💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment of importing plastic raw materials. Revenue for this segment declined by 14.36% YoY, falling from INR 93.64 Cr in FY24 to INR 80.19 Cr in FY25. This follows a previous decline from INR 126.9 Cr in FY22 to INR 85.4 Cr in FY23 (a 32.7% drop).

Geographic Revenue Split

The company is based in New Delhi and sources materials from international and domestic markets. Specific percentage contribution from each region is not disclosed in available documents.

Profitability Margins

Net Profit Margin (NPM) improved from -7.8% in FY23 to -1.7% in FY25, although the company remains loss-making. Operating Profit Margin (OPM) was -2.68% in FY25, showing a slight recovery from the negative margins reported in FY24.

EBITDA Margin

EBITDA margin (calculated as profit before depreciation) was -2.28% in FY25, amounting to a loss of INR 1.83 Cr. This is an improvement from the FY24 EBITDA loss of INR 4.55 Cr (approx -4.86% margin).

Capital Expenditure

Historical and planned capital expenditure figures were not disclosed in available documents.

Credit Rating & Borrowing

The company's bank facilities of INR 50 Cr are rated 'CRISIL B-/Stable/CRISIL A4 Issuer Not Cooperating'. The rating was downgraded from 'BB-' in June 2023 due to material deterioration in financial performance and lack of management cooperation.

⚙️ Operational Drivers

Raw Materials

Primary raw materials include PVC resin, polypropylene, and high-density polyethylene (HDPE). These are petrochemical products whose costs are highly sensitive to global crude oil price movements.

Import Sources

Materials are sourced from international and domestic markets. Specific countries of import were not disclosed in available documents.

Key Suppliers

Specific names of supplier companies were not disclosed in available documents.

Capacity Expansion

Not applicable as the company is primarily an importer and trader of plastic raw materials, not a manufacturer.

Raw Material Costs

Raw material costs are not explicitly disclosed as a percentage of revenue, but as a trading entity, they constitute the bulk of the cost of goods sold. Procurement is impacted by erratic foreign exchange and volatile international market conditions.

Manufacturing Efficiency

Not applicable for the company's trading and import business model.

Logistics & Distribution

Distribution and logistics costs were not disclosed in available documents.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

Growth Strategy

The company aims to achieve growth by focusing on manpower retention through improved working conditions and maintaining robust internal control systems to ensure operational smoothness and compliance with applicable legislation.

Products & Services

The company sells imported plastic raw materials, specifically PVC resin, polypropylene, and high-density polyethylene (HDPE).

Brand Portfolio

Specific brand names owned or traded were not disclosed in available documents.

New Products/Services

New product launches and their expected revenue contributions were not disclosed in available documents.

Market Expansion

Market expansion plans and target regions were not disclosed in available documents.

Market Share & Ranking

Market share percentage and industry ranking were not disclosed in available documents.

Strategic Alliances

Strategic alliances and joint venture partner names were not disclosed in available documents.

🌍 External Factors

Industry Trends

The petrochemical industry is growing despite volatile crude prices. The industry is evolving with increased demand for plastic resins, but companies face risks from fluctuating international market conditions and regulatory shifts.

Competitive Landscape

Key competitors and specific market dynamics were not disclosed in available documents.

Competitive Moat

The company's moat is its long-standing operational history since 1965. However, sustainability is challenged by consistent net losses (INR 1.36 Cr in FY25) and an 'Issuer Not Cooperating' credit status.

Macro Economic Sensitivity

The company is highly sensitive to global crude oil prices and GDP growth, which directly drive the demand and pricing for plastic raw materials.

Consumer Behavior

Consumer behavior shifts affecting demand for plastic raw materials were not detailed in available documents.

Geopolitical Risks

Geopolitical risks include global economic uncertainties and potential trade barriers that could impact the import of petrochemical products.

⚖️ Regulatory & Governance

Industry Regulations

The company is subject to the Companies Act, 2013, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and various import/export regulations governing the petrochemical sector.

Environmental Compliance

ESG compliance costs were not disclosed in available documents.

Taxation Policy Impact

The company provided INR 0.50 Cr for taxation (net) in FY25. It adheres to Indian Accounting Standards (Ind AS) and the Companies Act, 2013.

Legal Contingencies

There were no reported penalties or non-compliance issues with stock exchanges or SEBI for the period 2022-2025. Other specific pending court case values were not disclosed.

⚠️ Risk Analysis

Key Uncertainties

Key uncertainties include the volatility of crude oil prices and foreign exchange rates, which can impact margins by an estimated 5-8% for every 10% adverse movement.

Geographic Concentration Risk

The company is based in New Delhi, but its revenue concentration by region was not disclosed.

Third Party Dependencies

Dependency on specific third-party suppliers was not disclosed in available documents.

Technology Obsolescence Risk

Technology risks and digital transformation status were not disclosed in available documents.

Credit & Counterparty Risk

The trade receivables turnover ratio of 19.05 in FY25 suggests a high frequency of collection, though specific credit exposure details were not disclosed.