Piotex Industries Ltd. engages in contract manufacturing and trading of yarn, fabric, and cotton bales for garments and home furnishings. Despite reporting an average EPS of Rs. 8.63 and RoNW of 46.82% over the past three fiscal years, its PAT margins have been inconsistent (0.93% (FY22), 3.36% (FY23), 2.54% (FY24)), with FY24 seeing a swing. Operating solely on third-party contracts without its own manufacturing unit raises concerns, compounded by the highly competitive industry landscape. The absence of dividend payouts and recent financial fluctuations may prompt cautious investment considerations, with cash surplus investors advised to weigh medium-term prospects against potential risks.