NSE: SELMC · BSE: 532886
SEL MANUFACTURING CO LTD
Operates in India's textiles and apparels sector, classified under Other Textile Products. The plants remained largely non-operational during FY26, with total income of Rs. 15.431 crore, a 53% drop from FY25. The business carries a large asset base on its books — Property, Plant and Equipment of Rs. 79,537.54 lakhs and Capital Work in Progress of Rs. 4,246 lakhs — though the auditor flagged the absence of an impairment assessment under Ind AS 36. Materials make up the largest disclosed operating cost at 40.2% of revenue, followed by employee costs at 36.9%. The auditor raised a Material Uncertainty Related to Going Concern flag, citing severe liquidity stress. Cumulative losses over five years stand at Rs. 80,878 lakhs, with negative net worth of Rs. 39,957.98 lakhs and loan installment defaults of Rs. 30,872 lakhs. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Textile products. Asset-heavy textiles manufacturer with largely non-operational plants and severe financial distress
Exhibit 1: Financial summary, FY20–FY24 (all audited; no estimate years)
| ₹ crore · consolidated | FY20 | FY21 | FY22 | FY23 | FY24 |
|---|---|---|---|---|---|
| Revenue | 353 | 190 | 420 | 554 | 374 |
| EBITDA (ex other income) | (539) | 2,614 | (3) | (61) | (44) |
| margin % | (152.8) | 1372.9 | (0.6) | (11.0) | (11.7) |
| Owners' profit | (587) | 2,507 | (131) | (186) | (193) |
| EPS, as reported (₹) | (17.73) | 79.18 | (39.62) | (56.11) | (58.23) |
| ROE % · ROCE % | 17.5 · 33.5 | 602.3 · 176.0 | (49.8) · (7.9) | (125.3) · (13.5) | 342.2 · (17.5) |
| Debt / equity (x) | (1.00) | 2.30 | 3.85 | 6.28 | (16.67) |
| Cash from operations | — | (1,204) | 36 | 44 | 37 |
| Capex | — | (1) | (1) | (0) | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY23 | Q2 FY23 | Q3 FY23 | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 118 | 66 | 143 | 228 | 238 | 96 | 12 | 28 |
| Profit before tax | (51) | (28) | (45) | (62) | (62) | (62) | (28) | (42) |
| Net profit | (51) | (28) | (45) | (62) | (62) | (62) | (28) | (42) |
| EPS (₹) | (15.35) | (8.40) | (13.64) | (18.72) | (18.69) | 37.16 | (8.43) | (12.53) |
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. | 35,892 | 39.3 | 6.30 | 26.0 | 15.2 | 19.3 | 13.5 | 21.2 |
| WELSPUN LIVING LIMITED | 21,350 | 77.7 | 4.29 | 27.3 | 4.3 | 4.0 | 5.1 | 12.7 |
| VARDHMAN TEXTILES LIMITED | 15,244 | 17.7 | 1.44 | 11.7 | 7.1 | 7.4 | 10.0 | 20.4 |
| TRIDENT LIMITED | 11,160 | 28.1 | 2.34 | 13.7 | 7.9 | 8.6 | 8.1 | 17.7 |
| INDO COUNT INDUSTRIES LTD | 8,863 | 58.7 | 3.76 | 21.3 | 5.4 | 5.4 | 10.5 | 13.3 |
| GARWARE TECH FIBRES LTD | 7,372 | 35.6 | 5.44 | 23.0 | 14.7 | 18.7 | 8.1 | 20.5 |
| FILATEX INDIA LTD | 4,847 | 25.4 | 3.22 | 13.3 | 12.2 | 13.8 | — | 7.6 |
| ALOK INDUSTRIES LIMITED | 4,508 | — | — | 228.6 | 3.5 | (18.0) | (0.7) | 8.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| ROCE | (25.3) | 4.3 | 208 of 215 | 3% |
| EBITDA margin | (10.2) | 9.8 | 188 of 198 | 5% |
| Revenue growth | (87.7) | 6.9 | 185 of 192 | 4% |
| Profit growth | 33.1 | 20.0 | 88 of 203 | 57% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Aug 2026 · Mr Dharminder Pal resigns as Non-Executive Non-Independent Director | management changes | medium | — | — |
| 6 Aug 2026 · SEL Manufacturing Q1 loss at Rs 42 cr, auditor flags going concern | results | high | — | — |
| 6 Aug 2026 · Q1 FY27 results: Revenue halves, loss widens, going concern doubt | results | high | — | — |
| 3 Aug 2026 · Board meeting on 6 Aug 2026 to approve Q1 FY27 unaudited results | results | low | — | — |
| 16 Jul 2026 · Quarterly RTA certificate filed under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 14 Jul 2026 · SEL Manufacturing clarifies audit statement format deficiency filed with NSE | compliance | low | — | — |
| 27 Jun 2026 · Trading window closed from July 1, 2026 for Q1 FY27 results | compliance | minimal | — | — |
| 24 Jun 2026 · NSE seeks clarification on SEL Manufacturing's Q4 FY26 results | compliance | medium | — | — |
| 19 Jun 2026 · Promoter declares no new share encumbrance for FY26 | ownership changes | low | — | — |
| 28 May 2026 · Outcome of Board Meeting- Financial Results for the quarter and year ended on 31.03.2026 | results | high | — | — |
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.