Shaya Polymers Ltd
Chennai polyurethane group — slabstock, moulded and memory foam, PU systems and adhesives for mattresses, furniture and automotive NVH — revenue up 3.6x to ₹91 Cr in FY25 and a new Laader Berg foam plant under way.
Market cap
₹965.3 Cr
2.35 Cr shares
P/E ratio
96.47
Sector average 30
Book value
₹33.78
P/B 12.14
1-year return
+0.00%
52w ₹280 – ₹465
Currently 70% of the way through its 52-week range.
Indicative price history
1Y change
+0.00% ₹410 → ₹410
52-week band in this window: ₹410.00 – ₹410.00. Weekly indicative marks, not exchange-traded prices.
Key highlights
- FY25 revenue about ₹91 Cr (3.6x) and EBITDA ₹19 Cr; net profit up about 157%, net worth up about 340%.
- Laader Berg Multimax foaming line contracted in April 2025 for a new Chennai plant — Laader Berg's largest single Indian deal.
- Paid-up ₹23.54 Cr, 2.35 Cr shares of ₹10, ISIN INE0QHS01013; public limited company since 2024.
- Board rate ₹410 in lots of 1,000 against wwipl's last traded ₹400 (52-week ₹280–465); UnlistedZone shows no price yet.
About Shaya Polymers
Shaya Polymers Limited is a Chennai-based polyurethane manufacturer incorporated on 8 March 2017 (CIN U24100TN2017PLC115377, RoC Chennai; converted from a private limited company) with its registered office and plant at the SIPCOT industrial park in Irungattukottai, Sriperumbudur. It makes polyurethane systems, adhesives and engineered foam — slabstock and moulded PU foam, foam sheets, memory and visco foam, high-resilience and flame-retardant grades — for mattress and furniture makers, automotive noise-vibration-harshness parts and insulation, selling mainly in the domestic market. Group entities include Shaya Adhesives and Shaya Polyurethanes, and the board shares a director with Pioneer Coldstore & Cladding, an insulated-panel maker.
Growth stepped up in FY25: registry aggregators show revenue rising from ₹24.6 Cr in FY23 and ₹25 Cr in FY24 to about ₹91 Cr in FY25, with EBITDA up from ₹7.2 Cr to ₹19 Cr; Tofler reports net profit up about 157% and net worth up about 340% in the year, consistent with a capital raise alongside the jump in sales. Paid-up capital is ₹23.54 Cr — 2,35,44,075 shares of ₹10 — against ₹40 Cr authorised, and the ISIN INE0QHS01013 is live for demat transfers.
In April 2025 Norway's Laader Berg signed what it called its largest single contract in India with Shaya for a customised Multimax continuous foaming line, the core of a new foam plant being built beside the existing Chennai facilities to produce standard, HR, hypersoft, visco and FR foams. Dealer-platform notes also cite a US$20 Mn strategic tie-up with Pioneer Coldstore for insulated panels (March 2025), a UK entity set up for international expansion (November 2025) and research MoUs with IISER Thiruvananthapuram on sustainable materials (January 2026); none of these three could be confirmed from a primary source.
Shares trade thinly in the unlisted market: wwipl's last traded rate was ₹400 (down about 14% on the previous print) within a 52-week range of ₹280–465, in lots of 1,000; UnlistedZone lists the company but shows no indicative price yet. The board rate is ₹410 (set by the desk on 9 Oct 2026) — on 2.35 Cr shares that is a market value of about ₹965 Cr, roughly ten times FY25 sales and a high multiple of estimated profit.
Verification status (9 Oct 2026): identity, capital, directors, revenue, EBITDA and the Laader Berg contract are from registry aggregators (Tofler, TheCompanyCheck, Tracxn, ZaubaCorp), dealer platforms and the Laader Berg announcement; profit, balance-sheet lines, headcount and the shareholding split are estimates, and the company site and UnlistedZone page were blocked from this sandbox. Tagged preliminary — verify from the FY25 annual report before trading.
Where the revenue comes from
- PU foam — slabstock, moulded, memory & specialty65%
Mattress, furniture, automotive NVH and packaging foams (estimate)
- PU systems & adhesives25%
Polyol-isocyanate systems and adhesives for panels, footwear and industrial users (estimate)
- Other products & trading10%
Foam sheets, cut parts and trading (estimate)
Products & services
Slabstock & moulded PU foam
Continuous slabstock blocks and moulded parts in standard, HR, hypersoft and FR grades for mattresses, furniture and automotive seating.
Memory & visco foam sheets
Visco-elastic and memory foam sheets and pillows for bedding and healthcare uses.
PU systems
Formulated polyol-isocyanate systems for insulated panels, cold stores, footwear and industrial moulding.
Adhesives
PU and specialty adhesives through group entity Shaya Adhesives.
What works
- • Revenue grew 3.6 times to about ₹91 Cr in FY25 with EBITDA up 164% to ₹19 Cr, as foam and PU-systems volumes scaled from the Sriperumbudur plant.
- • New Laader Berg Multimax foaming line (April 2025) — the Norwegian machine maker's largest single Indian contract — adds capacity and higher-value grades (HR, visco, FR) for mattress, furniture and automotive customers.
- • Integrated PU chemistry: foam, systems and adhesives under one group, with a related insulated-panel business (Pioneer Coldstore) as a captive outlet.
- • Net worth reportedly rose about 340% in FY25, giving a stronger balance sheet to fund the expansion.
What to watch
- • Valuation: about ₹965 Cr at ₹410 on 2.35 Cr shares is roughly ten times FY25 sales and a very high multiple of profit for a foam maker; the wwipl rate fell 14% on its last print and UnlistedZone shows no price, so quotes are thin and negotiable.
- • Input-cost exposure: polyol and TDI/MDI prices follow crude and are mostly imported, so margins can swing sharply; the sector is fragmented and competes with listed Sheela Foam and many regional converters.
- • Execution and funding of the new plant: the Laader Berg line and the reported UK and panel ventures need capital; audited FY25 profit, debt and the terms of the FY25 capital raise are not public.
- • Disclosure is limited to annual MCA filings; the Pioneer Coldstore tie-up, UK entity and IISER MoUs rest on dealer-platform notes and are unverified.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| Shaya PolymersThis page | ₹410.00 | ₹965.3 Cr | 96.47 | 12.14 | +92.33% |
| Credo Advanced Chemicals | ₹49.00 | ₹367.5 Cr | 38.58 | 1.99 | +10.94% |
| Plastene India | ₹95.00 | ₹267.9 Cr | 72.52 | 1.65 | +10.13% |
| Pashupati Polytex | ₹298.00 | ₹745 Cr | 32.39 | 4.38 | +13.65% |
Latest reported year: FY25 ending 31 Mar 2025.