Special Feature On     

Published: April 30, 2026
Updated: April 30, 2026

Expanded Polymer Systems

Speciality polyols for A-Z of applications

Mumbai-based Expanded Polymer Systems Private Ltd – the first polyurethane systems house in India — is engaged in the business of manufacturing polyurethane chemicals and trading of chemicals. The company leverages its in-house polyol production facilities to ensure rigorous quality control and product performance. Says Mukesh Shantilal Bhuta, founder-director, with justifiable pride, “We excel in meticulously crafting products to meet our customers’ unique needs. Our mission is to offer comprehensive end-to-end solutions through customdesigned chemical systems, ensuring we meet and exceed client expectations.”

The company operates two integrated plants – one in Navi Mumbai and a larger facility in Dahej (Gujarat) with a total capacity of 70,000 mt for polyurethane chemicals. Prioritising close collaboration with customers, it follows a hands-on method for developing new polyurethane applications, guided by its ‘Discuss, Design, Develop’ philosophy.

The company has been steadily growing, though this year (fiscal 2025) dumping by China has adversely affected its profitability to some extent. One of three manufacturers of polyether and polyester — polyols serving rigid insulation, flexible moulded and slab foam, footwear systems, coatings and adhesives — the company has been able to generate around Rs 800 crore in annual revenue.

However, during fiscal 2025, it could gross operating income of Rs 719.67 crore as compared to Rs 668.96 crore in fiscal 2024, while EBITDA tended to decline modestly as compared the previous year. This is on account of the challenge faced by the company from the dumping of Chinese products in the domestic market. According to Mr Bhuta, Chairman and Managing Director, "Timely support from the government in the form of anti-dumping duty, etc., is required to help mitigate the risk of unfair competition for the industry in general and the company in particular."

CHINA DUMPING

Notwithstanding the headwinds of Chinese dumping, the company’s liquidity position is quite adequate as reflected by sufficient net cash accruals (NCA) of Rs 13.46 crore in fiscal year 2025, as compared to long-term debt repayment of Rs 5.6 crore during the same year. Further, the company is expected to generate sufficient NCA in the range of Rs 15-18 crore as against a debt repayment obligation of around Rs 8.48 crore over the next 2 years.

Acuite, a well-known rating agency, believes that going forward the company will maintain adequate liquidity, on account of steady accruals, against debt repayment. In another development, the company’s erstwhile Vice Chairman, Dr Mahesh Gopalasamudram, has been appointed as CEO and aims to take the company’s revenues to Rs 1,600 crore.