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Shri Jagdamba Polymers Ltd

SHRJAGP

NSE

₹787.15-0.29%13 Nov 2026 at 3:31 PM

Reports

Textiles Technical Textile

Shri Jagdamba Polymers Ltd

SHRJAGP

NSE

₹787.15

-0.29%

13 Nov 2026 at 3:31 PM

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Textiles Technical Textile

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Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Shri Jagdamba Polymers is a technical-textiles specialist that turns plastic granules into high-strength industrial fabrics and bags, exporting roughly nine out of every ten units it makes. Founded in 1985 as a tiny woven-sack unit in rural Dholka, Gujarat, with one extrusion line and ten looms, it has spent four decades layering on coating, laminating and non-woven capabilities to become a recognised Star Export House. The recurring approach is to stay narrowly focused on HDPE/PP (high-density polyethylene / polypropylene) fabric engineering, serve demanding overseas buyers who specify exactly how the material must perform, and feed the factory with captive solar and wind power to keep energy costs predictable.

Business segments

Three engines at different stages - a dominant technical-textiles export factory, a small woven-fabrics line, and a tiny captive-renewable-energy unit - all housed inside a single operating company.

1. Technical textiles: the export factory that carries the business

The company makes coated, laminated and non-woven industrial fabrics and bags from HDPE and PP granules, then ships them to buyers in North America, Europe and Asia who use them as construction membranes, geotextiles, bulk packaging and moisture-resistant sacks.

One material family, many end-uses - every product starts with HDPE or PP resin and becomes a textile fabric that is impregnated, coated, covered or laminated with plastic, classified under a single customs code (HSN 59039090). The same underlying technology serves construction (geotextiles, façade systems, safety fabrics), industrial packaging (bulk bags, woven sacks) and automotive or medical applications, so the factory can shift mix without retooling.
Built for export from the start - the company operates a 100% Export Oriented Unit (Unit III) alongside its two other Dholka plants, and its main focus is the export market, with customers in the USA, UAE, Canada, Taiwan, the UK, Hong Kong and Slovenia. Because revenue is earned in dollars and pounds, the company uses foreign-currency borrowings as a natural hedge against exchange-rate swings.
Quality certification opens doors - the manufacturing and supply of HDPE/PP woven fabrics and bags is ISO 9001:2015 certified, which matters when selling into specification-driven markets where buyers audit the plant before placing orders.
Raw-material prices move with oil, so sourcing is strategic - HDPE and PP are petrochemical derivatives whose prices swing with crude oil and global supply disruptions; the company manages this through proactive procurement, cost management, and by operating in an open-market procurement environment.
Job work fills the lines - beyond selling its own manufactured and traded goods, the company earns revenue from job-work services, producing to a client’s specification and recognising income once the service is delivered and collectability is assured.

2. Woven fabrics: a small standalone line

A minor stream of woven fabric sales sits alongside the main coated-and-laminated business, serving buyers who need the base fabric without further finishing.

Same looms, simpler product - woven fabrics are an intermediate stage in the company’s own production chain, so selling them externally requires no additional machinery, only a decision to ship before coating or lamination.
Fills capacity in quieter periods - when export orders for finished bags and membranes dip, the looms can keep running to produce plain fabric for domestic or regional buyers, keeping labour and overhead absorption steady.

3. Wind and solar: captive power that lowers the factory’s energy bill

The company owns wind turbines and a growing solar installation that generate electricity for its own manufacturing units, turning an unavoidable cost into a partly self-controlled input.

Windmills at two sites - the company operates windmill power plants at Chotila and Savli, feeding power directly into its operations.
Solar added in layers - a solar photovoltaic plant was first installed at Unit III, and in July 2024 the company finalised installation of an 8 MW solar power project at an estimated cost of around Rs. 25 crores to meet more of its energy requirements through green power.
Captive use, not grid sale - the wind and solar output is consumed inside the company’s own factories to reduce power and fuel costs, so the “wind mill” segment is a cost-saving tool rather than a standalone profit centre.

Group structure and partners

The company sits inside a network of commonly controlled textile and investment entities, with a newly formed subsidiary preparing to enter the same technical-textiles space.

One subsidiary, not yet operational - Global Polyweave Private Limited was incorporated in August 2024 to manufacture and trade technical textiles, polymers, geotextiles and woven/non-woven products. The company initially held 55% and later increased its stake to 80% via a rights issue, though the subsidiary had not commenced business as of the latest filing.
A cluster of related parties - entities such as Shakti Polyweave, Shri Techtex, Aurum Fabrictech and Shakti Techtex (a 100% EOU) share common directors and engage in job-work, goods purchases and sales with the company.
A large partnership investment - the company holds an investment in Harmony Finvest, a partnership firm, carried at over Rs. 3,600 lakhs as of March 2024.
Promoter reclassification simplified the share register - in March 2022, nine individuals were reclassified from promoter group to public shareholders, reducing promoter holding from about 73% to roughly 63% without any sale of shares to outsiders.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹689Cr

Close Price

₹787.15

Industry

Textiles Technical Textile

Price To Earnings

11.76

Price To Sales

1.20

Revenue

₹573Cr

Rev Gr TTM

Revenue Growth TTM

17.84%

PAT Gr TTM

PAT Growth TTM

18.51%

Consolidated

Standalone

Numbers

Percentage

Quarter	Dec 2023	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue RevenueCr	71	126	115	120	141	112	71	108	192	203
Growth YoY Revenue Growth YoY%			62.5			-10.9	-38.5	-9.6	36.8	81.2
Expenses ExpensesCr	59	109	98	98	125	95	68	99	161	168
Operating Profit Operating ProfitCr	12	16	17	22	16	17	3	9	32	34
OPM OPM%	17.1	12.8	14.8	18.1	11.5	14.8	3.6	8.4	16.4	16.9
Other Income Other IncomeCr	1	2	1	4	4	1	2	15	2	1
Interest Expense Interest ExpenseCr	0	3	0	1	1	3	-8	8	4	1
Depreciation DepreciationCr	2	2	2	2	3	3	3	3	4	4
PBT PBTCr	12	13	16	23	17	12	9	13	26	30
Tax TaxCr	3	5	3	7	4	4	1	4	6	8
PAT PATCr	8	9	14	16	12	7	8	9	20	22
Growth YoY PAT Growth YoY%			63.9			-16.3	-43.3	-45.6	61.9	200.0
NPM NPM%	11.8	7.0	11.9	13.4	8.8	6.6	11.0	8.1	10.4	10.9
EPS EPS₹	9.5	10.1	15.6	18.4	14.1	8.4	8.8	10.0	22.8	25.3

Quarter	Dec 2023	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue RevenueCr	71	126	115	120	141	112	71	108	192	203
Growth YoY Revenue Growth YoY%			62.5			-10.9	-38.5	-9.6	36.8	81.2
Expenses ExpensesCr	59	109	98	98	125	95	68	99	161	168
Operating Profit Operating ProfitCr	12	16	17	22	16	17	3	9	32	34
OPM OPM%	17.1	12.8	14.8	18.1	11.5	14.8	3.6	8.4	16.4	16.9
Other Income Other IncomeCr	1	2	1	4	4	1	2	15	2	1
Interest Expense Interest ExpenseCr	0	3	0	1	1	3	-8	8	4	1
Depreciation DepreciationCr	2	2	2	2	3	3	3	3	4	4
PBT PBTCr	12	13	16	23	17	12	9	13	26	30
Tax TaxCr	3	5	3	7	4	4	1	4	6	8
PAT PATCr	8	9	14	16	12	7	8	9	20	22
Growth YoY PAT Growth YoY%			63.9			-16.3	-43.3	-45.6	61.9	200.0
NPM NPM%	11.8	7.0	11.9	13.4	8.8	6.6	11.0	8.1	10.4	10.9
EPS EPS₹	9.5	10.1	15.6	18.4	14.1	8.4	8.8	10.0	22.8	25.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	362	481	431	573
Growth Revenue Growth%		33.0	-10.5	17.8
Expenses ExpensesCr	306	412	387	496
Operating Profit Operating ProfitCr	56	69	44	77
OPM OPM%	15.4	14.4	10.3	13.5
Other Income Other IncomeCr	5	9	22	20
Interest Expense Interest ExpenseCr	9	5	4	5
Depreciation DepreciationCr	8	8	11	13
PBT PBTCr	44	65	51	79
Tax TaxCr	12	17	14	20
PAT PATCr	32	48	36	59
Growth PAT Growth%		49.0	-24.6	18.5
NPM NPM%	8.9	10.0	8.4	10.2
EPS EPS₹	36.9	54.9	41.4	67.0

Financial Year	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	362	481	431	573
Growth Revenue Growth%		33.0	-10.5	17.8
Expenses ExpensesCr	306	412	387	496
Operating Profit Operating ProfitCr	56	69	44	77
OPM OPM%	15.4	14.4	10.3	13.5
Other Income Other IncomeCr	5	9	22	20
Interest Expense Interest ExpenseCr	9	5	4	5
Depreciation DepreciationCr	8	8	11	13
PBT PBTCr	44	65	51	79
Tax TaxCr	12	17	14	20
PAT PATCr	32	48	36	59
Growth PAT Growth%		49.0	-24.6	18.5
NPM NPM%	8.9	10.0	8.4	10.2
EPS EPS₹	36.9	54.9	41.4	67.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2025	Mar 2026	Sep 2026
Equity Capital Equity CapitalCr	1	1	1
Reserves ReservesCr	292	328	368
Current Liabilities Current LiabilitiesCr	77	88	107
Non Current Liabilities Non Current LiabilitiesCr	37	46	59
Total Liabilities Total LiabilitiesCr	406	463	536
Current Assets Current AssetsCr	236	229	311
Non Current Assets Non Current AssetsCr	169	234	224
Total Assets Total AssetsCr	406	463	536

Financial Year	Mar 2025	Mar 2026	Sep 2026
Equity Capital Equity CapitalCr	1	1	1
Reserves ReservesCr	292	328	368
Current Liabilities Current LiabilitiesCr	77	88	107
Non Current Liabilities Non Current LiabilitiesCr	37	46	59
Total Liabilities Total LiabilitiesCr	406	463	536
Current Assets Current AssetsCr	236	229	311
Non Current Assets Non Current AssetsCr	169	234	224
Total Assets Total AssetsCr	406	463	536

Consolidated

Standalone

Financial Year	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-35	51
Investing Cash Flow Investing Cash FlowCr	-47	-76
Financing Cash Flow Financing Cash FlowCr	86	29
Net Cash Flow Net Cash FlowCr	5	4
Free Cash Flow Free Cash FlowCr	-89	-5
CFO To PAT CFO To PAT%	-71.8	141.4
CFO To EBITDA CFO To EBITDA%	-49.9	115.8

Financial Year	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-35	51
Investing Cash Flow Investing Cash FlowCr	-47	-76
Financing Cash Flow Financing Cash FlowCr	86	29
Net Cash Flow Net Cash FlowCr	5	4
Free Cash Flow Free Cash FlowCr	-89	-5
CFO To PAT CFO To PAT%	-71.8	141.4
CFO To EBITDA CFO To EBITDA%	-49.9	115.8

Consolidated

Standalone

Financial Year	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr		806	450	689
Price To Earnings Price To Earnings		16.8	12.1	11.8
Price To Sales Price To Sales		1.7	1.0	1.2
Price To Book Price To Book		2.8	1.4	1.9
EV To EBITDA EV To EBITDA		12.5	11.6	10.2
Profitability Ratios Profitability Ratios
GPM GPM%		24.6	22.8	22.8
OPM OPM%	15.4	14.4	10.3	13.5
NPM NPM%	8.9	10.0	8.4	10.2
ROCE ROCE%		18.5	13.0	17.6
ROE ROE%		16.4	11.0	15.9
ROA ROA%		11.8	7.8	10.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr		806	450	689
Price To Earnings Price To Earnings		16.8	12.1	11.8
Price To Sales Price To Sales		1.7	1.0	1.2
Price To Book Price To Book		2.8	1.4	1.9
EV To EBITDA EV To EBITDA		12.5	11.6	10.2
Profitability Ratios Profitability Ratios
GPM GPM%		24.6	22.8	22.8
OPM OPM%	15.4	14.4	10.3	13.5
NPM NPM%	8.9	10.0	8.4	10.2
ROCE ROCE%		18.5	13.0	17.6
ROE ROE%		16.4	11.0	15.9
ROA ROA%		11.8	7.8	10.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Textiles Technical Textile

	GARFIBRES	PRECOT	SHRJAGP
Market CapitalizationMkt CapCr	7,044	848	689
Close PriceClose₹	721.35	706.80	787.15
IndustryIndustry	Textiles Technical Textile	Textiles Technical Textile	Textiles Technical Textile
Price To EarningsPE	30.07	16.58	11.76
Price To SalesPS	4.01	0.92	1.20
RevenueRevenueCr	1,759	994	573
Revenue Growth TTMRev Gr TTM%	17.4%	15.6%	17.8%
PAT Growth TTMPAT Gr TTM%	15.9%	137.7%	18.5%

	GARFIBRES	PRECOT	SHRJAGP
Market CapitalizationMkt CapCr	7,044	848	689
Close PriceClose₹	721.35	706.80	787.15
IndustryIndustry	Textiles Technical Textile	Textiles Technical Textile	Textiles Technical Textile
Price To EarningsPE	30.07	16.58	11.76
Price To SalesPS	4.01	0.92	1.20
RevenueRevenueCr	1,759	994	573
Revenue Growth TTMRev Gr TTM%	17.4%	15.6%	17.8%
PAT Growth TTMPAT Gr TTM%	15.9%	137.7%	18.5%

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FY2022

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FY2026

Sep 26

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Transcript

Summary

Jun 26