KSHITIJPOL - Kshitij Polyline

📊 NSE: KSHITIJPOL 🏢 Plastics Products 📅 Last Updated: 12/14/2025 9:06

💰 Financial Performance

Revenue Growth by Segment

Stationery Plastic Products revenue was INR 30.58 Cr in FY25, representing a decrease of 10.64% compared to INR 34.22 Cr in FY24. Total revenue for FY25 was INR 32.38 Cr, down 5.38% YoY.

Geographic Revenue Split

Not disclosed in available documents, though the company operates a manufacturing facility in Silvassa and is expanding into new geographies.

Profitability Margins

The company reported a Net Loss of INR 9.30 Cr in FY25 compared to a loss of INR 0.56 Cr in FY24, a 1,554% increase in loss. Net Profit Margin for FY25 was -28.72%.

EBITDA Margin

Not explicitly disclosed, but total expenditure increased by 26.13% YoY in FY25 despite a revenue decline, indicating severe EBITDA margin compression.

Capital Expenditure

Depreciation and amortization expenses increased by 41.65% to INR 1.66 Cr in FY25 from INR 1.17 Cr in FY24, suggesting recent capital investments in manufacturing assets.

Credit Rating & Borrowing

CRISIL BB-/Stable (Issuer Not Cooperating) as of the latest rating update. Historical interest coverage was 2.16 times in 2019.

⚙️ Operational Drivers

Raw Materials

Crude oil derivatives including Polypropylene (PP), Polyvinyl Chloride (PVC), High Impact Polystyrene (HIPS), Acrylonitrile Butadiene Styrene (ABS), and High-Density Polyethylene (HDPE).

Capacity Expansion

Current manufacturing facility is located at Silvassa. Specific MTPA capacity or expansion timelines are not disclosed.

Raw Material Costs

Raw material costs are highly sensitive to crude oil prices; total expenditure increased by 26.13% in FY25 primarily due to rising input costs.

Manufacturing Efficiency

The 'Fit for growth' program was instituted as a manpower productivity improvement exercise to reduce process complexities through technology.

Logistics & Distribution

The company is expanding its dealer network and sales team to cater to e-commerce and traditional dealers.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

Growth Strategy

Growth will be achieved through the 'Fit for growth' manpower productivity program, migration from the MSME platform to the Main Board for better fund access, and expansion into new geographies and e-commerce channels.

Products & Services

Smart identity cards, binding and lamination equipment, PP/PVC/HIPS/ABS/HDPE sheets and films, PVC profiles, wiro products, and stationery items like folders and notebooks.

Brand Portfolio

Kshitij Polyline Limited (KSHITIJPOL).

New Products/Services

Wiro products, lamination sheets, and PP/PET sheets suitable for stationery, dairy, and notebooks.

Market Expansion

Expansion into new geographies and increasing the strength of dealers and sales teams to cater to e-commerce platforms.

🌍 External Factors

Industry Trends

The Global Stationery market is anticipated to rise at a considerable rate between 2024-2030. The industry is shifting toward organized players due to transparent government policies and a reduction in unethical practices.

Competitive Landscape

The company faces competition from both organized and unorganized sectors, though transparent policies are helping organized players grow.

Competitive Moat

Moat is based on its migration to the Main Board which increases investor reliability and its established manufacturing presence in Silvassa for specialized plastic sheets.

Macro Economic Sensitivity

Highly sensitive to crude oil price fluctuations and general industrial growth trends in India.

Consumer Behavior

Increasing preference for e-commerce and high-quality stationery products in the dairy and education sectors.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Companies Act, 2013.

Taxation Policy Impact

The company benefits from rationalized GST rate structures which have made its products more affordable for end users.

Legal Contingencies

The Corporate Governance certificate mentions compliance except for matters specified in the Secretarial Audit Report; however, specific case values are not disclosed.

⚠️ Risk Analysis

Key Uncertainties

Rising crude prices impacting raw material costs and disruptions in the agriculture sector due to climatic changes pose risks to revenue and profitability.