Date: November 03, 2026

Financial Results (Standalone & Consolidated)

Quarterly Performance (Consolidated • INR Crs)

  • Q2 FY27 Total Income: ₹267.82 Crores, up 29.14% from ₹207.39 Cr in Q2 FY26.
  • Q2 FY27 EBIDTA: ₹35.59 Crores (Margin: 13.29%), a significant recovery from ₹5.52 Cr (2.66%) in Q2 FY26 and an improvement from ₹27.09 Cr (11.52%) in Q1 FY27.
  • Q2 FY27 PBT: ₹20.97 Crores, compared to a loss of (₹6.70) Cr in Q2 FY26.
  • Q2 FY27 PAT: ₹15.46 Crores (Margin: 5.77%), compared to a loss of (₹5.22) Cr in Q2 FY26.
  • Q2 FY27 Cash Profit: ₹24.31 Crores (Margin: 9.08%).
  • Depreciation: ₹8.85 Cr in Q2 FY27.
  • Finance Cost: ₹5.77 Cr in Q2 FY27.

Half-Yearly Performance (Consolidated • INR Crs)

  • H1 FY27 Total Income: ₹502.92 Crores, up 18.9% YoY.

Trailing Twelve Months (TTM) & Annual Performance (Consolidated • INR Crs)

  • TTM Sep-26 Revenue: ₹1,012.6 Crores, demonstrating growth from ~₹300 Cr in FY21.
  • TTM Sep-26 EBIDTA: ₹120.9 Crores (Margin: 11.93%).
  • TTM Sep-26 PAT: ₹51.1 Crores (Margin: 5.05%).
  • TTM Sep-26 Cash Profit: ₹83.9 Crores.
  • TTM Sep-26 EPS: ₹20.8; Cash EPS: ₹34.1.
  • The company has achieved a 22% 6-year Revenue CAGR and a 21% 6-year EBIDTA CAGR.

Balance Sheet Summary

Consolidated • INR Crs (as of Sep 30, 2026)

  • Networth: ₹480.0 Crores (includes ₹51.99 Cr Land Revaluation Reserve).
  • Non-Current Liabilities: ₹46.9 Cr.
  • Short-Term Borrowings (Net): ₹192.4 Cr.
  • Current Liabilities: ₹189.1 Cr.
  • Total Liabilities: ₹908.4 Cr.
  • Net Fixed Assets: ₹467.5 Cr.
  • Non-Current Assets: ₹32.3 Cr.
  • Current Assets (Excl. Cash): ₹408.6 Cr.
  • Cash & Cash Equivalents / Liquid Investments: ₹41.04 Cr.
  • Core Capital Employed: ₹667.3 Cr.

Key Ratios Summary

Consolidated (as of Sep 30, 2026)

  • Return Ratios: ROE at 12%; Core ROCE at 14%.
  • Leverage Ratios: Net Debt/Equity at 0.48; Net Debt/EBIDTA at 1.92; Interest Coverage at 3.98.
  • Liquidity Ratios: Current Ratio at 2.2.
  • Efficiency Ratios: Fixed Asset Turnover at 2.4; Total Asset Turnover at 1.2.
  • Working Capital Cycle: Inventory Days at 86; Debtor Days at 42; Payable Days at 51; Cash Conversion Cycle at 77 days.

Cash Flow Summary

Consolidated • INR Crs (H1 FY27)

  • Cash from Operations (CFO): ₹81.7 Crores, aided by a working capital release of ₹39.7 Cr.
  • Cash Used in Investing Activities: (₹117.6) Crores, primarily for capex.
  • Cash from Financing Activities: ₹17.1 Crores from incremental borrowings.
  • Cumulative Capex (FY20 to H1FY27): ₹481.3 Crores deployed, mostly from internal accruals.

Management Outlook — FY27 & Beyond

  • Growth: Strong volume momentum continued in H1 FY27 (revenue up 19% YoY) and is expected to sustain. FY27 revenue growth is expected to be around 20%+.
  • Margins: Margin recovery in Q2 is attributed to operating leverage, repricing actions with customers, and better USDINR realization. Further recovery is expected aided by reduction in RM prices, effective price upcharges, and operating leverage.
  • Capex & Cash Flow: The major capex cycle is expected to conclude in FY27. This will free 40–50% of CFO for alternative uses like debt reduction, dividends, or opportunity-based expansion.
  • Capacity: Installed revenue capacity stands at ₹1,950+ Cr across all units, with an average utilization of 52-55%.
  • Catalysts: PLI approval received on July 1, 2026, with benefits expected from FY28. The company is a key beneficiary of the China+1 trend, supported by a 24% CNYINR appreciation and existing EU/UK trade deals.

Other Operational / Strategic Disclosures

  • Operations: 8 factory locations in Silvassa (2), Vapi (1), Panipat (4), Aurangabad (1). Office + Showroom in New York, USA (Faze3 USA LLC). Vertically integrated model (yarn-to-finished-product) with order-backed manufacturing.
  • Customers: Exports over 90% of revenue to large retailers like Walmart, Target, TJ Maxx, Costco. 20+ year relationships with top 15 customers.
  • ESG: Invested ₹35+ Cr in Rooftop Solar (3.5 MW), PNG clean energy, and Li-ion Electric MHE.
  • Credit Rating: CARE A (Stable) / A1 reaffirmed in July 2026.