POLYPLEX CORPORATION SHARE: Key points from Annual Report


Polyplex Corporation share has the seventh largest capacity of Thin Polyester (PET) films. 

  • 6 Manufacturing facilities. 
  •  2,430 number of Employees. 
  • 435,837 Total Base Film Capacity (including upcoming capacities) (in MT per annum). 

Polyplex Corporation share is engaged in manufacturing of BOPP, Blown PP/PE and CPP films used in the flexible packaging industry and in industrial usages like release liners, tapes, labels etc.  

The company has 33 Years of Experience in Plastic Films.  

And also have 6 Manufacturing Facilities in 5 Countries with Multiple Warehouses & Liaison Offices Worldwide. 

polyplex corporation share


KIRLOSKAR FERROUS: Important points of Annual report. (learntwotrade.com)


Packaging (72% of revenue): 

Retort Pouch, Meat Wrap, Easy Peeling Lids, Wafer Bag, Rice bags, etc these are related to food products and 
Non-Food: Healthcare Products, Liquid Packaging, Product Labels, Carton Packaging etc. 

Industrial (28% of revenue):  

Products are Solar Panel Back sheets, Wire and Cable over wrap, Flexible circuits, Plastic Optical Fibre, Barcode Labels, Window Film, Cards Lamination, and Adhesive Tapes etc. 

Business Segments (FY21): 
Thin PET Film: 60% 
Thick PET Film: 8% 
Coated Films: 14% 
Others: 18%  

Geographical Diversification: 
Operating company wise sales breakup: 
Polyplex USA: 26% 
Polyplex India: 24% 
Polyplex Thailand: 20% 
Polyplex Europa (PE + PP): 18% 
Others: 12%  

Production Capacities: 
PET Film Resin and Recycled Resin: 461,500 MT 
PET Thin Film: 284,000 MT 
Other Base Films (PET Thick, BOPP, CPP and Blown PP): 151,837 MT 
Value Added Films: 111,000 MT 

Expansion Projects: 
The Polyplex Corporation share has embarked upon a 2,11,442 TPA expansion project across various product lines. This includes:  
Brownfield Expansion:  

60,000 TPA BOPP Film Line 12 in Turkey, 50,000 TPA BOPET Film Line 14 in USA, and 28,400 TPA Resin plant debottlenecking in USA. 

 And in Greenfield Expansion: 25,000 TPA Post-Consumer Plastic Waste Recycling in Thailand, 4392 TPA Blown Film Line in Turkey. 

Integration Exercise:  

43,000 TPA forward and backward integration projects across Metallizer-II, Batch Plant-III etc. At the end of FY22 and FY23 all the projects are expected to be commissioned. 

Capacity Utilisation: 
While industry wide capacity utilisation for PET films has ranged between 71%-82% over the past 5 years, Polyplex corporation share has displayed an industry leading capacity utilization of >95% resulting in market share of about 25% in Thailand and Turkey, and in India, US and Indonesia have around 10%. And this has been possible due to ability to run at higher average / peak speeds, optimal downtime and better deckle (width) utilization. 

Value Added Products: 
The last five years, theshare of High Value Added (HVA) film in the total film sales turnover has increased from 24% in FY 2016-17 to 34% in FY 2020-21. And High Value-Added film sales usually are higher margin sales arising from differentiated product characteristics. 

Polyplex Corporation share spent ~6 crores on R&D during FY21.  

And the company has been granted 27 patents across various products/ processes/ countries and has filed applications for 6 more patents.  


In FY2021, at a price of 475 per share the Polyplex Corporation share bought back 5.92 Lakh shares and aggregating to Rs 28.12 cr.  


STOCK P/E 12.3 
ROE  17.9 % 
ROCE 29.1 % 


  1. Corporate Overview 

Polyplex Corporation share offers a wide range of plastic films across various substrates like PET (thin & thick), BOPP, CPP and Blown PP/PE. And they are used in flexible packaging besides a variety of industrial applications like release liners, tapes, labels, thermal lamination, imaging and graphics, photovoltaic and optical applications. Based on FY 2020-21 sales values, 72% of the Company’s products goes into the packaging segment and balance into Industrial applications. 

  1. Global Operations 

Polyplex Corporation share is a global leader in the thin PET film business with manufacturing and distribution operations in six countries. 

  1. PET Film Industry Overview 

Based on distinct application, the traditional segmentation of PET films has been thin and thick films and lack of supply side substitutability.  

The PET film industry has seen various structural changes over the years with Asia now dominating production and consumption. 

  1. BOPP Film Industry Overview 

The global demand for BOPP is around 8,500 KMT and is expected to grow at 4-5%. And Packaging is the key segment constituting more than 80% of the total BOPP demand. About half of world’s demand and capacity is in China. 

  1. CPP and Blown PP/PE Films Business 

CPP films are transparent cast polypropylene films designed to offer high performance and easy converting for flexible packaging and other applications. Base Film constitutes PET (Thin + Thick), BOPP, Blown PP/PE & CPP Films CUF – Capacity Utilization Factor. 

  1. Industry Outlook 

In the upcoming few years, there are several new lines (both PET & BOPP film) are expected to be added which is largely in proportion with the demand growth. Further, many of these new expansions are the latest 10 meters+ high productivity lines. 

  1. Indian Flexible Packaging Market 

In the FY 2020-21, the demand for PET film in India was slightly lower due to negative impact on overall demand especially certain industrial applications resulting from the Covid19 pandemic. And demand is expected to rebound sharply in FY 2021-22 and is estimated to be around 585,000 tons per annum. 


  • Silicone coating and extrusion coating businesses. 
  • Offline coating business. 
  • Metallized paper business. 
  1. Label face stock  
  1. Wet glue label 
  1. Gift Wrap 
  1. Flexible packaging 
  • Holography business. 
  • Recycling of plastic waste. 


  • Population growth  
  • Urbanization 
  • Improved Quality of Life 
  • Increased Environmental Awareness 
  • Increased Consumerism 
  • E-Commerce 
  • Retail Formats 


  The key elements: 

  • Geographical Diversification 
  • Cost efficient operations & assets 
  • Product Mix & Specialty Focus 
  • R&D capability 


Project Details are: 

1. 83 million USD is about Total Capital investment. 

2. And BOPET Thin Film Line of 10.6 meters width & design speed of 650 meters / minute with an annual installed capacity of 50,000 TPA. 

 3. De-bottleneck the capacity of existing PET Resin line from 58,000 TPA to 86,000 TPA. 

 4. Funding of the project proposed essentially through internal accruals and Bank borrowings, as maybe required.  


Sales and Operations: 

Polyplex Corporation share has a large international presence with active sales in all major regional markets/countries (supplies to more than 75 countries) with an extensive base of about 1,950 customers and low customer concentration. 

Its top-10 customers contributed 27% of revenues in FY 2020-21. Almost 66% of the Company’s revenues were from PET films (Thin and Thick) in FY 2020-21. Of the total sales of the Group, 64% was accounted by ultimate end-users. 


Polyplex Corporation share leverages the concept of co-creation while working on various innovation and sustainability programs with its stakeholders – converters and brand owners from the value chain. 

Risk Management: 

Polyplex Corporation share integrated risk management approach comprises compliance with prudential norms, structured reporting and effective controls. A combination of centrally-issued policies and locally-sensitized procedures has helped enhance process robustness, ensuring that business risks are effectively addressed. 

  • Competition and business cycle risk 
  • Price volatility risk 
  • Trade defense risk 
  • Liquidity and solvency risk 
  • Exchange rate and interest rate risk 
  • Credit risk 
  • Project implementation risk 
  • Geographic risk 
  • Regulatory risk 
  • Covid 19 related risk 


  • Short-term employee benefits. 
  • Other long-term employee benefit obligations. 
  • Post-employment obligations. 


  • A liquid and strong Balance Sheet enhances flexibility to address growth opportunities. 

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