Textile · Founded 1997 · www.elandapparel.com · BSE 532820 · NSE ELAND · ISIN INE311H01018
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1. Business Overview
E-Land Apparel Ltd. is an Indian textile company primarily engaged in the manufacturing, branding, and retail of ready-made apparel. The company produces garments for menswear, women-wear, and kidswear segments. Its core business model encompasses both the sale of its own brands (such as ELAND, ELAND Casuals, E-Land Kids) directly to consumers and providing private label manufacturing services to other brands. As a vertically integrated manufacturer, the company likely manages processes from fabric sourcing to finished garment production, aiming for efficiency and quality control. It makes money through direct sales of its branded products and through contracts for private label manufacturing.
2. Key Segments / Revenue Mix
While specific revenue breakdowns by segment are not publicly detailed for this company, its business activities can be broadly categorized into:
Own Brand Sales: Revenue generated from the sale of apparel under its proprietary brands (e.g., ELAND, ELAND Casuals, E-Land Kids) through various retail channels.
Private Label Manufacturing: Revenue derived from manufacturing garments for other brands on a contract basis.
The company's focus spans across menswear, women-wear, and kidswear within these two primary operating segments.
3. Industry & Positioning
E-Land Apparel Ltd. operates within the highly fragmented Indian textile and apparel industry. This industry is characterized by a mix of large organized players, numerous small and medium enterprises (SMEs), and a significant unorganized sector. The company positions itself as an integrated player specializing in ready-made apparel, serving both the domestic market with its own brands and B2B clients through private label manufacturing. It competes with a wide array of local manufacturers, national apparel brands, and potentially import-based players in various price points and fashion segments.
4. Competitive Advantage (Moat)
E-Land Apparel's competitive advantages are primarily derived from:
Vertical Integration: This allows for better control over the supply chain, quality, production costs, and lead times, offering an advantage over less integrated peers.
Manufacturing Expertise: Experience and capabilities in readymade apparel production, including handling diverse designs and order types for private labels, suggest operational efficiency and reliability.
Established Brand Portfolio: Having its own brands like ELAND provides a direct channel to consumers and fosters a degree of brand recognition and loyalty within its target market segments.
5. Growth Drivers
Growing Domestic Apparel Demand: Rising disposable incomes, increasing urbanization, and evolving fashion consciousness in India are driving higher demand for branded and ready-made apparel.
Retail Expansion: Expansion of the company's retail footprint (both physical and online) for its own brands can capture a larger market share.
Increased Private Label Opportunities: Growth in demand from other brands seeking reliable manufacturing partners in India could boost contract manufacturing revenue.
Government Initiatives: Supportive government policies for the textile and apparel sector (e.g., Production Linked Incentive schemes) could provide an impetus for growth.
Evolving Fashion Trends: Ability to adapt quickly to changing fashion trends and consumer preferences to offer relevant and appealing collections.
6. Risks
Raw Material Price Volatility: Fluctuations in the prices of key raw materials like cotton, yarn, and synthetic fibers can significantly impact manufacturing costs and profit margins.
Intense Competition: The Indian apparel market is highly competitive, facing pressure from both large domestic players and smaller, agile businesses.
Fashion & Trend Obsolescence: Rapid changes in fashion trends and consumer preferences necessitate quick design, production, and inventory management, posing a risk of inventory write-offs if trends are misjudged.
Economic Slowdown: Reduced consumer discretionary spending during economic downturns can directly impact apparel sales.
Labor Risks: Being a labor-intensive industry, risks related to labor availability, wage inflation, and industrial relations exist.
Regulatory Changes: Changes in trade policies, import/export duties, or environmental regulations could impact operations and cost structure.
7. Management & Ownership
E-Land Apparel Ltd. is promoted by Mr. Bharat Somaiya and his family, who hold a significant controlling stake in the company. As of recent public disclosures, the promoter group holds a substantial majority of the shares, indicating strong alignment between the management and long-term shareholder interests. The family's continued involvement suggests a hands-on approach to business operations and strategic direction.
8. Outlook
E-Land Apparel Ltd. operates in a promising, albeit highly competitive, Indian apparel market. Its vertically integrated manufacturing capabilities provide a solid foundation for cost efficiency and quality control, while its dual strategy of managing own brands and offering private label services allows for diversification of revenue streams. The company is well-positioned to capitalize on India's growing domestic consumption trends and potential government support for the textile sector. However, sustained success will depend on its ability to effectively navigate intense competition, manage volatile raw material costs, and rapidly adapt to ever-changing fashion trends and consumer demands. Prudent inventory management and continuous innovation in design and manufacturing processes will be crucial for maintaining profitability and market share in the dynamic apparel industry.
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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 | 37 | 38 | 77 | 85 | 44 | 67 | 104 | 73 | 34 | 66 |
| Other Income | 2 | 2 | 2 | 3 | 2 | 2 | 3 | 2 | 2 | 3 |
| Total Income | 39 | 40 | 79 | 88 | 46 | 70 | 106 | 75 | 36 | 69 |
| Total Expenditure | 36 | 38 | 71 | 76 | 44 | 63 | 99 | 76 | 47 | 76 |
| Operating Profit | 3 | 2 | 7 | 12 | 2 | 7 | 7 | -1 | -11 | -7 |
| Interest | 13 | 14 | 14 | 6 | 1 | 2 | 2 | 2 | 5 | 3 |
| Depreciation | 1 | 2 | 1 | 1 | 1 | 2 | 1 | 2 | 3 | 3 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -11 | -14 | -8 | 4 | -0 | 3 | 4 | -5 | -19 | -12 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | -3 | 0 | 0 | 0 |
| Profit After Tax | -11 | -14 | -8 | 4 | -0 | 3 | 7 | -5 | -19 | -12 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -11 | -14 | -8 | 4 | -0 | 3 | 7 | -5 | -19 | -12 |
| Adjusted Earnings Per Share | -2.2 | -3 | -1.7 | 0.8 | -0.1 | 0.7 | 1.5 | -1.1 | -4 | -2.6 |
| #(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 | 175 | 235 | 215 | 184 | 172 | 149 | 121 | 178 | 230 | 215 | 300 | 277 |
| Other Income | 7 | 4 | 1 | 5 | 4 | 3 | 3 | 5 | 2 | 7 | 10 | 10 |
| Total Income | 182 | 239 | 216 | 188 | 176 | 152 | 125 | 183 | 232 | 222 | 310 | 286 |
| Total Expenditure | 202 | 251 | 259 | 206 | 176 | 152 | 127 | 173 | 217 | 204 | 283 | 298 |
| Operating Profit | -21 | -12 | -42 | -18 | -0 | 0 | -2 | 10 | 16 | 19 | 28 | -12 |
| Interest | 4 | 4 | 34 | 22 | 39 | 48 | 47 | 47 | 51 | 54 | 12 | 12 |
| Depreciation | 3 | 3 | 4 | 2 | 2 | 4 | 4 | 4 | 5 | 5 | 6 | 9 |
| Exceptional Income / Expenses | 14 | 0 | 0 | -36 | 0 | 0 | 0 | 11 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -13 | -19 | -80 | -78 | -42 | -52 | -53 | -29 | -40 | -40 | 10 | -32 |
| Provision for Tax | 26 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3 | -3 |
| Profit After Tax | -39 | -19 | -80 | -78 | -42 | -52 | -53 | -29 | -40 | -40 | 14 | -29 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -39 | -19 | -80 | -78 | -42 | -52 | -53 | -29 | -40 | -40 | 14 | -29 |
| Adjusted Earnings Per Share | -8.1 | -3.9 | -16.7 | -16.3 | -8.7 | -10.9 | -11 | -6 | -8.3 | -8.3 | 2.8 | -6.2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 40% | 19% | 15% | 6% |
| Operating Profit CAGR | 47% | 41% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -23% | 33% | 28% | -9% |
| ROE Average | 0% | 0% | 0% | 0% |
| ROCE Average | 0% | 0% | 0% | -8% |
| #(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 | -164 | -186 | -98 | -235 | -306 | -359 | -411 | -419 | -458 | -499 | -485 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 295 | 294 | 93 | 10 | 35 | 43 | 51 | 41 | 46 | 49 | 42 |
| Other Non-Current Liabilities | 3 | 3 | 62 | 293 | 351 | 401 | 438 | 479 | 529 | 583 | 573 |
| Total Current Liabilities | 89 | 81 | 98 | 43 | 36 | 34 | 44 | 59 | 38 | 44 | 97 |
| Total Liabilities | 223 | 191 | 155 | 112 | 115 | 119 | 122 | 161 | 155 | 177 | 227 |
| Fixed Assets | 47 | 59 | 46 | 44 | 42 | 51 | 48 | 89 | 85 | 26 | 44 |
| Other Non-Current Assets | 10 | 7 | 8 | 7 | 8 | 22 | 25 | 4 | 4 | 74 | 74 |
| Total Current Assets | 166 | 126 | 101 | 61 | 65 | 46 | 48 | 68 | 66 | 77 | 109 |
| Total Assets | 223 | 191 | 155 | 112 | 115 | 119 | 122 | 161 | 155 | 177 | 227 |
| #(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 | 6 | 15 | 3 | 5 | 4 | 7 | 2 | 7 | 8 | 12 | 14 |
| Cash Flow from Operating Activities | -22 | -3 | 62 | 222 | 18 | 14 | 5 | 15 | 5 | 18 | 14 |
| Cash Flow from Investing Activities | 43 | 9 | 9 | 17 | 10 | -18 | -4 | -3 | -1 | -6 | -6 |
| Cash Flow from Financing Activities | -11 | -19 | -69 | -241 | -25 | -1 | 3 | -11 | 0 | -9 | -19 |
| Net Cash Inflow / Outflow | 9 | -12 | 2 | -1 | 3 | -4 | 4 | 1 | 4 | 2 | -11 |
| Closing Cash & Cash Equivalent | 15 | 3 | 5 | 4 | 7 | 2 | 7 | 8 | 12 | 14 | 3 |
| # | 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) | -8.13 | -3.89 | -16.71 | -16.34 | -8.65 | -10.92 | -11.04 | -5.96 | -8.31 | -8.3 | 2.85 |
| CEPS(Rs) | -7.58 | -3.35 | -15.95 | -15.91 | -8.25 | -10.01 | -10.17 | -5.16 | -7.35 | -7.28 | 4.01 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | -42.28 | -46.7 | -20.43 | -48.91 | -65.4 | -76.26 | -87.26 | -93.22 | -95.53 | -109.89 | -107.02 |
| Core EBITDA Margin(%) | -15.59 | -6.97 | -19.88 | -12.17 | -2.42 | -1.97 | -4.36 | 2.76 | 5.88 | 5.52 | 5.91 |
| EBIT Margin(%) | -5.21 | -6.32 | -21.15 | -30.49 | -1.2 | -2.81 | -5.11 | 10.1 | 4.82 | 6.54 | 7.37 |
| Pre Tax Margin(%) | -7.57 | -7.95 | -36.77 | -42.69 | -24.14 | -35.1 | -43.72 | -16.11 | -17.31 | -18.49 | 3.42 |
| PAT Margin (%) | -22.3 | -7.95 | -36.77 | -42.69 | -24.14 | -35.1 | -43.72 | -16.11 | -17.31 | -18.49 | 4.55 |
| Cash Profit Margin (%) | -20.78 | -6.85 | -35.09 | -41.55 | -23.01 | -32.16 | -40.27 | -13.95 | -15.32 | -16.22 | 6.41 |
| ROA(%) | -16.37 | -9.01 | -46.29 | -58.78 | -36.6 | -44.74 | -44.03 | -20.25 | -25.25 | -23.96 | 6.75 |
| ROE(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| ROCE(%) | -6.03 | -12.84 | -69.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivable days | 90.79 | 69.1 | 68.65 | 60.15 | 45.01 | 44.16 | 52.72 | 39.1 | 33.96 | 41.06 | 45.53 |
| Inventory Days | 71.54 | 68.6 | 62.73 | 51.99 | 40.7 | 39.37 | 48.38 | 40.42 | 31.95 | 30.86 | 31.71 |
| Payable days | 86.34 | 87.98 | 117.83 | 150.54 | 151.05 | 148.44 | 169.1 | 140.43 | 111.97 | 96.55 | 64.98 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.92 |
| Price/Book(x) | -0.36 | -0.8 | -1.08 | -0.24 | -0.09 | -0.05 | -0.05 | -0.08 | -0.05 | -0.06 | -0.13 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 2.16 | 2.13 | 1.03 | 0.33 | 0.27 | 0.4 | 0.54 | 0.4 | 0.25 | 0.3 | 0.41 |
| EV/Core EBITDA(x) | -18.19 | -40.72 | -5.24 | -3.43 | -377.91 | 318.75 | -32.29 | 6.85 | 3.61 | 3.39 | 4.47 |
| Net Sales Growth(%) | -45.61 | 34 | -8.19 | -14.78 | -6.26 | -13.18 | -18.83 | 46.49 | 29.66 | -6.45 | 39.46 |
| EBIT Growth(%) | -489.58 | -62.77 | -210.95 | -21.4 | 96.31 | -103.23 | -47.34 | 389.74 | -38.16 | 27.02 | 57 |
| PAT Growth(%) | -192.65 | 52.15 | -329.59 | 2.23 | 47.06 | -26.28 | -1.09 | 46.03 | -39.37 | 0.09 | 134.31 |
| EPS Growth(%) | -192.66 | 52.15 | -329.59 | 2.23 | 47.06 | -26.28 | -1.09 | 46.03 | -39.37 | 0.09 | 134.31 |
| Debt/Equity(x) | -1.63 | -1.46 | -1.31 | -0.04 | -0.11 | -0.12 | -0.12 | -0.1 | -0.1 | -0.09 | -0.12 |
| Current Ratio(x) | 1.86 | 1.55 | 1.03 | 1.4 | 1.84 | 1.34 | 1.1 | 1.15 | 1.75 | 1.77 | 1.12 |
| Quick Ratio(x) | 1.43 | 1.04 | 0.73 | 0.89 | 1.38 | 0.88 | 0.73 | 0.76 | 1.29 | 1.33 | 0.78 |
| Interest Cover(x) | -2.2 | -3.87 | -1.35 | -2.5 | -0.05 | -0.09 | -0.13 | 0.39 | 0.22 | 0.26 | 1.87 |
| Total Debt/Mcap(x) | 4.51 | 1.82 | 1.21 | 0.18 | 1.19 | 2.25 | 2.56 | 1.26 | 2.11 | 1.5 | 0.89 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 65.84 | 65.84 | 65.84 | 65.84 | 65.84 | 65.84 | 65.84 | 65.84 | 65.84 | 65.84 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 1.24 | 1.24 | 1.24 | 1.24 | 1.24 | 0.53 | 0 | 0 | 0 | 0 |
| Public | 32.92 | 32.92 | 32.92 | 32.92 | 32.92 | 33.62 | 34.16 | 34.16 | 34.16 | 34.16 |
| 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 | 3.16 | 3.16 | 3.16 | 3.16 | 3.16 | 3.16 | 3.16 | 3.16 | 3.16 | 3.16 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.03 | 0 | 0 | 0 | 0 |
| Public | 1.58 | 1.58 | 1.58 | 1.58 | 1.58 | 1.61 | 1.64 | 1.64 | 1.64 | 1.64 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 4.8 | 4.8 | 4.8 | 4.8 | 4.8 | 4.8 | 4.8 | 4.8 | 4.8 | 4.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +40% | +19% | +15% | +6% |
| Operating Profit CAGR | +47% | +41% | — | — |
| PAT CAGR | — | — | — | — |
| Share Price CAGR | -23% | +33% | +28% | -9% |
| ROE Average | 0% | 0% | 0% | 0% |
| ROCE Average | 0% | 0% | 0% | -8% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 65.84 | 65.84 | 65.84 | 65.84 | 65.84 | 65.84 | 65.84 | 65.84 | 65.84 | 65.84 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 1.24 | 1.24 | 1.24 | 1.24 | 1.24 | 0.53 | 0 | 0 | 0 | 0 |
| Public | 34.16 | 34.16 | 34.16 | 34.16 | 34.16 | 34.16 | 34.16 | 34.16 | 34.16 | 34.16 |
| 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 | 3.16 | 3.16 | 3.16 | 3.16 | 3.16 | 3.16 | 3.16 | 3.16 | 3.16 | 3.16 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.03 | 0 | 0 | 0 | 0 |
| Public | 1.64 | 1.64 | 1.64 | 1.64 | 1.64 | 1.64 | 1.64 | 1.64 | 1.64 | 1.64 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 4.8 | 4.8 | 4.8 | 4.8 | 4.8 | 4.8 | 4.8 | 4.8 | 4.8 | 4.8 |
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