540693
Shish Industries financials
- Market cap
- ₹625 Cr
- Sector
- Capital Goods
What Shish Industries does
Shish Industries Limited, established in 2012 and headquartered in Surat, Gujarat, manufactures protective packaging and industrial products across Industrial Packaging, Thermal Insulation, PP/PE Woven Fabric and Consumer product lines from its manufacturing units in Mangrol, Surat. The company holds a patent for a 5-ply Polypropylene Corrugated Sheet and makes the Carmika™ reflective-insulation range and insulated water-tank covers. Through subsidiaries — Shish Polylam, Interstar Polyfab, Dunnage Bag and Shish Advanced Composites in India, plus GreenEnergy International Inc. in Texas, USA — the group extends into lamination products, FIBC/woven sacks, dunnage bags, insulation building materials and PVC/CPVC pipes and fittings. It also runs Shishcart, an e-commerce venture, and Inpackaging, a multi-material packaging solutions offering.
Segments
- Industrial Packaging
- Thermal Insulation
- PP/PE Woven Fabric
- Consumer products
- Manufacturing units
- 2 (Unit 1 & Unit 2, Techno Park, Mangrol, Surat, Gujarat)
- Group subsidiaries
- 6 — Shish Polylam, Shish Global Solutions, Dunnage Bag, Interstar Polyfab (76.67%), Shish Advanced Composites (65%, India) and GreenEnergy International Inc. (Texas, USA)
- Manufacturing/operating footprint
- Gujarat, India + Texas, USA (via subsidiary)
- Patented product
- 5-ply Polypropylene Corrugated Sheet — first company in India to develop & patent it
- Imported production machinery
- Second-hand Air Bubble Film Machinery & Cord Strap Die Hard Machine (imported FY2020-21, fully absorbed)
- Consumer-facing brands/initiatives
- Shishcart (e-commerce platform) and Inpackaging (multi-material packaging solutions)
Quarterly results
Q1 FY27: revenue up 7.2%, net profit down 184.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 23 | 35 | 36 | 33 | 30 +31% | 33 −5% | 38 +7% | 35 +7% |
| EBITDA | 1 | 5 | 1 | 3 | 5 +292% | 4 −15% | -0 −108% | -0 −104% |
| Net profit | 2 | 2 | -0 | 3 | 2 +17% | 1 −45% | 0 +133% | -2 −184% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +56.8% 1Y
1Y: ₹9.45 on 10 Sept 2025 → ₹14.82. High ₹18.77 (30 Dec 2025), low ₹8.4 (2 Dec 2025).
Financials, as filed
Revenue grew 25.2% a year over 3 years, FY23 to FY26. Operating margin narrowed to 9.2%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹69 Cr | ₹86 Cr | ₹116 Cr | ₹134 Cr |
| Operating profit | ₹9 Cr | ₹11 Cr | ₹11 Cr | ₹12 Cr |
| Operating margin | 13.1% | 12.7% | 9.8% | 9.2% |
| Interest | ₹1 Cr | ₹1 Cr | ₹3 Cr | ₹3 Cr |
| Depreciation | ₹1 Cr | ₹1 Cr | ₹5 Cr | ₹6 Cr |
| Net profit | ₹7 Cr | ₹8 Cr | ₹6 Cr | ₹6 Cr |
| Net margin | 9.9% | 9.3% | 5.1% | 4.4% |
| Cash from operations | ₹0 Cr | ₹-13 Cr | ₹-17 Cr | ₹-14 Cr |
| Free cash flow | ₹-2 Cr | ₹-24 Cr | ₹-51 Cr | ₹-61 Cr |
| ROCE | 28.0% | 21.0% | 10.0% | 7.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹10 Cr | ₹11 Cr | ₹11 Cr | ₹35 Cr | ₹38 Cr | ₹42 Cr |
| Reserves | ₹2 Cr | ₹7 Cr | ₹24 Cr | ₹25 Cr | ₹68 Cr | ₹143 Cr |
| Borrowings | ₹1 Cr | ₹6 Cr | ₹9 Cr | ₹13 Cr | ₹48 Cr | ₹49 Cr |
| Other liabilities | ₹4 Cr | ₹5 Cr | ₹10 Cr | ₹13 Cr | ₹16 Cr | ₹19 Cr |
| Total liabilities | ₹17 Cr | ₹28 Cr | ₹54 Cr | ₹86 Cr | ₹170 Cr | ₹253 Cr |
| Fixed assets | ₹6 Cr | ₹7 Cr | ₹7 Cr | ₹14 Cr | ₹53 Cr | ₹80 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹2 Cr | ₹4 Cr | ₹17 Cr | ₹23 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹19 Cr |
| Other assets | ₹11 Cr | ₹21 Cr | ₹45 Cr | ₹67 Cr | ₹100 Cr | ₹131 Cr |
| Total assets | ₹17 Cr | ₹28 Cr | ₹54 Cr | ₹86 Cr | ₹170 Cr | ₹253 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters trimmed −11.22 pp while the public added +11.09 pp. The shareholder count shrank 3% to 29,117.
- Promoters
- 54.8%
- DIIs
- 0.1%
- Public
- 45.1%
Since Jun 2025
- Promoters −11.22 pp
- Public +11.09 pp
- DIIs +0.13 pp
How it drifted, 12 quarters
Over this window promoters fell from 66.5% to 54.8% — −11.7 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 66.5%, Public 33.5%.Dec '23: Promoters 66.8%, Public 33.2%.Mar '24: Promoters 66.8%, Public 33.2%.Jun '24: Promoters 65.7%, Public 34.3%.Sep '24: Promoters 64.5%, Public 35.5%.Dec '24: Promoters 66.0%, Public 34.0%.Mar '25: Promoters 66.0%, Public 34.0%.Jun '25: Promoters 66.0%, Public 34.0%.Sep '25: Promoters 66.0%, DIIs 0.2%, Public 33.8%.Dec '25: Promoters 60.5%, DIIs 1.2%, Public 38.2%.Mar '26: Promoters 54.8%, DIIs 0.1%, Public 45.1%.Jun '26: Promoters 54.8%, DIIs 0.1%, Public 45.1%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Shish Industries above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Rameshbhai Virjibhai Kakadiya | 27.05% | unchanged |
| Satishkumar Dayabhai Maniya | 26.90% | unchanged |
| Sunilkumar Diplal Shah . | 2.24% | unchanged |
| Ravindra Bhatesing Rajput | 1.36% | unchanged |
| Yagnik Bharatkumar Tank | 1.35% | unchanged |
| Chhayaben Rohankumar Desai | 1.35% | unchanged |
| Kamya Abhishek Kamdar | 1.35% | unchanged |
| Piyush L Mavani | 1.35% | unchanged |
| Kanika Bishnoi | 1.35% | unchanged |
| Nihar Jigneshbhai Lakhani | 1.35% | unchanged |
| Jigneshbhai Dayabhai Maniya | 0.17% | unchanged |
| Virjibhai Bhimajibhai Kakadia | 0.16% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
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