Injecto Polymers H1 FY27 Revenue Up 34.5% to INR 193.54 Crore; PAT Nearly Doubles to INR 10.66 Crore as Operating Cash Flow Turns Positive and Debt Falls

PNN
Kolkata (West Bengal) [India], November 14: Injecto Polymers Limited, a Kolkata-headquartered integrated packaging solutions company has announced its financial results for the half year ended September 30, 2026 (H1 FY27). Revenue from operations grew 34.5% year-on-year (YoY) to INR 193.54 crore, from INR 143.93 crore in H1 FY26. Profit After Tax (PAT) rose 95.2% YoY to INR 10.66 crore, from INR 5.46 crore in the corresponding period last year.
Profit Before Tax (PBT) increased 65.3% YoY to INR 14.63 crore from INR 8.85 crore. Profits grew markedly faster than turnover, reflecting better conversion of revenue into earnings and improved cost absorption as operations scaled. PBT margin improved to 7.56% from 6.15%, while PAT margin widened to 5.51% from 3.79%.
Commenting on the performance, Mr. Ramesh Kumar Rateria, Chairman and Managing Director, Injecto Polymers Limited, said: “The first half of FY27 has been a strong period for Injecto Polymers, marked by healthy growth and a clear improvement in profitability. Our earnings have grown faster than our revenue, reflecting better operational efficiency and cost discipline as we scale. Equally important, we have turned operating cash flow positive and reduced our borrowings, which makes our balance sheet stronger. Our objective is clear: to pursue growth with financial discipline, strengthen cash generation and reduce dependence on external borrowings. We remain focused on strengthening customer relationships, optimising our product mix and expanding manufacturing capacity to support sustainable, long-term growth. With additional capacity now in place, we are well placed to serve our customers’ growing needs and to broaden our presence across India.”
Stronger Cash Flows, Lower Debt, Healthier Balance Sheet
Alongside growth in revenue and profitability, Injecto Polymers has reached an important milestone in its financial journey. Net cash from operating activities turned positive at INR 13.69 crore in H1 FY27, compared with an outflow of INR 11.39 crore in H1 FY26. The improvement was driven by stronger operating performance, with operating profit before working capital changes rising to INR 23.68 crore from INR 15.29 crore, and by a INR 6.81 crore reduction in inventory.
Supported by positive operating cash flow and the proceeds of its Initial Public Offering, the Company repaid INR 13.53 crore of borrowings during the half year. Total borrowings stood at INR 151.83 crore as on September 30, 2026, down 8.2% from INR 165.35 crore as on March 31, 2026. The debt-to-equity ratio improved to 1.25x from 2.61x over the same period.
Net worth rose to INR 121.44 crore from INR 63.34 crore, reflecting H1 profits and the INR 56.12 crore raised through the Company’s IPO, following its listing on the BSE SME platform on September 21, 2026. As of September 30, 2026, INR 19.32 crore of the IPO proceeds had been utilised for the objects stated in the offer document, with no deviation. The balance is held in bank accounts and fixed deposits. Cash and cash equivalents stood at INR 42.88 crore.
Going forward, the Company intends to continue its focus on cash generation, efficient working capital management and further reduction of borrowings. A significant portion of internally generated cash flows is expected to be directed towards reducing debt, which should help lower finance costs and support profitability over time.
Below are the financial highlights for the half year ended September 30, 2026:

Capacity Expansion Driving the Next Phase of Growth
Injecto Polymers’ manufacturing base in West Bengal had an installed capacity of 10,870 MT p.a. and operated at 95.29% utilisation in FY26. In April 2026, the Company commissioned an additional 1,200 MT under Phase III, taking installed capacity to 12,070 MT p.a. A further 1,200 MT is under implementation. The proposed Phase IV expansion of 4,800 MT at Unit I, Jaugram, expected to be commissioned by April 2027, would take total projected capacity to 18,070 MT p.a.
Strategic Priorities
The Company’s priorities remain expanding manufacturing capacity, broadening its reach from Eastern India to a pan-India footprint, and raising the share of manufacturing in its revenue mix, which stood at 49.64% in FY26. These sit alongside a continued focus on cash generation and a lower-debt capital structure.
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