NSE: ZENITHEXPO · BSE: 512553
ZENITH EXPORTS LTD
Manufactures industrial leather hand gloves and made-ups, along with silk fabrics and made-ups, through domestic and export-oriented operations. In FY26, industrial leather hand gloves and made-ups was the largest revenue line at Rs 42.57 crore (65.8% of segment revenue) but posted an operating loss of Rs 0.38 crore. The EOU (export-oriented unit) silk fabrics segment brought in Rs 12.73 crore (19.7%) with EBIT of Rs 1.24 crore, while the silk fabrics and made-ups segment contributed Rs 9.38 crore (14.5%) and was the most profitable per rupee of revenue with EBIT of Rs 3.36 crore. A yarn line exists but contributed no revenue in FY26. Total FY26 revenue was Rs 64.68 crore against a net profit of Rs 2.29 crore and EBITDA margin of 7.17%, with materials accounting for 40.8% of revenue as the largest cost bucket. During FY26 the company also carried out board-composition remediation, appointing two non-executive independent directors by postal ballot after NSE and BSE levied fines for non-compliance with Regulation 17(1). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Industrial Leather Hand Gloves/ Made-ups (66%), EOU-Silk Fabrics (20%), Silk Fabrics/ Made-ups (15%), Yarn (0%). Small-scale, labour-and-material intensive maker of leather and silk textile products with an export-oriented unit.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 91 | 62 | 82 | 72 | 65 |
| EBITDA (ex other income) | 0 | (1) | (1) | (0) | 0 |
| margin % | 0.0 | (0.8) | (1.5) | (0.0) | 0.2 |
| Owners' profit | 1 | 2 | 0 | 2 | 2 |
| EPS, as reported (₹) | 1.87 | 2.92 | 1.12 | 3.17 | 4.24 |
| ROE % · ROCE % | 1.3 · 2.8 | 2.0 · 3.3 | 0.4 · 1.9 | 2.1 · 3.8 | 2.7 · 4.5 |
| Debt / equity (x) | 0.18 | 0.12 | 0.07 | 0.09 | 0.03 |
| Cash from operations | (15) | 19 | (7) | (3) | 5 |
| Capex | (0) | (0) | (1) | (3) | (1) |
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 | 16 | 19 | 21 | 18 | 20 | 14 | 13 | 13 |
| Profit before tax | (3) | 1 | 4 | 2 | 1 | 0 | (0) | (1) |
| Net profit | (2) | 1 | 3 | 1 | 1 | 0 | (0) | (1) |
| EPS (₹) | (7.78) | 2.48 | 5.55 | 5.18 | 1.56 | 0.62 | (0.22) | (1.11) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Sik Fabrics/ Made-ups | 2 | 3.5 |
| Indutrial Leather Hand Gloves/ Made-ups | 7 | 11.2 |
| EOU-Silk Fabrics | 4 | 5.6 |
| Silk Fabrics/ Made-ups | 7 | 11.0 |
| Industrial Leather Hand Gloves/ Made-ups | 35 | 54.6 |
| EOU-Silk fabrics | 6 | 9.7 |
| EOU- Silk Fabrics | 3 | 4.5 |
| Total, before eliminations | 65 | 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. % |
|---|---|---|---|---|---|---|---|---|
| MAYUR UNIQUOTERS LTD | 3,177 | 15.3 | 2.80 | 10.7 | 16.9 | 22.5 | 13.5 | 30.4 |
| BHARTIYA INTERNATIONAL | 1,363 | 52.7 | 2.80 | 15.2 | 2.8 | 7.7 | 19.9 | 10.2 |
| KOTHARI INDUSTRIAL CORP L | 1,182 | 33.8 | 5.11 | — | (31.2) | (12.9) | 71.9 | (11.6) |
| MIRZA INTERNATIONAL LIMIT | 368 | — | 0.65 | 9.1 | (0.1) | (0.0) | (12.9) | 2.9 |
| SUPERHOUSE LIMITED | 160 | 19.5 | 0.33 | 6.8 | 0.8 | 1.4 | 4.7 | 8.1 |
| ANKA INDIA LTD. | 98 | 146.9 | 3.73 | 59.8 | (1.8) | (0.9) | — | (0.2) |
| ZENITH EXPORTS LTD ◆ | 97 | 210.9 | 1.15 | — | 2.7 | 3.7 | — | (4.0) |
| SUPER TANNERY LTD. | 87 | 12.9 | 0.75 | 7.7 | 5.8 | 7.2 | 5.3 | 12.7 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 210.9 | 25.6 | 10 of 10 | 0% |
| P/B | 1.1 | 1.1 | 6 of 11 | 50% |
| ROCE | 3.7 | 2.6 | 5 of 11 | 60% |
| ROE | 2.7 | 1.9 | 5 of 11 | 60% |
| Debt / Equity | 0.0 | 0.3 | 3 of 11 | 80% |
| EBITDA margin | (4.0) | 8.1 | 10 of 11 | 10% |
| Revenue growth | (24.6) | 12.4 | 9 of 10 | 11% |
| Profit growth | (142.9) | (11.0) | 9 of 12 | 27% |
| Market cap | 97 | 97 | 7 of 13 | 50% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Waiver rejected; Rs 772,900 compliance fine paid | regulatory legal | medium | — | — |
| 6 Oct 2026 · Compliance certificate under SEBI Regulation 74(5) for Sep 2026 quarter | compliance | minimal | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 for Q2 and H1 FY26 results | compliance | minimal | — | — |
| 25 Sept 2026 · 44th AGM results: all 3 resolutions passed with 99.99 percent majority | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Zenith Exports 44th AGM Proceedings: 3 Resolutions Passed on 24 Sept 2026 | board shareholder meetings | low | — | — |
| 18 Sept 2026 · Promoter acquires 4000 shares from promoter group HUF at no cost | ownership changes | high | — | — |
| 3 Sept 2026 · Notice of 44th AGM on 24 September 2026 via video conferencing | compliance | minimal | — | — |
| 2 Sept 2026 · Annual Report FY 2025-26 submitted; 44th AGM on 24 September 2026 | results | high | — | — |
| 2 Sept 2026 · Zenith Exports 44th AGM notice filed for September 24, 2026 | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Zenith Exports publishes notice for 44th AGM to be held on 24 September 2026 | 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.