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1. Business Overview
Jet Knitwears Ltd. is an Indian textile company primarily engaged in the manufacturing and sale of knitted garments and fabrics. Its core business model involves sourcing raw materials (such as yarn), processing them into knitted fabrics, and then converting these fabrics into finished apparel or selling the fabric itself. The company likely caters to both domestic and potentially international markets, serving retailers, wholesalers, other manufacturers, or directly to consumers if it possesses its own brands. Revenue is generated through the sale of its textile products.
2. Key Segments / Revenue Mix
As a textile company, Jet Knitwears' primary revenue stream comes from its manufacturing and sales operations within the textile industry. Without specific financial reporting, it is difficult to break down major business segments precisely. However, typical segments for a knitwear company might include specific product categories (e.g., innerwear, outerwear, sportswear), different material compositions (e.g., cotton, blends), or domestic vs. export sales. The revenue mix would predominantly be from the sale of various knitted textile products.
3. Industry & Positioning
The Indian textile industry is one of the oldest and largest industries in the country, characterized by its fragmented nature with a mix of organized and unorganized players. It is highly competitive, driven by factors like cost efficiency, quality, speed to market, and adherence to fashion trends. Jet Knitwears operates within this competitive landscape, likely positioning itself based on its manufacturing capabilities, product quality, cost-effectiveness, and established customer relationships. Its market standing relative to peers would depend on its scale of operations, brand presence (if any), and market share in specific product niches.
4. Competitive Advantage (Moat)
For a textile manufacturer like Jet Knitwears, potential competitive advantages are often derived from:
Cost Efficiency: Optimized manufacturing processes, economies of scale, and efficient supply chain management can lead to lower production costs.
Established Relationships: Long-standing relationships with suppliers and customers (retailers, brands) can provide stable demand and supply.
Manufacturing Expertise: Specialized knowledge in knitting techniques, fabric treatment, or garment construction can result in superior product quality or unique offerings.
Agility & Responsiveness: Ability to quickly adapt to changing fashion trends and deliver products efficiently.
Brand (if applicable): If the company owns and promotes its own consumer brands, brand recognition and loyalty can be a significant moat. Without specific information, a strong brand moat is not assumed.
5. Growth Drivers
Key factors that can drive growth for Jet Knitwears over the next 3-5 years include:
Rising Disposable Incomes: Increased consumer spending on apparel in India.
Population Growth & Urbanization: Expanding consumer base and shift towards organized retail.
Government Initiatives: Schemes promoting textile manufacturing, exports, and technology upgrades (e.g., PLI schemes, export incentives).
Shift from Unorganized to Organized Sector: Opportunities for established players to capture market share.
Export Opportunities: Growing global demand for textiles and apparel, leveraging India's cost advantage and manufacturing base.
Product Diversification & Innovation: Expanding product lines or adopting new technologies and sustainable practices.
6. Risks
Key business risks for Jet Knitwears include:
Raw Material Price Volatility: Fluctuations in cotton, yarn, and other input material prices can impact profitability.
Intense Competition: Pressure from both domestic and international players, leading to pricing pressures.
Fashion & Demand Changes: Rapid shifts in consumer preferences and fashion trends can lead to inventory obsolescence.
Labor Costs & Availability: Increasing labor costs and potential shortages in skilled workforce.
Currency Fluctuations: For companies involved in exports or imports, adverse movements in foreign exchange rates can impact margins.
Regulatory & Environmental Compliance: Evolving environmental norms and labor laws can increase operational costs.
Supply Chain Disruptions: Global events, logistical challenges, or geopolitical tensions affecting supply chains.
7. Management & Ownership
Jet Knitwears Ltd. is listed on the Indian stock exchange (JETKNIT), indicating it adheres to regulatory and disclosure norms for public companies. In India, many listed companies have a significant portion of ownership held by "promoters" (founding families or groups). The quality of management, their experience in the textile sector, and their strategic vision are crucial for navigating the industry's complexities. Without specific details on the current management team's track record, a detailed assessment is not possible.
8. Outlook
Jet Knitwears operates in a dynamic Indian textile sector, which benefits from strong domestic consumption trends driven by a large and growing population, rising incomes, and urbanization. Government support for the textile industry also presents growth opportunities, particularly in exports and technological upgrades. However, the company faces inherent challenges such as intense competition, volatility in raw material prices, and the need to constantly adapt to changing fashion trends and consumer preferences. Success will depend on its ability to maintain cost efficiencies, innovate products, build strong customer relationships, and effectively manage its supply chain in a challenging global economic environment. The company's future performance will likely be a balance between leveraging India's inherent textile strengths and mitigating industry-specific risks.
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| #(Fig in Cr.) |
|---|
| Net Sales |
| Other Income |
| Total Income |
| Total Expenditure |
| Operating Profit |
| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
| Adjustments |
| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(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 | 37 | 39 | 43 | 44 | 47 | 45 | 42 | 41 | 37 | 33 | 28 | |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Total Income | 37 | 39 | 43 | 44 | 47 | 45 | 42 | 41 | 37 | 33 | 28 | |
| Total Expenditure | 35 | 36 | 40 | 40 | 44 | 41 | 38 | 38 | 33 | 31 | 26 | |
| Operating Profit | 2 | 2 | 3 | 3 | 4 | 4 | 4 | 3 | 3 | 2 | 2 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 0 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | |
| Profit Before Tax | 0 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 1 | |
| Provision for Tax | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | |
| Profit After Tax | 0 | 0 | 1 | 1 | 1 | 2 | 2 | 1 | 1 | 1 | 0 | |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 0 | 0 | 1 | 1 | 1 | 2 | 2 | 1 | 1 | 1 | 0 | |
| Adjusted Earnings Per Share | 1 | 1.4 | 1.9 | 2.7 | 3.3 | 3.5 | 3.8 | 2.6 | 2.7 | 1.2 | 0.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -15% | -12% | -9% | -3% |
| Operating Profit CAGR | 0% | -13% | -13% | 0% |
| PAT CAGR | -100% | -100% | -100% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -19% | 8% | 31% | NA% |
| ROE Average | 2% | 3% | 5% | 7% |
| ROCE Average | 5% | 6% | 7% | 10% |
| #(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 | 6 | 7 | 12 | 15 | 16 | 18 | 20 | 21 | 22 | 22 | 23 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 2 | 0 | 1 | 1 | 1 | 1 | 3 | 3 | 2 | 2 | 1 |
| Other Non-Current Liabilities | 0 | -0 | -0 | 0 | 0 | 0 | 0 | -0 | 0 | -0 | -0 |
| Total Current Liabilities | 12 | 15 | 12 | 14 | 17 | 15 | 16 | 17 | 16 | 15 | 17 |
| Total Liabilities | 20 | 22 | 25 | 30 | 34 | 34 | 38 | 40 | 40 | 39 | 40 |
| Fixed Assets | 3 | 2 | 2 | 3 | 3 | 2 | 2 | 2 | 2 | 1 | 1 |
| Other Non-Current Assets | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 |
| Total Current Assets | 18 | 20 | 22 | 28 | 31 | 32 | 35 | 38 | 38 | 37 | 38 |
| Total Assets | 20 | 22 | 25 | 30 | 34 | 34 | 38 | 40 | 40 | 39 | 40 |
| #(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 | 1 | 2 | 1 | 1 | 1 | 3 | 2 | 1 | 4 | 2 |
| Cash Flow from Operating Activities | 0 | 3 | -2 | -1 | 1 | 4 | -2 | 0 | 4 | 1 | 0 |
| Cash Flow from Investing Activities | -1 | -0 | -1 | -1 | -1 | -0 | -0 | -0 | -1 | -0 | -0 |
| Cash Flow from Financing Activities | -0 | -1 | 2 | 3 | -1 | -1 | 2 | -1 | -1 | -3 | -1 |
| Net Cash Inflow / Outflow | -1 | 2 | -1 | 0 | -1 | 2 | -1 | -1 | 3 | -2 | -1 |
| Closing Cash & Cash Equivalent | 1 | 2 | 1 | 1 | 1 | 3 | 2 | 1 | 4 | 2 | 1 |
| # | 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 | 0 | 1.93 | 2.72 | 3.3 | 3.47 | 3.77 | 2.61 | 2.75 | 1.25 | 0.77 |
| CEPS(Rs) | 2.88 | 3.22 | 3.31 | 4.13 | 4.6 | 4.83 | 4.97 | 3.93 | 3.82 | 2.45 | 1.77 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 0 | 0 | 29.26 | 33.88 | 37.18 | 40.65 | 44.42 | 47.02 | 49.77 | 51 | 51.77 |
| Core EBITDA Margin(%) | 6.38 | 6.2 | 6.53 | 7.15 | 7.44 | 8.37 | 8.59 | 7.62 | 8.84 | 6.84 | 7.53 |
| EBIT Margin(%) | 4.89 | 4.8 | 5.33 | 5.82 | 6.29 | 7.09 | 7.39 | 6.18 | 7.7 | 5.56 | 6.11 |
| Pre Tax Margin(%) | 1.32 | 1.62 | 2.77 | 3.61 | 4.07 | 4.55 | 5.08 | 3.75 | 4.51 | 1.98 | 1.95 |
| PAT Margin (%) | 0.81 | 1.06 | 1.82 | 2.67 | 2.95 | 3.23 | 3.98 | 2.67 | 3.32 | 1.68 | 1.21 |
| Cash Profit Margin (%) | 2.32 | 2.51 | 3.12 | 4.05 | 4.11 | 4.5 | 5.25 | 4.03 | 4.61 | 3.3 | 2.77 |
| ROA(%) | 1.58 | 1.94 | 3.36 | 4.35 | 4.54 | 4.51 | 4.61 | 2.93 | 3 | 1.39 | 0.86 |
| ROE(%) | 6.59 | 6.23 | 8.4 | 8.93 | 9.28 | 8.91 | 8.86 | 5.71 | 5.68 | 2.48 | 1.5 |
| ROCE(%) | 11.71 | 10.65 | 11.7 | 11.4 | 12.02 | 12.32 | 10.16 | 7.92 | 7.97 | 5.11 | 4.85 |
| Receivable days | 76.36 | 86.56 | 100.77 | 124.22 | 130.83 | 137.6 | 148.67 | 136.7 | 148.59 | 167.04 | 216.25 |
| Inventory Days | 66.12 | 63.71 | 45.66 | 52.82 | 65.7 | 78.34 | 112.51 | 148.4 | 190.47 | 203.97 | 236.98 |
| Payable days | 47.59 | 45.85 | 25.8 | 29.63 | 44.06 | 46.04 | 44.2 | 52.56 | 54.11 | 45.61 | 53.56 |
| PER(x) | 0 | 0 | 35.38 | 37.18 | 13.04 | 0 | 5.04 | 37.61 | 23.39 | 108.24 | 0 |
| Price/Book(x) | 0 | 0 | 2.33 | 2.99 | 1.16 | 0 | 0.43 | 2.09 | 1.29 | 2.65 | 0 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.33 | 0.32 | 0.82 | 1.22 | 0.6 | 0.26 | 0.47 | 1.35 | 1.05 | 2.15 | 0.58 |
| EV/Core EBITDA(x) | 5.1 | 5.12 | 12.33 | 16.47 | 7.73 | 2.94 | 5.41 | 16.76 | 11.69 | 29.93 | 7.56 |
| Net Sales Growth(%) | -3.04 | 3.3 | 12.24 | 0.83 | 8.48 | -5.07 | -7.14 | -1.9 | -10.81 | -10.28 | -13.98 |
| EBIT Growth(%) | 14.99 | 1.51 | 24.53 | 13.46 | 18.56 | 8.2 | -8.22 | -13.81 | 5.82 | -35.24 | -5.49 |
| PAT Growth(%) | 53.53 | 35.74 | 91.56 | 52.69 | 21.1 | 5.11 | 8.67 | -30.76 | 5.38 | -54.6 | -38.18 |
| EPS Growth(%) | 0 | 0 | 0 | 41.47 | 21.1 | 5.11 | 8.67 | -30.75 | 5.37 | -54.63 | -38.18 |
| Debt/Equity(x) | 1.53 | 1.74 | 0.74 | 0.68 | 0.62 | 0.56 | 0.67 | 0.66 | 0.65 | 0.56 | 0.57 |
| Current Ratio(x) | 1.5 | 1.32 | 1.83 | 1.95 | 1.86 | 2.06 | 2.21 | 2.27 | 2.35 | 2.48 | 2.3 |
| Quick Ratio(x) | 0.86 | 0.92 | 1.43 | 1.38 | 1.29 | 1.36 | 1.27 | 1.08 | 1.22 | 1.23 | 1.2 |
| Interest Cover(x) | 1.37 | 1.51 | 2.08 | 2.63 | 2.83 | 2.78 | 3.21 | 2.55 | 2.42 | 1.56 | 1.47 |
| Total Debt/Mcap(x) | 0 | 0 | 0.32 | 0.23 | 0.54 | 0 | 1.57 | 0.31 | 0.5 | 0.21 | 0 |
| # | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | Jan 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 68.21 | 68.21 | 68.21 | 68.21 | 68.21 | 68.21 | 68.21 | 68.21 | 68.21 | 68.21 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.27 | 0.27 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 31.79 | 31.79 | 31.79 | 31.79 | 31.79 | 31.79 | 31.79 | 31.52 | 31.52 | 31.79 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | Jan 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -15% | -12% | -9% | -3% |
| Operating Profit CAGR | 0% | -13% | -13% | 0% |
| PAT CAGR | -100% | -100% | -100% | — |
| Share Price CAGR | -19% | +8% | +31% | — |
| ROE Average | +2% | +3% | +5% | +7% |
| ROCE Average | +5% | +6% | +7% | +10% |
| # | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | Jan 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 68.21 | 68.21 | 68.21 | 68.21 | 68.21 | 68.21 | 68.21 | 68.21 | 68.21 | 68.21 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.27 | 0.27 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 31.79 | 31.79 | 31.79 | 31.79 | 31.79 | 31.79 | 31.79 | 31.79 | 31.79 | 31.79 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | Jan 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 |
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