Key Financial Results - Standalone (H1 FY27 vs H1 FY26)
Revenue from operations: ₹345.59 crore, up 37.6% from ₹251.12 crore
EBITDA: ₹56.89 crore, up 54.83% from ₹36.74 crore
EBITDA margin: 16.46%, improved by 183 basis points from 14.63%
Net profit after tax: ₹35.66 crore, up 54.1% from ₹23.14 crore
Earnings per share: ₹40.72, up from ₹26.42
Finance costs: ₹3.24 crore, up 6.2% from ₹3.05 crore
Depreciation: ₹5.63 crore, up 22.5% from ₹4.60 crore
Tax expense: ₹12.36 crore, up 40.2% from ₹8.81 crore
Key Financial Results - Q2 FY27 Standalone
Revenue from operations: ₹164.67 crore, up 49.1% from ₹110.46 crore in Q2 FY26
EBITDA: ₹26.37 crore, up 38.52% from ₹19.04 crore
EBITDA margin: 16.01% (17.24% in Q2 FY26)
Net profit after tax: ₹16.70 crore, up 63.4% from ₹10.22 crore
Earnings per share: ₹19.07, up from ₹11.67
Finance costs: ₹0.54 crore, down 74.8% from ₹2.14 crore
Balance Sheet Position (Standalone as of September 30, 2026)
Net worth: ₹368.00 crore, increased from ₹333.22 crore in March 2026
Total borrowings: ₹56.92 crore, increased from ₹50.56 crore
Cash and equivalents: ₹9.39 crore, decreased from ₹30.63 crore
Net debt: ₹47.52 crore, increased from ₹19.93 crore
Inventories: ₹55.93 crore, increased 69% from ₹33.04 crore
Trade receivables: ₹168.07 crore, increased 47% from ₹114.51 crore
Trade payables: ₹21.91 crore, increased from ₹14.28 crore
Total assets: ₹467.66 crore, increased from ₹418.61 crore
Net debt to equity: 0.13× (0.06× in March 2026)
Current ratio: 4.3× (3.5× in March 2026)
Interest cover: 17.5× (EBITDA ÷ finance cost)
Book value per share: ₹420 (₹380 in March 2026)
Consolidated Financial Results (H1 FY27)
Revenue from operations: ₹394.94 crore vs ₹252.42 crore in H1 FY26
EBITDA: ₹68.96 crore vs ₹35.13 crore
Net profit after tax: ₹42.14 crore vs ₹19.75 crore
Profit attributable to owners: ₹40.85 crore vs ₹20.42 crore
Non-controlling interest: ₹1.30 crore vs (₹0.68) crore
Operational Highlights
Capacity utilization: ~95% through both quarters of H1 FY27
Subsidiary performance: Global Polyweave Pvt Ltd (80% subsidiary) currently at 60-70% utilization with target to increase production capacity by March 2027
Cost structure changes: Material cost increased to 59.0% of revenue from 57.8%, employee benefits decreased to 5.9% from 7.9%, other expenses decreased to 19.4% from 20.5%
Outlook and Priorities
Sustain high utilization rates and plan for demand beyond 95% capacity
Ramp up Global Polyweave subsidiary capacity by March 2027
Release working capital as polymer prices ease and reduce limit utilization
Maintain procurement edge through opportunistic polymer imports
Acknowledgment that some H1 tailwinds (inventory gains, forex gains, freight-driven pricing) may ease as polymer supply and shipping return to normal
Business Overview
Incorporated in 1985, headquartered in Ahmedabad
Operates in technical textiles segment specializing in woven polypropylene
Products include geotextiles for civil infrastructure and housing membranes for building wrap and roofing underlayment primarily for US market
