NSE: MANOMAY · BSE: 540396
MANOMAY TEX INDIA LTD
Manufactures denim at textile plants in Rajasthan, with FY26 revenue of ₹710.70 crore. Raw materials account for the largest share of operating costs at 56.9% of revenue, followed by other operating expenses at 23.5%, employee costs at 4.9%, and depreciation at 4.1%. The company is acquiring a 26% stake in a special-purpose vehicle that will supply 13.65 MW DC of captive solar power to its Rajasthan plants, targeted for completion by November 2026. It also received ₹3.27 crore in government subsidy under the ATUFS scheme in FY26. Total assets stood at ₹676.16 crore against equity of approximately ₹17,096 lakhs and total debt of around ₹34,780 lakhs. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Denim manufacturing. Asset-heavy denim textile manufacturing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 589 | 699 | 583 | 697 | 711 |
| EBITDA (ex other income) | — | 42 | 49 | 86 | 84 |
| margin % | — | 5.9 | 8.3 | 12.3 | 11.9 |
| Owners' profit | — | 13 | 13 | 19 | 20 |
| EPS, as reported (₹) | 5.26 | 8.72 | 7.20 | 10.67 | 10.88 |
| ROE % · ROCE % | — · 14.1 | 11.2 · 15.6 | 10.1 · 10.7 | 13.0 · 16.9 | 11.5 · 16.5 |
| Debt / equity (x) | — | 1.25 | 2.32 | 2.22 | 2.03 |
| Cash from operations | 14 | 12 | 13 | 4 | 26 |
| Capex | — | (15) | (154) | (21) | (21) |
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 | 176 | 186 | 179 | 164 | 166 | 177 | 204 | 198 |
| Profit before tax | 6 | 8 | 5 | 6 | 7 | 6 | 6 | 7 |
| Net profit | 5 | 6 | 3 | 4 | 6 | 5 | 5 | 5 |
| EPS (₹) | 2.65 | 3.34 | 1.84 | 2.46 | 3.09 | 2.56 | 2.77 | 2.74 |
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) | 21.9 | 16.8 | 101 of 179 | 44% |
| P/B | 2.6 | 1.1 | 150 of 185 | 19% |
| ROCE | 7.6 | 4.3 | 76 of 215 | 65% |
| ROE | 11.5 | 4.7 | 43 of 188 | 78% |
| Debt / Equity | 2.0 | 0.4 | 169 of 188 | 10% |
| EBITDA margin | 10.1 | 9.8 | 95 of 198 | 52% |
| Revenue growth | 20.5 | 6.9 | 56 of 192 | 71% |
| Profit growth | 11.3 | 20.0 | 121 of 203 | 41% |
| Market cap | 440 | 61 | 43 of 223 | 81% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Share Capital Audit Report submitted for Q2 FY27 | compliance | minimal | — | — |
| 8 Oct 2026 · RTA confirms no rematerialisation requests in Q2 FY27 | compliance | minimal | — | — |
| 2 Oct 2026 · Compliance certificate for SDD maintenance for September 2026 quarter | compliance | minimal | — | — |
| 30 Sept 2026 · Voting results of 17th AGM: all 8 resolutions passed with 100% approval | board shareholder meetings | medium | — | — |
| 30 Sept 2026 · AGM approves WTD re-appointment and 3 new Independent Directors | compliance | minimal | — | — |
| 29 Sept 2026 · 17th AGM concluded; 8 resolutions passed including director appointments | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Trading Window Closure for Q2 FY27 Results | compliance | minimal | — | — |
| 23 Sept 2026 · Correction of DIN number for director in earlier filings | compliance | minimal | — | — |
| 7 Sept 2026 · Newspaper notice published for 17th AGM scheduled 29 September 2026 | compliance | minimal | — | — |
| 5 Sept 2026 · Manomay Tex India 17th AGM notice on Sept 29, 2026 | compliance | minimal | — | — |
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.