BSE: 539216
GARMENT MANTRA LIFESTYLE LIMIT
Makes and distributes ready-made garments for men, women and children from Tiruppur, with a strong tilt to exports. Domestic operations push festive and seasonal collections through wholesalers, distributors and retail partners across Tamil Nadu, Kerala, Karnataka, Andhra Pradesh and Telangana, with wholesale expansion underway beyond Tiruppur and Surat into Tamil Nadu. Exports run through a wholly owned subsidiary and dominate the order book, with an order book of around Rs 235 crore at Q1 FY27, of which over Rs 230 crore was export orders. Products include dyed and printed fabrics, made-ups and dress material, with annual export revenue exceeding Rs 130 crore in FY26. The cost book is dominated by raw materials and traded goods, with materials cost of Rs 268.48 crore in FY26 being 102.5% of consolidated revenue. Consolidated revenue rose 97.9% YoY in FY26 while net profit was Rs 4.47 crore, a 1.7% net margin. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Domestic apparel sales, Exports of fabrics and made-ups. Low-margin, export-tilted apparel manufacturing and distribution with weak profitability
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 204 | 172 | 164 | 132 | 262 |
| EBITDA (ex other income) | 9 | 6 | 8 | 8 | 2 |
| margin % | 4.4 | 3.5 | 5.0 | 5.9 | 0.7 |
| Owners' profit | 3 | 1 | 3 | 3 | 5 |
| EPS, as reported (₹) | 3.85 | 0.09 | 0.26 | 0.15 | 0.13 |
| ROE % · ROCE % | 10.0 · 18.3 | 2.6 · 13.4 | 6.7 · 16.8 | 7.1 · 13.7 | 5.5 · 10.7 |
| Debt / equity (x) | 1.21 | 1.17 | 2.10 | 0.79 | 0.26 |
| Cash from operations | 8 | 6 | 3 | 15 | (27) |
| Capex | 0 | 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 | 35 | 22 | 35 | 37 | 65 | 99 | 61 | 62 |
| Profit before tax | 1 | 0 | 2 | 3 | 4 | 6 | (6) | 4 |
| Net profit | 1 | 0 | 1 | 2 | 3 | 4 | (5) | 3 |
| EPS (₹) | 0.07 | 0.01 | 0.07 | 0.07 | 0.09 | 0.13 | (0.12) | 0.05 |
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. % |
|---|---|---|---|---|---|---|---|---|
| PAGE INDUSTRIES LTD | 37,812 | 50.0 | 25.16 | — | 50.8 | 58.6 | — | 21.1 |
| ARVIND LIMITED | 13,369 | 32.3 | 3.23 | 14.1 | 10.3 | 11.9 | 12.9 | 9.4 |
| PEARL GLOBAL IND LIMITED | 5,588 | 18.0 | 3.89 | 11.2 | 18.8 | 16.8 | 27.5 | 11.2 |
| GOKALDAS EXPORTS LTD. | 4,744 | 46.0 | 2.20 | 12.9 | 4.6 | 6.0 | 26.9 | 12.1 |
| LUX INDUSTRIES LIMITED | 3,496 | 32.8 | 1.92 | 19.4 | 5.8 | 7.3 | 8.4 | 8.2 |
| SBC EXPORTS LIMITED | 3,114 | 76.9 | 38.83 | 70.5 | 31.5 | 28.3 | — | 13.9 |
| KEWAL KIRAN CLOTHING LTD | 2,631 | 17.8 | 2.35 | 9.6 | 13.6 | 16.6 | 32.0 | 24.0 |
| KITEX GARMENTS LTD | 2,250 | — | 1.82 | 34.0 | (1.1) | 0.3 | 7.9 | 11.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.3 | 16.2 | 8 of 37 | 81% |
| P/B | 0.7 | 1.5 | 7 of 35 | 82% |
| ROCE | 8.0 | 8.4 | 23 of 44 | 49% |
| ROE | 5.5 | 5.8 | 20 of 35 | 44% |
| Debt / Equity | 0.3 | 0.3 | 14 of 35 | 62% |
| EBITDA margin | 7.1 | 10.4 | 24 of 35 | 32% |
| Revenue growth | 66.8 | 7.9 | 5 of 37 | 89% |
| Profit growth | 12.8 | 6.8 | 17 of 37 | 56% |
| Market cap | 55 | 146 | 29 of 44 | 35% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · BSE fully waives four SEBI compliance fines | regulatory legal | low | — | — |
| 7 Oct 2026 · Reg 74(5) compliance certificate for Sep 2026 quarter | compliance | minimal | — | — |
| 29 Sept 2026 · AGM voting results - all 3 resolutions passed with requisite majority | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading window closure ahead of Q2 and H1 FY26 results | compliance | minimal | — | — |
| 26 Sept 2026 · 15th AGM held - 3 ordinary resolutions tabled | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Garment Mantra opens dedicated Tirupur office for Corporate and White-Label business | business updates | medium | — | — |
| 21 Sept 2026 · Garment Mantra bags Rs 103.70 mn export order from UAE firm | business updates | medium | — | — |
| 21 Sept 2026 · Garment Mantra bags export order worth around Rs 103.70 million from UAE firm | business updates | medium | — | — |
| 21 Sept 2026 · Garment Mantra bags export order worth Rs 103.70 million from UAE entity | business updates | high | — | — |
| 3 Sept 2026 · AGM notice published in newspapers, 15th AGM on Sep 26, 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.