As per the captioned subject please find attched herewith the transcript of the earning call as held on 17.11.2025. Requesting to take note of the same.
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Shanti Spintex reported its highest-ever half-yearly revenue of ₹382 crores in H1 FY26, supported by 89.9% capacity utilization (a record) and inclusion of Teesta Spintex revenue. EBITDA stood at ₹10 crores (2.6% margin) and PAT at ₹7 crores, up 7.3% year-on-year. Working capital days improved to 15 (from 19 in FY25) and net debt-to-equity is now a low 0.11x. Management guided to expand EBITDA margins from current 3% to 7-8% by FY28, with PAT targets of ₹14 cr (FY26), ₹18 cr (FY27) and ₹30 cr (FY28), driven by a ₹55 crore backward integration into dyeing (commissioning by Dec'26/Jan'27), an additional ₹8-9 cr renewable energy capex, and the recently acquired Teesta finishing unit. The company sells entirely B2B through dealers, with 99% revenue concentrated in top 10 customers, and expects ~₹350 cr revenue in H2 FY26.
The multi-year margin expansion roadmap (EBITDA 3%→7-8% by FY28, PAT scaling to ₹30 cr) is a clear positive catalyst, but high top-10 customer concentration (99%) and near-term margin contraction in core weaving are key risks for investors to watch.