BSE: 521133
GEM SPINNERS INDIA LTD.
Manufactures and exports cotton yarn through two reported segments — a Mill operation and a Trading activity — with a registered office in Kancheepuram, Tamil Nadu and a corporate office in Chennai. Operations have been suspended, and the company has reported zero revenue from operations across FY25, FY26 and every interim quarter in that span, citing market volatility and uneconomical export prices. The board states accounts are prepared on a going-concern basis and that directors are exploring options to recommence production subject to viability. During the suspension, reported costs are limited to overheads — employee costs of Rs. 12.68 lakh and depreciation of Rs. 15.60 lakh made up the bulk of FY26 total expenses of Rs. 40.98 lakh, with no cost of materials or purchases booked. The balance sheet shows total assets of Rs. 678.44 lakh as of September 2025 against shareholder funds of Rs. -248.16 lakh, reflecting accumulated losses of Rs. 3,316.76 lakh against share capital of Rs. 3,068.60 lakh, and cash and bank balances of just Rs. 1.48 lakh. FY26 closed with a net loss of Rs. 40.98 lakh, narrower than the Rs. 65.94 lakh loss in FY25. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Mill, Trading. Dormant textile spinner with suspended operations, zero revenue and negative net worth
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| EBITDA (ex other income) | (0) | (1) | (0) | (1) | (0) |
| margin % | — | — | — | — | — |
| Owners' profit | (1) | (1) | (1) | (1) | (0) |
| EPS, as reported (₹) | (0.22) | (0.11) | (0.10) | (0.11) | (0.07) |
| ROE % · ROCE % | 213.6 · (10.4) | 69.5 · (12.4) | 36.8 · (8.7) | 29.4 · (9.8) | 15.4 · (6.2) |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 0 | (0) | (0) | (2) | (0) |
| 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| Net profit | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| EPS (₹) | (0.02) | (0.02) | (0.03) | (0.02) | 0.04 | (0.01) | (0.01) | 0.04 |
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) | 63.7 | 16.8 | 152 of 179 | 15% |
| Profit growth | 17.1 | 20.0 | 109 of 203 | 47% |
| Market cap | 23 | 61 | 162 of 223 | 28% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Compliance Certificate for Dematerialisation of Securities | compliance | minimal | — | — |
| 8 Oct 2026 · Gem Spinners 36th AGM proceedings filed late, company explains delay | compliance | minimal | — | — |
| 5 Oct 2026 · AGM 2026: 3 resolutions passed; RPT saw 1.96 crore shares abstaining | board shareholder meetings | low | — | — |
| 1 Oct 2026 · 36th AGM held Sept 30 2026; accounts adopted, director re-appointed, RPT approved | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Trading Window Closure for Q2 FY26-27 Results | compliance | minimal | — | — |
| 7 Sept 2026 · 36th AGM notice on 30 Sept 2026; promoter funding of Rs 1 Crore needs approval | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Gem Spinners FY26 Annual Report - Operations Suspended, Zero Revenue | results | medium | — | — |
| 2 Sept 2026 · Reg 30 intimation: incomplete disclosure acknowledged, fresh filing promised | compliance | minimal | — | — |
| 31 Aug 2026 · Managing Director remanded under police custody | regulatory legal | critical | — | — |
| 14 Aug 2026 · Gem Spinners Q1 FY27 loss narrows to Rs 11.74 lakh but no revenue | results | high | — | — |
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.