Investor presentationMay 2026
May 2026 · PPT
Source: Nse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 01:45 pm ISTDetails
Quote21 Oct, 01:45 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result26 Apr, 11:29 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
55NeutralSMA20 +6.8% / mo · MACD −
Stock trend: 61
Sector RS: 45
Sector 3M: -7.7% vs Nifty 500 -6.1%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SILKFLEXD candles · FIT view+20.4%TODAY · PROVISIONALLatest price ₹248.00 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-0.8%
RSI
43
MACD hist
-4.46
52W pos
74%
2026-10-21O ₹250.00H ₹250.00L ₹240.10C ₹248.00Vol 23,000 shIntraday candle
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
SILKFLEXNifty India ManufacturingNifty 500
- SILKFLEX
- +34.0%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +39.6 pp
Chart stats
19 Oct 2026- From 52W high
- -15.9%
- 52W range position
- 79%
- ATR (14)
- 5.8%
- Volume vs 20D
- 0.27x
- Avg traded value
- ₹0.6 Cr
- 20D price channel
- ₹237 - ₹309.1
₹309.1
₹76 - ₹309.1
₹15.1
Latest completed session
20-session average
65.8% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, 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 · FAIR VALUE58
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +22.8% · PAT +149.2% YoY
Technical
Neutral55
Price trend and sector-relative-strength timing.
Valuation
Legacy model+39.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence66
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
Excellent · 100/100Rev +23% YoY · PAT +149% YoY · margin expansion · +16% QoQ · operating leverage
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹39.1 Cr | +22.8% | +16.5% |
| EBITDA | ₹9 Cr | NDF | +26.7% |
| Operating margin | 23.1% | NDF | +186 bps |
| PAT | ₹4.7 Cr | +149.2% | +14.8% |
| PAT margin | 11.9% | NDF | -17 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 28.70
- P/B
- 7.32
- EV/EBITDA
- 17.08
- Market Cap
- 348.00Cr
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
- 4.38
- 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
- 96%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 110+37.5% vs prev
Net Profit
₹ CrLatest: 12.0+71.4% vs prev
Return on Equity
%Latest: 25.0+28.6% 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 uptrend intact. RSI 43. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~4.3% over last month) — short-term momentum positive.
- RSI(14) at 43 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 20% off 52W high · 226% above 52W low.
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
97
RS percentile
Stage 2 UptrendEstablished S2
1M return
-2.6%
3M return
+27.5%
6M return
+91.2%
1Y return
+170.6%
RS 1D
0
RS 20D
0
Sector rank
#2
Industry rank
#9
Stage evidence
- Price is 26.3% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +11.5%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
29 Dec 2025
S2 age
188 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
212 observations
19 Oct 2026Value 309.08+2.31%
RS vs Nifty 500309
Valuation & peers
U-Score 58 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 58 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation7/30
Growth25/25
Quality17/20
Balance Sheet7/15
Cash Flow1/10
Piotroski
7/9 (+5)
Penalties
-4
Raw sum
58
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
58/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 39.7%.
- 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.
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
28.7
PB
7.3
EV/EBITDA
17.1
ROE
29.2%
ROCE
22.7%
FCF Yield
—
Debt/Equity
1.3
MoS
+39.7%
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
58
Previous: 58
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+39.7%
Previous: +36.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
58
58
58
58
58
61
58
58
58
58
58
58
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
₹98.28
-152.3% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹411.47
+39.7% MoS
PEG
0.25
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
NEPTUNE
SME
Neptune Petrochemicals Ltd.
Specialty Chemicals
match 138
62
13.2
25.6%
+66%
UNDERVALUED
MAHICKRA
SME
Mahickra Chemicals Ltd.
Specialty Chemicals
match 135
23
54.5
10.0%
-31%
OVERVALUED
UCL
SME
Ushanti Colour Chem Ltd.
Specialty Chemicals
match 135
15
—
-0.8%
—
OVERVALUED
SPEB
SME
Speb Adhesives Ltd.
Specialty Chemicals
match 135
48
28.1
16.9%
+31%
FAIR VALUE
PARAGON
SME
Paragon Fine and Speciality Chemical Ltd.
Specialty Chemicals
match 133
58
10.9
9.6%
+72%
FAIR VALUE
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 intactReviewed 2026-08-23T16:41:54.182Z
Management commentary snapshot
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.
Current business mix
Segmental Revenue % (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Distribution75.9%
Manufacturing24.2%
Growth engines
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.
Capacity and execution
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).
Tailwinds
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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)
Management forward view
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.
Thesis monitor
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.
Trust Score
66Limited 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 49th percentile of the scored universe and 47th percentile within Industrials. Main check: cash conversion is weak at 43/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
8 docs text-extracted · 4 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
49th percentile
overall median 67 · Industrials: 47th pctile, median 68 · SME: 60th pctile, median 64
Evidence depth
Financial-only
8 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
69
acceptable · leverage and solvency
Discipline
80
strong · capital discipline
Results
55
watch · quarterly consistency
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.
Continue researching Silkflex Polymers (India) Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
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All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.