NSE: SUTLEJTEX · BSE: 532782
SUTLEJ TEXT & INDUS LTD
Spins yarn and weaves home textile products. Yarn is the dominant line at 2,399.41 crore in FY26, accounting for 93.4% of segment revenue, while Home Textile contributed 169.08 crore (6.6%). The Yarn segment runs at over 93% utilization in Q4 FY26 and is shifting from commodity to value-added and specialized yarn, with a target of converting ~30-35% of the yarn portfolio to value-added over 12 months. Home Textile turned around from negative 3.5 crore EBITDA in FY25 to positive 8.4 crore in FY26, with 180-day order book visibility; U.S. home textile exports represent about 36% of that business, and the U.S. subsidiary American Silk Mills is being closed with direct servicing. Sutlej Green Fiber, a recycled polyester unit at Baddi, operates at over 100% utilization and recycles PET bottles at 120 MT per day. New lines include technical/protective textiles (target 12-15% margins) using existing ~2 million meter processing capacity, and the Nesterra retail brand. The biggest cost is raw materials at 54.8% of revenue, followed by employees at 17.2% and other opex at 25.2%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Yarn (93%), Home Textile (7%). Cyclical, asset-heavy textile manufacturer with high raw material intensity and currently negative net profit
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,076 | 3,074 | 2,703 | 2,677 | 2,575 |
| EBITDA (ex other income) | 371 | 224 | (46) | 43 | 40 |
| margin % | 12.1 | 7.3 | (1.7) | 1.6 | 1.5 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 9.17 | 2.28 | (8.27) | (4.18) | (5.27) |
| ROE % · ROCE % | 13.7 · 18.2 | 3.4 · 8.1 | (14.1) · (10.7) | (7.6) · (3.8) | (10.6) · (4.4) |
| Debt / equity (x) | 0.86 | 0.86 | 0.88 | 0.98 | 1.14 |
| Cash from operations | 95 | 196 | 222 | 66 | 72 |
| Capex | (85) | (140) | (56) | (65) | (65) |
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 | 686 | 654 | 679 | 605 | 642 | 636 | 693 | 698 |
| Profit before tax | (28) | (37) | (27) | (43) | (30) | (23) | (21) | 2 |
| Net profit | (19) | (26) | (13) | (30) | (22) | (16) | (18) | 1 |
| EPS (₹) | (1.14) | (1.57) | (0.77) | (1.84) | (1.33) | (0.99) | (1.11) | 0.05 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Yarn | 2,399 | 93.1 |
| Home Textile | 179 | 6.9 |
| Total, before eliminations | 2,578 | 100.0 |
Exhibit 4: 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.7 | 1.1 | 56 of 185 | 70% |
| ROCE | (10.1) | 4.3 | 199 of 215 | 8% |
| ROE | (10.6) | 4.7 | 175 of 188 | 7% |
| Debt / Equity | 1.1 | 0.4 | 151 of 188 | 20% |
| EBITDA margin | 6.5 | 9.8 | 129 of 198 | 35% |
| Revenue growth | 15.4 | 6.9 | 63 of 192 | 68% |
| Profit growth | 102.8 | 20.0 | 53 of 203 | 74% |
| Market cap | 565 | 61 | 39 of 223 | 83% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Routine compliance filing for Q2 FY26 dematerialisation certificate | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 24 Sept 2026 · Newspaper notice on physical share dematerialization window | compliance | minimal | — | — |
| 18 Sept 2026 · Sutlej Textiles grants 50,000 ESOP options to an employee at Rs 38.15 | capital market events | medium | — | — |
| 11 Aug 2026 · Sutlej Tex Q1 FY27: Revenue up 17%, returns to profit after losses | investor communications | medium | — | — |
| 7 Aug 2026 · Newspaper publication of Q1 FY27 financial results | compliance | minimal | — | — |
| 6 Aug 2026 · Link to Q1FY27 Earnings Call Audio Recording | investor communications | low | — | — |
| 6 Aug 2026 · Sutlej Textiles Q1FY27: EBITDA jumps 8x YoY to Rs 47 Cr, margin at 6.7% | investor communications | medium | — | — |
| 6 Aug 2026 · Q1FY27 - Total income Rs 704 Cr, EBITDA jumps 9x to Rs 47 Cr | compliance | low | — | — |
| 6 Aug 2026 · Q1 FY27 results: revenue up 16.5%, swings to profit | 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 |
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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.