SANGAM (INDIA) LTD

Manufactures textiles spanning the value chain from yarn to finished garments. Operations cover cotton and polyester yarn, denim fabric, polyester-viscose (PV) fabrics, and readymade garments sold under its own C9 brand as well as for external customers. In FY26, revenue was INR 3,234.53 crore with an EBITDA margin of about 10%. The business is run as an integrated textiles complex — it spins yarn, weaves denim and PV fabrics, and stitches garments — with the garment segment running at roughly 50% capacity utilization and C9 contributing 40-45% of garment revenue. The denim and PV fabric units are at near-full utilization (97-98% in Q1 FY27). Roughly half of polyester fibre needs are met in-house from recycled polyester, processing about 40,000 MT of plastic waste a year. Exports go to over 50 countries, with no single geography dominating. The biggest cost line is raw materials at 54.5% of revenue, followed by other operating expenses at 21.0% and employee costs at 9.1%. A INR 1,500 crore capex plan runs to March 2029 to add yarn, denim, garment and recycled polyester capacity, with management targeting around INR 300 crore of annual EBITDA at full use.