SMVD - SMVD Poly Pack

📊 NSE: SMVD 🏢 Plastics Products 📅 Last Updated: 12/14/2025 13:31

💰 Financial Performance

Revenue Growth by Segment

Revenue from operations fell 98.49% YoY to INR 37.42 Lakhs in FY 2024-25 from INR 2479.32 Lakhs in FY 2023-24. The plastic products segment is the primary revenue driver, while the water coconut segment does not contribute significantly.

Profitability Margins

Gross profit margin decreased from (8.53)% to a gross loss of (424.59)% in FY 2024-25. Net Profit Margin was reported at 2911.79% for FY 2024-25, though this is skewed by a massive revenue drop and exceptional items/other income following a fire.

EBITDA Margin

EBITDA stood at INR 1393.18 Lakhs in FY 2024-25 compared to a loss of INR 5173.19 Lakhs in FY 2023-24. The margin is highly irregular due to the collapse of operational revenue to INR 37.42 Lakhs.

Capital Expenditure

Gross Block decreased to INR 320.57 Lakhs in FY 2024-25 from INR 342.11 Lakhs in FY 2023-24. The company is currently in a rebuilding phase following a fire at its manufacturing facility.

Credit Rating & Borrowing

Not disclosed. However, the company reported that as of November 14, 2025, it has repaid all liabilities to its bankers following the realization of insurance claims, resulting in no outstanding loan facilities.

⚙️ Operational Drivers

Raw Materials

Plastic raw materials (polymers) for the plastic products segment, representing the bulk of material costs.

Capacity Expansion

The company is preparing and executing a 'proposed project' following the realization of insurance claims to restore operations after a fire destroyed its manufacturing facility.

Raw Material Costs

Cost of materials consumed was INR 13.04 Lakhs for the half-year ended September 30, 2025. Procurement strategies are currently focused on restoring the supply chain post-fire.

Manufacturing Efficiency

Manufacturing efficiency was severely compromised by the fire; revenue from operations for H1 FY 2025-26 was only INR 8.38 Lakhs.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

Growth Strategy

Growth will be achieved through the execution of a new proposed project and the restoration of manufacturing capacity using insurance proceeds. The company aims to strengthen quality control and operational efficiency to differentiate its offerings in domestic and global markets.

Products & Services

Plastic products (packaging) and water coconut.

Market Expansion

The company is targeting both domestic and global markets by investing in compliance and sustainability to differentiate its plastic products.

🌍 External Factors

Industry Trends

The plastic packaging industry is moving toward increased sustainability, compliance, and operational efficiency. SMVD is positioning itself by strengthening quality control to compete in global markets.

Competitive Landscape

The company faces competition in the plastic products segment and is attempting to differentiate through quality and compliance.

Competitive Moat

The company currently lacks a sustainable moat as its net worth is eroded (negative INR 1956.12 Lakhs) and it is in a recovery phase following a catastrophic fire.

Macro Economic Sensitivity

Sensitive to economic developments in India and changes in tax laws or power costs.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to manufacturing standards and pollution norms relevant to the plastic products industry.

Environmental Compliance

The company is investing in compliance and sustainability to meet industry standards for plastic products.

Legal Contingencies

The company reported no pending litigations that would impact its financial position as of March 31, 2025.

⚠️ Risk Analysis

Key Uncertainties

Material uncertainty exists regarding the company's ability to continue as a going concern due to the erosion of share capital and reserves, with accumulated losses exceeding net worth (negative INR 1956.12 Lakhs).