RAJ RAYON INDUSTRIES LTD

Manufactures polyester yarn through three integrated processes — polymerisation, POY/FDY (Partially Oriented Yarn / Fully Drawn Yarn), and DTY (Draw Textured Yarn) — and has completed three consecutive capacity expansions since the company was revived under SVG Group ownership in January 2023. FY26 revenue of Rs 1,179.72 crore was up 38.9% from the prior year, with EBITDA margin of 5.4% and operating cash flow of Rs 119 crore for the year. The company plans Rs 500-600 crore of investment over 18-24 months to reach 700 TPD polymerisation, 650 TPD POY/FDY and 400 TPD DTY capacity, including a 167% step-up in DTY capacity. Specialty offerings such as dope-dyed and micro-fibre yarns are flagged in management commentary as higher-margin products. Materials account for 82.4% of revenue, making raw material procurement the dominant cost line. The statutory auditor has issued a qualified opinion for three consecutive years owing to three inoperative bank accounts from the pre-CIRP period that current management has been unable to verify.