Sati Poly Plast (SATIPOLY) is a small NSE-SME listed flexible packaging company with modest scale, thin margins, and some event-related risks; it is not a straightforward “quality compounder” at this stage.

Below is a concise, fundamentals‑focused overview.

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1. Basic snapshot

- Name: Sati Poly Plast Limited

- Exchange / Symbol: NSE SME – SATIPOLY (stockanalysis.com)

- Sector: Packaging & Containers (flexible plastic packaging) (goodreturns.in)

- Incorporated: 1999; converted from private to public company in Dec 2023, listed via SME IPO in July 2024 (indiainfoline.com)

- Shares outstanding: ~4.95 million (stockanalysis.com)

- Latest available share price: Around ₹32–33 on NSE SME in late June–early July 2026 (not live data; please check NSE/broker terminal for the exact current price). (stockanalysis.com)

Live tick-by-tick stock data is not available here.

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2. Business model & operations

- Manufactures flexible packaging materials – laminated rolls, pouches (3-side seal, stand-up zipper, flat-bottom/3D/5D), spout pouches, vacuum bags, lidding films, shrink films and co-extruded films. (stockanalysis.com)

- Serves FMCG, food & beverage, edible oils, hygiene/personal care, household, e‑commerce, agro and industrial segments, both in India and exports. (stockanalysis.com)

- Manufacturing footprint:

- Plant 1 – Gautam Budh Nagar (Noida), ~500 T/month

- Plant 2 – Udyog Kendra, Noida, ~450 T/month

Total installed capacity ~950 T/month, ramped up over time from 250 T/month in 2017. (indiainfoline.com)

- Key materials: PET, BOPP, PE, CPP, foil, paper and some biodegradable films; heavily linked to crude-derived polymer prices. (ipobase.in)

- Customers: Works with names like Pidilite, Adani Wilmar, JVL and cashew processors (vacuum bags), indicating some established relationships but also concentration risk. (indiainfoline.com)

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3. Recent financial snapshot (Standalone)

(All numbers approx., ₹ in lakh, FY = year ended 31 March)

From the audited FY26 results filed with NSE: (nsearchives.nseindia.com)

- Revenue from operations

- FY26: ~₹27,332 lakh (~₹273 cr)

- FY25: ~₹30,186 lakh (~₹302 cr)

→ YoY revenue decline ~9–10%

- Total income

- FY26: ~₹27,388 lakh

- FY25: ~₹30,190 lakh

- Net profit (PAT)

- FY26: ₹345.32 lakh

- FY25: ₹1,055.46 lakh

→ Reported profit is down sharply, partly because FY25 had significant one‑offs/exceptional items (including effects related to a 2025 fire incident and related accounting). (nsearchives.nseindia.com)

- EPS (₹, face value ₹10)

- FY26: ~₹6.98

- FY25: ~₹21.34 (nsearchives.nseindia.com)

- Margins (TTM/approx)

- Gross margin: ~16%

- Operating margin: ~4%

- Net profit margin: ~2–2.5% (TTM) – structurally thin margins. (stockanalysis.com)

- Balance sheet (31 Mar 2026) (nsearchives.nseindia.com)

- Equity (share capital + reserves): ~₹1,962 lakh (~₹19.6 cr)

- Total debt (long + short-term): ~₹1,207 lakh (~₹12.1 cr) → Debt/Equity ≈ 0.6x

- Current ratio ≈ 1.6x; quick ratio ~0.7x (working-capital-heavy business). (stockanalysis.com)

- Large working capital in inventory and receivables, typical of packaging/SME manufacturing.

Trend:

- Revenue has grown strongly from FY22–FY25, but FY26 saw volume/pricing pressure and event impact, leading to revenue decline and profit compression. (stockanalysis.com)

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4. Valuation context (indicative, not a recommendation)

Based on external data aggregators (using trailing 12‑month numbers and earlier, higher price levels): (stockanalysis.com)

- At past prices around ₹80–90, the stock traded at ~5–6x trailing P/E, ~1.4–1.5x P/B, and EV/EBITDA ~4–5x.

- With the latest reported price in the low ₹30s, current headline valuation multiples would now be lower (assuming earnings stay similar).

- Leverage is moderate (D/E ~0.5–0.6x) with an interest coverage around 4–5x – acceptable but not “debt‑free”. (stockanalysis.com)

These are just descriptive numbers, not any view on whether the stock is cheap or expensive — that depends on your risk appetite, time horizon and comparison with peers.

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5. Key positives

1. Growing end markets

- Flexible packaging demand in FMCG, food, oils, e‑commerce and pharma is structurally rising with retail penetration and branding. Sati directly services these segments. (satipolyplast.in)

2. Reasonable scale in SME context

- Installed capacity of ~950 T/month, two plants in Noida, and exports to multiple countries gives it more scale than a typical micro job‑work unit. (indiainfoline.com)

3. Customer profile and certifications

- Works with known brands and offers ISO‑certified, food‑grade/pharma‑grade and sustainable packaging options (including recyclable mono-material and compostable solutions), which help in maintaining relationships and meeting EPR norms. (in.linkedin.com)

4. Valuation & profitability improvement (from lower base)

- Despite FY26 profit drop vs FY25, the latest numbers still show it as overall profitable, with positive operating cash flow over the last 12 months (though free cash flow is negative due to capex/working capital). (nsearchives.nseindia.com)

- Valuations, on paper, look low because the market is discounting its size, event risks and volatility.

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6. Key risks & what to monitor

1. Event risk – fire incident / insurance claim

- There was a significant fire incident around Feb 2025; related exceptional impacts are visible in FY25 numbers, and the final insurance settlement is still pending as per recent coverage. Outcome could meaningfully swing profitability and balance sheet in FY27 (positive if settlement is higher, negative if lower or delayed). (scanx.trade)

2. Thin margins and raw material volatility

- Operating and net margins are low single digits. Any shift in polymer prices, inability to pass on cost increases, or loss of key accounts can quickly erode profits. (stockanalysis.com)

3. SME listing risks

- Low free float (high promoter holding) and SME platform listing mean illiquidity, higher volatility, wider bid‑ask spreads and potentially sharp price swings on low volumes. (stockanalysis.com)

4. Working capital intensity

- High inventories and receivables tie up cash; any delay in collections or need to hold higher stock can stress cash flows, especially in a downcycle. (nsearchives.nseindia.com)

5. Customer and sector concentration

- While marquee clients are a positive, dependence on a limited set of large customers and on a narrow product segment (flexible plastic packaging) exposes the company to order volatility and regulatory shifts (e.g., stricter plastic norms). (ipobase.in)

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7. How an investor might approach it (example framework)

This is not investment advice, just an example checklist if you study Sati Poly Plast further:

- Compare margins, ROCE, and leverage vs other listed packaging SMEs.

- Track FY27 earnings closely for:

- Normalised profitability post‑fire incident

- Status and quantum of insurance claim realisation

- Whether revenue returns to growth (vs FY26 decline).

- Check order book, client concentration and new customer adds, especially in higher‑margin value‑added packaging.

- Review corporate governance and related‑party transactions through annual reports and SME disclosure documents.

- Because of SME liquidity risk, assume that entry and exit may be difficult at your desired price/size; position sizing and time horizon become critical.

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