# Plastics - Plastic & Plastic Products — company-by-company sector analysis

> Plastics - Plastic & Plastic Products: Nilkamal Ltd owns the largest revenue base; Shaily Engineering Plastics Ltd has the fastest current growth.

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

## Bottom line

Plastics - Plastic & Plastic Products has outperformed NIFTY 500 by 13.2% over 52 weeks and 24% over 13 weeks. 5 of 7 covered companies beat NIFTY on Mansfield relative strength, while 3 of 7 beat the sector itself. Nilkamal Ltd leads with revenue of ₹3,778 crore, based on 7 of 7 comparable companies through Mar 2026.

### Is the Plastics - Plastic & Plastic Products sector outperforming NIFTY 500?

Plastics - Plastic & Plastic Products has outperformed NIFTY 500 by 13.2% over 52 weeks and 24% over 13 weeks. 5 of 7 covered companies beat NIFTY on Mansfield relative strength, while 3 of 7 beat the sector itself.

### Which Plastics - Plastic & Plastic Products company is largest by revenue?

Nilkamal Ltd leads with revenue of ₹3,778 crore, based on 7 of 7 comparable companies through Mar 2026.

### Which Plastics - Plastic & Plastic Products company is growing fastest?

Shaily Engineering Plastics Ltd has the fastest current revenue growth at 25.9%, across 7 of 7 comparable companies.

### Which Plastics - Plastic & Plastic Products company has the strongest 4-Factor Sector Score?

Mayur Uniquoters Ltd ranks first at 79/100 with 100% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Plastics - Plastic & Plastic Products company has the least gross debt?

Arrow Greentech Ltd has the lowest comparable gross debt at ₹2 crore. Nilkamal Ltd has the highest at ₹418 crore.

### Which Plastics - Plastic & Plastic Products company has the lowest comparable PEG?

Mayur Uniquoters Ltd has the lowest comparable Guarded PEG at 0.52, among 5 of 7 companies that pass the metric’s comparability rules.

### How much history does this Plastics - Plastic & Plastic Products 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

Plastics - Plastic & Plastic Products has outperformed NIFTY 500 by 13.2% over the last 52 weeks. Over 13 weeks the gap is a lead of 24%. 5 of 7 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Mayur Uniquoters Ltd is the strongest against the sector itself at +17.3%.

13-week sector return versus NIFTY 500: 24%
52-week sector return versus NIFTY 500: 13%
Stocks leading NIFTY: 5/7
Stocks leading sector: 3/7

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

Companies: 7
Combined market value: ₹35.3K 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. Mayur Uniquoters Ltd (MAYURUNIQ): 79/100 — Favorable setup; evidence 100%
   - Growth & earnings 25.9/35 | Capital efficiency 18.3/25 | Valuation 14.8/20 | Relative strength 20.0/20
   - Exact sum: 25.9 + 18.3 + 14.8 + 20 = 79
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Shaily Engineering Plastics Ltd (SHAILY): 63/100 — Mixed-positive evidence; evidence 97%
   - Growth & earnings 32.6/35 | Capital efficiency 17.9/25 | Valuation 1.0/20 | Relative strength 11.9/20
   - Exact sum: 32.6 + 17.9 + 1 + 11.9 = 63.4
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
3. Nilkamal Ltd (NILKAMAL): 57/100 — Mixed-positive evidence; evidence 87%
   - Growth & earnings 18.8/35 | Capital efficiency 9.1/25 | Valuation 13.7/20 | Relative strength 15.3/20
   - Exact sum: 18.8 + 9.1 + 13.7 + 15.3 = 56.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. DDev Plastiks Industries Ltd (DDEVPLSTIK): 54/100 — Mixed-positive evidence; evidence 94%
   - Growth & earnings 15.7/35 | Capital efficiency 15.7/25 | Valuation 16.8/20 | Relative strength 6.1/20
   - Exact sum: 15.7 + 15.7 + 16.8 + 6.1 = 54.3
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
5. Kingfa Science & Technology (India) Ltd (KINGFA): 47/100 — Mixed-negative evidence; evidence 100%
   - Growth & earnings 19.3/35 | Capital efficiency 15.9/25 | Valuation 4.8/20 | Relative strength 7.3/20
   - Exact sum: 19.3 + 15.9 + 4.8 + 7.3 = 47.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Arrow Greentech Ltd (ARROWGREEN): 43/100 — Mixed-negative evidence; evidence 81%
   - Growth & earnings 4.6/35 | Capital efficiency 19.2/25 | Valuation 10.7/20 | Relative strength 8.4/20
   - Exact sum: 4.6 + 19.2 + 10.7 + 8.4 = 42.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Responsive Industries Ltd (RESPONIND): 21/100 — Adverse evidence; evidence 87%
   - Growth & earnings 3.2/35 | Capital efficiency 8.1/25 | Valuation 6.5/20 | Relative strength 3.3/20
   - Exact sum: 3.2 + 8.1 + 6.5 + 3.3 = 21.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Nilkamal Ltd is the scale leader at ₹3,778 crore, 28.2% ahead of DDev Plastiks Industries Ltd. Shaily Engineering Plastics Ltd's growth is 25.9% from a ₹991 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Nilkamal Ltd is the scale benchmark; Shaily Engineering Plastics Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Nilkamal Ltd's growth falls below Shaily Engineering Plastics Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Nilkamal Ltd · ₹3,778 crore | 28.2% versus #2 · DDev Plastiks Industries Ltd | 7/8 recent comparable periods | 7/7 companies · 128 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. Nilkamal Ltd (NILKAMAL): ₹3.8K Cr
2. DDev Plastiks Industries Ltd (DDEVPLSTIK): ₹2.9K Cr
3. Kingfa Science & Technology (India) Ltd (KINGFA): ₹2.0K Cr
4. Responsive Industries Ltd (RESPONIND): ₹1.4K Cr
5. Shaily Engineering Plastics Ltd (SHAILY): ₹991 Cr

### Revenue growth — fastest growers
1. Shaily Engineering Plastics Ltd (SHAILY): 26%
2. Kingfa Science & Technology (India) Ltd (KINGFA): 14%
3. Nilkamal Ltd (NILKAMAL): 14%
4. DDev Plastiks Industries Ltd (DDEVPLSTIK): 13%
5. Mayur Uniquoters Ltd (MAYURUNIQ): 9.8%

### 20-quarter Revenue history
- SHAILY: Jun 2021 ₹120 Cr | Sep 2021 ₹145 Cr | Dec 2021 ₹148 Cr | Mar 2022 ₹154 Cr | Jun 2022 ₹175 Cr | Sep 2022 ₹161 Cr | Dec 2022 ₹136 Cr | Mar 2023 ₹134 Cr | Jun 2023 ₹157 Cr | Sep 2023 ₹158 Cr | Dec 2023 ₹158 Cr | Mar 2024 ₹171 Cr | Jun 2024 ₹179 Cr | Sep 2024 ₹192 Cr | Dec 2024 ₹198 Cr | Mar 2025 ₹218 Cr | Jun 2025 ₹247 Cr | Sep 2025 ₹257 Cr | Dec 2025 ₹250 Cr | Mar 2026 ₹237 Cr
- KINGFA: Jun 2021 ₹222 Cr | Sep 2021 ₹265 Cr | Dec 2021 ₹256 Cr | Mar 2022 ₹305 Cr | Jun 2022 ₹346 Cr | Sep 2022 ₹351 Cr | Dec 2022 ₹340 Cr | Mar 2023 ₹366 Cr | Jun 2023 ₹339 Cr | Sep 2023 ₹351 Cr | Dec 2023 ₹394 Cr | Mar 2024 ₹404 Cr | Jun 2024 ₹416 Cr | Sep 2024 ₹418 Cr | Dec 2024 ₹440 Cr | Mar 2025 ₹470 Cr | Jun 2025 ₹462 Cr | Sep 2025 ₹466 Cr | Dec 2025 ₹489 Cr | Mar 2026 ₹578 Cr
- RESPONIND: Jun 2021 ₹176 Cr | Sep 2021 ₹293 Cr | Dec 2021 ₹312 Cr | Mar 2022 ₹324 Cr | Jun 2022 ₹227 Cr | Sep 2022 ₹245 Cr | Dec 2022 ₹264 Cr | Mar 2023 ₹237 Cr | Jun 2023 ₹263 Cr | Sep 2023 ₹268 Cr | Dec 2023 ₹267 Cr | Mar 2024 ₹288 Cr | Jun 2024 ₹320 Cr | Sep 2024 ₹350 Cr | Dec 2024 ₹368 Cr | Mar 2025 ₹381 Cr | Jun 2025 ₹339 Cr | Sep 2025 ₹314 Cr | Dec 2025 ₹311 Cr | Mar 2026 ₹430 Cr
- MAYURUNIQ: Jun 2021 ₹118 Cr | Sep 2021 ₹196 Cr | Dec 2021 ₹180 Cr | Mar 2022 ₹162 Cr | Jun 2022 ₹200 Cr | Sep 2022 ₹204 Cr | Dec 2022 ₹178 Cr | Mar 2023 ₹193 Cr | Jun 2023 ₹201 Cr | Sep 2023 ₹203 Cr | Dec 2023 ₹178 Cr | Mar 2024 ₹221 Cr | Jun 2024 ₹213 Cr | Sep 2024 ₹208 Cr | Dec 2024 ₹208 Cr | Mar 2025 ₹251 Cr | Jun 2025 ₹216 Cr | Sep 2025 ₹240 Cr | Dec 2025 ₹237 Cr | Mar 2026 ₹273 Cr
- DDEVPLSTIK: Jun 2021 ₹506 Cr | Sep 2021 ₹565 Cr | Dec 2021 ₹534 Cr | Mar 2022 ₹624 Cr | Jun 2022 ₹537 Cr | Sep 2022 ₹645 Cr | Dec 2022 ₹655 Cr | Mar 2023 ₹667 Cr | Jun 2023 ₹638 Cr | Sep 2023 ₹642 Cr | Dec 2023 ₹554 Cr | Mar 2024 ₹597 Cr | Jun 2024 ₹625 Cr | Sep 2024 ₹580 Cr | Dec 2024 ₹661 Cr | Mar 2025 ₹737 Cr | Jun 2025 ₹769 Cr | Sep 2025 ₹680 Cr | Dec 2025 ₹733 Cr | Mar 2026 ₹766 Cr
- NILKAMAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹754 Cr | Mar 2023 ₹829 Cr | Jun 2023 ₹783 Cr | Sep 2023 ₹776 Cr | Dec 2023 ₹803 Cr | Mar 2024 ₹834 Cr | Jun 2024 ₹743 Cr | Sep 2024 ₹822 Cr | Dec 2024 ₹854 Cr | Mar 2025 ₹894 Cr | Jun 2025 ₹883 Cr | Sep 2025 ₹968 Cr | Dec 2025 ₹962 Cr | Mar 2026 ₹965 Cr
- ARROWGREEN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹31 Cr | Mar 2023 ₹48 Cr | Jun 2023 ₹44 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹51 Cr | Jun 2024 ₹66 Cr | Sep 2024 ₹65 Cr | Dec 2024 ₹55 Cr | Mar 2025 ₹57 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹61 Cr | Dec 2025 ₹56 Cr | Mar 2026 ₹42 Cr

### 20-quarter Revenue growth history
- SHAILY: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 46% | Sep 2022 11% | Dec 2022 -8.1% | Mar 2023 -13% | Jun 2023 -10% | Sep 2023 -1.9% | Dec 2023 16% | Mar 2024 28% | Jun 2024 14% | Sep 2024 22% | Dec 2024 25% | Mar 2025 27% | Jun 2025 38% | Sep 2025 34% | Dec 2025 26% | Mar 2026 8.7%
- KINGFA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 56% | Sep 2022 32% | Dec 2022 33% | Mar 2023 20% | Jun 2023 -2.0% | Sep 2023 0.0% | Dec 2023 16% | Mar 2024 10% | Jun 2024 23% | Sep 2024 19% | Dec 2024 12% | Mar 2025 16% | Jun 2025 11% | Sep 2025 11% | Dec 2025 11% | Mar 2026 23%
- RESPONIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 -16% | Dec 2022 -15% | Mar 2023 -27% | Jun 2023 16% | Sep 2023 9.4% | Dec 2023 1.1% | Mar 2024 22% | Jun 2024 22% | Sep 2024 31% | Dec 2024 38% | Mar 2025 32% | Jun 2025 5.9% | Sep 2025 -10% | Dec 2025 -15% | Mar 2026 13%
- MAYURUNIQ: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 69% | Sep 2022 4.1% | Dec 2022 -1.1% | Mar 2023 19% | Jun 2023 0.5% | Sep 2023 -0.5% | Dec 2023 0.0% | Mar 2024 15% | Jun 2024 6.0% | Sep 2024 2.5% | Dec 2024 17% | Mar 2025 14% | Jun 2025 1.4% | Sep 2025 15% | Dec 2025 14% | Mar 2026 8.8%
- DDEVPLSTIK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.1% | Sep 2022 14% | Dec 2022 23% | Mar 2023 6.9% | Jun 2023 19% | Sep 2023 -0.5% | Dec 2023 -15% | Mar 2024 -10% | Jun 2024 -2.0% | Sep 2024 -9.7% | Dec 2024 19% | Mar 2025 23% | Jun 2025 23% | Sep 2025 17% | Dec 2025 11% | Mar 2026 3.9%
- NILKAMAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 6.5% | Mar 2024 0.6% | Jun 2024 -5.1% | Sep 2024 5.9% | Dec 2024 6.4% | Mar 2025 7.2% | Jun 2025 19% | Sep 2025 18% | Dec 2025 13% | Mar 2026 7.9%
- ARROWGREEN: 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 5.2% | Jun 2024 51% | Sep 2024 123% | Dec 2024 121% | Mar 2025 13% | Jun 2025 -37% | Sep 2025 -5.8% | Dec 2025 1.7% | Mar 2026 -27%

## Operating Economics & Margin Trend

What the numbers say: Mayur Uniquoters Ltd leads both opm at 31% and margin change at +10 percentage points.

Investor read: Mayur Uniquoters 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: Mayur Uniquoters Ltd · 31% | 10.7% versus #2 · Shaily Engineering Plastics Ltd | 5/8 recent comparable periods | 7/7 companies · 140 observations

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

### OPM — highest
1. Mayur Uniquoters Ltd (MAYURUNIQ): 31%
2. Shaily Engineering Plastics Ltd (SHAILY): 28%
3. Arrow Greentech Ltd (ARROWGREEN): 25%
4. Kingfa Science & Technology (India) Ltd (KINGFA): 14%
5. Responsive Industries Ltd (RESPONIND): 11%

### Margin change — fastest expanders
1. Mayur Uniquoters Ltd (MAYURUNIQ): +10.0 pp
2. Shaily Engineering Plastics Ltd (SHAILY): +3.0 pp
3. Kingfa Science & Technology (India) Ltd (KINGFA): +1.0 pp
4. DDev Plastiks Industries Ltd (DDEVPLSTIK): 0.0 pp
5. Nilkamal Ltd (NILKAMAL): 0.0 pp

### 20-quarter OPM history
- SHAILY: Jun 2021 16% | Sep 2021 15% | Dec 2021 14% | Mar 2022 13% | Jun 2022 13% | Sep 2022 16% | Dec 2022 14% | Mar 2023 19% | Jun 2023 17% | Sep 2023 15% | Dec 2023 20% | Mar 2024 20% | Jun 2024 20% | Sep 2024 21% | Dec 2024 23% | Mar 2025 25% | Jun 2025 28% | Sep 2025 31% | Dec 2025 26% | Mar 2026 28%
- KINGFA: Jun 2021 9.0% | Sep 2021 5.3% | Dec 2021 5.4% | Mar 2022 5.6% | Jun 2022 2.3% | Sep 2022 9.6% | Dec 2022 9.0% | Mar 2023 15% | Jun 2023 15% | Sep 2023 13% | Dec 2023 10% | Mar 2024 13% | Jun 2024 14% | Sep 2024 13% | Dec 2024 12% | Mar 2025 13% | Jun 2025 13% | Sep 2025 13% | Dec 2025 13% | Mar 2026 14%
- RESPONIND: Jun 2021 13% | Sep 2021 11% | Dec 2021 10% | Mar 2022 7.6% | Jun 2022 7.8% | Sep 2022 5.7% | Dec 2022 14% | Mar 2023 18% | Jun 2023 18% | Sep 2023 23% | Dec 2023 25% | Mar 2024 23% | Jun 2024 22% | Sep 2024 21% | Dec 2024 20% | Mar 2025 21% | Jun 2025 21% | Sep 2025 24% | Dec 2025 15% | Mar 2026 11%
- MAYURUNIQ: Jun 2021 15% | Sep 2021 21% | Dec 2021 21% | Mar 2022 19% | Jun 2022 17% | Sep 2022 17% | Dec 2022 19% | Mar 2023 18% | Jun 2023 20% | Sep 2023 21% | Dec 2023 20% | Mar 2024 19% | Jun 2024 23% | Sep 2024 21% | Dec 2024 22% | Mar 2025 21% | Jun 2025 20% | Sep 2025 21% | Dec 2025 23% | Mar 2026 31%
- DDEVPLSTIK: Jun 2021 4.6% | Sep 2021 4.2% | Dec 2021 5.1% | Mar 2022 5.0% | Jun 2022 4.9% | Sep 2022 4.0% | Dec 2022 6.0% | Mar 2023 10% | Jun 2023 8.0% | Sep 2023 9.0% | Dec 2023 11% | Mar 2024 14% | Jun 2024 9.0% | Sep 2024 11% | Dec 2024 11% | Mar 2025 10% | Jun 2025 9.0% | Sep 2025 9.0% | Dec 2025 10% | Mar 2026 10%
- NILKAMAL: Jun 2021 6.1% | Sep 2021 9.1% | Dec 2021 9.8% | Mar 2022 6.8% | Jun 2022 9.3% | Sep 2022 8.2% | Dec 2022 10% | Mar 2023 12% | Jun 2023 10% | Sep 2023 8.0% | Dec 2023 9.0% | Mar 2024 10% | Jun 2024 8.0% | Sep 2024 9.0% | Dec 2024 7.0% | Mar 2025 10% | Jun 2025 7.0% | Sep 2025 9.0% | Dec 2025 9.0% | Mar 2026 10%
- ARROWGREEN: Jun 2021 8.4% | Sep 2021 -8.1% | Dec 2021 -45% | Mar 2022 -110% | Jun 2022 -33% | Sep 2022 2.3% | Dec 2022 27% | Mar 2023 39% | Jun 2023 33% | Sep 2023 31% | Dec 2023 29% | Mar 2024 31% | Jun 2024 42% | Sep 2024 41% | Dec 2024 33% | Mar 2025 28% | Jun 2025 34% | Sep 2025 34% | Dec 2025 34% | Mar 2026 25%

### 20-quarter Margin change history
- SHAILY: Jun 2021 +8.5 pp | Sep 2021 −2.4 pp | Dec 2021 −4.1 pp | Mar 2022 −5.4 pp | Jun 2022 −3.1 pp | Sep 2022 +0.1 pp | Dec 2022 +0.2 pp | Mar 2023 +6.4 pp | Jun 2023 +4.3 pp | Sep 2023 −0.5 pp | Dec 2023 +6.0 pp | Mar 2024 +1.0 pp | Jun 2024 +3.0 pp | Sep 2024 +6.0 pp | Dec 2024 +3.0 pp | Mar 2025 +5.0 pp | Jun 2025 +8.0 pp | Sep 2025 +10.0 pp | Dec 2025 +3.0 pp | Mar 2026 +3.0 pp
- KINGFA: Jun 2021 +6.1 pp | Sep 2021 +2.4 pp | Dec 2021 +3.4 pp | Mar 2022 +1.1 pp | Jun 2022 −6.7 pp | Sep 2022 +4.3 pp | Dec 2022 +3.6 pp | Mar 2023 +9.4 pp | Jun 2023 +12.7 pp | Sep 2023 +3.4 pp | Dec 2023 +1.0 pp | Mar 2024 −2.0 pp | Jun 2024 −1.0 pp | Sep 2024 0.0 pp | Dec 2024 +2.0 pp | Mar 2025 0.0 pp | Jun 2025 −1.0 pp | Sep 2025 0.0 pp | Dec 2025 +1.0 pp | Mar 2026 +1.0 pp
- RESPONIND: Jun 2021 +0.2 pp | Sep 2021 −5.5 pp | Dec 2021 −12.5 pp | Mar 2022 −6.7 pp | Jun 2022 −5.3 pp | Sep 2022 −5.3 pp | Dec 2022 +3.7 pp | Mar 2023 +10.4 pp | Jun 2023 +10.2 pp | Sep 2023 +17.3 pp | Dec 2023 +11.0 pp | Mar 2024 +5.0 pp | Jun 2024 +4.0 pp | Sep 2024 −2.0 pp | Dec 2024 −5.0 pp | Mar 2025 −2.0 pp | Jun 2025 −1.0 pp | Sep 2025 +3.0 pp | Dec 2025 −5.0 pp | Mar 2026 −10.0 pp
- MAYURUNIQ: Jun 2021 +18.5 pp | Sep 2021 −2.4 pp | Dec 2021 −5.9 pp | Mar 2022 −8.8 pp | Jun 2022 +2.5 pp | Sep 2022 −3.7 pp | Dec 2022 −1.8 pp | Mar 2023 −0.6 pp | Jun 2023 +2.6 pp | Sep 2023 +4.1 pp | Dec 2023 +1.0 pp | Mar 2024 +1.0 pp | Jun 2024 +3.0 pp | Sep 2024 0.0 pp | Dec 2024 +2.0 pp | Mar 2025 +2.0 pp | Jun 2025 −3.0 pp | Sep 2025 0.0 pp | Dec 2025 +1.0 pp | Mar 2026 +10.0 pp
- DDEVPLSTIK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.3 pp | Sep 2022 −0.3 pp | Dec 2022 +0.9 pp | Mar 2023 +5.0 pp | Jun 2023 +3.1 pp | Sep 2023 +5.1 pp | Dec 2023 +5.0 pp | Mar 2024 +4.0 pp | Jun 2024 +1.0 pp | Sep 2024 +2.0 pp | Dec 2024 0.0 pp | Mar 2025 −4.0 pp | Jun 2025 0.0 pp | Sep 2025 −2.0 pp | Dec 2025 −1.0 pp | Mar 2026 0.0 pp
- NILKAMAL: Jun 2021 +10.2 pp | Sep 2021 −7.2 pp | Dec 2021 −5.7 pp | Mar 2022 −4.8 pp | Jun 2022 +3.2 pp | Sep 2022 −0.9 pp | Dec 2022 +0.2 pp | Mar 2023 +5.2 pp | Jun 2023 +0.7 pp | Sep 2023 −0.2 pp | Dec 2023 −1.0 pp | Mar 2024 −2.0 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 +2.0 pp | Mar 2026 0.0 pp
- ARROWGREEN: Jun 2021 −9.3 pp | Sep 2021 +49.1 pp | Dec 2021 −75.5 pp | Mar 2022 −126.5 pp | Jun 2022 −41.1 pp | Sep 2022 +10.3 pp | Dec 2022 +72.4 pp | Mar 2023 +148.2 pp | Jun 2023 +65.4 pp | Sep 2023 +28.6 pp | Dec 2023 +2.3 pp | Mar 2024 −7.8 pp | Jun 2024 +9.7 pp | Sep 2024 +9.7 pp | Dec 2024 +3.2 pp | Mar 2025 −2.9 pp | Jun 2025 −8.2 pp | Sep 2025 −6.6 pp | Dec 2025 +1.8 pp | Mar 2026 −3.2 pp

## Profit Scale & Acceleration

What the numbers say: DDev Plastiks Industries Ltd leads with ₹202 crore of TTM profit, 5.2% above Mayur Uniquoters Ltd. Shaily Engineering Plastics Ltd shows 81.7% growth from a ₹169 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: DDev Plastiks Industries 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: DDev Plastiks Industries Ltd · ₹202 crore | 5.2% versus #2 · Mayur Uniquoters Ltd | 7/8 recent comparable periods | 7/7 companies · 128 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. DDev Plastiks Industries Ltd (DDEVPLSTIK): ₹202 Cr
2. Mayur Uniquoters Ltd (MAYURUNIQ): ₹192 Cr
3. Kingfa Science & Technology (India) Ltd (KINGFA): ₹185 Cr
4. Shaily Engineering Plastics Ltd (SHAILY): ₹169 Cr
5. Responsive Industries Ltd (RESPONIND): ₹148 Cr

### Profit growth — fastest growers
1. Shaily Engineering Plastics Ltd (SHAILY): 82%
2. Mayur Uniquoters Ltd (MAYURUNIQ): 28%
3. Kingfa Science & Technology (India) Ltd (KINGFA): 21%
4. DDev Plastiks Industries Ltd (DDEVPLSTIK): 8.6%
5. Nilkamal Ltd (NILKAMAL): 8.4%

### 20-quarter Net profit history
- SHAILY: Jun 2021 ₹8 Cr | Sep 2021 ₹10 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹40 Cr
- KINGFA: Jun 2021 ₹12 Cr | Sep 2021 ₹7 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹37 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹37 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹42 Cr | Jun 2025 ₹40 Cr | Sep 2025 ₹41 Cr | Dec 2025 ₹45 Cr | Mar 2026 ₹59 Cr
- RESPONIND: Jun 2021 ₹-3 Cr | Sep 2021 ₹6 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹-3 Cr | Jun 2022 ₹-9 Cr | Sep 2022 ₹-6 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹41 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹48 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹54 Cr | Jun 2025 ₹50 Cr | Sep 2025 ₹53 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹23 Cr
- MAYURUNIQ: Jun 2021 ₹14 Cr | Sep 2021 ₹30 Cr | Dec 2021 ₹26 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹31 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹32 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹42 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹41 Cr | Dec 2025 ₹51 Cr | Mar 2026 ₹59 Cr
- DDEVPLSTIK: Jun 2021 ₹11 Cr | Sep 2021 ₹12 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹48 Cr | Jun 2023 ₹38 Cr | Sep 2023 ₹42 Cr | Dec 2023 ₹40 Cr | Mar 2024 ₹62 Cr | Jun 2024 ₹42 Cr | Sep 2024 ₹45 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹52 Cr | Jun 2025 ₹52 Cr | Sep 2025 ₹47 Cr | Dec 2025 ₹48 Cr | Mar 2026 ₹55 Cr
- NILKAMAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹33 Cr | Mar 2023 ₹48 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹36 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹34 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹42 Cr
- ARROWGREEN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹7 Cr

### 20-quarter Profit growth history
- SHAILY: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 0.0% | Dec 2022 -33% | Mar 2023 25% | Jun 2023 44% | Sep 2023 10% | Dec 2023 150% | Mar 2024 90% | Jun 2024 31% | Sep 2024 100% | Dec 2024 67% | Mar 2025 53% | Jun 2025 141% | Sep 2025 132% | Dec 2025 48% | Mar 2026 38%
- KINGFA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -83% | Sep 2022 214% | Dec 2022 186% | Mar 2023 825% | Jun 2023 1,650% | Sep 2023 36% | Dec 2023 20% | Mar 2024 -8.1% | Jun 2024 11% | Sep 2024 23% | Dec 2024 46% | Mar 2025 24% | Jun 2025 2.6% | Sep 2025 11% | Dec 2025 29% | Mar 2026 40%
- RESPONIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -200% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 165% | Mar 2024 100% | Jun 2024 60% | Sep 2024 20% | Dec 2024 4.4% | Mar 2025 17% | Jun 2025 4.2% | Sep 2025 8.2% | Dec 2025 -53% | Mar 2026 -57%
- MAYURUNIQ: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 93% | Sep 2022 -10% | Dec 2022 3.9% | Mar 2023 -8.0% | Jun 2023 15% | Sep 2023 19% | Dec 2023 0.0% | Mar 2024 39% | Jun 2024 19% | Sep 2024 25% | Dec 2024 15% | Mar 2025 31% | Jun 2025 11% | Sep 2025 2.5% | Dec 2025 65% | Mar 2026 40%
- DDEVPLSTIK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 58% | Dec 2022 64% | Mar 2023 167% | Jun 2023 171% | Sep 2023 121% | Dec 2023 74% | Mar 2024 29% | Jun 2024 11% | Sep 2024 7.1% | Dec 2024 18% | Mar 2025 -16% | Jun 2025 24% | Sep 2025 4.4% | Dec 2025 2.1% | Mar 2026 5.8%
- NILKAMAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -12% | Mar 2024 -25% | Jun 2024 -44% | Sep 2024 32% | Dec 2024 -24% | Mar 2025 -5.6% | Jun 2025 -17% | Sep 2025 3.0% | Dec 2025 14% | Mar 2026 24%
- ARROWGREEN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 22% | Mar 2024 -22% | Jun 2024 116% | Sep 2024 268% | Dec 2024 163% | Mar 2025 14% | Jun 2025 -46% | Sep 2025 -15% | Dec 2025 3.6% | Mar 2026 -35%

## 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 | 0/7 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: Kingfa Science & Technology (India) Ltd has the clearest covered balance-sheet capacity with ₹406 crore net cash and gross debt of ₹15 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: Arrow Greentech Ltd · ₹2 crore | 75% versus #2 · Mayur Uniquoters Ltd | 8/8 recent comparable periods | 7/7 companies · 136 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. Arrow Greentech Ltd (ARROWGREEN): ₹2 Cr
2. Mayur Uniquoters Ltd (MAYURUNIQ): ₹8 Cr
3. Kingfa Science & Technology (India) Ltd (KINGFA): ₹15 Cr
4. DDev Plastiks Industries Ltd (DDEVPLSTIK): ₹57 Cr
5. Shaily Engineering Plastics Ltd (SHAILY): ₹177 Cr

### Net debt — lowest net debt
1. Kingfa Science & Technology (India) Ltd (KINGFA): ₹-406 Cr
2. Mayur Uniquoters Ltd (MAYURUNIQ): ₹-250 Cr
3. Arrow Greentech Ltd (ARROWGREEN): ₹-127 Cr
4. DDev Plastiks Industries Ltd (DDEVPLSTIK): ₹-2 Cr
5. Shaily Engineering Plastics Ltd (SHAILY): ₹152 Cr

### 20-quarter Gross debt history
- SHAILY: Jun 2021 ₹173 Cr | Sep 2021 ₹257 Cr | Dec 2021 ₹257 Cr | Mar 2022 ₹175 Cr | Jun 2022 ₹175 Cr | Sep 2022 ₹229 Cr | Dec 2022 ₹229 Cr | Mar 2023 ₹188 Cr | Jun 2023 ₹187 Cr | Sep 2023 ₹209 Cr | Dec 2023 ₹209 Cr | Mar 2024 ₹209 Cr | Jun 2024 ₹209 Cr | Sep 2024 ₹176 Cr | Dec 2024 ₹176 Cr | Mar 2025 ₹188 Cr | Jun 2025 ₹188 Cr | Sep 2025 ₹189 Cr | Dec 2025 ₹189 Cr | Mar 2026 ₹177 Cr
- KINGFA: Jun 2021 ₹42 Cr | Sep 2021 ₹71 Cr | Dec 2021 ₹71 Cr | Mar 2022 ₹46 Cr | Jun 2022 ₹46 Cr | Sep 2022 ₹36 Cr | Dec 2022 ₹36 Cr | Mar 2023 ₹42 Cr | Jun 2023 ₹42 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹43 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹15 Cr
- RESPONIND: Jun 2021 ₹197 Cr | Sep 2021 ₹198 Cr | Dec 2021 ₹198 Cr | Mar 2022 ₹236 Cr | Jun 2022 ₹236 Cr | Sep 2022 ₹253 Cr | Dec 2022 ₹253 Cr | Mar 2023 ₹260 Cr | Jun 2023 ₹257 Cr | Sep 2023 ₹218 Cr | Dec 2023 ₹218 Cr | Mar 2024 ₹215 Cr | Jun 2024 ₹215 Cr | Sep 2024 ₹208 Cr | Dec 2024 ₹208 Cr | Mar 2025 ₹256 Cr | Jun 2025 ₹256 Cr | Sep 2025 ₹205 Cr | Dec 2025 ₹205 Cr | Mar 2026 ₹195 Cr
- MAYURUNIQ: Jun 2021 ₹41 Cr | Sep 2021 ₹32 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹31 Cr | Jun 2022 ₹31 Cr | Sep 2022 ₹31 Cr | Dec 2022 ₹31 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹8 Cr
- DDEVPLSTIK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹130 Cr | Jun 2022 — | Sep 2022 ₹87 Cr | Dec 2022 ₹87 Cr | Mar 2023 ₹56 Cr | Jun 2023 ₹56 Cr | Sep 2023 ₹45 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹66 Cr | Jun 2024 ₹66 Cr | Sep 2024 ₹63 Cr | Dec 2024 ₹63 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹46 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹46 Cr | Mar 2026 ₹57 Cr
- NILKAMAL: Jun 2021 ₹230 Cr | Sep 2021 ₹264 Cr | Dec 2021 ₹264 Cr | Mar 2022 ₹354 Cr | Jun 2022 ₹354 Cr | Sep 2022 ₹372 Cr | Dec 2022 ₹372 Cr | Mar 2023 ₹351 Cr | Jun 2023 ₹351 Cr | Sep 2023 ₹389 Cr | Dec 2023 ₹389 Cr | Mar 2024 ₹406 Cr | Jun 2024 ₹406 Cr | Sep 2024 ₹459 Cr | Dec 2024 ₹459 Cr | Mar 2025 ₹531 Cr | Jun 2025 ₹531 Cr | Sep 2025 ₹539 Cr | Dec 2025 ₹539 Cr | Mar 2026 ₹418 Cr
- ARROWGREEN: Jun 2021 ₹4 Cr | Sep 2021 ₹4 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹2 Cr

### 20-quarter Net debt history
- SHAILY: Jun 2021 ₹170 Cr | Sep 2021 ₹101 Cr | Dec 2021 ₹101 Cr | Mar 2022 ₹132 Cr | Jun 2022 ₹132 Cr | Sep 2022 ₹137 Cr | Dec 2022 ₹137 Cr | Mar 2023 ₹169 Cr | Jun 2023 ₹164 Cr | Sep 2023 ₹185 Cr | Dec 2023 ₹185 Cr | Mar 2024 ₹187 Cr | Jun 2024 ₹183 Cr | Sep 2024 ₹161 Cr | Dec 2024 ₹161 Cr | Mar 2025 ₹169 Cr | Jun 2025 ₹165 Cr | Sep 2025 ₹164 Cr | Dec 2025 ₹164 Cr | Mar 2026 ₹152 Cr
- KINGFA: Jun 2021 ₹18 Cr | Sep 2021 ₹45 Cr | Dec 2021 ₹45 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹-13 Cr | Dec 2023 ₹-13 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹-371 Cr | Dec 2025 ₹-371 Cr | Mar 2026 ₹-406 Cr
- RESPONIND: Jun 2021 ₹133 Cr | Sep 2021 ₹141 Cr | Dec 2021 ₹141 Cr | Mar 2022 ₹194 Cr | Jun 2022 ₹177 Cr | Sep 2022 ₹196 Cr | Dec 2022 ₹196 Cr | Mar 2023 ₹223 Cr | Jun 2023 ₹190 Cr | Sep 2023 ₹153 Cr | Dec 2023 ₹153 Cr | Mar 2024 ₹188 Cr | Jun 2024 ₹183 Cr | Sep 2024 ₹171 Cr | Dec 2024 ₹171 Cr | Mar 2025 ₹237 Cr | Jun 2025 ₹228 Cr | Sep 2025 ₹178 Cr | Dec 2025 ₹178 Cr | Mar 2026 ₹176 Cr
- MAYURUNIQ: Jun 2021 ₹-128 Cr | Sep 2021 ₹-95 Cr | Dec 2021 ₹-95 Cr | Mar 2022 ₹-95 Cr | Jun 2022 ₹-95 Cr | Sep 2022 ₹-91 Cr | Dec 2022 ₹-91 Cr | Mar 2023 ₹-149 Cr | Jun 2023 ₹-152 Cr | Sep 2023 ₹-179 Cr | Dec 2023 ₹-179 Cr | Mar 2024 ₹-242 Cr | Jun 2024 ₹-202 Cr | Sep 2024 ₹-178 Cr | Dec 2024 ₹-178 Cr | Mar 2025 ₹-253 Cr | Jun 2025 ₹-184 Cr | Sep 2025 ₹-222 Cr | Dec 2025 ₹-222 Cr | Mar 2026 ₹-250 Cr
- DDEVPLSTIK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹124 Cr | Jun 2022 — | Sep 2022 ₹67 Cr | Dec 2022 ₹67 Cr | Mar 2023 ₹49 Cr | Jun 2023 ₹49 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹-11 Cr | Jun 2024 ₹-11 Cr | Sep 2024 ₹-14 Cr | Dec 2024 ₹-14 Cr | Mar 2025 ₹-58 Cr | Jun 2025 ₹-58 Cr | Sep 2025 ₹-69 Cr | Dec 2025 ₹-69 Cr | Mar 2026 ₹-2 Cr
- NILKAMAL: Jun 2021 ₹122 Cr | Sep 2021 ₹245 Cr | Dec 2021 ₹245 Cr | Mar 2022 ₹272 Cr | Jun 2022 ₹272 Cr | Sep 2022 ₹337 Cr | Dec 2022 ₹337 Cr | Mar 2023 ₹324 Cr | Jun 2023 ₹324 Cr | Sep 2023 ₹356 Cr | Dec 2023 ₹356 Cr | Mar 2024 ₹289 Cr | Jun 2024 ₹289 Cr | Sep 2024 ₹419 Cr | Dec 2024 ₹419 Cr | Mar 2025 ₹390 Cr | Jun 2025 ₹390 Cr | Sep 2025 ₹482 Cr | Dec 2025 ₹482 Cr | Mar 2026 ₹313 Cr
- ARROWGREEN: Jun 2021 ₹-16 Cr | Sep 2021 ₹-16 Cr | Dec 2021 ₹-16 Cr | Mar 2022 ₹-5 Cr | Jun 2022 ₹-15 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹-22 Cr | Jun 2023 ₹-26 Cr | Sep 2023 ₹-26 Cr | Dec 2023 ₹-26 Cr | Mar 2024 ₹-20 Cr | Jun 2024 ₹-21 Cr | Sep 2024 ₹-71 Cr | Dec 2024 ₹-71 Cr | Mar 2025 ₹-86 Cr | Jun 2025 ₹-90 Cr | Sep 2025 ₹-133 Cr | Dec 2025 ₹-133 Cr | Mar 2026 ₹-127 Cr

## Return On Capital Employed

What the numbers say: DDev Plastiks Industries Ltd leads ROCE at 31%, 0.6 percentage points above Arrow Greentech Ltd. Shaily Engineering Plastics Ltd has the strongest latest improvement at +7.5 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: DDev Plastiks Industries 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: DDev Plastiks Industries Ltd · 31% | 2% versus #2 · Arrow Greentech Ltd | 1/8 recent comparable periods | 7/7 companies · 104 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. DDev Plastiks Industries Ltd (DDEVPLSTIK): 31%
2. Arrow Greentech Ltd (ARROWGREEN): 30%
3. Shaily Engineering Plastics Ltd (SHAILY): 29%
4. Mayur Uniquoters Ltd (MAYURUNIQ): 25%
5. Kingfa Science & Technology (India) Ltd (KINGFA): 23%

### ROCE change — fastest improvers
1. Shaily Engineering Plastics Ltd (SHAILY): +7.5 pp
2. Mayur Uniquoters Ltd (MAYURUNIQ): +1.1 pp
3. Nilkamal Ltd (NILKAMAL): +1.1 pp
4. DDev Plastiks Industries Ltd (DDEVPLSTIK): −3.9 pp
5. Responsive Industries Ltd (RESPONIND): −5.1 pp

### 20-quarter ROCE history
- SHAILY: Jun 2021 — | Sep 2021 12% | Dec 2021 — | Mar 2022 11% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 13% | Jun 2023 — | Sep 2023 12% | Dec 2023 16% | Mar 2024 15% | Jun 2024 18% | Sep 2024 18% | Dec 2024 22% | Mar 2025 22% | Jun 2025 29% | Sep 2025 29% | Dec 2025 36% | Mar 2026 29%
- KINGFA: Jun 2021 — | Sep 2021 8.1% | Dec 2021 — | Mar 2022 17% | Jun 2022 — | Sep 2022 25% | Dec 2022 — | Mar 2023 31% | Jun 2023 — | Sep 2023 32% | Dec 2023 36% | Mar 2024 29% | Jun 2024 33% | Sep 2024 28% | Dec 2024 34% | Mar 2025 29% | Jun 2025 32% | Sep 2025 17% | Dec 2025 23% | Mar 2026 19%
- RESPONIND: Jun 2021 — | Sep 2021 4.9% | Dec 2021 — | Mar 2022 1.2% | Jun 2022 — | Sep 2022 0.0% | Dec 2022 — | Mar 2023 4.2% | Jun 2023 — | Sep 2023 11% | Dec 2023 16% | Mar 2024 16% | Jun 2024 20% | Sep 2024 17% | Dec 2024 19% | Mar 2025 15% | Jun 2025 18% | Sep 2025 14% | Dec 2025 15% | Mar 2026 10%
- MAYURUNIQ: Jun 2021 — | Sep 2021 20% | Dec 2021 — | Mar 2022 14% | Jun 2022 — | Sep 2022 16% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 15% | Dec 2023 20% | Mar 2024 15% | Jun 2024 21% | Sep 2024 16% | Dec 2024 22% | Mar 2025 17% | Jun 2025 22% | Sep 2025 16% | Dec 2025 24% | Mar 2026 18%
- DDEVPLSTIK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 23% | Jun 2022 — | Sep 2022 22% | Dec 2022 — | Mar 2023 29% | Jun 2023 — | Sep 2023 36% | Dec 2023 49% | Mar 2024 36% | Jun 2024 45% | Sep 2024 34% | Dec 2024 42% | Mar 2025 30% | Jun 2025 37% | Sep 2025 28% | Dec 2025 35% | Mar 2026 26%
- NILKAMAL: Jun 2021 — | Sep 2021 12% | Dec 2021 — | Mar 2022 7.9% | Jun 2022 — | Sep 2022 9.8% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 11% | Dec 2023 13% | Mar 2024 9.9% | Jun 2024 10% | Sep 2024 9.7% | Dec 2024 10% | Mar 2025 8.5% | Jun 2025 9.7% | Sep 2025 8.5% | Dec 2025 10% | Mar 2026 9.6%
- ARROWGREEN: Jun 2021 — | Sep 2021 7.9% | Dec 2021 — | Mar 2022 -12% | Jun 2022 — | Sep 2022 -20% | Dec 2022 — | Mar 2023 18% | Jun 2023 — | Sep 2023 40% | Dec 2023 47% | Mar 2024 30% | Jun 2024 47% | Sep 2024 40% | Dec 2024 58% | Mar 2025 42% | Jun 2025 45% | Sep 2025 28% | Dec 2025 36% | Mar 2026 24%

### 20-quarter ROCE change history
- SHAILY: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 — | Mar 2023 +1.5 pp | Jun 2023 — | Sep 2023 +0.6 pp | Dec 2023 — | Mar 2024 +2.0 pp | Jun 2024 — | Sep 2024 +5.6 pp | Dec 2024 +6.5 pp | Mar 2025 +7.1 pp | Jun 2025 +11.0 pp | Sep 2025 +11.1 pp | Dec 2025 +13.5 pp | Mar 2026 +7.5 pp
- KINGFA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +17.0 pp | Dec 2022 — | Mar 2023 +13.3 pp | Jun 2023 — | Sep 2023 +6.4 pp | Dec 2023 — | Mar 2024 −1.9 pp | Jun 2024 — | Sep 2024 −3.3 pp | Dec 2024 −2.2 pp | Mar 2025 +0.3 pp | Jun 2025 −0.7 pp | Sep 2025 −11.0 pp | Dec 2025 −10.4 pp | Mar 2026 −10.0 pp
- RESPONIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.9 pp | Dec 2022 — | Mar 2023 +3.0 pp | Jun 2023 — | Sep 2023 +11.3 pp | Dec 2023 — | Mar 2024 +11.3 pp | Jun 2024 — | Sep 2024 +5.4 pp | Dec 2024 +3.2 pp | Mar 2025 −0.3 pp | Jun 2025 −1.9 pp | Sep 2025 −2.4 pp | Dec 2025 −3.9 pp | Mar 2026 −5.1 pp
- MAYURUNIQ: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.0 pp | Dec 2022 — | Mar 2023 +0.7 pp | Jun 2023 — | Sep 2023 −0.9 pp | Dec 2023 — | Mar 2024 −0.4 pp | Jun 2024 — | Sep 2024 +0.3 pp | Dec 2024 +1.9 pp | Mar 2025 +2.1 pp | Jun 2025 +1.3 pp | Sep 2025 +0.4 pp | Dec 2025 +2.9 pp | Mar 2026 +1.1 pp
- DDEVPLSTIK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +6.1 pp | Jun 2023 — | Sep 2023 +13.9 pp | Dec 2023 — | Mar 2024 +7.2 pp | Jun 2024 — | Sep 2024 −2.6 pp | Dec 2024 −6.6 pp | Mar 2025 −6.6 pp | Jun 2025 −8.0 pp | Sep 2025 −5.1 pp | Dec 2025 −7.2 pp | Mar 2026 −3.9 pp
- NILKAMAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.6 pp | Dec 2022 — | Mar 2023 +3.5 pp | Jun 2023 — | Sep 2023 +1.5 pp | Dec 2023 — | Mar 2024 −1.5 pp | Jun 2024 — | Sep 2024 −1.6 pp | Dec 2024 −2.6 pp | Mar 2025 −1.4 pp | Jun 2025 −0.6 pp | Sep 2025 −1.2 pp | Dec 2025 −0.2 pp | Mar 2026 +1.1 pp
- ARROWGREEN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −28.0 pp | Dec 2022 — | Mar 2023 +30.4 pp | Jun 2023 — | Sep 2023 +59.6 pp | Dec 2023 — | Mar 2024 +12.0 pp | Jun 2024 — | Sep 2024 +0.6 pp | Dec 2024 +11.2 pp | Mar 2025 +12.2 pp | Jun 2025 −1.3 pp | Sep 2025 −11.8 pp | Dec 2025 −22.5 pp | Mar 2026 −18.7 pp

## Valuation Against Growth & Quality

What the numbers say: Mayur Uniquoters Ltd has the lowest comparable Guarded PEG at 0.52×, 38.8% below DDev Plastiks Industries Ltd. Only 5 of 7 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: Mayur Uniquoters Ltd · 0.52× | 38.8% versus #2 · DDev Plastiks Industries Ltd | 0/8 recent comparable periods | 5/7 companies · 39 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. Mayur Uniquoters Ltd (MAYURUNIQ): 0.5
2. DDev Plastiks Industries Ltd (DDEVPLSTIK): 0.9
3. Responsive Industries Ltd (RESPONIND): 3.1
4. Kingfa Science & Technology (India) Ltd (KINGFA): 3.1
5. Shaily Engineering Plastics Ltd (SHAILY): 4.3

### P/E — lowest P/E
1. DDev Plastiks Industries Ltd (DDEVPLSTIK): 14.1
2. Mayur Uniquoters Ltd (MAYURUNIQ): 17.9
3. Nilkamal Ltd (NILKAMAL): 19.8
4. Arrow Greentech Ltd (ARROWGREEN): 22.6
5. Responsive Industries Ltd (RESPONIND): 31.5

### 20-quarter Guarded PEG history
- SHAILY: Jun 2021 — | Sep 2021 1.8 | Dec 2021 — | Mar 2022 — | Jun 2022 6.4 | Sep 2022 — | Dec 2022 — | Mar 2023 1.6 | Jun 2023 — | Sep 2023 — | Dec 2023 5.6 | Mar 2024 1.1 | Jun 2024 1.7 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 2.2 | Dec 2025 4.3 | Mar 2026 —
- KINGFA: Jun 2021 — | Sep 2021 1.6 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.2 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.4 | Sep 2024 2.9 | Dec 2024 3.0 | Mar 2025 1.7 | Jun 2025 1.1 | Sep 2025 1.6 | Dec 2025 2.4 | Mar 2026 3.1
- RESPONIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.7 | Jun 2025 1.3 | Sep 2025 2.2 | Dec 2025 3.1 | Mar 2026 —
- MAYURUNIQ: Jun 2021 2.0 | Sep 2021 0.4 | Dec 2021 — | Mar 2022 — | Jun 2022 2.7 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.7 | Sep 2023 — | Dec 2023 — | Mar 2024 0.5 | Jun 2024 1.0 | Sep 2024 1.0 | Dec 2024 1.4 | Mar 2025 0.6 | Jun 2025 0.7 | Sep 2025 0.8 | Dec 2025 — | Mar 2026 0.5
- DDEVPLSTIK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.2 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.4 | Jun 2024 — | Sep 2024 0.4 | Dec 2024 0.9 | Mar 2025 0.9 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- SHAILY: Jun 2021 40.5 | Sep 2021 50.0 | Dec 2021 47.9 | Mar 2022 57.0 | Jun 2022 47.1 | Sep 2022 48.4 | Dec 2022 39.8 | Mar 2023 28.5 | Jun 2023 38.7 | Sep 2023 43.1 | Dec 2023 39.4 | Mar 2024 50.8 | Jun 2024 64.2 | Sep 2024 75.7 | Dec 2024 91.9 | Mar 2025 99.8 | Jun 2025 92.9 | Sep 2025 111.0 | Dec 2025 115.3 | Mar 2026 106.8
- KINGFA: Jun 2021 235.1 | Sep 2021 67.9 | Dec 2021 81.4 | Mar 2022 53.6 | Jun 2022 29.1 | Sep 2022 51.2 | Dec 2022 37.8 | Mar 2023 30.0 | Jun 2023 30.6 | Sep 2023 25.3 | Dec 2023 23.5 | Mar 2024 18.9 | Jun 2024 20.7 | Sep 2024 31.6 | Dec 2024 30.9 | Mar 2025 24.8 | Jun 2025 26.5 | Sep 2025 33.6 | Dec 2025 33.1 | Mar 2026 30.8
- RESPONIND: Jun 2021 42.4 | Sep 2021 41.6 | Dec 2021 64.9 | Mar 2022 296.1 | Jun 2022 243.8 | Sep 2022 — | Dec 2022 -4,300.2 | Mar 2023 133.8 | Jun 2023 171.5 | Sep 2023 148.2 | Dec 2023 74.6 | Mar 2024 53.8 | Jun 2024 53.5 | Sep 2024 40.7 | Dec 2024 35.1 | Mar 2025 26.5 | Jun 2025 30.7 | Sep 2025 25.6 | Dec 2025 25.9 | Mar 2026 19.9
- MAYURUNIQ: Jun 2021 25.8 | Sep 2021 20.3 | Dec 2021 21.8 | Mar 2022 17.3 | Jun 2022 17.0 | Sep 2022 20.2 | Dec 2022 17.4 | Mar 2023 17.5 | Jun 2023 21.9 | Sep 2023 21.1 | Dec 2023 21.9 | Mar 2024 17.6 | Jun 2024 22.9 | Sep 2024 20.4 | Dec 2024 19.2 | Mar 2025 14.8 | Jun 2025 16.1 | Sep 2025 14.5 | Dec 2025 14.1 | Mar 2026 12.8
- DDEVPLSTIK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 9.9 | Dec 2022 10.0 | Mar 2023 7.1 | Jun 2023 20.3 | Sep 2023 16.5 | Dec 2023 13.1 | Mar 2024 10.5 | Jun 2024 21.3 | Sep 2024 18.1 | Dec 2024 15.1 | Mar 2025 13.5 | Jun 2025 15.2 | Sep 2025 18.3 | Dec 2025 15.7 | Mar 2026 10.7
- NILKAMAL: Jun 2021 28.7 | Sep 2021 29.8 | Dec 2021 29.7 | Mar 2022 31.8 | Jun 2022 31.5 | Sep 2022 27.8 | Dec 2022 26.6 | Mar 2023 24.8 | Jun 2023 27.6 | Sep 2023 24.6 | Dec 2023 24.1 | Mar 2024 18.9 | Jun 2024 24.6 | Sep 2024 26.4 | Dec 2024 24.6 | Mar 2025 21.3 | Jun 2025 25.0 | Sep 2025 22.4 | Dec 2025 19.8 | Mar 2026 14.2
- ARROWGREEN: Jun 2021 35.4 | Sep 2021 24.2 | Dec 2021 23.6 | Mar 2022 25.7 | Jun 2022 — | Sep 2022 -10.6 | Dec 2022 -56.8 | Mar 2023 31.4 | Jun 2023 40.2 | Sep 2023 21.5 | Dec 2023 21.5 | Mar 2024 18.2 | Jun 2024 28.8 | Sep 2024 30.6 | Dec 2024 22.5 | Mar 2025 12.6 | Jun 2025 15.1 | Sep 2025 15.3 | Dec 2025 15.4 | Mar 2026 11.4

## Enterprise Value & Book Value

What the numbers say: Nilkamal Ltd leads both ev/ebitda at 6.4× and p/bv at 1.59×.

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: Nilkamal Ltd · 6.4× | 4.5% versus #2 · Arrow Greentech Ltd | 0/8 recent comparable periods | 7/7 companies · 131 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. Nilkamal Ltd (NILKAMAL): 6.4
2. Arrow Greentech Ltd (ARROWGREEN): 6.7
3. DDev Plastiks Industries Ltd (DDEVPLSTIK): 6.8
4. Mayur Uniquoters Ltd (MAYURUNIQ): 8.0
5. Responsive Industries Ltd (RESPONIND): 13.3

### P/BV — lowest P/BV
1. Nilkamal Ltd (NILKAMAL): 1.6
2. DDev Plastiks Industries Ltd (DDEVPLSTIK): 2.8
3. Responsive Industries Ltd (RESPONIND): 3.0
4. Mayur Uniquoters Ltd (MAYURUNIQ): 3.0
5. Arrow Greentech Ltd (ARROWGREEN): 4.6

### 20-quarter EV/EBITDA history
- SHAILY: Jun 2021 20.8 | Sep 2021 25.6 | Dec 2021 24.4 | Mar 2022 27.3 | Jun 2022 19.9 | Sep 2022 20.4 | Dec 2022 16.5 | Mar 2023 11.6 | Jun 2023 15.4 | Sep 2023 18.2 | Dec 2023 17.1 | Mar 2024 23.0 | Jun 2024 31.2 | Sep 2024 37.1 | Dec 2024 47.1 | Mar 2025 53.5 | Jun 2025 50.0 | Sep 2025 58.6 | Dec 2025 60.9 | Mar 2026 56.4
- KINGFA: Jun 2021 49.1 | Sep 2021 28.4 | Dec 2021 36.5 | Mar 2022 26.2 | Jun 2022 16.3 | Sep 2022 25.1 | Dec 2022 20.9 | Mar 2023 17.6 | Jun 2023 19.2 | Sep 2023 16.7 | Dec 2023 15.4 | Mar 2024 12.3 | Jun 2024 13.6 | Sep 2024 20.6 | Dec 2024 20.1 | Mar 2025 16.1 | Jun 2025 17.4 | Sep 2025 24.6 | Dec 2025 21.9 | Mar 2026 20.0
- RESPONIND: Jun 2021 29.3 | Sep 2021 24.8 | Dec 2021 32.2 | Mar 2022 35.2 | Jun 2022 26.4 | Sep 2022 31.7 | Dec 2022 30.4 | Mar 2023 30.2 | Jun 2023 36.0 | Sep 2023 62.1 | Dec 2023 41.4 | Mar 2024 32.9 | Jun 2024 33.7 | Sep 2024 26.5 | Dec 2024 23.3 | Mar 2025 17.5 | Jun 2025 20.7 | Sep 2025 17.6 | Dec 2025 17.7 | Mar 2026 13.3
- MAYURUNIQ: Jun 2021 16.3 | Sep 2021 13.1 | Dec 2021 14.2 | Mar 2022 11.2 | Jun 2022 11.0 | Sep 2022 13.2 | Dec 2022 11.4 | Mar 2023 11.7 | Jun 2023 14.6 | Sep 2023 13.5 | Dec 2023 13.9 | Mar 2024 10.9 | Jun 2024 14.5 | Sep 2024 12.7 | Dec 2024 12.2 | Mar 2025 9.3 | Jun 2025 10.2 | Sep 2025 9.1 | Dec 2025 8.5 | Mar 2026 8.0
- DDEVPLSTIK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 5.6 | Dec 2022 6.3 | Mar 2023 5.8 | Jun 2023 12.1 | Sep 2023 10.0 | Dec 2023 8.2 | Mar 2024 6.8 | Jun 2024 13.9 | Sep 2024 11.8 | Dec 2024 9.9 | Mar 2025 8.8 | Jun 2025 9.8 | Sep 2025 11.9 | Dec 2025 10.1 | Mar 2026 6.8
- NILKAMAL: Jun 2021 12.1 | Sep 2021 14.1 | Dec 2021 13.6 | Mar 2022 13.3 | Jun 2022 11.9 | Sep 2022 12.2 | Dec 2022 11.3 | Mar 2023 10.2 | Jun 2023 12.1 | Sep 2023 11.1 | Dec 2023 11.0 | Mar 2024 8.8 | Jun 2024 10.4 | Sep 2024 10.8 | Dec 2024 10.6 | Mar 2025 9.1 | Jun 2025 10.0 | Sep 2025 8.9 | Dec 2025 8.2 | Mar 2026 6.4
- ARROWGREEN: Jun 2021 19.5 | Sep 2021 14.5 | Dec 2021 12.6 | Mar 2022 31.0 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 18.1 | Sep 2023 12.3 | Dec 2023 12.0 | Mar 2024 10.6 | Jun 2024 16.9 | Sep 2024 19.4 | Dec 2024 14.6 | Mar 2025 8.2 | Jun 2025 9.9 | Sep 2025 9.7 | Dec 2025 9.5 | Mar 2026 6.7

### 20-quarter P/BV history
- SHAILY: Jun 2021 7.4 | Sep 2021 5.2 | Dec 2021 5.1 | Mar 2022 4.5 | Jun 2022 4.5 | Sep 2022 4.6 | Dec 2022 3.8 | Mar 2023 2.6 | Jun 2023 3.7 | Sep 2023 4.1 | Dec 2023 3.6 | Mar 2024 5.7 | Jun 2024 9.2 | Sep 2024 10.2 | Dec 2024 13.6 | Mar 2025 16.9 | Jun 2025 17.0 | Sep 2025 18.9 | Dec 2025 16.9 | Mar 2026 15.6
- KINGFA: Jun 2021 3.6 | Sep 2021 3.6 | Dec 2021 4.9 | Mar 2022 4.1 | Jun 2022 2.9 | Sep 2022 3.3 | Dec 2022 3.8 | Mar 2023 4.2 | Jun 2023 6.5 | Sep 2023 6.2 | Dec 2023 5.4 | Mar 2024 4.5 | Jun 2024 5.4 | Sep 2024 6.8 | Dec 2024 6.4 | Mar 2025 5.5 | Jun 2025 6.9 | Sep 2025 7.1 | Dec 2025 4.4 | Mar 2026 4.2
- RESPONIND: Jun 2021 4.1 | Sep 2021 3.5 | Dec 2021 4.6 | Mar 2022 4.6 | Jun 2022 3.5 | Sep 2022 4.0 | Dec 2022 3.2 | Mar 2023 3.4 | Jun 2023 4.5 | Sep 2023 9.6 | Dec 2023 7.6 | Mar 2024 6.9 | Jun 2024 8.9 | Sep 2024 6.4 | Dec 2024 5.3 | Mar 2025 4.1 | Jun 2025 5.4 | Sep 2025 3.8 | Dec 2025 3.6 | Mar 2026 2.4
- MAYURUNIQ: Jun 2021 4.0 | Sep 2021 3.3 | Dec 2021 3.7 | Mar 2022 2.7 | Jun 2022 2.6 | Sep 2022 3.0 | Dec 2022 2.6 | Mar 2023 2.6 | Jun 2023 3.3 | Sep 2023 3.0 | Dec 2023 3.1 | Mar 2024 2.5 | Jun 2024 3.7 | Sep 2024 3.0 | Dec 2024 3.0 | Mar 2025 2.3 | Jun 2025 2.8 | Sep 2025 2.3 | Dec 2025 2.1 | Mar 2026 2.2
- DDEVPLSTIK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.5 | Dec 2022 1.7 | Mar 2023 1.8 | Jun 2023 4.3 | Sep 2023 4.2 | Dec 2023 3.5 | Mar 2024 3.1 | Jun 2024 7.8 | Sep 2024 5.1 | Dec 2024 3.9 | Mar 2025 3.6 | Jun 2025 4.3 | Sep 2025 4.3 | Dec 2025 3.4 | Mar 2026 2.3
- NILKAMAL: Jun 2021 3.1 | Sep 2021 3.8 | Dec 2021 3.1 | Mar 2022 2.8 | Jun 2022 2.1 | Sep 2022 2.5 | Dec 2022 2.3 | Mar 2023 2.2 | Jun 2023 2.8 | Sep 2023 2.6 | Dec 2023 2.5 | Mar 2024 1.9 | Jun 2024 2.1 | Sep 2024 2.0 | Dec 2024 2.0 | Mar 2025 1.6 | Jun 2025 1.8 | Sep 2025 1.6 | Dec 2025 1.4 | Mar 2026 1.1
- ARROWGREEN: Jun 2021 3.0 | Sep 2021 2.3 | Dec 2021 2.1 | Mar 2022 1.9 | Jun 2022 1.5 | Sep 2022 1.9 | Dec 2022 3.7 | Mar 2023 4.8 | Jun 2023 6.0 | Sep 2023 7.0 | Dec 2023 6.0 | Mar 2024 5.2 | Jun 2024 8.7 | Sep 2024 9.7 | Dec 2024 7.4 | Mar 2025 4.8 | Jun 2025 7.5 | Sep 2025 4.4 | Dec 2025 3.7 | Mar 2026 2.8

## Market action

Shaily Engineering Plastics Ltd has the strongest one-year price move in Plastics - Plastic & Plastic Products at +80.7%. Mayur Uniquoters Ltd leads on Mansfield relative strength against NIFTY at +37.3%. 5 of 7 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Shaily Engineering Plastics Ltd (SHAILY): 81%
2. Kingfa Science & Technology (India) Ltd (KINGFA): 55%
3. Mayur Uniquoters Ltd (MAYURUNIQ): 28%
4. Arrow Greentech Ltd (ARROWGREEN): 7.8%
5. Nilkamal Ltd (NILKAMAL): -4.3%

### Strongest relative strength versus NIFTY 500
1. Mayur Uniquoters Ltd (MAYURUNIQ): 37%
2. Arrow Greentech Ltd (ARROWGREEN): 33%
3. Shaily Engineering Plastics Ltd (SHAILY): 27%
4. Nilkamal Ltd (NILKAMAL): 20%
5. Kingfa Science & Technology (India) Ltd (KINGFA): 17%

## 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.
- 2 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- Shaily Engineering Plastics Ltd (SHAILY) — market value ₹13.7K Cr; latest fundamentals Mar 2026
- Kingfa Science & Technology (India) Ltd (KINGFA) — market value ₹7.1K Cr; latest fundamentals Mar 2026
- Responsive Industries Ltd (RESPONIND) — market value ₹4.7K Cr; latest fundamentals Mar 2026
- Mayur Uniquoters Ltd (MAYURUNIQ) — market value ₹3.4K Cr; latest fundamentals Mar 2026
- DDev Plastiks Industries Ltd (DDEVPLSTIK) — market value ₹2.9K Cr; latest fundamentals Mar 2026
- Nilkamal Ltd (NILKAMAL) — market value ₹2.5K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Arrow Greentech Ltd (ARROWGREEN) — market value ₹1.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 5. Unverified: 2. Withheld: 0. Graded companies: 7.

2 of 7 companies draw 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.

- UNVERIFIED | NILKAMAL | Nilkamal Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ARROWGREEN | Arrow Greentech 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 Plastics - Plastic & Plastic Products index?

The Nifty Plastics - Plastic & Plastic Products index tracks India's listed Plastics - Plastic & Plastic Products companies as a single basket. This page follows the same 7 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Plastics - Plastic & Plastic Products sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Plastics - Plastic & Plastic Products stocks in India?

Ranked by this page's four-factor score, Mayur Uniquoters Ltd places first among 7 listed Plastics - Plastic & Plastic Products companies, followed by Shaily Engineering Plastics 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 Plastics - Plastic & Plastic Products stocks are listed in India?

This comparison covers 7 listed Plastics - Plastic & Plastic Products 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 Plastics - Plastic & Plastic Products company is the biggest?

Nilkamal Ltd is the largest, with trailing-twelve-month revenue of ₹3,778 crore, ahead of DDev Plastiks Industries Ltd at ₹2,948 crore. That covers 7 of 7 companies with comparable reporting through Mar 2026.

### Which Plastics - Plastic & Plastic Products company is growing fastest?

Shaily Engineering Plastics Ltd has the fastest revenue growth at 25.9% year on year, across 7 of 7 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 Plastics - Plastic & Plastic Products company has the best profit margins?

Mayur Uniquoters Ltd has the highest operating margin at 31%, from 7 of 7 comparable companies. Mayur Uniquoters Ltd shows the biggest recent improvement, at +10 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Plastics - Plastic & Plastic Products company makes the most profit?

DDev Plastiks Industries Ltd earns the most, at ₹202 crore of trailing-twelve-month net profit, from 7 of 7 comparable companies. Shaily Engineering Plastics Ltd has the fastest profit growth at 81.7%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Plastics - Plastic & Plastic Products company earns the highest return on capital?

DDev Plastiks Industries Ltd leads on return on capital employed at 31%, across 7 of 7 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 Plastics - Plastic & Plastic Products stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Mayur Uniquoters Ltd screens cheapest at 0.52×. Only 5 of 7 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 Plastics - Plastic & Plastic Products company has the strongest balance sheet?

Arrow Greentech Ltd carries the lowest comparable gross debt at ₹2 crore, from 7 of 7 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 Plastics - Plastic & Plastic Products sector beating the market?

Plastics - Plastic & Plastic Products has outperformed NIFTY 500 by 13.2% over the last 52 weeks and 24% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 5 of 7 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Plastics - Plastic & Plastic Products stock has the strongest price momentum?

Mayur Uniquoters 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 Plastics - Plastic & Plastic Products company scores highest for research priority?

Mayur Uniquoters Ltd scores 79 out of 100 with 100% evidence confidence, from 25.9 points on growth and earnings, 18.3 on capital efficiency, 14.8 on valuation and 20 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 Plastics - Plastic & Plastic Products companies does this comparison cover, and over what period?

It compares 7 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 Plastics - Plastic & Plastic Products sector?

The 7 Plastics - Plastic & Plastic Products companies on this page carry ₹35,265 crore of combined market value. Shaily Engineering Plastics Ltd is the largest at ₹13,659 crore, about 39% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Plastics - Plastic & Plastic Products sector's P/E ratio?

The median price-to-earnings ratio across the 7 Plastics - Plastic & Plastic Products companies on this page is 22.6×, measured on the 7 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Plastics - Plastic & Plastic Products sector performing?

5 of the 7 covered Plastics - Plastic & Plastic Products companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 13.2% ahead of 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/plastics-plastic-plastic-products