Manufactures ready-made garments on an ODM (original design manufacturing) basis for more than 50 domestic apparel brands, offering end-to-end production for western and ethnic wear across women's, men's and kids' categories. Operations are concentrated in six manufacturing plants in Jaipur with an annual capacity of 2 crore pieces and a workforce of 3,500-plus. The company has completed a strategic exit from its home furnishing business, so virtually all of FY26 revenue of ₹416 crore came from apparel manufacturing, with net profit of ₹20 crore and an EBITDA margin of 8.8%. Operating margin has been stable around 8.1–8.2% in FY25–FY26. Materials are the largest cost line at 38.4% of revenue, followed by employee cost at 2.2% and other operating expenses at 2.7%, with depreciation at 1.0% and capex running at 10.8% of revenue. Working capital has tightened sharply — inventory days fell to 102 and the debtor cycle to around 50 days — while net debt was reduced to ₹3 crore and operating cash flow reached ₹31 crore in FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Apparel ODM manufacturing. Apparel original design manufacturer with concentrated Jaipur-based production
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 206 | 202 | 230 | 349 | 416 |
| EBITDA (ex other income) | 21 | 15 | 19 | 29 | 33 |
| margin % | 10.3 | 7.7 | 8.2 | 8.2 | 8.0 |
| Owners' profit | 11 | 8 | 10 | 16 | 20 |
| EPS, as reported (₹) | 9.79 | 6.80 | 8.89 | 12.43 | 15.13 |
| ROE % · ROCE % | 16.0 · 25.8 | 10.3 · 17.8 | 12.0 · 20.1 | 10.6 · 16.4 | 12.0 · 16.6 |
| Debt / equity (x) | 0.80 | 0.50 | 0.51 | 0.21 | 0.30 |
| Cash from operations | (3) | 15 | 4 | 12 | 31 |
| Capex | (2) | (2) | (3) | (9) | (45) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 107 | 81 | 87 | 90 | 126 | 90 | 111 | 120 |
| Profit before tax | 6 | 5 | 5 | 6 | 9 | 6 | 6 | 3 |
| Net profit | 5 | 4 | 4 | 5 | 6 | 4 | 5 | 3 |
| EPS (₹) | 4.02 | 2.66 | 3.28 | 3.51 | 4.79 | 3.33 | 3.50 | 1.89 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PAGE INDUSTRIES LTD | 39,474 | 52.2 | 26.27 | — | 50.8 | 58.6 | — | 21.1 |
| ARVIND LIMITED | 15,120 | 36.5 | 3.65 | 15.8 | 10.3 | 11.9 | 12.9 | 9.4 |
| GOKALDAS EXPORTS LTD. | 5,773 | 56.0 | 2.67 | 15.3 | 4.6 | 6.0 | 26.9 | 12.1 |
| PEARL GLOBAL IND LIMITED | 5,506 | 17.7 | 3.83 | 11.0 | 18.8 | 16.8 | 27.5 | 11.2 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 3 Sept 2026 · Newspaper publication for 30th AGM notice and e-voting details | compliance | minimal | — | — |
| 2 Sept 2026 · Notice of 30th AGM on September 29, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 2 Sept 2026 · FY2026 annual report: revenue and profit rise, no dividend | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Newspaper publication of 30th AGM notice for Sept 29, 2026 meeting | compliance | minimal | — | — |
| 28 Aug 2026 · Notice published for transfer of unclaimed dividends to IEPF | compliance | minimal | — | — |
| 13 Aug 2026 · Bella Casa Q1 FY27: Revenue up 33% to Rs 120 cr, margins dip on input costs | compliance | low | — | — |
| 13 Aug 2026 · Bella Casa Q1 FY27 results: Revenue up 33% YoY, PAT falls 46% | results | high | — | — |
| 13 Aug 2026 · Bella Casa Q1 FY27: Revenue up 33% to Rs 120 cr, margins dip on input costs | compliance | low | — | — |
| 13 Aug 2026 · Q1 FY27 Results: Revenue up 33% YoY but PAT falls 46% | results | high | — | — |
| 13 Aug 2026 · Bella Casa Q1 FY27 results: Revenue up 33% YoY but profit halves | results | high | — | — |
| 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 |
| LUX INDUSTRIES LIMITED |
| 3,443 |
| 32.3 |
| 1.89 |
| 19.2 |
| 5.8 |
| 7.3 |
| 8.4 |
| 8.2 |
| KEWAL KIRAN CLOTHING LTD | 3,051 | 20.6 | 2.73 | 11.2 | 13.6 | 16.6 | 32.0 | 24.0 |
| S. P. APPARELS LIMITED | 2,582 | 24.5 | 2.75 | 12.4 | 10.7 | 14.2 | 19.3 | 15.9 |
| KITEX GARMENTS LTD | 2,473 | — | 2.00 | 36.2 | (1.1) | 0.3 | 7.9 | 11.3 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 19.0 | 17.7 | 22 of 39 | 45% |
| P/B | 2.0 | 1.6 | 22 of 35 | 38% |
| ROCE | 13.9 | 8.4 | 14 of 44 | 70% |
| ROE | 12.1 | 5.8 | 9 of 37 | 78% |
| Debt / Equity | 0.3 | 0.3 | 20 of 37 | 47% |
| EBITDA margin | 5.2 | 10.4 | 29 of 35 | 18% |
| Revenue growth | 33.4 | 7.9 | 6 of 37 | 86% |
| Profit growth | (46.1) | 6.8 | 31 of 37 | 17% |
| Market cap | 343 | 158 | 18 of 44 | 61% |
| 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 |
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.
