Polysil Irrigation Systems Limited IPO

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Polysil stands at the forefront of agricultural innovation, specializing in the manufacture and sale of advanced drip and sprinkler irrigation systems. The comprehensive product range, branded under “Polysil,” includes HDPE Pipes, pipe fittings, and a wide array of irrigation equipment such as disc filters, screen filters, hydro-cyclone filters, sand filters, compression fittings, valves, fertilizer tanks, digital controllers, and pressure gauges. This extensive portfolio caters to the diverse needs of modern agriculture, ensuring efficiency and sustainability in water usage.

Distribution Network and Market Presence

The products reach the market through two primary channels: institutional markets and open market sales. The latter sees their products distributed via a network of 8 distributors and approximately 425 dealers across India, facilitating the presence in key agricultural states including Gujarat, Tamil Nadu, Maharashtra, Andhra Pradesh, Karnataka, Madhya Pradesh, Uttar Pradesh, Rajasthan, and Haryana. This strategic distribution ensures that cutting-edge irrigation solutions are accessible to their end customers, predominantly farmers, who benefit from government subsidies to make these essential tools more affordable.

Product Innovation and Sustainability

Polysil’s product line is designed to cater to a broad spectrum of agricultural needs, from drip irrigation systems ideal for row crops to sprinkler systems suited for larger fields. Their commitment to sustainability is evident in their use of high-quality raw materials like HDPE, LLDPE, and LDPE granules, sourced both domestically and internationally, to minimize environmental impact while maximizing product longevity and performance.

Subsidy-Driven Business Model

A key aspect of  their business model is the integration of government subsidies, which make their products more accessible to farmers. This model requires a robust working capital to manage the subsidy disbursement process, which is a collaborative effort between Polysil, their distributors, dealers, and the government agencies involved. Their ability to navigate this complex system and ensure timely subsidy disbursement highlights their strong operational capabilities and deep understanding of the agricultural sector.


Polysil is not just an irrigation system manufacturer; they are a partner in the agricultural success of India. Through their innovative products, extensive distribution network, and commitment to quality and sustainability, they are helping to revolutionize farming practices, enhance crop yields, and promote water conservation across the country. As they continue to grow and expand their reach, Polysil remains dedicated to empowering farmers with the tools they need to thrive in an ever-changing agricultural landscape.

Objects of the Polysil Irrigation Systems Limited IPO:

The company proposes to utilize the Net Proceeds from the Offer towards the following objects: i. Funding our Working Capital Requirements; and ii. General Corporate Purpose. Total number of shares issues :- Fresh Issue :- 1,444,000 shares, Offer For Sale : - 1,785,000 shares.

Polysil Irrigation Systems Limited IPO Details:

Open Date: Feb 08 2024
Close Date: Feb 13 2024
Total Shares: 3,229,000
Face Value: ₹ 10 Per Equity Share
Issue Size: 17.44 Cr.
Lot Size: 2000 Shares
Issue Price: ₹ 54 Per Equity Share
Listing At: NSE Emerge
Listing Date: Feb 16 2024

Promoters And Management:

BHARATKUMAR PATEL is the Managing Director and Chief Executive Officer (CEO) of the board of the Company. He is one of the promoters of the Company. He has been associated with the Company for more than 10 years. He holds a diploma certificate in electronics and communication engineering from gomatesh polytechnic belgaum. He has around 10 years of experience in the field of micro irrigation sector. PRAFULBHAI RADADIA is a Whole-Time Director of the Company. He has been associated with the Company for more than 10 years. He holds a degree of B. Tech. in agricultural engineering from Gujarat Agricultural University. He has around 10 years of experience in the field of micro irrigation sector. ANILKUMAR SINGH is the Non -Executive Non-Independent Director of the Company. He holds a bachelor’s of science degree in Mechanical Engineering from Patna University. He has around 7 years of experience across various businesses. He was appointed on the board of the Company w.e.f. November 10, 2022. He is also associated with the Companies like Vima Alliance Infra Private Limited as a Managing Director and Vima Engineering Private Limited as a Director.

Financials of Polysil Irrigation Systems Limited IPO:

Particulars ( In Lakhs )
Till 15 Aug, 2023
Revenue from Operations 5,459 3,762 4,388 1,019
Other Income 13 5 5 1
Total Revenue 5,472 3,767 4,392 1,020
Cost of Materials Consumed 1,886 1,403 2,038 741
Purchases of Stock in Trade 899 588 647 315
Change in Inventories 128 -148 -150 -772
Employees Benefit Expenses 750 830 557 150
Other Expenses 1,491 804 833 328
EBITDA 319 290 467 258
Depreciation & Amortisation 101 73 53 28
Finance cost 114 149 149 57
EBIT 217 217 414 230
OPM (%) 5.82% 7.70% 10.63% 25.26%
PBT 104 68 265 173
Tax 39 35 152 63
PAT 65 34 114 110
NPM (%) 1.18% 0.90% 2.58% 10.82%
No.of Shares 113.41 113.41 113.41 113.41
EPS 0.57 0.29 1.00 0.97

Comparison With Peers:

Name of the Company Revenue (In Crore) PAT (In Crore) EPS ( in Rs) P/E CMP Mcap (In Crore)
Polysil Irrigation Systems Limited 44 1 1.00 53.9 54 61
Captain Polyplast Limited 225 6 1.09 20.3 49.8 251
R M Drip & Sprinklers Systems Limited 11 0.03 0.04 30.8 105 132
Texmo Pipes & Products Limited 635 -72 -24.58 N/A 96.8 282
Jain Irrigation Systems Limited 5,690 832 13.69 N/A 65.8 4,461
* All the data is as per FY23.

Recommendation on Polysil Irrigation Systems Limited IPO:

To be updated shortly.

Lead Manager of Polysil Irrigation Systems Limited IPO:

  1. Fedex Securities Limited

Registrar of Polysil Irrigation Systems Limited IPO:

  1. Bigshare Services Private Limited

Company Address:

Polysil Irrigation Systems Limited Survey No- 340/1, Beside Hystuff Steel, At Post Raniya, Taluka Savli, District Vadodara - 391780 Phone: 026 6724 4271/2 Email: secretarial@polysilirrigation.com Website: https://polysilirrigation.com/

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