Polymatech in Turmoil: Auditor Exit and FY24 Results
Written by: Diksha Kalra
Published: Sep 16, 2026
Updated: Sep 16, 2026
2 min read
- Regulatory Concerns: Polymatech is in the news for all questionable reasons, On 29th October 2024, the auditor “SS Kothari Mehta & Co.” resigned giving the reason that the finance team would not be able to submit the audited financial statements by 5th Nov 2024. However, the audited financial statements were available for the investors on the public domain around 7th Nov - 8th Nov. Along with that on September 26, 2023, Polymatech issued new shares at INR 300, with the stock currently trading at INR 515 per share.
- Muted Financial Performance: Polymatech's FY24 financial performance indicates a robust 88% growth in revenue, increasing from INR 649 Crore in FY23 to INR 1,221 Crore. The company’s PAT also rose from INR 167 Crore to INR 240 Crore year-on-year. However, while gross margins improved from 31% to 43%, PAT margins dropped from 26% in FY23 to 20% in FY24, a risk we highlighted in our November 10, 2023, analysis.
- Strained Working Capital: The company continues to face working capital challenges, with receivables at INR 519 Crore (representing about 43% of sales), payables at INR 275 Crore, and inventory at INR 267 Crore. Cash levels have declined from INR 41 Crore in FY23 to INR 22 Crore in FY24, though the debt-to-equity ratio remains low at 0.05. Crisil has maintained its BB+ rating, categorizing the debt as junk.
Considering these factors, we still suggest a “SELL” particularly due to governance concerns
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