Triliance Polymers Limited

Basic Materials — Specialty Chemicals · BSE

₹46.96+₹1.03 (+2.24%)

DalalBaazaar Score

57 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity, a very high earnings multiple, which leaves little margin for disappointment.

In simple words: The business is earning a fairly low return on the money invested in it, with modest growth. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

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

What does this company do?

Triliance Polymers Limited engages in the manufacturing, buying, selling, indenting, trading, imports, and export of various polymers and other products in India.

IndustrySpecialty Chemicals

SectorBasic Materials

Employees2

Who are its competitors?

The closest listed comparisons in its industry are ASIAN PAINTS LIMITED, PIDILITE INDUSTRIES LTD, SRF LTD, UPL LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

ASIAN PAINTS LIMITEDP/E 46.9x · ROE 22.3%

PIDILITE INDUSTRIES LTDP/E 57.8x · ROE 24.4%

SRF LTDP/E 33.8x · ROE 15.4%

UPL LIMITEDP/E 21.5x · ROE 6.1%

What is its competitive advantage?Little sign of one

Returns on capital of 6.7% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

ROCE6.7%

ROE4.5%

Peer median ROE22.3%

DalalBaazaar Score

57/ 100

Moderate

Weighted across six categories. Every point is explained below.

✓ Beta of -0.04 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

62/ 100

Average

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

Valuation

37/ 100

Expensive

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

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

102.1x

1.3Y Median

102.2x

16 monthly readings · mean 96.8x · range 49.7x–175.6x

Sector Median

40.4x

median of 4 sector peers

🟡Currently trading close to its 1.3y median of 102.2x — the market is paying about what it usually pays for this company.

⚠️Against its sector it trades 153% above the peer median of 40.4x.

vs. its own history

Fair

102.2x median over 16 months · -0%

vs. sector peers

Expensive

40.4x median of 4 peers · +153%

vs. generic bands

Expensive

Above 35x

P/E (Trailing)

102.1x

P/B

4.97x

EV/EBITDA

71.8x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well3

Return on equity is rising
ROE has improved from -4.1% to 4.5%.
Return on capital is rising
ROCE has improved from -4.1% to 6.7%.
Very low debt
Debt/Equity of 0.17x leaves the balance sheet with plenty of headroom.

🔴 What Needs Attention2

Debt is rising
Total debt is up 3358% over 3 years — worth checking what it funded.
Free cash flow is negative
The business is not currently covering its capital spending from operations.

Red Flags

2 items require attention · 1 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 3358% over 3 years, from ₹0 Cr to ₹1 Cr.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹1 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

A premium to the sector to defend
It trades 153% above the peer median. That premium needs a reason that persists, or it closes.
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

1Debt / EBITDA stays below 2x✗ 2.5x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
2Free cash flow remains positive✗ -₹1 Cr
Profit that never becomes cash eventually stops being profit.
3ROCE stays above 8%✗ 6.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
4Valuation vs its own median of 102.2x✓ 102.1x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

6 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

3 good · 4 neutral · 4 weak

Market Cap

₹24 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

102.1x

Expensive

Expensive — verify against sector peers

P/B Ratio

4.97x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹0.46

Profitable

Profitable on a per-share basis

ROE

4.5%

Weak

Weak capital efficiency

ROCE

6.7%

Weak

Low return on total capital employed

Debt/Equity

0.17x

Low

Conservative leverage

Revenue Growth (YoY)

0.0%

Modest

Modest growth

Profit Growth (YoY)

175.0%

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

-₹1 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹46.96

Operating Margin

51.7%

Good

Healthy core-business profitability

Net Margin

49.9%

Good

Strong bottom-line conversion

Current Ratio

6.13

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.04

Defensive

Steadier than the market

52W Range Position

25%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

45.4 / 44.6

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

58.0

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
EBITDA	-₹0 Cr	-₹0 Cr	₹0 Cr	₹0 Cr	—
PAT (Net Profit)	-₹0 Cr	-₹0 Cr	₹0 Cr	₹0 Cr	—
EPS	₹-0.38	₹-0.35	₹0.65	₹0.45	—
ROE	-4.1%	-4.0%	6.8%	4.5%	—
ROCE	-4.1%	-4.0%	6.5%	6.7%	—
Total Debt	₹0 Cr	₹0 Cr	₹0 Cr	₹1 Cr	+225.8%
Free Cash Flow	-₹5 Cr	₹0 Cr	-₹0 Cr	-₹1 Cr	—

🟢 EBITDA has turned positive, from -₹0 Cr to ₹0 Cr.

🟢 PAT (Net Profit) has turned positive, from -₹0 Cr to ₹0 Cr.

🟢 EPS has turned positive, from ₹-0.38 to ₹0.45.

🟢 ROE has risen from -4.1% to 4.5% over 3 years (+8.6 pts).

🟢 ROCE has risen from -4.1% to 6.7% over 3 years (+10.9 pts).

🔴 Total Debt has grown at 225.8% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹6 Cr

Total Liabilities

₹1 Cr

Total Debt

₹1 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹1 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

93.7%

Corporate Actions

Ex-Dividend Date

03 Sept 2015

Peer Comparison

Company	P/E	ROE
ASIAN PAINTS LIMITED	46.9x	22.3%
PIDILITE INDUSTRIES LTD	57.8x	24.4%
SRF LTD	33.8x	15.4%
UPL LIMITED	21.5x	6.1%

Recent News

2 mixed1 general

Triliance Polymers sets September 30 for 43rd AGM with remote e-voting

scanx.trade, 30 Sept

Triliance Polymers submits voting results for 43rd AGM resolutions

scanx.trade, 04 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Triliance Polymers closes trading window for Q2FY27 results

scanx.trade, 29 SeptResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟢Business QualityStrong13.1/20

🟢Financial HealthStrong13/20

🟡GrowthModest10/20

🟢ProfitabilityStrong10/15

🟡ValuationFair6.9/15

🔴RiskHigh4/10

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✗Debt / EBITDA stays below 2x2.5x
✗Free cash flow remains positive-₹1 Cr
✗ROCE stays above 8%6.7%
✓Valuation vs its own median of 102.2x102.1x today