Plastics Industry in India

Explore India’s plastics industry through its listed and private manufacturers, with a focus on the businesses that make plastic products and materials.

Top plastics companies in India (listed and private)

Frequently asked questions

How large is the plastics industry in India?

763 plastics companies with statutory filings (32 listed, 731 private) reported combined revenue of ₹1.15 lakh crore in FY2025, +10.0% on the same companies, and aggregate EBITDA of ₹13,378 crore. As filed each year, combined revenue was ₹38,513 crore in FY2018, reached ₹1.15 lakh crore in FY2025, the highest in the period; year-on-year changes are measured on the same companies. The 15 listed companies with an exchange price are worth ₹51,168 crore in market capitalisation. Size here is measured in revenue, profit and market value, from statutory filings and exchange prices, not in physical volume of output.

Is profitability improving or deteriorating?

Mixed. The aggregate EBITDA margin of plastics companies was 11.6% in FY2025, 0.6 pts above FY2024, against a peak of 15.9% in FY2021. The low since the peak was 10.5% in FY2023. Profit after tax margin was 4.4% (−0.5 pts on FY2024). Aggregate EBITDA of listed and private plastics companies moved +24% from FY2022 to FY2025 on a same-company basis; FY2025 EBITDA was ₹13,378 crore (+14.2% on FY2024).

Which companies are leading the plastics industry?

By FY2025 revenue the largest plastics companies are Polyplex (₹6,885 crore, 11.5% EBITDA margin); Astral (₹5,832 crore, 16.9% EBITDA margin); Ivl Dhunseri Petrochem Industries (₹5,392 crore, 2.1% EBITDA margin, private); Tegral India (₹3,571 crore, 3.1% EBITDA margin, private); Nilkamal (₹3,313 crore, 8.9% EBITDA margin). Among the ten largest, Cello World (26.0%) and Polyhose India (21.4%) earn the widest EBITDA margins and Ivl Dhunseri Petrochem Industries (2.1%) the thinnest. 18 of the 25 largest are private companies, which a listed-only view leaves out.

Where is demand or investment changing?

In the news: Net tone of film prices stories fell from +13 to -51 (-64 pts) over 85 stories, the largest drop of any theme. In buyer searches: Search interest in plastic packaging, bottles and containers queries (plastic container, plastic bottle, plastic bag) was +21% in the 12 months to 2026-09 vs the prior 12, led by “plastic bottle” (+25%), followed by plastic granules, resin and sheets (+15%); plastic product prices and supply moved -1%.

What should I investigate next?

These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: Coverage of film prices turned more negative (Plastics in the news). Plastics EBITDA grew 24% since FY2022 (Industry financials). 26 private plastics manufacturers pass an IPO-readiness screen (Top plastics companies in India). Plastic packaging, bottles and containers searches rose most in the last year (Search & demand signals). Median EV/EBITDA is 10.1× and median P/E 24.5× across 15 priced plastics companies. (Market capitalisation & valuation).

How are plastics stocks valued?

The median trailing P/E is 24.5× and the median EV/EBITDA 10.1× across 15 priced companies.

What does this page cover?

It brings together listed and private plastics manufacturers operating in India.

How are companies selected?

The company universe uses relevant registration classifications and product-focused name matching, followed by review for relevance and duplication.

Research information, not investment advice.