1. At a Glance
Bisil Plast is a tiny company in the PET packaging space that has somehow convinced 45,000+ retail investors to pay a 569x P/E for a business with ₹0.93 Cr in annual sales. If you’re looking for a case study in “valuation without volume,” this is it.
2. Introduction with Hook
Imagine selling ₹93 lakhs worth of plastic bottles… and commanding a market cap of ₹85 Cr. That’s Bisil Plast — the spiritual cousin of the NFT bubble, but in PET packaging form.
- CMP: ₹1.58 | Market Cap: ₹85 Cr
- FY25 Sales: ₹0.93 Cr | Net Profit: ₹0.15 Cr
- P/E: 569 | Book Value: ₹0.02
- Promoter holding: 0% (Yes, zero)
This stock has more shareholders than revenue.
3. Business Model (WTF Do They Even Do?)
Bisil Plast deals in:
- PET bottles and jars, primarily supplying FMCG, pharma, and bottling companies.
- The company is a wholesaler with “agreements to acquire” bottles — not a manufacturer at scale.
- Essentially: they buy bottles from someone and sell to someone else, and call it a business.
Think of it as a packaging drop-shipper masquerading as an industrial enterprise.
4. Financials Overview
| FY | Sales (₹ Cr) | EBITDA | PAT | EPS (₹) | OPM % |
|---|---|---|---|---|---|
| FY23 | ₹4.03 | ₹0.18 | ₹0.18 | ₹0.00 | 4.47% |
| FY24 | ₹4.03 | ₹0.23 | ₹0.20 | ₹0.00 | 5.71% |
| FY25 | ₹0.93 | ₹0.26 | ₹0.15 | ₹0.00 | 27.96% |
Sales collapsed by 77%, but somehow margins hit the sky? Something smells fishy — and it’s not the recycled plastic.
5. Valuation
- P/E: 569
- EPS (FY25): ₹0.03
- Book Value: ₹0.02
- CMP: ₹1.58
- P/B: 72.4x
- Fair Value Estimate (if generous): ₹0.10 – ₹0.25
Yes, it’s trading at microcap NFT logic — “valuation by vibes.”
6. What’s Cooking – News, Triggers, Drama
- 5 Jul 2025: Appointed a new Independent Director
- Proposed name change to “Karnawati Innovation Ltd” (because rebranding fixes revenue?)
- Zero promoter holding since mid-2024
- Company once claimed it’s “identifying suppliers to acquire PET products” — that’s like Uber saying “we’re trying to lease some cabs”
7. Balance Sheet
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Equity Capital | ₹5.40 | ₹5.40 | ₹5.40 |
| Reserves | -₹4.57 | -₹4.36 | -₹4.22 |
| Total Assets | ₹1.39 | ₹3.56 | ₹1.72 |
| Borrowings | ₹0.00 | ₹0.00 | ₹0.00 |
Company is debt-free, which is great. But it also barely owns anything, including working capital. Assets halved in FY25.
8. Cash Flow – Sab Number Game Hai
| ₹ Cr | FY23 | FY24 | FY25 |
|---|---|---|---|
| CFO | -₹0.31 | ₹0.01 | ₹0.04 |
| CFI | -₹0.28 | ₹0.00 | -₹0.01 |
| CFF | ₹0.38 | ₹0.00 | ₹0.00 |
| Net Cash Flow | -₹0.21 | ₹0.01 | ₹0.03 |
Positive cash flow in FY25. Maybe because they stopped doing business?
9. Ratios – Sexy or Stressy?
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| ROCE (%) | 24.2% | 21.4% | 20.6% |
| ROE (%) | 13.4% | 13.4% | 13.4% |
| Debtor Days | 249 | 282 | 283 |
| Working Capital Days | 61 | 317.9 | 318 |
| P/B | 72.4x |
ROCE is technically good. But with 283 days receivables, are they invoicing or daydreaming?
10. P&L Breakdown – Show Me the Money
| FY | Revenue (₹ Cr) | PAT (₹ Cr) | OPM % | EPS (₹) |
|---|---|---|---|---|
| FY23 | 4.03 | 0.18 | 4.47% | 0.00 |
| FY24 | 4.03 | 0.20 | 5.71% | 0.00 |
| FY25 | 0.93 | 0.15 | 27.96% | 0.00 |
So in FY25, revenue collapsed but profits went up. That’s not a turnaround. That’s either magic… or margin accounting wizardry.
11. Peer Comparison
| Company | CMP | P/E | ROE | OPM % | Sales (Cr) | PAT (Cr) |
|---|---|---|---|---|---|---|
| EPL Ltd | ₹237 | 21 | 16.3% | 19.8% | 4,213 | ₹361 |
| AGI Greenpac | ₹801 | 16 | 16.5% | 24.3% | 2,528 | ₹322 |
| Bisil Plast | ₹1.58 | 569 | 13.4% | 28.0% | 0.93 | ₹0.15 |
Bisil has the highest P/E and lowest revenue in the sector. No, this is not a glitch.
12. Miscellaneous – Shareholding, Promoters
| Quarter | Promoters | Public | Shareholders |
|---|---|---|---|
| Mar ’24 | 0.04% | 99.96% | 30,691 |
| Mar ’25 | 0.00% | 100.01% | 45,520 |
- Promoters have exited completely
- Company is now fully retail-owned
- Number of shareholders up 50% in one year. Someone’s marketing something.
13. EduInvesting Verdict™
Bisil Plast is the poster child of a penny stock frenzy: no promoter skin, barely-there business, vanishing revenues, and a valuation that’s more fiction than fundamentals.
With no clear growth plan, negative working capital reality, and quarterly sales approaching zero, this stock is flying purely on market froth. If you believe in fairy tales — or in 570 P/E becoming 1,000 — be our guest.
Otherwise, this one belongs in the “avoid but watch for entertainment” bucket.
Metadata
– Written by EduInvesting Team | 15 July 2025
– Tags: Bisil Plast, Penny Stocks India, PET Bottle Stocks, Promoter Exit, BSE Smallcap Bubble, Packaging Sector Analysis
