EBITDA +16% masks flat revenue; export weakness, fabric margins under pressure

8.1% (₹94 Cr EBITDA ÷ ₹1,161 Cr revenue), up from 6.9% Q1 FY26

₹825 Cr Q1 FY27 vs ₹774 Cr Q4 FY26: +6.6% QoQ confirmed

₹336 Cr Q1 FY27; Q4 implies ~₹375+ Cr, so decline confirmed

₹1,161 Cr Q1 FY27 vs ₹1,171 Cr Q1 FY26 = -0.8% YoY; flat headline

Management confirmed: fabric EBIT nearly zero in Q1 & Q4; knit export-dependent, denim balanced. Yarn demand 'still good.'

Q1 delivered 8%; management now guides 'similar or better' (~8%). No formal retraction, but gap material.

Prior FY26 call: 'double-digit EBITDA margins' FY27. Q1 delivered 8%; management now guides 'similar or better' quarters (~8%), implying 8-9% full-year. No formal retraction, but prior aspiration missed.

Q1 export revenue ₹336 Cr (down QoQ). Middle East subdued, geopolitical headwinds, West Asia conflict impacting transit/freight. Management guides outlook 'positive' but hedged.

Knit EBIT near zero; denim pressured. Demand from export-oriented garmenters subdued. Management says 'fortunately last 2 months better' but no guidance to restore prior ₹35-36 Cr EBIT.

PET project ₹500 Cr revenue guidance, garment JV approved, knitting +250 tons confirmed. Prior calls discussed potential; now board approval and execution underway.

Q1: 60% power from renewables (vs mid-20s last year). Power cost ₹112 Cr Q1 (down from ₹123 Cr Q4, -10%). Management targets ₹40 Cr full-year savings minimum.

One round from Grasim arrived; further improvements targeted. Polyester development in-house. Expect revenue rolling within FY27. Market 'really big,' but mastery first, then applications assessment.

No volume numbers provided. Shared capacity utilization: mélange 92-93%, synthetic yarn 96%, cotton yarn 98%, denim fabric 90%, knit 80-85%. Polyester fiber +30%, yarn prices pushed accordingly, fabric pricing not absorbed downstream.

Board approval same day; RSWM majority shareholder (stake % TBD). Phase 1: 5L pieces/month, phases 2-3 to follow. Independent unit; will buy external fabric as needed if commercial viability suits.

50k MT capacity, ₹500 Cr revenue target, 15% EBITDA (industry standard). No tie-ups yet; focus on world-class facility. Utilization ramp: 75% Yr1, 85% Yr2, 90-91% Yr3.

Forward-looking. Expect all quarters similar or better than Q1 (8% EBITDA). Outlook remains positive; prudent capital deployment and operational excellence focus.

Tough quarter for fabric: global uncertainty, tariff headwinds, knit customer destocking, cost pressures (fiber, gas, freight, chemicals). Knit export-dependent; denim balanced. Last 2 months improved; outlook better for current quarters.

10% reduction already seen (₹123 Cr Q4 vs ₹112 Cr Q1). Renewable energy: mid-20s last year → mid-40s now → 60% Q1. Target: ₹1+ per unit savings YoY. Full-year: ₹40 Cr minimum from renewables; ₹100 Cr total power cost savings (CFO Nitin).

75% Yr1, 85% Yr2, 90-91% Yr3. Conscious ramp-up; trials and certifications required for food-grade. Industry standard best-practice.

Will hire competent team. Automation, machine design focus. Skill level topmost priority. Quality standards and full challenge mitigation planned.

650 → 900 tons/month (+250 tons). +150 tons printing (new). Product mix enrichment; full range offering to customers. Trials expected Q3, then scale-up. CTO Manoj Bansal.

Q1 revenue ₹1,161 Cr (–0.8% YoY). Vague guide; implies flat-to-low-single-digit growth if export does not accelerate.

Q1 delivered 8.1%; management guides 'similar or better' quarters, implying 8-9% full-year, well below double-digit prior target.

Already 10% reduction seen Q1 (₹123 → ₹112 Cr). Renewable energy at 60%; solar/wind seasonality will vary, but trajectory clear.

On ground; 150 tons printing new. Benefits from Q3 FY27 via trials; scale-up H2.

75% utilization Yr1, 90-91% Yr3. On-time delivery risk; food-grade certifications critical path.

West Asia conflict impacting export transit, freight costs, and customer destocking. US tariff developments may shift global sourcing; timing and RSWM's benefit unclear.

Fabric segment EBIT near zero Q1 & Q4 (vs ₹35-36 Cr last year). Knit especially weak due to export garmenters cutting production; denim dual-dependent.

Polyester fiber +30% in March; crude prices volatile. Downstream customers resist price hikes; margin compression in fabric and lower-margin yarn.

PET project ₹500 Cr revenue target, 75% Yr1 utilization; food-grade certifications and scale-up risk. Garment JV approved same day (Aug 5); equity stake and partner identity TBD. Knitting expansion (₹92 Cr) benefits from Q3 dependent on trials and customer traction.

Prior FY26 call guidance: 'double-digit EBITDA margins' FY27. Q1 delivered 8%, revenue -0.8% YoY. No formal retraction, but underlying miss. May signal execution or external headwind gap.