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Midland Polymers Ltd

MIDPOLY

BSE

₹23.90-4.97%3 Mar 2015

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Packaging Others

Midland Polymers Ltd

MIDPOLY

BSE

₹23.90

-4.97%

3 Mar 2015

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Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.

Midland Polymers is a company in the middle of a complete reinvention. It emerged from an insolvency process in 2023 as a shell with no operations, and in 2026 it set out to become an infrastructure builder by agreeing to acquire a renewable-energy EPC (Engineering, Procurement, and Construction) firm through a share swap. The recurring pattern is a clean break: the old business and its shareholders were wiped out, a new owner installed a fresh board, and that board is now using the listed entity as a vehicle to inject a private operating company and start again.

Business segments

A single engine, not yet consolidated - an EPC and renewable-energy business that has been agreed to be acquired and will become the company's whole operations once the transaction closes.

1. EPC & Renewable Energy: building power and defence infrastructure on contract

The company's entire future rests on a single acquisition target, JMRClean Energy, which designs and builds solar plants, wind farms, electrical grids, and defence infrastructure for a fixed price.

Turnkey builder, not a product seller - JMRClean Energy takes on complete projects from design to commissioning across solar, wind, electrification, civil works, and Battery Energy Storage Systems (BESS), meaning it earns revenue by delivering a working asset to the client, not by selling individual components.
A backlog that gives visibility - the firm manages a Rs. 1,550 crore order book and has a 400 MW pipeline of future projects, so a large portion of its near-term work is already contracted before Midland Polymers even completes the acquisition.
Experience measured in megawatts - the team has executed over 100 MW of projects and brings a 30-plus-member core group, which is the practical capacity to handle multiple site-based jobs at once.
The acquirers are the operators - the five individuals acquiring shares of Midland Polymers Limited are the same people who run it, with a combined track record spanning more than 70 years in clean-energy procurement, solar EPC, and infrastructure operations, so the expertise stays inside the company after the deal.
Objects rewritten to match the ambition - Midland Polymers is altering its constitutional documents to explicitly permit EPC and turnkey projects for electrical transmission, underground cabling, smart grids, and defence works including airstrips, naval infrastructure, and border bunkers, which is how the listed shell legally becomes an infrastructure company.

Group structure and partners

The company is a standalone listed shell with no operating subsidiaries today, but a binding agreement will make JMRClean Energy its wholly owned subsidiary and bring in five new controlling shareholders.

A clean corporate slate - as of March 2025, Midland Polymers had no subsidiaries, no joint ventures, and no associate investments; all prior holdings, including a former subsidiary called Protect Nature Private Limited, were reduced to nil under the insolvency resolution plan.
One acquisition changes everything - in March 2026, the company signed a Share Purchase and Share Subscription Agreement to buy 100% of JMRClean Energy Private Limited from its five owners in a share swap at a ratio of 1:10.54, which will make JMRClean Energy a wholly owned subsidiary and transform Midland Polymers from a cash shell into an operating EPC business.
The old promoter exits - the existing promoter, Vanaja Veeramreddy, will be reclassified as a public shareholder once the preferential allotments to the acquirers are completed, completing the separation from the pre-insolvency ownership.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

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Peer Comparison

Quick Ratios

Quarterly Results

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Balance Sheet

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Ratios

Peer Comparison

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Mkt Cap

Market Capitalization

₹2Cr

Close Price

₹23.90

Industry

Packaging Others

Price To Earnings

—

Price To Sales

—

Revenue

₹0Cr

Rev Gr TTM

Revenue Growth TTM

—

PAT Gr TTM

PAT Growth TTM

-78.26%

Upcoming Results on

22 Oct 2026

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	0	0	0	0	0	0	0	0	0	0	0	0
Growth YoY Revenue Growth YoY%							-100.0
Expenses ExpensesCr	0	0	0	0	0	0	0	0	0	0	0	0
Operating Profit Operating ProfitCr	0	0	0	0	0	0	0	0	0	0	0	0
OPM OPM%			66.7
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	0	0	0	0	0	0	0	0	0	0	0	0
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	0	0	0	0	0	0	0	0	0	0	0	0
Growth YoY PAT Growth YoY%	-514.3	88.0	400.0	-200.0	93.0	33.3	-533.3	44.4	66.7	50.0	46.1	-540.0
NPM NPM%			50.0
EPS EPS₹	-350.3	-0.4	0.1	-0.1	-0.4	-0.2	-2.0	-0.8	-0.1	-0.2	-1.0	-4.8

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	0	0	0	0	0	0	0	0	0	0	0	0
Growth YoY Revenue Growth YoY%							-100.0
Expenses ExpensesCr	0	0	0	0	0	0	0	0	0	0	0	0
Operating Profit Operating ProfitCr	0	0	0	0	0	0	0	0	0	0	0	0
OPM OPM%			66.7
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	0	0	0	0	0	0	0	0	0	0	0	0
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	0	0	0	0	0	0	0	0	0	0	0	0
Growth YoY PAT Growth YoY%	-514.3	88.0	400.0	-200.0	93.0	33.3	-533.3	44.4	66.7	50.0	46.1	-540.0
NPM NPM%			50.0
EPS EPS₹	-350.3	-0.4	0.1	-0.1	-0.4	-0.2	-2.0	-0.8	-0.1	-0.2	-1.0	-4.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	0	0	0	0	0	0	0	0	0	0	0	0
Growth Revenue Growth%				-28.1	56.5	-100.0				-100.0
Expenses ExpensesCr	0	0	0	0	0	0	0	0	1	0	0	0
Operating Profit Operating ProfitCr	0	0	0	0	0	0	0	0	0	0	0	0
OPM OPM%			37.5	34.8	25.0				-844.2
Other Income Other IncomeCr	0	0				0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	0	0	0	0	0	0	0	0	0	0	0	0
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	0	0	0	0	0	0	0	0	0	0	0	0
Growth PAT Growth%	-163.9	171.1	56.7	-25.0	-22.2	-12.1	-223.0	-279.5	-59.1	67.7	4.7	-78.3
NPM NPM%			37.5	39.1	19.4				-830.9
EPS EPS₹	0.0	0.0				0.0	0.0	0.0	-6.8	-2.2	-2.1	-6.1

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	0	0	0	0	0	0	0	0	0	0	0	0
Growth Revenue Growth%				-28.1	56.5	-100.0				-100.0
Expenses ExpensesCr	0	0	0	0	0	0	0	0	1	0	0	0
Operating Profit Operating ProfitCr	0	0	0	0	0	0	0	0	0	0	0	0
OPM OPM%			37.5	34.8	25.0				-844.2
Other Income Other IncomeCr	0	0				0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	0	0	0	0	0	0	0	0	0	0	0	0
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	0	0	0	0	0	0	0	0	0	0	0	0
Growth PAT Growth%	-163.9	171.1	56.7	-25.0	-22.2	-12.1	-223.0	-279.5	-59.1	67.7	4.7	-78.3
NPM NPM%			37.5	39.1	19.4				-830.9
EPS EPS₹	0.0	0.0				0.0	0.0	0.0	-6.8	-2.2	-2.1	-6.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	14	14	14	14	14	14	14	14	1	1	1
Reserves ReservesCr	1	1	1	1	1	1	1	1	-3	-3	-3
Current Liabilities Current LiabilitiesCr	0	0	0	0	0	0	2	2	2	2	3
Non Current Liabilities Non Current LiabilitiesCr	3	2	2	2	2	3	1	0	0	0	0
Total Liabilities Total LiabilitiesCr	17	17	17	17	17	18	17	17	0	0	0
Current Assets Current AssetsCr	8	10	5	5	5	6	6	6	0	0	0
Non Current Assets Non Current AssetsCr	8	7	12	12	12	11	11	11	0	0	0
Total Assets Total AssetsCr	17	17	17	17	17	18	17	17	0	0	0

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	14	14	14	14	14	14	14	14	1	1	1
Reserves ReservesCr	1	1	1	1	1	1	1	1	-3	-3	-3
Current Liabilities Current LiabilitiesCr	0	0	0	0	0	0	2	2	2	2	3
Non Current Liabilities Non Current LiabilitiesCr	3	2	2	2	2	3	1	0	0	0	0
Total Liabilities Total LiabilitiesCr	17	17	17	17	17	18	17	17	0	0	0
Current Assets Current AssetsCr	8	10	5	5	5	6	6	6	0	0	0
Non Current Assets Non Current AssetsCr	8	7	12	12	12	11	11	11	0	0	0
Total Assets Total AssetsCr	17	17	17	17	17	18	17	17	0	0	0

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	3	-2	0	-2	0	2	0	0
Investing Cash Flow Investing Cash FlowCr	-3	2	1	0	0	11	0	0
Financing Cash Flow Financing Cash FlowCr	0	0	0	2	0	-13	0	0
Net Cash Flow Net Cash FlowCr	0	0	0	0	0	0	0	0
Free Cash Flow Free Cash FlowCr	3	-2	0	-2	0	2	0	0
CFO To PAT CFO To PAT%	-2,948.6	-2,200.8	-795.0	2,746.7	-3.3	-339.2	62.3	104.1
CFO To EBITDA CFO To EBITDA%	-847.2	774.9	393.8	1,490.7	-3.3	-333.9	62.3	104.1

Financial Year	Mar 2016	Mar 2017	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	3	-2	0	-2	0	2	0	0
Investing Cash Flow Investing Cash FlowCr	-3	2	1	0	0	11	0	0
Financing Cash Flow Financing Cash FlowCr	0	0	0	2	0	-13	0	0
Net Cash Flow Net Cash FlowCr	0	0	0	0	0	0	0	0
Free Cash Flow Free Cash FlowCr	3	-2	0	-2	0	2	0	0
CFO To PAT CFO To PAT%	-2,948.6	-2,200.8	-795.0	2,746.7	-3.3	-339.2	62.3	104.1
CFO To EBITDA CFO To EBITDA%	-847.2	774.9	393.8	1,490.7	-3.3	-333.9	62.3	104.1

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr												2
Price To Earnings Price To Earnings
Price To Sales Price To Sales
Price To Book Price To Book												-0.8
EV To EBITDA EV To EBITDA
Profitability Ratios Profitability Ratios
GPM GPM%									90.0
OPM OPM%			37.5	34.8	25.0				-844.2
NPM NPM%			37.5	39.1	19.4				-830.9
ROCE ROCE%	-0.8	0.6	0.8	0.6	0.7	0.6	-0.5	-1.8	-100.2	-37.1	-34.5	-34.5
ROE ROE%	-0.8	0.5	0.8	0.6	0.5	0.4	-0.5	-2.0	25.0	7.5	6.6	6.6
ROA ROA%	-0.7	0.5	0.7	0.5	0.4	0.3	-0.4	-1.7	-96.3	-36.2	-34.2	-34.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr												2
Price To Earnings Price To Earnings
Price To Sales Price To Sales
Price To Book Price To Book												-0.8
EV To EBITDA EV To EBITDA
Profitability Ratios Profitability Ratios
GPM GPM%									90.0
OPM OPM%			37.5	34.8	25.0				-844.2
NPM NPM%			37.5	39.1	19.4				-830.9
ROCE ROCE%	-0.8	0.6	0.8	0.6	0.7	0.6	-0.5	-1.8	-100.2	-37.1	-34.5	-34.5
ROE ROE%	-0.8	0.5	0.8	0.6	0.5	0.4	-0.5	-2.0	25.0	7.5	6.6	6.6
ROA ROA%	-0.7	0.5	0.7	0.5	0.4	0.3	-0.4	-1.7	-96.3	-36.2	-34.2	-34.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	KUWERIN	FLEXITUFF	ANUROOP	ENCODE	CRESANTO	MIDPOLY	PURITY
Market CapitalizationMkt CapCr	10	10	9	4	2	2	0
Close PriceClose₹	10.80	2.90	8.50	12.96	5.37	23.90	0.93
IndustryIndustry	Packaging Others	Packaging Others	Packaging Others	Packaging Others	Packaging Others	Packaging Others	Packaging Others
Price To EarningsPE	2.78		3.53				0.06
Price To SalesPS	0.12	1.67	0.65		45.90		0.00
RevenueRevenueCr	78	6	14	0	0	0	158
Revenue Growth TTMRev Gr TTM%	34.8%	-97.4%	-21.3%				19.2%
PAT Growth TTMPAT Gr TTM%	1,108.6%	-129.0%	-39.3%	100.0%	-37.9%	-78.3%	43.0%

	KUWERIN	FLEXITUFF	ANUROOP	ENCODE	CRESANTO	MIDPOLY	PURITY
Market CapitalizationMkt CapCr	10	10	9	4	2	2	0
Close PriceClose₹	10.80	2.90	8.50	12.96	5.37	23.90	0.93
IndustryIndustry	Packaging Others	Packaging Others	Packaging Others	Packaging Others	Packaging Others	Packaging Others	Packaging Others
Price To EarningsPE	2.78		3.53				0.06
Price To SalesPS	0.12	1.67	0.65		45.90		0.00
RevenueRevenueCr	78	6	14	0	0	0	158
Revenue Growth TTMRev Gr TTM%	34.8%	-97.4%	-21.3%				19.2%
PAT Growth TTMPAT Gr TTM%	1,108.6%	-129.0%	-39.3%	100.0%	-37.9%	-78.3%	43.0%

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