Plastic Products · Founded 2010 · www.smvdpolypack.com · NSE · ISIN INE702Y01013
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Business
SMVD Poly Pack Ltd. is an Indian manufacturer specializing in woven packaging solutions. The company primarily produces Polypropylene (PP) and High-Density Polyethylene (HDPE) woven sacks, flexible intermediate bulk containers (FIBCs), and other woven fabric products. These products are used for packaging various materials across industries such as fertilizers, cement, food grains, sugar, chemicals, polymers, and other industrial goods. The company generates revenue by manufacturing and selling these packaging solutions to B2B clients in both domestic and international markets.
Revenue Mix
While specific revenue breakdown by product line is not typically disclosed for such companies, SMVD's core business revolves around:
PP/HDPE Woven Sacks: Used for packaging smaller quantities of goods like cement, sugar, food grains, and fertilizers.
FIBCs (Jumbo Bags): Used for bulk packaging of larger quantities of materials, including chemicals, minerals, and agricultural products.
The revenue mix would largely depend on the demand from various end-user industries and market trends for bulk vs. standard packaging.
Industry
The plastic woven packaging industry in India is characterized by its fragmentation, with numerous small and medium-sized players alongside a few larger, organized manufacturers. The industry is commodity-driven, with competition often based on price, quality, customization, and delivery timelines. SMVD Poly Pack operates in this competitive landscape, positioning itself as a quality-focused manufacturer catering to both domestic and export markets. Its positioning likely emphasizes product customization, compliance with quality standards, and service for its industrial clientele.
MOAT
SMVD Poly Pack's competitive advantages are likely derived from:
Cost Efficiency & Scale (relative to smaller players): Efficient manufacturing processes and a certain scale of operations can lead to cost advantages in a commodity-driven market.
Customer Relationships & Customization: Ability to offer customized packaging solutions and build long-term relationships with diverse industrial clients.
Quality & Certifications: Adherence to specific quality standards and certifications required by end-user industries and international buyers, which can create a preference over unorganized players.
Geographic Reach: Presence in both domestic and export markets can diversify revenue streams and mitigate regional demand fluctuations.
Growth Drivers
Growth in End-User Industries: Continued growth in sectors like agriculture, food processing, cement, infrastructure, and chemicals will drive demand for packaging materials.
Increasing Industrialization & Manufacturing: Expansion of manufacturing activities in India will boost the need for industrial packaging.
E-commerce Expansion: Growth in e-commerce requiring robust and secure packaging solutions, though less direct for woven sacks/FIBCs, could have indirect benefits.
Export Opportunities: Rising demand for woven packaging solutions in international markets offers avenues for export growth.
Shift from Traditional Packaging: Replacement of older packaging materials (e.g., jute bags) with more durable and cost-effective woven plastic alternatives.
Risks
Raw Material Price Volatility: Key raw materials (PP and HDPE granules) are crude oil derivatives, making the company susceptible to fluctuations in crude oil prices, impacting cost of goods sold and margins.
Intense Competition: The fragmented nature of the industry leads to significant price competition, which can pressure profit margins.
Environmental Regulations: Increasing global and domestic concerns over plastic waste and single-use plastics could lead to stricter regulations, impacting demand or requiring investment in alternative materials/recycling infrastructure.
Economic Downturns: A slowdown in the economy or specific end-user industries (e.g., construction, agriculture) can negatively impact demand for packaging.
Technological Obsolescence: While less prominent in woven packaging, new packaging technologies or materials could emerge and disrupt the market.
Management & Ownership
SMVD Poly Pack Ltd. is typically a promoter-driven company, characteristic of many Indian small and medium enterprises. The promoters, often founding family members, generally hold a significant stake in the company and are actively involved in its operations and strategic direction. Their experience in the plastic packaging industry would be crucial for navigating market dynamics and growth. The ownership structure would typically involve the promoter group holding the majority share, with the remaining shares held by public shareholders.
Outlook
SMVD Poly Pack is positioned in a fundamental, albeit competitive, sector driven by industrial and agricultural growth. The company benefits from India's broad economic expansion and the increasing demand for durable and cost-effective packaging solutions. Its focus on customization and quality, coupled with a diversified client base and export presence, provides a foundation for growth. However, the business faces inherent risks from raw material price volatility and intense competition, which can impact profitability. Additionally, evolving environmental regulations around plastics present a long-term challenge that requires strategic adaptation. The ability to manage input costs, maintain strong customer relationships, and potentially innovate in sustainable packaging will be critical for sustained performance.
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| #(Fig in Cr.) |
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| Net Sales |
| Other Income |
| Total Income |
| Total Expenditure |
| Operating Profit |
| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
| Adjustments |
| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(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 | 29 | 30 | 36 | 47 | 50 | 58 | 68 | 86 | 80 | 25 | 0 | |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | |
| Total Income | 29 | 30 | 36 | 47 | 50 | 58 | 68 | 86 | 80 | 25 | 0 | |
| Total Expenditure | 27 | 27 | 31 | 42 | 43 | 52 | 62 | 79 | 74 | 28 | 3 | |
| Operating Profit | 3 | 3 | 5 | 5 | 7 | 6 | 6 | 7 | 6 | -4 | -3 | |
| Interest | 2 | 2 | 2 | 2 | 2 | 4 | 4 | 4 | 4 | 4 | 2 | |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 1 | 0 | |
| Exceptional Income / Expenses | 0 | -0 | 0 | -0 | -0 | 0 | 0 | -0 | -0 | -48 | 17 | |
| Profit Before Tax | 0 | 0 | 2 | 2 | 3 | 1 | 0 | 1 | 0 | -56 | 12 | |
| Provision for Tax | 0 | 0 | 1 | 0 | 1 | 0 | 0 | 0 | 0 | -2 | 1 | |
| Profit After Tax | 0 | 0 | 1 | 2 | 2 | 1 | 0 | 1 | 0 | -54 | 11 | |
| Adjustments | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 0 | 0 | 1 | 2 | 2 | 1 | 0 | 1 | 0 | -54 | 11 | |
| Adjusted Earnings Per Share | 0.1 | 0.1 | 1.8 | 2.1 | 2.4 | 0.7 | 0.5 | 1 | 0.3 | -53.6 | 10.9 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -100% | -100% | -100% | -100% |
| Operating Profit CAGR | 0% | NAN% | NAN% | NAN% |
| PAT CAGR | 0% | 122% | 62% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 147% | 12% | 12% | NA% |
| ROE Average | 0% | 0% | 2% | 6% |
| ROCE Average | 0% | -63% | -34% | -9% |
| #(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 | 6 | 6 | 7 | 18 | 21 | 22 | 22 | 23 | 23 | -30 | -20 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 9 | 9 | 8 | 7 | 10 | 8 | 11 | 8 | 6 | 3 | 1 |
| Other Non-Current Liabilities | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 3 | 0 | 0 |
| Total Current Liabilities | 8 | 10 | 12 | 16 | 26 | 30 | 29 | 41 | 47 | 37 | 23 |
| Total Liabilities | 24 | 26 | 28 | 43 | 59 | 61 | 65 | 74 | 79 | 10 | 5 |
| Fixed Assets | 14 | 15 | 16 | 15 | 22 | 27 | 26 | 25 | 25 | 3 | 3 |
| Other Non-Current Assets | 0 | 0 | 0 | 7 | 6 | 1 | 0 | 2 | 2 | 2 | 1 |
| Total Current Assets | 10 | 11 | 12 | 21 | 30 | 33 | 38 | 47 | 53 | 5 | 2 |
| Total Assets | 24 | 26 | 28 | 43 | 59 | 61 | 65 | 74 | 79 | 10 | 5 |
| #(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 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Cash Flow from Operating Activities | 2 | 4 | 4 | -1 | 5 | 7 | 1 | 9 | 6 | -14 | 3 |
| Cash Flow from Investing Activities | -1 | -1 | -1 | -7 | -7 | -1 | -0 | -2 | -2 | 21 | 1 |
| Cash Flow from Financing Activities | -2 | -2 | -3 | 8 | 3 | -6 | -0 | -8 | -5 | -7 | -5 |
| Net Cash Inflow / Outflow | -0 | 0 | 0 | 0 | 1 | -0 | 0 | -0 | -1 | -0 | -0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 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) | 0.1 | 0.09 | 1.78 | 2.13 | 2.45 | 0.73 | 0.48 | 1.04 | 0.28 | -53.62 | 10.87 |
| CEPS(Rs) | 1.14 | 1.22 | 3.01 | 3.02 | 3.6 | 2.29 | 2.17 | 2.78 | 2.06 | -52.95 | 10.94 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 8.84 | 8.94 | 10.72 | 18.28 | 20.73 | 21.45 | 21.94 | 22.98 | 23.26 | -30.36 | -19.49 |
| Core EBITDA Margin(%) | 9.59 | 10.14 | 10.64 | 9.29 | 11.4 | 9.33 | 7.47 | 6.86 | 5.6 | -12.47 | -644.2 |
| EBIT Margin(%) | 7.29 | 7.62 | 9.63 | 8.06 | 9.69 | 7.12 | 5.44 | 5.15 | 4.14 | -177.5 | 3138.86 |
| Pre Tax Margin(%) | 1.3 | 1.03 | 4.2 | 4.46 | 5.64 | 1.63 | 0.62 | 1.36 | 0.41 | -190.13 | 2698.26 |
| PAT Margin (%) | 0.23 | 0.2 | 2.94 | 3.96 | 4.28 | 1.09 | 0.61 | 1.03 | 0.29 | -182.19 | 2467.62 |
| Cash Profit Margin (%) | 2.61 | 2.76 | 4.98 | 5.62 | 6.3 | 3.46 | 2.72 | 2.74 | 2.19 | -179.93 | 2485.21 |
| ROA(%) | 0.29 | 0.24 | 4.4 | 6.01 | 4.83 | 1.21 | 0.77 | 1.51 | 0.36 | -120.81 | 147.54 |
| ROE(%) | 1.2 | 1 | 18.09 | 16.75 | 12.54 | 3.43 | 2.23 | 4.64 | 1.17 | 0 | 0 |
| ROCE(%) | 10.43 | 10.43 | 16.99 | 14.68 | 12.77 | 9.15 | 8.11 | 9.49 | 6.99 | -194.9 | 0 |
| Receivable days | 35.88 | 37.93 | 24.86 | 22.49 | 31.88 | 41.31 | 47.94 | 45.05 | 59.49 | 115.85 | 622.59 |
| Inventory Days | 65.95 | 78.46 | 69.4 | 69.33 | 97.45 | 104.19 | 94.92 | 88.87 | 114.44 | 210.21 | 1232.49 |
| Payable days | 24.24 | 28.05 | 29.41 | 33.9 | 42.57 | 41.76 | 39.83 | 58.36 | 103.57 | 213.55 | 1349.17 |
| PER(x) | 0 | 0 | 0 | 6.28 | 3.32 | 4.83 | 8.64 | 7.36 | 38.18 | 0 | 1.04 |
| Price/Book(x) | 0 | 0 | 0 | 0.73 | 0.39 | 0.16 | 0.19 | 0.33 | 0.45 | -0.31 | -0.58 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.55 | 0.59 | 0.48 | 0.64 | 0.74 | 0.57 | 0.52 | 0.45 | 0.54 | 1.5 | 77.8 |
| EV/Core EBITDA(x) | 5.68 | 5.84 | 3.59 | 5.77 | 5.52 | 5.25 | 5.92 | 5.5 | 7.34 | -10.3 | -10.45 |
| Net Sales Growth(%) | 23.39 | 1.52 | 19.77 | 32.26 | 5.58 | 16.12 | 17.99 | 26.25 | -7.63 | -68.88 | -98.49 |
| EBIT Growth(%) | 34.59 | 6.06 | 72.29 | 11.12 | 27.61 | -14.83 | -7.85 | 20.28 | -25.68 | -1445.71 | 126.46 |
| PAT Growth(%) | 134.12 | -12.09 | 1903.91 | 79.06 | 14.7 | -70.41 | -33.13 | 115.6 | -73.99 | 0 | 120.26 |
| EPS Growth(%) | 131.35 | -11.24 | 1891.27 | 19.9 | 14.69 | -70.26 | -33.48 | 115.58 | -73.64 | 0 | 120.27 |
| Debt/Equity(x) | 2.52 | 2.78 | 2.25 | 0.96 | 1.45 | 1.43 | 1.5 | 1.4 | 1.41 | -0.92 | -0.91 |
| Current Ratio(x) | 1.22 | 1.1 | 1.06 | 1.28 | 1.17 | 1.11 | 1.31 | 1.16 | 1.12 | 0.14 | 0.08 |
| Quick Ratio(x) | 0.47 | 0.39 | 0.33 | 0.55 | 0.46 | 0.46 | 0.55 | 0.49 | 0.45 | 0.07 | 0.05 |
| Interest Cover(x) | 1.22 | 1.16 | 1.77 | 2.24 | 2.39 | 1.3 | 1.13 | 1.36 | 1.11 | -14.06 | 7.12 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 1.31 | 3.71 | 8.73 | 7.89 | 4.19 | 3.12 | 3.01 | 1.57 |
| # | Mar 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 65.53 | 65.53 | 65.53 | 65.53 | 65.53 | 65.53 | 65.53 | 65.53 | 65.53 | 65.53 |
| FII | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 |
| DII | 0 | 0 | 0.16 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 34.43 | 34.43 | 34.27 | 34.43 | 34.43 | 34.43 | 34.43 | 34.43 | 34.43 | 34.43 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.33 | 0.33 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.17 | 0.17 | 0.34 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.5 | 0.5 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -100% | -100% | -100% | -100% |
| Operating Profit CAGR | — | 0% | 0% | 0% |
| PAT CAGR | — | +122% | +62% | — |
| Share Price CAGR | +147% | +12% | +12% | — |
| ROE Average | 0% | 0% | +2% | +6% |
| ROCE Average | 0% | -63% | -34% | -9% |
| # | Mar 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 65.53 | 65.53 | 65.53 | 65.53 | 65.53 | 65.53 | 65.53 | 65.53 | 65.53 | 65.53 |
| FII | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 |
| DII | 0 | 0 | 0.16 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 34.43 | 34.43 | 34.27 | 34.43 | 34.43 | 34.43 | 34.43 | 34.43 | 34.43 | 34.43 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.33 | 0.33 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.17 | 0.17 | 0.34 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.5 | 0.5 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
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