MarketFriction

Polymac Thermoformers Ltd

BSE 537573 · Plastic Products - Industrial
₹11.05 -9.94%
BSE close2026-09-25
Market cap₹5.28 Cr.
P/E528

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Sep 2020Mar 2021Sep 2021Mar 2022Sep 2022Mar 2023Sep 2023Mar 2024Sep 2024Mar 2025Sep 2025Mar 2026
Sales1.304.843.104.083.615.198.376.183.874.704.448.70
Expenses1.714.843.174.043.656.048.166.272.466.303.909.08
Operating Profit-0.410.00-0.070.04-0.04-0.850.21-0.091.41-1.600.54-0.38
OPM %-31.54%0.00%-2.26%0.98%-1.11%-16.38%2.51%-1.46%36.43%-34.04%12.16%-4.37%
Other Income0.150.640.350.711.080.730.000.670.000.630.000.31
Interest0.050.050.050.200.070.070.070.100.28-0.110.090.11
Depreciation0.050.050.050.080.090.090.100.100.080.110.110.11
Profit before tax-0.360.540.180.470.88-0.280.040.381.05-0.970.34-0.29
Tax %0.00%0.00%0.00%31.91%0.00%57.14%0.00%28.95%0.00%3.09%0.00%17.24%
Net Profit-0.360.540.180.320.88-0.430.040.271.04-1.000.34-0.33
EPS in Rs-0.751.130.380.671.84-0.900.080.562.18-2.090.71-0.69
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales1.471.482.633.916.735.246.147.188.8014.548.5513.13
Expenses7.222.897.004.166.745.766.557.219.6914.448.7412.94
Operating Profit-5.75-1.41-4.37-0.25-0.01-0.52-0.41-0.03-0.890.10-0.190.19
OPM %-391.16%-95.27%-166.16%-6.39%-0.15%-9.92%-6.68%-0.42%-10.11%0.69%-2.22%1.45%
Other Income6.041.624.940.280.290.540.811.061.810.670.630.28
Interest0.050.050.060.040.060.120.100.250.140.160.170.20
Depreciation0.150.140.200.090.090.120.100.130.170.190.200.21
Profit before tax0.090.020.31-0.100.13-0.220.200.650.610.420.070.06
Tax %22.22%0.00%25.81%0.00%15.38%13.64%45.00%23.08%26.23%26.19%42.86%83.33%
Net Profit0.070.020.23-0.100.11-0.240.110.500.450.310.040.01
EPS in Rs0.150.040.48-0.210.23-0.500.231.050.940.650.080.02
Dividend Payout %0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth24%16%14%54%
Compounded Profit Growth-7%-37%-72%-75%
Stock Price CAGR-10%-15%-30%-43%
Return on Equity1%2%1%0%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital4.784.784.784.784.784.784.784.784.784.784.784.78
Reserves5.665.635.865.765.875.635.746.245.485.795.845.91
Borrowings0.781.281.410.521.281.281.5628.716.871.531.674.58
Other Liabilities1.781.872.820.800.560.640.641.081.146.816.243.97
Total Liabilities13.0013.5614.8711.8612.4912.3312.7240.8118.2718.9118.5319.24
Fixed Assets1.100.991.030.941.061.201.202.002.042.232.693.32
CWIP0.000.000.000.000.000.000.000.000.000.000.000.00
Investments0.630.541.621.000.050.220.881.030.690.770.780.79
Other Assets11.2712.0312.229.9211.3810.9110.6437.7815.5415.9115.0615.13
Total Assets13.0013.5614.8711.8612.4912.3312.7240.8118.2718.9118.5319.24
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity0.33-0.380.68-0.60-1.940.65-0.60-25.4925.34-1.450.02-1.65
Cash from Investing Activity2.25-0.33-0.57-5.891.43-0.680.46-0.031.920.18-0.04-0.58
Cash from Financing Activity-2.440.56-0.076.490.64-0.110.1926.91-21.97-5.49-0.032.71
Net Cash Flow0.14-0.150.040.000.13-0.140.051.395.29-6.76-0.060.48
Free Cash Flow0.11-0.450.52-0.55-2.160.38-0.70-26.4225.13-1.84-0.64-2.52
CFO/OP-6%32%-15%240%18,600%-131%124%84,867%-2,847%-1,320%-11%-868%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days17.38-91.2583.2753.2180.8136.2252.9174.7332.7738.4117.5068.11
Inventory Days323.42420.97213.66200.69196.36223.98255.67242.58183.67217.29340.08173.97
Days Payable48.51109.5083.0969.2420.0239.6324.3948.3616.33152.25235.0343.59
Cash Conversion Cycle292.29220.22213.84184.66257.15220.56284.19268.94200.11103.44122.56198.49
Working Capital Days2,073.302,042.03997.85687.06424.66516.85387.00249.6016.18212.62340.67174.86
ROCE %1.11%0.61%3.20%-0.61%1.65%-0.76%2.36%3.47%2.64%3.97%1.97%2.03%
Sep 2020Mar 2021Sep 2021Mar 2022Sep 2022Mar 2023Sep 2023Mar 2024Sep 2024Mar 2025Sep 2025Mar 2026
Promoters22.38%22.38%22.38%22.38%22.38%22.38%22.38%22.38%25.20%25.20%25.20%25.20%
Public77.62%77.62%77.62%77.62%77.62%77.62%77.62%77.62%74.79%74.80%74.79%74.79%
No. of Shareholders301301307257251247256285389377371379

Fundamentals

Market Cap₹ 5.28 Cr.
Current Price₹ 11.0
Stock P/E528
Book Value₹ 22.4
ROCE2.03 %
ROE0.09 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)54%
Compounded Profit Growth (TTM)-75%
Standalone figures.
Valuation
Market capRs 5 Cr
Enterprise valueRs 9 Cr
P/E (TTM)528.37x
Price to book0.49x
Price to sales0.40x
EV / EBITDA19.88x
EV / EBIT35.94x
EV / sales0.71x
Earnings yield0.19%
P/E, 3-year average331.01x
P/B, 3-year average1.03x
P/E, 5-year average212.21x
P/B, 5-year average1.23x
Profitability
Operating margin (excl. other income)1.45%
Operating margin (incl. other income)3.58%
EBITDA margin3.58%
Pre-tax margin0.46%
Net profit margin0.08%
ROE0.09%
ROCE1.89%
ROA0.05%
ROE, 3-year average1.15%
ROCE, 3-year average2.61%
ROA, 3-year average0.64%
ROE, 5-year average2.46%
ROCE, 5-year average2.79%
ROA, 5-year average1.07%
ROIC (approx.)0.29%
Tax rate83.33%
Other income / net worth2.62%
Growth
Sales growth (latest year)53.57%
Profit growth (latest year)-75.00%
Sales CAGR, 3 years14.27%
Sales CAGR, 5 years16.42%
Profit CAGR, 3 years-71.89%
Profit CAGR, 5 years-38.10%
Per share
EPS (TTM)Rs 0.02
EPS (latest year)Rs 0.02
EPS, 3-year averageRs 0.25
EPS, 5-year averageRs 0.55
Book value per shareRs 22.36
Sales per shareRs 27.46
Cash flow per shareRs -3.45
Free cash flow per shareRs -5.27
Efficiency
Asset turnover0.68x
Fixed asset turnover3.95x
Inventory turnover2.51x
Inventory days145 days
Debtor days68 days
Debtors turnover5.36x
Creditor days44 days
Cash conversion cycle198 days
Working capital days175 days
Leverage
Total debtRs 5 Cr
Cash and bankRs 1 Cr
Net debtRs 4 Cr
Debt to equity0.43x
Net debt / EBITDA8.64x
Interest coverage1.30x
Owners' fund to total sources55.56%
Debt to assets23.80%
Cash flow
Cash from Operating Activity (latest year)Rs -2 Cr
Cash from Investing Activity (latest year)Rs -1 Cr
Cash from Financing Activity (latest year)Rs 3 Cr
Net Cash Flow (latest year)Rs 0 Cr
Free cash flow (latest year)Rs -3 Cr
FCFE (approx.: FCF + change in debt)Rs 0 Cr
Cash from ops / profit, 5 years-2.47x
Statement figures
Net sales (TTM)Rs 13 Cr
Net sales (latest year)Rs 13 Cr
Operating profit excl. other income (latest year)Rs 0 Cr
Other income (TTM)Rs 0 Cr
EBITDA (TTM)Rs 0 Cr
PBDT (TTM)Rs 0 Cr
Profit before tax (TTM)Rs 0 Cr
Tax (latest year)Rs 0 Cr
Net profit (TTM)Rs 0 Cr
Net profit (latest year)Rs 0 Cr
Depreciation (TTM)Rs 0 Cr
Interest (TTM)Rs 0 Cr
Cost of goods sold (latest year)Rs 12 Cr
Total expenditure (latest year)Rs 13 Cr
Total income (latest year)Rs 13 Cr
Share capitalRs 5 Cr
ReservesRs 6 Cr
Shareholders' fundsRs 11 Cr
Total assetsRs 19 Cr
Net blockRs 3 Cr
InvestmentsRs 1 Cr
ReceivablesRs 2 Cr
InventoryRs 5 Cr
Other liabilitiesRs 4 Cr
Shares outstanding (crore)0.48
Ownership
Promoter holding25.20% (+2.82 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/B 0.49 is at the 7th percentile (median 1.41).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
Period537573Nifty 50Difference
1 week+19.6%-2.8% +22.4 pts
1 month+0.5%-6.8% +7.2 pts
3 years-65.7%+14.2% -79.9 pts
5 years-59.1%+27.9% -87.0 pts

Red flags

F-score 4 of 8
explainWeak cash conversion Cash from operations was -856% of net profit over the last 3 years
explainReceivables outrunning sales Receivables grew 498% vs sales +54% in 2026
explainDebt up, profit down Borrowings up 174% while net profit fell in 2026
explainLow interest cover Interest cover 1.3x in 2026
lookProfit leans on other income Other income was 467% of pre-tax profit in 2026
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Mar 2026
Sales ₹9 Cr +40.8% vs Mar 2024. Net loss ₹0 Cr.

Activity

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No bulk or block deals on record.
No corporate actions on record.
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Polymac Thermoformers Ltd?

Polymac Thermoformers Ltd (537573) has a market capitalisation of Rs 5.28 Cr. at the 2026-09-25 close.

What is the P/E ratio of Polymac Thermoformers Ltd?

Polymac Thermoformers Ltd trades at a P/E of 528 on trailing twelve-month profit, at the 2026-09-25 close.

What were Polymac Thermoformers Ltd's latest quarterly results?

In the Mar 2026 quarter, Polymac Thermoformers Ltd sales was Rs 9 Cr (+40.8% vs Mar 2024) with a net loss of Rs 0 Cr.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03