NSE: PIONEEREMB · BSE: 514300
PIONEER EMBROIDERIES LTD
Manufactures embroidered fabrics and bobbin lace products, with production consolidated at its Degaon, Dhule facility in Maharashtra and a Bobbin Lace Unit at Sarigam, Gujarat. During FY26, non-core assets including the Naroli land and the Sarigam Embroidery Unit's land and building were sold, while Bobbin Lace operations continue on an adjacent Sarigam plot. Revenue fell 10.4% year-on-year to ₹335.95 crore, with exports dropping 61.8% on US tariff headwinds. The company booked ₹454.43 lakh of electricity duty rebate and ₹1,779.16 lakh of capital subsidy under Maharashtra's textile policy, and completed a green energy project in May 2026. Materials account for 59.6% of revenue and employees 11.8%, with EBITDA margin at 7.40%. Operations extend through subsidiaries Hakoba Lifestyle, Pioneer Realty, and Crystal Lace (India). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Embroidered fabrics, Bobbin lace, Subsidiaries and associates. Asset-heavy textile manufacturer with concentrated single-site production
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 292 | 295 | 336 | 375 | 336 |
| EBITDA (ex other income) | 25 | 19 | 22 | 25 | 18 |
| margin % | 8.5 | 6.5 | 6.6 | 6.7 | 5.4 |
| Owners' profit | 11 | 8 | 4 | 4 | 1 |
| EPS, as reported (₹) | 4.14 | 3.11 | 1.31 | 1.47 | 0.20 |
| ROE % · ROCE % | 9.1 · 13.3 | 6.4 · 7.3 | 2.4 · 5.9 | 2.9 · 7.0 | 0.4 · 4.6 |
| Debt / equity (x) | 0.23 | 0.72 | 0.73 | 0.58 | 0.54 |
| Cash from operations | 13 | 10 | 12 | 33 | 19 |
| Capex | (7) | (70) | (34) | (9) | (12) |
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 | 94 | 96 | 89 | 86 | 83 | 81 | 86 | 97 |
| Profit before tax | 1 | 3 | 2 | 1 | (5) | (1) | 6 | 0 |
| Net profit | 1 | 2 | 1 | 1 | (4) | (1) | 4 | 0 |
| EPS (₹) | 0.23 | 0.71 | 0.45 | 0.35 | (1.23) | (0.27) | 1.35 | 0.04 |
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/B | 0.4 | 1.1 | 16 of 185 | 91% |
| ROCE | 0.3 | 4.3 | 162 of 215 | 25% |
| ROE | 0.4 | 4.7 | 148 of 188 | 21% |
| Debt / Equity | 0.5 | 0.4 | 109 of 188 | 42% |
| EBITDA margin | 5.9 | 9.8 | 133 of 198 | 33% |
| Revenue growth | 12.3 | 6.9 | 72 of 192 | 63% |
| Profit growth | (89.1) | 20.0 | 166 of 203 | 18% |
| Market cap | 58 | 61 | 116 of 223 | 48% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Routine compliance certificate for Q2 FY27 dematerialisation process | compliance | minimal | — | — |
| 3 Oct 2026 · Insider trading compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closed from Oct 1 till financial results are declared | compliance | minimal | — | — |
| 20 Aug 2026 · Pioneer Embroideries 34th AGM: All 3 Resolutions Passed with 100% Approval | board shareholder meetings | low | — | — |
| 20 Aug 2026 · Pioneer Embroideries 34th AGM held on 20 Aug 2026; 3 resolutions passed | board shareholder meetings | medium | — | — |
| 17 Aug 2026 · Pioneer Embroideries files Q1 FY27 results newspaper publication | compliance | minimal | — | — |
| 7 Aug 2026 · Board meeting on 14 Aug 2026 to consider Q1 FY27 results | board shareholder meetings | low | — | — |
| 30 Jul 2026 · Post-dispatch notice of 34th AGM on August 20, 2026 | compliance | minimal | — | — |
| 29 Jul 2026 · Pioneer Embroideries submits 34th Annual Report for FY 2025-26 to BSE and NSE | board shareholder meetings | medium | — | — |
| 25 Jul 2026 · AGM notice published; 34th AGM set for 20 August 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.