Polycon swings to ₹2.87 cr loss as revenue drops 20%
The nano-cap's annual loss equals 29% of its entire market capitalisation. Quarterly losses are accelerating.
— 1 earlier story on Polycon International Ltd. →What's new
- Polycon's FY26 revenue fell 20% to ₹17.63 cr, and it posted a net loss of ₹2.87 cr versus a ₹14.25 lakh profit.
- Q4 loss widened to ₹92.03 lakh, nearly triple the ₹32.99 lakh loss a year ago.
- The annual loss is equivalent to about 29% of the company's ₹10 cr market cap.
Why this matters
This is a nano-cap where the scale of the loss is existential. A ₹2.87 cr loss against a ₹10 cr market cap isn't a bad quarter; it's a wipeout of nearly a third of the company's value in a single year. The accelerating quarterly losses show no sign of the bottom forming.
What we're watching
- Whether the company has the cash or borrowing headroom to absorb another year of these losses.
- Any moves to restructure, sell assets, or raise emergency capital.
- The auditor's notes for any going-concern qualifications.
The full read
Polycon International's FY26 results are bad on every metric. Revenue dropped 20% to ₹17.63 crore from ₹22.06 crore. More critically, the company swung from a ₹14.25 lakh profit to a ₹2.87 crore net loss. For context, Polycon's total market capitalisation is ₹10 crore. The annual loss is worth nearly 29% of the company's value. The deterioration accelerated in the final three months: Q4 net losses widened to ₹92.03 lakh, almost three times the ₹32.99 lakh loss in Q4 FY25. The auditor's report cites a consistent operational downturn across segments. For a nano-cap with no evident margin of safety, a loss of this scale isn't a cycle. It's a solvency question.
Questions answered
- How severe is Polycon's financial decline relative to its size?
- The net loss of ₹2.87 crore represents roughly 29% of Polycon's entire market capitalisation of ₹10 crore. The company's annual revenue shrank by 20% to ₹17.63 crore.
- Is the deterioration isolated to the full year, or is the latest quarter worse?
- The trend is worsening. The Q4 net loss of ₹92.03 lakh was nearly three times the ₹32.99 lakh loss in the same quarter last year, indicating the operational problems are intensifying.
- What was the previous year's result?
- Polycon had reported a net profit of ₹14.25 lakh for FY25 on revenue of ₹22.06 crore. It has now swung to a multi-crore loss.
- Were the results audited?
- Yes, the FY26 results were audited by S.R. Goyal & Co. The filing states comprehensive income was negatively impacted by a consistent operational downturn.
Polycon International Ltd.
Latest quarter · Mar 2026
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All notes on POLYCON →- 29 May 2026 · 9:52 PM IST Polycon swings to ₹2.87 cr loss as revenue drops 20%
- 38d ago Polycon's equity is almost gone after a year of losses and shrinking revenue