Textile · Founded 2020 · www.boranagroup.in · BSE 544404 · NSE BORANA · ISIN INE16SF01016
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1. Business Overview
Borana Weaves Ltd. is an Indian company operating in the textile sector. Its core business involves the manufacturing and sale of textile products. As a "weaves" company, it is primarily engaged in the production of woven fabrics, which can range from basic greige fabrics to finished dyed or printed fabrics. The company likely operates on a Business-to-Business (B2B) model, supplying these fabrics to garment manufacturers, apparel brands, home textile producers, or industrial users. It generates revenue by selling its manufactured textile products at a margin above its production costs.
2. Key Segments / Revenue Mix
Specific key segments and their revenue contribution for Borana Weaves Ltd. are not provided. However, typical textile companies in India may have segments such as:
Fabric Manufacturing: Production of various woven fabrics (e.g., cotton, synthetic, blends) for different applications.
Home Textiles: Products like bed linen, bath linen, curtains, and upholstery.
Apparel/Garments: Finished clothing items, if the company is vertically integrated or has a garmenting division.
Yarn Production: If it has backward integration into spinning.
Without specific data, it is not possible to detail Borana Weaves' revenue mix.
3. Industry & Positioning
The Indian textile industry is one of the oldest and largest industries, highly fragmented, comprising both organized and unorganized players. It spans the entire value chain from fiber to finished products (yarn, fabric, apparel, home textiles, technical textiles). The industry is labor-intensive, cost-competitive, and significantly influenced by raw material prices (e.g., cotton, synthetic fibers) and global fashion trends. India is a major exporter of textiles and apparel.
Borana Weaves Ltd. operates within this competitive landscape. Without specific market share or product specialization information, its positioning can be broadly described as a player contributing to India's textile manufacturing capabilities, likely competing on factors such as product quality, timely delivery, and competitive pricing within its chosen fabric segments.
4. Competitive Advantage (Moat)
Without specific details, any competitive advantages for Borana Weaves Ltd. would be speculative. Potential moats in the textile industry include:
Cost Leadership: Achieved through economies of scale, efficient manufacturing processes, and backward integration.
Product Differentiation: Specialization in niche fabrics (e.g., sustainable textiles, technical textiles, unique blends, high-quality finishes) or strong design capabilities.
Customer Relationships: Long-standing partnerships and reliable supply chains with key B2B clients.
Brand Recognition: If the company sells directly to consumers or has a strong brand reputation in the B2B segment.
It is unclear if Borana Weaves Ltd. possesses any strong, durable competitive advantages based on the available information.
5. Growth Drivers
Key factors that could drive growth for Borana Weaves Ltd. over the next 3-5 years include:
Rising Domestic Consumption: Increasing disposable incomes and growing population in India driving demand for apparel and home textiles.
Government Initiatives: Schemes like Production Linked Incentive (PLI) for textiles, and efforts to boost textile exports, can provide significant tailwinds.
Export Opportunities: Growing demand from international markets for Indian textiles, especially with a focus on diversifying global supply chains.
Focus on Sustainability: Increasing demand for eco-friendly and sustainable textile products, potentially opening new markets or premium pricing opportunities if Borana adapts.
Technological Upgrades: Investment in modern machinery and automation to improve efficiency and product quality.
6. Risks
Borana Weaves Ltd. faces several risks inherent to the textile industry:
Raw Material Price Volatility: Fluctuations in prices of cotton, synthetic fibers, and dyes can significantly impact profitability.
Intense Competition: The highly fragmented nature of the Indian textile industry leads to intense price competition.
Fashion and Trend Changes: Rapid shifts in fashion trends can lead to inventory obsolescence and reduced demand for specific products.
Labor Costs & Availability: Increasing labor costs and potential shortages of skilled labor can affect production expenses.
Regulatory & Environmental Compliance: Stricter environmental regulations and compliance costs can impact operations.
Global Economic Slowdown: A slowdown in key export markets or domestic economic weakness can reduce demand for textile products.
Currency Fluctuations: For companies involved in exports or imports, adverse currency movements can impact revenues and costs.
7. Management & Ownership
Specific details about the promoters and management quality of Borana Weaves Ltd. are not provided. Typically, Indian textile companies are often managed by promoter families who hold significant ownership stakes. The quality of management would depend on their experience, strategic vision, execution capabilities, and corporate governance practices. Without further information, it is not possible to comment on the specific management quality or ownership structure beyond this general observation.
8. Outlook
Borana Weaves Ltd., as a textile company in India, operates in an industry with significant long-term growth potential, driven by strong domestic consumption and government support for exports and modernization. The "India growth story" provides a favorable backdrop for demand. However, the industry is also characterized by high competition, susceptibility to raw material price volatility, and global economic cycles. For Borana Weaves, success will likely hinge on its ability to maintain cost efficiency, innovate in product offerings, adapt to evolving fashion trends, and navigate the volatile raw material and currency markets, while potentially leveraging government incentives.
Price goes above X
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| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 61 | 62 | 71 | 78 | 79 | 81 | 96 | 111 | 101 |
| Other Income | 0 | 1 | 3 | 0 | 1 | 1 | 4 | 2 | 2 |
| Total Income | 62 | 63 | 74 | 79 | 79 | 82 | 99 | 113 | 102 |
| Total Expenditure | 45 | 46 | 59 | 60 | 62 | 64 | 74 | 84 | 75 |
| Operating Profit | 17 | 17 | 15 | 18 | 18 | 18 | 26 | 29 | 27 |
| Interest | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 5 | 6 |
| Exceptional Income / Expenses | 0 | 0 | -1 | -0 | -0 | 0 | 0 | -0 | 0 |
| Profit Before Tax | 12 | 12 | 10 | 14 | 13 | 15 | 20 | 23 | 21 |
| Provision for Tax | 2 | 2 | 2 | 2 | 3 | 2 | 4 | 4 | 4 |
| Profit After Tax | 10 | 10 | 8 | 11 | 11 | 12 | 17 | 19 | 17 |
| Adjustments | 0 | -0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 10 | 10 | 8 | 11 | 11 | 12 | 17 | 19 | 17 |
| Adjusted Earnings Per Share | 4.9 | 5 | 3.9 | 5.7 | 5.5 | 4.6 | 6.2 | 7 | 6.5 |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|
| Net Sales | 42 | 135 | 199 | 290 | 389 |
| Other Income | 0 | 0 | 1 | 5 | 9 |
| Total Income | 42 | 136 | 200 | 295 | 396 |
| Total Expenditure | 37 | 109 | 158 | 227 | 297 |
| Operating Profit | 5 | 26 | 42 | 68 | 100 |
| Interest | 1 | 2 | 4 | 5 | 4 |
| Depreciation | 2 | 4 | 9 | 13 | 18 |
| Exceptional Income / Expenses | 0 | 0 | 0 | -1 | 0 |
| Profit Before Tax | 2 | 20 | 28 | 49 | 79 |
| Provision for Tax | 0 | 4 | 5 | 9 | 14 |
| Profit After Tax | 2 | 16 | 24 | 40 | 65 |
| Adjustments | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 2 | 16 | 24 | 40 | 65 |
| Adjusted Earnings Per Share | 3.6 | 8.2 | 11.8 | 20.2 | 24.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 46% | 90% | 0% | 0% |
| Operating Profit CAGR | 62% | 139% | 0% | 0% |
| PAT CAGR | 67% | 171% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | NA% | NA% | NA% | NA% |
| ROE Average | 59% | 84% | 88% | 88% |
| ROCE Average | 41% | 42% | 34% | 34% |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Shareholder's Funds | 2 | 24 | 48 | 88 |
| Minority's Interest | 0 | 0 | 0 | 0 |
| Borrowings | 19 | 20 | 48 | 37 |
| Other Non-Current Liabilities | 0 | 2 | 1 | 1 |
| Total Current Liabilities | 11 | 29 | 40 | 30 |
| Total Liabilities | 32 | 75 | 137 | 156 |
| Fixed Assets | 16 | 35 | 74 | 68 |
| Other Non-Current Assets | 2 | 5 | 10 | 10 |
| Total Current Assets | 14 | 35 | 53 | 78 |
| Total Assets | 32 | 75 | 137 | 156 |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | -8 | 7 | 22 | 23 |
| Cash Flow from Investing Activities | -16 | -22 | -48 | -7 |
| Cash Flow from Financing Activities | 25 | 15 | 26 | -15 |
| Net Cash Inflow / Outflow | 0 | 0 | -0 | 0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 |
| # | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Earnings Per Share (Rs) | 3.59 | 8.18 | 11.83 | 20.16 |
| CEPS(Rs) | 6.81 | 10.22 | 16.42 | 26.72 |
| DPS(Rs) | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 3.61 | 12.09 | 23.92 | 43.91 |
| Core EBITDA Margin(%) | 12.23 | 19.28 | 20.7 | 21.79 |
| EBIT Margin(%) | 8.48 | 16.36 | 16.37 | 18.69 |
| Pre Tax Margin(%) | 5.18 | 14.7 | 14.26 | 16.92 |
| PAT Margin (%) | 4.25 | 12.04 | 11.85 | 13.85 |
| Cash Profit Margin (%) | 8.06 | 15.06 | 16.45 | 18.35 |
| ROA(%) | 5.64 | 30.5 | 22.26 | 27.48 |
| ROE(%) | 99.45 | 125.78 | 65.69 | 59.45 |
| ROCE(%) | 12.33 | 48.1 | 36.26 | 41.19 |
| Receivable days | 60.85 | 19.51 | 16.92 | 20.66 |
| Inventory Days | 32.2 | 32.37 | 40.38 | 30.92 |
| Payable days | 4.12 | 11.21 | 27.22 | 17.54 |
| PER(x) | 0 | 0 | 0 | 0 |
| Price/Book(x) | 0 | 0 | 0 | 0 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.65 | 0.29 | 0.35 | 0.27 |
| EV/Core EBITDA(x) | 5.25 | 1.48 | 1.66 | 1.16 |
| Net Sales Growth(%) | 0 | 219.84 | 47.01 | 45.84 |
| EBIT Growth(%) | 0 | 517.21 | 47.12 | 66.42 |
| PAT Growth(%) | 0 | 806.31 | 44.69 | 70.45 |
| EPS Growth(%) | 0 | 127.72 | 44.69 | 70.47 |
| Debt/Equity(x) | 15.1 | 1.61 | 1.45 | 0.67 |
| Current Ratio(x) | 1.26 | 1.2 | 1.32 | 2.62 |
| Quick Ratio(x) | 0.92 | 0.51 | 0.73 | 1.77 |
| Interest Cover(x) | 2.57 | 9.82 | 7.76 | 10.59 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 |
| # | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|
| Promoter | 65.24 | 65.24 | 65.24 | 65.24 |
| FII | 3.55 | 2.58 | 4.01 | 2.63 |
| DII | 6.55 | 3.67 | 3.73 | 2.65 |
| Public | 24.67 | 28.52 | 27.03 | 29.49 |
| Others | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 |
| # | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|
| Promoter | 1.74 | 1.74 | 1.74 | 1.74 |
| FII | 0.09 | 0.07 | 0.11 | 0.07 |
| DII | 0.17 | 0.1 | 0.1 | 0.07 |
| Public | 0.66 | 0.76 | 0.72 | 0.79 |
| Others | 0 | 0 | 0 | 0 |
| Total | 2.66 | 2.66 | 2.66 | 2.66 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +46% | +90% | — | — |
| Operating Profit CAGR | +62% | +139% | — | — |
| PAT CAGR | +67% | +171% | — | — |
| Share Price CAGR | — | — | — | — |
| ROE Average | +59% | +84% | +88% | +88% |
| ROCE Average | +41% | +42% | +34% | +34% |
| # | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|
| Promoter | 65.24 | 65.24 | 65.24 | 65.24 |
| FII | 3.55 | 2.58 | 4.01 | 2.63 |
| DII | 6.55 | 3.67 | 3.73 | 2.65 |
| Public | 34.76 | 34.76 | 34.76 | 34.76 |
| Others | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 |
| # | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|
| Promoter | 1.74 | 1.74 | 1.74 | 1.74 |
| FII | 0.09 | 0.07 | 0.11 | 0.07 |
| DII | 0.17 | 0.1 | 0.1 | 0.07 |
| Public | 0.93 | 0.93 | 0.93 | 0.93 |
| Others | 0 | 0 | 0 | 0 |
| Total | 2.66 | 2.66 | 2.66 | 2.66 |
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