NSE: AARNAV · BSE: 539562
AARNAV FASHIONS LIMITED
Operates a single-segment textiles business based in Ahmedabad, Gujarat. The company has historically broken out a separate "Trading" stream alongside "Financial Services" in its segment reporting, but as of the quarter ended June 2023 the segment is reported simply as "Textiles" (100% of segment revenue) with the other streams at zero. In FY26, revenue from operations was Rs 462.40 crore, net profit Rs 9.35 crore, and EBITDA margin 6.65% per the disclosed figures. The cost base is dominated by materials at 59.6% of revenue, with employee costs at 1.9%, other operating expenses at 16.4%, depreciation at 1.8% and capex at 3.3% — a shape consistent with sourcing and reselling textile goods rather than heavy in-house manufacturing. In Q1 FY27 (quarter ended June 2026), revenue from operations was Rs 86.53 crore and cost of materials consumed was Rs 66.84 crore. The registered office and works facility are at Survey No. 302-305, Isanpur, Narol-Vatva Road, Ahmedabad, and the equity is dual-listed on BSE and NSE (NSE listing effective February 25, 2026). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Textiles (100%). Single-segment textiles business with a materials-heavy, low-employee cost structure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 48 | 397 | 356 | 379 | 462 |
| EBITDA (ex other income) | 4 | 20 | 27 | 30 | 30 |
| margin % | 9.0 | 5.0 | 7.6 | 7.8 | 6.5 |
| Owners' profit | 3 | 0 | 6 | 9 | 9 |
| EPS, as reported (₹) | 2.11 | 0.09 | 1.33 | 2.18 | 2.21 |
| ROE % · ROCE % | 12.4 · 17.1 | 0.2 · 4.7 | 3.1 · 8.8 | 5.0 · 10.2 | 4.8 · 9.6 |
| Debt / equity (x) | 0.00 | 0.88 | 0.61 | 0.53 | 0.55 |
| Cash from operations | 2 | 39 | 34 | 25 | 21 |
| Capex | 0 | (3) | (3) | (2) | (15) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 105 | 95 | 91 | 97 | 134 | 99 | 133 | 87 |
| Profit before tax | 3 | 6 | 1 | 3 | 3 | 3 | 5 | 2 |
| Net profit | 2 | 4 | 1 | 2 | 2 | 2 | 3 | 2 |
| EPS (₹) | 0.51 | 1.02 | 0.23 | 0.45 | 0.56 | 0.44 | 0.77 | 0.40 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| KPR MILL LTD. | 37,325 | 40.9 | 6.55 | 27.0 | 15.2 | 19.3 | 13.5 | 21.2 |
| WELSPUN LIVING LIMITED | 20,367 | 74.1 | 4.09 | 26.1 | 4.3 | 4.0 | 5.1 | 12.7 |
| VARDHMAN TEXTILES LIMITED | 14,669 | 17.0 | 1.39 | 11.3 | 7.1 | 7.4 | 10.0 | 20.4 |
| TRIDENT LIMITED | 10,870 | 27.4 | 2.28 | 13.4 | 7.9 | 8.6 | 8.1 | 17.7 |
| INDO COUNT INDUSTRIES LTD | 8,471 | 56.1 | 3.60 | 20.4 | 5.4 | 5.4 | 10.5 | 13.3 |
| GARWARE TECH FIBRES LTD | 7,310 | 35.3 | 5.40 | 22.9 | 14.7 | 18.7 | 8.1 | 20.5 |
| FILATEX INDIA LTD | 4,207 | 22.0 | 2.80 | 11.5 | 12.2 | 13.8 | — | 7.6 |
| SANATHAN TEXTILES LIMITED | 4,178 | 68.8 | 2.23 | 18.6 | 4.1 | 3.5 | — | 8.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 15.2 | 16.8 | 85 of 179 | 53% |
| P/B | 0.7 | 1.1 | 60 of 185 | 68% |
| ROCE | 5.6 | 4.3 | 96 of 215 | 56% |
| ROE | 4.8 | 4.7 | 93 of 188 | 51% |
| Debt / Equity | 0.6 | 0.4 | 110 of 188 | 42% |
| EBITDA margin | 7.8 | 9.8 | 122 of 198 | 39% |
| Revenue growth | (10.9) | 6.9 | 147 of 192 | 24% |
| Profit growth | (11.0) | 20.0 | 131 of 203 | 36% |
| Market cap | 139 | 61 | 75 of 223 | 67% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board meeting set for November 3 to approve September results | results | low | — | — |
| 19 Oct 2026 · 43rd AGM held on Sept 30, 2026; proceedings filed late | board shareholder meetings | low | — | — |
| 5 Oct 2026 · 43rd AGM voting results - all 4 resolutions passed with 100 percent approval | board shareholder meetings | low | — | — |
| 1 Oct 2026 · 43rd AGM held on Sep 30, 2026 - 4 resolutions voted via e-voting and poll | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading Window Closure from Oct 1 for Q2 Results | compliance | minimal | — | — |
| 10 Sept 2026 · Newspaper Notice Published for 43rd AGM on September 30, 2026 | compliance | minimal | — | — |
| 8 Sept 2026 · Annual Report FY2025-26 with AGM Notice - 43rd AGM on Sep 30 2026 | results | high | — | — |
| 7 Sept 2026 · Notice of Upcoming Annual General Meeting to be held on September 30, 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Board approves 43rd AGM notice; meeting on Sep 30, 2026 | board shareholder meetings | low | — | — |
| 7 Aug 2026 · Promoter confirms no encumbrance on Aarnav Fashions shares | ownership changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.