Company Overview
Meenakshi (India) Limited submitted its corporate presentation to BSE Limited (Scrip Code: 544831) and The Calcutta Stock Exchange Limited (Scrip Code: 23128) on October 8, 2026, pursuant to Regulation 30 of SEBI Listing Regulations. The presentation provides an overview of the company's business operations, competitive advantages, strategic priorities, and financial performance.
Business Operations
Meenakshi is a premium woven apparel specialist with four decades of integrated manufacturing for global apparel brands. The company operates with a premium-only positioning and maintains integrated manufacturing from product development to export delivery, including in-house washing and embroidery capabilities. The company has 3 manufacturing facilities in Salem, Tamil Nadu, with an annual garment capacity of 18 lakh pieces and current capacity utilization of 65% in FY26. The workforce comprises 1,200+ skilled employees.
Financial Performance Highlights
Historical Financials (INR Crores):
- Revenue from Operations: FY23: ₹148, FY24: ₹154, FY25: ₹166, FY26: ₹151
- Gross Profit: FY23: ₹76 (51.4%), FY24: ₹83 (54.0%), FY25: ₹97 (58.1%), FY26: ₹83 (55.3%)
- EBITDA: FY23: ₹21 (14.2%), FY24: ₹20 (13.2%), FY25: ₹30 (17.7%), FY26: ₹11 (7.2%)
- Profit After Tax: FY23: ₹18 (11.8%), FY24: ₹17 (10.9%), FY25: ₹39 (23.5%), FY26: ₹10 (6.9%)
- Basic/Diluted EPS: FY23: ₹15.57, FY24: ₹15.86, FY25: ₹34.98, FY26: ₹9.30
Balance Sheet Position (FY26):
- Total Equity: ₹131 Cr (Equity Share Capital: ₹11 Cr, Other Equity: ₹119 Cr)
- Total Assets: ₹162 Cr (Non-Current: ₹22 Cr, Current: ₹140 Cr)
- Cash, Bank Balances & Investments: ~₹80 Cr
- ROE/ROCE: 8.4%/12.2% (FY26)
Q1 FY27 Performance
Revenue declined 3.4% YoY but showed signs of recovery with EBITDA margin improving to 3.4% from -0.5% (+388 bps YoY expansion). PBT increased 128% YoY with PBT margin expanding by 1,366 bps to 23.7%. PAT grew 153% YoY with PAT margin expanding to 22.1% from 8.4% (+1,366 bps), supported by a 76.6% YoY increase in other income.
Business Model & Market Position
The company is export-led with 89% of revenue from 15+ countries. Core expertise includes bottomwear, outerwear, and kidswear categories. The company serves 20+ global brands with strong customer retention. Competitive advantages include proprietary wash expertise with 16 proprietary wash recipes, end-to-end in-house production, and LDP (Landed Duty Paid) service offerings.
Growth Strategy
The company has a 3-pronged growth strategy:
1. Doubling capacity step by step
2. Expanding manufacturing footprint beyond current Salem facilities
3. Widening product portfolio leveraging existing machinery and raw-material base
Management Commentary
FY26 was impacted by tariff-led industry disruption where the company prioritized customer retention over near-term margins. Early FY27 trends suggest corrective measures are gaining traction with the core business moving back into positive operating territory. The strategic focus remains on premium woven apparel with phased capacity expansion and investments in technology and sustainability.
Leadership & Governance
Mr. Ashutosh Goenka serves as Chairman & Managing Director with over 30 years in the textile industry. Mr. Shubhang Goenka serves as Whole-Time Director overseeing operations and strategic planning. The board includes independent directors: Mr. Hemal Kiran Shah, Mr. V. K. Jeyakodi (1984-batch IAS officer), and Mrs. Kalpana Maheshwari (Chartered Accountant). Key managerial personnel include Mr. Vivek Bahety (CFO) and Ms. Kanchan Rathi (Company Secretary & Compliance Officer).
Corporate Social Responsibility
The company has implemented several CSR initiatives including a 248 KW rooftop solar plant meeting 50% of energy requirements, effluent treatment plants for water recycling, sustainable sourcing from BCI-certified farms, and workplace health & safety programs. The group trust operates five educational institutions under GIER with 2% of annual revenues allocated toward school and college activities in Rajasthan.