Polysil Irrigation Systems Ltd
Incorporation in 1985, Polysil Irrigation Systems Ltd manufactures and sells HDPE/LLDPE/LD Pipes and Micro Irrigation Systems[1]
- Market Cap ₹ 519 Cr.
- Current Price ₹ 231
- High / Low ₹ 357 / 14.2
- Stock P/E
- Book Value ₹ 24.8
- Dividend Yield 0.00 %
- ROCE 1.24 %
- ROE -7.76 %
- Face Value ₹ 10.0
Pros
Cons
- Stock is trading at 9.30 times its book value
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -18.8% over past five years.
- Promoter holding is low: 28.0%
- Company has a low return on equity of 2.03% over last 3 years.
- Earnings include an other income of Rs.0.77 Cr.
- Company has high debtors of 1,112 days.
- Working capital days have increased from 219 days to 417 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Industrial Products Plastic Products - Industrial
Half Yearly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 39.39 | 54.19 | 37.61 | 43.88 | 44.42 | 13.86 | 20.52 | |
| 36.60 | 51.13 | 34.76 | 39.26 | 38.86 | 12.90 | 20.11 | |
| Operating Profit | 2.79 | 3.06 | 2.85 | 4.62 | 5.56 | 0.96 | 0.41 |
| OPM % | 7.08% | 5.65% | 7.58% | 10.53% | 12.52% | 6.93% | 2.00% |
| 0.06 | 0.13 | 0.05 | -0.22 | 0.10 | 0.25 | 0.77 | |
| Interest | 0.83 | 1.14 | 1.49 | 1.49 | 1.92 | 1.84 | 1.83 |
| Depreciation | 1.20 | 1.01 | 0.73 | 0.53 | 0.72 | 0.71 | 0.70 |
| Profit before tax | 0.82 | 1.04 | 0.68 | 2.38 | 3.02 | -1.34 | -1.35 |
| Tax % | 39.02% | 37.50% | 50.00% | 63.87% | 31.46% | 38.06% | |
| 0.50 | 0.65 | 0.34 | 0.87 | 2.07 | -1.85 | -1.81 | |
| EPS in Rs | 111.11 | 142.86 | 74.73 | 0.88 | 1.83 | -1.63 | -2.22 |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | -19% |
| 3 Years: | -28% |
| TTM: | -52% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | -180% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 803% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 3% |
| 3 Years: | 2% |
| Last Year: | -8% |
Balance Sheet
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 0.45 | 0.46 | 0.46 | 9.90 | 11.34 | 11.34 | 22.51 |
| Reserves | 12.23 | 12.93 | 13.27 | 5.46 | 13.63 | 11.37 | 33.32 |
| 12.36 | 11.05 | 14.95 | 15.47 | 16.70 | 16.51 | 25.59 | |
| 13.67 | 17.51 | 17.59 | 24.49 | 36.81 | 49.73 | 23.66 | |
| Total Liabilities | 38.71 | 41.95 | 46.27 | 55.32 | 78.48 | 88.95 | 105.08 |
| 7.21 | 6.80 | 8.26 | 9.35 | 8.70 | 7.99 | 8.06 | |
| CWIP | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 31.50 | 35.15 | 38.01 | 45.97 | 69.78 | 80.96 | 97.02 | |
| Total Assets | 38.71 | 41.95 | 46.27 | 55.32 | 78.48 | 88.95 | 105.08 |
Cash Flows
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 0.99 | -0.42 | -0.41 | 2.00 | -6.25 | 1.51 | |
| -0.37 | -0.92 | -2.28 | -1.61 | -0.65 | 1.08 | |
| -0.47 | 1.49 | 2.41 | -0.47 | 6.85 | -2.43 | |
| Net Cash Flow | 0.15 | 0.15 | -0.28 | -0.08 | -0.06 | 0.16 |
Ratios
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 114.16 | 122.12 | 210.60 | 233.82 | 390.39 | 1,112.12 |
| Inventory Days | 208.57 | 146.65 | 239.83 | 200.71 | 207.49 | 1,251.02 |
| Days Payable | 154.19 | 110.55 | 179.63 | 193.66 | 292.36 | 1,147.14 |
| Cash Conversion Cycle | 168.54 | 158.21 | 270.80 | 240.88 | 305.52 | 1,215.99 |
| Working Capital Days | 46.05 | 56.78 | 90.35 | 83.43 | 156.78 | 417.41 |
| ROCE % | 8.81% | 8.17% | 13.91% | 13.63% | 1.24% |
Documents
Announcements
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Certificate under SEBI (Depositories and Participants) Regulations, 2018
12 January 2026 - RTA confirms Regulation 74(5) not applicable for quarter ended Dec 31, 2025; all shares dematerialised.
-
Updates
6 January 2026 - Mitulkumar Kiritbhai Suthar appointed Additional Independent Director effective Jan 06, 2026; DIN 11469352; five-year term.
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Outcome of Board Meeting
6 January 2026 - Board appointed two Independent Directors (Kavita Khatri, Mitulkumar Suthar) effective Jan 06, 2026; committees reconstituted.
-
Appointment
6 January 2026 - Appointed Kavita Khatri and Mitulkumar Suthar as independent directors effective Jan 06, 2026; committees reconstituted.
-
Resignation
16 December 2025 - Mrs Mona Yatinkumar Patel resigned as independent director effective 16-Dec-2025; ceased committee memberships; cites personal reasons.
Business Overview:[1]
PISL is in the business of manufacturing and trading in micro irrigation products and providing agriculture related services