Shish Industries share price & results
- Jun 2026
- Sept 2026
Surat (Gujarat)-based manufacturer of protective packaging, thermal-insulation and PP/PE woven-fabric products, with group units in lamination, FIBC bags/dunnage bags and a US insulation-materials subsidiary.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 33.9 | +4.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | -2.8 | −9.7 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | -0.81 | −127.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 2.87 | −5.1 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | -45.78 | −15.1 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 8.28 | −19.4 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Price
Performance +25.3% 1Y
1Y: ₹8.73 on 24 Oct 2025 → ₹10.94. High ₹18.77 (30 Dec 2025), low ₹8.4 (2 Dec 2025).
- Previous close
- ₹10.33
- Market cap
- ₹509 Cr
- 52-week range
- ₹8.4 – ₹18.77
- One year
- +26.47%
- Price to earnings (TTM to Jun 2026)
- 121.77×
- Return on equity (TTM to Jun 2026)
- 2.87%
Overview
- Symbol
- NSE:SHISHIND
- Sector
- Capital Goods
- Industry
- Industrials
- Exchange
- NSE
- Currency
- INR
What Shish Industries Limited does
Based on the company's own presentations, annual report and earnings calls.
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)
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: −128% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 31 | 28 | 33 | 32 | 26 | 31 | 34 | 34 |
| Expenses | 30 | 26 | 32 | 30 | 22 | 27 | 34 | 35 |
| Operating profit | 1 | 2 | 1 | 2 | 3 | 4 | 0 | -1 |
| Operating margin | 4.7% | 8.2% | 3.3% | 6.9% | 12.9% | 14.4% | 1.0% | −2.8% |
| Other income | 2 | 1 | 6 | 3 | 1 | 1 | 2 | 2 |
| Interest | 0 | 0 | 1 | 0 | 1 | 1 | 1 | 0 |
| Depreciation | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before tax | 3 | 2 | 6 | 4 | 3 | 5 | 1 | -1 |
| Tax rate | 24.6% | 24.4% | 26.9% | 23.8% | 21.0% | 30.9% | 58.8% | −2.4% |
| Net profit | 2 | 2 | 4 | 3 | 2 | 3 | 0 | -1 |
| EPS (₹ per share) | 0.06 | 0.05 | 0.11 | 0.08 | 0.06 | 0.09 | 0.01 | -0.02 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 69 | 85 | 118 | 123 |
| Expenses | 60 | 75 | 110 | 113 |
| Operating profit | 9 | 11 | 8 | 10 |
| Other income | 2 | 3 | 10 | 7 |
| Interest | 1 | 1 | 2 | 2 |
| Depreciation | 1 | 1 | 2 | 3 |
| Profit before tax | 9 | 11 | 15 | 12 |
| Net profit | 7 | 8 | 11 | 9 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 11 | 11 | 35 | 38 | 38 | 42 |
| Reserves | 7 | 23 | 24 | 70 | 68 | 149 |
| Borrowings | 5 | 7 | 13 | 26 | 48 | 24 |
| Other liabilities | 5 | 11 | 12 | 18 | 16 | 18 |
| Total liabilities | 27 | 52 | 84 | 152 | 170 | 234 |
| Fixed assets | 6 | 5 | 11 | 19 | 53 | 45 |
| Capital work in progress | 0 | 1 | 4 | 7 | 17 | 0 |
| Investments | 0 | 1 | 1 | 16 | 0 | 34 |
| Other assets | 21 | 45 | 67 | 110 | 100 | 155 |
| Total assets | 27 | 52 | 84 | 152 | 170 | 234 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 2 | -5 | -1 | -16 | -13 | 10 |
| Cash from investing | -2 | -1 | -1 | -17 | -37 | -76 |
| Cash from financing | 0 | 7 | 13 | 22 | 49 | 71 |
| Net cash flow | 0 | 0 | 11 | -11 | 0 | 5 |
| Free cash flow | 0 | -7 | -2 | -27 | -25 | -12 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 26 | 65 | 111 | 80 | 72 | 100 |
| Inventory days | 96 | 78 | 64 | 75 | 109 | 114 |
| Days payable | 61 | 39 | 61 | 44 | 57 | 56 |
| Cash conversion cycle | 61 | 104 | 113 | 111 | 124 | 158 |
| Working capital days | 75 | 80 | 85 | 118 | 110 | 118 |
| Return on capital employed | 18.0% | 21.0% | 26.0% | 21.0% | 16.0% | 8.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
What the price assumes
Growth trapTo justify its price of ₹11, this stock must grow earnings at 65% every year for 7 years. Our analysis caps realistic growth at ~9%. At that growth it is worth ₹1 — downside of 93%.
- Growth the price implies
- 64.9% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 8.9% a year
- net profit, FY23–FY26
- The gap
- 0.6 pp
- -93% downside if it only repeats history
Ownership
Who owns it
Promoters hold 54.81% as of Sept 2026; institutions added 0.67 pts since Jun 2026.
- Promoters 54.81%
- Domestic institutions 0.80%
- Public 44.40%
Who is on the register
Named in the Sep 2026 filing
Every holder of Shish Industries Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 27.05% | unchanged | |
| 26.90% | unchanged | |
| 2.24% | unchanged | |
| 1.36% | unchanged | |
| 1.35% | unchanged | |
| 1.35% | unchanged | |
| 1.35% | unchanged | |
| 1.35% | unchanged | |
| 1.35% | unchanged | |
| 1.35% | unchanged | |
| 0.17% | unchanged | |
| 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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