NSE: SALONA · BSE: 590056
SALONA COTSPIN LTD.
Operates a textile spinning business based in Coimbatore, Tamil Nadu, generating Rs. 593.8 crore of revenue in FY26. The cost structure shows materials at 28% of revenue, employee costs at 3.4%, other operating expenses at 8.2%, and depreciation at 1.7%, with capex at 1.9% of revenue. EBITDA margin stood at 5.87% in FY26, with net profit of Rs. 1.56 crore. FY26 revenue declined from Rs. 66,215.64 lakh in FY25 to Rs. 59,381.62 lakh, and net profit fell from Rs. 313.31 lakh to Rs. 156.14 lakh, with Q4 FY26 showing a net loss of Rs. 136.53 lakh. The board is drawn from two related promoter families, Agarwala and Jhajharia, with Mr. Manoj Kumar Jhajharia re-designated as Managing Director and Mr. Shyam Lal Agarwala as Chairman and Director effective July 1, 2026. For FY26, the board recommended a dividend of Rs. 0.60 per equity share, 6% on face value of Rs. 10. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Textile spinning. Cyclical textile spinning with modest depreciation intensity (1.7% of revenue).
Exhibit 1: Financial summary, FY17–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY17 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 41 | 487 | 722 | 662 | 594 |
| EBITDA (ex other income) | 1 | 35 | 30 | 32 | 34 |
| margin % | 2.0 | 7.2 | 4.2 | 4.8 | 5.8 |
| Owners' profit | 0 | 18 | 6 | 3 | 2 |
| EPS, as reported (₹) | 0.78 | 33.39 | 11.64 | 5.95 | 5.94 |
| ROE % · ROCE % | — · — | 23.7 · 25.9 | 7.7 · 14.4 | 3.8 · 15.5 | 1.9 · 16.7 |
| Debt / equity (x) | — | 2.12 | 3.22 | 2.89 | 2.26 |
| Cash from operations | — | (5) | (12) | 64 | 79 |
| Capex | — | (4) | (72) | (26) | (11) |
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 | 166 | 158 | 148 | 157 | 171 | 155 | 110 | 197 |
| Profit before tax | 3 | 2 | (1) | 2 | 1 | 1 | 1 | 3 |
| Net profit | 2 | 2 | (3) | 2 | 1 | 0 | (1) | 2 |
| EPS (₹) | 4.16 | 3.01 | (5.54) | 5.82 | 2.03 | 1.24 | (5.18) | 8.58 |
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) | 38.0 | 16.8 | 136 of 179 | 24% |
| P/B | 1.6 | 1.1 | 116 of 185 | 37% |
| ROCE | 3.2 | 4.3 | 119 of 215 | 45% |
| ROE | 1.9 | 4.7 | 121 of 188 | 36% |
| Debt / Equity | 2.3 | 0.4 | 178 of 188 | 5% |
| EBITDA margin | 5.5 | 9.8 | 136 of 198 | 32% |
| Revenue growth | 25.1 | 6.9 | 49 of 192 | 75% |
| Profit growth | 47.4 | 20.0 | 81 of 203 | 60% |
| Market cap | 133 | 61 | 77 of 223 | 66% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Quarterly demat compliance certificate filed for July-September 2026 quarter | compliance | minimal | — | — |
| 24 Sept 2026 · Salona Cotspin files 32nd AGM proceedings with NSE | board shareholder meetings | low | — | — |
| 24 Sept 2026 · 32nd AGM results: all 9 resolutions passed; dividend of Rs 0.60 per share confirmed | compliance | minimal | — | — |
| 23 Sept 2026 · 32nd AGM held on Sep 23, 2026 - dividend and board changes approved | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Newspaper notice on special window for physical share dematerialisation | compliance | minimal | — | — |
| 1 Sept 2026 · Trading Window closure from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 29 Aug 2026 · Salona Cotspin informs about 32nd AGM notice newspaper publication | compliance | minimal | — | — |
| 28 Aug 2026 · AGM notice and Annual Report 2025-26 web-link sent to shareholders | compliance | minimal | — | — |
| 28 Aug 2026 · Annual Report FY26 and AGM Notice with Dividend and Board Changes | board shareholder meetings | medium | — | — |
| 14 Aug 2026 · Salona Cotspin corrects Record Date for 32nd AGM to September 16, 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.