BSE: 507645
POLSON LTD.
Manufactures synthetic organic tanning substances (leather chemicals) for the leather industry, operating as a single reportable segment. The company has its registered office in Kolhapur, Maharashtra and a corporate office in Churchgate, Mumbai. FY26 revenue was Rs. 91.16 crore with an EBITDA margin of 18.27%. Materials are the biggest cost line at 51.2% of revenue, followed by other operating expenses (23.3%) and employee costs (8.9%). Capex ran at 6.5% of revenue and depreciation at 7.0% of revenue, pointing to a manufacturing operation with ongoing capital spend. Total assets stood at Rs. 189.39 crore at FY26 year-end. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Synthetic organic tanning substances (leather chemicals). Single-segment specialty chemicals manufacturer of leather tanning substances
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 98 | 84 | 96 | 93 | 91 |
| EBITDA (ex other income) | 16 | 16 | 16 | 15 | 15 |
| margin % | 15.9 | 18.5 | 16.4 | 16.1 | 16.5 |
| Owners' profit | 6 | 5 | 5 | 5 | 5 |
| EPS, as reported (₹) | 519.13 | 402.46 | 433.09 | 435.91 | 395.20 |
| ROE % · ROCE % | 5.6 · 9.4 | 4.2 · 8.6 | 4.3 · 7.9 | 4.1 · 6.7 | 3.6 · 6.1 |
| Debt / equity (x) | 0.51 | 0.40 | 0.29 | 0.31 | 0.27 |
| Cash from operations | 2 | 12 | 25 | 17 | 12 |
| Capex | (14) | (13) | (10) | (10) | (6) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 25 | 21 | 23 | 25 | 24 | 22 | 22 | 24 |
| Profit before tax | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Net profit | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| EPS (₹) | 119.27 | 95.83 | 103.95 | 116.87 | 102.35 | 101.90 | 101.01 | 89.94 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,42,095 | 53.6 | 12.86 | 37.6 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,659 | 32.2 | 4.96 | 21.6 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 47,075 | 76.8 | 5.95 | 37.4 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,610 | 55.1 | 10.97 | 39.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,905 | 88.6 | 8.51 | 56.8 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 20,257 | 25.9 | 3.45 | 21.0 | 9.4 | 10.2 | 12.6 | 21.5 |
| AARTI INDUSTRIES LTD | 15,871 | 29.9 | 2.67 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
| FINE ORGANIC IND. LTD. | 15,604 | 35.6 | 5.86 | 25.5 | 15.7 | 20.0 | 15.9 | 28.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.5 | 23.1 | 54 of 99 | 46% |
| P/B | 0.9 | 2.8 | 8 of 99 | 93% |
| ROCE | 4.0 | 10.1 | 82 of 106 | 23% |
| ROE | 3.6 | 8.1 | 78 of 99 | 21% |
| Debt / Equity | 0.3 | 0.2 | 59 of 99 | 41% |
| EBITDA margin | 18.4 | 15.5 | 40 of 99 | 60% |
| Revenue growth | (3.6) | 24.4 | 86 of 94 | 9% |
| Profit growth | (23.0) | 55.1 | 78 of 92 | 15% |
| Market cap | 116 | 699 | 82 of 108 | 24% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 5 Oct 2026 · Compliance certificate for dematerialisation, quarter ended September 2026 | compliance | minimal | — | — |
| 2 Oct 2026 · Polson Ltd 85th AGM: All 5 resolutions passed with 100% approval | board shareholder meetings | low | — | — |
| 2 Oct 2026 · Polson Ltd 85th AGM results: All 5 resolutions passed unanimously | compliance | minimal | — | — |
| 30 Sept 2026 · Polson Ltd 85th AGM proceedings held on Sep 30, 2026 | board shareholder meetings | medium | — | — |
| 25 Sept 2026 · Trading window closed ahead of Q2 results | compliance | minimal | — | — |
| 7 Sept 2026 · Polson Ltd submits 85th AGM notice newspaper publication to BSE | compliance | minimal | — | — |
| 7 Sept 2026 · Newspaper publication of 85th AGM notice | compliance | minimal | — | — |
| 5 Sept 2026 · Polson Ltd 85th AGM on Sep 30, 2026; director re-appointments and related party deal | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Polson Ltd files 85th Annual Report FY26; AGM set for Sep 30, 2026 | results | high | — | — |
| 17 Aug 2026 · Newspaper publication of Q1 FY27 financial results filed with BSE | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.