Shaya Polymers Limited

The business Shaya Polymers turns petrochemicals into polyurethane (PU) foam and the products built around it. It sells to carmakers, furniture and mattress makers, and cold-storage builders. Its revenue grew 3.6x in FY25 (Apr 2024–Mar 2025), from ₹25 cr to ₹91 cr, much of it through acquisitions. What it makes. The company reports four segments: Foams, Adhesives, Panel sheets and Chemicals. Moulded foam for automotive. Seat cushions, headrests and noise-dampening parts, made to each customer's specification for a specific vehicle model. Slab foam for comfort products. Large foam blocks cut into sheets for sofas and mattresses. This part of the market is more commoditised. Adhesives. Used to bond foam in furniture and auto parts. Made by the subsidiary Shaya Adhesives. Insulated panels and profile sheets. PU-insulated panels for cold storage and cladding. Made by Pioneer Coldstore & Cladding, acquired in FY25. Chemicals. Made by ICOL Chemicals, also acquired in FY25, which gives Shaya some control over its own raw materials. How it makes money. PU foam is mostly two chemicals, polyols and isocyanates (TDI/MDI), and both track crude oil prices. Shaya earns the spread between what it pays for these chemicals and what it charges for finished products. Automotive work is stickier: once a part is approved for a car model, the supplier usually keeps it for the model's life, often 5–7 years. Comfort foam has many regional competitors, so pricing power there is weaker. Where it operates. Its plant is in SIPCOT Irungattukottai, Sriperumbudur, in the middle of Chennai's auto cluster. Foam is bulky and costly to ship, so being close to customers matters. A new plant is being built on 99-year leased SIPCOT land, with imported foaming machinery. Growth came partly from buying companies. In FY25 Shaya acquired ICOL Chemicals and Pioneer Coldstore & Cladding, creating ₹25 cr of goodwill on the balance sheet. So the jump from ₹25 cr to ₹91 cr is not a like-for-like comparison of the same business. The accounts do not split organic from acquired revenue. Recent Strategic Moves (2025–2026) UK entity incorporation (Nov 2025) for international expansion. IISER Thiruvananthapuram MoUs (Jan 2026) for sustainable materials research. $20 Mn strategic tie-up with Pioneer Coldstore for insulated panels (Mar 2025). Laader Berg foam machinery investment for a new Chennai foaming line (Apr 2025)