BSE: 544195
United Cotfab Limited
Manufactures open-end yarn from a single facility at Survey No. 191, Village-Timba, Taluka-Dascroi, Ahmedabad, operating in one segment — textile manufacturing. The company was incorporated in 2023 and listed on the BSE SME platform in 2025, with promoters Nirmalkumar Mangalchand Mittal and Gagan Nirmalkumar Mittal bringing over 55 years of textile industry experience. FY26 revenue was Rs 154.68 crore, up 23.4% year-on-year, against a workforce of 95-100 employees. The business focuses on recycled cotton and uses green energy inputs, with the company noting peak capacity utilisation in its FY25 annual report. Raw materials are the dominant input at 90% of revenue (Rs 139.23 crore in FY26), with employee cost at 2.1% and other operating expenses at 5.1%. A large share of the operating activity is routed through promoter-linked related parties — Vinod Spinners, United Polyfab Gujarat, United Polyfab Private Limited and Vishan International LLP — for which shareholders have approved material related party transaction limits of up to Rs 100 crore each with the first two and Rs 50 crore each with the latter two for FY26. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Textile manufacturing (open-end yarn) (100%). Single-segment, small-cap, recently listed (2025) BSE SME open-end yarn manufacturer; high raw-material cost intensity, low employee cost share, peak capacity utilisation
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY25 | FY26 |
|---|---|---|
| Revenue | 125 | 155 |
| EBITDA (ex other income) | — | 7 |
| margin % | — | 4.6 |
| Owners' profit | — | 4 |
| EPS, as reported (₹) | 1.72 | 2.17 |
| ROE % · ROCE % | — · 9.0 | 6.9 · 9.0 |
| Debt / equity (x) | — | 1.01 |
| Cash from operations | (18) | (0) |
| Capex | (2) | (14) |
Exhibit 2: Quarterly performance, last 4 quarters
| ₹ crore | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|
| Revenue | 62 | 63 | 75 | 80 |
| Profit before tax | 3 | 1 | 3 | 2 |
| Net profit | — | — | — | 1 |
| EPS (₹) | 1.20 | 0.52 | 1.40 | 0.77 |
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. | 35,410 | 38.8 | 6.21 | 25.6 | 15.2 | 19.3 | 13.5 | 21.2 |
| WELSPUN LIVING LIMITED | 20,311 | 73.9 | 4.08 | 26.1 | 4.3 | 4.0 | 5.1 | 12.7 |
| VARDHMAN TEXTILES LIMITED | 14,333 | 16.6 | 1.35 | 11.0 | 7.1 | 7.4 | 10.0 | 20.4 |
| TRIDENT LIMITED | 11,018 | 27.7 | 2.31 | 13.5 | 7.9 | 8.6 | 8.1 | 17.7 |
| INDO COUNT INDUSTRIES LTD | 8,338 | 55.3 | 3.54 | 20.1 | 5.4 | 5.4 | 10.5 | 13.3 |
| GARWARE TECH FIBRES LTD | 7,621 | 36.8 | 5.63 | 23.8 | 14.7 | 18.7 | 8.1 | 20.5 |
| FILATEX INDIA LTD | 4,197 | 22.0 | 2.79 | 11.5 | 12.2 | 13.8 | — | 7.6 |
| SANATHAN TEXTILES LIMITED | 4,161 | 68.6 | 2.22 | 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) | 3.3 | 16.5 | 12 of 179 | 94% |
| P/B | 0.4 | 1.1 | 25 of 185 | 87% |
| ROCE | 5.6 | 4.3 | 95 of 215 | 56% |
| ROE | 6.9 | 4.7 | 73 of 188 | 62% |
| Debt / Equity | 1.0 | 0.4 | 145 of 188 | 23% |
| EBITDA margin | 7.3 | 9.8 | 127 of 198 | 36% |
| Market cap | 22 | 59 | 166 of 223 | 26% |
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 consider half-year results on October 30, 2026 | results | low | — | — |
| 13 Oct 2026 · United Cotfab reports zero investor complaints for Sep 2026 quarter | compliance | minimal | — | — |
| 10 Oct 2026 · RTA submits quarterly dematerialisation certificate to BSE | compliance | minimal | — | — |
| 2 Oct 2026 · AGM 2026 voting results: all 10 resolutions passed with over 99.9% approval | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 3rd AGM held Sep 30, 2026; 10 resolutions including RPT approvals | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Secretarial Auditor resigns citing professional commitments | management changes | medium | — | — |
| 22 Sept 2026 · Trading Window Closed for Insiders Ahead of H2 FY26 Results | compliance | minimal | — | — |
| 8 Sept 2026 · United Cotfab announces 3rd AGM on September 30, 2026 via video conferencing | compliance | minimal | — | — |
| 7 Sept 2026 · United Cotfab submits 3rd Annual Report for FY 2025-26; AGM on Sep 30 | results | high | — | — |
| 7 Sept 2026 · United Cotfab 3rd AGM on Sep 30 2026 via VC. Includes director appointments and RPT approvals | 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.