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Polyplex Corporation Share Price and Latest News । Polyplex Share Analysis। Long Term Target

Polyplex Corporation manufactures BOPP, Blown PE/PE, and CPP films for flexible packaging and industrial uses like labels, release liners, tapes and labels. They have 33 years of experience in plastic films. They have six manufacturing facilities in five countries, as well as multiple warehouses and liaison offices worldwide.

KEY POINTS

Product Portfolio packaging (72% of revenue).:
Food: Retort Pouch, Meat Wrap, Easy Peeling Lids, Wafer Bag, Rice bags, etc
Non-food: Healthcare products, Liquid Packaging and Product Labels, Carton Packaging, etc.

Industrial (28% of revenue).: Solar Panel back sheets, Wire and Cable Overwrap, Flexible Circuits, Plastic Optical Fiber, Flexible circuits. Barcode Labels. Window Film, Cards Lamination. Adhesive Tapes.

Business Segments (FY21).
Thin PET Film: 60%
Thick PET Film: 8 %
14% for coated films
Others: 18%

Geographical Diversification
How to make your company’s sales split up:
Polyplex USA: 26%
Polyplex India 24%
Polyplex Thailand – 20%
Polyplex Europa (PE + PP): 18%
Others: 12%

Production Capacity
PET Film Resin and Recycled Rein: 461,500 Mt
PET Thin Film: 284,000 Mt
Other Base Films: PET Thick, BOPP CPP, Blown PP and CPP
111,000 MT Value Added Films

Expansion projects
The Co has begun a 2,11 442 TPA expansion project that spans multiple product lines. This includes:
Brownfield Expansion 60,000 TPA BOPP Film Line 12 In Turkey, 50,000 TPA BOPET film Line 14 in USA. 28,400 TPA Resin Plant Debottlenecking in USA.
Greenfield Expansion 25,000 TPA Post Consumer Plastic Waste Recycling in Thailand, 4392 TPA Blown Film Lines in Turkey
Integration Exercise – 43,000 TPA forward- and backward integration projects in Metallizer-II, Batch Plant-III, etc. All projects will be in commission by FY22 or FY23.

Capacity Utilization
Polyplex has a high capacity utilization of >95%, which has resulted in market share of around 25% in Thailand and Turkey and 10% in India, the US, and Indonesia. This is due to the ability to run at higher average/peak speeds, better downtime and better deckle.
(width) utilization.

Value Added Products
The share in total film sales turnover for High Value Added (HVA film) has increased from 24% to 34% over the last five years. HVA film sales are usually higher margin due to differentiated product characteristics.

R&D
The Co spent over 6 crores on R&D in FY21.
27 patents have been granted to the Co for various products, processes, and countries. 6 additional patent applications have been filed.

Purchaseback
The Co purchased back 5.92 million shares in FY21 at a cost of 475 per share. This equates to Rs 28.12 crore.