Polylink Polymers (India) Limited is a specialized Indian manufacturer of high-performance polymeric compounds and masterbatches. Following a significant corporate restructuring in late 2024, the company has transitioned into a subsidiary model under **KHL Finance Limited** (formerly HWL Traders Limited). The company is strategically positioned to capitalize on the rapid expansion of the Indian plastics market, which is projected to reach **US$ 68.33 billion by 2030**. --- ### **Corporate Structure and Strategic Ownership** The company underwent a transformative structural change effective **December 02, 2024**, following a **Composite Scheme of Arrangement** approved by the NCLT, Kolkata. This consolidation merged several promoter group entities to streamline governance and capital. * **Parent Entity:** **KHL Finance Limited** (formerly HWL Traders Limited) holds a **60.50%** controlling interest. * **Promoter Group Stability:** The aggregate promoter and promoter group shareholding stands at **72.50%**. * **Key Entities Involved in Restructuring:** Ajay Commercial Co., Facit Commosales, JB Commercial Co., J Boseck & Co., Lund & Blockley, Supreet Vyapaar, and Kashipur Holdings. * **Capital Base:** The **Equity Share Capital** remains stable at **₹1,105.58 lakhs**, with no outstanding **GDRs, ADRs, or convertible instruments**. --- ### **Operational Footprint and Product Specialization** Polylink operates through a single reportable segment: **"Manufacture and sale of polymeric compounds."** The company is an **ISO 9001:2015** certified entity with a focus on high-margin technical applications. * **Manufacturing Hub:** Located at **Block No: 229-230, Village: Valthera, Taluka: Dholka, Dist: Ahmedabad, Gujarat**. * **Product Portfolio:** * **XLPE (Cross-linked Polyethylene):** Specialized compounds for the cable industry. * **Black and Color Masterbatches:** High-margin additives used for coloring and enhancing plastic properties. * **Polymeric Compounds:** Tailored solutions for automotive, electronics, and packaging. * **Strategic Pivot:** In response to volatile ocean freight and polymer prices, management has shifted focus from high-volume **PP** and **XLPE** exports toward **Black and Color Masterbatches**, which offer superior margins and lower logistics sensitivity. * **Infrastructure Expansion:** A new corporate office was established in **Ambavadi, Ahmedabad** in August 2025 to centralize operations and administrative records. --- ### **Financial Performance and Growth Trajectory** The company has demonstrated robust top-line growth, nearly doubling its revenue over a two-year period. | Metric (₹ in Crore) | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :---: | :---: | :---: | | **Total Revenue** | **91.51** | **74.91** | **50.65** | | **Revenue Growth (%)** | **22.16%** | **47.91%** | - | | **Net Profit After Tax (PAT)** | **2.13** | **1.73** | **0.64** | | **PAT Growth (%)** | **23.11%** | **168.87%** | - | | **Retained Earnings** | **18.85** | **16.76** | **15.03** | **Revenue Distribution by Geography (₹ in lakhs):** | Region | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :---: | :---: | :---: | | **Domestic (India)** | **7,848.59** | **6,101.19** | **4,123.23** | | **Export (International)** | **1,274.74** | **1,365.55** | **881.46** | | **Total** | **9,123.33** | **7,466.74** | **5,004.69** | --- ### **Market Dynamics and Sector Outlook** Polylink operates in a high-growth environment characterized by increasing per capita plastic consumption and the substitution of traditional materials in the automotive and electronics sectors. * **Market Valuation:** The Indian plastics market was valued at **US$ 43.68 Billion** in 2023 and is expected to grow at a **CAGR of 6.6%**. * **Supply-Demand Gap:** Domestic polymer demand is forecasted to reach **1.81 crore tonnes**, while domestic production is only **1.48 crore tonnes**, leaving a significant gap of **0.33 crore tonnes** to be met by manufacturers and importers. * **Emerging Opportunities:** Management is targeting high-performance polymers for **Electric Vehicle (EV) light-weighting** and advanced consumer electronics. --- ### **Capital Structure and Liquidity Management** The company maintains a conservative leverage profile while utilizing short-term credit to fund working capital requirements. * **Gearing Ratio:** Reported at **5.37%** as of March 31, 2024. * **Debt Profile:** Total borrowings stood at **₹159.03 lakhs** in FY24. The company utilizes **Export Packing Credit** and **Cash Credit** facilities for liquidity. * **Dividend Policy:** No dividend was recommended for FY 2023-24; management opted to retain earnings to strengthen the capital base for future expansion. **Liability Maturity Profile (as of March 31, 2024):** | Particulars (₹ in lakhs) | On Demand | < 1 Year | 1-2 Years | > 2 Years | Total | | :--- | :---: | :---: | :---: | :---: | :---: | | **Borrowings** | **106.87** | **18.13** | **19.87** | **14.16** | **159.03** | | **Lease Liability** | - | **5.94** | **7.06** | **18.09** | **31.09** | --- ### **Risk Mitigation and Governance Framework** Polylink employs an enterprise-wide risk management framework overseen by the Audit Committee and the Board. * **Customer Concentration:** The company has successfully reduced reliance on its top two customers, with their contribution dropping from **₹19.11 crore** in FY24 to **₹13.63 crore** in FY25. * **Currency Risk:** As a major exporter to **South African countries**, the company is exposed to **INR/USD** volatility. It utilizes **Forward Contracts**, **ECGC policies**, and a **natural hedge** (offsetting import/export flows) to mitigate this. * **Foreign Currency Sensitivity:** A **2% movement** in the USD impacts profit/loss by approximately **₹3.60 lakhs**. * **Regulatory Compliance:** The company maintains strict adherence to **Pollution Control Board** clearances and **Plastic Waste Management Rules (EPR)**. * **Leadership:** * **Chairman:** Mr. Uma Shankar Bhartia * **Whole Time Director:** Mr. Ravi Prakash Goyal (Reappointed through **Feb 2028**) * **CFO:** Mr. Manoj Gohil * **Company Secretary:** Ms. Priyal Dangi (Appointed **Aug 2025**)