NSE: SANGAMIND · BSE: 514234
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Denim and PV fabrics, Yarn (cotton and polyester), Garments, Recycled polyester fibre. Integrated, asset-heavy textiles manufacturer spanning yarn, fabric and garments with high operating leverage.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,438 | 2,712 | 2,628 | 2,857 | 3,235 |
| EBITDA (ex other income) | 295 | 276 | 209 | 238 | 314 |
| margin % | 12.1 | 10.2 | 7.9 | 8.3 | 9.7 |
| Owners' profit | 141 | 131 | 0 | 32 | 83 |
| EPS, as reported (₹) | 32.23 | 29.41 | 9.55 | 6.33 | 16.44 |
| ROE % · ROCE % | 19.6 · 24.8 | 14.8 · 16.8 | 4.1 · 7.5 | 3.2 · 7.7 | 7.7 · 12.1 |
| Debt / equity (x) | 1.06 | 0.93 | 1.08 | 1.13 | 1.19 |
| Cash from operations | 91 | 216 | 160 | 431 | 269 |
| Capex | (204) | (389) | (408) | (315) | (226) |
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 | 676 | 754 | 734 | 790 | 786 | 775 | 884 | 860 |
| Profit before tax | 3 | 9 | 13 | 3 | 34 | 31 | 45 | 55 |
| Net profit | 6 | 2 | 10 | 2 | 23 | 24 | 33 | 41 |
| EPS (₹) | 1.43 | 0.49 | 1.89 | 0.42 | 4.60 | 4.87 | 6.54 | 8.16 |
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) | 24.6 | 16.8 | 107 of 179 | 40% |
| P/B | 2.8 | 1.1 | 152 of 185 | 17% |
| ROCE | 6.0 | 4.3 | 91 of 215 | 58% |
| ROE | 7.7 | 4.7 | 64 of 188 | 66% |
| Debt / Equity | 1.2 | 0.4 | 153 of 188 | 19% |
| EBITDA margin | 12.9 | 9.8 | 72 of 198 | 64% |
| Revenue growth | 8.9 | 6.9 | 86 of 192 | 56% |
| Profit growth | 1825.8 | 20.0 | 7 of 203 | 97% |
| Market cap | 2983 | 61 | 13 of 223 | 95% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to approve September 2026 unaudited results | results | low | — | — |
| 24 Oct 2026 · Bank loan rating upgraded to IND A with stable outlook | credit debt | medium | — | — |
| 17 Oct 2026 · Postal Ballot: Mr. Ranjan Jagetia approved as Independent Director | board shareholder meetings | medium | — | — |
| 17 Oct 2026 · Postal Ballot Result: Independent Director Appointment Approved | board shareholder meetings | low | — | — |
| 9 Oct 2026 · Quarterly demat compliance certificate filed with exchanges | compliance | minimal | — | — |
| 5 Oct 2026 · Sangam acquires 0.97% stake in CGE II Hybrid Energy for captive power | strategic transactions | high | — | — |
| 1 Oct 2026 · Fire incident at Spinning Division in Bhilwara; estimated loss around Rs 4 crore | capex operations | high | — | — |
| 28 Sept 2026 · Sangam replies to BSE on unusual trading volume; says no undisclosed info | regulatory legal | medium | — | — |
| 28 Sept 2026 · BSE seeks clarification from Sangam India on volume movement | compliance | low | — | — |
| 28 Sept 2026 · Trading Window Closed for Q2 FY26 Results Period | compliance | minimal | — | — |
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.