Silkflex Polymers (India) Ltd. (SILKFLEX)
SME CapIndustrials stocks · SME cap · NSE
Silkflex Polymers (India) Ltd. imports and distributes premium water-based textile inks and wood coating polymers under the Malaysian 'Silkflex' brand. The company transitioned from trading to manufacturing with a state-of-the-art facility in Vadodara, focusing on eco-friendly, certified products for textile and furniture sectors.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend supports entry, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +23% YoY · PAT +149% YoY · margin expansion · +16% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹39.1 Cr | +22.8% | +16.5% |
| EBITDA | ₹9 Cr | +224.1% | +26.7% |
| Operating margin | 23.1% | +172 bps | +186 bps |
| PAT | ₹4.7 Cr | +149.2% | +14.8% |
| PAT margin | 11.9% | +126 bps | -17 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q4 FY26 Revenue from Operations grew 199.8% YoY to INR 3,906.6 Lacs, and 16.5% QoQ. FY26 Revenue grew 37.7% YoY to INR 11,020.3 Lacs. PAT for Q4 FY26 increased 234.1% YoY to INR 465.6 Lacs, and 14.6% QoQ. FY26 PAT rose 73.6% YoY to INR 1,215.4 Lacs.
Strong Q4 and FY26 performance, with significant revenue and PAT growth, indicates successful execution of the manufacturing-led model. Margin expansion across EBITDA and PAT suggests improved operational efficiency. Continued focus on capacity and geographic expansion is key for sustained growth.
Segmental Revenue % (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Manufacturing-led Model
Transitioned from trading to manufacturing, strengthening margins, quality control, and supply chain visibility.
Product Portfolio Expansion
Diverse portfolio of 128 textile printing inks and 70 wood coating polymer products.
Geographic Expansion
Nationwide expansion underway via 6 branches and plans to establish presence in more states through selling agents.
Wood Coating Segment Expansion
Expects to selectively expand market presence and distribution reach in the domestic segment due to improving demand trends.
Vadodara Manufacturing Facility
Commissioned a 72,000 sq. ft. automated manufacturing facility in Vadodara, Gujarat.
Installed Capacity
~500 tonnes per month with scope for modular expansion.
Initial Product Focus
Initial production of flagship products: Silkbond 35 (Binder & Glue).
Indian Textile Market Growth
Projected to grow at a 10% CAGR to reach US$350 billion by 2030.
Shift to Water-Based Coatings
India is the fastest-growing market in Asia-Pacific for water-borne wood coatings, driven by residential/commercial investments and environmental standards.
Government Initiatives
Booming furniture sector and government housing and infrastructure initiatives boost demand for wood coatings.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
Q4 results show strong sequential momentum (QoQ) in revenue and profitability, indicating effective execution post-manufacturing transition. Annual (YoY) figures provide a broader view of the company's growth trajectory and margin expansion over a full fiscal year.
Revenue from Operations (Q4 FY26)
INR 3,906.6 Lacs (199.8% YoY, 16.5% QoQ)
EBITDA (Q4 FY26)
INR 900.7 Lacs (224.4% YoY, 26.7% QoQ)
PAT (Q4 FY26)
INR 465.6 Lacs (234.1% YoY, 14.6% QoQ)
EBITDA Margin (Q4 FY26)
23.1% (180 bps YoY, 190 bps QoQ)
Operational Cost Optimization
Reducing costs through branch infrastructure sharing, solar energy adoption, and improved internal efficiencies in logistics, inventory, and processes.
Advancing Manufacturing Excellence
Improving production output through automation while maintaining quality, and expanding capacity with eco-friendly, zero-waste manufacturing.
Building Strong Relationships
Focus on maintaining long-term sustainable relationships with suppliers, customers, and employees to drive sales and market entry.
Commitment to Sustainability
Committed to tackling industry challenges through the development of eco-friendly technologies that foster sustainability and enable future growth.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Manufacturing Contribution | 24.2% of FY26 revenue | Increase in manufacturing revenue share and margin accretion from this segment. |
| Wood Coating Segment Growth | 5.5% of FY26 distribution revenue | Expansion of market presence and distribution reach in the domestic wood coating segment. |
| Capacity Utilization | Installed capacity ~500 tonnes/month | Ramp-up of utilization at the Vadodara facility and further modular expansion. |
| Working Capital Management | Trade Receivables increased to INR 1,955.6 Lacs (Mar-26) from INR 803.6 Lacs (Sep-25). | Efficient management of receivables and inventory as operations scale. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
66Bullishfull bull SMA stack · SMA20 +11.6% / mo · RSI overbought · MACD + · near 52W high
Technical chart
SILKFLEXdaily · 1Y · AUTO+113.4%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 82. Wait for confirmation.
- SMA20 rising (~10.4% over last month) — short-term momentum positive.
- RSI(14) at 82 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 58 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 58 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 30.4%.
- Growth contributes 25/25 to the score.
Main drags
- Penalty bucket subtracts 4 points.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Valuation is weaker at 7/30; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: -3 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 49th percentile of the scored universe and 47th percentile within Industrials. Main check: cash conversion is weak at 43/100.
Healthy Trust Lite: Promoter holding is 70.1%. Key concern: Only 0 years of positive FCF.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 47th pctile, median 68 · SME: 60th pctile, median 64
8 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
Trust positives
- ▸Promoter holding is 70.1%.
- ▸Promoter pledge is zero.
- ▸ROCE is 22.7%.
Trust risks
- ▸Only 0 years of positive FCF.
- ▸Debt/equity is 1.29.
- ▸ROCE trend is -2.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 27.60
- P/B
- 7.02
- EV/EBITDA
- 16.54
- Market Cap
- 335.00Cr
Profitability
- ROE
- 29.20%
- ROCE
- 22.70%
- ROA
- 9.09%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 40.00%
- EPS 5Y
- 93.00%
- Revenue 3Y
- 35.00%
- EPS 3Y
- 144.00%
Balance Sheet
- Debt/Equity
- 1.29
- Interest Coverage
- 5.50×
- Altman Z
- 4.29
- Book Value
- 41.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 29.00 Cr
- EPS TTM
- 10.47
Shareholding
- Promoter Hold
- 70.14%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 100%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.