Textile - Spinning · Founded 1973 · www.apmindustries.co.in · BSE 523537 · · ISIN INE170D01025
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Business
APM Industries Ltd. is primarily engaged in the manufacturing of cotton yarn, blended yarn, and synthetic yarn. The company operates spinning mills that process raw fibers into various counts of yarn used for weaving, knitting, and other textile applications. Its core business model involves sourcing raw materials (like cotton, polyester staple fiber), processing them into finished yarn, and selling these yarns to domestic and international customers, which include fabric manufacturers, knitwear companies, and garment producers. Revenue is generated directly from the sale of these yarn products.
Revenue Mix
The company's core and almost exclusive revenue segment is "Textiles," encompassing the manufacturing and sale of various types of yarn (cotton, blended, synthetic). A detailed breakdown of revenue contribution by specific yarn type (e.g., pure cotton vs. blended) is typically not publicly disclosed at a granular level for such companies, but all revenue streams are concentrated within the spinning business.
Industry
APM Industries operates within the Indian Textile - Spinning industry, which is highly fragmented, capital-intensive, and commodity-driven. India is one of the world's largest producers and exporters of cotton yarn. The industry is characterized by intense competition from numerous small, medium, and large players. APM Industries positions itself as a mid-sized player, likely competing on product quality, operational efficiency, and established customer relationships. Its presence contributes to India's significant role in the global textile supply chain.
MOAT
In the largely commoditized textile spinning industry, APM Industries likely possesses limited traditional moats. Potential competitive advantages, if any, would stem from:
Operational Efficiency: Continuous investment in modern machinery and lean manufacturing practices to achieve cost leadership in specific yarn counts.
Established Customer Relationships: Long-standing ties with buyers, ensuring consistent order flow and preferred supplier status.
Product Consistency & Quality: Ability to deliver consistently high-quality yarn meeting specific customer requirements.
Proximity to Raw Materials/Markets: Strategic location that may reduce logistics costs.
However, these are generally not considered strong, durable moats against broader industry competition.
Growth Drivers
Increasing Domestic Demand: Growth in India's population, rising disposable incomes, and evolving fashion trends are expected to drive demand for textiles and apparel, consequently increasing yarn consumption.
Export Opportunities: India's competitive position in global textile trade, aided by potential Free Trade Agreements (FTAs) and global supply chain realignments, can boost yarn exports.
Government Initiatives: Schemes like the Production Linked Incentive (PLI) scheme for textiles and 'Make in India' focus could incentivize capacity expansion and technological upgrades.
Value-added Products: Focus on specialized yarns, functional textiles, or sustainable production methods could open new markets and command better pricing.
Capacity Expansion & Modernization: Investments in increasing production capacity and upgrading technology can enhance market share and efficiency.
Risks
Raw Material Price Volatility: Significant fluctuations in the prices of cotton and synthetic fibers (key raw materials) directly impact production costs and profitability.
Power Costs: High and volatile electricity tariffs are a major operating expense for spinning mills, affecting cost competitiveness.
Intense Competition & Pricing Pressure: The fragmented nature of the industry leads to stiff competition, which can constrain pricing power and profit margins.
Currency Fluctuations: Affects the cost of imported raw materials and the realization from exports.
Global Economic Slowdown: A downturn in global economic activity or a recession can reduce demand for textiles and apparel, impacting order volumes.
Environmental Regulations: Increasing scrutiny on water usage, waste disposal, and energy consumption could lead to higher compliance costs.
Labor Issues: Availability of skilled labor and rising labor costs can impact operational efficiency.
Management & Ownership
APM Industries Ltd. is promoted by the S. K. Singh family, indicating a promoter-driven management structure common in many Indian businesses. Shri Sudhir Kumar Singh holds a key leadership position, often as Chairman & Managing Director. As of the recent publicly available shareholding patterns (e.g., December 2023), the promoter holding is substantial, typically around 75%, demonstrating strong family control and commitment.
Outlook
APM Industries operates in a fundamental yet competitive segment of the textile industry. The company stands to benefit from India's position as a major textile hub and the expected long-term growth in both domestic and global demand for textile products. Potential government support through various schemes and the company's focus on operational efficiencies could drive stability and incremental growth. However, its performance remains highly susceptible to the volatile prices of raw materials (especially cotton), high power costs, and intense competition from numerous domestic and international players. The lack of strong product differentiation in a largely commoditized market means that profitability will largely depend on efficient cost management, consistent product quality, and maintaining strong customer relationships amid a challenging operating environment.
Price goes above X
Price falls below X
PE goes above X
PE falls below X
| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 85 | 75 | 63 | 74 | 84 | 79 | 57 | 72 | 68 | 68 |
| Other Income | 1 | 0 | 0 | 1 | 0 | 0 | 1 | 0 | 1 | 0 |
| Total Income | 85 | 75 | 63 | 75 | 84 | 79 | 57 | 73 | 68 | 68 |
| Total Expenditure | 81 | 71 | 61 | 73 | 82 | 77 | 57 | 71 | 65 | 65 |
| Operating Profit | 5 | 4 | 2 | 1 | 3 | 2 | 0 | 1 | 3 | 3 |
| Interest | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 |
| Profit Before Tax | 2 | 2 | -1 | -1 | 0 | -0 | -2 | -1 | 1 | 1 |
| Provision for Tax | 1 | 1 | -2 | -0 | 0 | -0 | -3 | -0 | 0 | 0 |
| Profit After Tax | 1 | 1 | 1 | -1 | 0 | -0 | 1 | -1 | 1 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 1 | 1 | 1 | -1 | 0 | -0 | 1 | -1 | 1 | 0 |
| Adjusted Earnings Per Share | 0.6 | 0.6 | 0.4 | -0.5 | 0 | -0.1 | 0.3 | -0.3 | 0.5 | 0.2 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 313 | 266 | 248 | 276 | 270 | 268 | 237 | 317 | 360 | 300 | 294 | 265 |
| Other Income | 3 | 4 | 11 | 9 | 4 | 2 | 1 | 1 | 2 | 1 | 1 | 2 |
| Total Income | 316 | 270 | 258 | 285 | 274 | 270 | 238 | 318 | 362 | 301 | 295 | 266 |
| Total Expenditure | 282 | 235 | 228 | 258 | 256 | 252 | 221 | 286 | 323 | 287 | 289 | 258 |
| Operating Profit | 34 | 35 | 30 | 27 | 18 | 18 | 17 | 32 | 39 | 14 | 6 | 7 |
| Interest | 2 | 2 | 2 | 4 | 4 | 5 | 4 | 3 | 2 | 2 | 2 | 0 |
| Depreciation | 3 | 3 | 4 | 5 | 5 | 6 | 6 | 6 | 7 | 8 | 8 | 8 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 |
| Profit Before Tax | 29 | 31 | 23 | 18 | 8 | 7 | 7 | 23 | 30 | 4 | -4 | -1 |
| Provision for Tax | 10 | 10 | 7 | 5 | 1 | -0 | 2 | 8 | 9 | -0 | -3 | -3 |
| Profit After Tax | 19 | 20 | 16 | 13 | 7 | 7 | 5 | 15 | 21 | 4 | -1 | 1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 19 | 20 | 16 | 13 | 7 | 7 | 5 | 15 | 21 | 4 | -1 | 1 |
| Adjusted Earnings Per Share | 8.7 | 9.3 | 7.4 | 5.8 | 3.4 | 3.3 | 2.2 | 6.8 | 9.9 | 1.9 | -0.3 | 0.7 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -2% | -2% | 2% | -1% |
| Operating Profit CAGR | -57% | -43% | -20% | -16% |
| PAT CAGR | -125% | NAN% | NAN% | NAN% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 17% | -5% | 10% | -3% |
| ROE Average | -0% | 5% | 6% | 8% |
| ROCE Average | -1% | 6% | 8% | 11% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 179 | 189 | 179 | 190 | 122 | 131 | 136 | 151 | 170 | 171 | 169 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 4 | 5 | 11 | 17 | 17 | 22 | 11 | 15 | 9 | 11 | 0 |
| Other Non-Current Liabilities | 9 | 10 | 36 | 37 | 36 | 30 | 30 | 33 | 34 | 33 | 30 |
| Total Current Liabilities | 41 | 48 | 53 | 54 | 69 | 57 | 44 | 41 | 35 | 37 | 24 |
| Total Liabilities | 232 | 252 | 278 | 298 | 244 | 241 | 221 | 240 | 248 | 251 | 224 |
| Fixed Assets | 118 | 120 | 130 | 145 | 148 | 157 | 152 | 160 | 170 | 173 | 165 |
| Other Non-Current Assets | 33 | 52 | 62 | 71 | 11 | 5 | 6 | 6 | 8 | 8 | 8 |
| Total Current Assets | 81 | 80 | 86 | 81 | 84 | 79 | 63 | 74 | 71 | 70 | 50 |
| Total Assets | 232 | 252 | 278 | 298 | 244 | 241 | 221 | 240 | 248 | 251 | 224 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Cash Flow from Operating Activities | 30 | 23 | 7 | 27 | 7 | 21 | 28 | 15 | 34 | 8 | 25 |
| Cash Flow from Investing Activities | -20 | -23 | -14 | -27 | -11 | -9 | -4 | -15 | -17 | -8 | 0 |
| Cash Flow from Financing Activities | -9 | 0 | 6 | 0 | 3 | -11 | -25 | -0 | -16 | -1 | -25 |
| Net Cash Inflow / Outflow | 1 | -0 | 0 | 0 | -0 | 0 | -0 | -0 | 1 | -0 | -0 |
| Closing Cash & Cash Equivalent | 2 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 8.72 | 9.3 | 7.42 | 5.81 | 3.4 | 3.32 | 2.22 | 6.83 | 9.88 | 1.93 | -0.28 |
| CEPS(Rs) | 10.09 | 10.67 | 9.37 | 8.05 | 5.91 | 6.16 | 5.22 | 9.83 | 13.14 | 5.46 | 3.33 |
| DPS(Rs) | 2.7 | 3.5 | 2 | 1 | 0.5 | 0 | 0 | 1 | 1.6 | 0.5 | 0 |
| Book NAV/Share(Rs) | 52.7 | 57.78 | 82.76 | 87.96 | 56.54 | 60.76 | 63.05 | 69.85 | 78.69 | 79.13 | 78.38 |
| Core EBITDA Margin(%) | 9.86 | 11.6 | 7.68 | 6.56 | 5.08 | 6.12 | 6.74 | 9.74 | 10.35 | 4.16 | 1.53 |
| EBIT Margin(%) | 9.76 | 12.06 | 10.33 | 8.01 | 4.61 | 4.45 | 4.52 | 8.15 | 8.85 | 2.12 | -0.67 |
| Pre Tax Margin(%) | 9.16 | 11.49 | 9.36 | 6.53 | 3 | 2.65 | 2.86 | 7.28 | 8.39 | 1.3 | -1.23 |
| PAT Margin (%) | 6.01 | 7.55 | 6.47 | 4.55 | 2.72 | 2.66 | 2.01 | 4.62 | 5.91 | 1.38 | -0.21 |
| Cash Profit Margin (%) | 6.95 | 8.66 | 8.17 | 6.31 | 4.72 | 4.94 | 4.74 | 6.66 | 7.86 | 3.92 | 2.44 |
| ROA(%) | 8.4 | 8.3 | 6.04 | 4.35 | 2.71 | 2.96 | 2.07 | 6.4 | 8.74 | 1.67 | -0.26 |
| ROE(%) | 17.45 | 16.83 | 10.56 | 6.8 | 4.7 | 5.66 | 3.58 | 10.28 | 13.31 | 2.45 | -0.36 |
| ROCE(%) | 24.77 | 22.76 | 13.68 | 9.67 | 5.99 | 6.62 | 6.13 | 14.68 | 16.87 | 3.25 | -1.06 |
| Receivable days | 28.95 | 32.76 | 38.13 | 35.77 | 37.61 | 35.38 | 29.26 | 20.04 | 16.71 | 14.04 | 11.08 |
| Inventory Days | 48.02 | 56.54 | 65.57 | 57.81 | 59.53 | 65.59 | 71.61 | 52.54 | 49.93 | 63.28 | 57.08 |
| Payable days | 4.78 | 8.61 | 23.18 | 32.62 | 37.25 | 42.42 | 40.98 | 24.79 | 21.12 | 25.17 | 22.1 |
| PER(x) | 4.53 | 5.9 | 9.29 | 9.12 | 12.01 | 4.13 | 10.08 | 5.63 | 4.77 | 27.43 | 0 |
| Price/Book(x) | 0.75 | 0.95 | 0.83 | 0.6 | 0.72 | 0.23 | 0.35 | 0.55 | 0.6 | 0.67 | 0.43 |
| Dividend Yield(%) | 6.83 | 6.38 | 2.9 | 1.89 | 1.23 | 0 | 0 | 2.6 | 3.39 | 0.94 | 0 |
| EV/Net Sales(x) | 0.31 | 0.55 | 0.76 | 0.58 | 0.53 | 0.3 | 0.33 | 0.37 | 0.34 | 0.48 | 0.27 |
| EV/Core EBITDA(x) | 2.92 | 4.15 | 6.34 | 5.92 | 8.04 | 4.43 | 4.59 | 3.61 | 3.17 | 10.18 | 13.43 |
| Net Sales Growth(%) | 2.92 | -15.12 | -6.95 | 11.4 | -2.26 | -0.45 | -11.83 | 33.93 | 13.78 | -16.82 | -1.95 |
| EBIT Growth(%) | -14.68 | 4.85 | -20.35 | -13.57 | -43.57 | -3.77 | -10.25 | 141.5 | 22.91 | -80.04 | -131.03 |
| PAT Growth(%) | -11.99 | 6.6 | -20.23 | -21.77 | -41.47 | -2.32 | -33.19 | 207.93 | 44.75 | -80.47 | -114.63 |
| EPS Growth(%) | -11.99 | 6.6 | -20.19 | -21.77 | -41.47 | -2.31 | -33.19 | 207.93 | 44.75 | -80.47 | -114.63 |
| Debt/Equity(x) | 0.13 | 0.23 | 0.23 | 0.25 | 0.47 | 0.4 | 0.24 | 0.23 | 0.14 | 0.17 | 0.04 |
| Current Ratio(x) | 1.99 | 1.66 | 1.64 | 1.49 | 1.23 | 1.37 | 1.42 | 1.81 | 2 | 1.9 | 2.08 |
| Quick Ratio(x) | 1 | 0.78 | 0.76 | 0.74 | 0.54 | 0.51 | 0.43 | 0.63 | 0.56 | 0.45 | 0.47 |
| Interest Cover(x) | 16.4 | 21.07 | 10.7 | 5.42 | 2.86 | 2.47 | 2.71 | 9.29 | 19.03 | 2.59 | -1.19 |
| Total Debt/Mcap(x) | 0.17 | 0.24 | 0.28 | 0.41 | 0.65 | 1.76 | 0.66 | 0.42 | 0.23 | 0.25 | 0.09 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 64.19 | 64.19 | 64.19 | 64.19 | 64.19 | 64.19 | 64.19 | 64.5 | 64.77 | 65.42 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 35.81 | 35.81 | 35.81 | 35.81 | 35.81 | 35.81 | 35.81 | 35.5 | 35.23 | 34.57 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.39 | 1.39 | 1.39 | 1.39 | 1.39 | 1.39 | 1.39 | 1.39 | 1.4 | 1.41 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.77 | 0.77 | 0.77 | 0.77 | 0.77 | 0.77 | 0.77 | 0.77 | 0.76 | 0.75 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.16 | 2.16 | 2.16 | 2.16 | 2.16 | 2.16 | 2.16 | 2.16 | 2.16 | 2.16 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -2% | -2% | +2% | -1% |
| Operating Profit CAGR | -57% | -43% | -20% | -16% |
| PAT CAGR | -125% | 0% | 0% | 0% |
| Share Price CAGR | +17% | -5% | +10% | -3% |
| ROE Average | 0% | +5% | +6% | +8% |
| ROCE Average | -1% | +6% | +8% | +11% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 64.19 | 64.19 | 64.19 | 64.19 | 64.19 | 64.19 | 64.19 | 64.5 | 64.77 | 65.42 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 35.81 | 35.81 | 35.81 | 35.81 | 35.81 | 35.81 | 35.81 | 35.5 | 35.23 | 34.58 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.39 | 1.39 | 1.39 | 1.39 | 1.39 | 1.39 | 1.39 | 1.39 | 1.4 | 1.41 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.77 | 0.77 | 0.77 | 0.77 | 0.77 | 0.77 | 0.77 | 0.77 | 0.76 | 0.75 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.16 | 2.16 | 2.16 | 2.16 | 2.16 | 2.16 | 2.16 | 2.16 | 2.16 | 2.16 |
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