Polysil Irrigation SystemsShare price, financial results, shareholding and management
- Market cap
- ₹106 cr
- Stock P/E
- 37.7peers 24.9
- Book value
- ₹21.8
- Price to book
- 1.83
- EV / operating profit
- 28.2
- Market cap to sales
- 2.33
- ROCE · FY26
- 8.6%
- ROE · FY26
- 7.0%
- ROE, 3-year average
- 3.2%
- Operating margin · FY26
- 10.9%peers 15.3%
- Sales growth, 3 years
- 1.3%
- Profit growth, 3 years
- 47.8%
- Debt to equity
- 0.61peers 0.65
- Borrowings
- ₹35.3 cr
- Interest cover
- 2.5×
- Cash from business / op. profit
- -955%
- Debtor days
- 419
- Pledged
- 0.00%
- Promoter holding
- 23.79%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 1,272
- 52-week high / low
- ₹357 / ₹38
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Polysil Irrigation Systems share price chart
Close on 6 Nov 2026 · 0.00% on the day · Vol 7,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -28.3%
- 3 months
- -46.7%
- 6 months
- -73.5%
- 1 year
- -84.7%
- Since IPO
- -25.9%
- Traded a day, 20 days
- ₹0.06 cr
- Taken for delivery
- 84%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +228% | - |
| 3 years, a year | +1% | +48% |
About Polysil Irrigation Systems: business, products and customers
Polysil Irrigation Systems makes and supplies drip and sprinkler irrigation systems and plastic pipes that help farmers water their crops with less water. Its shares trade on NSE Emerge.
Polysil Irrigation Systems, set up in 1985 and run from a plant at Raniya near Vadodara in Gujarat, makes HDPE and LLDPE pipes, drip lines and sprinkler systems under the Polysil brand. Filters, valves, fertiliser tanks and other parts are made for it by outside makers to its specification, and it also offers crop advice and after-sales service to farmers. Its products reach farmers through distributors and about 425 dealers in Maharashtra, Madhya Pradesh and Rajasthan, and through government agencies and tenders in Gujarat, Tamil Nadu, Andhra Pradesh, Haryana and Uttar Pradesh.
Government subsidy shapes the whole business. The farmer pays 30% to 50% of an approved system's cost, and the central or state government pays the rest, 50% to 70%, two to eight months after the system is installed and checked; in Gujarat the company is registered with Gujarat Green Revolution Company, which also keeps back a small retention for five years. So sales follow subsidy budgets and the farming season, and a large part of each year's sales sits as money owed until the subsidy arrives.
Read more about the business
The mix has also shifted towards traded goods: in FY26 more than half of sales came from pipes and systems the company bought in and passed on, against under a tenth in FY23, which leaves less of the margin from its own manufacturing. Its plant was running well below capacity at the time of the IPO.
The prospectus compares it with two listed irrigation companies, Jain Irrigation Systems and Captain Polyplast, which make the same kind of drip, sprinkler and pipe products on a larger scale. The FY26 annual report also names Mahindra EPC Irrigation and Kisan Irrigations and Infrastructure among the leading Indian makers of micro irrigation systems.
From the prospectus (February 2024), the annual reports for FY25 and FY26 and the company's NSE filings of December 2025 to August 2026.
Read the deeper study ↓In its favour
- Nothing stands out on these rules this year.
To watch
- Conversion of the remaining warrants issued at ₹17.55, which lapse if not taken up by 2 December 2026 (annual report FY26, p.7).
- Collection of the ₹52.3 cr owed by customers at March 2026 (annual report FY26, p.42).
- Use of the ₹19.6 cr raised from the 2025 share issue, held in a fixed deposit at June 2026 and meant for working capital, machinery and loan repayment (results for the quarter to June 2026, p.8 to 9).
- Appointment of a new company secretary after Kiran Tilwani left on 1 August 2026; NSE fined the company in FY25 for a gap in the post and for late results (NSE filing, 11 Jul 2026; annual report FY25, p.16).
- Customers take longer to pay than before: 419 days in FY26, against 114 in FY20.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Polysil Irrigation Systems revenue and profit growth
Half-yearly results · Profit and lossSales have grown slowly.
SME companies report every six months.
Polysil Irrigation Systems half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H1FY26 | |
|---|---|---|
| Sales | 5.15 | 15.37 |
| Expenses | 7.39 | 12.71 |
| Operating profit | -2.23 | 2.66 |
| OPM | -43.3% | 17.3% |
| Interest | 1.04 | 0.79 |
| Depreciation | 0.30 | 0.40 |
| Profit before tax | -3.35 | 2.01 |
| Net profit | -3.24 | 1.43 |
Polysil Irrigation Systems profit and loss
Full years to March, FY20 to FY26 · ₹ crore, consolidated where reported
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 39.39 | 54.19 | 37.61 | 43.88 | 44.42 | 13.89 | 45.58 |
| Expenses | 36.60 | 51.13 | 34.76 | 39.26 | 38.86 | 12.93 | 40.60 |
| Operating profit | 2.79 | 3.06 | 2.85 | 4.62 | 5.56 | 0.96 | 4.98 |
| OPM | 7.1% | 5.7% | 7.6% | 10.5% | 12.5% | 6.9% | 10.9% |
| Other income | 0.06 | 0.13 | 0.05 | -0.22 | 0.10 | 0.25 | 1.46 |
| Interest | 0.83 | 1.14 | 1.49 | 1.49 | 1.92 | 1.84 | 2.27 |
| Depreciation | 1.20 | 1.01 | 0.73 | 0.53 | 0.72 | 0.71 | 0.73 |
| Profit before tax | 0.82 | 1.04 | 0.68 | 2.38 | 3.02 | -1.34 | 3.44 |
| Tax rate | 39.0% | 37.5% | 50.0% | 63.4% | 31.5% | -38.0% | 18.3% |
| Net profit | 0.50 | 0.65 | 0.34 | 0.87 | 2.07 | -1.85 | 2.81 |
| EPS ₹ | 111.11 | 142.86 | 74.73 | 0.88 | 1.83 | -1.63 | 1.36 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
A tax rate above 60% or below zero (FY23, FY25) comes from tax charged on a small or negative profit, as reported.
Earnings per share before FY23 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Polysil Irrigation Systems profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a low return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 7.1% | 5.7% | 7.6% | 10.5% | 12.5% | 6.9% | 10.9% |
| Tax rate | 39.0% | 37.5% | 50.0% | 63.4% | 31.5% | -38.0% | 18.3% |
| ROCE | · | 8.8% | 8.2% | 13.0% | 13.6% | 1.2% | 8.6% |
| ROE | · | 5.0% | 2.5% | 6.0% | 10.3% | -7.8% | 7.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Polysil Irrigation Systems debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Polysil Irrigation Systems balance sheet
At each 31 March · ₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| 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 | 35.28 |
| Net worth | 12.68 | 13.39 | 13.73 | 15.36 | 24.97 | 22.71 | 57.78 |
| Borrowings | 12.36 | 11.05 | 14.95 | 15.47 | 16.70 | 16.51 | 35.29 |
| Other liabilities | 13.67 | 17.51 | 17.59 | 24.49 | 36.81 | 49.73 | 38.32 |
| Total liabilities | 38.71 | 41.95 | 46.27 | 55.32 | 78.48 | 88.95 | 131.39 |
| Fixed assets | 7.21 | 6.80 | 8.26 | 9.35 | 8.70 | 7.99 | 8.49 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 31.50 | 35.15 | 38.01 | 45.97 | 69.78 | 80.96 | 122.90 |
| Receivables | · | · | · | · | · | 42.23 | 52.31 |
| Inventory | · | · | · | · | · | 30.47 | 37.45 |
| Cash | · | · | · | · | · | 0.53 | 1 |
| Trade payables | · | · | · | · | · | 27.94 | 24.37 |
Polysil Irrigation Systems cash flow
₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | 0.99 | -0.42 | -0.41 | 2 | -6.25 | 3.38 | -47.58 |
| Cash from investing | -0.37 | -0.92 | -2.28 | -1.61 | -0.65 | -0.79 | 0.18 |
| Cash from financing | -0.47 | 1.49 | 2.41 | -0.47 | 6.85 | -2.43 | 48.20 |
| Net cash flow | 0.15 | 0.15 | -0.28 | -0.08 | -0.05 | 0.16 | 0.80 |
| Capital spending | · | · | · | · | · | 0 | 1.24 |
Working capital
Days
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Debtor days | 114 | 122 | 211 | 234 | 390 | 1,110 | 419 |
| Inventory days | 209 | 147 | 240 | 201 | 207 | 1,272 | 447 |
| Days payable | 154 | 111 | 180 | 194 | 292 | 1,168 | 291 |
| Cash conversion cycle | 169 | 158 | 271 | 241 | 306 | 1,199 | 575 |
| Working capital days | 46 | 57 | 90 | 83 | 157 | 368 | 181 |
Polysil Irrigation Systems peers and competitors
Listed SME companies in the same industryBy sales, Polysil Irrigation Systems is number 129 of the 156 listed SME companies in industrial products.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Pentagon Rubber | 66 | 35.9 | 50.9 | 1.8 | 9.5% | 0.92 |
| Advance Technoforge | 50 | 12.3 | 50 | 4.1 | 15.5% | 1.26 |
| Horizon Reclaim (India) | 290 | 29.0 | 49 | 10 | 32.0% | 1.44 |
| Solve Plastic Products | 8 | 18.1 | 45.6 | 0.4 | 4.5% | 1.09 |
| Polysil Irrigation Systems | 106 | 37.7 | 45.6 | 2.8 | 10.9% | 0.61 |
| Alphalogic Industries | 134 | 24.9 | 45.1 | 5.4 | 12.7% | 0.04 |
| Rajeshwari Cans | 17 | 7.4 | 42.6 | 2.2 | 12.8% | 0.53 |
| Holmarc Opto-Mechatronics | 132 | 32.2 | 42.2 | 4.1 | 15.0% | 0.02 |
| Gayatri Rubbers And Chemicals | 330 | 59.0 | 41.8 | 5.6 | 21.0% | 0.35 |
| Shayona Engineering | 54 | 13.5 | 40.3 | 4 | 18.7% | 0.76 |
| Ameya Precision Engineers | 139 | 24.8 | 40.1 | 5.6 | 19.0% | 0.01 |
| Median of the 10 others | 99 | 24.9 | 43.9 | 4.1 | 15.3% | 0.65 |
Polysil Irrigation Systems shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own less than half the company, a little less than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Polysil Irrigation Systems shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Mar 24 | Sep 24 | Mar 25 | Jun 25 | Sep 25 | Mar 26 | May 26 | Jun 26 | |
|---|---|---|---|---|---|---|---|---|
| Promoters | 31.17% | 31.17% | 31.17% | 28.02% | 28.02% | 28.02% | 23.79% | 23.79% |
| Foreign investors (FIIs) | - | 0.00% | 0.00% | - | - | - | - | - |
| Indian institutions (DIIs) | 0.00% | 0.00% | 0.00% | - | - | 1.99% | 1.69% | 1.69% |
| HNIs (over ₹2 lakh each) | - | 39.80% | 25.48% | 40.77% | 44.28% | 39.91% | 33.31% | 32.51% |
| Small holders (up to ₹2 lakh) | - | 25.38% | 25.66% | 11.51% | 12.80% | 12.24% | 10.91% | 11.00% |
| Companies and others | - | 3.65% | 17.69% | 19.70% | 14.90% | 17.84% | 30.30% | 31.01% |
| Number of shareholders | 1,267 | 1,103 | 1,059 | 946 | 962 | 1,217 | 1,257 | 1,272 |
The named holders are at 30 June 2026, beside 21 May 2026, each under the group the pattern files them in.
Polysil Irrigation Systems study: the business from its own documents
Read from 4 of the company's own documentsPolysil Irrigation Systems so far
From the company's own record
- 16 Feb 2024Listed on NSE Emerge at ₹54
- 30 June 2026Promoters at 23.79%
- 3 Dec 2025Highest close since listing, ₹266.39
Polysil Irrigation Systems key facts from the filings
Each figure with the document it comes from
- FY26 revenue
- ₹45.6 cr
- Up from ₹13.9 cr in FY25, when sales fell 68.8%; profit after tax was ₹2.8 cr against a loss of ₹1.9 cr.Annual report FY26, p.31; annual report FY25, p.5
- Traded goods in sales
- 58.0%
- Share of FY26 revenue from products bought in and passed on (₹26.5 cr); the rest came from its own plant.Annual report FY26, p.32; our arithmetic
- Subsidy share of a system
- 50% to 70%
- Paid by the government two to eight months after installation and checking; the farmer pays the rest.Prospectus, p.106
- Money owed by customers
- ₹52.3 cr
- Trade receivables at March 2026, more than the whole year's revenue, up from ₹41.6 cr a year earlier.Annual report FY26, p.42
- Cash from operations, FY26
- -₹47.6 cr
- Receivables, stock and other financial assets all rose; stock stood at ₹37.5 cr at March 2026.Annual report FY26, p.42 and p.44
Show 5 more facts
- Dealer network
- 8 distributors, about 425 dealers
- They supply farmers in the open market; government agencies and tenders cover the other states.Annual report FY26, p.5
- Plant use in FY23
- 11.97%
- Use of installed capacity for drip products; HDPE pipes and sprinklers ran at 5.80%.Prospectus, p.110
- Preferential issue, 2025
- ₹17.55 a share
- 1,11,64,000 shares and 3,50,96,000 warrants issued at this price; 40,00,000 warrants turned into shares in May 2026 and the rest lapse if not taken up by 2 December 2026.Annual report FY26, p.6 to 7; NSE filing, 21 May 2026
- Distribution order
- ₹16.0 cr
- Vaira Green agreed in January 2026 to place Polysil products worth this much in Madhya Pradesh from January to March 2026.NSE filing, 19 Jan 2026, p.1 to 2
- April to June 2026
- ₹5.1 cr
- Unaudited revenue for the quarter, with profit after tax of ₹0.20 cr; the same quarter a year earlier brought ₹0.26 cr of sales and a loss.Results for the quarter to June 2026, filed with NSE, p.2
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Polysil earns its money making and passing on drip and sprinkler systems that farmers pay for with government help, through dealers and state agencies.
Its weak spots are its dependence on subsidy schemes and slow government payments, very uneven sales from one year to the next, and frequent changes among its officers and directors.
WatchCan it set its own prices?Prices are bounded by the approved costs in subsidy schemes and by many rival makers, so the company has little room.
WatchHow strong is it against rivals?It is a small player in a crowded field that includes much larger makers and plain pipe makers.
WatchWho are its customers?Farmers are the end users, but the company is paid by a small number of dealers, distributors and government agencies.
WatchDoes it need a lot of money?Waiting for subsidy payments ties up a lot of cash in money owed and in stock.
AverageCan it keep finding new work?Its dealer network and state agency registrations bring repeat work, and it is adding traded products and new distributors, but orders depend on scheme budgets.
WatchDo good and bad years swing a lot?Sales can collapse or jump from one year to the next with subsidy releases and the season.
Who runs Polysil Irrigation Systems?
Promoters, directors and officers; tap a name for the background
BPBharatkumar PatelPromoter, Chairperson, CEO and Managing Director · holds 25.05% (Mar 2026)
Diploma in electronics and communication engineering from Gomatesh Polytechnic, Belgaum; with the company for over ten years and about ten years in micro irrigation at the time of the prospectus. Managing Director and CEO from 16 January 2023 and chairs the board. Held 56,36,500 shares at March 2026, 25.05% of the 2,25,05,090 shares then issued.
Prospectus, p.136 and p.149; annual report FY26, p.6 to 7; our arithmeticPRPrafulbhai RadadiaPromoter and Whole-Time Director · holds 2.12% (Mar 2026)
B.Tech in agricultural engineering from Gujarat Agricultural University; with the company for over ten years and about ten years in micro irrigation. Whole-Time Director from 16 January 2023. Held 4,77,750 shares at March 2026, 2.12% of the shares then issued.
Prospectus, p.136 and p.149; annual report FY26, p.6 to 7; our arithmeticPBPreet Bharatbhai SavaniChief Financial Officer
Appointed CFO on 9 June 2025 after Het Savani resigned. The company secretary, Kiran Tilwani, resigned from 1 August 2026 and the board said it was looking for a replacement.
Annual report FY26, p.9; NSE filing, 11 Jul 2026KKKavita KhatriIndependent Director
Joined the board on 6 January 2026, confirmed by shareholders on 13 March 2026; chairs the audit committee and holds four directorships.
Annual report FY26, p.4, p.7 and p.8PKPankaj KapadiyaIndependent Director
Joined the board on 26 March 2025 and confirmed on 22 April 2025; chairs the stakeholders' relationship committee.
Annual report FY26, p.4 and p.8Polysil Irrigation Systems latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 30 June 2026: promoters unchanged at 23.79%.
Polysil Irrigation Systems announcements
66 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 30, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 30, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Record Datethat Record date for the purpose of Meeting is 23-Sep-2026PDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 30, 2026PDF ↗
- Outcome of Board MeetingHeld on September 01, 2026PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Updates'Disclosure under Regulation 30(5) of the SEBI (LODR), 2015'PDF ↗
- Outcome of Board Meeting, the financial results for the period ended Jun 30, 2026PDF ↗
- Resignation of Director/KMP/SMPResignation of Director/KMP/SMPPDF ↗
Polysil Irrigation Systems annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Polysil Irrigation Systems share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Polysil Irrigation Systems' data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,65,05,090 shares).
- !The FY26 results imply 2,25,10,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY22 (₹74.73) and FY23 (₹0.88) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY20 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Polysil Irrigation Systems
What does Polysil Irrigation Systems do?
Polysil Irrigation Systems makes and supplies drip and sprinkler irrigation systems and plastic pipes that help farmers water their crops with less water. Its shares trade on NSE Emerge.
What is the share price of Polysil Irrigation Systems?
₹40 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Polysil Irrigation Systems?
₹106 cr at the close on 6 Nov 2026, on 2,65,05,090 shares.
What is the P/E of Polysil Irrigation Systems?
37.7 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Polysil Irrigation Systems' revenue and profit?
Revenue ₹46 cr and profit after tax ₹3 cr in FY26.
Who are the promoters of Polysil Irrigation Systems?
Bharatkumar Patel, Prafulbhai Radadia; promoters held 23.79% at 30 June 2026.
What was the IPO price of Polysil Irrigation Systems?
₹54 a share; it listed on 16 Feb 2024.
What is Polysil Irrigation Systems' website?
www.polysilirrigation.com
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Built from 2 annual reports, 1 offer document, 1 result filing, 66 exchange announcements, 8 shareholding patterns and 7 years of reported results. Every figure carries its source; where the documents are silent, the page says so.