NSE: LEMERITE
LE MERITE EXPORTS LIMITED
Trades textile products, reporting FY26 revenue of ₹357.47 crore, down 26% from the prior year, while consolidated net profit surged to ₹11.56 crore (PAT growth of 86% YoY) on an EBITDA margin of 6.508%. The cost shape is light — employee cost at 0.6% of revenue and other operating expenses at 6.5% — consistent with a trading rather than manufacturing model. The company is expanding into adjacent textile businesses through a wholly-owned spinning subsidiary, Le Merite Laxmi Spinning, and a 65.5%-owned subsidiary, LMTDSPL, which operates in technical and defence textiles. It has also incorporated a 35% associate, Le Merite Torna Technical Textile Park, to plan and operate an integrated technical textile park covering R&D, testing labs, design centres, warehouses and logistics, though this entity is yet to start commercial operations. The company carried a CRISIL BB+/Stable credit rating as of FY26 and raised ₹18.80 crore via a September 2025 preferential issue of equity shares and warrants at ₹320 each, earmarked for strategic investments and general corporate purposes. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Textile trading (standalone), Spinning (Le Merite Laxmi Spinning subsidiary), Technical and defence textiles (LMTDSPL subsidiary, 65.5%), Technical textile park (associate, 35%). Light-asset textile trading company expanding downstream into spinning and technical/defence textiles.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 515 | 357 |
| EBITDA (ex other income) | — | 13 |
| margin % | — | 3.7 |
| Owners' profit | — | 12 |
| EPS, as reported (₹) | 2.56 | 4.69 |
| ROE % · ROCE % | — · 14.1 | 8.6 · 15.5 |
| Debt / equity (x) | — | 0.67 |
| Cash from operations | (12) | 39 |
| Capex | (2) | 0 |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q4 FY25 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue | 218 | 213 | 73 | 75 | 90 |
| Profit before tax | 4 | 11 | 3 | 1 | (5) |
| Net profit | — | — | 2 | 1 | (5) |
| EPS (₹) | 1.33 | 3.50 | 0.82 | 0.35 | (0.36) |
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. % |
|---|---|---|---|---|---|---|---|---|
| PDS LIMITED | 4,743 | 40.4 | 2.55 | 10.6 | 9.6 | 9.8 | 16.1 | 3.1 |
| LE MERITE EXPORTS LIMITED ◆ | 238 | 4.4 | 1.76 | 13.7 | 8.6 | 10.5 | — | (4.0) |
| BHILWARA TECHNICAL TEXT L | 210 | — | 1.30 | — | (7.0) | (6.5) | 32.8 | (128.6) |
| STANDARD INDUSTRIES LTD. | 108 | 1.7 | 0.94 | — | (16.9) | (15.8) | 23.6 | 45.1 |
| SPL INDUSTRIES LIMITED | 77 | 9.4 | 0.36 | — | 3.3 | 2.8 | — | 18.6 |
| Anand Rayons Limited | 58 | 5.3 | 0.56 | — | 7.1 | 9.4 | — | 3.1 |
| Vivaa Tradecom Limited | 51 | 36.3 | — | — | — | 3.6 | — | — |
| SANBLUE CORPORATION LTD. | 24 | 111.6 | 0.70 | — | 0.6 | 0.5 | — | (3.0) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 4.4 | 9.4 | 2 of 7 | 83% |
| P/B | 1.8 | 1.1 | 7 of 8 | 14% |
| ROCE | 10.5 | 2.8 | 1 of 9 | 100% |
| ROE | 8.6 | 1.9 | 2 of 8 | 86% |
| Debt / Equity | 0.7 | 0.1 | 8 of 8 | 0% |
| EBITDA margin | (4.0) | 3.0 | 6 of 7 | 17% |
| Revenue growth | (58.8) | 25.8 | 8 of 9 | 13% |
| Market cap | 238 | 68 | 2 of 10 | 89% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Registrar confirms no demat requests for Q2 FY27 | compliance | minimal | — | — |
| 2 Oct 2026 · AGM voting results: all 8 resolutions passed with 100% approval | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 23rd AGM proceedings: financials adopted, key directors re-appointed | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Trading Window closed from Oct 1, 2026 pending Q2 results | compliance | minimal | — | — |
| 9 Sept 2026 · Le Merite Exports files newspaper notice for 23rd AGM and e-voting | compliance | minimal | — | — |
| 8 Sept 2026 · 23rd AGM on September 30, 2026 with director re-appointments and FY26 results on agenda | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Board re-appoints Lath family directors and independent directors for 5 years | management changes | high | — | — |
| 8 Sept 2026 · Board reappoints senior leaders and independent directors | management changes | high | — | — |
| 31 Aug 2026 · Le Merite Exports to sell Mumbai investment property for Rs 1.53 crore | business updates | medium | — | — |
| 14 Aug 2026 · No deviation in use of preferential issue funds - Le Merite Exports | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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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.