Annual reportAug 2026
Aug 2026 · Outcome of Board Meeting 3 Aug - Board approved AGM for Aug 27, 2026; annual report notes Baddi unit commencement and Rs 19.11 crore capex.
Source: Nse
Barflex Polyfilms Ltd. (BARFLEX)
SME CapIndustrials stocks · SME cap · NSE
Barflex Polyfilms Ltd. manufactures and supplies flexible packaging materials like COEX films, printed laminates, and BOPP/PVC shrink labels. It serves diverse B2B sectors including FMCG, processed foods, pharma, and industrial applications, offering both standardized and customizable solutions.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals16 Oct 2026 · screener
Latest result01 Jun, 08:25 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
32Bearishfull bear SMA stack · SMA20 -11.5% / mo · MACD − · near 52W low
Stock trend: 20
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BARFLEXD candles · FIT view-14.0%Latest close ₹50.70 on 2026-10-19
Bar
-0.6%
RSI
40
MACD hist
-0.11
52W pos
5%
2026-10-19O ₹51.00H ₹51.00L ₹49.00C ₹50.70Vol 30,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BARFLEXNifty India ManufacturingNifty 500
- BARFLEX
- +1.3%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +6.9 pp
Chart stats
19 Oct 2026- From 52W high
- -37.0%
- 52W range position
- 5%
- ATR (14)
- 4.4%
- Volume vs 20D
- 0.89x
- Avg traded value
- ₹0.2 Cr
- 20D price channel
- ₹49 - ₹62.4
₹80.5
₹49 - ₹80.5
₹2.3
Latest completed session
20-session average
56.8% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED15
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Bearish32
Price trend and sector-relative-strength timing.
Valuation
Legacy model-10251.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence60
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹65 Cr | NDF | +22.6% |
| EBITDA | ₹2 Cr | NDF | -50.0% |
| Operating margin | 3.6% | NDF | -440 bps |
| PAT | ₹1 Cr | NDF | -66.7% |
| PAT margin | 1.5% | NDF | -412 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 43.80
- P/B
- 1.30
- EV/EBITDA
- 20.71
- Market Cap
- 125.00Cr
Profitability
- ROE
- 3.05%
- ROCE
- 5.82%
- ROA
- 2.94%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 21.43%
- EPS 5Y
- -73.33%
- Revenue 3Y
- 21.43%
- EPS 3Y
- -73.33%
Balance Sheet
- Debt/Equity
- 0.21
- Interest Coverage
- 6.00×
- Altman Z
- 3.88
- Book Value
- 38.70
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 5.00 Cr
- EPS TTM
- 1.58
Shareholding
- Promoter Hold
- 67.22%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 4%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 119+21.4% vs prev
Net Profit
₹ CrLatest: 4.0-73.3% vs prev
Return on Equity
%Latest: 4.2-74.7% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 40. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~13.0% over last month) — short-term momentum negative.
- RSI(14) at 40 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
28
RS percentile
Stage 4 Downtrend
1M return
-18.2%
3M return
+1.3%
6M return
-13.9%
1Y return
-35.3%
RS 1D
+2
RS 20D
-14
Sector rank
#2
Industry rank
#12
Stage evidence
- Price is 11.3% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.0%.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 65.46+1.54%
RS vs Nifty 50065
Valuation & peers
U-Score 15 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 15 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation2/30
Growth5/25
Quality0/20
Balance Sheet11/15
Cash Flow1/10
Piotroski
6/9 (+3)
Penalties
-7
Raw sum
15
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
15/100 · legacy band OVERVALUED
Positive drivers
- Balance sheet contributes 11/15 to the score.
- Growth contributes 5/25 to the score.
- Cash flow contributes 1/10 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Fair-value margin of safety is negative at -10251.6%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
43.8
PB
1.3
EV/EBITDA
20.7
ROE
3.0%
ROCE
5.8%
FCF Yield
—
Debt/Equity
0.2
MoS
-10251.6%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
15
Previous: 15
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-10251.6%
Previous: -10251.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
15
15
15
15
15
15
15
15
15
15
15
15
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹37.09
-36.7% MoS
Growth-justified P/E
0.3
Growth-justified Value
₹0.49
-10251.6% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
PURVFLEXI
SME
Purv Flexipack Ltd.
Packaging
match 87
15
17.3
3.7%
-108%
OVERVALUED
UMA
SME
Uma Converter Ltd.
Packaging
match 82
28
10.8
4.1%
-134%
OVERVALUED
RPPL
Small
Rajshree Polypack Limited
Packaging
match 81
34
6.8
10.0%
-35%
WATCHLIST
SABAR
SME
Sabar Flex India Ltd.
Packaging
match 80
1
182.0
0.1%
-3771%
OVERVALUED
DKEGL
SME
D.K. Enterprises Global Ltd.
Packaging
match 80
66
9.2
18.9%
+77%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-22T22:08:33.363Z
Management commentary snapshot
H2FY25 revenue declined 12.5% YoY to INR 54.77 Cr, with EBITDA down 2% to INR 10.10 Cr. Full-year FY25 revenue fell 5.4% to INR 109.87 Cr, and EBITDA dropped 12.5% to INR 20.70 Cr. PAT for H2FY25 rose 25.5% YoY, but FY25 PAT decreased 10.5%.
Despite aggressive capacity expansion and strategic JVs targeting higher-margin segments, Barflex's core business shows revenue and EBITDA contraction in H2FY25 and FY25. The execution of new projects and successful ramp-up are critical to reverse the current financial trend and validate the growth strategy.
Growth engines
Brownfield Capacity Expansion
Tripling packaging capacity from 500 TPA to 1800 TPA at Baddi, targeting Q1FY26 for WPP Bags and June 2025 for Laminates.
Entry into High-Margin Labels via JV
51:49 JV (BA Flexpack) in Faridabad for self-adhesive paper labels and in-mold labels, targeting 20-25%+ EBITDA margins.
Greenfield Flexible Packaging JV
60% holding in Barflex Flexibles JV (Alwar) with 5,520 TPA capacity, targeting ₹100-120 Cr revenue, de-risked by 40% captive offtake.
Advanced Product Offerings
Introducing 7-layer barrier film technology and extrusion lamination for eco-friendly, high-performance packaging solutions.
Capacity and execution
Baddi Brownfield Expansion
New unit 2 km from existing facility. WPP Bags unit targeted for Q1FY26 launch. Laminates unit commercialized in June 2025. Increases total Barflex capacity from 500 TPA to 1800 TPA.
Barflex Flexibles Private Limited JV
Greenfield expansion in Alwar, Rajasthan. Installed Capacity: 5,520 TPA. Commercial Production: Q1FY26.
BA Flexpack Private Limited JV
Fully operational label manufacturing unit in Faridabad. Immediate commercialization. Capacity doubling likely within 6 months.
Tailwinds
India's Consumption Story
Flexible packaging dominates Indian packaging due to cost-efficiency, versatility, and wide application, with 80% of retail food/non-food products in pouches.
Growing End-Use Segments
Core segments like edible oils, milk, snacks, and processed foods expect continued demand growth from urbanization and consumerism.
Strategic Location & Incentives
Alwar JV leverages proximity to demand centers and a highly incentive-rich environment, including SGST benefits.
Headwinds
Raw Material Price Volatility
Identified as a key risk for the Barflex Flexibles JV, impacting margin outlook.
Customer Concentration Risk
Identified for the Barflex Flexibles JV, with Mahesh Group consuming ~40% of output.
Risk radar
Execution Timelines
Identified as a key risk for the Barflex Flexibles JV, impacting project delivery and ramp-up.
Raw Material Price Volatility
A key risk for the Barflex Flexibles JV, potentially affecting profitability.
Customer Concentration
For Barflex Flexibles JV, ~40% of output to anchor customer Mahesh Group, posing concentration risk.
Competitive Market
Core flexible packaging business operates in a highly competitive market, requiring focus on quality and timely delivery.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The financial data is presented for half-year (H2FY25 vs H2FY24) and full-year (FY25 vs FY24), making year-over-year comparisons most appropriate to assess performance trends and account for potential seasonality in the packaging industry.
Sector KPIs management disclosed
EBITDA Margins %
Mixed. H2FY25 improved YoY, but FY25 full-year margin declined.H2FY25: 18.44%, H2FY24: 16.46%, FY25: 18.84%, FY24: 20.37%
PAT Margins %
Mixed. H2FY25 improved YoY, but FY25 full-year margin declined.H2FY25: 15.24%, H2FY24: 10.63%, FY25: 14.09%, FY24: 14.90%
Total Capacity (Barflex standalone)
Significant increase planned.Increases total Barflex capacity from 500 TPA to 1800 TPA with brownfield expansion.
Barflex Flexibles JV Installed Capacity
New capacity addition.5,520 TPA
Management forward view
Commitment to Sustainable Growth
Committed to manufacturing excellence, customer-focused customization, and tight supply chain integration to support sustainable growth.
Strategic Expansion into Higher-Margin Segments
Entering higher-margin, less competitive segments like premium labels through JVs and expansions, leveraging existing client relationships.
Disciplined Expansion Strategy
Aggressive yet disciplined expansion strategy, backed by strong execution, positions Barflex as a dominant mid-cap player.
Confidence in Future Performance
Confident in delivering sustained margin expansion, robust free cash flow, and long-term value for stakeholders.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Brownfield Expansion Capacity Ramp-up | Laminates commercialized June 2025; WPP Bags Q1FY26 launch. | Achieving stated capacity of 1800 TPA and utilization rates. |
| Barflex Flexibles JV Commercial Production | Targeted for Q1FY26. | Timely commissioning and revenue generation of ₹100-120 Cr at full utilization. |
| BA Flexpack JV Performance | Fully operational, immediate commercialization. | Achieving ₹18-20 Cr annualized revenue and 20-25%+ EBITDA margins, and capacity doubling. |
| Overall Revenue & EBITDA Trend | H2FY25 and FY25 show YoY decline in revenue and EBITDA. | Reversal of negative trend and growth driven by new capacities. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
60Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 28th percentile of the scored universe and 24th percentile within Industrials. Main check: financial discipline is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
1 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
28th percentile
overall median 67 · Industrials: 24th pctile, median 68 · SME: 32nd pctile, median 64
Evidence depth
Financial-only
1 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
28
weak · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 67.2%.
- ▸Promoter pledge is zero.
Trust risks
- ▸Only 0 years of positive FCF.
- ▸ROCE is low at 5.8%.
- ▸ROE is low at 3.1%.
- ▸Revenue CAGR is 21.4% but EPS CAGR is -73.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Barflex Polyfilms Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual report
Annual Report 2026
Source: Nse
Investor presentationJun 2025
Jun 2025 · PPT
Source: Nse
Annual report
Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.