Financial Performance Q1FY27

  • Revenue from Operations: ₹942.5 Cr (Q4FY26: ₹883.2 Cr, +6.7% QoQ; Q1FY26: ₹1,240.2 Cr, -24.0% YoY)
  • Other Income: ₹7.0 Cr (Q4FY26: ₹8.6 Cr; Q1FY26: ₹4.4 Cr)
  • Total Income: ₹950.2 Cr (Q4FY26: ₹892.3 Cr, +6.5% QoQ; Q1FY26: ₹1,244.8 Cr, -23.7% YoY)
  • Gross Profit: ₹127.7 Cr (Q4FY26: ₹125.6 Cr, +1.7% QoQ; Q1FY26: ₹129.0 Cr, -1.0% YoY)
  • GP Margin: 13.4% (Q4FY26: 14.1%; Q1FY26: 10.4%)
  • EBITDA: ₹25.7 Cr (Q4FY26: ₹18.9 Cr, +35.7% QoQ; Q1FY26: ₹48.3 Cr, -46.8% YoY)
  • EBITDA Margin: 2.7% (Q4FY26: 2.1%; Q1FY26: 3.9%)
  • EBIT: ₹21.7 Cr (Q4FY26: ₹14.6 Cr, +48.9% QoQ; Q1FY26: ₹44.4 Cr, -51.0% YoY)
  • EBIT Margin: 2.3% (Q4FY26: 1.6%; Q1FY26: 3.6%)
  • Profit Before Tax: ₹19.6 Cr (Q4FY26: ₹13.0 Cr, +50.2% QoQ; Q1FY26: ₹42.3 Cr, -53.7% YoY)
  • PBT Margin: 2.1% (Q4FY26: 1.5%; Q1FY26: 3.4%)
  • Profit After Tax: ₹14.6 Cr (Q4FY26: ₹17.9 Cr, -18.2% QoQ; Q1FY26: ₹45.9 Cr, -68.2% YoY)
  • PAT Margin: 1.5% (Q4FY26: 2.0%; Q1FY26: 3.7%)
  • Operating EBITDA: ₹23.5 Cr (excludes Rent Income from Investment Properties of ₹1.48 Cr and Income from Other Investments of ₹0.70 Cr)
  • Operating EBITDA Margin: 2.5% (Q4FY26: 2.0%; Q1FY26: 3.8%)
  • Cash PAT (PAT + Depreciation): ₹18.6 Cr (Q1FY26: ₹49.9 Cr)

Key Financial Metrics

  • Deferred Tax Charge: Recognized ₹5.0 Cr Deferred Tax Assets (net) charge under tax expense in accordance with Ind AS 12
  • Gross Debt (as of 30th June 2026): ₹58.8 Cr (Long-Term Debt: ₹33.4 Cr; as of 31st March 2026: ₹60.8 Cr with Long-Term Debt of ₹33.1 Cr)
  • Order Book (as of 30th June 2026): ₹890 Cr comprising:
  • Textiles & Related Products: ₹480 Cr
  • Digital Infrastructure: ₹110 Cr
  • Consumer Durables: ₹300 Cr

Segment Performance

  • Core Segments Revenue (Textiles & Related Products + Digital Infrastructure): ₹447.9 Cr, registering 14.6% YoY growth
  • Textiles & Related Products Contribution: 43.1% of revenue, 59.9% of EBIT
  • Digital Infrastructure Business: Recorded healthy growth in revenue and profitability supported by institutional projects including ICT Labs, IT systems, Robotics Labs with integrated software

Strategic and Operational Highlights

  • Portfolio Realignment: Strategic reduction in low-margin Consumer Durables products
  • Green Initiatives:
  • Commissioned 4 MWp captive solar power project at Nadiad manufacturing unit
  • Initiated rainwater harvesting to reduce groundwater consumption
  • Business Transformation: Transitioned from legacy textile player to diversified integrated uniform and solutions provider
  • Business Segments:
  • Integrated Uniforms Solution: End-to-end capabilities serving education, healthcare, aviation, security, automobiles, QSRs, petrochemicals sectors
  • Digital Infrastructure: Focus on digital education projects under Samagra Shiksha, PM SHRI Schools programs
  • Consumer Durables: Participates in public welfare-led institutional projects

Corporate Structure and Investments

  • Holding in NOCIL Ltd: 15.12% as part of promoter holding
  • Subsidiary: Pieflowtech Solutions Private Limited (appraised with CMMI® Maturity Level 5 for CMMI®-DEV and CMMI®-SVC)

Management Commentary

Mr. Priyavrata Mafatlal, MD and CEO stated: "We remain focused on strengthening our organizational structure, improving execution, and building a stronger foundation for sustainable growth across our businesses. Our integrated Uniforms Solution business continues to benefit positively from fabric to garmenting solutions, longstanding customer relationships, intensive supply chain, and the delivery of value-added offerings to institutions. We continue to enhance our capabilities in Digital Infrastructure segment as we build it into a key growth engine for the Company over the medium to long term."

Historical Financial Context

  • FY26 Revenue: ₹3,870.4 Cr (FY25: ₹2,807.2 Cr; FY24: ₹2,078.4 Cr)
  • FY26 Operating EBITDA: ₹113.8 Cr with 2.9% margin
  • FY26 PBT: ₹96.7 Cr with 2.5% margin
  • FY26 ROCE: 23.0%

Governance and Leadership

  • Board of Directors: Experienced board including Mr. Hrishikesh Mafatlal (Promoter & Chairman), Mr. Priyavrata Mafatlal (MD & CEO), and six independent directors
  • Management Team: Professional team including Mrs. Smita Jhanwar (CFO)

Additional Information

  • Company Legacy: 120+ years
  • Business Model: Asset-light hybrid manufacturing model supported by established vendor ecosystem
  • CSR Initiatives: Focused on education, healthcare, and rural development through partnerships with Vrindaranya Grama Punarutthana Mandali and Shri Chaitanya Health and Care Trust