NSE: RSWM · BSE: 500350
RSWM LIMITED
Manufactures yarn and woven/knit fabric for sale to apparel and downstream textile buyers, with yarn accounting for 78.3% of FY26 segment revenue at ₹3,865.03 cr and fabric making up the remaining 21.7% at ₹1,073.23 cr. The business sells to customers in 68 countries, with exports contributing 30.68% of turnover, and ended FY26 with ₹4,554 cr in revenue. Operations span five product lines including mélange, denim and knit, with capacity utilisation currently ranging from 65-70% in mélange to 80%+ in denim; a ₹92 cr knitting expansion is taking capacity from 600 to 900 tons and is scheduled to be operational by Q3 FY27. Around 70% of the energy mix is now sourced from wind and solar via an Adani tie-up, and all wet-processing units operate on Zero Liquid Discharge. Two large capital projects are underway: a ₹427 cr GreenPET bottle-to-bottle recycling plant at Ratlam (70% debt-funded, targeted Q1 FY27) and the knit expansion above. The biggest cost line is raw materials at 55.3% of revenue, followed by other operating expenses at 20.4% and employees at 11.9%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Yarn (78%), Fabric (22%). Cyclical, asset-heavy textile manufacturer with five product lines (yarn, denim, mélange, knit, Grey fabric).
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,817 | 3,789 | 4,058 | 4,826 | 4,554 |
| EBITDA (ex other income) | 432 | 248 | 172 | 209 | 273 |
| margin % | 11.3 | 6.5 | 4.2 | 4.3 | 6.0 |
| Owners' profit | 0 | 123 | 0 | (40) | 52 |
| EPS, as reported (₹) | 104.55 | 31.52 | (4.47) | (8.50) | 11.04 |
| ROE % · ROCE % | 23.8 · 22.4 | 9.3 · 11.0 | (1.6) · 2.6 | (3.1) · 4.0 | 3.8 · 8.1 |
| Debt / equity (x) | 1.06 | 0.87 | 1.45 | 1.32 | 1.22 |
| Cash from operations | 210 | 89 | (76) | 426 | 435 |
| Capex | (356) | (334) | (378) | (128) | (183) |
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 | 1,166 | 1,196 | 1,256 | 1,170 | 1,151 | 1,091 | 1,142 | 1,161 |
| Profit before tax | (29) | (15) | 6 | 11 | 11 | 4 | 17 | 27 |
| Net profit | (18) | (9) | 1 | 8 | 7 | 2 | 34 | 20 |
| EPS (₹) | (3.72) | (1.96) | 0.31 | 1.78 | 1.58 | 0.50 | 7.18 | 4.17 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Yarn | 3,865 | 78.3 |
| Fabric | 1,073 | 21.7 |
| Total, before eliminations | 4,938 | 100.0 |
Exhibit 4: 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.4 | 16.8 | 76 of 179 | 58% |
| P/B | 0.6 | 1.1 | 50 of 185 | 73% |
| ROCE | 2.0 | 4.3 | 134 of 215 | 38% |
| ROE | 3.8 | 4.7 | 104 of 188 | 45% |
| Debt / Equity | 1.2 | 0.4 | 154 of 188 | 18% |
| EBITDA margin | 8.5 | 9.8 | 115 of 198 | 42% |
| Revenue growth | (0.8) | 6.9 | 120 of 192 | 38% |
| Profit growth | 134.8 | 20.0 | 44 of 203 | 79% |
| Market cap | 849 | 61 | 28 of 223 | 88% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · RSWM second-quarter and first-half FY27 earnings call set for November 3, 2026 | board shareholder meetings | low | — | — |
| 19 Oct 2026 · RSWM board to consider Q2 and H1 FY27 results on Nov 2, 2026 | results | low | — | — |
| 16 Oct 2026 · RSWM unveils Sustainability Report FY 2025-26; Scope 1 emissions cut 40.5% | business updates | low | — | — |
| 7 Oct 2026 · RSWM Reports No Physical Share Transfer Requests in September 2026 | compliance | minimal | — | — |
| 6 Oct 2026 · Routine compliance filing on dematerialisation of shares for Sept 2026 quarter | compliance | minimal | — | — |
| 29 Sept 2026 · RSWM gets ICRA ESG Impact Rating of 70, classified as Good | credit debt | medium | — | — |
| 25 Sept 2026 · Trading window closure ahead of Q2 and H1 FY26 results | compliance | minimal | — | — |
| 8 Sept 2026 · Re-lodgement of physical share transfer requests for August 2026 | compliance | minimal | — | — |
| 3 Sept 2026 · RSWM gets ESG rating of 59 from SEBI-registered provider | general | low | — | — |
| 26 Aug 2026 · RSWM 65th AGM: All 6 Resolutions Passed Including ESOP 2026 | board shareholder meetings | low | — | — |
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.