💰 Financial Performance

Revenue Growth by Segment

The company operates in a single reportable segment: Corrugated Plastic Sheets. Standalone revenue from operations grew 37.80% YoY to INR 11,778.82 Lakh from INR 8,547.88 Lakh. Consolidated revenue grew 35.58% YoY to INR 11,625.12 Lakh.

Geographic Revenue Split

Not disclosed in available documents; however, the company notes currency risk associated with imports, indicating international supply chain exposure.

Profitability Margins

Standalone Net Profit Margin was 9.30%, a slight decrease from 9.86% in the previous year. Consolidated Net Profit Margin fell significantly from 9.34% to 5.14% due to a decrease in consolidated net profit alongside increased revenue.

EBITDA Margin

Standalone Operating Profit Margin was 13.74%, down 2.42% from 14.09% YoY. Consolidated Operating Profit Margin was 8.85%, down 37.02% from 14.04% YoY, primarily due to higher operating expenses and revenue growth dynamics.

Capital Expenditure

Standalone purchase of fixed assets amounted to INR 12.65 Cr, with an additional INR 7.07 Cr in Capital Work-in-Progress (CWIP), totaling approximately INR 19.72 Cr in historical and ongoing investment for FY 2024-25.

Credit Rating & Borrowing

Not disclosed in available documents. However, Standalone finance costs increased 111.08% YoY to INR 162.84 Lakh, and the Standalone Interest Coverage Ratio decreased 34.84% to 10.71 times.

⚙️ Operational Drivers

Raw Materials

Plastic resins (Polypropylene and Polyethylene) are the primary raw materials for corrugated plastic sheets, representing a significant portion of the cost of goods sold.

Import Sources

Not specifically disclosed, but the company identifies currency risk associated with imports as a major concern, suggesting sourcing from international markets.

Capacity Expansion

Current installed capacity is not specified, but the company has INR 7.07 Cr in Capital Work-in-Progress as of March 31, 2025, indicating ongoing expansion of manufacturing facilities.

Raw Material Costs

The company achieved an increase in profit after tax through an 'effective purchase policy' that reduced the cost of raw materials, though specific cost percentages were not provided.

📈 Strategic Growth

Expected Growth Rate

37.8%

Growth Strategy

Growth is driven by capacity expansion (evidenced by INR 7.07 Cr CWIP), cost optimization through effective raw material procurement, and leveraging its three subsidiaries: Shish Global Solutions, Dunnage Bag Pvt Ltd, and Interstar Polyfab.

Products & Services

Corrugated Plastic Sheets, used primarily in packaging and industrial applications.

Brand Portfolio

Shish Industries

Strategic Alliances

The company has significant inter-company transactions with subsidiaries, including unsecured business advances totaling INR 22.47 Cr to Interstar Polyfab and Shish Global Solutions.

🌍 External Factors

Industry Trends

The industry is shifting toward lightweight, durable, and recyclable plastic packaging solutions; Shish is positioned as a single-segment player in corrugated plastic sheets to capture this demand.

Competitive Landscape

The company faces 'unfair competition' and demand risks, though specific competitor names are not listed.

Competitive Moat

Moat is built on cost leadership through procurement efficiency and a specialized focus on corrugated plastic sheets. Sustainability depends on maintaining low-cost sourcing and scaling production.

Macro Economic Sensitivity

Sensitive to global plastic resin prices and currency volatility due to import dependencies.

Geopolitical Risks

Trade barriers or supply chain disruptions in regions exporting plastic resins could impact input costs.

⚖️ Regulatory & Governance

Industry Regulations

Subject to pollution control norms and plastic waste management regulations applicable to plastic sheet manufacturing.

Taxation Policy Impact

Standalone current tax for FY 2024-25 was INR 369.38 Lakh, representing an effective tax rate of approximately 25.1% of PBT.

Legal Contingencies

The company has pending litigations disclosed in Note 35 of the financial statements; specific case values were not provided in the summary snippets.

⚠️ Risk Analysis

Key Uncertainties

Currency risk on imports, demand volatility due to potential pandemic resurgence, and reconciliation of debtor/creditor balances (emphasized by auditors).

Third Party Dependencies

High dependency on resin suppliers; however, specific vendor names and concentration percentages are not disclosed.

Technology Obsolescence Risk

The company uses an ERM framework to monitor technology and digital transformation status, though specific risks were not detailed.

Credit & Counterparty Risk

Standalone Debtors Turnover Ratio improved 31.96% to 5.62 times, indicating better receivables management despite auditors noting that balances are subject to confirmation.