Board Meeting Details

The Board of Directors meeting was held on October 28, 2026, commencing at 10:30 AM and concluding at 12:15 PM. The meeting approved the Unaudited Standalone and Consolidated Financial Results along with Limited Review reports of Auditors.

Key Financial Performance (Consolidated)

Q2 FY27 Performance (YoY Comparison):

  • Revenue from Operations: ₹2,919 Cr (vs ₹2,371 Cr in Q2 FY26) - 23% growth
  • EBITDA: ₹331 Cr (vs ₹262 Cr in Q2 FY26) - 27% growth
  • EBITDA Margin: 11.4% (vs 11.0% in Q2 FY26) - 40 bps improvement
  • Profit After Tax (PAT): ₹123 Cr (vs ₹107 Cr in Q2 FY26) - 16% growth
  • Other Income: ₹22 Cr (vs ₹15 Cr in Q2 FY26)

H1 FY27 Performance (YoY Comparison):

  • Revenue from Operations: ₹5,420 Cr (vs ₹4,377 Cr in H1 FY26) - 24% growth
  • EBITDA: ₹590 Cr (vs ₹448 Cr in H1 FY26) - 32% growth
  • EBITDA Margin: 10.9% (vs 10.2% in H1 FY26) - 70 bps improvement
  • Profit After Tax (PAT): ₹204 Cr (vs ₹161 Cr in H1 FY26) - 26% growth

Business Segment Performance (Q2 FY27)

Textiles Division:

  • Revenue: ₹1,999 Cr (up 11% YoY)
  • EBITDA: ₹190 Cr
  • EBITDA Margin: 9.5% (vs 10.0% in Q2 FY26)
  • ROCE: 13.2% (vs 14.2% in Q2 FY26)
  • Volume Highlights: Denim fabric volumes crossed 18 Mn metres (19% growth), Woven fabric volumes stood at 34 Mn metres, Garmenting volumes registered 11 Mn pieces (3% growth)

Advanced Materials Business (AMB):

  • Total Revenue: ₹805 Cr (up 81% YoY)
  • Total EBITDA: ₹119 Cr (up 97% YoY)
  • Total EBITDA Margin: 14.8% (vs 13.6% in Q2 FY26)
  • ROCE: 19.1% (vs 29.7% in Q2 FY26)

AMB India (excluding Dalco-GFT):

  • Revenue: ₹550 Cr (up 23% YoY)
  • EBITDA: ₹78 Cr (up 29% YoY)
  • EBITDA Margin: 14.2% (vs 13.6% in Q2 FY26)

Dalco-GFT Acquisition:

  • Revenue Contribution: ₹256 Cr
  • EBITDA Contribution: ₹41 Cr
  • EBITDA Margin: 16.0%

Other Business:

  • Revenue: ₹191 Cr
  • EBITDA: ₹23 Cr

Operational Highlights

Volume Performance:

  • Denim fabric volumes: 18 Mn metres (19% YoY growth)
  • Woven fabric volumes: 34 Mn metres
  • Garmenting volumes: 11 Mn pieces (3% YoY growth)

Capacity Expansion:

  • Greenfield garment manufacturing facility at Varanasi, Uttar Pradesh commissioned Phase 1
  • Expected annual revenue potential at full utilization: ₹250 Cr
  • AMB India Industrial business commissioned 4th line of Needle Felt Non-Woven platform
  • Expected annual revenue potential: ₹70 Cr

Geographic Expansion:

  • Established European presence with denim design and marketing hub in Amsterdam
  • Second international hub after London

Capital Structure and Balance Sheet

Consolidated Balance Sheet (as at September 30, 2026):

  • Shareholders' Fund: ₹4,639 Cr (vs ₹4,141 Cr as at March 31, 2026)
  • Share Capital: ₹272 Cr (vs ₹262 Cr as at March 31, 2026)
  • Borrowings: ₹2,651 Cr (vs ₹1,441 Cr as at March 31, 2026)
  • Long Term Borrowings: ₹1,413 Cr (vs ₹432 Cr)
  • Short Term Borrowings: ₹1,237 Cr (vs ₹1,009 Cr)
  • Lease Liabilities: ₹290 Cr (vs ₹219 Cr)
  • Fixed Assets: ₹5,884 Cr (vs ₹4,395 Cr)
  • Cash and cash equivalents: ₹602 Cr (vs ₹284 Cr)

Capital Raising:

  • Qualified Institutions Placement completed during quarter
  • Allotted 99,00,990 Equity Shares of face value ₹10 each at issue price of ₹505 per share
  • Total proceeds: ₹500 Cr

Capex Investment:

  • H1 FY27 capex spend: ₹372 Cr
  • Full year FY27 expected capex:超过 ₹500 Cr

Credit Rating Update

  • CARE Ratings upgraded credit rating from "AA-" to "AA" with stable outlook

Exceptional Items

  • Reversal of impairment provision of ₹30.39 Cr relating to municipal land demand matter
  • Non-recurring expenses for share issuance: ₹1.48 Cr

Forward Guidance for Q3 FY27

  • Advanced Materials India: Expected ~18% revenue and EBITDA growth with stable margin of 14-15%
  • Dalco-GFT: Margin expected to remain stable at 15-16%
  • Textile segment: Expected early double-digit revenue growth with margins at current levels due to elevated cost scenario
  • Raw material cost inflation continues to pressure margins
  • Global uncertainties and cautious consumer demand pose near-term challenges

Auditor Review

  • Limited review conducted by Deloitte Haskins & Sells LLP
  • Review report states nothing has come to their attention causing belief that financial results contain material misstatement