NSE: RUPA · BSE: 533552
RUPA & COMPANY LTD
Manufactures and sells innerwear and hosiery products in India, with FY26 revenue of INR 1,259.10 crore and net profit of INR 72.49 crore at an EBITDA margin of 10.53%. Distribution runs mainly through general trade; modern trade and e-commerce together contributed 6% of 9M FY26 revenue, and exports grew 28% YoY to 4% of Q3 FY26 revenue. The mid-premium segment led volume growth, while new categories including Athleisure, Activewear and Womenswear are being built out. Materials (yarn, fabric) are the biggest cost line at 45.5% of revenue, followed by other operating expenses at 38.6% and employee costs at 5.2%. Q3 FY26 saw aggressive trade schemes compressing EBITDA margin to 8.2%, down 380 bps YoY, as discounts climbed to about 12% of revenue from a historical 8-9% range. The business carries a CRISIL AA-/stable rating on a Rs 365 crore bank facility plus Rs 180 crore commercial paper programme, with a cash surplus of INR 41 crore at end of Q3 FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Innerwear and hosiery (India), Exports (4%), Modern trade and e-commerce (6%). Cyclical consumer-discretionary innerwear and hosiery brand business
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,474 | 1,137 | 1,217 | 1,239 | 1,259 |
| EBITDA (ex other income) | 269 | 83 | 113 | 130 | 110 |
| margin % | 18.2 | 7.3 | 9.3 | 10.5 | 8.7 |
| Owners' profit | 0 | 0 | 70 | 0 | 0 |
| EPS, as reported (₹) | 24.12 | 6.76 | 8.77 | 10.47 | 9.12 |
| ROE % · ROCE % | 21.8 · 28.7 | 5.9 · 9.7 | 7.3 · 11.6 | 8.2 · 12.7 | 6.8 · 10.7 |
| Debt / equity (x) | 0.40 | 0.27 | 0.23 | 0.22 | 0.23 |
| Cash from operations | (116) | 185 | 156 | 59 | 45 |
| Capex | (37) | (30) | (10) | (8) | (8) |
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 | 297 | 316 | 415 | 184 | 320 | 314 | 441 | 202 |
| Profit before tax | 24 | 33 | 42 | 8 | 20 | 22 | 49 | 12 |
| Net profit | 18 | 24 | 31 | 6 | 14 | 16 | 36 | 8 |
| EPS (₹) | 2.32 | 2.99 | 3.85 | 0.69 | 1.82 | 2.04 | 4.55 | 1.04 |
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. % |
|---|---|---|---|---|---|---|---|---|
| PAGE INDUSTRIES LTD | 37,812 | 50.0 | 25.16 | — | 50.8 | 58.6 | — | 21.1 |
| ARVIND LIMITED | 13,369 | 32.3 | 3.23 | 14.1 | 10.3 | 11.9 | 12.9 | 9.4 |
| PEARL GLOBAL IND LIMITED | 5,588 | 18.0 | 3.89 | 11.2 | 18.8 | 16.8 | 27.5 | 11.2 |
| GOKALDAS EXPORTS LTD. | 4,744 | 46.0 | 2.20 | 12.9 | 4.6 | 6.0 | 26.9 | 12.1 |
| LUX INDUSTRIES LIMITED | 3,496 | 32.8 | 1.92 | 19.4 | 5.8 | 7.3 | 8.4 | 8.2 |
| SBC EXPORTS LIMITED | 3,114 | 76.9 | 38.83 | 70.5 | 31.5 | 28.3 | — | 13.9 |
| KEWAL KIRAN CLOTHING LTD | 2,631 | 17.8 | 2.35 | 9.6 | 13.6 | 16.6 | 32.0 | 24.0 |
| KITEX GARMENTS LTD | 2,250 | — | 1.82 | 34.0 | (1.1) | 0.3 | 7.9 | 11.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.9 | 16.2 | 16 of 37 | 58% |
| P/B | 0.9 | 1.5 | 11 of 35 | 71% |
| ROCE | 8.9 | 8.4 | 21 of 44 | 54% |
| ROE | 6.8 | 5.8 | 16 of 35 | 56% |
| Debt / Equity | 0.2 | 0.3 | 12 of 35 | 68% |
| EBITDA margin | 10.4 | 10.4 | 18 of 35 | 50% |
| Revenue growth | 10.1 | 7.9 | 18 of 37 | 53% |
| Profit growth | 49.6 | 6.8 | 11 of 37 | 72% |
| Market cap | 967 | 146 | 14 of 44 | 70% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board to approve September 2026 quarter and half-year results | results | low | — | — |
| 9 Oct 2026 · Rupa & Company files quarterly demat compliance certificate for Q2 FY26 | compliance | minimal | — | — |
| 26 Sept 2026 · Trading Window Closed Ahead of Q2 FY26 Results | compliance | minimal | — | — |
| 19 Sept 2026 · Rupa & Company 41st AGM results: all 7 resolutions approved | board shareholder meetings | low | — | — |
| 18 Sept 2026 · Rupa 41st AGM held Sept 18, 2026; Rs 3 per share dividend declared | board shareholder meetings | medium | — | — |
| 26 Aug 2026 · Rupa & Company files newspaper ad copies for 41st AGM notice | compliance | minimal | — | — |
| 25 Aug 2026 · Rupa & Company: 41st AGM on Sep 18, 2026; FY26 Annual Report link shared | compliance | minimal | — | — |
| 25 Aug 2026 · 41st AGM notice on Sep 18, 2026 with 300% dividend and director re-appointments | board shareholder meetings | low | — | — |
| 18 Aug 2026 · Rupa Q1 FY27 transcript: revenue up 10%, PAT jumps 50%, margin guided to 9-10% | investor communications | medium | — | — |
| 11 Aug 2026 · Audio Recording of Q1 FY26 Earnings Call Shared on Website | investor communications | 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.