The procurement lens — PET resin & chips (PTA/MEG, crude-linked), PP granules, aluminium foil, paperboard, power & fuel and freight; spend, terms and supply risk, with the cash and continuity move for each input — and 384 kTPA of own chips as the backward-integration hedge.
Stretching to terms frees ₹148 Cr of cash at no cost to profit — DPO sits at 64d vs the 70-day target. Capture it, secure the 5 at-risk inputs (crude-linked PET resin the key cost driver — COGS is 58.4% of income), and lean on backward integration: 384 kTPA of own chips (Panipat 168 + Egypt 216) already de-risks the core input.
4 of 4 headline metrics improving vs prior · still off target: DPO (Days Payable) 64d vs 70d, Contribution Margin 41.6% vs 44.0%, Revenue from Operations ₹15,401 Cr vs ₹16,500 Cr
Resins (primary input), Resins & polymers, Foil & coatings, Freight & logistics, Power & fuel carry medium+ supply risk — a single resin or freight shortfall can stall film lines or converting across 14 plants.
₹148 Cr of cash stays in the business by moving DPO from 64d to the 70-day target on ₹8,039 Cr of spend — no hit to margin. LC-backed resin imports cap how far it can stretch, so sequence by input.
Resins (primary input) (₹3,600 Cr) and Resins & polymers (₹1,500 Cr) are 63% of spend — concentrating volume earns rebates and priority allocation through the resin cycle.
₹8,039 Cr of resin, polymers, foil, paperboard, power and freight runs through 6 input lines — crude-linked PET resin the single biggest line and the key cost driver (COGS 58.4% of income), with backward integration (Panipat 168 + Egypt 216 kTPA own chips) as the structural hedge. This view turns that into two moves: a ₹148 Cr cash release from stretching to terms, and a secure-supply plan for the 5 inputs whose risk could stall film lines or converting.
Two inputs are 63% of spend — the negotiation priorities.
Each card: spend, reliability and the specific move.
Spend, score, delivery, terms and risk.
| Input line | Category | Spend | Score | OTIF | Reject % | DPO | Risk |
|---|---|---|---|---|---|---|---|
| PET resin & chips inputs — PTA / MEG (crude-linked) | Resins (primary input) | ₹3,600 Cr | 82 | 93% | 0.7% | 45d | High |
| PP granules & specialty polymers (BOPP / CPP / WPP) | Resins & polymers | ₹1,500 Cr | 84 | 94% | 0.6% | 50d | Medium |
| Aluminium foil, metallizing & coating inputs | Foil & coatings | ₹900 Cr | 85 | 92% | 1% | 55d | Medium |
| Ocean & inland freight / logistics | Freight & logistics | ₹850 Cr | 80 | 88% | 1.6% | 42d | High |
| Power & fuel (9-country plants) | Power & fuel | ₹739 Cr | 83 | 96% | 0.4% | 40d | Medium |
| Paperboard & aseptic laminate inputs | Paperboard (aseptic) | ₹450 Cr | 86 | 95% | 0.8% | 48d | Low |