KUSUMGAR LIMITED

Manufactures engineered technical textiles across four business segments — aerospace and defence fabrics, aerospace and defence solutions (parachute systems, camouflage, rapid deployment), industrial and automotive fabrics, and outdoor and lifestyle fabrics for activewear. The business is built on multi-year qualification cycles, exclusive global technology partnerships, and decade-long product co-development with customers. In Q1 FY27, consolidated revenue reached ₹247.2 cr, up 102% year-on-year, with EBITDA at ₹75.9 cr (31% margin) and PAT at ₹42.6 cr (17% margin); the sequential decline from Q4 FY26's ₹312.8 cr was attributed to a US tariff-resolution export pull-forward that inflated the prior quarter. Ready parachute contracts under a licensing arrangement with a global technology partner drove the margin expansion, while finished parachute systems are not own-IP but licensed. Management has formally adopted a no-forward-guidance policy, citing unpredictability around product approvals, government tenders, and geopolitics, with maintenance capex guided at 5-10% of gross block per year and no major expansion planned in the existing business.