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Silkflex Polymers (India) Ltd

SILKFLEX

NSE

₹260.00+1.27%19 Oct 2026

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Silkflex Polymers (India) Ltd

SILKFLEX

NSE

₹260.00

+1.27%

19 Oct 2026

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Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.

Silkflex Polymers (India) is a company built on a single, exclusive relationship - it holds the rights to sell and now manufacture the Malaysian “Silkflex” brand of water-based specialty chemicals in India, making it the sole gateway for a technology that replaces toxic, solvent-based inks and coatings with eco-friendly alternatives. Founded in 2016 as a pure trading outfit by a father-son team with decades of experience in textile inks, the company spent nearly a decade importing and distributing before taking a deliberate step backward in 2025: it built its own factory in Vadodara to make the raw binders and glues it used to buy, using technology transferred from the same Malaysian partner. The recurring approach is simple - secure exclusive Indian rights to a proven, certified product line, build a national distribution network to sell it, and then backward-integrate into manufacturing the inputs to capture more margin and control supply, all while staying within a “sustainability first” philosophy that runs on zero-carbon, zero-discharge production.

Business segments

Two engines at different stages - a textile-ink cash cow that is the company’s reason for being, and a wood-coating challenger being built on the same distribution rails - both now fed by a shared manufacturing plant that makes the binder and glue they depend on.

1. Textile printing inks: the company’s core, built on an exclusive brand

A portfolio of 128 water-based inks sold to apparel manufacturers and global brands who need eco-friendly printing that meets the toughest international safety standards - and only this company can sell the Silkflex brand in India.

The brand is borrowed, but exclusive - the company holds the sole rights to market and distribute products under the Malaysian “Silkflex” name in India, a brand built by its partner over years in the garment-printing industry across multiple countries, which gives it instant credibility with export-focused buyers.
Certifications open factory doors - the inks carry ZDHC Confidence Level 3, OEKO-TEX Eco Passport, and GOTS version 7 certifications, which act as a hard filter for global brands; the company is a recommended supplier for Puma, a nominated vendor for H&M, and compliant with Levi Strauss & Co. standards, so a garment exporter serving these labels has a strong reason to buy from Silkflex rather than an uncertified local competitor.
Water-based means soft, not rubbery - unlike traditional solvent-based inks that use PVC and plasticizers, leave a heavy feel, and emit high VOCs (volatile organic compounds), these inks absorb into the fabric for a soft hand feel, high stretchability, and zero tackiness, which matters to fashion brands selling comfort and sustainability.
Sold where the clusters are - the company places branch offices directly in India’s major textile hubs: Tirupur (where over 54% of the country’s knitwear exports originate), Ludhiana, and Surat, so it can offer local stock, technical demonstrations, and fast delivery to the factories that actually use the product.
Workshops, not just catalogues - customer engagement runs through hands-on technical demonstrations, exhibitions like the Knit Show in Tirupur, and seminars where the company’s technical team shows printers how to use new products on their own equipment, which builds loyalty in a market where application know-how is as important as the chemical itself.

2. Wood coating polymers: the second leg, riding the same rails

A growing line of 70 water-based wood coatings that replace smelly, solvent-heavy furniture lacquers - sold to the same distribution network, with the same sustainability pitch, but aimed at a market currently dominated by large paint companies.

A furniture finish that can take boiling water - the coatings use acrylic, polyurethane, and polyester resins to deliver durability that matches solvent-based finishes, including 100% hot boiling water resistance, which makes them suitable for kitchen cabinets and high-end furniture where heat and moisture are daily realities.
The green label for indoor air - the wood coatings hold GREENGUARD certification for low chemical emissions, on top of the company’s broader sustainability certifications, so a school, hospital, or hotel specifying low-VOC interiors has a documented reason to choose this product over conventional alternatives.
Piggybacking on the textile network - the same branch offices, warehouses, and dealer relationships that serve textile customers also stock and sell wood coatings, which means the company can enter a new market without building a separate sales force from scratch.
Targeting niche, not mass - the company positions itself as a “niche local player” in the mid-premium segment, deliberately avoiding a head-on clash with giants like Asian Paints and Berger; instead it goes after custom furniture makers, modular-kitchen OEMs, and handicraft exporters, including a direct push to Jodhpur’s furniture-export cluster through a sponsored event with around 300 exporters.
A deliberate rebalancing act - management expects the revenue mix between textile and wood coatings to shift from roughly 75:25 toward 50:50 over time, signalling that wood coatings are not a side project but a second platform being built to roughly the same size as the first.

In-house manufacturing: the plant that feeds both segments

A single, newly built factory in Vadodara makes the binder and glue that both the textile and wood-coating businesses used to import - capturing margin that previously went to the supplier, and opening a new revenue stream by selling those same chemicals to third-party industries.

Built with the partner’s recipe - a Technology Transfer Agreement with Silkflex Malaysia, signed in July 2023, handed over the full rights and know-how to produce Silkbond 35 and binder for table glue products in India, so the company is not reverse-engineering anything; it is making the exact same inputs it used to buy.
Zero-carbon, boiler-less, and rare - the 72,000 sq. ft. plant on 10 acres runs without a boiler, an unusual setup in textile chemicals that cuts emissions and improves safety, and it operates as a zero-discharge unit with its own effluent and sewage treatment plants handling 25,000 litres per day.
The margin jump is structural - the manufacturing business earns a gross margin of roughly 30-35% and an EBITDA margin of about 20-25%, compared to approximately 12-15% for the trading business, because the company is now selling a product it makes rather than one it buys and resells.
Same customers, lower price - once production started in November 2025, the company began selling the manufactured binder and glue to the very same textile and wood-coating customers it had always served through trading, and those customers expected a price benefit because the product performance is identical to what they bought before.
Machinery that crosses categories - the equipment installed for textile binders can also produce some wood-coating inputs, and the company’s R&D is working on binders for construction and paints, so the plant’s 500-metric-ton-per-month capacity - running at about 60% in its first year - has headroom to grow into adjacent markets without a full retooling.

Group structure and partners

The company is a standalone Indian entity with no subsidiaries, whose entire product identity and manufacturing capability depend on a single Malaysian partner that has granted it exclusive Indian rights across distribution and technology.

One partner, three agreements - Silkflex Polymers SDN BHD of Malaysia, a garment-ink manufacturer that sells globally through authorised agents, signed a distribution agreement for textile inks in 2016, a second for wood coatings in 2019, and a technology transfer agreement in 2023, together giving the Indian company exclusive brand rights and the ability to manufacture.
The promoter’s prior life - the Chairman and Managing Director, Mr. Tushar Sanghavi, ran a proprietorship called M/s Judex Techno trading textile printing ink since 2005, and a current Non-Executive Director spent about a decade as its marketing head, so the company’s leadership arrived with deep, pre-existing customer relationships in the exact industry it serves.
Lean and flat - the company had 31 employees as of March 2025, with only two Key Managerial Personnel - the Chairman and Managing Director, and a Whole-time Director who also serves as CFO - reflecting a structure where a small team runs a national distribution and manufacturing operation.

Quick Ratios

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Cash Flow

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Quarterly Results

Profit & Loss

Balance Sheet

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Ratios

Peer Comparison

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Mkt Cap

Market Capitalization

₹302Cr

Close Price

₹260.00

Industry

Trading

Price To Earnings

24.88

Price To Sales

2.74

Revenue

₹110Cr

Rev Gr TTM

Revenue Growth TTM

—

PAT Gr TTM

PAT Growth TTM

—

Upcoming Results on

26 Oct 2026

Standalone

Numbers

Percentage

Quarter	Dec 2024	Mar 2025	Sep 2025	Dec 2025	Mar 2026
Revenue RevenueCr	32	13	19	34	39
Growth YoY Revenue Growth YoY%				5.4	199.8
Expenses ExpensesCr	29	10	16	26	30
Operating Profit Operating ProfitCr	3	3	3	7	9
OPM OPM%	9.7	21.3	15.0	21.2	23.1
Other Income Other IncomeCr	0	0	0	0	0
Interest Expense Interest ExpenseCr	1	1	1	1	2
Depreciation DepreciationCr	0	0	0	1	1
PBT PBTCr	2	2	2	6	6
Tax TaxCr	1	1	1	1	2
PAT PATCr	2	1	2	4	5
Growth YoY PAT Growth YoY%				117.1	235.3
NPM NPM%	5.9	10.7	9.2	12.1	11.9
EPS EPS₹	1.7	1.3	1.5	3.5	4.0

Quarter	Dec 2024	Mar 2025	Sep 2025	Dec 2025	Mar 2026
Revenue RevenueCr	32	13	19	34	39
Growth YoY Revenue Growth YoY%				5.4	199.8
Expenses ExpensesCr	29	10	16	26	30
Operating Profit Operating ProfitCr	3	3	3	7	9
OPM OPM%	9.7	21.3	15.0	21.2	23.1
Other Income Other IncomeCr	0	0	0	0	0
Interest Expense Interest ExpenseCr	1	1	1	1	2
Depreciation DepreciationCr	0	0	0	1	1
PBT PBTCr	2	2	2	6	6
Tax TaxCr	1	1	1	1	2
PAT PATCr	2	1	2	4	5
Growth YoY PAT Growth YoY%				117.1	235.3
NPM NPM%	5.9	10.7	9.2	12.1	11.9
EPS EPS₹	1.7	1.3	1.5	3.5	4.0

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	21	21	28	44	50	80	110
Growth Revenue Growth%		1.1	34.1	59.2	13.4	59.2	37.8
Expenses ExpensesCr	20	20	26	42	43	68	88
Operating Profit Operating ProfitCr	1	1	2	2	7	12	22
OPM OPM%	4.0	6.0	5.9	5.4	14.1	14.5	19.7
Other Income Other IncomeCr	0	0	0	0	0	1	1
Interest Expense Interest ExpenseCr	0	1	1	1	2	2	4
Depreciation DepreciationCr	0	0	0	0	0	0	2
PBT PBTCr	0	1	1	1	5	9	16
Tax TaxCr	0	0	0	0	1	2	4
PAT PATCr	0	0	1	1	4	7	12
Growth PAT Growth%		30.2	51.3	21.0	373.3	78.2	73.6
NPM NPM%	1.7	2.2	2.5	1.9	7.8	8.8	11.0
EPS EPS₹	2.3	0.7	0.8	3.3	4.8	6.3	10.5

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	21	21	28	44	50	80	110
Growth Revenue Growth%		1.1	34.1	59.2	13.4	59.2	37.8
Expenses ExpensesCr	20	20	26	42	43	68	88
Operating Profit Operating ProfitCr	1	1	2	2	7	12	22
OPM OPM%	4.0	6.0	5.9	5.4	14.1	14.5	19.7
Other Income Other IncomeCr	0	0	0	0	0	1	1
Interest Expense Interest ExpenseCr	0	1	1	1	2	2	4
Depreciation DepreciationCr	0	0	0	0	0	0	2
PBT PBTCr	0	1	1	1	5	9	16
Tax TaxCr	0	0	0	0	1	2	4
PAT PATCr	0	0	1	1	4	7	12
Growth PAT Growth%		30.2	51.3	21.0	373.3	78.2	73.6
NPM NPM%	1.7	2.2	2.5	1.9	7.8	8.8	11.0
EPS EPS₹	2.3	0.7	0.8	3.3	4.8	6.3	10.5

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	2	2	3	3	8	12	12
Reserves ReservesCr	1	3	5	6	4	24	36
Current Liabilities Current LiabilitiesCr	5	4	10	13	23	28	45
Non Current Liabilities Non Current LiabilitiesCr	2	4	2	2	3	19	39
Total Liabilities Total LiabilitiesCr	10	13	20	24	38	83	132
Current Assets Current AssetsCr	7	9	15	18	24	57	59
Non Current Assets Non Current AssetsCr	3	4	5	6	14	25	73
Total Assets Total AssetsCr	10	13	20	24	38	83	132

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	2	2	3	3	8	12	12
Reserves ReservesCr	1	3	5	6	4	24	36
Current Liabilities Current LiabilitiesCr	5	4	10	13	23	28	45
Non Current Liabilities Non Current LiabilitiesCr	2	4	2	2	3	19	39
Total Liabilities Total LiabilitiesCr	10	13	20	24	38	83	132
Current Assets Current AssetsCr	7	9	15	18	24	57	59
Non Current Assets Non Current AssetsCr	3	4	5	6	14	25	73
Total Assets Total AssetsCr	10	13	20	24	38	83	132

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	0	-4	-1	9	-24	29
Investing Cash Flow Investing Cash FlowCr	-2	-1	0	-1	-9	-12	-49
Financing Cash Flow Financing Cash FlowCr	2	2	5	2	0	35	22
Net Cash Flow Net Cash FlowCr	0	0	0	0	0	0	2
Free Cash Flow Free Cash FlowCr	-1	-2	-5	-2	0	-29	-28
CFO To PAT CFO To PAT%	-26.4	-37.6	-624.7	-114.6	218.4	-336.3	239.8
CFO To EBITDA CFO To EBITDA%	-11.3	-13.6	-261.0	-39.8	121.4	-202.7	134.0

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	0	-4	-1	9	-24	29
Investing Cash Flow Investing Cash FlowCr	-2	-1	0	-1	-9	-12	-49
Financing Cash Flow Financing Cash FlowCr	2	2	5	2	0	35	22
Net Cash Flow Net Cash FlowCr	0	0	0	0	0	0	2
Free Cash Flow Free Cash FlowCr	-1	-2	-5	-2	0	-29	-28
CFO To PAT CFO To PAT%	-26.4	-37.6	-624.7	-114.6	218.4	-336.3	239.8
CFO To EBITDA CFO To EBITDA%	-11.3	-13.6	-261.0	-39.8	121.4	-202.7	134.0

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr						89	120	302
Price To Earnings Price To Earnings						12.7	9.9	24.9
Price To Sales Price To Sales						1.1	1.1	2.7
Price To Book Price To Book						2.5	2.5	6.3
EV To EBITDA EV To EBITDA						10.6	8.2	16.4
Profitability Ratios Profitability Ratios
GPM GPM%	20.0	24.0	25.8	19.4	24.8	22.8	26.2	26.2
OPM OPM%	4.0	6.0	5.9	5.4	14.1	14.5	19.7	19.7
NPM NPM%	1.7	2.2	2.5	1.9	7.8	8.8	11.0	11.0
ROCE ROCE%	9.6	12.5	9.6	10.1	24.9	16.3	18.6	18.6
ROE ROE%	12.7	8.8	9.3	10.0	32.0	19.7	25.6	25.6
ROA ROA%	3.6	3.5	3.5	3.5	10.3	8.5	9.2	9.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr						89	120	302
Price To Earnings Price To Earnings						12.7	9.9	24.9
Price To Sales Price To Sales						1.1	1.1	2.7
Price To Book Price To Book						2.5	2.5	6.3
EV To EBITDA EV To EBITDA						10.6	8.2	16.4
Profitability Ratios Profitability Ratios
GPM GPM%	20.0	24.0	25.8	19.4	24.8	22.8	26.2	26.2
OPM OPM%	4.0	6.0	5.9	5.4	14.1	14.5	19.7	19.7
NPM NPM%	1.7	2.2	2.5	1.9	7.8	8.8	11.0	11.0
ROCE ROCE%	9.6	12.5	9.6	10.1	24.9	16.3	18.6	18.6
ROE ROE%	12.7	8.8	9.3	10.0	32.0	19.7	25.6	25.6
ROA ROA%	3.6	3.5	3.5	3.5	10.3	8.5	9.2	9.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	OMNITEX	BHAVIK	MONIKA	SILKFLEX	BRANDMAN	HALDER	CHEMKART
Market CapitalizationMkt CapCr	309	307	307	302	302	301	299
Close PriceClose₹	735.00	151.00	143.00	260.00	163.50	242.11	247.30
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE		33.04	9.10	24.88	10.17	9.34	14.25
Price To SalesPS	78.23	0.49	1.02	2.74	1.86	0.41	1.39
RevenueRevenueCr	4	628	301	110	162	730	215
Revenue Growth TTMRev Gr TTM%	64.6%	19.2%	27.5%			-6.6%	5.7%
PAT Growth TTMPAT Gr TTM%	-223.5%	138.4%	39.0%			66.2%	-19.8%

	OMNITEX	BHAVIK	MONIKA	SILKFLEX	BRANDMAN	HALDER	CHEMKART
Market CapitalizationMkt CapCr	309	307	307	302	302	301	299
Close PriceClose₹	735.00	151.00	143.00	260.00	163.50	242.11	247.30
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE		33.04	9.10	24.88	10.17	9.34	14.25
Price To SalesPS	78.23	0.49	1.02	2.74	1.86	0.41	1.39
RevenueRevenueCr	4	628	301	110	162	730	215
Revenue Growth TTMRev Gr TTM%	64.6%	19.2%	27.5%			-6.6%	5.7%
PAT Growth TTMPAT Gr TTM%	-223.5%	138.4%	39.0%			66.2%	-19.8%