# Packaging - BOPP — company-by-company sector analysis

> Packaging - BOPP: Uflex Ltd owns the largest revenue base; Cosmo First Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Packaging - BOPP has underperformed NIFTY 500 by 10.3% over 52 weeks and 14.5% over 13 weeks. 5 of 5 covered companies beat NIFTY on Mansfield relative strength, while 1 of 5 beat the sector itself. Uflex Ltd leads with revenue of ₹15,401 crore, based on 5 of 5 comparable companies through Mar 2026.

### Is the Packaging - BOPP sector outperforming NIFTY 500?

Packaging - BOPP has underperformed NIFTY 500 by 10.3% over 52 weeks and 14.5% over 13 weeks. 5 of 5 covered companies beat NIFTY on Mansfield relative strength, while 1 of 5 beat the sector itself.

### Which Packaging - BOPP company is largest by revenue?

Uflex Ltd leads with revenue of ₹15,401 crore, based on 5 of 5 comparable companies through Mar 2026.

### Which Packaging - BOPP company is growing fastest?

Cosmo First Ltd has the fastest current revenue growth at 25.7%, across 5 of 5 comparable companies.

### Which Packaging - BOPP company has the strongest 4-Factor Sector Score?

Nahar Polyfilms Ltd ranks first at 68.6/100 with 71% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Packaging - BOPP company has the least gross debt?

Nahar Polyfilms Ltd has the lowest comparable gross debt at ₹79 crore. Uflex Ltd has the highest at ₹10,152 crore.

### Which Packaging - BOPP company has the lowest comparable PEG?

Uflex Ltd has the lowest comparable Guarded PEG at 0.69, among 1 of 5 companies that pass the metric’s comparability rules.

### How much history does this Packaging - BOPP comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Packaging - BOPP has underperformed NIFTY 500 by 10.3% over the last 52 weeks. Over 13 weeks the gap is a lead of 14.5%. 5 of 5 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Jindal Poly Films Ltd is the strongest against the sector itself at +67.5%.

13-week sector return versus NIFTY 500: 15%
52-week sector return versus NIFTY 500: -10%
Stocks leading NIFTY: 5/5
Stocks leading sector: 1/5

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 5
Combined market value: ₹12.8K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Nahar Polyfilms Ltd (NAHARPOLY): 69/100 — Favorable setup; evidence 71%
   - Growth & earnings 30.6/35 | Capital efficiency 18.1/25 | Valuation 10.0/20 | Relative strength 9.9/20
   - Exact sum: 30.6 + 18.1 + 10 + 9.9 = 68.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Cosmo First Ltd (COSMOFIRST): 58/100 — Mixed-positive evidence; evidence 78%
   - Growth & earnings 26.3/35 | Capital efficiency 15.3/25 | Valuation 8.1/20 | Relative strength 8.7/20
   - Exact sum: 26.3 + 15.3 + 8.1 + 8.7 = 58.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Uflex Ltd (UFLEX): 47/100 — Mixed-negative evidence; evidence 84%
   - Growth & earnings 20.5/35 | Capital efficiency 7.5/25 | Valuation 15.0/20 | Relative strength 4.1/20
   - Exact sum: 20.5 + 7.5 + 15 + 4.1 = 47.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Polyplex Corporation Ltd (POLYPLEX): 43/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 13.0/35 | Capital efficiency 9.1/25 | Valuation 10.0/20 | Relative strength 10.9/20
   - Exact sum: 13 + 9.1 + 10 + 10.9 = 43
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. Jindal Poly Films Ltd (JINDALPOLY): 33/100 — Adverse evidence; evidence 70%
   - Growth & earnings 2.4/35 | Capital efficiency 4.9/25 | Valuation 10.0/20 | Relative strength 15.4/20
   - Exact sum: 2.4 + 4.9 + 10 + 15.4 = 32.7
   - Decision use: Price leads the evidence: RS versus the benchmark is 5.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

## Revenue Scale & Growth Durability

What the numbers say: Uflex Ltd is the scale leader at ₹15,401 crore, 117.3% ahead of Polyplex Corporation Ltd. Cosmo First Ltd's growth is 25.7% from a ₹3,639 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Uflex Ltd is the scale benchmark; Cosmo First Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Uflex Ltd's growth falls below Cosmo First Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Uflex Ltd · ₹15,401 crore | 117.3% versus #2 · Polyplex Corporation Ltd | 6/8 recent comparable periods | 5/5 companies · 81 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Uflex Ltd (UFLEX): ₹15.4K Cr
2. Polyplex Corporation Ltd (POLYPLEX): ₹7.1K Cr
3. Cosmo First Ltd (COSMOFIRST): ₹3.6K Cr
4. Jindal Poly Films Ltd (JINDALPOLY): ₹3.1K Cr
5. Nahar Polyfilms Ltd (NAHARPOLY): ₹704 Cr

### Revenue growth — fastest growers
1. Cosmo First Ltd (COSMOFIRST): 26%
2. Nahar Polyfilms Ltd (NAHARPOLY): 5.6%
3. Polyplex Corporation Ltd (POLYPLEX): 2.9%
4. Uflex Ltd (UFLEX): 2.4%
5. Jindal Poly Films Ltd (JINDALPOLY): -33%

### 20-quarter Revenue history
- POLYPLEX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.9K Cr
- UFLEX: Jun 2021 ₹2.8K Cr | Sep 2021 ₹3.0K Cr | Dec 2021 ₹3.5K Cr | Mar 2022 ₹4.0K Cr | Jun 2022 ₹4.0K Cr | Sep 2022 ₹3.8K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹3.4K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹3.4K Cr | Jun 2024 ₹3.7K Cr | Sep 2024 ₹3.8K Cr | Dec 2024 ₹3.7K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹3.9K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹3.6K Cr | Mar 2026 ₹4.1K Cr
- JINDALPOLY: Jun 2021 ₹1.3K Cr | Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹887 Cr | Mar 2023 ₹810 Cr | Jun 2023 ₹832 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹984 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹914 Cr | Sep 2025 ₹410 Cr | Dec 2025 ₹372 Cr | Mar 2026 —
- COSMOFIRST: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹730 Cr | Mar 2023 ₹715 Cr | Jun 2023 ₹658 Cr | Sep 2023 ₹664 Cr | Dec 2023 ₹625 Cr | Mar 2024 ₹641 Cr | Jun 2024 ₹690 Cr | Sep 2024 ₹759 Cr | Dec 2024 ₹701 Cr | Mar 2025 ₹746 Cr | Jun 2025 ₹800 Cr | Sep 2025 ₹919 Cr | Dec 2025 ₹899 Cr | Mar 2026 ₹1.0K Cr
- NAHARPOLY: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹160 Cr | Mar 2023 ₹149 Cr | Jun 2023 ₹156 Cr | Sep 2023 ₹137 Cr | Dec 2023 ₹154 Cr | Mar 2024 ₹153 Cr | Jun 2024 ₹168 Cr | Sep 2024 ₹169 Cr | Dec 2024 ₹173 Cr | Mar 2025 ₹157 Cr | Jun 2025 ₹197 Cr | Sep 2025 ₹172 Cr | Dec 2025 ₹167 Cr | Mar 2026 ₹168 Cr

### 20-quarter Revenue growth history
- POLYPLEX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -20% | Mar 2024 0.7% | Jun 2024 8.0% | Sep 2024 11% | Dec 2024 15% | Mar 2025 3.6% | Jun 2025 3.1% | Sep 2025 3.2% | Dec 2025 -2.3% | Mar 2026 7.5%
- UFLEX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 47% | Sep 2022 27% | Dec 2022 0.3% | Mar 2023 -15% | Jun 2023 -19% | Sep 2023 -12% | Dec 2023 -5.0% | Mar 2024 1.4% | Jun 2024 12% | Sep 2024 14% | Dec 2024 13% | Mar 2025 11% | Jun 2025 6.8% | Sep 2025 -0.0% | Dec 2025 -3.3% | Mar 2026 6.4%
- JINDALPOLY: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 50% | Jun 2022 19% | Sep 2022 -2.9% | Dec 2022 -35% | Mar 2023 -53% | Jun 2023 -48% | Sep 2023 -27% | Dec 2023 11% | Mar 2024 33% | Jun 2024 48% | Sep 2024 9.8% | Dec 2024 21% | Mar 2025 32% | Jun 2025 -26% | Sep 2025 -64% | Dec 2025 -69% | Mar 2026 —
- COSMOFIRST: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -14% | Mar 2024 -10% | Jun 2024 4.9% | Sep 2024 14% | Dec 2024 12% | Mar 2025 16% | Jun 2025 16% | Sep 2025 21% | Dec 2025 28% | Mar 2026 37%
- NAHARPOLY: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -3.8% | Mar 2024 2.7% | Jun 2024 7.7% | Sep 2024 23% | Dec 2024 12% | Mar 2025 2.6% | Jun 2025 17% | Sep 2025 1.8% | Dec 2025 -3.5% | Mar 2026 7.0%

## Operating Economics & Margin Trend

What the numbers say: Nahar Polyfilms Ltd leads both opm at 19% and margin change at +4 percentage points.

Investor read: Nahar Polyfilms Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Nahar Polyfilms Ltd · 19% | 35.7% versus #2 · Uflex Ltd | 8/8 recent comparable periods | 5/5 companies · 99 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Nahar Polyfilms Ltd (NAHARPOLY): 19%
2. Uflex Ltd (UFLEX): 14%
3. Cosmo First Ltd (COSMOFIRST): 12%
4. Polyplex Corporation Ltd (POLYPLEX): 5.0%
5. Jindal Poly Films Ltd (JINDALPOLY): -21%

### Margin change — fastest expanders
1. Nahar Polyfilms Ltd (NAHARPOLY): +4.0 pp
2. Cosmo First Ltd (COSMOFIRST): +3.0 pp
3. Uflex Ltd (UFLEX): +3.0 pp
4. Polyplex Corporation Ltd (POLYPLEX): +1.0 pp
5. Jindal Poly Films Ltd (JINDALPOLY): −27.0 pp

### 20-quarter OPM history
- POLYPLEX: Jun 2021 19% | Sep 2021 17% | Dec 2021 20% | Mar 2022 20% | Jun 2022 18% | Sep 2022 12% | Dec 2022 6.0% | Mar 2023 3.0% | Jun 2023 4.0% | Sep 2023 8.0% | Dec 2023 3.0% | Mar 2024 6.0% | Jun 2024 10% | Sep 2024 11% | Dec 2024 7.0% | Mar 2025 4.0% | Jun 2025 0.0% | Sep 2025 6.0% | Dec 2025 6.0% | Mar 2026 5.0%
- UFLEX: Jun 2021 18% | Sep 2021 14% | Dec 2021 18% | Mar 2022 17% | Jun 2022 18% | Sep 2022 11% | Dec 2022 8.0% | Mar 2023 11% | Jun 2023 9.0% | Sep 2023 11% | Dec 2023 10% | Mar 2024 11% | Jun 2024 11% | Sep 2024 10% | Dec 2024 12% | Mar 2025 11% | Jun 2025 12% | Sep 2025 10% | Dec 2025 12% | Mar 2026 14%
- JINDALPOLY: Jun 2021 24% | Sep 2021 22% | Dec 2021 23% | Mar 2022 26% | Jun 2022 23% | Sep 2022 3.1% | Dec 2022 -9.0% | Mar 2023 3.0% | Jun 2023 2.0% | Sep 2023 2.0% | Dec 2023 -3.0% | Mar 2024 -1.0% | Jun 2024 3.0% | Sep 2024 6.0% | Dec 2024 6.0% | Mar 2025 4.0% | Jun 2025 2.0% | Sep 2025 3.0% | Dec 2025 -21% | Mar 2026 —
- COSMOFIRST: Jun 2021 19% | Sep 2021 19% | Dec 2021 19% | Mar 2022 18% | Jun 2022 17% | Sep 2022 15% | Dec 2022 9.0% | Mar 2023 9.0% | Jun 2023 5.0% | Sep 2023 9.0% | Dec 2023 7.0% | Mar 2024 7.0% | Jun 2024 10% | Sep 2024 11% | Dec 2024 9.0% | Mar 2025 9.0% | Jun 2025 11% | Sep 2025 11% | Dec 2025 8.0% | Mar 2026 12%
- NAHARPOLY: Jun 2021 20% | Sep 2021 21% | Dec 2021 25% | Mar 2022 29% | Jun 2022 19% | Sep 2022 8.2% | Dec 2022 7.0% | Mar 2023 8.0% | Jun 2023 2.0% | Sep 2023 12% | Dec 2023 0.0% | Mar 2024 1.0% | Jun 2024 9.0% | Sep 2024 13% | Dec 2024 9.0% | Mar 2025 15% | Jun 2025 14% | Sep 2025 16% | Dec 2025 12% | Mar 2026 19%

### 20-quarter Margin change history
- POLYPLEX: Jun 2021 −7.9 pp | Sep 2021 +1.9 pp | Dec 2021 −6.7 pp | Mar 2022 −0.3 pp | Jun 2022 −1.3 pp | Sep 2022 −5.1 pp | Dec 2022 −13.9 pp | Mar 2023 −17.1 pp | Jun 2023 −13.7 pp | Sep 2023 −3.6 pp | Dec 2023 −3.0 pp | Mar 2024 +3.0 pp | Jun 2024 +6.0 pp | Sep 2024 +3.0 pp | Dec 2024 +4.0 pp | Mar 2025 −2.0 pp | Jun 2025 −10.0 pp | Sep 2025 −5.0 pp | Dec 2025 −1.0 pp | Mar 2026 +1.0 pp
- UFLEX: Jun 2021 −2.8 pp | Sep 2021 −7.2 pp | Dec 2021 −2.0 pp | Mar 2022 −3.1 pp | Jun 2022 −0.4 pp | Sep 2022 −2.8 pp | Dec 2022 −9.6 pp | Mar 2023 −5.8 pp | Jun 2023 −8.6 pp | Sep 2023 +0.1 pp | Dec 2023 +2.0 pp | Mar 2024 0.0 pp | Jun 2024 +2.0 pp | Sep 2024 −1.0 pp | Dec 2024 +2.0 pp | Mar 2025 0.0 pp | Jun 2025 +1.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 +3.0 pp
- JINDALPOLY: Jun 2021 −3.4 pp | Sep 2021 −9.1 pp | Dec 2021 −5.3 pp | Mar 2022 +5.1 pp | Jun 2022 −1.0 pp | Sep 2022 −18.9 pp | Dec 2022 −32.1 pp | Mar 2023 −23.3 pp | Jun 2023 −21.4 pp | Sep 2023 −1.1 pp | Dec 2023 +6.0 pp | Mar 2024 −4.0 pp | Jun 2024 +1.0 pp | Sep 2024 +4.0 pp | Dec 2024 +9.0 pp | Mar 2025 +5.0 pp | Jun 2025 −1.0 pp | Sep 2025 −3.0 pp | Dec 2025 −27.0 pp | Mar 2026 —
- COSMOFIRST: Jun 2021 +1.0 pp | Sep 2021 +2.6 pp | Dec 2021 +2.1 pp | Mar 2022 +0.9 pp | Jun 2022 −2.2 pp | Sep 2022 −4.5 pp | Dec 2022 −10.2 pp | Mar 2023 −8.7 pp | Jun 2023 −12.0 pp | Sep 2023 −5.5 pp | Dec 2023 −2.0 pp | Mar 2024 −2.0 pp | Jun 2024 +5.0 pp | Sep 2024 +2.0 pp | Dec 2024 +2.0 pp | Mar 2025 +2.0 pp | Jun 2025 +1.0 pp | Sep 2025 0.0 pp | Dec 2025 −1.0 pp | Mar 2026 +3.0 pp
- NAHARPOLY: Jun 2021 −2.3 pp | Sep 2021 +1.1 pp | Dec 2021 +1.7 pp | Mar 2022 +7.7 pp | Jun 2022 −0.8 pp | Sep 2022 −12.7 pp | Dec 2022 −18.3 pp | Mar 2023 −20.6 pp | Jun 2023 −17.2 pp | Sep 2023 +3.8 pp | Dec 2023 −7.0 pp | Mar 2024 −7.0 pp | Jun 2024 +7.0 pp | Sep 2024 +1.0 pp | Dec 2024 +9.0 pp | Mar 2025 +14.0 pp | Jun 2025 +5.0 pp | Sep 2025 +3.0 pp | Dec 2025 +3.0 pp | Mar 2026 +4.0 pp

## Profit Scale & Acceleration

What the numbers say: Uflex Ltd leads with ₹317 crore of TTM profit, 101.9% above Cosmo First Ltd. Uflex Ltd shows ≥100% on the scoring scale (121.7% uncapped) growth from a ₹317 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Uflex Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Uflex Ltd · ₹317 crore | 101.9% versus #2 · Cosmo First Ltd | 2/8 recent comparable periods | 5/5 companies · 81 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Uflex Ltd (UFLEX): ₹317 Cr
2. Cosmo First Ltd (COSMOFIRST): ₹157 Cr
3. Nahar Polyfilms Ltd (NAHARPOLY): ₹78 Cr
4. Polyplex Corporation Ltd (POLYPLEX): ₹42 Cr
5. Jindal Poly Films Ltd (JINDALPOLY): ₹-253 Cr

### Profit growth — fastest growers
1. Uflex Ltd (UFLEX): 100%
2. Nahar Polyfilms Ltd (NAHARPOLY): 66%
3. Cosmo First Ltd (COSMOFIRST): 17%
4. Jindal Poly Films Ltd (JINDALPOLY): -80%

### 20-quarter Net profit history
- POLYPLEX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹84 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹-10 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹31 Cr | Jun 2024 ₹97 Cr | Sep 2024 ₹164 Cr | Dec 2024 ₹105 Cr | Mar 2025 ₹-9 Cr | Jun 2025 ₹-60 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹38 Cr
- UFLEX: Jun 2021 ₹264 Cr | Sep 2021 ₹171 Cr | Dec 2021 ₹313 Cr | Mar 2022 ₹350 Cr | Jun 2022 ₹374 Cr | Sep 2022 ₹191 Cr | Dec 2022 ₹-85 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹-416 Cr | Sep 2023 ₹63 Cr | Dec 2023 ₹-67 Cr | Mar 2024 ₹-271 Cr | Jun 2024 ₹-98 Cr | Sep 2024 ₹-65 Cr | Dec 2024 ₹137 Cr | Mar 2025 ₹169 Cr | Jun 2025 ₹58 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹36 Cr | Mar 2026 ₹196 Cr
- JINDALPOLY: Jun 2021 ₹232 Cr | Sep 2021 ₹254 Cr | Dec 2021 ₹218 Cr | Mar 2022 ₹492 Cr | Jun 2022 ₹315 Cr | Sep 2022 ₹485 Cr | Dec 2022 ₹-97 Cr | Mar 2023 ₹-385 Cr | Jun 2023 ₹98 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹-19 Cr | Mar 2024 ₹-19 Cr | Jun 2024 ₹168 Cr | Sep 2024 ₹117 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹-179 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹-13 Cr | Dec 2025 ₹-97 Cr | Mar 2026 —
- COSMOFIRST: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹46 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹43 Cr | Sep 2025 ₹47 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹37 Cr
- NAHARPOLY: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹-5 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹20 Cr

### 20-quarter Profit growth history
- POLYPLEX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -80% | Mar 2024 55% | Jun 2024 — | Sep 2024 242% | Dec 2024 518% | Mar 2025 -129% | Jun 2025 -162% | Sep 2025 -79% | Dec 2025 -71% | Mar 2026 —
- UFLEX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 42% | Sep 2022 12% | Dec 2022 -127% | Mar 2023 -100% | Jun 2023 -211% | Sep 2023 -67% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -203% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -74% | Mar 2026 16%
- JINDALPOLY: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 114% | Jun 2022 36% | Sep 2022 91% | Dec 2022 -145% | Mar 2023 -178% | Jun 2023 -69% | Sep 2023 -98% | Dec 2023 — | Mar 2024 — | Jun 2024 71% | Sep 2024 875% | Dec 2024 — | Mar 2025 — | Jun 2025 -79% | Sep 2025 -111% | Dec 2025 -2,525% | Mar 2026 —
- COSMOFIRST: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -76% | Mar 2024 -53% | Jun 2024 121% | Sep 2024 109% | Dec 2024 173% | Mar 2025 80% | Jun 2025 39% | Sep 2025 2.2% | Dec 2025 0.0% | Mar 2026 37%
- NAHARPOLY: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -600% | Mar 2024 -75% | Jun 2024 — | Sep 2024 42% | Dec 2024 — | Mar 2025 1,300% | Jun 2025 125% | Sep 2025 24% | Dec 2025 138% | Mar 2026 43%

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/5 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Jindal Poly Films Ltd has the clearest covered balance-sheet capacity with ₹25 crore net cash and gross debt of ₹3,444 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Nahar Polyfilms Ltd · ₹79 crore | 91.6% versus #2 · Polyplex Corporation Ltd | Not enough history | 5/5 companies · 71 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Nahar Polyfilms Ltd (NAHARPOLY): ₹79 Cr
2. Polyplex Corporation Ltd (POLYPLEX): ₹935 Cr
3. Cosmo First Ltd (COSMOFIRST): ₹1.7K Cr
4. Jindal Poly Films Ltd (JINDALPOLY): ₹3.4K Cr
5. Uflex Ltd (UFLEX): ₹10.2K Cr

### Net debt — lowest net debt
1. Jindal Poly Films Ltd (JINDALPOLY): ₹-25 Cr
2. Cosmo First Ltd (COSMOFIRST): ₹1.3K Cr
3. Uflex Ltd (UFLEX): ₹9.1K Cr

### 20-quarter Gross debt history
- POLYPLEX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹946 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹799 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹748 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹882 Cr | Jun 2025 — | Sep 2025 ₹968 Cr | Dec 2025 — | Mar 2026 ₹935 Cr
- UFLEX: Jun 2021 ₹3.6K Cr | Sep 2021 ₹4.1K Cr | Dec 2021 ₹4.1K Cr | Mar 2022 ₹4.8K Cr | Jun 2022 ₹4.8K Cr | Sep 2022 ₹5.4K Cr | Dec 2022 ₹5.4K Cr | Mar 2023 ₹5.7K Cr | Jun 2023 ₹5.7K Cr | Sep 2023 ₹6.4K Cr | Dec 2023 ₹6.4K Cr | Mar 2024 ₹6.9K Cr | Jun 2024 ₹6.9K Cr | Sep 2024 ₹7.2K Cr | Dec 2024 ₹7.2K Cr | Mar 2025 ₹8.4K Cr | Jun 2025 ₹8.4K Cr | Sep 2025 ₹9.3K Cr | Dec 2025 ₹9.3K Cr | Mar 2026 ₹10.2K Cr
- JINDALPOLY: Jun 2021 ₹764 Cr | Sep 2021 ₹897 Cr | Dec 2021 ₹897 Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹4.3K Cr | Dec 2022 ₹4.3K Cr | Mar 2023 ₹4.1K Cr | Jun 2023 ₹4.1K Cr | Sep 2023 ₹4.4K Cr | Dec 2023 ₹4.4K Cr | Mar 2024 ₹4.5K Cr | Jun 2024 ₹4.5K Cr | Sep 2024 ₹4.3K Cr | Dec 2024 ₹4.3K Cr | Mar 2025 ₹4.4K Cr | Jun 2025 ₹4.4K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 —
- COSMOFIRST: Jun 2021 ₹760 Cr | Sep 2021 ₹857 Cr | Dec 2021 ₹857 Cr | Mar 2022 ₹818 Cr | Jun 2022 ₹818 Cr | Sep 2022 ₹864 Cr | Dec 2022 ₹864 Cr | Mar 2023 ₹932 Cr | Jun 2023 ₹932 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.7K Cr
- NAHARPOLY: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹173 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹163 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹126 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹96 Cr | Jun 2025 — | Sep 2025 ₹96 Cr | Dec 2025 — | Mar 2026 ₹79 Cr

### 20-quarter Net debt history
- UFLEX: Jun 2021 ₹3.0K Cr | Sep 2021 ₹3.5K Cr | Dec 2021 ₹3.5K Cr | Mar 2022 ₹4.2K Cr | Jun 2022 ₹4.2K Cr | Sep 2022 ₹4.6K Cr | Dec 2022 ₹4.6K Cr | Mar 2023 ₹4.6K Cr | Jun 2023 ₹4.6K Cr | Sep 2023 ₹5.0K Cr | Dec 2023 ₹5.0K Cr | Mar 2024 ₹5.8K Cr | Jun 2024 ₹5.9K Cr | Sep 2024 ₹6.1K Cr | Dec 2024 ₹6.1K Cr | Mar 2025 ₹7.2K Cr | Jun 2025 ₹7.2K Cr | Sep 2025 ₹8.2K Cr | Dec 2025 ₹8.2K Cr | Mar 2026 ₹9.1K Cr
- JINDALPOLY: Jun 2021 ₹129 Cr | Sep 2021 ₹490 Cr | Dec 2021 ₹490 Cr | Mar 2022 ₹682 Cr | Jun 2022 ₹709 Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹802 Cr | Jun 2024 ₹709 Cr | Sep 2024 ₹133 Cr | Dec 2024 ₹133 Cr | Mar 2025 ₹436 Cr | Jun 2025 ₹394 Cr | Sep 2025 ₹-25 Cr | Dec 2025 ₹-25 Cr | Mar 2026 —
- COSMOFIRST: Jun 2021 ₹449 Cr | Sep 2021 ₹407 Cr | Dec 2021 ₹407 Cr | Mar 2022 ₹324 Cr | Jun 2022 ₹324 Cr | Sep 2022 ₹395 Cr | Dec 2022 ₹395 Cr | Mar 2023 ₹489 Cr | Jun 2023 ₹489 Cr | Sep 2023 ₹550 Cr | Dec 2023 ₹550 Cr | Mar 2024 ₹641 Cr | Jun 2024 ₹641 Cr | Sep 2024 ₹767 Cr | Dec 2024 ₹767 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr

## Return On Capital Employed

What the numbers say: Cosmo First Ltd leads ROCE at 11.2%, 0.5 percentage points above Nahar Polyfilms Ltd. Nahar Polyfilms Ltd has the strongest latest improvement at +5 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Cosmo First Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Cosmo First Ltd · 11.2% | 4.7% versus #2 · Nahar Polyfilms Ltd | 6/8 recent comparable periods | 5/5 companies · 44 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Cosmo First Ltd (COSMOFIRST): 11%
2. Nahar Polyfilms Ltd (NAHARPOLY): 11%
3. Uflex Ltd (UFLEX): 7.0%
4. Jindal Poly Films Ltd (JINDALPOLY): 5.4%
5. Polyplex Corporation Ltd (POLYPLEX): 1.0%

### ROCE change — fastest improvers
1. Nahar Polyfilms Ltd (NAHARPOLY): +5.0 pp
2. Cosmo First Ltd (COSMOFIRST): +1.3 pp
3. Uflex Ltd (UFLEX): −1.0 pp
4. Polyplex Corporation Ltd (POLYPLEX): −6.0 pp
5. Jindal Poly Films Ltd (JINDALPOLY): −7.4 pp

### 20-quarter ROCE history
- UFLEX: Jun 2021 — | Sep 2021 14% | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 16% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 7.4% | Dec 2023 2.2% | Mar 2024 6.6% | Jun 2024 2.6% | Sep 2024 7.4% | Dec 2024 3.8% | Mar 2025 8.3% | Jun 2025 9.2% | Sep 2025 7.8% | Dec 2025 8.5% | Mar 2026 7.3%
- JINDALPOLY: Jun 2021 — | Sep 2021 23% | Dec 2021 — | Mar 2022 25% | Jun 2022 — | Sep 2022 13% | Dec 2022 — | Mar 2023 3.2% | Jun 2023 — | Sep 2023 -1.5% | Dec 2023 2.7% | Mar 2024 -1.7% | Jun 2024 4.3% | Sep 2024 -0.8% | Dec 2024 6.9% | Mar 2025 0.5% | Jun 2025 3.6% | Sep 2025 0.0% | Dec 2025 -0.5% | Mar 2026 —
- COSMOFIRST: Jun 2021 — | Sep 2021 27% | Dec 2021 — | Mar 2022 27% | Jun 2022 — | Sep 2022 24% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 6.3% | Dec 2023 8.0% | Mar 2024 3.9% | Jun 2024 8.4% | Sep 2024 5.5% | Dec 2024 10% | Mar 2025 6.5% | Jun 2025 11% | Sep 2025 7.0% | Dec 2025 11% | Mar 2026 7.8%

### 20-quarter ROCE change history
- UFLEX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.0 pp | Dec 2022 — | Mar 2023 −4.0 pp | Jun 2023 — | Sep 2023 −8.9 pp | Dec 2023 — | Mar 2024 −5.1 pp | Jun 2024 — | Sep 2024 0.0 pp | Dec 2024 +1.6 pp | Mar 2025 +1.7 pp | Jun 2025 +6.6 pp | Sep 2025 +0.4 pp | Dec 2025 +4.7 pp | Mar 2026 −1.0 pp
- JINDALPOLY: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −10.9 pp | Dec 2022 — | Mar 2023 −21.6 pp | Jun 2023 — | Sep 2023 −14.0 pp | Dec 2023 — | Mar 2024 −4.9 pp | Jun 2024 — | Sep 2024 +0.7 pp | Dec 2024 +4.2 pp | Mar 2025 +2.2 pp | Jun 2025 −0.7 pp | Sep 2025 +0.8 pp | Dec 2025 −7.4 pp | Mar 2026 —
- COSMOFIRST: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.7 pp | Dec 2022 — | Mar 2023 −12.5 pp | Jun 2023 — | Sep 2023 −17.8 pp | Dec 2023 — | Mar 2024 −10.6 pp | Jun 2024 — | Sep 2024 −0.8 pp | Dec 2024 +2.2 pp | Mar 2025 +2.6 pp | Jun 2025 +2.6 pp | Sep 2025 +1.5 pp | Dec 2025 +0.7 pp | Mar 2026 +1.3 pp

## Valuation Against Growth & Quality

What the numbers say: Uflex Ltd has the lowest comparable Guarded PEG at 0.69×. Only 1 of 5 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Uflex Ltd · 0.69× | Not enough peers | 0/8 recent comparable periods | 1/5 companies · 9 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Uflex Ltd (UFLEX): 0.7

### P/E — lowest P/E
1. Nahar Polyfilms Ltd (NAHARPOLY): 8.5
2. Uflex Ltd (UFLEX): 10.4
3. Cosmo First Ltd (COSMOFIRST): 14.4
4. Polyplex Corporation Ltd (POLYPLEX): 78.8

### 20-quarter Guarded PEG history
- UFLEX: Jun 2021 — | Sep 2021 — | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 0.1 | Sep 2022 0.1 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.3 | Mar 2026 0.7
- JINDALPOLY: Jun 2021 — | Sep 2021 — | Dec 2021 0.1 | Mar 2022 — | Jun 2022 0.1 | Sep 2022 0.1 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- POLYPLEX: Jun 2021 8.2 | Sep 2021 12.0 | Dec 2021 12.7 | Mar 2022 13.4 | Jun 2022 12.3 | Sep 2022 9.7 | Dec 2022 7.5 | Mar 2023 6.8 | Jun 2023 11.8 | Sep 2023 23.0 | Dec 2023 46.4 | Mar 2024 64.9 | Jun 2024 67.1 | Sep 2024 38.2 | Dec 2024 26.6 | Mar 2025 18.1 | Jun 2025 18.4 | Sep 2025 15.9 | Dec 2025 12.2 | Mar 2026 11.7
- UFLEX: Jun 2021 5.0 | Sep 2021 4.3 | Dec 2021 4.3 | Mar 2022 4.2 | Jun 2022 3.6 | Sep 2022 4.3 | Dec 2022 3.2 | Mar 2023 2.6 | Jun 2023 5.1 | Sep 2023 25.2 | Dec 2023 23.9 | Mar 2024 — | Jun 2024 45.7 | Sep 2024 22.1 | Dec 2024 24.6 | Mar 2025 13.5 | Jun 2025 16.5 | Sep 2025 17.0 | Dec 2025 15.2 | Mar 2026 11.3
- JINDALPOLY: Jun 2021 4.7 | Sep 2021 4.8 | Dec 2021 5.1 | Mar 2022 5.3 | Jun 2022 3.8 | Sep 2022 3.3 | Dec 2022 2.4 | Mar 2023 1.9 | Jun 2023 14.3 | Sep 2023 14.0 | Dec 2023 — | Mar 2024 — | Jun 2024 42.2 | Sep 2024 70.5 | Dec 2024 24.6 | Mar 2025 18.1 | Jun 2025 16.1 | Sep 2025 28.7 | Dec 2025 24.4 | Mar 2026 —
- COSMOFIRST: Jun 2021 7.0 | Sep 2021 10.0 | Dec 2021 7.9 | Mar 2022 8.5 | Jun 2022 6.6 | Sep 2022 5.9 | Dec 2022 5.5 | Mar 2023 5.0 | Jun 2023 7.8 | Sep 2023 11.2 | Dec 2023 14.4 | Mar 2024 16.7 | Jun 2024 33.2 | Sep 2024 25.4 | Dec 2024 24.1 | Mar 2025 13.3 | Jun 2025 22.4 | Sep 2025 15.3 | Dec 2025 12.0 | Mar 2026 10.7
- NAHARPOLY: Jun 2021 6.1 | Sep 2021 8.9 | Dec 2021 9.2 | Mar 2022 16.8 | Jun 2022 8.1 | Sep 2022 8.0 | Dec 2022 6.9 | Mar 2023 7.9 | Jun 2023 14.0 | Sep 2023 37.1 | Dec 2023 36.0 | Mar 2024 50.3 | Jun 2024 53.5 | Sep 2024 37.8 | Dec 2024 31.1 | Mar 2025 14.2 | Jun 2025 18.1 | Sep 2025 12.4 | Dec 2025 9.7 | Mar 2026 7.5

## Enterprise Value & Book Value

What the numbers say: Polyplex Corporation Ltd leads ev/ebitda at 3.2×; Uflex Ltd leads p/bv at 0.42×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Polyplex Corporation Ltd · 3.2× | 36% versus #2 · Nahar Polyfilms Ltd | 0/8 recent comparable periods | 5/5 companies · 99 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Polyplex Corporation Ltd (POLYPLEX): 3.2
2. Nahar Polyfilms Ltd (NAHARPOLY): 5.0
3. Uflex Ltd (UFLEX): 5.9
4. Cosmo First Ltd (COSMOFIRST): 7.4
5. Jindal Poly Films Ltd (JINDALPOLY): 9.0

### P/BV — lowest P/BV
1. Uflex Ltd (UFLEX): 0.4
2. Jindal Poly Films Ltd (JINDALPOLY): 0.7
3. Nahar Polyfilms Ltd (NAHARPOLY): 0.8
4. Polyplex Corporation Ltd (POLYPLEX): 0.8
5. Cosmo First Ltd (COSMOFIRST): 1.4

### 20-quarter EV/EBITDA history
- POLYPLEX: Jun 2021 3.1 | Sep 2021 4.5 | Dec 2021 4.7 | Mar 2022 5.1 | Jun 2022 4.7 | Sep 2022 3.9 | Dec 2022 3.0 | Mar 2023 2.7 | Jun 2023 4.0 | Sep 2023 5.1 | Dec 2023 6.0 | Mar 2024 4.8 | Jun 2024 7.0 | Sep 2024 6.8 | Dec 2024 6.1 | Mar 2025 4.7 | Jun 2025 4.7 | Sep 2025 4.4 | Dec 2025 3.3 | Mar 2026 3.2
- UFLEX: Jun 2021 4.1 | Sep 2021 3.8 | Dec 2021 3.9 | Mar 2022 3.7 | Jun 2022 3.3 | Sep 2022 3.9 | Dec 2022 3.4 | Mar 2023 3.0 | Jun 2023 3.8 | Sep 2023 5.5 | Dec 2023 6.2 | Mar 2024 5.4 | Jun 2024 5.5 | Sep 2024 6.5 | Dec 2024 6.0 | Mar 2025 5.5 | Jun 2025 5.8 | Sep 2025 6.0 | Dec 2025 6.4 | Mar 2026 5.9
- JINDALPOLY: Jun 2021 4.0 | Sep 2021 3.6 | Dec 2021 3.8 | Mar 2022 4.0 | Jun 2022 2.8 | Sep 2022 4.4 | Dec 2022 4.5 | Mar 2023 3.8 | Jun 2023 5.7 | Sep 2023 9.6 | Dec 2023 12.2 | Mar 2024 9.1 | Jun 2024 14.8 | Sep 2024 16.8 | Dec 2024 12.4 | Mar 2025 11.2 | Jun 2025 11.3 | Sep 2025 11.2 | Dec 2025 9.0 | Mar 2026 —
- COSMOFIRST: Jun 2021 5.5 | Sep 2021 7.1 | Dec 2021 6.2 | Mar 2022 6.6 | Jun 2022 5.5 | Sep 2022 5.1 | Dec 2022 4.8 | Mar 2023 4.4 | Jun 2023 6.0 | Sep 2023 7.9 | Dec 2023 9.1 | Mar 2024 9.0 | Jun 2024 11.7 | Sep 2024 10.8 | Dec 2024 11.5 | Mar 2025 8.0 | Jun 2025 11.0 | Sep 2025 9.2 | Dec 2025 8.2 | Mar 2026 7.4
- NAHARPOLY: Jun 2021 5.4 | Sep 2021 8.5 | Dec 2021 9.8 | Mar 2022 16.3 | Jun 2022 6.9 | Sep 2022 6.6 | Dec 2022 5.6 | Mar 2023 5.9 | Jun 2023 9.0 | Sep 2023 15.4 | Dec 2023 13.8 | Mar 2024 14.6 | Jun 2024 22.7 | Sep 2024 17.2 | Dec 2024 14.8 | Mar 2025 8.5 | Jun 2025 10.5 | Sep 2025 7.3 | Dec 2025 6.0 | Mar 2026 5.0

### 20-quarter P/BV history
- POLYPLEX: Jun 2021 1.4 | Sep 2021 1.8 | Dec 2021 1.9 | Mar 2022 2.2 | Jun 2022 2.3 | Sep 2022 1.8 | Dec 2022 1.4 | Mar 2023 1.1 | Jun 2023 1.2 | Sep 2023 1.0 | Dec 2023 0.9 | Mar 2024 0.7 | Jun 2024 0.9 | Sep 2024 1.0 | Dec 2024 1.1 | Mar 2025 1.0 | Jun 2025 1.1 | Sep 2025 0.9 | Dec 2025 0.6 | Mar 2026 0.6
- UFLEX: Jun 2021 0.7 | Sep 2021 0.7 | Dec 2021 0.6 | Mar 2022 0.7 | Jun 2022 0.7 | Sep 2022 0.7 | Dec 2022 0.6 | Mar 2023 0.4 | Jun 2023 0.5 | Sep 2023 0.4 | Dec 2023 0.5 | Mar 2024 0.4 | Jun 2024 0.5 | Sep 2024 0.7 | Dec 2024 0.5 | Mar 2025 0.5 | Jun 2025 0.6 | Sep 2025 0.5 | Dec 2025 0.5 | Mar 2026 0.3
- JINDALPOLY: Jun 2021 2.0 | Sep 2021 1.7 | Dec 2021 1.5 | Mar 2022 1.6 | Jun 2022 1.6 | Sep 2022 0.8 | Dec 2022 0.8 | Mar 2023 0.6 | Jun 2023 0.8 | Sep 2023 0.7 | Dec 2023 0.7 | Mar 2024 0.5 | Jun 2024 0.7 | Sep 2024 0.8 | Dec 2024 0.9 | Mar 2025 0.7 | Jun 2025 0.7 | Sep 2025 0.6 | Dec 2025 0.5 | Mar 2026 —
- COSMOFIRST: Jun 2021 2.4 | Sep 2021 3.2 | Dec 2021 2.6 | Mar 2022 3.1 | Jun 2022 2.2 | Sep 2022 1.8 | Dec 2022 1.5 | Mar 2023 1.3 | Jun 2023 1.6 | Sep 2023 1.4 | Dec 2023 1.2 | Mar 2024 1.0 | Jun 2024 1.6 | Sep 2024 1.5 | Dec 2024 1.8 | Mar 2025 1.1 | Jun 2025 2.2 | Sep 2025 1.5 | Dec 2025 1.1 | Mar 2026 1.0
- NAHARPOLY: Jun 2021 1.0 | Sep 2021 1.1 | Dec 2021 0.9 | Mar 2022 1.8 | Jun 2022 1.5 | Sep 2022 1.0 | Dec 2022 0.8 | Mar 2023 0.6 | Jun 2023 0.7 | Sep 2023 0.8 | Dec 2023 0.7 | Mar 2024 0.6 | Jun 2024 0.8 | Sep 2024 0.8 | Dec 2024 0.8 | Mar 2025 0.6 | Jun 2025 1.1 | Sep 2025 0.9 | Dec 2025 0.7 | Mar 2026 0.6

## Market action

Jindal Poly Films Ltd has the strongest one-year price move in Packaging - BOPP at +2.8%. Polyplex Corporation Ltd leads on Mansfield relative strength against NIFTY at +22.6%. 5 of 5 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Jindal Poly Films Ltd (JINDALPOLY): 2.8%
2. Polyplex Corporation Ltd (POLYPLEX): -0.5%
3. Uflex Ltd (UFLEX): -21%
4. Nahar Polyfilms Ltd (NAHARPOLY): -21%
5. Cosmo First Ltd (COSMOFIRST): -23%

### Strongest relative strength versus NIFTY 500
1. Polyplex Corporation Ltd (POLYPLEX): 23%
2. Cosmo First Ltd (COSMOFIRST): 14%
3. Jindal Poly Films Ltd (JINDALPOLY): 5.8%
4. Nahar Polyfilms Ltd (NAHARPOLY): 5.0%
5. Uflex Ltd (UFLEX): 1.0%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Polyplex Corporation Ltd (POLYPLEX) — market value ₹3.5K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Uflex Ltd (UFLEX) — market value ₹3.5K Cr; latest fundamentals Mar 2026
- Jindal Poly Films Ltd (JINDALPOLY) — market value ₹2.8K Cr; latest fundamentals Dec 2025
- Cosmo First Ltd (COSMOFIRST) — market value ₹2.3K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Nahar Polyfilms Ltd (NAHARPOLY) — market value ₹673 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 2. Unverified: 2. Withheld: 1. Graded companies: 5.

1 of 5 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

1 of 5 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Polyplex Corporation Ltd (POLYPLEX) — its two data sources disagree by up to 207% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | POLYPLEX | Polyplex Corporation Ltd | diff_gt_2pct | disagreement up to 206.76% over 14 comparable periods

- UNVERIFIED | COSMOFIRST | Cosmo First Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Packaging - BOPP index?

The Nifty Packaging - BOPP index tracks India's listed Packaging - BOPP companies as a single basket. This page follows the same 5 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Packaging - BOPP sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Packaging - BOPP stocks in India?

Ranked by this page's four-factor score, Nahar Polyfilms Ltd places first among 5 listed Packaging - BOPP companies, followed by Cosmo First Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Packaging - BOPP stocks are listed in India?

This comparison covers 5 listed Packaging - BOPP companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Packaging - BOPP company is the biggest?

Uflex Ltd is the largest, with trailing-twelve-month revenue of ₹15,401 crore, ahead of Polyplex Corporation Ltd at ₹7,086 crore. That covers 5 of 5 companies with comparable reporting through Mar 2026.

### Which Packaging - BOPP company is growing fastest?

Cosmo First Ltd has the fastest revenue growth at 25.7% year on year, across 5 of 5 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Packaging - BOPP company has the best profit margins?

Nahar Polyfilms Ltd has the highest operating margin at 19%, from 5 of 5 comparable companies. Nahar Polyfilms Ltd shows the biggest recent improvement, at +4 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Packaging - BOPP company makes the most profit?

Uflex Ltd earns the most, at ₹317 crore of trailing-twelve-month net profit, from 5 of 5 comparable companies. Uflex Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Packaging - BOPP company earns the highest return on capital?

Cosmo First Ltd leads on return on capital employed at 11.2%, across 5 of 5 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Packaging - BOPP stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Uflex Ltd screens cheapest at 0.69×. Only 1 of 5 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Packaging - BOPP company has the strongest balance sheet?

Nahar Polyfilms Ltd carries the lowest comparable gross debt at ₹79 crore, from 5 of 5 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Packaging - BOPP sector beating the market?

Packaging - BOPP has underperformed NIFTY 500 by 10.3% over the last 52 weeks and 14.5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 5 of 5 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Packaging - BOPP stock has the strongest price momentum?

Polyplex Corporation Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Packaging - BOPP company scores highest for research priority?

Nahar Polyfilms Ltd scores 68.6 out of 100 with 71% evidence confidence, from 30.6 points on growth and earnings, 18.1 on capital efficiency, 10 on valuation and 9.9 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Packaging - BOPP companies does this comparison cover, and over what period?

It compares 5 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Packaging - BOPP sector?

The 5 Packaging - BOPP companies on this page carry ₹12,776 crore of combined market value. Polyplex Corporation Ltd is the largest at ₹3,544 crore, about 28% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Packaging - BOPP sector performing?

5 of the 5 covered Packaging - BOPP companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 10.3% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/packaging-bopp