BSE: 542721
Anand Rayons Limited
Sources and trades textile products, with a single textile segment contributing all of its segment revenue. The company is registered in Surat and listed on BSE. Its cost shape — materials at 95.3% of revenue and employee costs at 0.4% — points to a trading operation that buys and resells textile products rather than manufacturing them. Capex is essentially nil at 0.0% of revenue, again consistent with a trading model. Revenue from operations stood at Rs 432.97 crore in FY26, up 38% from Rs 313.75 crore in FY25, with profit after tax rising 109% to Rs 7.25 crore. Despite the headline growth, operating cash flow turned negative at Rs -1,128 Lacs in FY26 from Rs 1,123 Lacs the year before, as trade receivables rose to Rs 8,656 Lacs and short-term borrowings climbed to Rs 3,490 Lacs from Rs 1,212 Lacs to fund working capital. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Textile products trading (100%). Cyclical, thin-margin textile trading
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 334 | 337 | 344 | 314 | 433 |
| EBITDA (ex other income) | 8 | 7 | 7 | 8 | 10 |
| margin % | 2.4 | 2.1 | 2.1 | 2.4 | 2.3 |
| Owners' profit | 3 | 3 | 3 | 3 | 7 |
| EPS, as reported (₹) | 1.96 | 0.00 | 2.09 | 1.89 | 3.36 |
| ROE % · ROCE % | 9.8 · 21.2 | 9.5 · 17.5 | 8.6 · 17.1 | 4.5 · 9.0 | 7.1 · 11.7 |
| Debt / equity (x) | 1.04 | 0.96 | 0.80 | 0.21 | 0.35 |
| Cash from operations | 9 | 5 | 19 | 11 | (11) |
| Capex | (0) | (0) | (1) | (1) | (0) |
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 | 83 | 75 | 86 | 76 | 112 | 127 | 118 | 96 |
| Profit before tax | 1 | 1 | 2 | 1 | 1 | 4 | 3 | 2 |
| Net profit | 1 | 1 | 2 | 1 | 1 | 4 | 3 | 2 |
| EPS (₹) | 0.71 | 0.54 | 1.22 | 0.56 | 0.70 | 2.11 | 1.19 | 1.08 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Yarn Division | 432 | 99.8 |
| Stapi Division | 0 | 0.0 |
| FNB Division | 1 | 0.2 |
| Total, before eliminations | 433 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PDS LIMITED | 4,743 | 40.4 | 2.55 | 10.6 | 9.6 | 9.8 | 16.1 | 3.1 |
| LE MERITE EXPORTS LIMITED | 238 | 4.4 | 1.76 | 13.7 | 8.6 | 10.5 | — | (4.0) |
| BHILWARA TECHNICAL TEXT L | 210 | — | 1.30 | — | (7.0) | (6.5) | 32.8 | (128.6) |
| STANDARD INDUSTRIES LTD. | 108 | 1.7 | 0.94 | — | (16.9) | (15.8) | 23.6 | 45.1 |
| SPL INDUSTRIES LIMITED | 77 | 9.4 | 0.36 | — | 3.3 | 2.8 | — | 18.6 |
| Anand Rayons Limited ◆ | 58 | 5.3 | 0.56 | — | 7.1 | 9.4 | — | 3.1 |
| Vivaa Tradecom Limited | 51 | 36.3 | — | — | — | 3.6 | — | — |
| SANBLUE CORPORATION LTD. | 24 | 111.6 | 0.70 | — | 0.6 | 0.5 | — | (3.0) |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 5.3 | 9.4 | 3 of 7 | 67% |
| P/B | 0.6 | 1.1 | 2 of 8 | 86% |
| ROCE | 9.4 | 2.8 | 3 of 9 | 75% |
| ROE | 7.1 | 1.9 | 3 of 8 | 71% |
| Debt / Equity | 0.3 | 0.1 | 6 of 8 | 29% |
| EBITDA margin | 3.0 | 3.0 | 4 of 7 | 50% |
| Revenue growth | 25.8 | 25.8 | 5 of 9 | 50% |
| Profit growth | 97.0 | 76.5 | 3 of 8 | 71% |
| Market cap | 58 | 68 | 6 of 10 | 44% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 12 Oct 2026 · Submission of certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 2 Oct 2026 · Promoter Anand Bakshi buys 10,377 shares, stake rises to 27.47% | ownership changes | high | — | — |
| 30 Sept 2026 · Promoter and promoter group members buy shares of Anand Rayons | ownership changes | high | — | — |
| 28 Sept 2026 · Forfeiture of unexercised share warrants by Anand Rayons | fund raising | medium | — | — |
| 28 Sept 2026 · Trading Window Closure for H1 FY27 Results | compliance | minimal | — | — |
| 26 Sept 2026 · Anand Rayons 8th AGM: All 7 resolutions passed with 100% approval | board shareholder meetings | low | — | — |
| 12 Sept 2026 · Promoter group member Shilpa Bakshi buys 8,000 shares | ownership changes | medium | — | — |
| 2 Sept 2026 · Anand Rayons files 8th AGM notice newspaper clippings with BSE | compliance | minimal | — | — |
| 1 Sept 2026 · Annual Report FY25-26 and 8th AGM Notice | investor communications | 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.