What Polyplex does

Polyplex Corporation Limited is a publicly listed Indian manufacturer of polyester (PET) film, holding the seventh-largest global PET film capacity and the second-largest thin BOPET capacity outside China. Founded in 1984 and headquartered in Noida, the company operates seven manufacturing sites across five countries (India, Thailand, Turkey, USA and Indonesia) with resin-to-film integration and downstream capabilities in metallizing, holography, silicone coating, offline chemical coating, extrusion coating and transfer metallized paper. Its product portfolio is marketed under the brands Sarafil (BOPET, BOPP, CPP, blown films, sustainable films, holographic films, TMP), Saracote (silicone-coated release liners), Saralam (extrusion-coated thermal lamination films) and Saraprint (digital print media films), complemented by EcoBlue Limited in Thailand producing rPET, rPP and rHDPE resins.

The company's go-to-market is direct sales to industrial B2B customers, with regional sales offices in India, Thailand, Turkey, the USA, Indonesia, Singapore, the Netherlands, South Korea and Japan serving approximately 2,735 customers in 86 countries across flexible packaging, labels, release liners, industrial applications, agriculture and emerging energy-transition uses (solar PV backsheets, EV films, advanced batteries). Revenue is generated through one-time hardware-style sales of polymer film and recycled resin, with FY 24-25 consolidated revenue of approximately USD 812 million (INR 6,869 Crore), normalized EBITDA of INR 752 Crore (~USD 89M, 11% margin) and film sales volumes of 342,685 MT. Customer concentration is low, with the top 10 customers contributing only 29% of revenue.

Operating mechanics rest on capital-intensive, multi-site film extrusion and conversion, a DSIR-recognized R&D platform delivering 32 patents and 14 trademarks, and a D-PAC (Differentiated Product, Application and Customer) strategy that contributed USD 95 million in incremental EBITDA in FY 24-25 (average ~USD 0.91/kg). Sustainability is a structural pillar through 100%-PCR Sarafil films, BioPET (Bio MEG) substrates, ASTM D5511/D5526-compliant biodegradable films and EcoBlue's chemical recycling, supported by membership in VITA NOVA and CELAB industry consortia. The company carries a stable IND AA- credit rating from India Ratings and Research and benefits from US reciprocal tariff dynamics favoring its newly commissioned Alabama facility.

Name

Polyplex

Legal name

Polyplex Corporation Limited

Website

https://polyplex.com

Company type

Public

Founded year

1984

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Polyplex is an Indian-listed manufacturer of polyester (PET) film operating seven plants across five countries with the seventh-largest global PET film capacity, supplying roughly 2,735 B2B customers in 86 countries across packaging, labels and industrial films.

Ownership category

akta.pro rank

Product category

Polyester Film Manufacturing

NAICS

Plastics Packaging Film and Sheet (including Laminated) Manufacturing (326112), Plastics Product Manufacturing (3261), Resin, Synthetic Rubber, and Artificial and Synthetic Fibers and Filaments Manufacturing (3252)

SIC

Unsupported Plastics Film & Sheet (3081), Plastic Material, Synth Resin/Rubber, Cellulos (No Glass) (2820)

akta.pro primary industry

Polyester & Nylon Films (PET/BOPET, PA/BOPA) (IMALABAB)

akta.pro secondary industries

Polyolefin Films (PE/PP: Cast, Blown, BOPP) (IMALABAA), Polyolefins (PE, PP) (IMAEADAD), Polyolefins (PE, PP) (IMAEANAA)

Keywords

• Polyester film manufacturing
• PET film production
• Flexible packaging films
• Silicone coated films
• Recycled resin production

Headquarters

HQ city

Noida

HQ country

India

HQ region

Asia

Offices10 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Technology or R&D, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Polyester and Polypropylene Film Sales: Polyplex manufactures and sells a diversified portfolio of polymer films including BOPET, BOPP, CPP, Blown PP/PE films, as well as value-added downstream products through metallizing, holography, silicone coating, chemical coating, extrusion coating and transfer metallized paper. The company operates seven manufacturing sites across five countries with resin-to-film integration. Revenue is generated through direct sales to approximately 2,735 customers across 86 countries.
2. Recycled Resin Sales (EcoBlue): EcoBlue Limited, a subsidiary in Thailand, produces and sells high-quality rPET, rPP and rHDPE resin for sustainability-conscious organizations, with capacity of 49,200 TPA for rPET and 10,500 TPA for polyolefins, producing 100% PCR-based products including food-contact approved recycled content.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Polyplex manufactures and sells polyester (PET) films, including BOPET, BOPP, CPP, and Blown PP/PE films, through seven integrated manufacturing sites across India, Thailand, Turkey, USA, and Indonesia. The company offers value-added downstream capabilities including metallizing, holography, silicone coating, chemical coating, extrusion coating, and transfer metallized paper, serving approximately 2,735 customers in 86 countries across flexible packaging, labels, industrial, and specialty applications. Its wholly-owned EcoBlue subsidiary in Thailand produces recycled rPET, rPP, and rHDPE resins supporting circular economy initiatives.

Product overview

Polyplex is a leading polyester film manufacturer with the seventh-largest global PET film capacity, operating seven manufacturing sites across India, Thailand, Turkey, USA, and Indonesia. The company's diversified product portfolio centers on four core brands: Sarafil (base polymer films including BOPET, BOPP, CPP, Blown Films, Sustainable Films, and Holographic Films), Saracote (silicone-coated release liner films for pressure-sensitive materials), Saralam (extrusion-coated thermal lamination films in polyester, polypropylene, and nylon), and Saraprint (digital print media films for HP Indigo, dry toner, laser, and inkjet applications). The portfolio is supported by EcoBlue Limited, a Thailand-based recycling subsidiary producing rPET, rPP, and rHDPE resins with up to 100% PCR content. Integrated downstream capabilities include metallizing, holography, silicone coating, chemical coating, and extrusion coating. The company serves approximately 2,735 customers across 86 countries with products for flexible packaging, labels, industrial, electronics, and sustainability-driven applications.

Differentiator

Problem solved

Functional benefit

Brands

• Sarafil: Base films including BOPET, BOPP, CPP, Blown Films, Sustainable Films, and Holographic Films for various industrial applications
• Saracote
• Saralam
• Saraprint
• EcoBlue

Products and services

• Sarafil Base Films Sarafil is Polyplex's primary brand for base polymer films including BOPET, BOPP, CPP, and Blown Films. These clear, transparent, flexible films with high tensile properties serve packaging, industrial, and specialty applications.
• Sarafil BOPET Films Biaxially-oriented polyethylene terephthalate films available in thin and thick gauges with various surface properties for packaging, industrial, and electronic applications.
• Sarafil BOPP Films Biaxially-oriented polypropylene films for packaging applications including transparent, heat sealable, metallizable, pearl white, matte, and specialty variants.
• Sarafil CPP Films Cast polypropylene films for flexible packaging and industrial applications.
• Sarafil Blown Films Blown polyethylene and polypropylene films including retort, metallized, high barrier, high performance, agriculture, and sustainable variants.
• Sarafil Sustainable Films Environmentally-friendly films including Green Wrap PET, Bio-based films, PET monomeric films, and RPET films with up to 100% PCR content.
• Sarafil Holographic Films Holographic films for decorative, security, and branding applications.
• Saracote Silicone Coated Release Liner Films Silicone coated release liner films (PET/PP) designed to provide excellent carriers for pressure-sensitive materials, available in multiple specialty grades for labels, roofing, specialty, and electronic industry applications.
• Saralam Extrusion Coated Thermal Lamination Films Extrusion coated film products for thermal lamination including polyester, polypropylene, and nylon variants in various gauges, plus decorative and reflective insulation solutions.
• Saraprint Digital Print Media Films

Quantifiable outcome

• D-PAC incremental EBITDA contribution of USD 95 million with average incremental contribution of USD ~0.91/kg in FY 24-25
• +4 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

Four partnerships are on record, tiered core and minor.

• TechNova Printrite Products Private LimitedcoreStrategic or Co-development Partner · 25 March 2026Polyplex Corporation Limited acquired 51% of the share capital of TechNova Printrite Products Private Limited, announced on March 25, 2026. This acquisition was further updated on April 30, 2026, enhancing Polyplex's product portfolio and manufacturing capabilities.
• EcoBlue Limited (Thailand)coreStrategic or Co-development PartnerEcoBlue Limited is a wholly-owned subsidiary in Thailand providing circular solutions for materials like films, label liner and laminates, producing high quality rPET, rPP and rHDPE resin. Operates at capacity of 49,200 TPA for rPET and 10,500 TPA for polyolefins with US FDA & GRS approved 3D Pure rPET resin. Chemical recycling capabilities contributing to circular economy.
• BOPET Films EuropeminorStrategic or Co-development PartnerPolyplex is a member of BOPET Films Europe, an industry consortium working on sustainability and circular economy for flexible packaging. Polyplex is a founding member of the VITA NOVA initiative promoted by BOPET Films Europe for promoting mono PET flexible packaging for circular economy.
• CELAB (Conservatory for Envelope and Label Materials)minorStrategic or Co-development PartnerPolyplex is a member of CELAB, an industry consortium focused on sustainability solutions for the envelope and label materials industry, supporting development and modernization of plastic waste management infrastructure.

Scale indicators18 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Jindal Poly Films Limited: Part of the Jindal group, one of India's largest producers of BOPET and BOPP films for packaging and industrial applications; competes head-to-head with Polyplex in flexible packaging films across domestic and export markets.
• SKC Co., Ltd. Korean manufacturer of BOPET films for packaging, electrical, and industrial applications; meaningful Asia-Pacific peer competing in similar export markets to Polyplex.
• Cosmo Films Limited: Indian manufacturer of BOPP films and specialty films for labels, packaging, and industrial applications; relevant peer in BOPP film segments where Polyplex also competes.
• Kolon Industries: Korean specialty chemicals and films company producing BOPET and optical-grade films; competes with Polyplex in industrial film segments globally.
• Uflex Limited: India's largest flexible packaging company producing BOPET, BOPP films and converted packaging; overlapping product range and customer base makes it a strong comparable for Polyplex.
• Garware Polyester Limited: Indian BOPET film manufacturer with similar product portfolio to Polyplex, particularly in base films for packaging and industrial end-uses; strong direct peer in the Indian PET films market.
• SRF Limited: Indian-listed specialty chemicals and packaging films manufacturer with BOPET, BOPP and technical textiles; directly competes with Polyplex in PET films and is one of the most immediate Indian comparables.
• Terphane (Tredegar Corporation): US-based PET film manufacturer focused on Americas flexible packaging market; relevant peer since Polyplex has built US manufacturing capacity that will directly compete with Terphane.

Broad incumbents

• Toray Industries: Japanese diversified materials conglomerate with significant BOPET film operations under advanced materials; serves global flexible packaging and industrial markets with broader product lines than Polyplex.
• Mitsubishi Chemical Group (Mitsubishi Polyester Film): Subsidiary of Mitsubishi Chemical producing polyester films globally under the Hostaphan and Diafoil brands; comparable scale to Polyplex in global PET film capacity and serves overlapping packaging and industrial customers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/polyplex

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Polyplex