OUTLOOK
FY 2025 marked a year of strategic positioning and operational resilience for the global textile and apparel industry. Despite facing headwinds from geopolitical tensions and economic uncertainties, the sector demonstrated notable recovery with global T&A trade reaching US$ 893 billion. India continued to strengthen its position as a key player in the global value chain, with domestic market expansion and export diversification initiatives showing promising results.
GLOBAL ECONOMIC OVERVIEW
The global economy remains subdued due to weak demand and geopolitical factors; however, India has outpaced global economy
Global trade of goods and services rebounded in 2024
Global trade in goods and services grew by 4% in 2024, reaching a record US$ 33 trillion, after a 2% decline in 2023. The value of goods trade saw a rebound, increasing by 2.4% year-on-year, reaching US$ 24.5 trillion, while services trade saw a strong rise of 9.3% to reach US$ 8.5 trillion. However, the year also saw widening trade imbalances, with the US
trade deficit deepening and Chinas trade surplus expanding. Escalating tariff tensions, especially between the US and China, prompted companies to diversify supply chains toward Southeast Asia and other regions. Going forward, the evolving US tariff policy will have significant impact on how trade dynamics evolve globally.
Himatsingkas strategic positioning in the global context
Despite global headwinds, Himatsingka remains well- positioned to capitalize on emerging opportunities through our world-class, vertically integrated manufacturing capabilities spanning 211,584 spindles, a diversified global client base across 36 countries, a strong brand portfolio including 8 global brands and an expanding India presence, and industry-leading cotton traceability solutions through patented DNA tagging technology.
Our integrated manufacturing platforms and established global relationships enable us to navigate market volatility while capturing growth opportunities in both traditional and emerging markets.
INDIAN ECONOMIC OVERVIEW
Indias economy remains one of the fastest-growing, globally
Indias economy maintained strong momentum with an estimated GDP growth of 6.5% in FY 2025, positioning the country among the fastest-growing major economies globally. This indicates a marginal moderation in growth momentum, reflecting the normalization of post-pandemic recovery gains, the impact of tighter financial conditions, and slower global trade. However, this pace of growth remains relatively strong compared to global trends and continues to position India as one of the fastest- growing major economies. Inflation is expected to ease further from 4.7% in FY 2024 to 4.2% in FY 2025, suggesting that price pressures are gradually stabilizing. This moderation in inflation, alongside steady growth, creates room for more balanced policy action, with monetary policy likely shifting focus
towards supporting growth while ensuring inflation stays within target range.
Indias economic outlook remains positive in the medium term. Structural drivers such as robust domestic demand, infrastructure investment, digital transformation, manufacturing expansion through initiatives like PLI schemes, and favorable demographics are expected to underpin steady growth. While external headwinds like global trade tensions, geopolitical risks, and financial market volatility persist, India is well-positioned to achieve sustainable growth in the 6-7% range over the next few years, provided reforms continue and global conditions stabilize.
Source: International Monetary Fund, Press Information Bureau (E): Estimated
Indias GDP per capita showing an upward trend
Indias GDP per capita has recorded a healthy CAGR of which indicates huge potential for growth and economic
6% over the past five years. Indias per capita income is development and augurs well for the future.
much lower compared to other major world economies,
GLOBAL TEXTILE & APPAREL (T&A) INDUSTRY SCENARIO Global T&A trade rebounded last year
Global T&A trade rose to US$ 893 billion in 2024 from US$ 847 billion in 2023, reflecting a 5% growth. The global T&A industry navigated significant challenges over the past five years, resulting in a modest CAGR of 1%, before demonstrating strong recovery momentum with 5% growth in 2024, including rising inflation, geopolitical tensions, and economic slowdown in major consumer markets such as the US and Europe. Despite these headwinds, the sector displayed notable
resilience, supported by demand recovery across the key markets. With macroeconomic stability gradually returning and inflation easing, trade activity is expected to pick up pace in the coming years, driven by renewed retail demand and inventory restocking across global supply chains.
China continues to lead as the worlds largest exporter, although buyers are looking for alternate sourcing destinations
In terms of exports, China remains the dominant player with a total export value of US$ 298 billion, accounting for 33% of global trade. While the EU ranks second with US$ 65 billion in exports, Vietnam stands out as the third-largest exporter (US$ 47 billion), reflecting its rising role in global sourcing, amid shifting supply chains. Bangladesh, focused almost entirely on apparel, and India, with a more balanced profile favoring textiles, follow in the rankings with US$ 41 billion and US$ 37 billion in total exports respectively.
With global buyers looking to de-risk their supply chains, there has been a shift in sourcing from China in recent years and going forward, there is good opportunity for countries like India to further increase their share.
US tariff policy has created uncertainty in global markets
The recent imposition of reciprocal tariffs by the US has created significant uncertainty in global trade, with tariff rates undergoing changes. As of 8th August 2025, India faces one of the highest tariffs at 50%, compared to other competing nations such as Pakistan (19%), Bangladesh (20%), Vietnam (20%) and China (30%).
While these tariffs are still under negotiation and hence may change in future, depending on the evolving scenario, once the final tariff structures for all countries are confirmed, it will likely trigger a major realignment of sourcing bases, investment flows, and manufacturing locations, as global buyers and exporters reposition themselves to maximize tariff advantages. However, the current scenario highlights the need for India to diversify its export portfolio by expanding into other major markets such as the EU, Japan, UK, Canada, and other high-potential regions. Additionally, support from Government of India with targeted and attractive incentive schemes, support for innovation and quality enhancement will ensure Indian exporters remain competitive on the global stage despite adverse tariff conditions and shifting global sourcing patterns.
Further, several trends given below are shaping global trade dynamics and are expected to have an impact in the future:
Geopolitical conflicts in Russia-Ukraine, the Middle East, India-Pakistan tensions etc. remain pressing points that will dictate the trade scenario. There is a gradual shift toward easier global monetary conditions, supported by disinflation and cautious central bank easing. This is likely to gradually lift demand in coming quarters. However, global growth faces headwinds from sentiment, geopolitics, and fiscal constraints.
The role of digital technologies and AI in the textile sector is growing rapidly, especially in areas like demand forecasting, quality control, and inventory management. With positive outcomes expected, these technologies will likely become central to operational efficiency and competitiveness across the industry.
Global brands are getting increasingly stringent on sustainability and traceability, driving major changes across the textile supply chain. Brands like Nike and H&M now demand eco-friendly materials, lower emissions, and transparent sourcing. Accordingly, suppliers need to adopt cleaner technologies, meet certification standards, and ensure supply chain traceability. While compliant suppliers will gain stronger brand partnerships, others risk being excluded. As a result, sustainability is reshaping both production practices and supplier competitiveness in the global apparel industry.
INDIAN T&A INDUSTRY OVERVIEW
Indias T&A industry remains robust, driven by strong domestic demand
Indias T&A industry is one of the largest in the world, playing a crucial role in the countrys economy through employment generation, domestic consumption, and exports. The Indian T&A industry size for FY 2025 is estimated to be US$ 184 billion, which is divided into domestic market of US$ 147 billion and exports worth US$ 37 billion. The domestic market is dominated by apparel, contributing US$ 108 billion, followed by technical textiles at US$ 28 billion, and home textiles at US$ 11 billion. On the export front, textiles account for a larger share of US$ 21 billion, while apparel
exports stand at US$ 16 billion. This structure highlights Indias strong domestic consumption, driven by a large and growing middle class, rising urbanization, and shifting fashion preferences. The relatively lower share of exports suggests significant untapped global potential. With targeted initiatives to develop the manufacturing ecosystem from both the private sector and government, India is well-positioned to enhance its competitiveness and expand both its domestic and international T&A footprint in the upcoming years.
Index of Industrial Production reflects improved sentiments for T&A
Indias overall Index of Industrial Production (IIP) for IIP grew by 6% in FY 2025 compared to FY 2024,
T&A indicated stabilization in manufacturing, despite indicating a stronger recovery and performance in
persistent challenges in global trade. Textiles IIP the apparel segment.
registered a modest 1% increase, while apparel
Indias domestic market demand remains strong despite recent slowdown
Indias domestic T&A market has grown from US$ 106 billion in FY 2020 to US$ 147 billion in FY 2025, registering a CAGR of 7%. Apparel remains the dominant segment, increasing steadily from US$ 78 billion to US$ 108 billion. Both technical textiles and home textiles have shown moderate growth and are estimated at US$ 28 billion and US$ 11 billion respectively in 2024-25.
Growth was slower in FY 2025 at 6.5% largely due to subdued consumption scenario. However, the market
is set to continue the growth momentum in coming years and is expected to reach US$ 250 billion by FY 2031, with a CAGR of 9% over the next six years, due to strong domestic consumption fundamentals. Within this apparel-dominated landscape, technical textiles are expected to emerge as the fastest-growing segment, expanding at a CAGR of 11% to reach US$ 54 billion. Meanwhile, the home textiles segment is projected to grow at a steady CAGR of 7%, reaching US$ 16 billion by FY 2031.
Indias T&A exports demonstrated resilience during challenging global conditions, growing from US$ 34 billion in FY 2020 to US$ 37 billion in FY 2025. While the CAGR of 2% reflects the impact of global headwinds, the sector showed strong recovery momentum with 6% growth in FY 2025. Apparel continues to be the leading export segment, accounting for over 47% of total exports last year. Except for fabric and home textiles, most other segments have seen limited change over the last five years. Looking ahead, recently signed FTAs
with countries like the UAE, Australia and UK, along with ongoing negotiations with the EU and US, are expected to significantly boost exports. Moreover, the China+1 sourcing strategy of global buyers, positions India as a key alternative, offering further growth potential for the countrys export performance.
The US and EU are the largest markets for Indias T&A sector, accounting for 29% and 20% of exports respectively. Other significant destinations include Bangladesh, the UAE and the UK.
Indias T&A imports have seen a steady increase over the years. In the last fiscal year, imports grew 10%, reaching US$ 9.8 billion, up from US$ 8.9 billion, comparatively higher than the last five-year CAGR of 3%. Fiber and fabric consistently remain the two largest import categories, contributing total 45% in FY 2025. Yarn imports have grown to US$ 1.7 billion in FY 2025 from US$ 1.1 billion in FY 2020, while apparel imports saw fluctuations with a peak of US$ 1.8 billion in FY 2023. Home textiles and other items represent a small share of total imports but remain stable
across years. With increasing domestic demand and a growing textile manufacturing ecosystem, imports are expected to rise in the future. China remains the dominant import partner, contributing a substantial 37% of Indias total T&A imports. Both Bangladesh and the EU each account for 11%, followed by the US and Vietnam at 5% each.
Key trends and business factors impacting the market
Increasing cotton price in India
While India continues to be a major cotton producer globally, domestic cotton prices have experienced upward pressure, trading at a premium to international benchmarks due to policy interventions and yield factors. In FY 2025, Indian cotton (Shankar 6) was 12% costlier than Brazilian cotton of similar variety and has become 6% higher than Cotlook A index. This price gap is primarily driven by a 10% import duty on cotton, a sharp rise in the Minimum Support
Price (MSP), and lower domestic cotton yields, all contributing to increased domestic prices. As a result, Indias cost disadvantage is impacting its global competitiveness in textiles, with elevated cotton prices squeezing profit margins across the entire value chain. Addressing these issues is crucial to restoring the export competitiveness of the Indian textile industry.
Source: Cotlook Indices
*Cotlook A Index is a key global benchmark for upland cotton prices, based on the average of the lowest five international offers, primarily for shipment to Far East spinning mills.
FTA with major markets expected to boost Indias export opportunity
India is strengthening its position in the global trade landscape through a series of Free Trade Agreements (FTAs) and ongoing negotiations aimed at expanding market access. The country has already signed FTAs with major economies such as the UK, Japan, South Korea, Australia, UAE and others, while negotiations are underway with the US, EU, and New Zealand.
These agreements are particularly significant for Indias textiles and apparel (T&A) sector, which is heavily export-driven.
Government initiatives will help in boosting the industry
The Cotton Development Programme, launched by the Government of India under the National Food Security Mission (NFSM), aims to enhance cotton productivity, improve fiber quality, and increase farmers income. The Cotton Mission can help reduce the cost of cotton in India by improving productivity and efficiency across the value chain. The mission also supports the modernization of ginning and pressing units, which reduces post-harvest losses and contamination, improving fiber quality and marketability. Over time, these interventions can lead to more stable and competitive cotton prices, reduce reliance on high Minimum Support Prices (MSPs), and strengthen Indias position in the global cotton market.
Additionally, multiple government-led schemes are playing a crucial role in driving the growth and modernization of Indias textile sector. Initiatives such as the Production Linked Incentive (PLI) Scheme, PM MITRA Parks, and RoSCTL (Rebate of State and Central Taxes and Levies) are aimed at enhancing competitiveness, attracting investment, and promoting exports. These schemes focus on creating world-class infrastructure to tap global markets, encouraging scale, supporting innovation and sustainability, and improving ease of doing business. Collectively, they are expected to boost domestic manufacturing to take FTA advantage, facilitate backward integration, and position India as a global hub for the textiles and apparel sector.
Home Textile Market Overview
Global trade of home textiles has remained flat
The global home textiles trade reached US$ 58 billion in 2024, recording a modest CAGR of 2% over the past five years. However, growth remained relatively flat compared to the previous year, indicating a period of stabilization. The European Union continues to be the largest importer in this category, followed by other major markets including the US, UK, Japan, and Canada. Beyond these markets, countries such as Mexico, South Korea, Turkey etc. are witnessing
steady growth in imports for home textile products. These markets also present a good opportunity for Indian exporters to expand their global footprint. With its strong manufacturing capabilities, diverse product range, and increasing focus on sustainability and quality, India is well-positioned to tap into these growing regions and enhance its share in the global home textiles trade.
US home textiles imports have rebounded in 2024
Home textile imports of the US have grown by 7% last year from US$ 12.1 billion in 2023 to US$ 13.0 billion in 2024, significantly higher than the last five-year CAGR of1%. US imports peaked in 2021, driven by postpandemic restocking, before stabilizing in subsequent years. China has remained the dominant supplier, though its share has declined from 43% in 2019 to 33% in 2024, indicating a gradual shift in sourcing.
India has strengthened its position, with imports share increasing from 25% to 28% in the last 5 years. Import share of "Other" countries has also increased from 23% to 26%, suggesting growing diversification of sourcing. These shifting dynamics present a strong opportunity for India to further expand its presence in the US home textile market.
India dominates in exports of cotton home textiles to the US
While China remains the top exporter of overall home textiles to the US, India holds a leading position in cotton-based home textiles. India has a high share
of 46% in cotton home textile imports of the US, with dominance in categories like bed linen (51%), terry towels (40%), and blankets (44%).
EU imports have largely remained flat with marginal growth
The EUs imports in the home textile category remains stagnant in 2024 compared to the previous year. China remains the EUs largest import source, with share of 16%. Indias contribution, has remained stable, contributing around US$ 1.1 billion in 2024
with 7% market share, which indicates a strong opportunity to expand further by leveraging its vertically integrated textile ecosystem, growing focus on sustainability, and improving trade relations with the EU.
Pakistan is the leading supplier of cotton home textiles to the EU benefiting significantly from its free trade access. Despite having a strong cotton base, Indias share remains relatively lower at 8% in 2024. The
segment recorded 2% growth in 2024 and is well positioned for accelerated expansion, supported by Indias competitive advantages and evolving trade agreements.
Indias overall exports of home textiles have grown
The Indian home textiles exports stood at around over last five years. The US remains the dominant
US$ 6.5 billion in FY 2024 increasing significantly by destination, consistently accounting for the largest
8% compared to FY 2023 and growing at 4% CAGR share, rising from 58% in FY 2020 to 59% in FY 2025.
The EU, the second-largest market, saw its share decline slightly from 17% in FY 2020 to 16% in 2024, though it remains a critical export destination. With the India-EU Free Trade Agreement (FTA) under negotiation, there is significant potential for India
to boost its home textile exports to the EU market. Other markets like the UK (4-5%), Australia (2-3%), and Canada (3%) have maintained relatively stable share over the years.
Indias domestic market for home textiles has high potential
Figure 18: Domestic home textile market of India (Values in US$ billion)
Indias domestic home textile market is expanding at a significantly faster pace than the global average. Over the past five years, it has grown at a CAGR of 7%, reaching US$ 11 billion in -Y 2025 and is projected to continue the growth momentum and reach US$ 16 billion by -Y 2030. The growth of domestic market is largely driven by rising disposable incomes, urbanization, and the growth of the housing sector. Consumers are increasingly prioritizing home aesthetics, comfort, and hygiene, particularly after the pandemic, leading to higher demand for premium and branded home textile products such as bedding, towels, and curtains. The expansion of organized retail, e-commerce, and omni-channel strategies
has further improved accessibility across Tier 2 and 3 cities. Additionally, the recovery in the hospitality and institutional sectors is supporting demand for products like bed linen and towels. Growing awareness around health, hygiene, and sustainability is also fueling demand for high value, differentiated offerings. Consumers are shifting from unbranded to trusted brands, seeking better quality, design, and durability. Moreover, the increasing trend of viewing the home as a lifestyle statement, influenced by social media and interior design trends, is encouraging more investment in home textiles. Overall, these factors position Indias domestic home textile market for sustained growth in the coming years.
Our Risks & Opportunities
Himatsingka Seide Limited ("HSL/The Company") believes in value protection and enhancement through Risk Management strategy. HSL has a structured process and a balanced approach of identifying potential risks to the organization. The Company has a defined strategy for eliminating or mitigating risks, as well as the mechanisms to effectively monitor and evaluate organizational risks. The assessment of Enterprise Risk Management is carried out periodically with a view to identify any new risks due to changes in business model, external environment, government regulations etc.
Risk Factors |
Risk | Opportunity |
Client and Market Concentration |
Concentration of revenue streams from a few large clients and markets. | HSL is constantly diversifying its market presence and broad- basing its global client base in order to de-risk revenue streams. Currently, North America is the largest market for HSL. Diversification in business by exploring new markets such as Japan, the UK, Europe, Australia and New Zealand. HSL operates in the Indian market with 3 brands - Himeya, Atmosphere and Liv. The 3 brands cover a broad cross section of home textile products and are positioned to service consumers across price points. We remain optimistic on the prospects of growth in the Indian market, going forward. HSL envisages emerging opportunities on account of the recently signed Free Trade Agreement (FTA) between India and the UK. However, we estimate potential benefits arising from the FTA to come through only after it comes into effect. With regard to the recent tariffs imposed by the United States, in the short term we expect a slight impact on the Revenues & Operating Margins. However, the tariffs can also unleash potential opportunities given the differential tariff rates that have been imposed on India and China. HSL continues to explore the e-commerce business and is expecting it to progress significantly in future. |
Changing Market Dynamics |
Potential impact on revenues streams from constantly changing consumer preferences, purchasing patterns and market trends. | HSL is equipped to manufacture a comprehensive suite of home textile
products that cater to clients and consumers a cross income groups, price points and
aesthetic signatures. This diversified product portfolio aids us in mitigating risks that
come along with ever-changing market dynamics. HSL has moved into a couple of interesting product adjacencies, such as Kitchen Towels and Cleaning Solutions, within the Terry segment. HSL manufactures and distributes bed-linen and towels with anti-microbial/anti-bacterial finishes, in alignment with customer needs. |
Pricing Stability |
Impact on revenue streams and profitability emanating from pricing risks of both finished products and raw material inputs. | In the home textile industry, pricing of products is significantly influenced by raw material prices. A diversified market presence, client base and product portfolio enhances the companys pricing power, relative to and within industry norms and limitations. HSLs core strategy of broad-basing its revenue streams vis-a-vis clients, markets and products helps in mitigating pricing risk. |
INTERNAL CONTROL SYSTEMS & THEIR ADEQUACY
The Companys internal control systems to mitigate material business risks ensure proper safeguarding of assets, maintaining proper accounting records and reliable financial information and are designed to provide reasonable assurance that all material misstatements, frauds or violations of laws and regulations will be prevented.
Independent External Assurance
An external independent firm carries out the internal audit of The Companys operations and reports its findings to the Audit Committee on a regular basis.
Internal Assurance
Internal Audit also evaluates the functioning and quality of internal controls and provides assurance of its adequacy and effectiveness through periodic reporting.
Governance Structures and Policies
The combination of policies and processes cover and mitigate the various risks associated with The Companys business. The Company periodically reviews the effectiveness of the risk management framework and addresses the emerging challenges that arise in a dynamic business environment.
HUMAN RESOURCES
The Human Resources function catalyzes organizational transformation by embedding progressive people, practices and fosters a technology-enabled, engaged work environment. We emphasize continuous development and growth, enabling The Company to attract, integrate, develop and retain the talent essential for sustaining long-term business success.
LEARNING & DEVELOPMENT
A values-driven, competency-based framework to attract and retain top talent, fosters a collaborative, transparent and high-performance culture. Continuous capability enhancement fosters a collaborative, transparent and participative work culture, with rewards linked to merit and sustained performance.
Key focus is placed on Environment, Health & Safety (EHS) through specialized training programmes and awareness initiatives, enabling employees to adopt safe work practices, comply with regulations and contribute to a sustainable workplace.
DIVERSITY & TALENT QUALITY
The Company employs more than 8,900 employees across diverse business functions. We are committed to building an inclusive workforce that embraces individuality while cultivating shared values and behaviours. We actively promote gender, age and regional diversity through targeted workshops and sensitization initiatives, fostering a workplace that is equitable, respectful and innovative.
HUMAN RESOURCE TRANSFORMATION
Our HR systems have evolved to align with the digital global environment. Technology integration enables an agile, high-quality work experience. Innovation is encouraged through a dedicated platform where employees can easily submit ideas that contribute to The Companys growth, fostering a culture of recognition, engagement and ensuring every voice is heard.
Analysis of Consolidated Financials
CONSOLIDATED INCOME STATEMENT SUMMARY - FY 2025 c? Lacs)
Particulars |
Consolidated | ||
| 2024-25 | 2023-24 | FY2024 Change % | |
| Revenue from Operations | 2,77,820 | 2,84,145 | 6.1% |
| Other Income | 6,507 | 2,113 | -71.8% |
| Total Revenue | 2,84,327 | 2,86,258 | 4.0% |
| Cost of Materials Consumed | 1,39,644 | 1,22,026 | -20.9% |
| As a % of Revenue | 50.26% | 42.94% | -25.4% |
| Employee Benefit Expenses | 26,928 | 30,759 | 9.2% |
| Other Expenses | 59,834 | 71,740 | 23.1% |
EBITDA |
57,922 | 61,733 | 78.4% |
| Depreciation | 15,142 | 15,810 | -3.6% |
EBIT |
42,780 | 45,923 | 152.3% |
| Interest and Finance Cost | 31,570 | 29,647 | 15.3% |
| Profit Before Tax | 1,749 | 16,276 | 316.4% |
Profit After Tax |
7,628 | 11,282 | 276.1% |
Revenue Analysis
Expenditure Analysis
Profitability Analysis
in the previous year, primarily due to the factors mentioned earlier.
Particulars |
As at 31 March 2025 | As at 31 March 2024 |
Property, Plant and Equipment * |
2,16,797 | 2,53,365 |
Goodwill |
45,124 | 53,086 |
Other Financial Assets |
53,543 | 35,743 |
Deferred Tax Assets (Net) |
1,809 | 1,720 |
Non-Current Income Tax Assets (Net) |
1,514 | 1,514 |
Other Current and Non-Current Assets |
26,109 | 29,328 |
Inventories |
1,00,750 | 97,964 |
Trade Receivables |
1,08,669 | 90,166 |
Cash and Cash EquivalentsA |
11,643 | 16,565 |
Total Assets |
5,65,958 | 5,79,451 |
Equity Share Capital |
6,287 | 4,923 |
Other Equity |
1,96,986 | 1,50,972 |
Total Borrowings |
2,53,914 | 2,79,813 |
Current and Non-Current Provisions |
3,163 | 3,674 |
Deferred Tax Liabilities, (Net) |
2,243 | 10,087 |
Current And Non-Current Other Liabilities |
7,075 | 26,125 |
Trade Payables |
84,930 | 84,150 |
Other Current and Non-Current Financial Liabilities |
8,881 | 16,343 |
Current Income Tax Liabilities, (Net) |
2,478 | 3,364 |
Total Liabilities |
5,65,958 | 5,79,451 |
‘Includes CWIP, other intangible assets, right of use asset and assets held for sale includes Current Investments
Analysis of Assets
• Goodwill decreased by ^7,962 Lacs, standing at ^45,124 Lacs as of year-end. The Group was carrying goodwill of ? 9,460.72 lacs in its books from the acquisition of license rights with respect to the certain brands. The Group has decided not to renew its license rights and accordingly,
The Group has recognized an impairment loss for the entire goodwill amount of ? 9,460.72 Lacs during the quarter, which has been presented as an Exceptional Item in the consolidated financial results, partly offset by the impact of foreign currency exchange differences amounting to ^1,499 Lacs.
Analysis of Equity and Liabilities
^ 1,55,895 Lacs in FY 2024 to ^2,03,273 Lacs in FY 2025, primarily driven by funds raised through a Qualified Institutional Placement (QIP) of ^40,000 Lacs and the profits recorded during the year.
Particulars |
As at 31 March 2025 | As at 31 March 2024 |
| Total Income | 2,84,327 | 2,86,258 |
| EBITDA | 57,922 | 61,733 |
| EBIT | 42,780 | 45,923 |
| Net Profit After Tax | 7,604 | 11,282 |
| Net Worth | 2,03,273 | 1,55,895 |
| Net Debt | 2,45,085 | 2,73,215 |
| Net Profit Margin | 2.7% | 3.9% |
| Operating Profit Margin | 20.4% | 21.6% |
| Leverage ratios | ||
| Net Debt/Equity (Times) | 1.21 | 1.75 |
| Interest Coverage Ratio (Times) | 1.36 | 1.55 |
| Capital Efficiency Ratios | ||
| Return on Equity (ROE) | 4.2% | 7.5% |
| Return on Capital Employed (ROCE) | 9.4% | 10.5% |
| Working Capital Ratios | ||
| Current Ratio (Times) | 1.39 | 1.24 |
| Inventory Days | 260 | 279 |
| Receivable Days | 142 | 111 |
| Payable Days | 155 | 156 |
DISCLOSURE OF ACCOUNTING TREATMENT
The financial statements of The Company have been prepared in accordance with the Indian Accounting Standards (Ind-AS) notified under the Companies (Indian Accounting Standards) Rules,
2015 and Companies (Indian Accounting Standards) (Amendment) Rules, 2016 read with Section 133 of the Companies Act, 2013.
Key growth drivers for the home textile segment
Rising Urbanization and Housing Growth
Rising urbanization and new housing developments are boosting demand for essential home textiles.
Disposable Income and Lifestyle Upgrades
Higher incomes and aspirational lifestyles are driving spending on premium and decorative textiles.
Growing E-commerce and Omni-Channel Retail
Online platforms are expanding access to diverse, affordable, and customizable home textile products.
Sustainability Trends
Eco-conscious consumers are increasingly choosing sustainable and certified home textile options.
Lifestyle and Interior Focus
Home textiles are now lifestyle products, driven by demand for comfort, personalization, and aesthetics.
Hospitality and Real Estate Expansion
Growth in hotels and luxury real estate is fueling institutional demand for high-quality home textiles.
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