Resins & Plastics Limited

Resins & Plastics Limited (RPL) is an Indian specialty chemical manufacturer with more than five decades of experience in the synthetic resins industry. Established in 1971, the company manufactures a broad range of resin systems used as key raw materials across surface coatings, adhesives, printing inks, construction chemicals, insulating varnishes, wire enamels, lamination, textiles and other industrial applications. RPL serves small, large and multinational customers through its manufacturing, R&D and pan-India distribution network.

🏢 Introduction & Infrastructure

• Established: 1971, with its registered office in Mumbai, Maharashtra.

• Manufacturing Facilities: Operates manufacturing facilities at Taloja, Maharashtra and Ankleshwar, Gujarat.

• Strategic Locations: Its manufacturing units are located close to major ports, supporting domestic distribution and export operations.

• R&D Infrastructure: Operates a dedicated R&D centre recognised by the Government of India, focused on resin development, formulation and application-specific solutions.

• Manufacturing Capabilities: Facilities are equipped to manufacture multiple categories of synthetic resins and specialty formulations.

• Distribution Network: Supported by company sales offices, branches and distributors across India.

• Export Presence: Supplies synthetic resin products to international customers, particularly in neighbouring markets.

⚙️ Business Model & Operational Verticals

RPL operates primarily as a B2B specialty chemical manufacturer, supplying synthetic resins that serve as critical formulation inputs for downstream industrial products.

1. Synthetic Resins

• Alkyd Resins

• Acrylic Resins

• Polyamide Resins

• Phenolic Resins

• Polyurethane Resins

• Maleic Resins

• Polyester Resins

• Epoxy Resins

• Ketonic Resins

• Amino and other specialty resins

2. Coatings & Surface Applications

Supplies resin systems used in decorative and industrial coatings, paints, protective coatings and other surface-treatment applications.

3. Adhesives & Construction Chemicals

Provides resin solutions used in adhesive formulations and construction-chemical applications.

4. Printing & Packaging Applications

Manufactures resins used in printing inks, lamination and related packaging applications.

5. Industrial & Specialty Applications

Products are also used in insulating varnishes, wire enamels, textiles, foundries and other industrial applications, allowing RPL to serve multiple end-use industries.

👥 Management Structure

RPL is led by an experienced management team with backgrounds across chemical engineering, polymer science, business management and industrial operations.

• Dhiren P. Mehta — Chairman

• Rupen A. Choksi — Managing Director

• Ashwin S. Dani — Director

• Dipika A. Vakil — Director

• Bharat B. Chovatia — Director

• Chetan S. Thakkar — Director

• Hemangi N. Modi — Director

📦 Key Product & Program Portfolio

🔬 Research & Technical Capabilities

• Dedicated R&D infrastructure for synthetic resin development and formulation.

• Development of application-specific resin systems based on customer requirements.

• Technical support for customers in product selection, formulation and application.

• Focus on improving product performance, consistency and suitability for different industrial applications.

• Expertise spanning multiple resin chemistries and downstream applications.

🌐 Key Customers & Market Presence

RPL serves a broad B2B customer base, including small and large industrial customers as well as multinational companies.

Its products cater to industries such as:

• Paints & Coatings

• Printing Inks

• Adhesives

• Construction Chemicals

• Insulating Varnishes

• Wire Enamels

• Lamination

• Textiles

• Foundries

• Other Specialty Industrial Applications

The company has a pan-India sales and distribution network supported by its own sales offices and distributors, along with an established export presence.

⭐ Key Business Highlights

• 50+ years of experience in synthetic resin manufacturing.

• Broad product portfolio covering multiple resin chemistries and industrial applications.

• Diversified B2B customer base across coatings, adhesives, inks, construction chemicals and other industries.

• Manufacturing presence across Maharashtra and Gujarat.

• Dedicated R&D and technical-support capabilities.

• Strategic proximity of manufacturing facilities to major ports supports domestic and export distribution.

• Established pan-India sales and distribution network.

• Ability to develop application-specific specialty resin solutions for industrial customers.

Resins and Plastics Ltd. – Strategic Insights & Financial Overview

Executive Insights

Resins and Plastics Ltd. (RPL) is a highly established player in the Indian specialty chemicals and polymer sector, with over 55 years of expertise in manufacturing synthetic resins. Operating three manufacturing facilities across Maharashtra and Gujarat, the company caters to diverse industries, including coatings, adhesives, printing inks, and construction chemicals. The recent FY26 financial data highlights a massive operational turnaround, characterized by steady top-line growth and exponential margin expansion. This suggests a shift toward higher-value specialized resins or a significant optimization in raw material costs, positioning the company as an attractive, undervalued asset in the unlisted space.

Key Financials (FY25 – FY26)

The company has demonstrated an exceptional surge in profitability and margin expansion, reflecting strong operational leverage over the last year.

Note: Financial figures are derived directly from the provided standalone statements in the reference image for FY25 and FY26. Margin expansion is calculated in basis points (bps).

Growth Trajectory & Margin Insights:

While the company achieved a healthy top-line revenue growth of 12.35% in FY26, the true highlight is its operational efficiency. EBITDA skyrocketed by nearly 91%, driving the EBITDA margin from 5.09% to 8.64%. Consequently, the bottom-line PAT surged by 84%, reflecting excellent cost absorption. Since operating costs (like raw materials) grew at a slower pace than revenue, the company successfully retained a much larger portion of its earnings.

Industry Overview & Headwinds

The company operates in a specialized, highly critical niche of the chemical manufacturing sector.

• Macro Tailwinds: The Indian specialty chemicals and synthetic resin industry benefits from strong domestic consumption across end-user sectors like real estate (paints and coatings), automotive, and packaging (inks and adhesives).

• Sustainability Focus: The industry is increasingly shifting toward sustainable manufacturing. RPL maintains a Zero Liquid Discharge (ZLD) plant in Taloja and focuses on eco-conscious innovations, providing a strong ESG moat.

• Structural Risks: The primary headwinds include severe volatility in crude oil prices, which directly dictate the cost of petrochemical derivatives used as raw materials. Furthermore, adherence to stringent environmental regulations and maintaining compliance across highly industrialized zones pose ongoing operational challenges.

Resins And Plastic Annual Report 2025-26

Resins And Plastic Annual Report 2023-24

Resins And Plastic Annual Report 2022-23

Resins And Plastic Annual Report 2021-22