Jindal Poly Films Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Jindal Poly Films Ltd trades at ₹659, in a confirmed uptrend and 18 weeks into that stage. That is +1.8% against its own 200-day average. It sits at 48% of a 52-week range of ₹385 to ₹957. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (9 weeks and counting).

Today the stock is in a confirmed uptrend — week 18 of stage 2, confirmed. At ₹659 it trades +1.8% versus its 200-day average and sits at 48% of its 52-week range (₹385–₹957).

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +68% while the NIFTY 500 moved +272% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (9 weeks and counting; last ahead the week of 2026-06-10) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 90th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Jindal Poly Films Ltd trades at 24.4× P/E, at the pricey end of its own range (90th percentile). Its long-run median P/E is 5.1×, measured across 9.8 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 24.4× is at the pricey end of its own range (90th percentile), against a long-run median of 5.1× measured over 9.8 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +53.6% against a +6.3% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the −8.0%/yr price move, ~−32.9%/yr came from earnings growth and ~+24.9 pp from the multiple (expanding); over 10y, of the +5.0%/yr price move, ~−16.2%/yr came from earnings growth and ~+21.2 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Deteriorating Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Jindal Poly Films Ltd reads as deteriorating on its fundamental arc. Deteriorating — revenue and EPS growth are shrinking (revenue growth −32.7% latest against +26.7% at its 12-quarter best), ROCE lifting at 6.9%. The read is built from 12 quarters across 4 curves, on full evidence.

🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.

The latest quarter’s profit carries a one-off item larger than the operating base, so the profit curve is shown but does not vote in the stage call.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

33.5/100 — rank 5 of 5 in Packaging - BOPP · 70% evidence confidence

Jindal Poly Films Ltd scores 33.5 out of 100 against the 5 companies it is compared with in Packaging - BOPP, ranking 5. Price leads the evidence: RS versus the benchmark is 7.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

The four contributions add to the total exactly: 2.4 + 4.9 + 10 + 16.2 = 33.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Jindal Poly Films Ltd reported ₹372 Cr of revenue in the Dec 25 quarter, −68.6% year on year. Over 10 years it has compounded at −3.4% a year. The last full year, FY25, came in at ₹5,335 Cr. The last four reported quarters add to ₹3,116 Cr.

Jindal Poly Films Ltd reported ₹372 Cr of revenue in the Dec 25 quarter, −68.6% year on year. Over 10 years it has compounded at −3.4% a year. The last full year, FY25, came in at ₹5,335 Cr. The last four reported quarters add to ₹3,116 Cr.

FY25 revenue came in at ₹5,335 Cr (+35.9% on the year), capping 10 years at −3.4% compound. The latest quarter (Dec 25) printed ₹372 Cr, −68.6% year on year.

Pace check: the last four quarters averaged −31.6% growth against the decade's −3.4% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −32.7% over the last 4 quarters against −7.7%/yr over the last 8 — rolling over.

→ Revenue slipped — did margins hold as it scaled? Next: −21.0% this quarter (−27.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Jindal Poly Films Ltd's operating margin is −21.0% in the Dec 25 quarter, −27.0 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 0.0% to 27.0%. The current quarter is running below every full year in that window.

Jindal Poly Films Ltd's operating margin is −21.0% in the Dec 25 quarter, −27.0 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 0.0% to 27.0%. The current quarter is running below every full year in that window.

The latest quarter's operating margin is −21.0%, −27.0 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 0.0%–27.0%.

🚨 Why the margin moved: operating margin went −27.2 pp year on year while gross margin went +0.1 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

→ Margins slipped — did that reach the bottom line? Next: profit −2,525.0% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Jindal Poly Films Ltd posted a net loss of ₹97.0 Cr in the Dec 25 quarter. Full-year FY25 profit was ₹110 Cr. The 10-year compound rate is −4.9%. That loss is 26.1% of the quarter's revenue. The same quarter a year earlier earned ₹4.0 Cr. 6 of the last 12 reported quarters were loss-making.

Jindal Poly Films Ltd posted a net loss of ₹97.0 Cr in the Dec 25 quarter. Full-year FY25 profit was ₹110 Cr. The 10-year compound rate is −4.9%. That loss is 26.1% of the quarter's revenue. The same quarter a year earlier earned ₹4.0 Cr. 6 of the last 12 reported quarters were loss-making.

Dec 25 profit was ₹−97.0 Cr, −2,525.0% year on year. On the full year, FY25 printed ₹110 Cr (+52.8%), and the 10-year compound rate is −4.9%.

🚨 Why profit moved: revenue contributed −68.6% and the margin −27.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit −904.9% vs revenue −31.6%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: −42% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −42% of Jindal Poly Films Ltd's reported profit arrived as operating cash — a gap worth watching. In FY25 that was ₹222 Cr of operating cash against ₹110 Cr of profit. After ₹231 Cr of capital spending, ₹−9.0 Cr was left as free cash.

FY25: operating cash of ₹222 Cr against reported profit of ₹110 Cr, leaving free cash of ₹−9.0 Cr after ₹231 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −42% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at −42%: the cash cycle stretched 21 days between FY20 and FY25 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 21 days — the next section's job is to find where the cash is stuck.

→ So follow the cash to where it goes. Next: the 90-day cycle, in money terms.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Jindal Poly Films Ltd's cash conversion cycle runs 90 days in FY25, up from 69 days in FY20. Capital spending ran ₹1,332 Cr over the last 3 years. At FY25 sales of ₹5,335 Cr each day of that cycle holds about ₹14.6 Cr, so roughly ₹1,315 Cr sits inside the business at any moment.

FY25: debtors at 28 days, inventory at 112 days — roughly 3.7 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 90 days, looser than FY20's 69.

The full loop: cash goes out to suppliers and production on day 0; stock waits 112 days to sell; customers pay about 28 days after that; and suppliers themselves are paid at 50 days — netting out to the 90-day cycle.

In money terms: at FY25 sales of ₹5,335 Cr, each day of the cycle holds about ₹14.6 Cr — so the 90-day loop keeps roughly ₹1,315 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹1,332 Cr over the last 3 fiscal years against ₹611 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹302 Cr (FY25) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 5% and the ROIC − WACC spread is −14.9 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Jindal Poly Films Ltd earns a ROCE of 5% in FY25. That is up from a trough of 3% in FY24. Return on invested capital clears the cost of that capital by −14.9 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 2.1% net margin on 0.49× asset turns.

FY25 ROCE is 5%, recovered from a FY24 trough of 3% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY25): 2.1% net margin × 0.49× asset turns × 2.62× balance-sheet leverage ≈ 2.7% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: −2.9% − 12.0% = a −14.9 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 1.07.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Jindal Poly Films Ltd carries total debt of ₹3,444 Cr against shareholder equity of ₹4,076 Cr as of Dec 25, a debt-to-equity of 0.84. On the annual view that ratio went from 0.35 in FY21 to 1.07 in FY25. Read the returns elsewhere on this page with that leverage in mind.

Dec 25: total debt of ₹3,444 Cr against shareholder equity of ₹4,076 Cr — a debt-to-equity of 0.84. On the annual view, debt-to-equity went from 0.35 (FY21) to 1.07 (FY25). Read the returns on this page with that leverage in mind.

→ Who owns this, and are they adding or leaving? Next: Foreign institutions cut 1.0 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions cut 1.0 points of Jindal Poly Films Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 1.9% of the company. Promoters moved +0.0 points over the same window, to 74.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −1.0 points over 8 quarters to 1.9%; Promoters: +0.0 points over 8 quarters to 74.5%; Domestic institutions: +0.0 points over 8 quarters to 0.0%.

🚨 Why the register moved: foreign institutions drove it (−1.0 points) — distribution into the market’s bid.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Jindal Poly Films Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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