Plastic Products · Founded 1993 · www.vinyoflex.com · BSE 530401 · · ISIN INE526H01011
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Business
Vinyoflex Ltd. operates in the Plastic Products sector in India. As a plastic products company, its core business likely involves the manufacturing, processing, and sale of various items made from plastics. This could include a wide range of products such as plastic films, sheets, pipes, molded components, packaging materials, or other specialized plastic articles. The company makes money by selling these manufactured plastic products to a diverse customer base, which may include industrial clients (B2B), other manufacturers, distributors, or potentially directly to consumers (B2C) depending on its product portfolio. Its business model would typically involve sourcing raw plastic materials (polymers), processing them using various techniques (e.g., extrusion, molding, calendering), and distributing the finished goods.
Revenue Mix
Specific segment details and their revenue contribution for Vinyoflex Ltd. are not publicly available within the provided information. However, typical segments for a plastic products company could include:
Plastic Films & Sheets: Used in packaging, lamination, agriculture, construction.
Molded Products: Components for automotive, consumer goods, electronics.
Pipes & Fittings: For plumbing, irrigation, industrial applications.
Specialty Plastics: Niche products for specific industrial uses.
Without specific data, it is not possible to break down their revenue mix accurately.
Industry
The Indian Plastic Products industry is generally characterized by significant growth, driven by increasing consumption, urbanization, infrastructure development, and demand from various end-user industries (packaging, automotive, construction, agriculture). It is a diverse industry with both large integrated players and numerous small to medium-sized enterprises. The industry can be fragmented, particularly in commodity plastics, leading to competitive pricing pressures. Vinyoflex Ltd. likely competes on factors such as product quality, cost-effectiveness, timely delivery, and potentially specialization in certain types of plastic products or applications. Its exact positioning (e.g., cost leader, niche player, specialized solutions provider) relative to peers would depend on its specific product portfolio and market focus, which is not detailed in the provided information.
MOAT
In the broader plastic products industry, durable competitive advantages can be challenging to establish, especially in commodity segments. Potential moats for Vinyoflex Ltd. could include:
Cost Leadership: Achieving superior operational efficiency and economies of scale in manufacturing to offer competitive pricing.
Customer Relationships & Switching Costs: Developing strong, long-term relationships with key industrial clients, making it difficult for them to switch suppliers due to customized products, integrated supply chains, or high qualification processes.
Distribution Network: An extensive and efficient distribution network across India that ensures timely delivery and market penetration.
Product Specialization/Innovation: Developing proprietary plastic formulations or specialized products for specific high-value applications that are difficult for competitors to replicate.
Brand (less likely in B2B): While less common in industrial B2B plastic products, a strong reputation for quality and reliability can act as a brand moat.
Without specific details, the existence and strength of these moats for Vinyoflex Ltd. cannot be definitively determined.
Growth Drivers
Key factors that could drive Vinyoflex Ltd.'s growth over the next 3-5 years include:
Rising Domestic Demand: India's growing population, increasing disposable incomes, and expanding middle class drive demand for packaged goods, consumer durables, and infrastructure.
Industrial Growth: Expansion in end-user sectors like automotive, construction, agriculture, and healthcare fuels demand for plastic components and materials.
Urbanization & Infrastructure Development: Increased investment in housing, smart cities, and public utilities will drive demand for plastic pipes, fittings, and construction materials.
Packaging Sector Expansion: The e-commerce boom and growth in food & beverage, personal care, and pharmaceutical industries will continue to boost demand for plastic packaging solutions.
Export Opportunities: Leveraging India's cost-competitive manufacturing base to export plastic products to other regions.
Risks
Vinyoflex Ltd. faces several business risks:
Raw Material Price Volatility: Plastic raw materials (polymers) are typically derivatives of crude oil, making the company susceptible to fluctuations in global oil prices and petrochemical feedstock costs.
Environmental Regulations & Public Perception: Increasing regulatory scrutiny on single-use plastics, waste management, and environmental impact could lead to higher compliance costs or shifts in product demand.
Intense Competition: The fragmented nature of the Indian plastic industry can lead to price wars and pressure on profit margins.
Technological Obsolescence: Rapid advancements in material science or alternative packaging/product solutions could impact demand for existing plastic products.
Economic Downturns: A slowdown in the Indian or global economy could reduce industrial demand and consumer spending, impacting sales.
Supply Chain Disruptions: Global events, logistics issues, or geopolitical tensions could disrupt the supply of raw materials or impact distribution.
Management & Ownership
As an Indian company, Vinyoflex Ltd. is likely promoted and controlled by a founding family or a core group of individuals, who often hold a significant ownership stake. The promoters typically play a crucial role in the company's strategic direction and long-term vision. Management quality would depend on their experience, execution capabilities, corporate governance practices, and ability to navigate industry challenges. The ownership structure would typically involve the promoter group holding a majority or substantial stake, alongside institutional investors and public shareholders. Specific details on the quality and experience of Vinyoflex's management team and their ownership structure are not provided.
Outlook
Vinyoflex Ltd. operates in a dynamic and growing sector within the Indian economy. The long-term outlook for the Indian plastic products industry remains positive, driven by strong domestic consumption patterns, industrial expansion, and infrastructure development. However, the company faces inherent challenges related to raw material price volatility, increasing environmental regulations, and intense competition. Success will likely depend on its ability to manage costs efficiently, innovate in product development, adapt to changing environmental norms, and build strong customer relationships. A balanced view suggests that while the market tailwinds are favorable, the company's performance will be heavily influenced by its operational excellence, strategic positioning, and resilience in mitigating industry-specific risks.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 12 | 10 | 9 | 12 | 11 | 9 | 10 | 10 | 12 | 9 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 12 | 10 | 9 | 12 | 11 | 9 | 10 | 10 | 12 | 9 |
| Total Expenditure | 10 | 9 | 9 | 11 | 10 | 8 | 9 | 8 | 10 | 8 |
| Operating Profit | 2 | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 2 | 1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 1 | 0 | 2 | 1 | 1 | 1 | 1 | 1 | 1 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 1 | 1 | 0 | 1 | 0 | 1 | 1 | 1 | 1 | 1 |
| Adjustments | 0 | 0 | 0 | -0 | 0 | -0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 1 | 1 | 0 | 1 | 0 | 1 | 1 | 1 | 1 | 1 |
| Adjusted Earnings Per Share | 2.3 | 1.7 | 0.7 | 2.6 | 1 | 1.4 | 1.4 | 2.1 | 2.5 | 1.9 |
| #(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 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 32 | 29 | 31 | 34 | 39 | 38 | 35 | 43 | 56 | 46 | 42 | 41 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Total Income | 32 | 29 | 31 | 34 | 39 | 38 | 35 | 43 | 56 | 46 | 42 | 41 |
| Total Expenditure | 30 | 26 | 28 | 31 | 36 | 34 | 32 | 39 | 51 | 40 | 38 | 35 |
| Operating Profit | 3 | 3 | 3 | 3 | 3 | 4 | 3 | 3 | 5 | 6 | 4 | 5 |
| Interest | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 2 | 2 | 3 | 3 | 2 | 3 | 2 | 3 | 5 | 5 | 3 | 4 |
| Provision for Tax | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Profit After Tax | 1 | 2 | 2 | 2 | 2 | 3 | 2 | 2 | 3 | 4 | 3 | 4 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 1 | 2 | 2 | 2 | 2 | 3 | 2 | 2 | 3 | 4 | 3 | 4 |
| Adjusted Earnings Per Share | 3.3 | 3.6 | 3.9 | 4.3 | 4.1 | 5.8 | 3.8 | 4.7 | 8 | 8.5 | 6 | 7.9 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -9% | -1% | 2% | 3% |
| Operating Profit CAGR | -33% | 10% | 0% | 3% |
| PAT CAGR | -25% | 14% | 0% | 12% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -13% | -17% | 15% | 7% |
| ROE Average | 8% | 12% | 11% | 12% |
| ROCE Average | 11% | 14% | 13% | 14% |
| #(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 | 12 | 13 | 15 | 17 | 19 | 21 | 23 | 27 | 30 | 33 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 7 | 5 | 1 | 1 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 9 | 6 | 7 | 6 | 8 | 9 | 9 | 4 | 3 | 2 | 1 |
| Total Liabilities | 20 | 19 | 21 | 21 | 25 | 28 | 30 | 34 | 35 | 33 | 35 |
| Fixed Assets | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 6 | 7 | 7 | 7 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 18 | 16 | 18 | 19 | 22 | 25 | 27 | 29 | 29 | 26 | 28 |
| Total Assets | 20 | 19 | 21 | 21 | 25 | 28 | 30 | 34 | 35 | 33 | 35 |
| #(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 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6 |
| Cash Flow from Operating Activities | 2 | 1 | 1 | 0 | 1 | -1 | 3 | 4 | 2 | 7 | 0 |
| Cash Flow from Investing Activities | -0 | -0 | -0 | -0 | -1 | -0 | -3 | -3 | -1 | -1 | 0 |
| Cash Flow from Financing Activities | -2 | -1 | -1 | -0 | -0 | 1 | 0 | -0 | -0 | -0 | -0 |
| Net Cash Inflow / Outflow | 0 | 0 | -0 | -0 | 0 | -0 | -0 | -0 | 0 | 6 | 1 |
| Closing Cash & Cash Equivalent | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6 | 7 |
| # | 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) | 3.27 | 3.61 | 3.92 | 4.32 | 4.11 | 5.8 | 3.81 | 4.7 | 8.03 | 8.52 | 5.98 |
| CEPS(Rs) | 3.95 | 4.19 | 4.52 | 4.95 | 4.8 | 6.55 | 4.48 | 5.38 | 8.89 | 9.59 | 7.28 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 23.15 | 26.76 | 30.68 | 35 | 39.11 | 44.91 | 48.72 | 53.43 | 61.45 | 69.98 | 75.96 |
| Core EBITDA Margin(%) | 7.45 | 8.46 | 8.74 | 8.73 | 7.36 | 10.21 | 7.46 | 7.76 | 9.48 | 11.4 | 8.47 |
| EBIT Margin(%) | 6.86 | 8.16 | 8.14 | 8.02 | 6.72 | 9.46 | 6.98 | 7.21 | 8.85 | 11.26 | 8.47 |
| Pre Tax Margin(%) | 5.44 | 7.27 | 7.32 | 7.41 | 6.33 | 9.02 | 6.39 | 6.39 | 8.3 | 10.86 | 8.24 |
| PAT Margin (%) | 3.91 | 4.8 | 4.9 | 5.37 | 4.55 | 6.65 | 4.74 | 4.75 | 6.18 | 8.06 | 6.18 |
| Cash Profit Margin (%) | 4.71 | 5.58 | 5.65 | 6.15 | 5.31 | 7.51 | 5.57 | 5.43 | 6.84 | 9.07 | 7.52 |
| ROA(%) | 6.78 | 7.96 | 8.61 | 8.95 | 7.71 | 9.41 | 5.66 | 6.31 | 9.94 | 10.75 | 7.56 |
| ROE(%) | 14.98 | 14.45 | 13.65 | 13.16 | 11.09 | 13.81 | 8.14 | 9.21 | 13.98 | 12.97 | 8.2 |
| ROCE(%) | 16.08 | 16.8 | 16.82 | 15.3 | 13.04 | 15.57 | 9.41 | 10.78 | 15.96 | 16.35 | 11 |
| Receivable days | 135.58 | 132.57 | 117.73 | 133.35 | 140.63 | 168.59 | 190.33 | 158.14 | 131.84 | 133.96 | 109.71 |
| Inventory Days | 35.95 | 44.99 | 51.04 | 53.3 | 45.22 | 52.31 | 64.79 | 66.21 | 52.7 | 57.06 | 66.24 |
| Payable days | 60.69 | 41.71 | 23.49 | 23.68 | 23.99 | 30.92 | 32.11 | 33.25 | 26.6 | 22.93 | 13.58 |
| PER(x) | 3.66 | 5.53 | 7.84 | 8.55 | 5.94 | 4.2 | 6.76 | 5.99 | 6.96 | 11.73 | 10.37 |
| Price/Book(x) | 0.52 | 0.75 | 1 | 1.06 | 0.62 | 0.54 | 0.53 | 0.53 | 0.91 | 1.43 | 0.82 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.31 | 0.44 | 0.55 | 0.59 | 0.37 | 0.42 | 0.48 | 0.46 | 0.52 | 0.83 | 0.48 |
| EV/Core EBITDA(x) | 3.58 | 4.39 | 5.59 | 6.51 | 5.01 | 4.06 | 6.19 | 5.8 | 5.46 | 6.74 | 4.93 |
| Net Sales Growth(%) | -2.95 | -10.22 | 7.52 | 8.73 | 15.41 | -3.31 | -7.88 | 23.23 | 31.05 | -18.62 | -8.38 |
| EBIT Growth(%) | 34.79 | 6.57 | 6.41 | -1.07 | -5.95 | 36.18 | -32.02 | 27.31 | 60.82 | 3.51 | -31.03 |
| PAT Growth(%) | 55.83 | 10.22 | 8.71 | 10.23 | -4.91 | 41.24 | -34.32 | 23.44 | 70.63 | 6.19 | -29.84 |
| EPS Growth(%) | 55.83 | 10.22 | 8.71 | 10.23 | -4.91 | 41.24 | -34.32 | 23.44 | 70.63 | 6.19 | -29.84 |
| Debt/Equity(x) | 0.53 | 0.4 | 0.3 | 0.27 | 0.25 | 0.28 | 0.27 | 0.32 | 0.2 | 0.03 | 0.02 |
| Current Ratio(x) | 1.98 | 2.79 | 2.59 | 3.29 | 2.85 | 2.94 | 3.14 | 7.64 | 8.63 | 14.88 | 20.71 |
| Quick Ratio(x) | 1.56 | 2.08 | 1.81 | 2.47 | 2.21 | 2.27 | 2.38 | 5.25 | 6.44 | 10.86 | 14.74 |
| Interest Cover(x) | 4.82 | 9.18 | 9.97 | 13.3 | 17.31 | 21.61 | 11.86 | 8.75 | 16.15 | 28.72 | 36.16 |
| Total Debt/Mcap(x) | 1.02 | 0.54 | 0.3 | 0.25 | 0.39 | 0.51 | 0.51 | 0.61 | 0.21 | 0.02 | 0.02 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 51.33 | 51.33 | 51.33 | 51.33 | 51.23 | 51.23 | 51.23 | 51.23 | 51.23 | 51.23 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 48.67 | 48.67 | 48.67 | 48.66 | 48.76 | 48.76 | 48.76 | 48.76 | 48.76 | 48.76 |
| 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 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -9% | -1% | +2% | +3% |
| Operating Profit CAGR | -33% | +10% | 0% | +3% |
| PAT CAGR | -25% | +14% | 0% | +12% |
| Share Price CAGR | -13% | -17% | +15% | +7% |
| ROE Average | +8% | +12% | +11% | +12% |
| ROCE Average | +11% | +14% | +13% | +14% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 51.33 | 51.33 | 51.33 | 51.33 | 51.23 | 51.23 | 51.23 | 51.23 | 51.23 | 51.23 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 48.67 | 48.67 | 48.67 | 48.66 | 48.76 | 48.76 | 48.76 | 48.76 | 48.76 | 48.76 |
| 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 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 |
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