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

> Plastics - Plastic & Plastic Products: Nilkamal Ltd owns the largest revenue base; Kingfa Science & Technology (India) Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-08-18. Not investment advice.

## Bottom line

Plastics - Plastic & Plastic Products has outperformed NIFTY 500 by 28.7% over 52 weeks and 21.1% over 13 weeks. 6 of 8 covered companies beat NIFTY on Mansfield relative strength, while 5 of 8 beat the sector itself. Nilkamal Ltd leads with revenue of ₹3,715 crore, based on 8 of 8 comparable companies through Jun 2026.

## Sector relative strength

Plastics - Plastic & Plastic Products has outperformed NIFTY 500 by 28.7% over the last 52 weeks. Over 13 weeks the gap is a lead of 21.1%. 6 of 8 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is broad. Arrow Greentech Ltd is the strongest against the sector itself at +19.2%.

13-week sector return versus NIFTY 500: 21%
52-week sector return versus NIFTY 500: 29%
Stocks leading NIFTY: 6/8
Stocks leading sector: 5/8

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

Companies: 8
Combined market value: ₹38.5K 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): 66/100 — Favorable setup; evidence 100%
   - Growth & earnings 25.0/35 | Capital efficiency 15.6/25 | Valuation 16.0/20 | Relative strength 9.0/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 25 + 15.6 + 16 + 9 = 65.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Arrow Greentech Ltd (ARROWGREEN): 66/100 — Favorable setup; evidence 87%
   - Growth & earnings 16.2/35 | Capital efficiency 20.5/25 | Valuation 8.9/20 | Relative strength 20.0/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 16.2 + 20.5 + 8.9 + 20 = 65.6
   - Decision use: Price leads the evidence: RS versus the benchmark is 46%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
3. Shaily Engineering Plastics Ltd (SHAILY): 62/100 — Mixed-positive evidence; evidence 97%
   - Growth & earnings 29.8/35 | Capital efficiency 17.9/25 | Valuation 1.0/20 | Relative strength 13.5/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 29.8 + 17.9 + 1 + 13.5 = 62.2
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
4. Nilkamal Ltd (NILKAMAL): 57/100 — Mixed-positive evidence; evidence 87%
   - Growth & earnings 19.3/35 | Capital efficiency 9.4/25 | Valuation 11.9/20 | Relative strength 16.2/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks
   - Exact sum: 19.3 + 9.4 + 11.9 + 16.2 = 56.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Plastiblends India Ltd (PLASTIBLEN): 53/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 21.0/35 | Capital efficiency 8.7/25 | Valuation 14.9/20 | Relative strength 8.5/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 21 + 8.7 + 14.9 + 8.5 = 53.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Kingfa Science & Technology (India) Ltd (KINGFA): 52/100 — Mixed-positive evidence; evidence 100%
   - Growth & earnings 24.2/35 | Capital efficiency 13.8/25 | Valuation 4.8/20 | Relative strength 8.8/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks
   - Exact sum: 24.2 + 13.8 + 4.8 + 8.8 = 51.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. DDev Plastiks Industries Ltd (DDEVPLSTIK): 46/100 — Mixed-negative evidence; evidence 94%
   - Growth & earnings 12.6/35 | Capital efficiency 15.4/25 | Valuation 13.1/20 | Relative strength 4.6/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of 10 weeks with a reading, within the last 12
   - Exact sum: 12.6 + 15.4 + 13.1 + 4.6 = 45.7
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
8. Responsive Industries Ltd (RESPONIND): 20/100 — Adverse evidence; evidence 87%
   - Growth & earnings 2.3/35 | Capital efficiency 8.8/25 | Valuation 5.9/20 | Relative strength 3.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of 10 weeks with a reading, within the last 12
   - Exact sum: 2.3 + 8.8 + 5.9 + 3 = 20
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Market action

Shaily Engineering Plastics Ltd has the strongest one-year price move in Plastics - Plastic & Plastic Products at +110.5%. Arrow Greentech Ltd leads on Mansfield relative strength against NIFTY at +46%. 6 of 8 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-08-14.

### Strongest one-year price performers
1. Shaily Engineering Plastics Ltd (SHAILY): 111%
2. Kingfa Science & Technology (India) Ltd (KINGFA): 68%
3. Mayur Uniquoters Ltd (MAYURUNIQ): 41%
4. Nilkamal Ltd (NILKAMAL): 13%
5. Arrow Greentech Ltd (ARROWGREEN): 8.0%

### Strongest relative strength versus NIFTY 500
1. Arrow Greentech Ltd (ARROWGREEN): 46%
2. Shaily Engineering Plastics Ltd (SHAILY): 36%
3. Nilkamal Ltd (NILKAMAL): 28%
4. Kingfa Science & Technology (India) Ltd (KINGFA): 24%
5. Mayur Uniquoters Ltd (MAYURUNIQ): 23%

## Plastics - Plastic & Plastic Products — the story behind the numbers

This is the written read behind the Plastics - Plastic & Plastic Products figures above — what is actually happening in the sector, in words, with the evidence each claim rests on. It is dated 28 Jul 2026. 3 themes are live here, 1 of them rated high severity.

The Plastics sector report for the week ending 2026-07-19 covers 1 constituent, PLASTIBLEN. The company reported Q4 FY26 net sales of ₹210.62 crore, a 5.75% year-on-year increase. Net profit rose 44.83% to ₹13.86 crore. EBITDA stood at ₹22.66 crore, up 34.4% YoY, with margins expanding to 10.76%.

How old this read is: This read comes from our Plastics - Plastic & Plastic Products sector brief dated 28 Jul 2026, so the words here and the numbers above them cover the same few weeks.

### Live themes, worst first
- HIGH | Polymer prices account for 45-50% of total raw material cost with direct crude linkages; company unable to fully pass cost escalations due to intense competition. | Improving product mix towards higher margin products and optimising cost structure by increasing adoption of renewable energy. | named for PLASTIBLEN
- MEDIUM | West Asia crisis drove rise in crude-linked raw materials, increasing inventory value and gross current assets days to 145 days in FY26 from 125 days in FY25. | Strategically built up inventory to ensure supply continuity amid west Asia crisis. | named for PLASTIBLEN
- LOW | Risk management policy covers regulatory compliance under SEBI Listing Regulations; no specific pending regulatory issues disclosed for Q4 FY26. | Risk Management Committee oversees effectiveness of management's actions in identification and assessment of material business risks. | named for PLASTIBLEN

Sources: our Plastics - Plastic & Plastic Products sector brief, 28 Jul 2026.

## Revenue Scale & Growth Durability

What the numbers say: Nilkamal Ltd is the scale leader at ₹3,715 crore, 17.3% ahead of DDev Plastiks Industries Ltd. Kingfa Science & Technology (India) Ltd's growth is 24.1% from a ₹2,222 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; Kingfa Science & Technology (India) 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 Kingfa Science & Technology (India) Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Nilkamal Ltd · ₹3,715 crore | 17.3% versus #2 · DDev Plastiks Industries Ltd | 7/8 recent comparable periods | 8/8 companies · 143 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): ₹3.7K Cr
2. DDev Plastiks Industries Ltd (DDEVPLSTIK): ₹3.2K Cr
3. Kingfa Science & Technology (India) Ltd (KINGFA): ₹2.2K Cr
4. Responsive Industries Ltd (RESPONIND): ₹1.2K Cr
5. Shaily Engineering Plastics Ltd (SHAILY): ₹1.0K Cr

### Revenue growth — fastest growers
1. Kingfa Science & Technology (India) Ltd (KINGFA): 24%
2. Shaily Engineering Plastics Ltd (SHAILY): 20%
3. Mayur Uniquoters Ltd (MAYURUNIQ): 15%
4. DDev Plastiks Industries Ltd (DDEVPLSTIK): 15%
5. Arrow Greentech Ltd (ARROWGREEN): 13%

### 20-quarter Revenue history
- SHAILY: 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 | Jun 2026 ₹281 Cr
- KINGFA: 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 | Jun 2026 ₹689 Cr
- RESPONIND: 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 | Jun 2026 ₹193 Cr
- MAYURUNIQ: 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 | Jun 2026 ₹269 Cr
- DDEVPLSTIK: 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 | Jun 2026 ₹989 Cr
- NILKAMAL: 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 | Jun 2026 ₹820 Cr
- ARROWGREEN: 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 | Jun 2026 ₹88 Cr
- PLASTIBLEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹196 Cr | Sep 2023 ₹210 Cr | Dec 2023 ₹197 Cr | Mar 2024 ₹199 Cr | Jun 2024 ₹212 Cr | Sep 2024 ₹185 Cr | Dec 2024 ₹184 Cr | Mar 2025 ₹199 Cr | Jun 2025 ₹200 Cr | Sep 2025 ₹193 Cr | Dec 2025 ₹186 Cr | Mar 2026 ₹211 Cr | Jun 2026 ₹222 Cr

### 20-quarter Revenue growth history
- SHAILY: 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% | Jun 2026 14%
- KINGFA: 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% | Jun 2026 49%
- RESPONIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 -16% | Dec 2022 -15% | Mar 2023 -27% | Jun 2023 16% | Sep 2023 9.5% | Dec 2023 1.2% | Mar 2024 22% | Jun 2024 22% | Sep 2024 30% | Dec 2024 38% | Mar 2025 32% | Jun 2025 5.9% | Sep 2025 -10% | Dec 2025 -15% | Mar 2026 13% | Jun 2026 -43%
- MAYURUNIQ: 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% | Jun 2026 25%
- DDEVPLSTIK: 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% | Jun 2026 29%
- NILKAMAL: 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% | Jun 2026 -7.1%
- ARROWGREEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -19% | Mar 2024 5.9% | Jun 2024 50% | Sep 2024 124% | Dec 2024 120% | Mar 2025 12% | Jun 2025 -36% | Sep 2025 -6.2% | Dec 2025 1.8% | Mar 2026 -26% | Jun 2026 110%
- PLASTIBLEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 8.2% | Sep 2024 -12% | Dec 2024 -6.6% | Mar 2025 0.0% | Jun 2025 -5.7% | Sep 2025 4.3% | Dec 2025 1.1% | Mar 2026 6.0% | Jun 2026 11%

## Operating Economics & Margin Trend

What the numbers say: Arrow Greentech Ltd leads both opm at 41% and margin change at +7 percentage points.

Investor read: Arrow Greentech 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: Arrow Greentech Ltd · 41% | 36.7% versus #2 · Shaily Engineering Plastics Ltd | 4/8 recent comparable periods | 8/8 companies · 160 observations

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

### OPM — highest
1. Arrow Greentech Ltd (ARROWGREEN): 41%
2. Shaily Engineering Plastics Ltd (SHAILY): 30%
3. Mayur Uniquoters Ltd (MAYURUNIQ): 22%
4. Kingfa Science & Technology (India) Ltd (KINGFA): 16%
5. Responsive Industries Ltd (RESPONIND): 12%

### Margin change — fastest expanders
1. Arrow Greentech Ltd (ARROWGREEN): +7.0 pp
2. Kingfa Science & Technology (India) Ltd (KINGFA): +3.0 pp
3. Plastiblends India Ltd (PLASTIBLEN): +3.0 pp
4. Mayur Uniquoters Ltd (MAYURUNIQ): +2.0 pp
5. Nilkamal Ltd (NILKAMAL): +2.0 pp

### 20-quarter OPM history
- SHAILY: 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% | Jun 2026 30%
- KINGFA: 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% | Jun 2026 16%
- RESPONIND: 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% | Jun 2026 12%
- MAYURUNIQ: 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% | Jun 2026 22%
- DDEVPLSTIK: 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% | Jun 2026 9.0%
- NILKAMAL: 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% | Jun 2026 9.0%
- ARROWGREEN: 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% | Jun 2026 41%
- PLASTIBLEN: Sep 2021 6.4% | Dec 2021 12% | Mar 2022 7.9% | Jun 2022 7.8% | Sep 2022 4.5% | Dec 2022 4.3% | Mar 2023 9.0% | Jun 2023 7.0% | Sep 2023 7.0% | Dec 2023 6.0% | Mar 2024 8.0% | Jun 2024 8.0% | Sep 2024 5.0% | Dec 2024 6.0% | Mar 2025 7.0% | Jun 2025 7.0% | Sep 2025 6.0% | Dec 2025 5.0% | Mar 2026 9.0% | Jun 2026 10%

### 20-quarter Margin change history
- SHAILY: 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 | Jun 2026 +2.0 pp
- KINGFA: 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 | Jun 2026 +3.0 pp
- RESPONIND: 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 +10.6 pp | Sep 2023 +17.0 pp | Dec 2023 +10.9 pp | Mar 2024 +5.2 pp | Jun 2024 +3.9 pp | Sep 2024 −2.0 pp | Dec 2024 −5.2 pp | Mar 2025 −2.4 pp | Jun 2025 −0.9 pp | Sep 2025 +3.7 pp | Dec 2025 −4.8 pp | Mar 2026 −9.9 pp | Jun 2026 −9.3 pp
- MAYURUNIQ: 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 | Jun 2026 +2.0 pp
- DDEVPLSTIK: 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 | Jun 2026 0.0 pp
- NILKAMAL: 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 | Jun 2026 +2.0 pp
- ARROWGREEN: 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 +65.6 pp | Sep 2023 +28.7 pp | Dec 2023 +2.0 pp | Mar 2024 −7.6 pp | Jun 2024 +9.0 pp | Sep 2024 +10.0 pp | Dec 2024 +4.0 pp | Mar 2025 −3.0 pp | Jun 2025 −8.0 pp | Sep 2025 −7.0 pp | Dec 2025 +1.0 pp | Mar 2026 −3.0 pp | Jun 2026 +7.0 pp
- PLASTIBLEN: Sep 2021 −5.3 pp | Dec 2021 −0.7 pp | Mar 2022 −3.3 pp | Jun 2022 −0.5 pp | Sep 2022 −1.9 pp | Dec 2022 −7.3 pp | Mar 2023 +1.1 pp | Jun 2023 −0.8 pp | Sep 2023 +2.5 pp | Dec 2023 +1.7 pp | Mar 2024 −1.0 pp | Jun 2024 +1.0 pp | Sep 2024 −2.0 pp | Dec 2024 0.0 pp | Mar 2025 −1.0 pp | Jun 2025 −1.0 pp | Sep 2025 +1.0 pp | Dec 2025 −1.0 pp | Mar 2026 +2.0 pp | Jun 2026 +3.0 pp

## Profit Scale & Acceleration

What the numbers say: Kingfa Science & Technology (India) Ltd leads with ₹225 crore of TTM profit, 5.1% above DDev Plastiks Industries Ltd. Shaily Engineering Plastics Ltd shows 50.4% growth from a ₹176 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Kingfa Science & Technology (India) 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: Kingfa Science & Technology (India) Ltd · ₹225 crore | 5.1% versus #2 · DDev Plastiks Industries Ltd | 8/8 recent comparable periods | 8/8 companies · 143 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. Kingfa Science & Technology (India) Ltd (KINGFA): ₹225 Cr
2. DDev Plastiks Industries Ltd (DDEVPLSTIK): ₹214 Cr
3. Mayur Uniquoters Ltd (MAYURUNIQ): ₹207 Cr
4. Shaily Engineering Plastics Ltd (SHAILY): ₹176 Cr
5. Nilkamal Ltd (NILKAMAL): ₹125 Cr

### Profit growth — fastest growers
1. Shaily Engineering Plastics Ltd (SHAILY): 50%
2. Kingfa Science & Technology (India) Ltd (KINGFA): 46%
3. Mayur Uniquoters Ltd (MAYURUNIQ): 34%
4. Plastiblends India Ltd (PLASTIBLEN): 31%
5. Nilkamal Ltd (NILKAMAL): 20%

### 20-quarter Net profit history
- SHAILY: 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 | Jun 2026 ₹48 Cr
- KINGFA: 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 | Jun 2026 ₹80 Cr
- RESPONIND: 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 | Jun 2026 ₹3 Cr
- MAYURUNIQ: 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 | Jun 2026 ₹56 Cr
- DDEVPLSTIK: 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 | Jun 2026 ₹64 Cr
- NILKAMAL: 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 | Jun 2026 ₹24 Cr
- ARROWGREEN: 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 | Jun 2026 ₹27 Cr
- PLASTIBLEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹8 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹14 Cr | Jun 2026 ₹15 Cr

### 20-quarter Profit growth history
- SHAILY: 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% | Jun 2026 17%
- KINGFA: 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% | Jun 2026 100%
- RESPONIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -200% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 163% | Mar 2024 99% | Jun 2024 61% | Sep 2024 21% | Dec 2024 5.0% | Mar 2025 18% | Jun 2025 3.1% | Sep 2025 8.1% | Dec 2025 -52% | Mar 2026 -58% | Jun 2026 -95%
- MAYURUNIQ: 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% | Jun 2026 37%
- DDEVPLSTIK: 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% | Jun 2026 23%
- NILKAMAL: 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% | Jun 2026 60%
- ARROWGREEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 25% | Mar 2024 -22% | Jun 2024 122% | Sep 2024 280% | Dec 2024 160% | Mar 2025 10% | Jun 2025 -45% | Sep 2025 -16% | Dec 2025 0.0% | Mar 2026 -36% | Jun 2026 145%
- PLASTIBLEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 38% | Sep 2024 -40% | Dec 2024 0.0% | Mar 2025 -9.1% | Jun 2025 -18% | Sep 2025 17% | Dec 2025 -14% | Mar 2026 40% | Jun 2026 67%

## 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 | 8/8 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. Plastiblends India Ltd (PLASTIBLEN): +1.0 pp
5. DDev Plastiks Industries Ltd (DDEVPLSTIK): −3.9 pp

### 20-quarter ROCE history
- SHAILY: 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% | Jun 2026 —
- KINGFA: 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% | Jun 2026 —
- RESPONIND: 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% | Jun 2026 —
- MAYURUNIQ: 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% | Jun 2026 —
- DDEVPLSTIK: 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% | Jun 2026 —
- NILKAMAL: 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% | Jun 2026 —
- ARROWGREEN: 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 59% | Mar 2025 42% | Jun 2025 46% | Sep 2025 28% | Dec 2025 36% | Mar 2026 24% | Jun 2026 —

### 20-quarter ROCE change history
- SHAILY: 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 | Jun 2026 —
- KINGFA: 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 | Jun 2026 —
- RESPONIND: 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 +3.1 pp | Mar 2025 −0.3 pp | Jun 2025 −2.0 pp | Sep 2025 −2.4 pp | Dec 2025 −3.9 pp | Mar 2026 −5.1 pp | Jun 2026 —
- MAYURUNIQ: 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 | Jun 2026 —
- DDEVPLSTIK: 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 | Jun 2026 —
- NILKAMAL: 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 | Jun 2026 —
- ARROWGREEN: 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 −1.1 pp | Sep 2025 −11.8 pp | Dec 2025 −22.9 pp | Mar 2026 −18.7 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Mayur Uniquoters Ltd has the lowest comparable PEG at 0.62×, 64% below DDev Plastiks Industries Ltd. Only 5 of 8 companies have earnings and growth steady enough for the ratio to mean anything, 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 · 0.62× | 64% versus #2 · DDev Plastiks Industries Ltd | 0/8 recent comparable periods | 5/8 companies · 40 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

### PEG — lowest PEG
1. Mayur Uniquoters Ltd (MAYURUNIQ): 0.6
2. DDev Plastiks Industries Ltd (DDEVPLSTIK): 1.7
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. Plastiblends India Ltd (PLASTIBLEN): 12.1
2. DDev Plastiks Industries Ltd (DDEVPLSTIK): 13.4
3. Mayur Uniquoters Ltd (MAYURUNIQ): 15.6
4. Arrow Greentech Ltd (ARROWGREEN): 19.1
5. Nilkamal Ltd (NILKAMAL): 20.6

### 20-quarter PEG history
- SHAILY: 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 — | Jun 2026 —
- KINGFA: 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 | Jun 2026 —
- RESPONIND: 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 — | Jun 2026 —
- MAYURUNIQ: 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 | Jun 2026 0.6
- DDEVPLSTIK: 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 — | Jun 2026 1.7

### 20-quarter P/E history
- SHAILY: 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 | Jun 2026 77.1
- KINGFA: 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 | Jun 2026 37.0
- RESPONIND: 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 | Jun 2026 34.6
- MAYURUNIQ: 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 | Jun 2026 17.9
- DDEVPLSTIK: 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 19.2 | Dec 2025 16.7 | Mar 2026 11.4 | Jun 2026 15.1
- NILKAMAL: 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 | Jun 2026 15.1
- ARROWGREEN: 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 | Jun 2026 18.8
- PLASTIBLEN: Sep 2021 18.9 | Dec 2021 16.7 | Mar 2022 15.2 | Jun 2022 13.2 | Sep 2022 14.3 | Dec 2022 12.0 | Mar 2023 12.8 | Jun 2023 19.0 | Sep 2023 25.1 | Dec 2023 25.6 | Mar 2024 18.6 | Jun 2024 20.1 | Sep 2024 21.0 | Dec 2024 18.3 | Mar 2025 13.5 | Jun 2025 18.0 | Sep 2025 15.3 | Dec 2025 13.0 | Mar 2026 10.2 | Jun 2026 12.5


## 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.

## Every company
- Shaily Engineering Plastics Ltd (SHAILY) — market value ₹15.5K Cr; latest fundamentals Jun 2026
- Kingfa Science & Technology (India) Ltd (KINGFA) — market value ₹8.0K Cr; latest fundamentals Jun 2026
- Responsive Industries Ltd (RESPONIND) — market value ₹4.4K Cr; latest fundamentals Jun 2026
- Mayur Uniquoters Ltd (MAYURUNIQ) — market value ₹3.2K Cr; latest fundamentals Jun 2026
- DDev Plastiks Industries Ltd (DDEVPLSTIK) — market value ₹2.9K Cr; latest fundamentals Jun 2026
- Nilkamal Ltd (NILKAMAL) — market value ₹2.8K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Arrow Greentech Ltd (ARROWGREEN) — market value ₹1.2K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Plastiblends India Ltd (PLASTIBLEN) — market value ₹518 Cr; latest fundamentals Jun 2026

## Source standing of each company

Cross-checked: 5. Unverified: 3. Withheld: 0. Graded companies: 8.

2 of 8 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 Jun 2026; prices through 2026-08-14.
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

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

Plastics - Plastic & Plastic Products has outperformed NIFTY 500 by 28.7% over 52 weeks and 21.1% over 13 weeks. 6 of 8 covered companies beat NIFTY on Mansfield relative strength, while 5 of 8 beat the sector itself.

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

Nilkamal Ltd leads with revenue of ₹3,715 crore, based on 8 of 8 comparable companies through Jun 2026.

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

Kingfa Science & Technology (India) Ltd has the fastest current revenue growth at 24.1%, across 8 of 8 comparable companies.

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

Mayur Uniquoters Ltd ranks first at 65.6/100 with 100% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

Mayur Uniquoters Ltd has the lowest comparable PEG at 0.62, among 5 of 8 companies whose earnings and growth are steady enough for the ratio to mean anything.

### How much history does this Plastics - Plastic & Plastic Products comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Jun 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.

### Is there a Nifty Plastics - Plastic & Plastic Products index?

NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Plastics - Plastic & Plastic Products, this page builds its own equal-weight basket of 8 listed Plastics - Plastic & Plastic Products companies — one company, one vote, regardless of market value — so no single large company dominates the reading. Figures are as of Jun 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 8 listed Plastics - Plastic & Plastic Products companies, followed by Arrow Greentech Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 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 8 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 Jun 2026.

### Which Plastics - Plastic & Plastic Products company is the biggest?

Nilkamal Ltd is the largest, with trailing-twelve-month revenue of ₹3,715 crore, ahead of DDev Plastiks Industries Ltd at ₹3,168 crore. That covers 8 of 8 companies with comparable reporting through Jun 2026.

### Which Plastics - Plastic & Plastic Products company has the best profit margins?

Arrow Greentech Ltd has the highest operating margin at 41%, from 8 of 8 comparable companies. Arrow Greentech Ltd shows the biggest recent improvement, at +7 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?

Kingfa Science & Technology (India) Ltd earns the most, at ₹225 crore of trailing-twelve-month net profit, from 8 of 8 comparable companies. Shaily Engineering Plastics Ltd has the fastest profit growth at 50.4%, 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 8 of 8 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 PEG — where a LOWER number is cheaper — Mayur Uniquoters Ltd screens cheapest at 0.62×. Only 5 of 8 companies have earnings and growth steady enough for the ratio to mean anything, 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.

### Is the Plastics - Plastic & Plastic Products sector beating the market?

Plastics - Plastic & Plastic Products has outperformed NIFTY 500 by 28.7% over the last 52 weeks and 21.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 6 of 8 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?

Arrow Greentech 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 65.6 out of 100 with 100% evidence confidence, from 25 points on growth and earnings, 15.6 on capital efficiency, 16 on valuation and 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 Plastics - Plastic & Plastic Products companies does this comparison cover, and over what period?

It compares 8 listed companies over up to 20 reported quarters of fundamentals, ending Jun 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 8 Plastics - Plastic & Plastic Products companies on this page carry ₹38,470 crore of combined market value. Shaily Engineering Plastics Ltd is the largest at ₹15,477 crore, about 40% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-18.

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

The median price-to-earnings ratio across the 8 Plastics - Plastic & Plastic Products companies on this page is 20.6×, measured on the 8 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 2026-08-18.

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

6 of the 8 covered Plastics - Plastic & Plastic Products companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 28.7% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-18.

### 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.