1. At a Glance – “Alive on BSE, Dead in Real Life”
Deccan Polypacks Ltd is that rare BSE species which has not done business since July 2014, yet continues to publish quarterly results, rotate directors, incur expenses, earn ‘Other Income’, and trade at a ₹6.13 Cr market cap. Current price sits at ₹29, down 17% in 3 months, while 1-year return is +123% because… well, markets love haunted houses.
Key numbers scream confusion:
- Market Cap: ₹6.13 Cr
- Sales: ₹0.00 Cr (yes, zero)
- PAT (TTM): ₹0.59 Cr (entirely from Other Income)
- Debt: ₹13.64 Cr
- Net Worth: Negative (Reserves at –₹15.71 Cr)
- Promoter Holding: 12.94% (down from 51%)
- Auditor Remark: Going-concern uncertainty
So the company:
- Doesn’t manufacture
- Doesn’t sell
- Has negative equity
- Has debt larger than market cap
- Yet still has 8,100+ shareholders
Ladies and gentlemen, welcome to zombie capitalism.
Question for you already: Is this a stock, or a financial séance?
2. Introduction – The Company That Time Forgot
Incorporated in 1984, Deccan Polypacks was once a legit plastic packaging manufacturer making PP/HDPE woven sacks, tarpaulins, liners, sheets, the whole plastic buffet.
Then came 15 July 2014.
Operations were officially discontinued.
Factories went silent.
Revenue went to zero.
But the company… never shut down.
Instead of liquidation, revival, merger, or delisting, Deccan Polypacks chose the “existential middle path”:
- Remain listed
- File quarterly results
- Pay expenses
- Earn interest/other income occasionally
- Accumulate losses
- Shrink promoter stake
- Keep auditors nervous
From FY18 onwards, Sales = 0.
Yet from FY18 to FY25, PAT exists.
How? Other Income.
What income? The dump doesn’t specify, so we don’t speculate.
This is not a turnaround story.
This is a balance-sheet survival story.
Let’s dissect the corpse properly.
3. Business Model – WTF Do They Even Do?
Officially, the company manufactures
polypropylene woven bags and polyethylene sacks.
Reality check:
- No manufacturing
- No sales
- No customers
- No operating revenue since 2014
So what is the business model in FY26?
👉 Exist. File. Survive.
The company:
- Incurs administrative expenses
- Earns sporadic Other Income
- Pays no interest recently (despite debt)
- Has negligible assets
- Maintains listing status
Think of it as:
A shell company that forgot to either die or be reborn.
Lazy investor explanation:
“It’s a listed entity with no business but some accounting activity.”
Now ask yourself:
Why is it still listed after 11 years of zero operations?
4. Financials Overview – Zero Revenue Olympics
Result Type Lock
The latest announcement clearly states:
“Unaudited Financial Results for the Quarter ended 31-12-2025”
✅ This is QUARTERLY RESULTS
EPS will be treated as quarterly (no half-year confusion).
Quarterly Comparison Table (₹ Crores)
| Metric | Dec-25 | Dec-24 | Sep-25 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 0.00 | 0.00 | 0.00 | 0% | 0% |
| EBITDA | -0.02 | -0.01 | -0.03 | -100% | +33% |
| PAT | -0.02 | -0.01 | -0.03 | -100% | +33% |
| EPS (₹) | -0.09 | -0.05 | -0.14 | NA | NA |
Commentary:
- Revenue growth is perfectly flat. Because zero × anything = zero.
- Losses fluctuate based on how much coffee the admin staff drank that quarter.
- EPS volatility with no business is peak accounting theatre.
Annualised EPS rule technically exists, but annualising zero-revenue losses is pointless, so we
