Core Capital Employed: ₹623.6 Cr (excludes revaluation of ₹51.63 Cr and current liabilities)
Operational and Strategic Highlights
Installed Revenue Capacity: ₹1,650+ Cr across all units with ~55% average utilization.
Capex Since FY20: ₹360+ Cr invested from internal accruals.
Manufacturing Footprint: 8 factory locations in Silvassa (2), Vapi (1), Panipat (4), Aurangabad (1).
Business Model: 100% order-backed manufacturing; ~85% FOB; turnaround 60-120 days.
Export Revenue: Over 90% direct exports to large retailers in USA, UK & Europe.
Customer Base: Top 15 customers with 20+ year relationships (e.g., Walmart, Target, TJMax group, Costco). Top 12 customers contribute ~80% of revenue; no single customer exceeds 15%.
Product Portfolio: Floor coverings, Performance & Outdoor Home Textiles, Top of Bed, Blankets, Curtains, Accessories. Vertically integrated from yarn to finished product.
Credit Rating: CARE A (Stable) / A1 reaffirmed in September 2025.
ESG Initiatives: ₹25+ Cr invested in Rooftop Solar (3.5 MW captive), PNG clean energy, and Li-ion Electric Material Handling Equipment.
Management Outlook for FY27 & Beyond
Growth: High volume growth momentum expected to continue in FY27/FY28 alongside inflation-related pricing growth. Revenue growth expected to be higher than past CAGR trajectory.
Margins: EBITDA margins should continue improving as revenue scales and operating leverage kicks in.
Capex: Planned annual capex of ~₹75 Cr in FY27 for additional new product capabilities by Q1FY28. The major capex cycle is concluding in FY27.
Capital Allocation: With capex concluding, 40-50% of Cash Flow from Operations (CFO) is expected to be available for debt reduction, dividends, or growth.
PLI Scheme: Application for PLI for MMF filed under amended scheme; approval expected in Q1/Q2 FY27.
Tariff Landscape: All US tariffs are at 10%; S 301 may settle at a max of 18%. Tariff refunds are expected to boost retail demand in H2 CY27.
Input Cost Watch: The US-Iran war has pushed cotton, polyester, chemicals, fuel, packaging, and logistics costs 25-35% higher from pre-war levels. The company is actively requesting reprice/upcharges with customers.
