MarketFriction

Polysil Irrigation Systems Ltd

NSE POLYSIL · Plastic Products - Industrial
₹58.60 -3.38%
NSE close2026-10-01
52 week range47.25 - 356.75
Market cap₹155 Cr.
P/E36.3
IPO 2024 · +9% since ASM long-term Price band 5% Delivery 100.0%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Mar 2025Jun 2025Dec 2025Mar 2026Jun 2026
Sales25.400.2614.9915.225.09
Expenses17.631.0115.8212.073.54
Operating Profit7.77-0.75-0.833.151.55
OPM %30.59%-288.46%-5.54%20.70%30.45%
Other Income0.250.000.000.920.02
Interest0.210.290.620.860.79
Depreciation0.180.200.160.180.18
Profit before tax7.63-1.24-1.613.030.60
Tax %0.00%2.42%-2.48%2.97%66.67%
Net Profit7.63-1.27-1.562.940.20
EPS in Rs6.73-0.56-0.691.310.08
Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales39.3954.1937.6143.8844.4213.8645.56
Expenses36.6051.1334.7639.2638.8612.8140.45
Operating Profit2.793.062.854.625.561.055.11
OPM %7.08%5.65%7.58%10.53%12.52%7.58%11.22%
Other Income0.060.130.05-0.220.100.251.46
Interest0.831.141.491.491.921.932.40
Depreciation1.201.010.730.530.720.710.73
Profit before tax0.821.040.682.383.02-1.343.44
Tax %39.02%37.50%50.00%63.87%31.46%38.06%18.31%
Net Profit0.500.650.340.872.07-1.852.81
EPS in Rs111.11142.8674.730.881.83-1.631.25
Dividend Payout %0.00%0.00%0.00%0.00%0.00%0.00%0.00%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth%-3%1%229%
Compounded Profit Growth%34%43%252%
Stock Price CAGR%%%-77%
Return on Equity%4%4%7%
Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital0.450.460.469.9011.3411.3422.51
Reserves12.2312.9313.275.4613.6311.9535.27
Borrowings12.3611.0514.9515.4716.7016.5135.29
Other Liabilities13.6717.5117.5924.4936.8148.3038.31
Total Liabilities38.7141.9546.2755.3278.4888.10131.38
Fixed Assets7.216.808.269.358.707.998.49
CWIP0.000.000.000.000.000.000.00
Investments0.000.000.000.000.000.000.00
Other Assets31.5035.1538.0145.9769.7880.11122.89
Total Assets38.7141.9546.2755.3278.4888.10131.38
Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity0.99-0.42-0.412.00-6.252.68-47.58
Cash from Investing Activity-0.37-0.92-2.28-1.61-0.650.030.22
Cash from Financing Activity-0.471.492.41-0.476.85-2.5548.20
Net Cash Flow0.150.15-0.28-0.08-0.060.160.83
Free Cash Flow0.12-0.98-2.590.38-6.322.67-48.82
CFO/OP52%-5%-8%57%-97%352%-928%
Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days114.16122.12210.60233.82390.391,094.47419.08
Inventory Days208.57146.65239.83200.71207.491,272.49446.85
Days Payable154.19110.55179.63193.66292.361,167.67290.78
Cash Conversion Cycle168.54158.21270.80240.88305.521,199.30575.15
Working Capital Days46.0556.7890.3583.43156.78368.16180.90
ROCE %8.81%8.17%13.91%13.63%1.45%8.79%
Mar 2024Sep 2024Mar 2025Jun 2025Sep 2025Mar 2026Jun 2026
Promoters31.17%31.17%31.17%28.02%28.00%28.02%23.79%
DIIs0.00%0.00%0.00%0.00%0.00%1.99%1.69%
Public68.83%68.83%68.83%71.98%72.00%69.99%74.52%
No. of Shareholders1,2671,1031,0591,1289621,2171,272

Fundamentals

Market Cap₹ 155 Cr.
Current Price₹ 58.6
Stock P/E36.3
Book Value₹ 25.7
ROCE8.79 %
ROE6.93 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)229%
Compounded Profit Growth (TTM)252%
Standalone figures.
Valuation
Market capRs 155 Cr
Enterprise valueRs 170 Cr
P/E (TTM)178.53x
Price to book10.11x
Price to sales3.54x
EV / EBITDA38.61x
EV / EBIT43.90x
EV / sales3.87x
Price to cash flow77.66x
Earnings yield0.56%
Profitability
Operating margin (excl. other income)10.53%
Operating margin (incl. other income)10.03%
EBITDA margin10.03%
Pre-tax margin5.42%
Net profit margin1.98%
ROE5.98%
ROCE13.01%
ROA1.71%
ROE, 3-year average4.49%
ROCE, 3-year average10.00%
ROA, 3-year average1.37%
ROIC (approx.)4.67%
Tax rate63.87%
Other income / net worth-1.43%
Growth
Sales growth (latest year)16.67%
Profit growth (latest year)155.88%
Sales CAGR, 3 years3.66%
Profit CAGR, 3 years20.28%
Per share
EPS (TTM)Rs 0.33
EPS (latest year)Rs 0.88
EPS, 3-year averageRs 72.82
Book value per shareRs 5.80
Sales per shareRs 16.56
Cash flow per shareRs 0.75
Free cash flow per shareRs -18.42
Efficiency
Asset turnover0.79x
Fixed asset turnover4.69x
Inventory turnover2.00x
Inventory days182 days
Debtor days234 days
Debtors turnover1.56x
Creditor days291 days
Cash conversion cycle575 days
Working capital days181 days
Leverage
Total debtRs 15 Cr
Cash and bankRs 1 Cr
Net debtRs 15 Cr
Debt to equity1.01x
Net debt / EBITDA3.31x
Interest coverage2.60x
Owners' fund to total sources27.77%
Debt to assets27.96%
Cash flow
Cash from Operating Activity (latest year)Rs 2 Cr
Cash from Investing Activity (latest year)Rs -2 Cr
Cash from Financing Activity (latest year)Rs -0 Cr
Net Cash Flow (latest year)Rs -0 Cr
Free cash flow (latest year)Rs -49 Cr
FCFE (approx.: FCF + change in debt)Rs -48 Cr
Cash from ops / profit, 5 years-11.69x
Sales to cash flow21.94x
Statement figures
Net sales (TTM)Rs 44 Cr
Net sales (latest year)Rs 44 Cr
Operating profit excl. other income (latest year)Rs 5 Cr
Other income (TTM)Rs -0 Cr
EBITDA (TTM)Rs 4 Cr
PBDT (TTM)Rs 3 Cr
Profit before tax (TTM)Rs 2 Cr
Tax (latest year)Rs 2 Cr
Net profit (TTM)Rs 1 Cr
Net profit (latest year)Rs 1 Cr
Depreciation (TTM)Rs 1 Cr
Interest (TTM)Rs 1 Cr
Cost of goods sold (latest year)Rs 28 Cr
Total expenditure (latest year)Rs 39 Cr
Total income (latest year)Rs 44 Cr
Share capitalRs 10 Cr
ReservesRs 5 Cr
Shareholders' fundsRs 15 Cr
Total assetsRs 55 Cr
Net blockRs 9 Cr
ReceivablesRs 28 Cr
InventoryRs 14 Cr
Other liabilitiesRs 24 Cr
Shares outstanding (crore)2.65
Ownership
Promoter holding23.79% (-7.38 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/B 10.11 is at the 52th percentile (median 10.01).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodPOLYSILNifty 50Difference
1 week-1.7%-2.8% +1.1 pts
1 month-3.8%-6.8% +3.0 pts
3 months-55.1%-7.6% -47.5 pts
6 months-61.7%+0.4% -62.1 pts
1 year-73.2%-9.9% -63.2 pts
2 years+81.7%-13.6% +95.3 pts

Red flags

F-score 7 of 8
lookOn NSE surveillance On NSE surveillance: ASM long-term
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹5 Cr -80.0% vs Mar 2025. Net profit ₹0 Cr -97.4%.

Activity

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No bulk or block deals on record.
No corporate actions on record.
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Less than 100 unique PAN traded in previous 30 daysLong Term Additional Surveillance Measure (Long Term ASM): stage 2SME scrip is not regularly tradedScrip PE is greater than 50 (4 trailing quarters)
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03