Jindal Poly Q3 FY25: 39% Growth, ₹2,500 Cr Expansion Plan

1. Company Overview

Jindal Poly Films Ltd. (JPFL) is one of India’s largest manufacturers of Biaxially Oriented Polypropylene (BOPP) films, Biaxially Oriented Polyester (BOPET) films, and Cast Polypropylene (CPP) films. The company operates in the nonwoven fabric segment, serving hygiene, medical, and automotive industries across 100+ countries.

2. Key Financial Highlights – Q3 FY2025

Standalone Financial Performance

Metric	Q3 FY2025	Q3 FY2024	YoY Change
Revenue from Operations	₹18,673 Cr	₹14,044 Cr	+39.4%
Other Income	₹1,163 Cr	₹13,665 Cr	-91.5%
EBITDA	₹2,241 Cr	₹9,284 Cr	-75.9%
Net Profit	-₹250 Cr	₹8,746 Cr	Loss

Consolidated Financial Performance

Metric	Q3 FY2025	Q3 FY2024	YoY Change
Revenue from Operations	₹1,37,119 Cr	₹98,376 Cr	+39.4%
Total Income	₹1,37,847 Cr	₹1,11,300 Cr	+23.8%
EBITDA	₹4,605 Cr	-₹4,619 Cr	Profit
Net Profit	₹410 Cr	-₹1,943 Cr	Turnaround

3. Business Segments & Product Portfolio

Packaging Films

81% of Revenue

Products: BOPP, BOPET, CPP films

Q3 Growth: 42.3% YoY

Nonwoven Fabrics

13% of Revenue

Products: Hygiene, medical, automotive-grade

Q3 Growth: 36.1% YoY

Self-Adhesive Labels

6% of Revenue

Products: Industrial and consumer labels

Q3 Growth: 28.5% YoY

4. Capital Expenditure & Expansion Plans

BOPP & BOPET Expansion

Investment: ₹1,200 Cr

Focus: Film capacity expansion

Specialty Films

Investment: ₹800 Cr

Focus: High-value products

Nonwoven Plant

Investment: ₹500 Cr

Focus: New facility

5. Competitive Landscape & Industry Outlook

Company	Market Share	Key Strengths
Jindal Poly Films	18%	Largest exporter, global reach
UFlex Ltd.	15%	Strong R&D, flexible packaging leader
Cosmo Films Ltd.	12%	Specialty films innovation
Polyplex Corp.	10%	High-margin specialty films

6. Risks & Challenges

Raw Material & Energy Costs

Rising crude oil prices impact production costs
Power & fuel costs increased by 36.8% YoY

Debt Levels

Total Debt: ₹4,255 Cr
Debt-to-Equity Ratio: 1.07x

7. Valuation & Investment Thesis

Market Metrics

Market Cap: ₹3,412 Cr

Current Price: ₹779

52-Week Range: ₹449 – ₹1,150

Valuation Metrics

P/E Ratio: 19.8x

Book Value: ₹975

Dividend Yield: 0.71%

Return Metrics

ROCE: 3.15%

ROE: 1.74%

Valuation Analysis

P/E Ratio of 19.8x indicates fair valuation compared to peers
Price-to-Book (P/B) Ratio: 0.8x suggests undervaluation
Debt remains a concern, but strong revenue growth supports deleveraging

Investment Timeline

Timeline	Outlook	Rationale
Short-Term (6-12 months)	Cautious	Rising costs and high debt concerns
Long-Term (3-5 years)	Positive	Global expansion and strong market positioning

8. Conclusion & Investment Recommendation

JPFL maintains its position as a market leader in packaging films, demonstrating strong revenue growth and ambitious global expansion plans. However, investors should consider the risks posed by high debt levels and volatile raw material costs.

Investment Recommendations

Long-term Investors: Hold/Accumulate on dips (Ideal buy zone: ₹650-₹700)
Short-term Traders: Avoid until margin recovery is visible

9. Industry Growth Trends

Market Projections

Flexible Packaging Market CAGR: 6-8%
E-commerce boom driving protective packaging demand
Sustainability trends favoring recyclable films
Medical & Hygiene segments showing rapid growth

Jindal Poly Films Ltd.