

Premier Polyfilm Ltd. is promoted by the Saraf family, with Mr. Amrit Saraf serving as the Chairman and Managing Director. The company has a substantial operational history, indicating experienced leadership in the plastic films and coated fabrics sector. Promoter holding in Premier Polyfilm is typically significant, a common characteristic in Indian small-cap companies, aligning promoter interests with the company's long-term performance. Specific details on corporate governance or management compensation would be available in their annual reports and public filings.

8. Outlook

Premier Polyfilm is well-positioned in a growing industry, benefiting from a diversified product portfolio that serves various end-user sectors and a robust international presence. Its backward integration provides a competitive edge in cost and quality control, while rising demand in packaging, automotive, and construction offers clear growth opportunities. However, the company operates in a sector prone to significant raw material price volatility, which can impact profitability. Intense competition and evolving environmental regulations concerning plastics pose ongoing operational and strategic challenges. The company's continued success will depend on its ability to effectively manage raw material costs, adapt to regulatory changes, innovate its product offerings, and further capitalize on its established export network amidst a dynamic global economic environment.

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Premier Polyfilm Key Financials

Market Cap ₹532 Cr.

Stock P/E 20.5

P/B 4.5

Current Price ₹50.8

Book Value ₹ 11.2

Face Value 1

52W High ₹68.9

Dividend Yield 0.3%

52W Low ₹ 38

Premier Polyfilm Share Price

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Volume
Price

Premier Polyfilm Quarterly Price

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Premier Polyfilm Peer Comparison

Premier Polyfilm Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 69 78 71 80 71 83 75 84 90 92
Other Income 0 1 0 0 0 0 0 0 0 0
Total Income 69 79 71 80 71 83 75 84 90 92
Total Expenditure 62 69 62 68 60 74 65 72 76 79
Operating Profit 7 10 9 12 10 9 10 12 13 13
Interest 0 0 0 0 0 0 0 0 0 0
Depreciation 1 1 1 1 1 1 1 1 1 1
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 6 9 8 11 9 7 8 11 12 12
Provision for Tax 1 2 2 3 2 2 2 3 3 3
Profit After Tax 4 7 6 8 7 6 6 8 9 9
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 4 7 6 8 7 6 6 8 9 9
Adjusted Earnings Per Share 0.4 0.6 0.6 0.7 0.6 0.5 0.6 0.8 0.9 0.8

Premier Polyfilm 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 85 96 104 126 150 147 151 213 253 260 264 341
Other Income 1 2 2 2 2 1 2 1 1 2 3 0
Total Income 86 97 105 129 152 149 153 214 254 262 267 341
Total Expenditure 79 87 95 116 139 133 135 194 231 227 227 292
Operating Profit 6 10 10 13 13 15 17 20 23 34 41 48
Interest 1 2 3 3 3 3 2 2 3 2 1 0
Depreciation 1 3 2 3 3 4 4 4 5 5 5 4
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 4 5 6 7 6 9 11 14 15 27 35 43
Provision for Tax 1 2 2 2 2 2 3 4 4 7 9 11
Profit After Tax 3 4 4 5 4 6 8 10 12 21 26 32
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 3 4 4 5 4 6 8 10 12 21 26 32
Adjusted Earnings Per Share 0.3 0.3 0.3 0.4 0.4 0.6 0.8 0.9 1.1 2 2.5 3.1

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 2% 7% 12% 12%
Operating Profit CAGR 21% 27% 22% 21%
PAT CAGR 24% 38% 34% 24%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -8% 44% 40% 27%
ROE Average 25% 22% 20% 16%
ROCE Average 29% 25% 22% 18%

Premier Polyfilm 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 28 32 34 38 42 46 54 63 74 94 118
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 8 8 6 7 4 4 5 6 10 6 3
Other Non-Current Liabilities 2 2 2 3 3 3 3 3 7 4 4
Total Current Liabilities 20 24 39 43 43 43 31 51 50 34 46
Total Liabilities 57 67 82 91 91 96 93 123 141 138 171
Fixed Assets 14 22 29 31 41 42 39 40 53 52 56
Other Non-Current Assets 9 1 1 3 1 2 5 9 12 11 12
Total Current Assets 34 44 52 57 49 51 49 73 76 75 103
Total Assets 57 67 82 91 91 96 93 123 141 138 171

Premier Polyfilm 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 2 0 3 -3 -5 -7 -12 -5 -9 5 5
Cash Flow from Operating Activities 1 6 4 3 16 7 17 4 12 16 23
Cash Flow from Investing Activities -10 -5 -8 -8 -9 -7 -4 -7 -17 -6 -11
Cash Flow from Financing Activities 11 1 -2 3 -9 -6 -6 -2 2 -10 -6
Net Cash Inflow / Outflow 2 3 -6 -2 -1 -5 7 -5 -3 0 6
Closing Cash & Cash Equivalent 4 3 -3 -5 -7 -12 -5 -9 -12 5 11

Premier Polyfilm 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) 0.26 0.35 0.34 0.45 0.43 0.59 0.8 0.93 1.12 1.97 2.48
CEPS(Rs) 0.4 0.6 0.55 0.73 0.75 0.96 1.19 1.33 1.59 2.46 2.97
DPS(Rs) 0 0.1 0.1 0.1 0.1 0 0.1 0.1 0.1 0.15 0.15
Book NAV/Share(Rs) 2.63 3.04 3.27 3.64 3.97 4.41 5.18 6.01 7.05 9 11.24
Core EBITDA Margin(%) 5.67 8.11 7.7 7.35 6.47 8.22 9.03 7.85 7.66 11.1 12.48
EBIT Margin(%) 5.4 7.15 7.19 6.93 5.44 6.84 7.61 6.55 6.23 9.91 11.88
Pre Tax Margin(%) 4.5 5.27 4.97 5.02 3.62 5.18 6.38 5.72 5.28 9.23 11.49
PAT Margin (%) 2.98 3.51 3.17 3.29 2.61 3.7 4.9 4.03 4.06 6.97 8.63
Cash Profit Margin (%) 4.6 6.08 5.1 5.36 4.61 5.97 7.26 5.75 5.77 8.71 10.31
ROA(%) 5.44 5.94 4.86 5.42 4.88 6.64 8.92 9.05 8.84 14.78 16.82
ROE(%) 10.43 12.33 10.92 12.96 11.19 14.17 16.76 16.68 17.08 24.51 24.52
ROCE(%) 13.9 16.39 15.4 15.72 13.78 16.35 17.76 19.18 17.98 27.09 28.84
Receivable days 55.87 54.26 55.21 48.21 43.56 47.95 41.84 30.44 35.05 41.78 45.62
Inventory Days 44.68 42.51 53.22 56.68 47.33 43.62 39.46 37.17 39.74 30.53 31.62
Payable days 51.29 49.78 62.5 51.42 37.17 43.75 34.82 28.98 36.34 31.29 23.29
PER(x) 11.51 14.32 17.46 20.08 11.03 6.66 8.84 16.19 12.96 19.81 24.78
Price/Book(x) 1.14 1.65 1.84 2.47 1.19 0.9 1.37 2.51 2.05 4.33 5.47
Dividend Yield(%) 0 2 1.66 1.11 2.13 0 1.41 0.66 0.69 0.38 0.24
EV/Net Sales(x) 0.47 0.62 0.74 0.91 0.46 0.43 0.56 0.84 0.7 1.6 2.47
EV/Core EBITDA(x) 6.24 5.82 7.45 8.97 5.42 4.18 4.98 8.86 7.7 12.04 15.98
Net Sales Growth(%) 4.1 12.94 8.6 21.79 19.08 -2.11 2.48 41.02 18.72 2.93 1.55
EBIT Growth(%) 16.59 50.52 9.71 21.16 -5.8 23.32 13.74 21.65 12.77 63.47 22.13
PAT Growth(%) -6.77 34 -1.4 30.19 -4.96 39.28 35.5 16.15 19.43 76.37 26.21
EPS Growth(%) -6.76 34 -1.4 30.19 -4.96 39.28 35.55 16.15 19.43 76.3 26.21
Debt/Equity(x) 0.54 0.51 0.68 0.78 0.61 0.59 0.35 0.46 0.45 0.16 0.18
Current Ratio(x) 1.76 1.78 1.32 1.33 1.14 1.2 1.59 1.45 1.53 2.22 2.23
Quick Ratio(x) 1.25 1.2 0.84 0.74 0.7 0.71 1.07 0.79 0.94 1.62 1.54
Interest Cover(x) 6.05 3.8 3.24 3.63 2.98 4.12 6.17 7.87 6.57 14.4 30.73
Total Debt/Mcap(x) 0.47 0.31 0.37 0.32 0.51 0.66 0.26 0.18 0.22 0.04 0.03

Premier Polyfilm Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 67.31 67.37 67.37 67.37 67.37 67.6 67.6 67.6 67.6 69.39
FII 0 0.01 0 0.04 0 0.01 0.03 0 0 0.07
DII 1.43 1.42 1.28 1.23 1.23 1.23 1.23 1.23 1.23 1.23
Public 31.26 31.2 31.36 31.37 31.4 31.16 31.14 31.17 31.16 29.3
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Premier Polyfilm News

Premier Polyfilm Pros & Cons

Pros

  • Company has delivered good profit growth of 34% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 22%
  • Debtor days have improved from 31.29 to 23.29days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Stock is trading at 4.5 times its book value.
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