Shish Industries Ltd Q3 FY26: Revenue ₹33.36 Cr, PAT Crashes 45% QoQ, P/E 68 – Packaging Genius or Dilution Machine?
1. At a Glance – Plastic Sheets, Paper-Thin Margins?
Shish Industries Ltd is currently trading at ₹14.6 with a market cap of ₹558 Cr. In the last 3 months, the stock has delivered a spicy 53.3% return. Six months? 86.6%. Investors clearly like corrugated plastic more than cardboard logic.
But here’s the twist.
Q3 FY26 consolidated revenue came at ₹33.36 Cr, down 4.79% QoQ. PAT fell sharply to ₹1.05 Cr, down 44.7% sequentially. EPS for the quarter stands at ₹0.03. Meanwhile, the stock trades at a P/E of 68.6. Industry median? 21.9.
ROCE is 9.88%. ROE is 10.4%. Debt-to-equity is 0.45. Not scary, but not superstar either.
Promoter holding dropped to 60.55% from 66.03% earlier.
So what are we looking at here?
A packaging innovator with export focus… Or a growth story funded by repeated dilution?
Let’s open the bubble wrap.
2. Introduction – The 5-Ply Dream
Shish Industries started in 2012. The pitch? Protective packaging solutions. Sounds boring? Maybe.
But this company claims to have developed and patented India’s first 5-ply polypropylene corrugated sheet. They also introduced insulated water tank covers. And a reflective insulation product called Carmika.
Fancy names. Plastic backbone.
Revenue mix FY23: • Sale of products ~97% • Other income ~3%
