BSE: 543244
Shine Fashions (India) Limited
Operates in India's textiles and apparels sector, reporting FY26 revenue of Rs 101.9981 crore — the first crossing of the Rs 100 crore mark, up about 25% from Rs 80.46 crore in FY25. Standalone EBITDA rose 30% to Rs 12.22 crore and pre-exceptional profit before tax was Rs 11.68 crore. Reported net profit fell to Rs 3.09 crore from Rs 6.97 crore because of a one-time Rs 7.55 crore exceptional expense covering a market study across three continents, undertaken to position the business for entry into global textile exports, an addressable market management sizes at USD 4 billion. The board approved a fund-raising plan of up to Rs 35 crore to support export operations and working capital. Operating cash flow turned negative at Rs -24.42 crore as inventory and receivables rose, and short-term borrowings stepped up from Rs 5.72 crore to Rs 20.02 crore. The company is listed on the BSE SME platform (scrip code 543244) and holds all its securities in dematerialised form with no physical folios. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Textiles and apparels (domestic). Small-cap Indian textiles and apparels business planning entry into global exports
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 13 | 21 | 54 | 82 | 102 |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | 1.42 | 3.49 | 14.08 | 24.38 | 1.17 |
| ROE % · ROCE % | — · 11.0 | — · 21.1 | — · 50.4 | — · 39.6 | — · 14.6 |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 0 | (1) | 1 | 2 | (24) |
| Capex | — | — | — | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9 | 12 | 20 | 34 | 34 | 47 | 44 | 58 |
| Profit before tax | 0 | 1 | 2 | 3 | 4 | 5 | 7 | (3) |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | 0.21 | 3.27 | 5.52 | 8.56 | 11.48 | 12.90 | 2.03 | 0.86 |
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) | 0.8 | 16.8 | 3 of 179 | 99% |
| ROCE | 12.0 | 4.3 | 38 of 215 | 83% |
| Revenue growth | 71.8 | 6.9 | 27 of 192 | 86% |
| Market cap | 58 | 61 | 115 of 223 | 49% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · RTA compliance certificate filed for quarter ended September 2026 | compliance | minimal | — | — |
| 1 Oct 2026 · AGM results: All 3 resolutions passed with 100% approval | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Shine Fashions 7th AGM held on 30 Sep 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · AGM notice published in English and Marathi newspapers | compliance | minimal | — | — |
| 5 Sept 2026 · FY2026 report: revenue up 23 percent, profit after tax down 56 percent | compliance | low | — | — |
| 5 Sept 2026 · Notice of 7th Annual General Meeting on September 30, 2026 | board shareholder meetings | low | — | — |
| 4 Sept 2026 · 7th AGM on Sep 30, 2026; e-voting from Sep 27 to Sep 29 | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Board approves Secretarial Audit Report and sets AGM on Sept 30, 2026 | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Board Meeting Time Brought Forward to 12:00 PM on 4 Sep 2026 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Board Meeting on Sept 4, 2026 to Consider FY26 Results and AGM | 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.