SMVD Poly Pack Limited

Sector n/a · NSE

₹13.40+₹0.25 (+1.90%)

DalalBaazaar Score

66 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, but sales are shrinking. Whether sales start growing again is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

The 60-second version of SMVD Poly Pack Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

How does it make money?

Turns over ₹0 Cr a year. Of every ₹100 of sales, about ₹33509 reaches shareholders as profit, with ₹-1031 left at the operating level before interest, tax and depreciation.

EBITDA margin-1030.8%

Net margin33509.5%

What is its competitive advantage?Some evidence

ROCE of 281.8% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

ROCE281.8%

ROE280.6%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -100% while net margin moved +9678770% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-100%

Margin effect+9678770%

DalalBaazaar Score

66/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast

Quality vs. Valuation

Company Quality

76/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

—/ 100

Unknown

What you are being asked to pay, ignoring how good the business is.

Not enough data to separate business quality from valuation for this company.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

No P/E available

P/E (Trailing)

—

P/B

—

EV/EBITDA

—

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well4

Cash generation is improving
Free cash flow is up 54% over 3 years.
Return on equity is rising
ROE has improved from 1.2% to 280.6%.
Return on capital is rising
ROCE has improved from 11.7% to 281.8%.
High return on capital employed
ROCE of 281.8% is the mark of a business that converts capital into profit efficiently.

🔴 What Needs Attention1

Margins are compressing
EBITDA margin has slipped from 7.1% to -1030.8% over 3 years.

Red Flags

1 item require attention · 1 high

🔴Significant margin compressionFinancial
EBITDA margin has fallen 1037.9 points, from 7.1% to -1030.8%.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 281.8% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 7.1% to -1030.8%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above -1033%✓ -1030.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✓ ₹7 Cr
Profit that never becomes cash eventually stops being profit.
3ROCE stays above 279%✓ 281.8%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

6 / 8 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 6 neutral · 1 weak

Market Cap

₹13 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not available

No data

Source didn't return this field

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

Not available

No data

Source didn't return this field

ROE

280.6%

Strong

Strong capital efficiency

ROCE

281.8%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

-75.8%

Shrinking

Sales are contracting

Profit Growth (YoY)

178.9%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹7 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹13.4

Gross Margin

-372.1%

Proxy

Operating margin unavailable — showing gross margin instead

Net Margin

33509.5%

Good

Strong bottom-line conversion

Current Ratio

108.09

Comfortable

Healthy short-term liquidity

Technical Snapshot

SMA 20 / SMA 50

14.7 / 15.5

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

32.6

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹80 Cr	₹25 Cr	₹0 Cr	₹0 Cr	-89.6%
EBITDA	₹6 Cr	-₹4 Cr	-₹3 Cr	-₹1 Cr	—
EBITDA Margin	7.1%	-14.4%	-747.6%	-1030.8%	—
PAT (Net Profit)	₹0 Cr	-₹54 Cr	₹11 Cr	₹30 Cr	+379.4%
EPS	₹0.27	₹-53.62	₹10.87	—	—
ROE	1.2%	—	—	280.6%	—
ROCE	11.7%	—	—	281.8%	—
Total Debt	₹33 Cr	₹28 Cr	₹18 Cr	—	—
Free Cash Flow	₹4 Cr	-₹15 Cr	₹3 Cr	₹7 Cr	+15.4%

🔴 Revenue has shrunk at 89.6% a year over 3 years.

🔴 EBITDA has turned negative, from ₹6 Cr to -₹1 Cr.

🔴 EBITDA Margin has fallen from 7.1% to -1030.8% over 3 years (-1037.9 pts).

🟢 PAT (Net Profit) has grown at 379.4% a year over 3 years.

🟢 ROE has risen from 1.2% to 280.6% over 3 years (+279.4 pts).

🟢 ROCE has risen from 11.7% to 281.8% over 3 years (+270.2 pts).

🟢 Free Cash Flow has grown at 15.4% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹11 Cr

Total Liabilities

₹0 Cr

Total Debt

—

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹7 Cr

Capex

-₹0 Cr

Recent News

6 general

SMVD Poly Pack Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 09 Oct

Compare Company

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Watch Items

Revenue growth is negative (-75.8%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
Sector/industry classification unavailable — verify manually for peer comparison.
4 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

🟢Business QualityStrong15.1/20

🟢Financial HealthStrong17.5/20

🟡GrowthModest10.5/20

🟢ProfitabilityStrong13.5/15

🟡ValuationFair7.5/15

🔴RiskHigh2.3/10

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above -1033%-1030.8%
✓Free cash flow remains positive₹7 Cr
✓ROCE stays above 279%281.8%