Shaya Polymers Limited
vs. prev. close ₹470
Market cap
₹1,107 Cr
IPO stage
No DRHP filed
CIN
U24100TN2017PLC115377
Price History
About Shaya Polymers Limited
Chennai-area PU foam, adhesives and cold-storage insulation group that tripled revenue in FY25 while acquiring two subsidiaries and improving its debt-to-equity ratio.
The Short Version :
Shaya Polymers Limited, based in Sriperumbudur near Chennai, manufactures molded slab foam, adhesives, furniture foams, insulated panels for cold storage and cladding, and profile sheets, through a group that now includes four subsidiaries after adding ICOL Chemicals Private Limited and Pioneer Cold Store & Cladding Private Limited during FY25. Consolidated revenue from operations more than tripled to Rs 90.99 crore in FY25 from Rs 24.95 crore in FY24, with total profit after tax rising to Rs 9.98 crore from Rs 3.72 crore. The company's disclosed basic EPS for FY25 was Rs 4.49 (down from Rs 6.67, as share count expanded sharply during the year), with book value per share of roughly Rs 34.92 and return on equity of about 12.9% for the year, following a large equity raise and bonus issue that significantly expanded its capital base.
Why It Trades Where It Does :
Shaya Polymers' growth has come from two directions at once: strong organic expansion in its core foam, adhesive, and insulation businesses, and an active acquisition strategy that added two subsidiaries during FY25. Revenue and profit both roughly tripled year-on-year, and the group's debt-to-equity ratio improved from 2.27x to 1.13x even as it raised fresh capital, suggesting growth that is not purely debt-funded. At the same time, EPS of Rs 4.49 and ROE near 12.9% reflect a balance sheet that has grown faster than earnings in the short run, partly a function of the large FY25 share issuance diluting per-share metrics even as the underlying business scaled. The valuation case here rests on whether the combination of organic growth and acquisition integration continues to compound, rather than on an established multi-year earnings trend at this scale.
Top Risks
Basic EPS fell to Rs 4.49 in FY25 from Rs 6.67 in FY24 despite total profit roughly tripling, purely because the share count expanded sharply (private placement plus a bonus issue) during the year, a dilution effect worth understanding before reading the EPS trend as a decline in profitability.
Operating cash flow was negative (Rs -5.32 crore) in FY25 despite strong reported profit, driven by a sharp build-up in trade receivables and inventories as the group scaled and consolidated its newly acquired subsidiaries.
The group relies on a large number of separate secured and unsecured borrowings from banks and NBFCs, carrying interest rates that range roughly from 8% to over 21%, which points to a fragmented and in places costly debt book.
Goodwill of about Rs 25 crore, roughly a third of FY25 total equity, arose from the acquisitions of ICOL Chemicals and Pioneer Cold Store & Cladding during the year, so integration execution and the risk of future impairment are factors to watch.
Promoter shareholding was diluted from about 67.6% to about 55.9% during FY25 following the large capital raise.
Top Opportunities
Revenue more than tripled and total profit roughly tripled year-on-year, reflecting both strong organic growth and the contribution of newly consolidated subsidiaries.
A diversified product portfolio spanning foams, adhesives, insulated cold-storage panels, and profile sheets gives exposure to multiple industrial and cold-chain end markets rather than a single product line.
An active M&A strategy, with two subsidiaries added in FY25 alone, signals an aggressive scale-up approach that is expanding both manufacturing capability and product range.
The group's debt-to-equity ratio improved from 2.27x to 1.13x during FY25 even while funding rapid growth, pointing to a strengthening balance sheet.
Capital work-in-progress rose sharply during the year (from about Rs 8 crore to about Rs 26 crore), indicating further capacity expansion already in motion.
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Company Details
Industry
Chemicals
Founded
2017
Headquarters
Sriperumbudur, Tamil Nadu, India
Min Lot Size
150
Face Value
₹10.00
Total Shares
23544075
Regulatory Information
Corporate Identity Number (CIN)
U24100TN2017PLC115377
PAN Number
AAYCS2908J
ISIN
INE0QHS01013
Key Valuation Ratios
Valuation
Market Cap
₹1,106.57 Cr
P/E Ratio
61.23×
P/S Ratio
12.16×
P/B Ratio
14.25×
EV / EBITDA
43.72×
Returns & Per Share
ROE
23.27%
EPS
₹7.68
Book Value / Share
₹32.98
Solvency
Debt / Equity
1.13×
Interest Coverage
9.61×
Company Fundamentals
As of FY2025 Annual · updated 04 Oct 2026Gross Profit
₹32.64 Cr
EBITDA
₹27.27 Cr
Revenue Growth
264.71%
Profit Margin
19.86%
Performance Trends
3 annual periods · derived from filed statements
Revenue
₹ Cr
Net Profit
₹ Cr · losses in red
Earnings Per Share
₹ per share
Return on Equity
ROE %
Return on Capital Employed
ROCE %
Debt-to-Equity
1.13×
EBITDA Margin
29.97%
Interest Coverage
9.61×
Financial Statements
| Line item | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Total Income | |||
| Revenue from operationsDisclosed | 17.4₹ Crore | 24.95₹ Crore | 90.99₹ Crore |
| Other incomeDisclosed | 2₹ Thousand | 2.62₹ Lakh | 27.64₹ Lakh |
| Total IncomeDerived | 17.4₹ Crore | 24.97₹ Crore | 91.27₹ Crore |
| Expenses | |||
| Cost of goods soldDisclosed | 13.62₹ Crore | 18.72₹ Crore | 58.35₹ Crore |
| Purchases of stock-in-tradeDisclosed | 0₹ Crore | 0₹ Crore | 9.84₹ Lakh |
| Changes in inventoriesDisclosed | -3.1₹ Crore | -5.74₹ Crore | -4.04₹ Crore |
| Employee benefits expenseDisclosed | 97.41₹ Lakh | 2.06₹ Crore | 4.66₹ Crore |
| Finance costsDisclosed | 1.04₹ Crore | 1.65₹ Crore | 2.63₹ Crore |
| Depreciation and amortization expenseDisclosed | 45.33₹ Lakh | 71.82₹ Lakh | 1.99₹ Crore |
| Manufacturing expensesDisclosed | 80.47₹ Lakh | 0₹ Crore | 0₹ Crore |
| Operating expensesDisclosed | 0₹ Crore | 0₹ Crore | 0₹ Crore |
| Other expensesDisclosed | 1.02₹ Crore | 2.73₹ Crore | 4.93₹ Crore |
| Total ExpensesDerived | 14.82₹ Crore | 20.13₹ Crore | 68.62₹ Crore |
| Profit | |||
| Exceptional itemsDisclosed | 0₹ Crore | 0₹ Crore | 0₹ Crore |
| Profit before taxDerived | 2.59₹ Crore | 4.85₹ Crore | 22.65₹ Crore |
| Current tax expenseDisclosed | 13.12₹ Lakh | 1.15₹ Crore | 4.48₹ Crore |
| Deferred tax expenseDisclosed | -75₹ Thousand | -2.17₹ Lakh | 9.8₹ Lakh |
| Tax expenseDisclosed | 12.37₹ Lakh | 1.13₹ Crore | 4.58₹ Crore |
| Profit After TaxDerived | 2.46₹ Crore | 3.72₹ Crore | 18.07₹ Crore |
| Other comprehensive incomeDisclosed | — | -17₹ Thousand | -5.46₹ Lakh |
| Total Comprehensive IncomeDerived | 2.46₹ Crore | 3.72₹ Crore | 18.02₹ Crore |
Dr. Ram Sai Yelamanchili
CMD
20+ Years
Mr. Vasudevan Srinivasan
CEO
25+ Years
Mrs. Sireesha Yelamanchili
CFO, Director
10+ Years
Express buy interest
No commitment — the desk will reach out
Current Price
₹470Secure & Verified Transaction
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About Shaya Polymers Limited unlisted shares
Indicative · updated dailyShaya Polymers Limited unlisted share price today
Shaya Polymers Limited unlisted share price today is ₹470 as of 16 October 2026.
Shaya Polymers Limited — frequently asked questions
- What is the grey market price for Shaya Polymers Limited?
No IPO is currently announced for Shaya Polymers Limited, so no grey market exists; the price above reflects Priveq's own desk valuation.
- Has Shaya Polymers Limited filed for an IPO, and when might it list?
Shaya Polymers Limited has not filed a draft red herring prospectus, so no IPO is currently announced and no listing date has been set.
- How does Shaya Polymers Limited compare to its listed peers?
There is no closely comparable listed company for Shaya Polymers Limited in India today.
- Is Shaya Polymers Limited on the SME or Mainboard IPO track?
Shaya Polymers Limited has not filed a draft red herring prospectus, so no IPO track is set yet.
- What is Shaya Polymers Limited's CIN and registered office?
Shaya Polymers Limited's Corporate Identity Number is U24100TN2017PLC115377, registered at Sriperumbudur, Tamil Nadu, India.
- What is Shaya Polymers Limited's market capitalisation?
Shaya Polymers Limited's market capitalisation is approximately ₹1,107 crore, based on its current unlisted share price.
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Submit an Express Sell Interest for Shaya Polymers Limited through your Priveq dashboard, specifying quantity, the same way a buy order is placed. Priveq quotes you a bid price, which may differ from the live Buy price shown to buyers, since unlisted-share pricing works on a bid-ask basis rather than a single quote. Once you accept, you'll need to provide your Client Master List (CML), a cancelled cheque or bank details, and PAN. If you hold shares with CDSL, transfer can also be completed digitally via CDSL Easiest. You transfer Shaya Polymers Limited shares to Priveq first, and payment follows once the transfer is confirmed received, typically the same day, T+1, or occasionally T+2, communicated to you directly. For sizeable transactions worth crores of rupees, an escrow arrangement can be used instead, at the sole consent of both parties.
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Minimum investment varies by company and is shown as the Min Investment figure on this page. Shaya Polymers Limited's minimum is ₹70,500.
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Shaya Polymers Limited has not filed a DRHP yet, so no listing date or lock-in period applies at this stage. Once an IPO is filed, this answer updates to reflect the applicable SME or Mainboard lock-in.
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