Dutron Polymers Ltd Management Discussions

For the Financial Year Ended 31st March 2025

1. Introduction

Dutron Polymers Ltd. was formed to manufacture Plastic Pipes and Fittings, as an organized supplier to the industry at Dist.Kheda, Gujarat. The company had a technical license from world leaders in the field M/s. Wavin Overseas, The Netherlandsfor manufacture HDPE, PVC pipes till 2006. Today, the Company has been recognised as one of the most reliable qualityplastic pipes & fittings manufacturers in India. Its products HDPE, PVC & CPVC pipes and fittings cater to several marketareas- agriculture, industries, building &construction and infrastructure projects. The Company is ISO 9001:2015 certifiedand has established as a quality brand in all parts of the country, especially in Gujarat and neighbouring states.

2. Global Economic Outlook

The global economy remained on a recovery trajectory in FY 2024–25, with GDP growth of 3.2% as per the IMF World Economic Outlook. Developed nations like the U.S. and Germany witnessed moderate growth due to monetary tightening, while emerging economies such as India, Brazil, and Vietnam became engines of consumption. Key drivers included easing inflation, rate stabilization, and a rebound in manufacturing output.Sector-wise, global demand in chemicals, construction, and packaging rebounded, benefited plastic producers globally. However, geopolitical conflicts, energy security concerns, and climate-related disruptions continued to pose systemic risks.

3. Indian Economic Outlook

India registered a strong 6.8% GDP growth in FY 2024–25, driven by robust domestic demand, stable macroeconomic indicators, and government-led infrastructure spending under NIP. GST collections reached all-time highs, and PLI incentives accelerated backward integration across sectors including plastics.Urban consumption stabilized with strong festive spending, and the rural economy was boosted by favorable monsoons and higher MSPs. The PMI for manufacturing remained above 55 for most of the year, indicating expansionary trends.

4. Industry Structure and Developments

The Indian plastic industry, valued at approximately USD 49.5 billion in 2025, is expected to reach USD 67.8 billion by 2030 (CAGR: 6.5%). Major growth segments included irrigation pipes, packaging films, and medical-grade polymers. According to FICCI, India?s per capita plastic consumption increased to 13.6 kg, still below the global average, indicating strong room for growth.

Key developments:

Technology: Widespread adoption of AI-enabled monitoring in extrusion and robotics in material handling. Policy: Progressive bans on single-use plastics and structured EPR norms promoted recycling. Trade: Export momentum continued in Africa and ASEAN; antidumping duties on Chinese polymers under review.

5. SWOT Analysis

6. Opportunities and Threats

Opportunities:

The Governments capital expenditure on urban infrastructure, sanitation, and irrigation creates long-term demand for plastic piping, ducts, and tanks. The Swachh Bharat 2.0 and Smart Cities Mission continue to support demand for water management systems where polymers play a vital role. New FTAs with Australia, UAE, and talks with ASEAN nations open channels for export-led growth. The adoption of digital agriculture and smart irrigation has led to increased demand for sensor-compatible polymer conduit systems.

Threats:

Volatility in crude oil prices (HDPE, LLDPE) continues to impact raw material cost structures.

Environmental compliance costs due to CPCB mandates may increase, particularly for waste heat and effluent management. Currency volatility affects export competitiveness, especially with rising freight charges post-Red Sea crisis. Anti-dumping issues with neighboring countries such as China and Bangladesh add pricing pressures.

7. Segment-wise or Product-wise Performance

Agri Pipes & Fittings:The Drop in turnover is mainly due to relaxation of price in PVC Pipes. The Prices which had jumped in 2023-24 had cooled down in 2024-25 which has led to reduction in sales in absolute numbers.

8. Outlook

Looking ahead to FY 2025–26, Dutron Polymers anticipates double-digit revenue growth.

9. Financial Performance with Respect to Operational Performance Chart 1: Sales and Profit Before Tax (PBT) – Last 5 Years

10. Key Financial Ratios

11. Cautionary Statement

This report contains forward-looking statements relating to the Companys future business, financial and operational performance, and strategies. These are based on management?s current expectations and are subject to uncertainties. Actual outcomes may differ due to changes in regulatory, economic, or geopolitical conditions.