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INVESTMENT INSIGHTS

Check Before You Invest : Shish Industries Ltd

BSE: 540693 NSE: ISIN: INE145Y01023
  |   Sector:  Chemicals & Fertilizers   |   Industry:  Plastic Products

Snapshot

Q.1 Which industry/sub-sector does Shish Industries Ltd belong to?
Shish Industries Ltd belongs to the Chemicals & Fertilizers sector, operating specifically within the Plastic Products segment.
Q.2 Is Shish Industries Ltd a good quality company?
Shish Industries Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

Q.3 Is Shish Industries Ltd undervalued or overvalued?
Shish Industries Ltd appears Fair, as its key valuation ratios are in line with their past averages.

Based on the industry it operates in, the relevant valuation ratios include one of the following, P/E, P/BV, P/Sales, EV/EBITDA or a combination of two or more.

Valuation Ratios Current 5-year
Historic Median
Price to Earnings 41.37 50.65
Price to Book 3.08 6.27
Price to Sales 4.21 3.73
EV to EBITDA 24.79 27.00
Q.4 Is Shish Industries Ltd a good buy now?
Shish Industries Ltd is not a good buy now, based on weak price trend analysis suggesting prices may fall. However, you need to check its quality and valuation before making a decision

Performance Analysis

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

A: What are the trends in revenue and profit margins?

Q.1 Revenue growth of Shish Industries Ltd?
Shish Industries Ltd revenue growth is 37.8% for FY-2025, which is below its 5-year CAGR of 49.07%, indicating slower growth.

Q.2 Gross Profit margin of Shish Industries Ltd?
Shish Industries Ltd Gross profit margin which is the profit after deduction of direct costs, is 14.2% for FY-2025, which is above its 5-year median of 12.4%, indicating increasing margins.

Q.3 Operating Profit Margin of Shish Industries Ltd?
Shish Industries Ltd Operating Profit Margin which is the profit after deduction of all operating costs, is 6.91% for FY-2025, which is below its 5-year median of 7.9% indicating decreasing margins.

Q.4 Net Profit Margin of Shish Industries Ltd?
Shish Industries Ltd Net Profit Margin is 9.3% for FY-2025, is above its 5-year median of 8.17%, indicating increasing margins.
Current Level 5-year
Historic Median
Gross Profit Margin (%) 14.2 12.4
Operating Profit Margin (%) 6.91 7.9
Net Profit Margin (%) 9.3 8.17

B: Does the business utilize capital efficiently?

Q.5 Return on Asset of Shish Industries Ltd?
Shish Industries Ltd Return on Asset is 9.28%, which is below its 5-year historical median of 11.19%, indicating deteriorated asset utilization efficiency.

Q.6 Return on capital employed (ROCE) of Shish Industries Ltd?
Shish Industries Ltd Return on capital employed is 16.03% for FY-2025, which is below its 5-year historical median of 20.8%. The current ROCE is above its estimated weighted average cost of capital (WACC) of 14%, indicating value creation.

Q.7 Return on Equity (ROE) of Shish Industries Ltd?
Shish Industries Ltd Return on equity is 13.32% for FY-2025, which is below its 5-year historical median of 17.07%, indicating the business is making worse use of its shareholders capital.

Q.8 Cash conversion cycle of Shish Industries Ltd?
Shish Industries Ltd Cash conversion cycle is 90 days, in line with its 5-year historical median of 87 days, indicating stable working capital management. However, you need to compare this with its peers in the industry.
Current Level 5-year
Historic Median
Asset Turnover (x) 1 1.78
ROE (%) 13.32 17.07
ROCE (%) 16.03 20.8
Cash Conversion Cycle 90 days 87 days

C: How much debt does the business have and is it at a sustainable level?

Q.9 Debt to Equity ratio of Shish Industries Ltd?
Shish Industries Ltd Debt-to-Equity ratio is 0.23, which is lower the industry average of 0.25, indicating lower debt levels in the industry.

Q.10 Debt to cash flow from operations of Shish Industries Ltd?
Shish Industries Ltd Debt to cash flow from operations is -0.98, which is at a unhealthy level.

Ownership & governance

D: Promoter shareholding and pledge status of Shish Industries Ltd?

Q.1 Promoter shareholding and pledge status of Shish Industries Ltd?
Promoters hold 54.81% of the Shish Industries Ltd, with 0.00% of their stake pledged, indicating no pledge risk.

Peer comparison (industry-wise, mcap)

E: How does Shish Industries Ltd performance compare with that of its Peers?

Q.1 Revenue growth of Shish Industries Ltd vs industry peers?
Shish Industries Ltd revenue CAGR is 49.07%, compared to the industry median CAGR of 4.71%, indicating faster growth and gaining its market share.
Profit Metrics
Current Level 5-year
Industry Median
Revenue Growth (%) 37.8 4.7
Gross Profit Growth (%) 41.7 14.3
Operating Profit Growth (%) -27.3 10.1
Net Profit Growth (%) 37.5 18.7
Operating Efficiency
Current Level 5-year
Industry Median
Asset Turnover (x) 1 1.06
ROE (%) 13.32 5.91
ROCE (%) 16.03 8.75
Cash Conversion Cycle (days) 89.83 77

Valuation & price assessment

Q.1 Stock return of Shish Industries Ltd over the last decade?
Over the last 5 year(s), the stock has delivered a CAGR of 36.94% based on the current price.
9Y 5Y 3Y 1Y
Share Price
CAGR		 - 36.9% 4.9% 48.4%
Q.2 Valuation ratios of Shish Industries Ltd vs historical?
The current P/E ratio of 41.37 is lower than its historical median of 50.65, indicating that the stock is trading below its historical average valuation.
Q.3 How do the current valuation ratios compare with 5-year historical median and industry numbers?
Valuation Ratios Current 5-year
Historic Median		 5-year
Industry Median
Price to Earnings 41.37 50.65 22.05
Price to Book 3.08 6.27 1.89
Price to Sales 4.21 3.73 1.33
EV to EBITDA 24.79 27.00 10.86

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