We are primarily engaged in the manufacturing of cotton yarn, knitted fabric, cottonseed oil and oilcakes. The Company commenced its operations in 1997 with the establishment of a cotton ginning plant, initially focusing on the manufacture of cotton bales and cotton seeds. In 2000, the Company further expanded its operations by setting up a crushing unit for the extraction of oil from cotton and mustard seeds, thereby diversifying its product portfolio to include cottonseed oil, mustard oil and oil cakes.
In 2011, the Company strengthened its integrated manufacturing capabilities by establishing a spinning plant for the production of cotton yarn. Continuing its growth and expansion journey, the Company entered the knitted fabric manufacturing segment in 2014 by establishing a knitting unit, thereby enhancing its value-added product offerings. Over the years, the Company has consistently expanded and strengthened its manufacturing capabilities and product portfolio under the strategic guidance of its management. This continued focus on operational growth and diversification has enabled the Company to achieve revenue from operations of 29,867.71 lakhs during the Financial Year 2025-26.
During the Financial Year 2025-26, the Company also achieved a significant milestone in its corporate journey with the migration of its equity shares from the NSE SME Platform to the Main Board of the National Stock Exchange of India Limited (NSE) and the listing of its equity shares on the Main Board of BSE Limited (BSE), effective from 24th September 2025. This milestone reflects the Companys continued growth, strengthened corporate governance framework, enhanced regulatory compliance and its ongoing commitment to creating sustainable, long-term value for its stakeholders.
The textile industry in India occupies a significant and strategic position in the countrys economy and continues to be an important contributor to industrial growth, employment generation and exports. As one of the countrys oldest and most established industries, the sector has evolved significantly over the years, supported by Indias strong agricultural base, particularly cotton production, a large and skilled workforce and an extensive manufacturing ecosystem. The industry addresses an essential consumer need while contributing meaningfully to economic activity and the improvement of livelihoods.
A key strength of the Indian textile industry lies in its integrated value chain, extending from the cultivation and sourcing of raw materials to spinning, weaving, knitting, processing and the manufacture of finished textile products. This broad-based ecosystem enables value addition at multiple stages of production and provides the industry with the flexibility to cater to both domestic and international markets. The availability of raw materials, established manufacturing capabilities and a growing domestic consumption base provide a strong foundation for the industrys long-term development.
The sector is also a significant source of employment across both organised and decentralised segments of the economy. Its extensive presence across rural and urban areas creates employment and livelihood opportunities across various stages of the value chain, while also supporting ancillary activities. The industrys ability to generate employment, particularly for women and economically disadvantaged sections of society, further enhances its contribution to inclusive economic development.
Beyond its economic contribution, the textile industry plays an important role in preserving Indias rich cultural heritage. Indias diverse textile traditions, handlooms, crafts and indigenous techniques represent a valuable combination of cultural knowledge and craftsmanship. Continued development of the sector, along with greater recognition of traditional skills and products, can help preserve these practices while creating sustainable livelihood opportunities for communities associated with them.
Sustainability and innovation are increasingly becoming important drivers of the textile industrys future growth. The industry is witnessing greater emphasis on resource efficiency, environmentally responsible manufacturing, sustainable raw materials, waste reduction and circular economy practices. At the same time, technological advancements, automation and evolving
manufacturing processes are enabling textile companies to improve productivity, product quality and operational efficiency. These developments are expected to create new opportunities for Indian textile manufacturers and strengthen the countrys position in global textile markets.
Overall, the Indian textile industry continues to represent an important pillar of the manufacturing sector, combining economic significance with substantial employment, social and cultural contributions. With increasing emphasis on value addition, sustainability, technological advancement and export competitiveness, the sector is well positioned to contribute to Indias longterm economic growth and strengthen its presence in the global textile value chain.
The global economy demonstrated resilience during 2025, continuing its gradual recovery despite a complex and uncertain macroeconomic environment. Economic activity was influenced by persistent geopolitical tensions, ongoing conflicts in the Middle East, evolving trade policies, supply chain realignments and differences in monetary policy approaches across major economies. These factors contributed to volatility in energy and commodity markets and created uncertainty for global trade, investment and business sentiment.
At the same time, inflationary pressures showed signs of moderation across several advanced and emerging economies. The easing of inflation enabled a number of central banks to begin, or signal, a gradual transition towards monetary policy normalisation. However, the global economic environment remained challenging, with elevated geopolitical risks, changing trade policies, climate-related disruptions and relatively tight financial conditions continuing to affect the pace of economic expansion.
While several advanced and emerging economies continued to demonstrate resilience, supported by relatively robust labour markets and moderating inflation, global growth remained below historical averages. According to the World Economic Outlook, global GDP is expected to grow by approximately 3.3%, reflecting a continued but relatively subdued recovery following the disruptions of the pandemic period.
Higher interest rates and constrained investment flows, particularly across developing economies, continued to moderate economic activity. Nevertheless, structural areas of growth remained resilient. Investment in renewable energy, digital transformation, advanced manufacturing, infrastructure and other emerging sectors continued to provide important avenues for long-term economic development. These structural trends are expected to support productivity improvements and contribute to a gradual strengthening of global economic activity over the medium term.
For businesses operating in globally integrated sectors such as textiles, the evolving global environment presents both opportunities and challenges. While recovery in international demand can support export growth, geopolitical developments, trade policy changes, currency movements, commodity price volatility and supply chain disruptions may continue to influence operating conditions. Companies with diversified markets, efficient operations and the ability to adapt to changing customer and market requirements are expected to remain better positioned to navigate these uncertainties.
The Indian economy continued to demonstrate resilience during the Financial Year 2025-26 and maintained its position among the worlds fastest-growing major economies. Despite global uncertainties, geopolitical tensions, changing trade dynamics and volatility in commodity markets, Indias economic growth remained supported by strong domestic demand, sustained public capital expenditure and improving private sector investment. Real GDP growth was estimated at around 6.5%, reflecting the underlying strength and resilience of the Indian economy.
Economic activity during the year was supported by broad-based growth across manufacturing, services and construction, along with healthy urban consumption and resilient rural demand. Continued government expenditure on infrastructure and capital-intensive projects provided further support to economic activity. Initiatives such as Make in India, Digital India, the PM Gati Shakti National Master Plan, the Production Linked Incentive (PLI) Scheme and the National Logistics Policy continued to strengthen Indias manufacturing ecosystem, improve connectivity and logistics efficiency and enhance the overall competitiveness of Indian businesses.
The textile and cotton industry continued to play a significant role in Indias manufacturing, employment and export landscape. During FY 2025-26, the sector witnessed a gradual improvement in demand, supported by stable domestic consumption and a recovery in export orders across select international markets. However, the industry continued to operate in a challenging environment characterised by fluctuations in raw cotton prices, elevated logistics costs, intense global competition and uncertainty in key export markets arising from geopolitical developments.
Indias strong position in the global textile value chain is supported by its abundant cotton production, established manufacturing base, integrated textile ecosystem and availability of skilled manpower. In addition, the continued policy support provided to the sector through initiatives such as the PM MITRA Parks Scheme, Production Linked Incentive (PLI) Scheme for textiles and National Technical Textiles Mission is expected to encourage investment, promote value addition, facilitate technological advancement and enhance the competitiveness of Indian textile manufacturers. These initiatives are expected to support the industrys transition towards higher-value products and strengthen Indias position in the global textile market over the medium to long term.
India also continued to remain an attractive destination for investment, supported by policy reforms, macroeconomic stability and increasing integration with global supply chains. Growing opportunities in sectors such as electronics manufacturing, semiconductors, electric vehicles, defence production, renewable energy and advanced manufacturing contributed to increased domestic and foreign investment interest. Continued emphasis on ease of doing business, digital governance, infrastructure development and industrial capacity creation is expected to further strengthen Indias investment environment.
The financial sector remained resilient during the year, supported by a well-capitalised banking system, improving asset quality and healthy credit growth across retail, MSME and industrial segments. High-frequency indicators such as GST collections, UPI transactions, e-way bill generation, manufacturing activity and foreign exchange reserves continued to reflect the strength and formalisation of domestic economic activity. A stable and increasingly digitised financial ecosystem is expected to continue supporting consumption, investment and business expansion.
Inflationary pressures moderated during the year, supported by prudent monetary policy and easing supply-side pressures. The Reserve Bank of India maintained a calibrated approach towards balancing economic growth with price stability, while the Government continued to focus on fiscal consolidation alongside productive capital expenditure. This policy environment contributed towards maintaining macroeconomic stability and supporting investor confidence.
Looking ahead, Indias favourable demographics, expanding digital economy, growing manufacturing capabilities, continued infrastructure development and ongoing structural reforms provide a strong foundation for sustained economic growth. The countrys increasing focus on self-reliance, export competitiveness, clean energy transition, technological innovation and manufacturing-led development is expected to create significant opportunities across industries. For the textile sector in particular, the combination of a strong domestic market, abundant raw material availability, policy support, technological advancement and opportunities in global markets provides a favourable platform for sustainable long-term growth.
The Indian cotton and textile industry continues to offer significant opportunities for sustainable growth, supported by rising domestic consumption, increasing global demand and Indias established position across the textile value chain. Growing consumer awareness and preference for sustainable, responsibly manufactured and eco-friendly textile products are creating opportunities for manufacturers to adopt sustainable production practices and develop products aligned with evolving market expectations.
The increasing demand for value-added, technical and smart textiles also presents attractive growth opportunities for the industry. The expansion of technical textiles across sectors such as healthcare, infrastructure, automotive, agriculture and industrial applications is expected to create new avenues for diversification and product development. Manufacturers with the ability to enhance product quality, develop specialised products and respond to changing customer requirements can benefit from these emerging opportunities.
Technological advancement is another important growth driver for the sector. Increasing adoption of automation, digital manufacturing, data-driven processes and Industry 4.0 technologies can enable textile manufacturers to improve operational efficiency, optimise resource utilisation, reduce production losses and maintain consistent product quality. Investment in modern machinery and technology is therefore expected to play an increasingly important role in improving productivity and strengthening competitiveness.
The continued growth of e-commerce and digital distribution channels is also expanding market accessibility and enabling businesses to reach a wider customer base. Changing consumption patterns, increasing product awareness and the growing importance of direct and digitally enabled customer engagement are creating opportunities for companies to explore new markets and strengthen their market presence.
The industrys gradual transition towards a circular economy is further opening opportunities in areas such as recycled fibres, waste reduction, resource efficiency and sustainable manufacturing. Increasing focus on environmental responsibility across global supply chains is expected to encourage investments in cleaner technologies and sustainable production processes.
Indias strong cotton production base, integrated textile ecosystem, skilled workforce and supportive government initiatives further strengthen the industrys growth prospects. Continued investments in modernisation, capacity enhancement, innovation, product diversification and value addition are expected to provide opportunities for Indian textile manufacturers to improve their competitiveness and expand their presence in both domestic and international markets.
Despite its favourable long-term prospects, the cotton and textile industry remains exposed to a number of operational, economic and market-related risks. Volatility in the prices of raw cotton, energy and other key inputs can have a direct impact on production costs and operating margins. Changes in cotton availability and pricing, influenced by crop conditions, weather patterns, market demand and supply dynamics, may further affect the cost structure and profitability of textile manufacturers.
Supply chain disruptions also remain a significant concern, particularly in an industry dependent on timely availability of raw materials, transportation and logistics. Disruptions arising from geopolitical developments, international trade restrictions, transportation constraints or other external factors may result in higher costs, delays and uncertainty in fulfilling customer requirements.
The industry also faces intense competition from both domestic and international manufacturers. Competitive pricing, changing customer expectations, shorter product cycles and increasing demand for quality and timely delivery require companies to continuously improve operational efficiency and maintain strong customer relationships. Changing trade policies, tariffs and regulatory developments in key export markets may also influence the competitiveness of Indian textile products.
Rising labour and energy costs, availability of skilled manpower and increasing compliance requirements relating to environmental and sustainability standards may place additional pressure on operating costs. As global customers increasingly focus on responsible sourcing and sustainable production, textile manufacturers may need to make continued investments in cleaner technologies, resource efficiency and compliance systems.
Rapidly evolving consumer preferences and fashion trends present another challenge for the industry. Changes in colour, design, fabric preferences and product demand require manufacturers to remain agile and responsive. Failure to adapt to changing market requirements or technological developments could affect market competitiveness and customer retention.
The industry is also exposed to broader economic and geopolitical uncertainties, including fluctuations in currency rates, changes in international demand, inflationary pressures and disruptions in global trade. Such factors may influence export opportunities, input costs and overall business sentiment.
In this environment, effective risk management, operational efficiency, technological upgradation, prudent cost management, supply chain resilience and continued focus on product quality and customer requirements remain essential for sustainable growth. The ability to adapt to changing market conditions while maintaining financial and operational discipline will remain a key factor in navigating the challenges faced by the industry.
The Company is primarily engaged in the business of Cotton Ginning and related activities. During the year under review, the Company operated as a single-segment entity, with Cotton Ginning constituting its principal business activity. Accordingly, there are no separate reportable business or geographical segments requiring separate disclosure. The nature of the products and services offered by the Company, as well as the risks and returns associated with its operations, are substantially similar. Therefore, the Company has considered its operations as comprising a single reportable segment.
Accordingly, the provisions relating to segment reporting under the applicable accounting framework are not separately applicable to the Company.
The Company operates in an industry which is influenced by various internal and external factors, including economic conditions, availability and prices of raw cotton, fluctuations in input costs, changes in customer demand, market conditions and the competitive environment. Any significant adverse movement in these factors may impact the Companys operating performance and profitability.
The Company is also exposed to price and market risks, particularly due to fluctuations in cotton prices and other raw material costs. Changes in global and domestic demand, exchange rate movements, trade policies, climatic conditions and other factors affecting the cotton and textile value chain may also have an impact on the Companys business.
Further, the Company operates in a competitive market where pricing, product quality, timely delivery and customer service play an important role in retaining existing customers and acquiring new ones. Increased competition may exert pressure on margins and market share.
The Company also remains exposed to operational, financial, regulatory and credit risks arising in the ordinary course of business. These risks are monitored on a continuous basis and appropriate measures are undertaken to mitigate their potential impact. The management regularly reviews business conditions and market developments and takes necessary corrective and preventive measures to safeguard the Companys operations and financial position.
The Company remains optimistic about the long-term prospects of the cotton and textile industry and intends to leverage its existing strengths, operational capabilities and market relationships to strengthen its position in the industry.
Over the years, the Company has developed and maintained enduring relationships with its customers by focusing on quality, consistency, timely delivery and reliability. These established relationships provide a strong foundation for repeat business and continued customer engagement. The Company intends to further strengthen these relationships while exploring opportunities to expand its customer base and market presence.
The Company also seeks to enhance operational efficiency, maintain product quality and respond effectively to changing market requirements. The increasing focus on sustainable and quality-oriented textile products, coupled with the continued demand for cotton and cotton-based products, provides opportunities for the Company to grow its business.
Further, the Companys customer base is diversified across different markets and regions, which helps reduce dependence on any single customer, geography or market. This diversification provides greater resilience against regional demand fluctuations and enables the Company to respond more effectively to changing market conditions.
Going forward, the Company will continue to focus on sustainable growth, operational efficiency, customer relationships, prudent cost management and strengthening its market position, while remaining mindful of the risks and challenges prevailing in the industry.
The Company has an adequate and effective internal control system commensurate with the size, scale and complexity of its operations. The internal control framework is designed to provide reasonable assurance regarding the orderly and efficient conduct of business, safeguarding of assets, prevention and detection of frauds and errors, accuracy and completeness of accounting records, and timely preparation of reliable financial information.
The Company has established appropriate controls and procedures for the authorization, recording and reporting of financial and operational transactions. These controls are reviewed periodically by the management to ensure their continued effectiveness and to identify areas requiring improvement. The Company also maintains appropriate checks and balances to ensure that transactions are undertaken with proper authorization and in accordance with applicable policies and procedures.
The internal control systems also facilitate proper monitoring of costs, financial discipline and compliance with applicable accounting standards and regulatory requirements. The Companys assets are subject to appropriate safeguards to minimize the risk of loss, misuse or unauthorized utilization.
The Audit Committee of the Board periodically reviews the adequacy and effectiveness of the internal financial controls and considers the observations and recommendations made by the Statutory Auditors and other assurance functions, wherever applicable. Corrective measures, wherever considered necessary, are implemented by the management within the prescribed framework.
In addition, the Company has established a Vigil Mechanism / Whistle Blower Policy to provide a structured mechanism for Directors and employees to report genuine concerns regarding unethical behaviour, actual or suspected fraud, violation of the Companys policies or other malpractices. The mechanism is intended to encourage responsible reporting and provide appropriate safeguards against victimization of persons making such reports in good faith.
Overall, the Companys internal control systems are intended to ensure transparency, accountability, operational efficiency and reliability of financial reporting, while supporting the Company in achieving its business objectives and safeguarding its assets.
The Company recognizes its human resources as one of its most valuable assets and considers its employees to be an integral part of its continued growth and success. The Companys performance and ability to achieve its business objectives are significantly supported by the commitment, capabilities, experience and dedication of its workforce. Accordingly, the Company seeks to foster a work environment that encourages professionalism, responsibility, continuous learning, teamwork and performance excellence.
The Company believes that a motivated and capable workforce is essential for maintaining operational efficiency and delivering consistent quality. The Company therefore focuses on developing a positive and performance-oriented work culture wherein employees are encouraged to take ownership of their responsibilities, contribute their ideas and align their individual objectives with the overall goals of the Company.
The Company is committed to providing its employees with a safe, secure, healthy and respectful working environment. Appropriate workplace practices and processes are followed to promote employee well-being and ensure that employees can perform their responsibilities effectively. The Company also endeavors to maintain a work environment based on mutual respect, professionalism, fairness and equal opportunity.
Employee performance and productivity remain important areas of focus for the Company. The management continuously works towards improving workforce productivity through effective utilization of human resources, appropriate allocation of responsibilities and fostering greater coordination among various functions. The Company encourages employees to enhance their skills and capabilities in line with the changing requirements of the business and industry.
The Company also places considerable importance on employee engagement, teamwork and effective communication. Employees at various levels are encouraged to work collectively towards common organizational objectives. This alignment helps create a shared sense of purpose and contributes towards building a cohesive and committed workforce.
The Company believes that harmonious industrial relations are essential for maintaining operational continuity and achieving sustainable business performance. During the year under review, the Company continued to maintain cordial and mutually respectful relations with its employees. The Company values the sincerity, dedication, discipline and contribution of its workforce and recognizes that their efforts play an important role in supporting the Companys day-to-day operations and long-term objectives.
The Company also seeks to create opportunities for stable and sustainable employment and aims to attract and retain competent personnel across different functions. Employee retention, capability building and development of a skilled workforce remain important components of the Companys human resource approach.
As on March 31, 2026, the Company had 370 permanent employees on its payroll. The workforce represents a diverse pool of employees engaged across various operational, technical, administrative and support functions. The Company continues to focus on strengthening its human resource capabilities in line with its business requirements and future growth plans.
Going forward, the Company will continue to invest in and strengthen its human capital by promoting a conducive workplace, encouraging employee development, maintaining healthy industrial relations and fostering a culture of accountability, collaboration and continuous improvement. The Company believes that a capable, engaged and committed workforce will remain a key enabler in achieving sustainable growth and creating long-term value for all stakeholders.
1. The Summary of the Operating performance is given below:
| Particulars | F.Y. 2025-26 | F.Y. 2024-25 | % of Change |
| Revenue from Operation | 29867.71 | 29,806.36 | 0.20% |
| Operating Profit (EBITDA) | 4263.52 | 3264.04 | 30.62% |
| Finance Cost | 1071.12 | 1039.50 | 3.04% |
| Depreciation Cost | 1394.33 | 879.12 | 58.60% |
| Profit Before Tax | 1798.07 | 1345.42 | 33.64% |
| Profit After Tax | 1326.12 | 999.03 | 32.74% |
The Companys operating performance during FY 2025-26 remained positive, with improvement in profitability despite relatively stable revenue from operations. Revenue from Operations stood at 29,867.71 lakh as against 29,806.36 lakh in FY 2024-25, registering a marginal growth of 0.20%.
Despite the stable revenue base, the Company witnessed a significant improvement in operating profitability. EBITDA increased by 30.62%, from 3,264.04 lakh in FY 2024-25 to 4,263.52 lakh in FY 2025-26, reflecting improved operating efficiency and better realization/cost management.
Finance Cost increased marginally by 3.04%, from 1,039.50 lakh to 1,071.12 lakh. Depreciation increased by 58.60%, from 879.12 lakh to 1,394.33 lakh, primarily reflecting the impact of the Companys investment in and expansion of its asset base.
Notwithstanding the higher depreciation and finance costs, Profit Before Tax (PBT) increased by 33.64%, from 1,345.42 lakh in FY 2024-25 to 1,798.07 lakh in FY 2025-26. Similarly, Profit After Tax (PAT) increased by 32.74%, from 999.03 lakh to 1,326.12 lakh.
Overall, the Companys performance during FY 2025-26 reflects strong improvement in operating efficiency and profitability, with EBITDA, PBT and PAT recording healthy double-digit growth despite only marginal growth in revenue. The improved profitability demonstrates the Companys focus on operational efficiency, cost management and effective utilization of its resources
| Ratios | F.Y. 2025-26 | F.Y. 2024-25 | % of Change |
| Current Ratio | 1.88 | 1.65 | 14.19 |
| Debt-equity ratio | 0.96 | 1.52 | (36.89) |
| Debt service coverage ratio | 2.31 | 1.97 | 16.96 |
| Return on equity ratio | 0.10 | 0.11 | (9.92) |
| Inventory turnover ratio | 4.00 | 4.07 | (1.85) |
| Trade receivables turnover ratio | 4.98 | 6.93 | (28.23) |
| Trade payables turnover ratio | 39.20 | 67.73 | (42.13) |
| Net capital turnover ratio | 3.55 | 4.41 | (19.52) |
| Net profit ratio | 0.04 | 0.03 | 32.47 |
| Return on capital employed | 0.09 | 0.08 | 11.54 |
| Return on investments | 1.15 | 4.22 | (72.83) |
During FY 2025-26, the Companys Current Ratio improved to 1.88 from 1.65, indicating an improvement in short-term liquidity. The Debt-Equity Ratio declined to 0.96 from 1.52, reflecting lower financial leverage and a stronger capital structure. The Debt Service Coverage Ratio improved to 2.31 from 1.97, indicating better capacity to service debt obligations.
The Return on Equity declined marginally to 10%, while the Inventory Turnover Ratio remained broadly stable at 4.00. The decline in Trade Receivables Turnover Ratio to 4.98 indicates relatively slower realization of receivables. Similarly, the Trade Payables Turnover Ratio and Net Capital Turnover Ratio declined, reflecting changes in working capital utilization.
On the positive side, the Net Profit Ratio improved to 4% from 3%, while Return on Capital Employed increased to 9% from 8%, indicating improved overall profitability and efficiency in the use of capital. The Return on Investments declined to 1.15 from 4.22, mainly reflecting changes in the investment base and returns during the year.
Overall, the ratio analysis reflects improved liquidity, reduced leverage and better profitability, while working capital efficiency and return on investments remain areas requiring continued management attention
There has been no change in the accounting treatment or accounting policies followed by the Company in the preparation of its financial statements for the financial year 2025-26 as compared to the immediately preceding financial year. The financial statements for the year under review have been prepared on a consistent basis in accordance with the applicable accounting standards and provisions of the Companies Act, 2013.
Statements made herein describing the Companys expectations are forward looking statement. The actual results may differ from those expected or predicted since the Companys operations are influenced by many external factors which are beyond the control of your Company. These include climatic and economic conditions affecting demand and supply, government regulations, taxation, and natural calamities over which the Company does not have any direct control.
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