Polyplex swings to ₹171 Cr consolidated profit as forex loss narrows, OPM triples YoY

Polyplex's consolidated revenue rose to ₹2,253.6 Cr (+29.6% YoY, +20.5% QoQ), and consolidated profit for the period swung to ₹171.1 Cr from a ₹59.8 Cr loss in Q1 FY26 and ₹37.6 Cr in Q4 FY26 — a clean year-on-year turnaround that anchors the quarter. Of this, ₹91.0 Cr was attributable to owners (basic EPS ₹29.00, up from ₹7.90 QoQ and a loss of ₹6.15/share YoY) and ₹80.0 Cr to non-controlling interests in the Thailand, US and European subsidiaries. Operating margin (PBT + finance cost + depreciation − other income, over revenue) expanded to 13.2% from -0.04% YoY and 4.71% QoQ; net margin improved to 7.51% from -3.38% YoY and 1.95% QoQ. Part of the reported YoY swing is a one-off: unrealised forex translation loss on long-term foreign-currency borrowings, booked in other expenses, fell to ₹39.7 Cr this quarter from ₹156.4 Cr a year ago (note 6) — that ₹116.7 Cr swing alone explains most of the headline PBT turnaround. Stripping the forex item out on both sides, adjusted PBT still rose to roughly ₹250.3 Cr from roughly ₹85.8 Cr, and adjusted PAT growth works out to about +118% YoY (tax held constant) — so the underlying business genuinely improved, just by less than the raw ₹230.9 Cr headline swing suggests. No consensus estimates or formal management guidance were found for this quarter — vsStreet and vsGuidance are both unknown, and no separate management press release was available for this filing; the notes to accounts are the only qualitative colour, centred on the DigiPrint acquisition and the unresolved EcoBlue arbitration. Sector commentary after Q4 FY26 (MarketsMojo) had flagged persistent margin pressure despite revenue records; this quarter's OPM jump to 13.2% is a reversal of that specific concern, alongside a broader PET/BOPET film sector tailwind from government capex and RBI rate cuts easing borrowing costs. On corporate actions: the Group completed its 51% acquisition of Polyplex DigiPrint (formerly TechNova Printrite) for ~₹62.1 Cr, consolidated from May 1, 2026, contributing a two-month stub of ₹45.4 Cr revenue and ₹3.83 Cr PAT — immaterial to the headline print. Separately, AGPH (Thailand) acquired an 18.09% stake in Polyplex (Thailand) via tender offer, but the Group's 51% holding and full consolidation are unaffected; a minority-shareholder arbitration claim on EcoBlue Limited (~₹378 Cr) remains unresolved and unrecognised in these results. Standalone (India-only) results moved the opposite way: PAT fell to ₹12.48 Cr from ₹22.09 Cr YoY and ₹28.69 Cr QoQ even as standalone revenue rose 12.1% YoY to ₹439.5 Cr, because Q4 FY26's standalone number had included a one-off ₹12.72 Cr dividend from subsidiaries that this quarter lacks. That >3% divergence between a declining standalone (India) profit and a turnaround at the consolidated level means this quarter's growth story is being driven almost entirely by the overseas subsidiaries, not the India business.