Beat guidance sharply; growth structural but margin sustainability hedged

₹703.7 Cr (+20.1% YoY), PAT ₹76 Cr (+116.1% YoY). OPM 18.8%, NPM 10.8%

Spread ₹133/kg vs ₹107/kg prior quarter (+26%). Cotton prices up 10-11% but spreads protected

Order book 70-90 days maintained. MD: 'current quarter similar or even better.' Export recovery from Bangladesh benefiting

Q1 at ₹703.7 Cr annualizes to ~₹2,815 Cr. Prior year ~₹2,500 Cr. 20% guidance appears achievable but tight on Q2-Q4 consistency

MD stated specifically: '300 to 400 basis points or even more.' Current OPM 18.8%. New plant would hit 21.8%+ if claim holds. State incentives (30% capex subsidy, ₹2.50/unit power subsidy) support claim

Prior: 7-10% growth next 3 quarters. Current: FY27 ₹3,000 Cr (20% YoY). Delivered Q1 validates higher guidance

₹1,000 Cr Odisha greenfield reaffirmed to complete FY27 (end Q4). First phase Q3 as planned. State subsidies (30% capex, ₹2.50/unit power) embedded

Long-term EBITDA 15% guided (vs current 18.8%). Current 18-20% 'might not be sustainable,' per MD. Reflects cyclicality caution

Marvel Dyers/Sobhagia Sales acquisition now ~1 quarter late. Expects 8-10% revenue from next year (FY28), not FY27

No orders yet. FTA just happened. 6-9 months for sampling and orders to flow. Benefits expected medium-to-long term, not immediate

150K spindles. 5-6 month ramp, 90% utilization by March. Margins 300-400 bps above existing plants (18.8% → 21.8%+) due to state incentives and efficiency

China subdued 4-5 years, now seeing recovery. Most incremental India demand from China. Bangladesh steady. China buying 20K tons of India's 400K monthly production. Consolidation helping big players like us

Procured whole season by Feb-Mar. 4-5 months covered. Expect new crop early (less rain), prices moderate by Oct. Raw material might shift but 90-day order book at higher prices offsets

Can't comment much on forward spreads in macro environment. Current quarter looks similar or even better than Q1

Maintain 70-90 day order book as policy for risk management. Similar to end of last quarter. No change in order strength

Previous quarter only 10 days operation, marginal savings. This quarter much more. Annual run-rate: ₹15 crores

Suspension till Oct 31. Talking to government to extend. Already have inventory for 2 quarters. No incremental upside medium-term; asking govt to remove for long-term sourcing flexibility

Don't share cost details. Overall spread ₹133 vs ₹107 last quarter. Prices up 10-11%; but order book captured at higher prices, so spreads increased

Around ₹15 crores annual

Nothing considered for Q3, whatever we get is bonus. Q4 we expect 30-40% of total potential revenue to kick in

No major product mix change. Different blends, counts. Efficiency-driven improvements more than mix. Last 2-3 years were dismal, so spreads and better efficiencies drove delta

China demand is tailwind (20K tons of 400K monthly production). Not getting higher prices in China; overall complex pricing up. Client additions ongoing, everyday phenomenon. Not specifically targeting China

Don't export directly to US. Vendors who export to US have doubled their offtake in last 6 months. This has helped last 6 months

Import duty came now when inventory already procured. No contribution to Q1 numbers. Medium-term 2 quarters similar percentages expected. Long-term Odisha will lift margins above normal. 18-20% might not be sustainable long-term

FY22 28% was aberration (supply chain disruptions, order duplication). Long-term expect 15% margins from Odisha plant. Greenfield geographically competitive, government support, automation, energy investment making us more efficient for 15% consistent margins even in bad times

Very difficult to predict. Expect cotton prices to moderate once new crop comes. 90-day order book means didn't capture highest prices. Overall last 6 months spreads significantly up vs last year. Inventory impact minimal, will reflect in next 2 quarters

Yes, that's our target to reach 96-97% utilization by start of next financial year

Middle East crisis didn't impact much demand. Maintain 55-45% export-domestic split as target. Sometimes export more, sometimes less. Not by design; just domestic orders executed first sometimes

China and Bangladesh most prominent. Out of 115K tons India monthly run-rate, ~75K from these 2. We have similar exposure (60-70% of exports to these 2). Rest divided among many countries

Misunderstanding. Bangladesh spinning sector in crisis (energy, capital costs), which is helping us get more demand from Bangladesh. Bangladesh doing fantastically well; expect it to do even better

Still in progress, taking longer than expected. Maybe another 1 quarter. Full impact ~₹250 crores from next financial year

Expect handsome revenue from Q4 this year. Full ramp from next financial year

Predominantly preferential shares with ~₹25-30 Cr cash. Minimal debt involved; no incremental increase

₹2.50/unit power subsidy, 30% capital subsidy (no cap), land subsidy post-employment threshold, ₹7,000/employee employment subsidy. Plus geographic cost reduction on transportation

Current ₹975 Cr to complete by FY27 end. Have land to triple capacity at Odisha. Future capex depends on balance sheet flexibility and comfort level

FY27 last year ₹2,500 Cr. This year ~₹3,000 Cr (20% up). Next year with new plant >₹4,000 Cr

5 years too long. Many plans to announce once more comfortable and visible. Next 1 year around 10%

Last quarter only 10 days; expect full 90 days this quarter and onwards, dependent on weather

Long-term 15% guidance. See upward bias due to consolidation, margin gap between big and small players, compliance costs. Market good 6-8 months but no major projects announced. 18-20% unsustainable long-term but healthier than last 2-3 years ahead

These businesses 30-35 years, never scaled. FTA signings create opportunity. Acquisition gives downstream foray, financial strength to hire talent and map growth. Vision in 6-8 months. Short-term: 8-10% revenue, similar EBITDA% from next year

Q1 delivered ₹704 Cr; prior guidance was 7-10% (too conservative). Current annualizes Q1 at higher growth

Assumes 33%+ growth; dependent on Odisha commissioning Q3 and ramp to 90% utilization by Q4

Based on state incentives (30% capex subsidy, ₹2.50/unit power subsidy) and geographic cost advantages; no cap on capex subsidy

Current spreads elevated. MD cautious: '18-20% might not be sustainable long-term'

On track; Q3 commissioning, Q4 30-40% revenue contribution, full ramp by FY28

Land available to triple capacity. Management cautious on leverage; decision case-by-case

Current 18.8% OPM and ₹133/kg spread at multiyear highs. Management explicitly cautions 18-20% unsustainable long-term; expects reversion to 12-15% in bad times. FY22 showed 28% → 9% compression.

Recent tailwind from China buying ~20K tons of India's 400K tons monthly production (5%). If China demand subsides, spreads at risk. Bangladesh accounts for similar volume as China.

₹1,000 Cr capex targeting Q3 commissioning and Q4 revenue contribution. 5-6 month ramp-up to 90% utilization. If timeline slips or market doesn't absorb new capacity, FY28 guidance at risk.

Marvel Dyers and Sobhagia Sales acquisition already 1 quarter late. Targeting 8-10% revenue contribution FY28. Delayed visibility on management plans for downstream businesses. Acquisition will require debt or equity raise.

Cotton prices up 10-11% last quarter. 90-day order book means raw material cost increases delayed 2-3 months into spreads. Import duty till Oct 31 adds uncertainty. If duty extended, sourcing flexibility reduced.