BSE: 538838
Indo Cotspin Limited
Spins cotton yarn at a facility in Panipat, Haryana, selling to textile manufacturers and downstream weavers. FY26 revenue from operations stood at Rs 2,461.23 lakhs, marginally lower than Rs 2,493.82 lakhs in FY25, with the company swinging to a net loss of Rs 0.87 lakhs from a Rs 40.05 lakhs profit a year earlier. The cost base is dominated by raw materials, which consumed 65.1% of revenue in FY26, followed by other operating expenses at 9.2% and employees at 2.5%. The business is asset-heavy: total assets stood at Rs 1,138.31 lakhs at end-FY26, with FY26 capital spend of Rs 289.79 lakhs on a building and Rs 66.10 lakhs on solar panels. Quarterly performance has been uneven — Q3 FY26 raw material costs jumped to Rs 791.41 lakhs from Rs 535.83 lakhs a year earlier, squeezing margins, while Q1 FY27 revenue of Rs 595.70 lakhs was sharply higher than Rs 191.08 lakhs in Q1 FY26 but still produced a Rs 1.54 lakh loss. The Board has approved, subject to shareholder approval at the 32nd AGM, the sale of the company's land, building and plant and machinery to a related party for Rs 11 crore, alongside a proposed increase in the borrowing limit to Rs 50 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cotton yarn sales. Small, asset-light-margin cotton spinning operation with raw-material-driven costs and a board-proposed sale of fixed assets to a related party
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 14 | 13 | 17 | 25 | 25 |
| EBITDA (ex other income) | 1 | 1 | 1 | 1 | 1 |
| margin % | 3.7 | 4.3 | 5.2 | 3.1 | 2.2 |
| Owners' profit | 0 | 0 | 0 | 0 | (0) |
| EPS, as reported (₹) | 0.28 | 0.56 | 0.02 | 0.58 | 0.00 |
| ROE % · ROCE % | 2.1 · 2.2 | 3.7 · 4.0 | 1.0 · 1.0 | 5.5 · 7.8 | (0.1) · 0.9 |
| Debt / equity (x) | 0.00 | 0.01 | 0.01 | 0.00 | 0.09 |
| Cash from operations | (1) | 0 | 0 | (1) | 3 |
| Capex | (0) | — | (0) | (0) | (4) |
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 | 3 | 5 | 10 | 6 | 2 | 7 | 10 | 6 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0) |
| Net profit | 0 | 0 | 0 | (0) | 0 | 0 | 0 | (0) |
| EPS (₹) | 0.23 | 0.27 | 0.07 | 0.00 | 0.01 | 0.01 | 0.00 | 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) | 1532.0 | 16.8 | 177 of 179 | 1% |
| P/B | 3.0 | 1.1 | 156 of 185 | 16% |
| ROCE | 0.1 | 4.3 | 166 of 215 | 23% |
| ROE | (0.1) | 4.7 | 153 of 188 | 19% |
| Debt / Equity | 0.1 | 0.4 | 51 of 188 | 73% |
| EBITDA margin | 1.9 | 9.8 | 162 of 198 | 18% |
| Revenue growth | (6.0) | 6.9 | 135 of 192 | 30% |
| Profit growth | (234.1) | 20.0 | 191 of 203 | 6% |
| Market cap | 22 | 61 | 166 of 223 | 26% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Newspaper ad published for Q2 and H1 FY26-27 unaudited results | compliance | minimal | — | — |
| 17 Oct 2026 · Indo Cotspin Q2 and H1 FY27 Results Approved | results | high | — | — |
| 17 Oct 2026 · Q2 FY27 results approved, clean auditor review | results | high | — | — |
| 10 Oct 2026 · Board meeting on 17 Oct 2026 to consider Q2 FY27 results | results | low | — | — |
| 6 Oct 2026 · Quarterly compliance certificate for dematerialization of shares for Q2 FY26-27 | compliance | minimal | — | — |
| 12 Aug 2026 · Indo Cotspin 32nd AGM: All 11 resolutions passed with over 99.99% approval | board shareholder meetings | low | — | — |
| 10 Aug 2026 · Indo Cotspin 32nd AGM: new auditor appointed, MD and directors re-appointed | management changes | medium | — | — |
| 10 Aug 2026 · Indo Cotspin 32nd AGM: 11 resolutions tabled covering director changes and asset sale | board shareholder meetings | low | — | — |
| 19 Jul 2026 · Newspaper publication of Q1 FY26-27 unaudited financial results | compliance | minimal | — | — |
| 18 Jul 2026 · Board approves Q1 FY27 results, company posts small loss | 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.