BSE: 503804
SHRI DINESH MILLS LTD.
Manufactures felt and other textile products from its base in Vadodara. Shri Dinesh Mills reported FY26 revenue of ₹67.72 crore, up 1.8% year-on-year. The board has approved in-principle the demerger of the FELT business into a separate listed entity, following a family settlement between two promoter groups (BUP and NUP). The residual business continues to make other textile products. Employee costs are the largest expense at 36.2% of revenue, followed by other operating expenses at 33.7% and raw materials at 22.8%. The board declared a final dividend of ₹1.50 per share for FY26 on 56 lakh shares, down from ₹2 per share the prior year. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. FELT business, Other textile products. Small, BSE-listed textile manufacturer with a FELT vertical undergoing demerger
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 90 | 98 | 101 | 67 | 68 |
| EBITDA (ex other income) | 37 | 30 | 55 | 8 | 1 |
| margin % | 41.0 | 30.1 | 54.0 | 12.3 | 1.5 |
| Owners' profit | 30 | 24 | 51 | 11 | 8 |
| EPS, as reported (₹) | 53.38 | 42.24 | 89.08 | 18.91 | 13.20 |
| ROE % · ROCE % | 21.9 · 23.0 | 14.2 · 15.9 | 22.3 · 26.3 | 4.0 · 7.5 | 3.9 · 4.6 |
| Debt / equity (x) | 0.05 | 0.08 | 0.12 | 0.02 | 0.01 |
| Cash from operations | 13 | 8 | (4) | 14 | 3 |
| Capex | (10) | (11) | (14) | (4) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 24 | 23 | 16 | 21 | 16 | 17 | 16 | 19 |
| Profit before tax | 4 | 3 | 2 | 6 | 5 | 2 | 3 | (1) |
| Net profit | 3 | 2 | 1 | 3 | 4 | 2 | 2 | (1) |
| EPS (₹) | 4.72 | 3.42 | 1.18 | 8.12 | 6.64 | 3.46 | 4.13 | (1.02) |
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) | 29.5 | 16.8 | 119 of 179 | 34% |
| P/B | 1.1 | 1.1 | 88 of 185 | 53% |
| ROCE | 4.2 | 4.3 | 109 of 215 | 50% |
| ROE | 3.9 | 4.7 | 102 of 188 | 46% |
| Debt / Equity | 0.0 | 0.4 | 32 of 188 | 83% |
| EBITDA margin | (2.3) | 9.8 | 176 of 198 | 11% |
| Revenue growth | (9.1) | 6.9 | 145 of 192 | 25% |
| Profit growth | (120.7) | 20.0 | 177 of 203 | 13% |
| Market cap | 218 | 61 | 61 of 223 | 73% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Newspaper extract published for September 2026 quarterly results | compliance | minimal | — | — |
| 26 Oct 2026 · September 2026 results: unmodified review and statutory auditor change | results | high | — | — |
| 26 Oct 2026 · Q2 results approved; auditor changed and Stellent sale plan revised | results | high | — | — |
| 23 Oct 2026 · Family gift set to transfer 24.22 percent promoter stake; group holding unchanged | ownership changes | high | — | — |
| 23 Oct 2026 · Promoter to receive 24.34% of company shares through family gifts | ownership changes | high | — | — |
| 22 Oct 2026 · Postal ballot approves updated memorandum and company objects | board shareholder meetings | low | — | — |
| 18 Oct 2026 · Board to consider Q2 FY26-27 results on Oct 26 | results | low | — | — |
| 7 Oct 2026 · Compliance Certificate under Reg 74(5) of SEBI DP Regulations for Q2 FY26 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 pending Q2 results | compliance | minimal | — | — |
| 22 Sept 2026 · Postal Ballot Notice and E-Voting for Shareholders | 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.