BSE: 544337
Avax Apparels and Ornaments Li
Sells knitted clothing, with ornaments as a near-zero second line. For the quarter ended 30 September 2025, knitted clothes generated Rs 20.16 crore, 99.8% of segment revenue, while ornaments contributed Rs 0.04 crore (0.2%) — knitted clothing earned an EBIT of Rs 2.43 crore in that quarter. The company distributes through its own digital channels and on 1 April 2026 launched a mobile app and online platform, avaxapparels.shop, to sell apparel, jewellery and accessories to domestic customers, replacing a small earlier silver-ornament site, blushines.com, that had contributed only Rs 1.35 lakh (0.04% of turnover). FY26 revenue stood at Rs 41.53 crore with net profit of Rs 2.97 crore, EBITDA margin of 11.5%, and total assets of Rs 14.53 crore. The cost shape shows employee costs at 1.5% of revenue, other operating expenses at 0.8%, and depreciation at 0.9%, with materials not separately quantified. The company is listed on BSE's SME exchange and completed an IPO in January 2025, followed by a 1:2 stock split and a 3:1 bonus issue in early 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Knitted clothes (100%), Ornaments (0%). Small, digital-first textile and apparel retailer listed on the BSE SME exchange
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY25 | FY26 |
|---|---|---|
| Revenue | 34 | 42 |
| EBITDA (ex other income) | 3 | 5 |
| margin % | 7.7 | 11.5 |
| Owners' profit | 2 | 3 |
| EPS, as reported (₹) | 19.77 | 14.28 |
| ROE % · ROCE % | 24.7 · 36.8 | 31.0 · 45.8 |
| Debt / equity (x) | 0.10 | 0.43 |
| Cash from operations | (1) | (3) |
| Capex | 0 | 0 |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|
| Revenue | 19 | 20 | 21 |
| Profit before tax | 1 | 2 | 2 |
| Net profit | 1 | 1 | 2 |
| EPS (₹) | 8.79 | 11.51 | 8.52 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Knitted clothes | 20 | 99.8 |
| Ornaments | 0 | 0.2 |
| Total, before eliminations | 20 | 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. % |
|---|---|---|---|---|---|---|---|---|
| KPR MILL LTD. | 35,410 | 38.8 | 6.21 | 25.6 | 15.2 | 19.3 | 13.5 | 21.2 |
| WELSPUN LIVING LIMITED | 20,311 | 73.9 | 4.08 | 26.1 | 4.3 | 4.0 | 5.1 | 12.7 |
| VARDHMAN TEXTILES LIMITED | 14,333 | 16.6 | 1.35 | 11.0 | 7.1 | 7.4 | 10.0 | 20.4 |
| TRIDENT LIMITED | 11,018 | 27.7 | 2.31 | 13.5 | 7.9 | 8.6 | 8.1 | 17.7 |
| INDO COUNT INDUSTRIES LTD | 8,338 | 55.3 | 3.54 | 20.1 | 5.4 | 5.4 | 10.5 | 13.3 |
| GARWARE TECH FIBRES LTD | 7,621 | 36.8 | 5.63 | 23.8 | 14.7 | 18.7 | 8.1 | 20.5 |
| FILATEX INDIA LTD | 4,197 | 22.0 | 2.79 | 11.5 | 12.2 | 13.8 | — | 7.6 |
| SANATHAN TEXTILES LIMITED | 4,161 | 68.6 | 2.22 | 18.6 | 4.1 | 3.5 | — | 8.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 1.8 | 16.5 | 7 of 179 | 97% |
| P/B | 4.4 | 1.1 | 167 of 185 | 10% |
| ROCE | 42.9 | 4.3 | 3 of 215 | 99% |
| ROE | 31.0 | 4.7 | 5 of 188 | 98% |
| Debt / Equity | 0.4 | 0.4 | 96 of 188 | 49% |
| EBITDA margin | 12.9 | 9.8 | 71 of 198 | 65% |
| Market cap | 42 | 59 | 129 of 223 | 42% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 10 Oct 2026 · Quarterly investor grievance report shows zero complaints for Q2 FY27 | compliance | minimal | — | — |
| 10 Oct 2026 · RTA confirms no physical shares received for demat in Q2 FY26 | compliance | minimal | — | — |
| 6 Oct 2026 · Avax Apparels and Ornaments renamed to Avax Limited | general | medium | — | — |
| 29 Sept 2026 · Trading Window Closed Ahead of Half-Yearly Results | compliance | minimal | — | — |
| 18 Sept 2026 · Avax Apparels renamed to Avax Limited, shareholder approval received | corporate actions | medium | — | — |
| 18 Sept 2026 · All 3 resolutions passed at 21st AGM with 100% approval | board shareholder meetings | low | — | — |
| 18 Sept 2026 · Avax Apparels holds 21st AGM; proposes name change and adopts FY26 financials | board shareholder meetings | medium | — | — |
| 18 Sept 2026 · 21st AGM proceedings: name change resolution tabled with routine approvals | board shareholder meetings | low | — | — |
| 26 Aug 2026 · Newspaper advertisement published for 21st AGM of Avax Apparels | compliance | minimal | — | — |
| 26 Aug 2026 · Notice of 21st AGM and Annual Report FY 2025-26 | board shareholder meetings | 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.