1. At a Glance
Polo Queen is what happens when FMCG meets fintech meets… IT parks? With a product range that spans detergent to digital dreams, this ₹1,914 Cr company is the corporate version of a buffet. But with a P/E of 708, you’re not just paying for soap—you’re paying for hope.
2. Introduction with Hook
Imagine a soap company, a chemical trader, a fintech dreamer, and a defense supplier walked into a bar. That bar is Polo Queen. With sales of ₹17.2 Cr in Q1 FY26 and a profit of ₹0.72 Cr, it’s not exactly setting Dalal Street on fire—but it’s trying to juggle more roles than a Marvel multiverse character.
And oh, ROE? A majestic 1.39%. At this rate, your FD is laughing in the corner.
3. Business Model (WTF Do They Even Do?)
So here’s the pitch:
- Make FMCG products (think handwash, dishwash, detergent)
- Develop an IT Park
- Trade in minerals & chemicals
- Supply homecare goods to defense sector
- Also do Fintech? (Somehow?)
Basically:
“We sell soap. But imagine the soap is traded via a fintech app, made in an IT park, and delivered to the Army. Ta-da!”
A business model so diversified, it could give Indian thalis an identity crisis.
4. Financials Overview
Q1 FY26 Snapshot:
- Revenue: ₹17.22 Cr (down from ₹25.77 Cr YoY)
- PAT: ₹0.72 Cr
- EBITDA Margin: ~7.03%
- Interest Expense: ₹0.39 Cr (stable)
- EPS: ₹0.02 (microscope required)
TTM Revenue: ₹71.87 Cr
TTM Net Profit: ₹2.70 Cr
Operating Margins: 6.36%
ROCE: 2.63%
Margins tighter than Mumbai parking spots. And profitability just enough to cover chai-pani.
5. Valuation
“P/E of 709. For a soap company. No, seriously.”
Fair Value Range:
- Method 1: EV/EBITDA (25x on FY25 EBITDA of ~₹4.5 Cr): ₹110–₹125 Cr EV → ~₹30–35/share
- Method 2: P/E (25x on FY25 PAT of ₹2.7 Cr): ~₹67.5 Cr MCap → ~₹18–22/share
Current Price: ₹57
Verdict: If you’re buying at this price, you probably also paid ₹400 for popcorn at a multiplex.
6. What’s Cooking – News, Triggers, Drama
- Jul 24, 2025: Q1 results approved.
- Directors & Auditors Re-appointed: Boardroom status quo maintained.
- IT Park segment: Still sounds like a buzzword in search of a balance sheet.
- Shareholder base exploded in Mar 2025: from ~5K to 16K+. Pump season?
More plot twists than a daily soap—pun fully intended.
7. Balance Sheet
| Metric | Mar 2025 |
|---|---|
| Equity Capital | ₹67.15 Cr |
| Reserves | ₹123.66 Cr |
| Borrowings | ₹10.86 Cr |
| Total Liabilities | ₹217.93 Cr |
| Fixed Assets | ₹183.46 Cr |
| CWIP | ₹7.78 Cr |
Key Points:
- Debt manageable.
- Fixed Assets: Basically, they’re sitting on real estate more than FMCG factories.
- Net Worth: ₹190.8 Cr → Book Value per Share: ₹5.68
- Market Cap = 10x Book. That’s… bold.
8. Cash Flow – Sab Number Game Hai
| Year | Ops CF | Inv CF | Fin CF | Net CF |
|---|---|---|---|---|
| FY23 | ₹5.58 Cr | -₹1.36 Cr | -₹4.31 Cr | -₹0.09 Cr |
| FY24 | ₹4.40 Cr | -₹3.10 Cr | -₹1.04 Cr | ₹0.26 Cr |
| FY25 | ₹2.50 Cr | ₹0.15 Cr | -₹2.90 Cr | -₹0.24 Cr |
Key insight:
Cash flows look like your freelancer friend—always working, rarely paid.
9. Ratios – Sexy or Stressy?
| Metric | Value |
|---|---|
| ROCE | 2.63% |
| ROE | 1.39% |
| P/E | 709x |
| PAT Margin | ~3.4% |
| D/E | ~0.08 |
Interpretation:
“If Polo Queen was a Tinder profile, the bio would say: ‘Low risk, low returns. Into long walks on balance sheets.’“
10. P&L Breakdown – Show Me the Money
| Year | Revenue (Cr) | EBITDA (Cr) | PAT (Cr) |
|---|---|---|---|
| FY23 | ₹77.87 | ₹5.48 | ₹2.36 |
| FY24 | ₹68.44 | ₹3.55 | ₹2.87 |
| FY25 | ₹80.42 | ₹4.44 | ₹2.64 |
“PAT grew 10%, but only if you squint really hard and ignore inflation.”
Revenue’s stable-ish. But profits? Still not screaming scalability.
11. Peer Comparison
| Company | Rev (TTM) | PAT (TTM) | P/E | ROE |
|---|---|---|---|---|
| Redington | ₹99,333 Cr | ₹1,171 Cr | 20.3x | 14.4% |
| MSTC | ₹311 Cr | ₹197 Cr | 18.2x | 24.2% |
| Vintage Coffee | ₹366 Cr | ₹50 Cr | 38.9x | 17.1% |
| Polo Queen | ₹72 Cr | ₹2.7 Cr | 709x | 1.4% |
Looks like:
“The least drunk guest at a wedding full of finance bros.”
12. Miscellaneous – Shareholding, Promoters
| Quarter | Promoter Holding | Public |
|---|---|---|
| Jun 2023 | 74.92% | 25.08% |
| Mar 2025 | 74.92% | 25.09% |
| Jun 2025 | 74.92% | 25.08% |
No change = no drama.
But shareholder count?
From 5,000 to 16,394 in one quarter. 👀
Either the story’s gone viral… or someone sent out free soaps with demat forms.
13. EduInvesting Verdict™
Polo Queen is the FMCG equivalent of a startup trying to do too many things with too little capital. Soap-selling is solid, IT parks are shiny, and fintech is sexy—but mix it all together, and the market’s left asking, “Bro, what do you even do?”
“A decent pit stop. But don’t expect business class legroom.”
Metadata:
Written by EduInvesting Team | 24 July 2025
Tags: Polo Queen, FMCG, Analysis, EduInvesting Premium
