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Polysil Irrigation Systems IPO
Price Band
₹
Issue Size
₹17.43 Cr
Lot Size
2,000 shares
Min Investment
₹108,000
GMP
—
Issue Price
₹54.0
Polysil Irrigation Systems IPO AI Summary
- Polysil Irrigation Systems IPO is listed on NSE SME in the Plastic Products - Industrial sector.
- Subscription window: 08 Feb–13 Feb 2024, listing on 16 Feb 2024.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Polysil Irrigation Systems IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 13 Feb 2024 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Polysil Irrigation Systems IPO Grey Market Premium (GMP) Today
GMP not available yet
Grey Market Premium is updated daily. Check back closer to the listing date.
About the Company
Polysil Irrigation Systems Limited was established in 1985 and manufactures and distributes HDPE pipes, fittings, and micro irrigation systems, such as drip irrigation systems and sprinkler irrigation systems as well as their components, accessories, and related products under the brand name Polysil. The company's product range includes HDPE pipes, pipe fittings, and irrigation equipment, including disc filters, screen filters, hydro cyclone filters, sand filters (gravel), compression fittings, valves (electrical and mechanical), fertilizer tanks, digital controllers, pressure gages, etc. Polysil Irrigation Systems operates in Gujarat, Tamil Nadu, Maharashtra, Andhra Pradesh, Karnataka, Madhya Pradesh, Uttar Pradesh, Rajasthan and Haryana. The company sells its products through institutional markets and the open market. As of August 15, 2023, the company sold its products through 9 distributors and around 425 dealers in India. The company's manufacturing unit is located in Vadodara, Gujarat, and covers an area of 100,000 sq.ft. As of March 31, 2023, the company had 52 people, including skilled and unskilled workers, administrative staff, and the management team.
Company Financials (₹ Cr)
As of 2023-08-31
| Period Ended | 31 Aug 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 56.71 | 55.31 | 46.17 | 41.78 |
| Total Income | 10.20 | 43.92 | 37.67 | 54.72 |
| Profit After Tax | 1.10 | 1.14 | 0.34 | 0.65 |
| NET Worth | 16.46 | 15.36 | 13.72 | 13.38 |
| Reserves and Surplus | 6.56 | 5.46 | 13.27 | 12.93 |
| Total Borrowing | 15.66 | 15.47 | 14.95 | 11.05 |
Key Ratios
EPS
₹1.15
NAV
₹15.53
ROE
7.39%
ROCE
12.81%
RoNW
7.39%
P/B Value
3.48
P/E Ratio
47.08
Market Cap
₹61.24 Cr
PAT Margin
2.59%
Debt/Equity
1.01
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Jain Irrigation Systems Ltd. | 87.43 | 18.39% | 4.91 | 13.33 | 13.08 |
| Texmo Pipes & Products Ltd. | 64.01 | 0.6% | 228.59 | 0.39 | 0.39 |
| R M Drip And Sprinklers Systems Limited | 19.04 | 0.23% | 2587.5 | 0.04 | 0.04 |
| Captain Polyplast Ltd | 14.36 | 7.79% | 43.93 | 1.18 | 1.18 |
| Polysil Irrigation Systems Limited This IPO | 15.53 | 7.39% | 47.08 | 1.15 | 1.15 |
Promoters
Bharatkumar Patel and Prafulbhai Radadia
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding the Working Capital Requirements 5.00 2 General corporate purposes 1.05
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹54.72 Cr for the period ending 31 Mar 2021, but it decreased to ₹37.67 Cr by 31 Mar 2022. The income then rose to ₹43.92 Cr by 31 Mar 2023, but fell to ₹10.20 Cr by 31 Aug 2023, though this is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit after tax was ₹0.65 Cr for the period ending 31 Mar 2021, increasing to ₹0.34 Cr by 31 Mar 2022. It then rose slightly to ₹1.14 Cr by 31 Mar 2023, and was ₹1.10 Cr by 31 Aug 2023, though this is a 9-month figure, not a full year, so isn't directly comparable.
Valuation
At the issue price of ₹54.0, Polysil Irrigation Systems has an implied P/E of 47.08, compared to peers trading at P/E ratios ranging from 4.91 to 2587.5.
Grey Market Premium, Explained
The grey market refers to the unofficial trading of shares before they are listed on the stock exchange. The Grey Market Premium (GMP) indicates the expected premium or discount at which the stock might list compared to its issue price. A positive GMP suggests strong demand, while a negative GMP indicates weak interest.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment goals and market conditions. It's important to consider the company's fundamentals and market position.
Who May Want to Wait
Investors who are risk-averse or looking for stable, predictable returns may want to avoid investing in IPOs, as they can be subject to high volatility and uncertainty.
Listing Gains — The Risk
Listing day gains can be unpredictable. While some investors may experience quick profits, others may face losses if the stock does not perform as expected. It's important to consider the overall market conditions and the company's fundamentals before making decisions based on listing day performance.
This evaluation is generated from Polysil Irrigation Systems's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
When does Polysil Irrigation Systems IPO open and close?
Polysil Irrigation Systems IPO opens on 08 February 2024 and closes on 13 February 2024.
When does Polysil Irrigation Systems IPO list on the stock exchange?
Polysil Irrigation Systems IPO listed on 16 February 2024 at ₹54.0.
What is the lot size for Polysil Irrigation Systems IPO?
The lot size for Polysil Irrigation Systems IPO is 2000 shares, requiring a minimum investment of ₹108,000.
What is the lot size for this IPO?
The lot size for Polysil Irrigation Systems IPO is 2000 shares.
What is the minimum investment required?
The minimum investment required is ₹108,000.
What is the issue price of the IPO?
The issue price of the Polysil Irrigation Systems IPO is ₹54.0.
When does the IPO open and close?
The IPO opens on February 8, 2024, and closes on February 13, 2024.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected premium or discount at which the stock might list compared to its issue price.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
08 Feb 2024
Close
13 Feb 2024
Allotment
14 Feb 2024
Listing
16 Feb 2024
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