BSE: 538081
HARIA APPARELS LTD
A small BSE-listed textiles and apparels company that recorded no operating revenue in FY25, with the Rs 237.40 lakhs of total income that year coming almost entirely from 'other income'. In FY26, it began a trading business, lifting revenue from operations to Rs 9.69 crore for the full year and Rs 818.19 lakhs in H1 FY26 alone, with purchase of traded goods at Rs 419.10 lakhs in the first half. Profitability weakened despite the higher top line: net profit after tax fell to Rs 11.49 lakhs in FY26 from Rs 83.66 lakhs in FY25, and the balance sheet carries negative reserves of Rs 844.67 lakhs from accumulated prior-year losses. Trade receivables jumped to Rs 189.65 lakhs from Rs 15.23 lakhs, indicating the new trading volume is being booked largely on credit, while non-current borrowings rose to Rs 201.31 lakhs from Rs 49.86 lakhs in the half-year. Operating costs are dominated by other expenses at 10.7% of revenue and employee costs at 2.9%, with capex at 7.7% of revenue. No segment-wise revenue breakdown is provided in the facts. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Trading of textiles/apparels goods, Other income. Small, recently-reactivated textiles name with a trading-led revenue base and accumulated losses.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1 | 0 | 0 | 0 | 10 |
| EBITDA (ex other income) | (2) | (1) | (1) | (1) | (1) |
| margin % | (186.9) | — | — | — | (11.6) |
| Owners' profit | 0 | 1 | 1 | 1 | 1 |
| EPS, as reported (₹) | 0.26 | 0.77 | 0.58 | 0.55 | 0.00 |
| ROE % · ROCE % | 12.5 · 26.9 | 26.7 · 23.8 | 16.9 · 18.1 | 13.7 · 14.7 | 10.4 · 13.0 |
| Debt / equity (x) | 2.90 | 0.33 | 0.25 | 0.06 | 0.04 |
| Cash from operations | 2 | 1 | 0 | 1 | 1 |
| Capex | (0) | (1) | (0) | 0 | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 1 | 3 | 3 | 2 |
| Profit before tax | (0) | 0 | 0 | 0 | 0 | 0 | (0) | 0 |
| Net profit | (0) | 0 | 0 | 0 | 0 | 0 | (0) | 0 |
| EPS (₹) | (0.03) | 0.19 | 0.16 | 0.22 | 0.21 | 0.13 | (0.04) | 0.00 |
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) | 15.7 | 16.8 | 86 of 179 | 52% |
| P/B | 1.1 | 1.1 | 86 of 185 | 54% |
| ROCE | 8.3 | 4.3 | 67 of 215 | 69% |
| ROE | 10.4 | 4.7 | 49 of 188 | 74% |
| Debt / Equity | 0.0 | 0.4 | 39 of 188 | 80% |
| EBITDA margin | 20.0 | 9.8 | 30 of 198 | 85% |
| Profit growth | (25.2) | 20.0 | 146 of 203 | 28% |
| Market cap | 7 | 61 | 211 of 223 | 5% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to approve Q2 FY2027 unaudited financial results | results | low | — | — |
| 14 Oct 2026 · Haria Apparels files quarterly dematerialisation certificate with BSE | compliance | minimal | — | — |
| 1 Oct 2026 · Voting results from Haria Apparels 15th AGM held on 30 Sept 2026 | board shareholder meetings | low | — | — |
| 1 Oct 2026 · 15th AGM results: All 3 resolutions passed with 98.81% majority | compliance | minimal | — | — |
| 1 Oct 2026 · Haria Apparels 15th AGM: 3 ordinary resolutions passed via e-voting | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1, 2026 until 48 hours after Q2 results | compliance | minimal | — | — |
| 7 Sept 2026 · Haria Apparels files 15th Annual Report; FY26 PAT at Rs 71.49 lakh | compliance | low | — | — |
| 6 Sept 2026 · 15th AGM Notice Published in Newspapers | compliance | minimal | — | — |
| 5 Sept 2026 · Please find enclosed herewith Notice of 15th Annual General Meeting scheduled to be held on 30th September 2026. | board shareholder meetings | low | — | — |
| 3 Aug 2026 · Board meeting on 14 Aug 2026 to approve Q1 FY27 results | results | 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.