Textile · Founded 1983 · www.binayaktex.com · BSE 523054 · · ISIN INE626H01019
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1. Business Overview
Binayak Tex Processors Ltd. operates in the textile sector in India, specifically within the textile processing industry. The company's core business likely involves various stages of post-weaving textile treatment, such as dyeing, printing, finishing (e.g., softening, stiffening, water-repellent treatments), and possibly specialized treatments for fabrics. Its business model is primarily B2B (Business-to-Business), supplying processed fabrics and textile materials to garment manufacturers, home furnishing companies, industrial textile producers, or potentially direct to retailers for unstitched fabric sales. The company makes money by processing raw textile materials (such as grey fabrics) into finished goods, adding value through specialized treatments and selling these processed textiles.
2. Key Segments / Revenue Mix
Specific details on key segments and revenue mix for Binayak Tex Processors Ltd. are not publicly available based on the provided information. However, within the textile processing domain, potential operational segments could include:
Dyeing Services: Processing fabrics to achieve specific colors.
Printing Services: Applying patterns and designs to fabrics.
Finishing Services: Enhancing fabric properties (e.g., shrink-resistance, wrinkle-free, water-repellent, fire-retardant).
Fabric Types: Specialization in processing different types of fibers (cotton, synthetic, blends) or fabric constructions (woven, knitted).
Without further data, a detailed breakdown of revenue contribution by these potential segments cannot be provided.
3. Industry & Positioning
The Indian textile industry is one of the oldest and largest sectors in the country, characterized by its fragmentation, significant employment generation, and strong export orientation. It spans the entire value chain from raw material production (cotton, synthetics) to spinning, weaving, processing, and garment manufacturing. The textile processing segment, where Binayak Tex Processors Ltd. operates, is highly competitive, with numerous organized and unorganized players. Competition arises from large integrated textile mills, specialized processing units, and smaller regional players. Without specific market share or capacity data, Binayak Tex Tex Processors Ltd. can be broadly positioned as a player contributing to the processing needs of the broader textile ecosystem in India. Its 'Ltd.' status suggests it is an organized, formally structured entity, likely adhering to industry standards.
4. Competitive Advantage (Moat)
Specific competitive advantages for Binayak Tex Processors Ltd. are not detailed in the provided information. However, potential moats in the textile processing industry could include:
Process Efficiency & Scale: The ability to process large volumes of textiles cost-effectively, leveraging economies of scale.
Quality & Consistency: A strong reputation for delivering high-quality, defect-free, and consistently finished fabrics, which is crucial for downstream manufacturers.
Technological Expertise: Investment in advanced processing machinery, sustainable dyeing/finishing techniques, and R&D for innovative finishes.
Customer Relationships: Long-standing, deep relationships with key garment manufacturers or brands, leading to recurring orders.
Specialization: Niche expertise in specific types of fabrics, complex prints, or high-performance finishes that are difficult for competitors to replicate.
Without specific operational details, it is difficult to ascertain if the company possesses a durable moat.
5. Growth Drivers
Key factors that could drive growth for Binayak Tex Processors Ltd. over the next 3-5 years include:
Growing Domestic Demand: India's large and growing population, coupled with increasing disposable incomes, fuels demand for apparel and home textiles.
Export Opportunities: Government initiatives (e.g., PLI schemes, FTA agreements) and global demand for textiles could boost export orders.
Shift to Organized Sector: A gradual shift from the unorganized to the organized sector benefits companies like Binayak Tex Processors Ltd. that can ensure quality, compliance, and scale.
Focus on Value-Added & Sustainable Textiles: Increasing demand for specialized finishes, technical textiles, and eco-friendly processing could open new revenue streams.
Technological Upgrades: Investment in automation and advanced processing technologies can enhance efficiency, reduce costs, and improve product quality.
6. Risks
Binayak Tex Processors Ltd. faces several business risks:
Raw Material Price Volatility: Fluctuations in prices of key inputs like dyes, chemicals, and grey fabric can impact profitability.
Intense Competition: The highly fragmented and competitive nature of the Indian textile processing industry can lead to pricing pressure and margin erosion.
Environmental Regulations: Strict and evolving environmental norms regarding water usage, chemical discharge, and waste management can increase compliance costs and operational complexities.
Fashion & Demand Fluctuations: The industry is susceptible to changing fashion trends and economic downturns, which can impact order volumes.
Labor Costs & Availability: Reliance on skilled labor and potential increases in labor costs can affect operational expenses.
Technological Obsolescence: Failure to upgrade machinery and adopt new processing technologies could lead to competitive disadvantage.
7. Management & Ownership
Binayak Tex Processors Ltd. is likely a promoter-led company, common in India, with a professional management team overseeing day-to-day operations. The "Ltd." designation indicates a formally structured corporate entity with a board of directors. Without specific names or details about the promoters, their track record, or the management team's experience, a detailed assessment of management quality cannot be made. The ownership structure would typically involve the promoter family holding a significant stake, alongside institutional and public shareholders if it is a publicly listed entity.
8. Outlook
Binayak Tex Processors Ltd. operates in a sector with significant potential, driven by India's robust domestic consumption and growing global demand for textiles. The company stands to benefit from ongoing modernization and formalization within the Indian textile industry, as well as government support for manufacturing and exports. However, the outlook is balanced by substantial challenges inherent to the textile processing business. These include intense price-based competition, the volatility of raw material costs, the increasing burden of environmental compliance, and the need for continuous technological upgrades to remain competitive. Success will depend on the company's ability to maintain efficient operations, ensure high-quality and consistent output, adapt to changing market trends and regulatory landscapes, and potentially specialize in higher-value-added or sustainable processing techniques.
Price goes above X
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| #(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 | 52 | 41 | 56 | 53 | 59 | 52 | 58 | 47 | 68 | 72 |
| Other Income | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 53 | 41 | 56 | 53 | 59 | 52 | 59 | 47 | 69 | 73 |
| Total Expenditure | 50 | 38 | 49 | 50 | 56 | 50 | 52 | 44 | 64 | 67 |
| Operating Profit | 3 | 4 | 7 | 3 | 4 | 2 | 7 | 3 | 4 | 5 |
| Interest | 1 | 1 | 1 | 1 | 2 | 2 | 1 | 1 | 1 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 1 | 5 | 1 | 0 | -1 | 4 | 0 | 2 | 2 |
| Provision for Tax | 0 | 0 | 1 | 0 | 0 | -1 | 2 | 0 | 1 | 1 |
| Profit After Tax | 0 | 1 | 3 | 0 | 0 | 0 | 2 | 0 | 1 | 2 |
| Adjustments | 0 | 0 | -0 | 0 | 0 | 0 | -0 | 0 | 0 | -0 |
| Profit After Adjustments | 0 | 1 | 3 | 0 | 0 | 0 | 2 | 0 | 1 | 2 |
| Adjusted Earnings Per Share | 7 | 11.2 | 46.3 | 6.1 | 4.9 | 1.2 | 26.8 | 2.1 | 13.3 | 25.7 |
| #(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 | 204 | 183 | 171 | 156 | 177 | 183 | 198 | 252 | 261 | 210 | 222 | 245 |
| Other Income | 1 | 1 | 2 | 2 | 2 | 5 | 2 | 2 | 1 | 1 | 1 | 0 |
| Total Income | 205 | 185 | 172 | 158 | 179 | 188 | 200 | 254 | 263 | 211 | 223 | 248 |
| Total Expenditure | 194 | 174 | 165 | 152 | 171 | 177 | 189 | 241 | 247 | 194 | 208 | 227 |
| Operating Profit | 11 | 11 | 7 | 5 | 7 | 11 | 11 | 13 | 16 | 17 | 15 | 19 |
| Interest | 5 | 4 | 4 | 3 | 3 | 3 | 3 | 3 | 4 | 4 | 6 | 4 |
| Depreciation | 1 | 1 | 2 | 2 | 2 | 3 | 2 | 3 | 4 | 4 | 5 | 5 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 5 | 6 | 2 | 1 | 3 | 5 | 6 | 7 | 8 | 8 | 4 | 8 |
| Provision for Tax | 2 | 2 | 0 | 0 | 0 | 1 | 2 | 2 | 3 | 2 | 2 | 4 |
| Profit After Tax | 4 | 3 | 1 | 1 | 2 | 4 | 4 | 5 | 5 | 6 | 3 | 5 |
| Adjustments | 0 | 0 | -0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 4 | 3 | 1 | 1 | 2 | 4 | 4 | 5 | 5 | 6 | 3 | 5 |
| Adjusted Earnings Per Share | 53.5 | 46.9 | 16.5 | 10.2 | 34.4 | 57.7 | 62.8 | 70.1 | 74.2 | 78.1 | 39.1 | 67.9 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 6% | -4% | 4% | 1% |
| Operating Profit CAGR | -12% | 5% | 6% | 3% |
| PAT CAGR | -50% | -16% | -6% | -3% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 8% | 29% | 34% | 21% |
| ROE Average | 3% | 5% | 6% | 5% |
| ROCE Average | 7% | 8% | 8% | 7% |
| #(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 | 61 | 64 | 66 | 66 | 69 | 73 | 77 | 82 | 88 | 93 | 96 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 1 | 0 | 1 | 0 | 6 | 9 | 10 | 17 | 12 |
| Other Non-Current Liabilities | 2 | 2 | 2 | 2 | 2 | 3 | 4 | 4 | 5 | 7 | 7 |
| Total Current Liabilities | 79 | 64 | 68 | 59 | 62 | 67 | 94 | 91 | 99 | 90 | 100 |
| Total Liabilities | 142 | 130 | 137 | 128 | 134 | 144 | 182 | 187 | 202 | 207 | 215 |
| Fixed Assets | 11 | 11 | 17 | 18 | 19 | 28 | 42 | 46 | 55 | 70 | 71 |
| Other Non-Current Assets | 27 | 29 | 30 | 32 | 32 | 31 | 31 | 35 | 38 | 39 | 36 |
| Total Current Assets | 104 | 90 | 90 | 78 | 83 | 86 | 109 | 106 | 109 | 99 | 108 |
| Total Assets | 142 | 130 | 137 | 128 | 134 | 144 | 182 | 187 | 202 | 207 | 215 |
| #(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 | 4 | 7 | 8 | 8 | 5 | 5 | 5 | 6 | 5 | 5 | 5 |
| Cash Flow from Operating Activities | 1 | 15 | 6 | 14 | 2 | 3 | 5 | 10 | 16 | 22 | 14 |
| Cash Flow from Investing Activities | 1 | -2 | -8 | -1 | -1 | -4 | -14 | -9 | -13 | -19 | -4 |
| Cash Flow from Financing Activities | 1 | -12 | 2 | -16 | -1 | 3 | 9 | -2 | -3 | -3 | -10 |
| Net Cash Inflow / Outflow | 3 | 2 | -0 | -3 | -0 | 1 | 0 | -1 | -0 | 0 | 1 |
| Closing Cash & Cash Equivalent | 7 | 8 | 8 | 5 | 5 | 5 | 6 | 5 | 5 | 5 | 6 |
| # | 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) | 53.52 | 46.95 | 16.52 | 10.2 | 34.38 | 57.71 | 62.8 | 70.13 | 74.22 | 78.12 | 39.1 |
| CEPS(Rs) | 72.29 | 65.37 | 38.65 | 33.02 | 58.76 | 95.81 | 95.45 | 115.89 | 126.31 | 140.47 | 108.51 |
| DPS(Rs) | 2 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 862.95 | 905.9 | 922.42 | 932.62 | 967 | 1024.71 | 1087.51 | 1157.64 | 1231.86 | 1309.98 | 1349.08 |
| Core EBITDA Margin(%) | 5.01 | 5.16 | 3.27 | 2.41 | 3.09 | 3.37 | 4.42 | 4.46 | 5.59 | 7.37 | 6.3 |
| EBIT Margin(%) | 4.95 | 5.15 | 3.26 | 2.37 | 3.16 | 4.51 | 4.34 | 3.91 | 4.64 | 5.95 | 4.7 |
| Pre Tax Margin(%) | 2.65 | 3.08 | 0.96 | 0.67 | 1.48 | 2.96 | 3.06 | 2.81 | 3.05 | 3.83 | 2.02 |
| PAT Margin (%) | 1.87 | 1.82 | 0.69 | 0.46 | 1.38 | 2.24 | 2.25 | 1.98 | 2.02 | 2.65 | 1.26 |
| Cash Profit Margin (%) | 2.52 | 2.54 | 1.61 | 1.49 | 2.37 | 3.72 | 3.42 | 3.27 | 3.44 | 4.76 | 3.48 |
| ROA(%) | 2.78 | 2.46 | 0.88 | 0.55 | 1.87 | 2.95 | 2.74 | 2.71 | 2.72 | 2.71 | 1.32 |
| ROE(%) | 6.39 | 5.31 | 1.81 | 1.1 | 3.62 | 5.79 | 5.95 | 6.25 | 6.21 | 6.15 | 2.94 |
| ROCE(%) | 9.57 | 8.81 | 5.14 | 3.57 | 5.6 | 7.81 | 7.26 | 7.57 | 8.88 | 8.65 | 7.02 |
| Receivable days | 99.33 | 116.65 | 108.58 | 108.46 | 96.67 | 95.37 | 107.32 | 97.26 | 92.35 | 106.17 | 95.04 |
| Inventory Days | 40.61 | 35.76 | 44.45 | 45.11 | 37.91 | 37.96 | 40.4 | 38.06 | 38.44 | 49.68 | 50.31 |
| Payable days | 70.3 | 79.43 | 71.83 | 85.98 | 89.42 | 79.48 | 97.19 | 95.74 | 102.12 | 142.11 | 128.25 |
| PER(x) | 8.18 | 6.25 | 35.1 | 0 | 12.6 | 7.78 | 0 | 9.48 | 8.76 | 10.2 | 48.69 |
| Price/Book(x) | 0.51 | 0.32 | 0.63 | 0 | 0.45 | 0.44 | 0 | 0.57 | 0.53 | 0.61 | 1.41 |
| Dividend Yield(%) | 0.46 | 0.68 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.36 | 0.29 | 0.46 | 0.18 | 0.33 | 0.35 | 0.23 | 0.37 | 0.36 | 0.51 | 0.82 |
| EV/Core EBITDA(x) | 6.36 | 4.9 | 11.06 | 5.13 | 8.05 | 5.82 | 4.09 | 7.12 | 5.9 | 6.35 | 11.8 |
| Net Sales Growth(%) | 27.02 | -10.03 | -7.03 | -8.45 | 13.18 | 3.72 | 7.89 | 27.62 | 3.55 | -19.64 | 5.5 |
| EBIT Growth(%) | 7.68 | -6.4 | -41.18 | -32.73 | 49.32 | 48.21 | 4.26 | 14.46 | 22.99 | 2.91 | -16.63 |
| PAT Growth(%) | -41.7 | -12.28 | -64.8 | -38.27 | 237.07 | 67.85 | 8.83 | 11.66 | 5.84 | 5.25 | -49.95 |
| EPS Growth(%) | -41.7 | -12.28 | -64.8 | -38.27 | 237.07 | 67.85 | 8.83 | 11.66 | 5.84 | 5.25 | -49.95 |
| Debt/Equity(x) | 0.79 | 0.62 | 0.7 | 0.48 | 0.47 | 0.51 | 0.64 | 0.62 | 0.59 | 0.6 | 0.54 |
| Current Ratio(x) | 1.32 | 1.42 | 1.31 | 1.32 | 1.33 | 1.27 | 1.16 | 1.17 | 1.1 | 1.1 | 1.09 |
| Quick Ratio(x) | 1.1 | 1.13 | 0.97 | 1.07 | 1 | 1.02 | 0.87 | 0.88 | 0.82 | 0.79 | 0.75 |
| Interest Cover(x) | 2.16 | 2.49 | 1.42 | 1.4 | 1.89 | 2.9 | 3.39 | 3.57 | 2.91 | 2.81 | 1.76 |
| Total Debt/Mcap(x) | 1.55 | 1.93 | 1.11 | 0 | 1.06 | 1.17 | 0 | 1.08 | 1.13 | 0.99 | 0.38 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 59.1 | 59.1 | 59.1 | 59.1 | 59.1 | 59.1 | 59.1 | 59.1 | 59.1 | 59.1 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 40.9 | 40.9 | 40.9 | 40.9 | 40.9 | 40.9 | 40.9 | 40.9 | 40.9 | 40.9 |
| 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 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +6% | -4% | +4% | +1% |
| Operating Profit CAGR | -12% | +5% | +6% | +3% |
| PAT CAGR | -50% | -16% | -6% | -3% |
| Share Price CAGR | +8% | +29% | +34% | +21% |
| ROE Average | +3% | +5% | +6% | +5% |
| ROCE Average | +7% | +8% | +8% | +7% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 59.1 | 59.1 | 59.1 | 59.1 | 59.1 | 59.1 | 59.1 | 59.1 | 59.1 | 59.1 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 40.9 | 40.9 | 40.9 | 40.9 | 40.9 | 40.9 | 40.9 | 40.9 | 40.9 | 40.9 |
| 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 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 |
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