NSE: BANSWRAS · BSE: 503722
BANSWARA SYNTEX LIMITED
Manufactures and sells yarn, fabric, and garments from integrated textile facilities, with three operating divisions. The Yarn division produced FY26 revenue of Rs 449 crore, constrained to 77-78% capacity utilization by labor shortages, and sells value-added products like Siro Compact Spandex Yarn. The Fabric division generated a record Rs 569 crore in FY26 (up 5% year-on-year) at 77% capacity utilization, including premium fabrics and the Simone Federico brand. The Garment division posted Rs 324 crore in FY26 (up 18% year-on-year) at 72% capacity utilization, with Walmart added as a new export customer contributing roughly Rs 15 crore in Q4 FY26 alone; a proposed Surat SEZ unit is planned for 40,000-50,000 jackets per month, pending government approval. Fabric and Garment together account for 66% of revenue, with management targeting about 70% over the medium term. Costs are dominated by materials at 41.1% of revenue and employees at 23.6%. FY27 revenue is guided at Rs 1,450-1,500 crore, with Rs 135-140 crore of capex planned across segments. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Yarn, Fabric (66%), Garment. Integrated, asset-heavy textile manufacturer spanning yarn, fabric and garments
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,190 | 1,499 | 1,264 | 1,293 | 1,356 |
| EBITDA (ex other income) | 122 | 197 | 101 | 101 | 120 |
| margin % | 10.2 | 13.2 | 8.0 | 7.8 | 8.8 |
| Owners' profit | 46 | 113 | 36 | 22 | 31 |
| EPS, as reported (₹) | 26.65 | 32.93 | 10.38 | 6.47 | 9.11 |
| ROE % · ROCE % | 11.4 · 17.8 | 22.1 · 25.9 | 6.6 · 10.5 | 4.0 · 8.7 | 5.3 · 9.7 |
| Debt / equity (x) | 0.66 | 0.73 | 0.66 | 0.81 | 0.81 |
| Cash from operations | 53 | 20 | 142 | 77 | 118 |
| Capex | (58) | (103) | (98) | (144) | (97) |
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 | 343 | 339 | 340 | 306 | 345 | 340 | 366 | 316 |
| Profit before tax | 7 | 13 | 9 | (2) | 9 | 17 | 14 | 5 |
| Net profit | 5 | 10 | 6 | (1) | 7 | 14 | 11 | 5 |
| EPS (₹) | 1.47 | 2.97 | 1.71 | (0.40) | 2.07 | 4.09 | 3.36 | 1.35 |
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. | 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 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.4 | 16.5 | 50 of 179 | 73% |
| P/B | 0.6 | 1.1 | 48 of 185 | 74% |
| ROCE | 4.6 | 4.3 | 104 of 215 | 52% |
| ROE | 5.3 | 4.7 | 85 of 188 | 55% |
| Debt / Equity | 0.8 | 0.4 | 136 of 188 | 28% |
| EBITDA margin | 9.1 | 9.8 | 107 of 198 | 46% |
| Revenue growth | 3.2 | 6.9 | 105 of 192 | 46% |
| Profit growth | 436.9 | 20.0 | 19 of 203 | 91% |
| Market cap | 349 | 59 | 49 of 223 | 78% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Earnings call set for 3 November 2026 to discuss Q2 and H1 FY27 | board shareholder meetings | low | — | — |
| 27 Oct 2026 · Board meeting to approve September 2026 quarterly and half-year results | results | low | — | — |
| 27 Oct 2026 · Fire at BTM Dye House spreads to neighbouring TFO section | capex operations | critical | — | — |
| 26 Oct 2026 · Independent Director Jagdeesh Mal Mehta completes second five-year term | management changes | medium | — | — |
| 8 Oct 2026 · Routine compliance filing on share dematerialization for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed ahead of Q2 FY26-27 results declaration | compliance | minimal | — | — |
| 8 Sept 2026 · Independent Director Narendra Kumar Ambwani resigns citing health reasons | management changes | medium | — | — |
| 4 Sept 2026 · Reminder to physical shareholders to update PAN, KYC and nomination details | compliance | minimal | — | — |
| 4 Sept 2026 · Promoter-group member sells 6,861 Banswara Syntex shares | ownership changes | low | — | — |
| 3 Sept 2026 · Promoter group member sells 6,861 shares via open market (0.02%) | ownership changes | low | — | — |
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.