NSE: HIMATSEIDE · BSE: 514043
HIMATSINGKA SEIDE LTD
Manufactures textiles across three product lines — yarn through spinning, woven fabric (sheeting), and terry towels — at manufacturing plants in Hassan and Doddaballapur, Karnataka. In FY26, total income was ₹2,727.24 crore, down 4.1% year-on-year from ₹2,843.27 crore in FY25, with the company attributing the dip to US tariff policies and geopolitical uncertainties that delayed shipments; Q4 FY26 saw a partial recovery with total income rising 5.8% year-on-year to ₹721.68 crore. Operating capacity is split unevenly across segments — spinning ran at 99% utilisation, while sheeting and terry towel operated at 56% and 63% respectively in FY26. EBITDA for FY26 was ₹576.67 crore at a margin of 21.1% (versus 20.4% the prior year), but PAT fell 18.4% to ₹62.24 crore for the full year and dropped 85.7% in Q4 to ₹1.73 crore, with the Q4 figure inflated by ₹95.69 crore in net forex gains from rupee depreciation. The cost structure is dominated by raw materials at 44.9% of revenue, with employee costs at 10.6% and depreciation at 6.5%. The Board approved raising up to ₹850 crore via non-convertible debentures for debt refinancing, and bank facilities of ₹2,738.98 crore carry a CRISIL rating of BBB+ with outlook revised to Negative (short-term A2 reaffirmed). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Spinning, Sheeting, Terry Towel. Asset-heavy, multi-segment textile manufacturer with material-cost-sensitive margins
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,184 | 2,678 | 2,841 | 2,778 | 2,515 |
| EBITDA (ex other income) | 530 | 271 | 596 | 420 | 365 |
| margin % | 16.7 | 10.1 | 21.0 | 15.1 | 14.5 |
| Owners' profit | 141 | 0 | 113 | 76 | 62 |
| EPS, as reported (₹) | 14.30 | (6.51) | 11.46 | 6.92 | 4.93 |
| ROE % · ROCE % | 9.6 · 11.0 | (4.4) · 5.4 | 7.2 · 12.8 | 3.7 · 9.5 | 2.9 · 11.6 |
| Debt / equity (x) | 1.79 | 1.86 | 1.79 | 1.25 | 1.22 |
| Cash from operations | 68 | 354 | 322 | 235 | 204 |
| Capex | (148) | (10) | (48) | 0 | (27) |
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 | 694 | 691 | 657 | 657 | 630 | 611 | 617 | 621 |
| Profit before tax | 26 | 27 | (64) | 14 | 64 | 11 | 32 | 8 |
| Net profit | 22 | 22 | 12 | 11 | 42 | 8 | 1 | 5 |
| EPS (₹) | 2.20 | 1.74 | 0.95 | 0.87 | 3.34 | 0.61 | 0.11 | 0.40 |
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) | 12.5 | 16.8 | 72 of 179 | 60% |
| P/B | 0.3 | 1.1 | 10 of 185 | 94% |
| ROCE | 3.4 | 4.3 | 116 of 215 | 46% |
| ROE | 2.9 | 4.7 | 110 of 188 | 42% |
| Debt / Equity | 1.2 | 0.4 | 155 of 188 | 18% |
| EBITDA margin | 16.3 | 9.8 | 50 of 198 | 75% |
| Revenue growth | (5.4) | 6.9 | 133 of 192 | 31% |
| Profit growth | (54.2) | 20.0 | 159 of 203 | 21% |
| Market cap | 700 | 61 | 34 of 223 | 85% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · Filing of dematerialisation certificates for Sep 2026 quarter | compliance | minimal | — | — |
| 8 Oct 2026 · Newspaper notice on special window for physical share demat | compliance | minimal | — | — |
| 30 Sept 2026 · Himatsingka Seide allots Rs 34 cr NCDs at 11.5% via private placement | fund raising | medium | — | — |
| 30 Sept 2026 · Changes in Senior Management - 2 resignations, 2 elevations | management changes | medium | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1, 2026 ahead of Q2 and H1 FY26 results | compliance | minimal | — | — |
| 25 Sept 2026 · AGM 2026 voting results: all 4 resolutions passed with high majority | board shareholder meetings | medium | — | — |
| 24 Sept 2026 · AGM Proceedings: FY26 Accounts Adopted, Dividend of Rs 0.25 per Share Declared | board shareholder meetings | medium | — | — |
| 10 Sept 2026 · Corrigendum to 41st Annual Report for FY 2025-26 | compliance | low | — | — |
| 2 Sept 2026 · AGM notice and annual report dispatch completed for 41st AGM on September 24, 2026 | compliance | minimal | — | — |
| 2 Sept 2026 · Himatsingka Seide files 41st Annual Report for FY26 with BSE and NSE | compliance | 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.