Sabar Flex IndiaShare price, financial results, shareholding and management

NSE Emerge · SABARFlexible packagingListed 21 Sept 2022
sabarflex.com ↗Live price on NSE ↗ISIN INE0DZ101013 · Lot 5,000 shares · ₹46,500
₹9.30
-0.50% on the day
Close · 4 Nov 2026
Valuation
Market cap
₹18 cr
Stock P/E
68.7peers 16.6
Book value
₹61.1
Price to book
0.15
EV / operating profit
27.7
Market cap to sales
0.17
Returns and growth
ROCE · FY26
1.0%
ROE · FY26
0.3%
ROE, 3-year average
6.0%
Operating margin · FY26
1.8%peers 12.1%
Sales growth, 3 years
3.2%
Profit growth, 3 years
-49.3%
Safety
Debt to equity
0.29peers 0.28
Borrowings
₹34.6 cr
Interest cover
1.3×
Cash from business / op. profit
3807%
Debtor days
270
Pledged
0.00%
Ownership and share
Promoter holding
15.96%
Change in promoter holding
-1.72 pts
Shareholders
607
52-week high / low
₹10 / ₹4
Dividend yield
0.00%
Face value
₹10

Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.

Sabar Flex India share price chart

₹9.30+64.60% 1 year

Close on 4 Nov 2026 · -0.53% on the day · Vol 10,000

Daily prices to 4 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.

Share price returns

To the close of 4 Nov 2026

3 months
+36.8%
6 months
+89.8%
1 year
+64.6%
Traded a day, 20 days
₹0.08 cr
Taken for delivery
99%

Business growth

Sales and net profit, from the reported results

SalesProfit
FY26 on FY25-29%-74%
3 years, a year+3%-49%
Latest half, H2 FY26-5%-

About Sabar Flex India: business, products and customers

Sabar Flex India prints and converts plastic films into packaging such as pouches, laminated rolls and bags, and makes PVC flex banners, for businesses that need their goods packed and branded. Its factory is at Himmatnagar in Gujarat, and its shares trade on NSE Emerge.

The business began in 2007 as the partnership Sabar Flex Industries and became a company in 2018. At its owned plant at Dhandha near Himmatnagar it prints films by gravure, laminates layers together and cuts them into stand-up, zip-lock and vacuum pouches, rolls and bags. The offer document named salt and mehndi makers in Rajasthan, close to the plant, as key buyers, with newer customers in Tamil Nadu, Kerala and Pondicherry; the FY26 annual report calls PVC flex banners for advertising its core revenue generator.

The company buys plastic films, resins and inks and sells finished packaging against purchase orders, with no long-term contracts on either side. Raw material is most of the cost and its price follows global resin prices and the rupee, so when costs rise faster than customers accept, the thin margin shrinks. Buyers are given credit, and the FY26 accounts show both money owed by customers and unsold finished goods building up after customers disputed print quality, which ties up cash and has strained the bank line.

Read more about the business

In March 2026 the company bought two unrelated businesses, Abode Foods and Beverages and Pionex Agricom, after shareholders widened its objects to include contract farming, agricultural trading and warehousing. The company says neither purchase involved related parties.

The offer document names Uflex, Paper Products, Flexituff International, Radha Madhav Corporation and Uma Converters as competitors; they also print and convert flexible packaging, most at far larger scale. It describes the industry as fragmented and local, with scale benefits going to a few players.

From the offer document (prospectus, September 2022), the FY26 annual report and exchange announcements of 2026.

Read the deeper study ↓

In its favour

  • It brings in more cash than it shows as profit: ₹72 cr against ₹0.3 cr in FY26.
  • It has little debt for its size: debt to equity 0.29.

To watch

  • Resolution of the non-performing Axis Bank cash credit line (Annual report FY26, p.60).
  • Settlement of the print-quality disputes and dispatch of the finished goods held for months (Annual report FY26, p.60).
  • What the new subsidiaries Abode Foods and Beverages and Pionex Agricom add to the group (Exchange announcements, 26 March 2026, p.1).
  • Appointment of a new chief financial officer and company secretary after the 2026 resignations (Annual report FY26, p.32; Exchange announcement, 12 May 2026, p.1).
  • Customers take longer to pay than before: 270 days in FY26, against 125 in FY19.

From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.

Sabar Flex India revenue and profit growth

Half-yearly results · Profit and loss

Sales have grown slowly. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.

Sales and net profit, every year, ₹ crore
SalesNet profit
050100150Sales, FY19: 36 ₹ cr36Net profit, FY19: 1 ₹ cr1FY19Sales, FY20: 64 ₹ cr64Net profit, FY20: 1 ₹ cr1FY20Sales, FY21: 74 ₹ cr74Net profit, FY21: 1 ₹ cr1FY21Sales, FY22: 72 ₹ cr72Net profit, FY22: 2 ₹ cr2FY22Sales, FY23: 95 ₹ cr95Net profit, FY23: 2 ₹ cr2FY23Sales, FY24: 126 ₹ cr126Net profit, FY24: 4 ₹ cr4FY24Sales, FY25: 148 ₹ cr148Net profit, FY25: 1 ₹ cr1FY25Sales, FY26: 104 ₹ cr104Net profit, FY26: 0.3 ₹ cr0.3FY26
The latest halves, ₹ crore
SalesNet profit
-250255075100Sales, H1FY23: 34 ₹ cr34Net profit, H1FY23: 1 ₹ cr1H1FY23Sales, H2FY23: 61 ₹ cr61Net profit, H2FY23: 1 ₹ cr1H2FY23Sales, H1FY24: 38 ₹ cr38Net profit, H1FY24: 2 ₹ cr2H1FY24Sales, H2FY24: 88 ₹ cr88Net profit, H2FY24: 3 ₹ cr3H2FY24Sales, H1FY25: 61 ₹ cr61Net profit, H1FY25: 1 ₹ cr1H1FY25Sales, H2FY25: 86.5 ₹ cr86.5Net profit, H2FY25: -0.2 ₹ cr-0.2H2FY25Sales, H1FY26: 21.9 ₹ cr21.9Net profit, H1FY26: 0.1 ₹ cr0.1H1FY26Sales, H2FY26: 82.4 ₹ cr82.4Net profit, H2FY26: 0.1 ₹ cr0.1H2FY26

SME companies report every six months. In the latest half, sales were lower than in the same half a year before.

Sabar Flex India half-yearly results

SME companies report every six months · ₹ crore

₹ crore · growth on the same half a year before
H1FY23H2FY23H1FY24H2FY24H1FY25H2FY25H1FY26H2FY26
Sales346138886186.4621.9382.42
Expenses315934835884.6721.1281.34
Operating profit334531.790.811.08
OPM8.0%4.3%11.0%6.0%4.5%2.1%3.7%1.3%
Interest111111.090.140.71
Depreciation101110.530.550.54
Profit before tax112410.170.130.14
Net profit11231-0.150.130.13

Sabar Flex India profit and loss

Full years to March, FY19 to FY26 · ₹ crore, consolidated where reported

₹ crore
FY19FY20FY21FY22FY23FY24FY25FY26
Sales3664747295126148104.35
Expenses3460696790117143102.46
Operating profit344551051.89
OPM7.0%6.0%6.0%7.0%6.0%8.0%3.1%1.8%
Other income00000000.31
Interest12233320.84
Depreciation01111111.09
Exceptional and other items-1·111·-1·
Profit before tax11222610.27
Tax rate0.0%0.0%50.0%0.0%0.0%33.3%0.0%3.6%
Net profit11122410.26
EPS ₹0.670.821.271.451.212.520.370.13
Dividend payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

The years to FY25 come rounded to the nearest crore in the source.

Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.

Sabar Flex India profitability

Margins and returns on capital

Last year the company kept about as much from each rupee of sales as the year before. It earns a low return on the money it uses.

Operating margin, every year

Per cent of sales kept before interest, depreciation and tax

0%3%5%8%10%FY19: 7.0%7.0%FY19FY20: 6.0%6.0%FY20FY21: 6.0%6.0%FY21FY22: 7.0%7.0%FY22FY23: 6.0%6.0%FY23FY24: 8.0%8.0%FY24FY25: 3.1%3.1%FY25FY26: 1.8%1.8%FY26
Per cent
FY19FY20FY21FY22FY23FY24FY25FY26
Operating margin7.0%6.0%6.0%7.0%6.0%8.0%3.1%1.8%
Tax rate0.0%0.0%50.0%0.0%0.0%33.3%0.0%3.6%
ROCE·10.2%11.3%12.8%11.4%17.6%5.2%1.0%
ROE·8.0%7.4%13.8%10.8%14.8%2.9%0.3%
Dividend payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Sabar Flex India debt and cash flow

Balance sheet · Cash flow · Working capital

The company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business brought in more cash than it showed as profit. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.

Its own money and its borrowings, ₹ crore
Net worthBorrowings
050100150Net worth, FY19: 12 ₹ cr12Borrowings, FY19: 14 ₹ cr14FY19Net worth, FY20: 13 ₹ cr13Borrowings, FY20: 20 ₹ cr20FY20Net worth, FY21: 14 ₹ cr14Borrowings, FY21: 24 ₹ cr24FY21Net worth, FY22: 15 ₹ cr15Borrowings, FY22: 25 ₹ cr25FY22Net worth, FY23: 22 ₹ cr22Borrowings, FY23: 26 ₹ cr26FY23Net worth, FY24: 32 ₹ cr32Borrowings, FY24: 22 ₹ cr22FY24Net worth, FY25: 37 ₹ cr37Borrowings, FY25: 24 ₹ cr24FY25Net worth, FY26: 117 ₹ cr117Borrowings, FY26: 34.6 ₹ cr34.6FY26
Cash from the business against net profit, ₹ crore
Cash from the businessNet profit
-20020406080Cash from the business, FY19: -1 ₹ cr-1Net profit, FY19: 1 ₹ cr1FY19Cash from the business, FY20: -4 ₹ cr-4Net profit, FY20: 1 ₹ cr1FY20Cash from the business, FY21: 0 ₹ cr0Net profit, FY21: 1 ₹ cr1FY21Cash from the business, FY22: 3 ₹ cr3Net profit, FY22: 2 ₹ cr2FY22Cash from the business, FY23: 1 ₹ cr1Net profit, FY23: 2 ₹ cr2FY23Cash from the business, FY24: -1 ₹ cr-1Net profit, FY24: 4 ₹ cr4FY24Net profit, FY25: 1 ₹ cr1FY25Cash from the business, FY26: 72 ₹ cr72Net profit, FY26: 0.3 ₹ cr0.3FY26

Bars below the line are cash going out.

Sabar Flex India balance sheet

At each 31 March · ₹ crore

₹ crore
FY19FY20FY21FY22FY23FY24FY25FY26
Equity capital1111111115191919.22
Reserves12347131898.23
Net worth12131415223237117.45
Borrowings1420242526222434.60
Other liabilities9814116101339.64
Total liabilities35415251546474191.69
Fixed assets9891013121110.51
Capital work in progress00000000
Investments00000000.20
Other assets26334341415263180.98
Receivables·······77.26
Inventory·······19.56
Cash·······0.10
Trade payables·······8.24

Sabar Flex India cash flow

₹ crore

₹ crore
FY19FY20FY21FY22FY23FY24FY25FY26
Cash from operations-1-4031-1·71.96
Cash from investing-20-1-2-40·-81.36
Cash from financing242-131·9.27
Net cash flow-101000·-0.13
Capital spending·······0.37

Working capital

Days

Days
FY19FY20FY21FY22FY23FY24FY25FY26
Debtor days125739068698593270
Inventory days19311712514886705371
Days payable129424448169830
Cash conversion cycle189149172168139146138311
Working capital days59516268667891451

Sabar Flex India peers and competitors

Listed SME companies in the same industry

By sales, Sabar Flex India is number 79 of the 156 listed SME companies in industrial products.

Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.

CompanyMarket cap ₹ crP/ESales ₹ crProfit ₹ crOp. marginDebt/equity
SPP Polymer18-111-4.2-2.4%0.28
Srivasavi Adhesive Tapes12522.41105.68.4%0.41
Anubhav Plast547.7109713.0%-
Sabar Flex India1868.71040.31.8%0.29
G M Polyplast8310.4103812.0%0.04
Sealmatic India46846.81031015.0%0.08
Marco Cables & Conductors5212.51034.212.1%1.62
SKP Bearing Industries283322.91030.99.6%0.88
Jyoti Global Plast8211.7102711.8%0.39
B. D. Industries (Pune)16616.61011018.0%0.25
Neetu Yoshi93137.3982531.0%0.03
Median of the 10 others10416.6103712.1%0.28

Sabar Flex India shareholding pattern

Promoters, FIIs, DIIs, HNIs and small holders

The promoters own less than half the company, a little less than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders has grown a lot.

Promoters
15.96%
-22.91 pts since Mar 23
Foreign investors (FIIs)
0.00%
at Mar 25; not in the latest pattern
Indian institutions (DIIs)
0.00%
at Mar 25; not in the latest pattern
HNIs (over ₹2 lakh each)
58.44%
+14.16 pts since Mar 23
Small holders (up to ₹2 lakh)
18.65%
+7.97 pts since Mar 23
Companies and others
6.95%
+0.78 pts since Mar 23
Number of shareholders
607
184 in Mar 23

Sabar Flex India shareholding pattern

Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.

Mar 23Sep 23Dec 23Mar 24Sep 24Mar 25Sep 25Mar 26
Promoters38.87%38.87%30.64%38.87%25.03%17.68%17.68%15.96%
Foreign investors (FIIs)0.00%0.00%0.00%0.00%0.38%0.00%--
Indian institutions (DIIs)0.00%0.00%-0.00%0.00%0.00%--
HNIs (over ₹2 lakh each)44.28%50.98%62.22%47.86%46.94%52.09%52.70%58.44%
Small holders (up to ₹2 lakh)10.68%7.83%5.07%6.24%19.36%20.69%21.70%18.65%
Companies and others6.17%2.32%2.07%7.03%8.29%9.54%7.92%6.95%
Number of shareholders184139160147589634624607

The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.

Sabar Flex India study: the business from its own documents

Read from 3 of the company's own documents

Sabar Flex India so far

From the company's own record

  1. 21 Sept 2022Listed on NSE Emerge
  2. 31 March 2026Promoters at 15.96%
  3. 18 July 2024Highest close since listing, ₹23.37

Sabar Flex India key facts from the filings

Each figure with the document it comes from

Revenue
₹104.3 cr
FY26 revenue, down from ₹147.7 cr in FY25.Annual report FY26, p.28
Net profit
₹0.26 cr
FY26 profit after tax, down from ₹0.71 cr; other income of ₹0.31 cr was larger than the profit before tax.Annual report FY26, p.27 to 28
Bank cash credit
NPA
The auditor reports that the Axis Bank cash credit line, ₹14.4 cr at March 2026, has turned non-performing and loan dues were paid late.Annual report FY26, p.60 and p.75
Unpaid bills
₹43.9 cr
Trade receivables at March 2026, up from ₹37.4 cr, against a year's sales of ₹104.3 cr; the auditor says some are over six months old and disputed.Annual report FY26, p.60 and p.77
Finished goods held
₹15.6 cr
Finished goods in stock at March 2026, up from ₹8.0 cr; the auditor says goods have not been dispatched for eight to nine months over a print-quality dispute.Annual report FY26, p.60 and p.76
Show 5 more facts
Promoter holding
15.96%
Held by promoter Hikmatbahadur Krishabahadur Kunwar at March 2026, against 53.25% before the 2022 public issue.Annual report FY26, p.73; Offer document, p.27
New subsidiaries
2
Abode Foods and Beverages and Pionex Agricom became wholly owned subsidiaries on 26 March 2026, taking the company into food, beverages and agriculture.Exchange announcements, 26 March 2026, p.1; Annual report FY26, p.28
Plant capacity
5,400 tonnes
Yearly capacity at the Himmatnagar plant, of which 55.83% was used in FY22, the latest figure published.Offer document, p.104
Auditor change
July 2026
The statutory auditor appointed in 2024 for five years resigned from 7 July 2026, citing pre-occupation; a new firm was named for the vacancy.Annual report FY26, p.30; Exchange announcement, 8 July 2026, p.4
Officer departures
6 exits
Two independent directors, two company secretaries (one of them twice) and the chief financial officer left between April 2025 and May 2026.Annual report FY26, p.32; Exchange announcement, 12 May 2026, p.1

Is it a good business? Six questions

Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.

Sabar Flex India earns a thin margin converting plastic film it buys into printed packaging and banners for businesses that order as they need.

Its weak spots are a bank line that has turned non-performing, money and goods stuck in disputes with customers, a shrinking promoter stake and frequent changes among its officers.

WatchCan it set its own prices?No. Its raw materials follow global prices and the rupee, and rivals compete hard on price.
The evidence. The company names raw material volatility in PVC resins and polymer granules, and competition on pricing, as threats; the offer document says it may not pass on cost increases.Annual report FY26, p.48; Offer document, p.30
WatchHow strong is it against rivals?Weak. It is a small converter in a fragmented trade where larger players enjoy scale.
The evidence. The offer document names Uflex, Paper Products and Flexituff among competitors and claims an edge only in product range, marketing, relationships and backward integration.Offer document, p.103
WatchWho are its customers?Businesses buying on purchase orders with no long-term contracts, and some are now disputing print quality and not paying.
The evidence. The auditor reports finished goods undispatched for eight to nine months and some debtors over six months old because of print-quality disputes.Annual report FY26, p.60; Offer document, p.30
WatchDoes it need a lot of money?Yes. Credit to customers and unsold stock tie up far more money than the business earns, and the bank line is under stress.
The evidence. Receivables were ₹43.9 cr and inventory ₹19.6 cr at March 2026; the cash credit facility turned NPA and statutory dues were paid irregularly.Annual report FY26, p.60 and p.76 to 77
WatchCan it keep finding new work?Sales fell sharply in FY26, and the company's newest moves are into farming and food rather than packaging.
The evidence. Revenue fell to ₹104.3 cr from ₹147.7 cr; two agro and food companies were bought in March 2026; export plans have been stated since 2022 without a figure.Annual report FY26, p.28 and p.49; Offer document, p.104
WatchDo good and bad years swing a lot?Yes. Sales and profit have moved sharply from year to year and even between halves, with very little margin to absorb a bad patch.
The evidence. FY26 profit after tax was ₹0.26 cr on ₹104.3 cr of revenue, after ₹0.71 cr on ₹147.7 cr in FY25.Annual report FY26, p.28

Who runs Sabar Flex India?

Promoters, directors and officers; tap a name for the background

HKHikmatbahadur Krishabahadur KunwarPromoter, Chairman and Managing Director · holds 15.96%

With the company since it was formed and named as promoter in the offer document, which describes a degree in business administration from Gujarat University, a commerce degree, a computer diploma and a postgraduate diploma in international business from the University of Salford, and around thirteen years in flexible packaging at that time.

Offer document, p.96 and p.123; Annual report FY26, p.4, p.7 and p.73
BHBecharsinh Harisinh ChauhanExecutive Director

A graduate with twenty-five years in packaging, plastic printing and ink technology, earlier a manager handling flexible packaging products from raw material to finished goods. On the board since September 2024; holds no shares.

Annual report FY26, p.25 and p.32
MGManishbhai Govindbhai ChaudharyNon-Executive Director

An undergraduate with over ten years in quality checks on printing, lamination, extrusion coating, pouching and blown film, and knowledge of films, solvents and inks. On the board since September 2024; holds 1,00,000 shares.

Annual report FY26, p.25 to 26 and p.32
NJNidhi Jayantibhai ThakarIndependent Director

A company secretary with over ten years in corporate law, governance and compliance; appointed in December 2025 and chairs the audit committee.

Annual report FY26, p.5 and p.25
DCDeepika ChauhanIndependent Director

A company secretary and law graduate with over six years in banking, finance, NBFC and listing compliance; appointed in February 2026.

Annual report FY26, p.25

Sabar Flex India latest news and announcements

Announcements · Documents · Corporate actions

What changed recently

Each half-year is set against the same half a year earlier

  • H2 FY26: sales ₹82.4 cr (-5%), net profit ₹0.1 cr (-) on H2 FY25.
  • Shareholding, 31 March 2026: promoters 17.68% to 15.96%.

Sabar Flex India announcements

62 on record, latest first; each opens the filing on the exchange

Sabar Flex India annual reports, earnings calls and documents

Every document links to its source; “read” marks those this page is built from

Sabar Flex India share split, bonus and dividends

From the corporate actions the company announces on the exchange

No share split, bonus issue or dividend is on record since listing.

Checks we ran on Sabar Flex India's data · 9

Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.

  • ✓Balance sheet totals add up for FY25 and FY26.
  • ✓Market cap uses the share count in the latest shareholding pattern (1,92,19,364 shares).
  • ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
  • ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
  • ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
  • ✓The two half-years of FY26 add up to the full-year sales.
  • ✓Earnings per share moves in line with profit across the years shown.
  • ✓Revenue and profit are reported for every year shown, FY19 to FY26.
  • iPrices run to the close on 4 Sept 2026, from the exchange's daily figures.

Questions people ask about Sabar Flex India

What does Sabar Flex India do?

Sabar Flex India prints and converts plastic films into packaging such as pouches, laminated rolls and bags, and makes PVC flex banners, for businesses that need their goods packed and branded. Its factory is at Himmatnagar in Gujarat, and its shares trade on NSE Emerge.

What is the share price of Sabar Flex India?

₹9.3 at the close on 4 Nov 2026, from the exchange's daily figures.

What is the market cap of Sabar Flex India?

₹18 cr at the close on 4 Nov 2026, on 1,92,19,364 shares.

What is the P/E of Sabar Flex India?

68.7 times FY26 profit at the close on 4 Nov 2026 (our arithmetic).

What are Sabar Flex India's revenue and profit?

Revenue ₹104 cr and profit after tax ₹0 cr in FY26.

Who are the promoters of Sabar Flex India?

Hikmatbahadur Krishabahadur Kunwar; promoters held 15.96% at 31 March 2026.

What is Sabar Flex India's website?

www.sabarflex.com

More SME companies like Sabar Flex India

Other listed SME companies in industrial products, the closest in size first, each read from its own documents.

Every listed SME company in Industrial Products → · SME companies listed in 2022 →

Built from 2 annual reports, 1 offer document, 62 exchange announcements, 8 shareholding patterns and 8 years of reported results. Every figure carries its source; where the documents are silent, the page says so.