NSE: FAZE3Q · BSE: 530079
FAZE THREE LIMITED
Manufactures and exports home textiles, with over 50% of FY26 revenue coming from US-bound shipments. Consolidated revenue grew 33.8% year-on-year to Rs 923.07 crore in FY26, against a backdrop of US tariff disruptions between April 2025 and February 2026. The company runs an installed revenue capacity of Rs 1,650+ crore, currently operating at around 55% utilisation, leaving significant headroom for volume growth. Profitability was squeezed in FY26 — consolidated PAT fell 17.4% to Rs 33.57 crore and EBITDA margin contracted to 9.89% from 13.14% in FY25 — though the Q4 FY26 margin recovered to 13.25% once tariff pressures eased. Raw materials (cotton, polyester, chemicals, fuel, logistics) account for 52.1% of revenue and remain the largest cost line. The company has received approval under the Government of India's PLI Scheme for MMF Fabrics and Technical Textiles, with incentives tied to incremental sales over base-year levels. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Home textile exports, US exports. Export-oriented, capacity-heavy home textile manufacturer exposed to US tariff cycles and currency moves.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 504 | 558 | 565 | 690 | 923 |
| EBITDA (ex other income) | 80 | 94 | 87 | 80 | 83 |
| margin % | 15.8 | 16.9 | 15.3 | 11.7 | 8.9 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 21.00 | 23.97 | 19.16 | 16.72 | 13.80 |
| ROE % · ROCE % | 18.4 · 26.2 | 17.4 · 24.3 | 12.2 · 18.5 | 9.7 · 15.4 | 7.4 · 12.2 |
| Debt / equity (x) | 0.57 | 0.48 | 0.41 | 0.43 | 0.60 |
| Cash from operations | (7) | 110 | 37 | 12 | 58 |
| Capex | (33) | (55) | (60) | (93) | (121) |
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 | 152 | 178 | 211 | 212 | 207 | 227 | 277 | 229 |
| Profit before tax | 10 | 12 | 21 | 17 | (7) | 8 | 23 | 13 |
| Net profit | 7 | 9 | 17 | 13 | (5) | 6 | 20 | 10 |
| EPS (₹) | 2.92 | 3.65 | 7.17 | 5.25 | (2.14) | 2.64 | 8.06 | 3.96 |
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) | 32.8 | 16.8 | 126 of 179 | 30% |
| P/B | 2.2 | 1.1 | 138 of 185 | 26% |
| ROCE | 8.3 | 4.3 | 65 of 215 | 70% |
| ROE | 7.4 | 4.7 | 69 of 188 | 64% |
| Debt / Equity | 0.6 | 0.4 | 115 of 188 | 39% |
| EBITDA margin | 11.8 | 9.8 | 83 of 198 | 58% |
| Revenue growth | 8.2 | 6.9 | 89 of 192 | 53% |
| Profit growth | (24.5) | 20.0 | 145 of 203 | 29% |
| Market cap | 997 | 61 | 26 of 223 | 89% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Routine filing of RTA compliance certificate for Q2 share dematerialisation | compliance | minimal | — | — |
| 3 Oct 2026 · Faze Three President's interview published in Dun & Bradstreet MSME report | general | low | — | — |
| 24 Sept 2026 · Trading Window closed from Oct 1 for Q2 results consideration | compliance | minimal | — | — |
| 5 Sept 2026 · Faze Three appoints Mohit Solanki as Independent Director | management changes | medium | — | — |
| 5 Sept 2026 · Faze Three 41st AGM: All 5 resolutions passed with 99.99% approval | compliance | minimal | — | — |
| 5 Sept 2026 · All resolutions approved at Faze Three 41st AGM via remote e-voting | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Faze Three 41st AGM concludes: borrowing limit hike among 5 resolutions | board shareholder meetings | medium | — | — |
| 1 Sept 2026 · Faze Three updates Employee Trust deed with new trustees | compliance | minimal | — | — |
| 21 Aug 2026 · Faze Three to meet Equitree Capital and Equinova Investment on Aug 26 | board shareholder meetings | low | — | — |
| 20 Aug 2026 · Faze Three to hold three virtual investor meetings on August 26 | board shareholder meetings | 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.