Polysil Irrigation Systems Limited (POLYSIL)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Polysil Irrigation's revenue was ₹5.1 Cr, and net profit ₹0.2 Cr (against a loss a year earlier); the operating margin was 30.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹5.1 | — | -66.5% |
| Operating profit | ₹1.6 | from loss | -50.5% |
| Net profit | ₹0.2 | from loss | -93.2% |
| Operating margin | 30.6% | — | — |
POLYSIL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 65.31% of the POLYSIL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 83.33%. That is close to its usual level. Turnover was only ₹13 lakh, so a handful of trades can move this figure. Volume was 0.4 times its average, well below normal. It closed at its lower price band (circuit) on 16 Oct, one of 11 band closes in about the last 20 sessions.
Delivery in the last 5 sessions: 80.0% · 100.0% · 100.0% · 69.0% · 65.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Polysil Irrigation Systems Limited reported the voting results of its 41st Annual General Meeting held on September 30, 2026. Both resolutions, including the adoption of audited financial statements for the year ended March 31, 2026, and the reappointment of director Mr. Prafulbhai Damjibhai Radadia, were passed unanimously with 100% votes in favor. A total of 72,33,210 votes were polled across 32 members, representing 27.29% of the total 2,65,05,090 outstanding shares. Public non-institutional shareholder participation stood at 4.68% of their holdings, while institutional voters recorded zero participation.
- Both ordinary resolutions passed unanimously with 100% votes in favor (72,33,210 votes) and 0 votes against
- Total voter turnout represented 27.2899% of total 2,65,05,090 outstanding shares
- Promoter group polled 63,05,350 shares, accounting for 100% of their holding
- Only 20 shareholders attended the meeting via video conferencing (3 promoter group, 17 public)
Polysil Irrigation Systems Limited has issued the notice for its 41st Annual General Meeting (AGM) scheduled for September 30, 2026, via video conferencing. The cut-off date to determine voting eligibility for shareholders has been fixed as September 23, 2026. The remote e-voting window runs from September 27, 2026, to September 29, 2026. Ordinary business includes the adoption of FY26 audited financial statements and the reappointment of retiring Whole-Time Director Prafulbhai Radadia.
- 41st Annual General Meeting scheduled for September 30, 2026, at 3:00 PM IST via video conferencing
- Cut-off/Record date for voting eligibility set as September 23, 2026
- Remote e-voting window open from September 27, 2026 (9:00 AM IST) to September 29, 2026 (5:00 PM IST)
- Resolution to reappoint Whole-Time Director Prafulbhai Damjibhai Radadia, who holds 477,750 shares
Polysil Irrigation Systems Limited has issued notice for its 41st Annual General Meeting (AGM) scheduled for September 30, 2026, via Video Conferencing. The agenda is restricted to ordinary business, comprising the adoption of audited financial statements for FY ended March 31, 2026, and the reappointment of Whole-Time Director Prafulbhai Damjibhai Radadia upon retirement by rotation. Remote e-voting is scheduled from September 27 to September 29, 2026, with a cut-off date of September 23, 2026.
- 41st AGM scheduled for September 30, 2026, at 3:00 PM IST via Video Conferencing.
- Remote e-voting window active from September 27, 2026 (9:00 AM) to September 29, 2026 (5:00 PM).
- Cut-off date for e-voting eligibility set for September 23, 2026.
- Ordinary resolution proposed to reappoint Whole-Time Director Prafulbhai Radadia (holding 477,750 shares; ₹21.40 lakhs remuneration last drawn).
Polysil Irrigation Systems Limited held a board meeting on September 01, 2026, approving the Draft Directors' Report and Annual Report for FY 2025-26. The company scheduled its 41st Annual General Meeting (AGM) for Wednesday, September 30, 2026, via Video Conferencing. The cut-off date for eligibility for remote e-voting is set for September 23, 2026. NSDL was appointed as the e-voting agency, and CS Hardikkumar Jetani was appointed as the scrutinizer.
- 41st Annual General Meeting scheduled for September 30, 2026, at 03:00 PM IST via VC/OAVM
- Cut-off date for remote e-voting set as September 23, 2026
- Approved Draft Directors' Report and Annexures for the financial year 2025-26
- Appointed CS Hardikkumar Jetani as Scrutinizer for conducting the e-voting process
Polysil Irrigation Systems Limited disclosed the contact details of authorized Key Managerial Personnel (KMPs) pursuant to Regulation 30(5) of SEBI LODR Regulations, 2015. In a board meeting held on August 14, 2026, CEO and Managing Director Mr. Bharatkumar Patel was authorized to determine the materiality of events and information. Whole Time Director Mr. Prafulbhai Radadia was authorized to make disclosures to the stock exchange. This is a procedural compliance update with no financial or operational impact.
- Board meeting conducted on August 14, 2026, from 06:00 PM to 06:40 PM
- Mr. Bharatkumar Patel (CEO and MD) authorized to determine event materiality
- Mr. Prafulbhai Radadia (Whole Time Director) authorized to submit material disclosures to exchanges
Polysil Irrigation Systems reported standalone revenue from operations of ₹509.45 Lakhs (₹5.09 Cr) for the quarter ended June 30, 2026, marking a substantial increase from ₹26.19 Lakhs in Q1 FY26, though declining 66.5% sequentially from ₹1522.25 Lakhs in Q4 FY26. The company turned profitable with a net profit of ₹20.09 Lakhs compared to a net loss of ₹126.80 Lakhs in Q1 FY26. Basic EPS for the quarter was ₹0.08 versus ₹1.42 in Q4 FY26 and ₹(0.06) in Q1 FY26. Paid-up equity capital increased to ₹2650.51 Lakhs following warrant conversions, with ₹1465.68 Lakhs of warrant issue proceeds utilized to date.
- Revenue from operations reached ₹509.45 Lakhs, up significantly from ₹26.19 Lakhs in Q1 FY26 but down 66.5% QoQ from ₹1522.25 Lakhs.
- Net profit stood at ₹20.09 Lakhs, turning around from a net loss of ₹126.80 Lakhs in the year-ago period.
- Paid-up equity share capital rose to ₹2650.51 Lakhs from ₹2250.51 Lakhs due to warrant exercises.
- Out of ₹2125.02 Lakhs raised via preferential warrants, ₹1465.68 Lakhs was utilized, with ₹5.00 Cr placed in fixed deposits.
- Finance costs remained steady at ₹79.26 Lakhs compared to ₹85.70 Lakhs in the preceding quarter.
Financial Performance
Revenue Growth by Segment
The company operates in a single segment, Micro Irrigation Industry. Revenue from operations fell 68.77% YoY to INR 1388.84 Lakhs in FY 2024-25 from INR 4,446.42 Lakhs in FY 2023-24.
Geographic Revenue Split
Operations are spread across 9 Indian states: Gujarat, Tamil Nadu, Maharashtra, Andhra Pradesh, Karnataka, Madhya Pradesh, Uttar Pradesh, Rajasthan, and Haryana. Specific % contribution per region is not disclosed.
Profitability Margins
Net Profit Margin declined from 4.66% in FY 2023-24 to -13.33% in FY 2024-25. The company transitioned from a net profit of INR 207.17 Lakhs to a net loss of INR 185.19 Lakhs during this period.
EBITDA Margin
EBITDA margin stood at 8.7% in FY 2024-25 (INR 120.79 Lakhs), a significant decrease from 12.7% in FY 2023-24 (INR 566.56 Lakhs).
Capital Expenditure
The company raised INR 1959.28 Lakhs via a preferential equity issue and INR 1544.22 Lakhs via warrants in June 2025, primarily for installing new machinery and expanding existing capacity.
Credit Rating & Borrowing
Credit rating is not disclosed. Borrowing costs are reflected in finance costs of INR 183.86 Lakhs for FY 2024-25, which the company aims to reduce by using new capital for loan repayment.
Operational Drivers
Raw Materials
Cost of Material Consumed (INR 996.52 Lakhs) and Purchases of Stock in Trade (INR 1107.44 Lakhs) are the primary cost drivers, likely consisting of polymers and irrigation components.
Capacity Expansion
Current manufacturing unit is 100,000 sq. ft. located in Vadodara, Gujarat. Planned expansion includes the installation of new and latest machinery funded by the INR 3503.5 Lakhs raised in June 2025.
Raw Material Costs
Total raw material and stock-in-trade costs were INR 2103.96 Lakhs in FY 2024-25, representing 151% of revenue due to inventory stocking and a sharp decline in sales.
Manufacturing Efficiency
Capacity utilization was low in FY 2024-25, contributing to the 68.77% revenue drop; the board is actively revisiting policies to increase utilization.
Strategic Growth
Growth Strategy
Growth will be driven by a massive capital infusion of ~INR 35 Cr raised in June 2025 to: 1) Upgrade existing products, 2) Install latest machinery for capacity expansion, 3) Repay high-cost debt to improve net margins, and 4) Pursue strategic alliances and partnerships.
Products & Services
Drip irrigation systems, sprinkler systems, and related micro-irrigation components.
Brand Portfolio
Polysil.
New Products/Services
Upscaling and upgradation of existing products are planned using the June 2025 fund-raising proceeds; specific revenue contribution % is not disclosed.
Market Expansion
Targeting expansion of existing capacity and strategic alliances using INR 3503.5 Lakhs raised in June 2025; currently operates in 9 Indian states.
Strategic Alliances
Strategic partnerships or alliances are a stated objective for the INR 1544.22 Lakhs warrant issue; specific partner names are not disclosed.
External Factors
Industry Trends
The micro-irrigation industry is shifting toward institutional models in states like Andhra Pradesh and Gujarat. Polysil is positioning itself by upgrading technology and maintaining a 9-state reach despite recent revenue volatility.
Competitive Landscape
Operates in a competitive market across 9 Indian states, balancing government contracts and retail dealer networks.
Competitive Moat
Moat is based on an established 100,000 sq. ft. manufacturing base and a dual-channel sales model (Institutional/Open Market). Sustainability is currently challenged by a -13.33% net profit margin and slow receivables turnover.
Macro Economic Sensitivity
Highly sensitive to agricultural sector performance and government fiscal policy regarding irrigation subsidies.
Consumer Behavior
Demand is driven by farmer adoption of water-efficient irrigation, which is heavily contingent on the availability and disbursal of government subsidies.
Regulatory & Governance
Industry Regulations
Compliance with the Companies Act 2013 and SEBI (LODR) 2015; institutional sales are subject to state-level agricultural department standards.
Taxation Policy Impact
FY 2024-25 current tax was 0% due to losses; the company recorded a deferred tax liability of INR 6.19 Lakhs and prior period tax of INR 44.84 Lakhs.
Risk Analysis
Key Uncertainties
Primary risks include high revenue volatility (68.77% YoY decrease) and liquidity risks stemming from a low trade receivables turnover ratio of 0.31.
Geographic Concentration Risk
100% India-based; revenue is spread across 9 states, with significant institutional exposure in Gujarat and Andhra Pradesh.
Third Party Dependencies
High dependency on distributors and dealers for open market sales and the management of government subsidy disbursals.
Technology Obsolescence Risk
Mitigated by planned capital expenditure for new and latest machinery and product upscaling as part of the 2025 fund-raising objectives.
Credit & Counterparty Risk
Receivables turnover of 0.31 (down 73.68% YoY) indicates poor receivables quality and slow collection cycles from irrigation projects.
