The PPF story gets real as capacity utilization normalizes and GAS studios scale, but the last print cooled from a furlough, and the price already banks it all landing.
Overall read
5.5/10
Priced ahead of it
The three reads · this quarter
The PPF story gets real as capacity utilization normalizes and GAS studios scale, but the last print cooled from a furlough, and the price already banks it all landing.
Overall read
5.5/10
Priced ahead of it
The three reads · this quarter
The standing reads · change less often
Moat
Moderate edge
Integrated specialty films maker with brand and scale, but tariff & cyclical risks cap moat.
Key variables
2 tracked
lead: PPF Capacity UtilizationUtilization surged to 133% in FY25 via fungible SCF lines, then new capacity doubled to 600 LSF in Q2FY26, temporarily lowering utilization. The ramp-up in Q3FY26 to 65% is on track but slower than anticipated due to tariff impact on PPF demand in the U.S. As
Walk the talk
Not enough data
TPU line commissioning in Q3 FY27 to drive margin expansion and new product development.
Latest · newest first
3w ago · Business Update
Press release on Q1 FY27 results.
3w ago · Business Update
Appointment of interim CFO effective August 06, 2026.
10 Jul 2026 · Business Update
Demise of Joint Managing Director, Sarita Garware Ramsay.
07 Jul 2026 · Credit Rating
CARE upgraded LT rating to AA from AA-; outlook Stable; ST reaffirmed at A1+
01 Jul 2026 · Credit Rating
Intimation of credit rating.
2 of 2 guidance items delivered on time
Where it sits