Key Metrics of Nahar Poly Films Limited
About Nahar Poly Films Limited
Sectors
Company details
- Registered office
- 376 Industrial Area - A,, Ludhiana, In-pb, 141003
- Listed
- NSE: NAHARPOLY · ₹233.40
Operational Areas of Nahar Poly Films Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 07 Apr 2026 | CARE | Reaffirmed | A | A1 | Stable | ₹557 Cr | View |
| 21 Feb 2025 | CARE | Reaffirmed | A | A1 | Stable | ₹172 Cr | View |
| 02 Jan 2024 | CARE | Reaffirmed | A | A1 | Stable | ₹200 Cr | View |
| 26 Dec 2022 | CARE | Revised (from A-) | A | A1 | Stable | ₹445 Cr | View |
| 07 Jan 2022 | CARE | Reaffirmed | A- | — | Positive | ₹472 Cr | View |
| 21 Dec 2020 | CARE | Watch | A- | A2+ | Stable | ₹494 Cr | View |
| 24 Oct 2019 | CARE | Watch | A- | A2+ | Developing | ₹253 Cr | View |
| 12 Mar 2019 | CARE | Reaffirmed | A- | A2+ | Stable | ₹63.0 Cr | View |
| 12 Mar 2018 | CARE | Other | — | — | — | — | View |
| 17 Apr 2017 | CARE | Reaffirmed | A- | A2+ | Stable | ₹93.4 Cr | View |
Credit strengths (CARE, Apr 2026)
+ Experienced promoters with high financial flexibility being part of Nahar group
NPFL belongs to the reputed Nahar Group which was established by late Mr. Vidya Sagar Oswal with diverse business interests in textiles, retail, BOPP films, renewable power, real estate, sugar and financial services. Currently, Mr. J.L. Oswal, son of Mr. Vidya Sagar Oswal holds the chairman position on the board of directors of NPFL and other group companies. He has more than 50 years of experience in the textile and woollen industry. Other directors of the company include Mr. Kamal Oswal (s/o M
+ Diversified customer profile
The company caters to more than 200 customers spread across India through established network of its own marketing personnel and dealers. Also, the company has fairly diversified customer profile with top 10 customers contributing ~35% to the total operating income in FY25 (PY: ~57% of total operating income) with none of them comprising of more than 10% of company’s top-line. Further, the company also exports its products to various countries such as Nigeria, United Kingdom, Bangladesh, United
+ Stable operational performance during FY25
The company reported an improvement of nearly 11% in its total operating income, reaching ₹665.75 crore in FY25 compared with ₹599.59 crore in the previous year. FY24 had been an exceptional year for the BOPP industry, marked by significant oversupply and sharp price reductions by the market leader to retain market share, which suppressed realizations and curtailed volume growth across the sector. With industry conditions stabilizing in FY25, pricing and realizations have reverted to more
+ Comfortable financial risk profile
The overall gearing of the company stood comfortable and improved to 0.21x as on March 31, 2025 (PY: 0.27x) owing to repayment of long-term debt. Further, with gradual recovery seen in the market, the operating profitability has improved, with debt coverage indicators such as Interest coverage (PBILDT/Interest) and total debt to GCA of 7.43x and 1.35x respectively as on March 31, 2025 (PY: 1.74x and 6.20x respectively).
Credit challenges
− Project Implementation Risk
The company has undertaken a capex of ₹594 crore, primarily funded through a term loan of ₹418 crore and remaining through internal accruals, to expand its BOPP film manufacturing capacity by 36,000 MTPA. The expansion focuses on the same product line but is expected to deliver operational efficiencies through improved line width and enhanced productivity, with overall productivity anticipated to increase to approximately 15.5%. The financial closure has been achieved whereby the company was
− Susceptibility of margins to volatility in raw material prices and exposure to foreign fluctuation risk
The company is susceptible to the fluctuations in raw material prices. The operations of NPFL are raw material intensive in nature with the material cost constituting ~70% of the total operating income in FY25 (PY: ~77%). The prices of the key raw materials viz. BOPP resins and additives (polypropylene) are fluctuating in nature as these are dependent on crude oil prices which themselves are highly volatile in nature. Furthermore, the limited suppliers of these raw materials make it a sellers’ m
− Operations remain exposed to the government regulations and geography specific risks in export markets
The industry outlook remains cautious in the near term, with ratings factoring in the adverse impact of ongoing geopolitical disturbances, including the conflict in the Middle East and the temporary closure of the Strait of Hormuz. These developments have disrupted global supply chains, leading to a sharp increase in raw material costs, elevated film prices, and constrained availability from key suppliers, some of whom have invoked force majeure clauses. In an environment of currently stagnant
Could lead to an upgrade
• Sustained improvement in the scale of operations above Rs 850 crore along with improvement in PBILDT margin above 18% • Sustained improvement in return on capital employed (ROCE) beyond 21%
Could lead to a downgrade
• Sustained capacity utilisation falling below 75%, resulting in pressure on cash flows and
Agency-reported financials (CARE, 07 Apr 2026)
| Metric | March 31, 2024 | March 31, 2025 | 9MFY26 |
|---|---|---|---|
| Total operating income | ₹600 Cr | ₹666 Cr | ₹537 Cr |
| PBILDT* | ₹20.97 Cr | ₹75.97 Cr | ₹75.92 Cr |
| Profit after tax (PAT) | ₹-8.49 Cr | ₹36.36 Cr | ₹48.45 Cr |
| Overall gearing (x) | 0.26× | 0.20× | 0.14× |
| Interest coverage (x) | 1.74× | 7.43× | 12.41× |
| Revenue growth (YoY) | — | 11.0% | — |
| PAT margin | −1.4% | 5.5% | 9.0% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long Term Bank Facilities | Working capital & bank lines | — | ₹545 Cr | — | A (Stable) | Reaffirmed | CARE |
| Short Term Bank Facilities | Working capital & bank lines | — | ₹12.0 Cr | — | A1 | Reaffirmed | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | ₹12.0 Cr | CARE A1 |
| Term Loan | — | Withdrawn |
| Term Loan | ₹491 Cr | CARE A; Stable |
| Working Capital Limits | ₹54.0 Cr | CARE A; Stable |
Lenders
| Fund-based - LT | Term Loan | Bank of Maharashtra |
| Fund-based - LT | Term Loan | Punjab National Bank |
| Fund-based - LT | Working Capital Limits | Bank of Maharashtra |
| Fund-based - LT | Working Capital Limits | Punjab National Bank |
| Non-fund-based - ST | BG/LC | Bank of Maharashtra |
| Non-fund-based - ST | BG/LC | Punjab National Bank |
Credit assessment · Services
Rating Methodology – Service Sector Companies · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 80% |
| Information on file | 89% · missing: Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 80% chance the next rating action is stable or better
- Current rating A (investment grade)
- Interest coverage 12.41×
- Working-capital limits 8% utilised on average
What happened, step by step
- Jan 2022 — Project / plant of ₹263 cr
- Jan 2022 — Term debt tied up
“Key Rating Weaknesses Advanced stage of completion of project albeit stabilization risk The company has undertaken capex to enhance its existing capacities for manufacturing of BOPP films at a total project cost of Rs.263 crore up to the latest date spread over FY20 -FY22 period.”
Rated limits by facility
Timeline
From the report
Comfortable financial risk profile The overall gearing of the company stood comfortable and improved to 0.21x as on March 31, 2025 (PY: 0.27x) owing to repayment of long-term debt.
From the report
Press Release sanctioned term loan of Rs.418 crore.
From the report
Further, the average utilization of working capital borrowings stood low at only ~8% for the trailing 12 months ended February 28, 2026.
From the report
Press Release Liquidity: Strong The liquidity profile of the company remains adequate as reflected by projected gross cash accruals of ~Rs.56.05 crore in FY25 against scheduled term loan repayment of Rs.22.35 crore.
From the report
Further, the average utilization of working capital borrowings stood low at only ~8% for the trailing 12 months ended December 31, 2024.
From the report
Liquidity: Strong: The liquidity profile of the company remains strong as reflected by projected gross cash accruals of Rs.31.60 crore in FY24 against scheduled term loan repayment of Rs.22.35 crore.
From the report
Further, the average utilization of working capital borrowings stood low at only ~9% for the trailing 12 months ended October 31, 2023.
From the report
Further, the company had free cash and bank balance of Rs.32.68 crore and investments in mutual funds, debentures, and interest-bearing bonds (quoted at market value) to the tune of Rs.55.04 crore and Rs.82.05 crore as on March 31, 2023 and September 30, 2023 respectively.
From the report
Liquidity: Adequate The company enjoys healthy liquidity with expected cash accruals of Rs 87.37 crore against repayment obligations of Rs 22.35 crore in FY23.
From the report
Liquidity: Adequate The company enjoys healthy liquidity with expected cash accruals of Rs 87.37 crore against repayment obligations of Rs 22.35 crore in FY23.
From the report
Being part of the Nahar group, the company enjoys ample financial flexibility with investments in group entities (~Rs. 109 Cr.) and free cash and bank balance to the tune of Rs.3.45 Cr., as on September 30, 2021.
From the report
Despite the term debt availed by the company for the purpose of project spread over FY20-FY22, the overall gearing ratio of the company, remained at a comfortable level and stood at 0.40x, as on March 31, 2021 (PY: 0.02x as on March 31, 2020).
From the report
Key Rating Weaknesses Advanced stage of completion of project albeit stabilization risk The company has undertaken capex to enhance its existing capacities for manufacturing of BOPP films at a total project cost of Rs.263 crore up to the latest date spread over FY20 -FY22 period.
From the report
Liquidity: Strong Liquidity is marked by strong accruals against negligible repayment obligations of Rs.2.35 crore in FY22 and mutual fund investments of Rs.13.32 crore with free cash and bank balance to the tune of Rs.3.45 crore, as on September 30, 2021.
From the report
The project, with a total cost of Rs. 264.51 Cr., was proposed to be funded through a combination of term loans (Rs.19 0 Cr.) and promoters’ contribution.
From the report
Additionally, it has issued letters of credit of ~Rs.130 Cr. for the machinery to be imported.
From the report
Long operational history of the group and NPFL itself has enabled the company to establish strong relations with its customers and suppliers. 1Complete definition of the ratings assigned are available at www.careratings.com and other CARE publications 1 CARE Ratings Limited Press Release Being a part of the Nahar group, the company enjoys ample financial flexibility with investments in group entities (~Rs. 115 Cr.) and cash and liquid investments to the tune of ~Rs.11 Cr., as on September 30 , 2020.
From the report
The company witnessed a slight increase in the outstanding working capital borrowings while a small portion of the loan pertaining to the capex was also disbursed in March -2020.
From the report
The company had unencumbered cash & liquid investments of ~Rs.11 crore (excluding investments in group concerns) as on September 30, 2020 while the average working capital utilization of the company also remained at a comfortable level of ~5% during the last 12 months ending October - 2020.
From the report
Being a part of the Nahar group, the company enjoys ample financial flexibility with investments in group entities (~Rs. 71.72 Cr.) and cash and liquid investments to the tune of Rs.49.21 cr., as on September 30, 2019.
From the report
Key Rating Weaknesses Project risks related to the expansion plan: The company is planning to enhance its existing capacities for manufacturing of BOPP films at a total project cost of Rs. 264.51 cr. during FY20-FY22 period.
From the report
The company had unencumbered cash & liquid investments of ~Rs.49.21 crore (excluding investments in group concerns) as on September 30, 2019 while the average working capital utilization of the company also remained at a comfortable level of ~4% during the last 12 months ending September-2019.
From the report
Comfortable overall solvency position: The capital structure of the company remained comfortable and improved further with debt-to-equity (D:E) and overall gearing ratios of 0.04x and 0.12x respectively, as on March 31, 2018 (0.11x and 0.13x respectively, as on March 31, 2017) on the back of scheduled repayment of term debt obligations.
From the report
The interest coverage ratio, however, improved in FY18 due to decline in interest expenses incurred by the company on account of scheduled repayment of the term debt obligations.
From the report
The company had a total debt repayment obligation of Rs.8.59 cr. in FY19, which was completely repaid in Q2FY19.
From the report
The overall solvency position of the company continues to remain comfortable and improved further with overall gearing and total debt to GCA ratios of 0.18x and 1.10x respectively, as on March 31, 2017 (0.29x and 1.25x respectively, as on March 31, 2016) on the back of scheduled repayment of term debt obligations coupled with accretion of profits to the net worth.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Nahar Poly Films Limited
Top competitors by location
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| Outlets operated by Titan World. | titancompany.in | — | Vijayawada, India | |
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| Discovered Companies · Other Industries | dennetworks.com | 2007 | Mumbai, Maharashtra, India | |
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Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
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