Textile · Founded 1989 · www.hgil.in · BSE 531971 · · ISIN INE167F01018
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1. Business Overview
Popees Baby Care India Ltd. is a company operating in the textile sector, specializing in products for infants and toddlers. Its core business involves the design, manufacturing, marketing, and distribution of a range of textile-based baby care products. This typically includes items such as baby apparel (e.g., bodysuits, sleepsuits), blankets, swaddles, bibs, and other fabric accessories for children. The company generates revenue by selling these products directly to consumers through retail outlets, online platforms, and potentially through wholesale channels to other retailers.
2. Key Segments / Revenue Mix
Specific revenue mix and segment contributions are not publicly available. However, based on the company's name and industry, its primary segments would likely include:
Baby Apparel: Garments for newborns to toddlers.
Baby Bedding & Comfort: Blankets, swaddles, crib sheets.
Baby Accessories: Bibs, caps, towels, socks.
Given its focus, the majority of revenue is expected to come from the apparel segment, followed by bedding and accessories.
3. Industry & Positioning
The baby care market in India, particularly for textile products, is characterized by growth driven by a large birth rate, rising disposable incomes, and increasing awareness among parents regarding product quality and safety. The industry is fragmented, with a mix of organized national and international brands, regional players, and numerous unorganized local manufacturers. Popees Baby Care India Ltd. is positioned as a specialized brand focusing on the specific needs of infants, likely targeting the mid-to-premium segment that values quality, comfort, and design. It competes with established general apparel brands that have baby lines, as well as other dedicated baby product companies.
4. Competitive Advantage (Moat)
Popees Baby Care India Ltd. may derive competitive advantages from:
Brand Reputation: Building trust and recognition among parents for quality, comfort, and safety in baby products can be a significant moat.
Product Quality & Specialization: A focus on hypoallergenic materials, ergonomic designs, or sustainable practices specifically for babies can differentiate it.
Distribution Network: An extensive and efficient reach across various retail formats (offline and online) can enhance market penetration.
Design & Innovation: Ability to consistently offer appealing designs and functional innovations relevant to baby care.
The strength of these advantages would depend on the company's execution and market perception.
5. Growth Drivers
Demographic Dividend: India's large and young population, coupled with a high birth rate, ensures a continuous target market.
Rising Disposable Incomes: Increasing economic prosperity leads parents to spend more on premium and specialized baby products.
E-commerce Penetration: Expanding online retail allows wider reach to consumers across urban and semi-urban areas.
Urbanization & Nuclear Families: Growing trend of nuclear families and urban living often leads to higher spending on quality baby essentials.
Increased Awareness: Greater parental awareness about child safety, comfort, and hygiene drives demand for specialized products.
6. Risks
Intense Competition: High competition from both domestic and international brands, including general apparel brands with baby lines, can pressure pricing and market share.
Raw Material Price Volatility: Fluctuations in cotton and other textile raw material prices can impact manufacturing costs and margins.
Quality Control & Safety Concerns: As a baby product company, any lapse in product quality or safety standards could severely damage brand reputation and lead to recalls.
Changing Consumer Preferences: Baby fashion and parental preferences evolve, requiring continuous product innovation and adaptation.
Supply Chain Disruptions: Geopolitical events, logistics issues, or natural disasters can disrupt production and distribution.
Economic Slowdown: A downturn could lead to reduced discretionary spending on non-essential or premium baby products.
7. Management & Ownership
Popees Baby Care India Ltd. is likely a promoter-led company, a common structure for businesses in India, with the "HARI GOVIND" possibly indicating the promoter group or a related entity. Management quality would depend on their experience in the textile and baby care industry, their strategic vision for brand building and market expansion, and their operational efficiency in navigating the competitive landscape. Ownership is typically concentrated within the founding family or promoter group, maintaining significant control over the company's direction.
8. Outlook
The outlook for Popees Baby Care India Ltd. is balanced, considering both opportunities and challenges. The company operates in an attractive market segment driven by India's favorable demographics, rising incomes, and increasing parental awareness, which provide a strong tailwind for growth. However, success is contingent on effective execution in a highly competitive and fragmented industry. The bull case rests on the company's ability to consistently deliver high-quality, trusted products, build a strong and recognizable brand, innovate with evolving consumer preferences, and expand its distribution network efficiently, particularly leveraging the growth of e-commerce. Conversely, the bear case involves the inability to differentiate effectively amidst intense competition, vulnerability to raw material price volatility impacting margins, and potential risks related to quality control or supply chain disruptions. Sustained growth will require a strong focus on brand building, product innovation, and operational excellence to navigate market dynamics and capitalize on the underlying demand for specialized baby care textile products.
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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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Profit | -0 | -0 | -0 | -0 | -0 | -0 | -0 | 0 | -0 | -0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -0 | -0 | -0 | -0 | -0 | -0 | -0 | 0 | -0 | -0 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -0 | -0 | -0 | -0 | -0 | -0 | -0 | 0 | -0 | -0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 |
| Profit After Adjustments | -0 | -0 | -0 | -0 | -0 | -0 | -0 | 0 | -0 | -0 |
| Adjusted Earnings Per Share | -0.1 | -0.1 | -0 | -0 | -0 | -0 | -0.1 | 0 | -0.2 | -0 |
| #(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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Profit | 0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | 0 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | 0 |
| Adjusted Earnings Per Share | 0.3 | -0.1 | -0.1 | -0 | -0.2 | -0.1 | -0.3 | -0.1 | -0.2 | -0.2 | -0.2 | -0.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | 0% | 0% | 0% |
| Operating Profit CAGR | 0% | 0% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 194% | NA% | NA% | NA% |
| ROE Average | -3% | -3% | -3% | -2% |
| ROCE Average | -2% | -2% | -2% | -1% |
| #(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 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 3 | 3 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 4 |
| Fixed Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 4 | 4 | 4 | 5 | 5 | 3 |
| Total Current Assets | 5 | 5 | 5 | 5 | 5 | 0 | 0 | 0 | 0 | 0 | 1 |
| Total Assets | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 4 |
| #(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 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | -0 | -0 | 0 | 0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Cash Flow from Investing Activities | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | -1 | 0 | -0 |
| Cash Flow from Financing Activities | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 1 | 0 | 0 |
| Net Cash Inflow / Outflow | -0 | -0 | 0 | 0 | -0 | -0 | 0 | -0 | 0 | -0 | -0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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) | 0.31 | -0.11 | -0.13 | -0.05 | -0.18 | -0.11 | -0.34 | -0.12 | -0.22 | -0.2 | -0.18 |
| CEPS(Rs) | 0.31 | -0.11 | -0.13 | -0.05 | -0.18 | -0.11 | -0.34 | -0.12 | -0.22 | -0.2 | -0.18 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 8.1 | 7.99 | 7.86 | 7.81 | 7.63 | 7.52 | 7.18 | 7.06 | 6.84 | 6.62 | 6.44 |
| Core EBITDA Margin(%) | 0 | 0 | 0 | -16.19 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT Margin(%) | 0 | 0 | 0 | -16.19 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre Tax Margin(%) | 0 | 0 | 0 | -16.26 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PAT Margin (%) | 0 | 0 | 0 | -16.26 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Profit Margin (%) | 0 | 0 | 0 | -16.26 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| ROA(%) | 3.21 | -1.13 | -1.36 | -0.48 | -1.89 | -1.17 | -3.66 | -1.28 | -2.22 | -1.89 | -1.98 |
| ROE(%) | 3.87 | -1.37 | -1.67 | -0.59 | -2.36 | -1.44 | -4.68 | -1.69 | -3.17 | -2.97 | -2.76 |
| ROCE(%) | 5.22 | -1.27 | -1.53 | -0.53 | -1.97 | -1.31 | -4.14 | -1.46 | -2.49 | -2.11 | -2.26 |
| Receivable days | 0 | 0 | 0 | 252.85 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 0 | 0 | 0 | 810.91 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0 | 0 | 0 | 34.57 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Core EBITDA(x) | 22.86 | -92.4 | -77.62 | -213.55 | -61.23 | -96.52 | -30.77 | -90 | -55.73 | -62.3 | -54.33 |
| Net Sales Growth(%) | 0 | 0 | 0 | 0 | -100 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT Growth(%) | 1577.53 | -124.88 | -19.88 | 64.65 | -260.27 | 35.52 | -216.42 | 64.82 | -83.33 | 9.09 | 10 |
| PAT Growth(%) | 1084.76 | -135.87 | -19.73 | 64.69 | -290.86 | 39.96 | -214.64 | 65.14 | -83.33 | 9.09 | 10 |
| EPS Growth(%) | 1085.58 | -135.87 | -19.76 | 64.71 | -290.86 | 39.96 | -214.63 | 65.14 | -83.33 | 9.09 | 10 |
| Debt/Equity(x) | 0.07 | 0.07 | 0.09 | 0.12 | 0.08 | 0.09 | 0.15 | 0.16 | 0.39 | 0.42 | 0.01 |
| Current Ratio(x) | 10.74 | 11.74 | 11.64 | 11.68 | 15.05 | 62.38 | 29.57 | 31 | 45 | 14 | 48.5 |
| Quick Ratio(x) | 10.74 | 11.74 | 11.25 | 11.68 | 15.05 | 62.38 | 29.57 | 31 | 45 | 14 | 48.5 |
| Interest Cover(x) | 571.84 | -139.68 | -170.27 | -213.26 | -11.11 | -67.17 | -108.95 | 0 | 0 | 0 | 0 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 66.82 | 61.58 | 72.15 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 33.18 | 38.42 | 27.85 |
| 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 | 0.38 | 0.38 | 0.38 | 0.38 | 0.38 | 0.38 | 0.38 | 0.53 | 0.53 | 0.62 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.26 | 0.33 | 0.24 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.79 | 0.85 | 0.85 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | — | — | — | — |
| Operating Profit CAGR | — | — | — | — |
| PAT CAGR | — | — | — | — |
| Share Price CAGR | +194% | — | — | — |
| ROE Average | -3% | -3% | -3% | -2% |
| ROCE Average | -2% | -2% | -2% | -1% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 66.82 | 61.58 | 72.15 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 33.18 | 38.42 | 27.85 |
| 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 | 0.38 | 0.38 | 0.38 | 0.38 | 0.38 | 0.38 | 0.38 | 0.53 | 0.53 | 0.62 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.26 | 0.33 | 0.24 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.79 | 0.85 | 0.85 |
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