NSE: FLEXITUFF · BSE: 533638
FLEXITUFF VENTURES INT L
Operates in the textiles sector, manufacturing other textile products, with a plant at Kashipur. Revenue from operations collapsed to Rs. 1,680.06 lakhs in FY26 from Rs. 28,857.17 lakhs in FY25, an unprecedented year-on-year drop. The Kashipur plant was shut down during the year due to a labor strike over unpaid wages and raw material shortages, which explains the revenue collapse. Cost structure shows employee costs at 60.5% of revenue, materials at 50.4%, and depreciation at 145.1% of a now-tiny revenue base, leaving the company deep in operating losses. The company has defaulted on bank borrowings of Rs. 25,971.26 lakhs, with SARFAESI notices issued by lenders, and current liabilities exceed current assets by Rs. 32,233.86 lakhs. Statutory auditors resigned in June 2026 citing non-payment of audit fees and inability to obtain sufficient audit evidence, and issued an Adverse Opinion on FY26 results flagging going concern doubt and complete erosion of net worth (negative equity of Rs. 10,682.58 lakhs on a standalone basis). AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Textile products (Other Textile Products). Textile manufacturer in severe operational and financial distress, with production halted and lender action underway
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,042 | 915 | 5,986 | 289 | 17 |
| EBITDA (ex other income) | 13 | (39) | (1,174) | (117) | (30) |
| margin % | 1.3 | (4.3) | (19.6) | (40.7) | (176.6) |
| Owners' profit | (87) | (120) | 0 | 0 | (135) |
| EPS, as reported (₹) | (34.90) | (48.05) | (64.35) | 74.85 | (41.15) |
| ROE % · ROCE % | (183.2) · (49.9) | 181.9 · (42.9) | 417.8 · 1926.2 | 4736.0 · 21.4 | 102.8 · 47.5 |
| Debt / equity (x) | 13.17 | (9.28) | (15.05) | 47.35 | (2.04) |
| Cash from operations | (106) | 39 | 128 | (319) | 5 |
| Capex | — | 0 | 0 | 0 | 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 | 85 | 63 | 61 | 11 | 6 | (0) | 0 | 0 |
| Profit before tax | (39) | (15) | (24) | (22) | (18) | (29) | (13) | (16) |
| Net profit | (12) | (16) | (12) | (18) | (18) | (29) | (69) | (16) |
| EPS (₹) | (3.86) | (4.99) | (3.64) | (5.63) | (5.49) | (8.93) | (21.10) | (4.78) |
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 |
|---|---|---|---|---|
| ROCE | 76.9 | 4.3 | 2 of 215 | 100% |
| Revenue growth | (100.0) | 6.9 | 186 of 192 | 0% |
| Profit growth | 15.1 | 20.0 | 111 of 203 | 46% |
| Market cap | 8 | 61 | 207 of 223 | 7% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Flexituff Ventures submits Regulation 74(5) compliance certificate for Sep 2026 quarter | compliance | minimal | — | — |
| 2 Oct 2026 · Flexituff Ventures 33rd AGM voting results; 3 director appointments need repassing | board shareholder meetings | low | — | — |
| 1 Oct 2026 · Three new directors appointed at Flexituff Ventures | management changes | medium | — | — |
| 1 Oct 2026 · Director appointments not properly approved at AGM, corrective steps needed | management changes | medium | — | — |
| 1 Oct 2026 · AGM approves auditor, director re-appointment and company name change | management changes | medium | — | — |
| 1 Oct 2026 · AGM approves name change to Kaashipur Venture, director re-appointment and new auditor | management changes | high | — | — |
| 1 Oct 2026 · Flexituff Ventures to rename as Kaashipur Venture International | corporate actions | medium | — | — |
| 1 Oct 2026 · All 7 resolutions passed at 33rd AGM; company name change approved | compliance | minimal | — | — |
| 30 Sept 2026 · AGM proceedings: name change proposed, new directors appointed | board shareholder meetings | medium | — | — |
| 25 Sept 2026 · Trading Window closure for Q2 and H1 FY26 results from Oct 1, 2026 | compliance | minimal | — | — |
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.