Textile · Founded 1996 · https://kaytexfabrics.com/ · NSE · ISIN INE13ZD01013
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1. Business Overview
Kaytex Fabrics Ltd. (KAYTEX) operates in the textile sector in India. As a textile company, its core business likely involves the manufacturing, processing, and sale of various textile products. This could range from spinning yarn, weaving or knitting fabrics, to dyeing, printing, and finishing, and potentially garment manufacturing. The company's name "Fabrics Ltd." suggests a primary focus on fabric production, which would typically involve selling these fabrics as intermediate goods to garment manufacturers, home furnishing companies, or other industrial users (B2B model). It makes money by producing and selling these textile goods, leveraging manufacturing capabilities, design, and supply chain management.
2. Key Segments / Revenue Mix
Without specific financial disclosures for Kaytex Fabrics Ltd., its exact revenue mix cannot be determined. However, a typical integrated textile company in India might have segments such as:
Yarn: Spinning various types of fibers (e.g., cotton, synthetic blends).
Fabric: Weaving or knitting different fabric types (e.g., denim, shirting, suiting, industrial fabrics).
Processing: Dyeing, printing, and finishing fabrics.
Garments/Apparel: Manufacturing ready-made clothing (if forward integrated).
Home Textiles: Products like bedsheets, towels, curtains (if applicable).
Domestic vs. Exports: Revenue can be segmented by sales within India versus international markets.
3. Industry & Positioning
The Indian textile industry is large, diverse, and highly fragmented, comprising both organized and unorganized players. It spans the entire value chain from fiber to fashion. Competition comes from a large number of domestic players, including large integrated mills, specialized fabric producers, and smaller independent units, as well as international imports. Given the general nature of the name "Kaytex Fabrics Ltd.", the company likely operates as one of many specialized fabric manufacturers or a moderately integrated player. Its specific positioning would depend on its product specialization (e.g., specific fiber types, fabric constructions, technical textiles), quality standards, price points, and target customer base (e.g., domestic garment brands, export houses).
4. Competitive Advantage (Moat)
Without specific details, it is difficult to ascertain Kaytex's durable competitive advantages. Potential moats in the textile industry include:
Cost Leadership/Scale: Achieving economies of scale through large-volume production and efficient operations.
Product Specialization/Quality: Expertise in producing niche or high-quality fabrics that command premium pricing or serve specific industrial needs.
Backward/Forward Integration: Control over various stages of the value chain (e.g., from yarn to finished fabric) can improve cost efficiency and quality control.
Strong Customer Relationships: Long-standing partnerships with major garment manufacturers or brands.
Brand Reputation: While less common for a B2B fabric producer, a reputation for reliability, quality, and timely delivery can be a moat.
5. Growth Drivers
Key factors that could drive growth for Kaytex Fabrics Ltd. over the next 3-5 years include:
Increasing Domestic Consumption: Rising disposable incomes and changing fashion trends in India lead to higher demand for textiles and apparel.
Export Opportunities: Government initiatives and global demand shifts can boost textile exports, particularly to developed markets seeking diversified supply chains.
"China Plus One" Strategy: Global buyers diversifying sourcing away from China, potentially benefiting Indian textile manufacturers.
Government Support: Schemes like the Production Linked Incentive (PLI) scheme for textiles and technical textiles, and other policy measures to boost manufacturing.
Shift to Organized Sector: Transition of market share from the unorganized sector to more organized, compliant players like Kaytex.
Product Diversification: Expansion into higher-value segments like technical textiles or sustainable/recycled fabrics.
6. Risks
Kaytex Fabrics Ltd. faces several inherent risks in the textile sector:
Raw Material Price Volatility: Fluctuations in prices of key raw materials like cotton, synthetic fibers, and dyes directly impact production costs and margins.
Intense Competition: The fragmented nature of the industry leads to price pressures and competition from domestic and international players.
Fashion & Demand Shifts: Rapid changes in fashion trends and consumer preferences can lead to inventory obsolescence and necessitate quick adaptation.
Trade Policies & Tariffs: Changes in international trade agreements, tariffs, or non-tariff barriers can affect export competitiveness and import costs.
Foreign Exchange Fluctuations: For companies involved in exports or imports, currency movements can impact profitability.
Labor Costs & Regulations: Rising labor costs and stricter labor laws can impact operational expenses in a labor-intensive industry.
Environmental Regulations: Increasing scrutiny and regulations regarding water usage, chemical discharge, and carbon emissions can lead to higher compliance costs.
7. Management & Ownership
In India, many companies, particularly in traditional sectors like textiles, are promoted and managed by founding families. While specific details for Kaytex Fabrics Ltd. are unavailable, it is likely promoter-led. The quality of management would typically be assessed by their experience in the textile industry, strategic vision, operational efficiency, capital allocation decisions, and corporate governance practices. Ownership structure for such companies often shows significant promoter holding.
8. Outlook
Kaytex Fabrics Ltd. operates in an essential and growing sector within India. The Indian textile industry benefits from strong domestic demand, a cost-competitive labor force, and government support for manufacturing and exports. For Kaytex, opportunities lie in leveraging these favorable macro trends, potentially through expansion, modernization, and diversification into higher-margin or specialized products like technical textiles. However, the company must contend with significant challenges, including volatile raw material prices, intense competition, the need for continuous technological upgrades, and adapting to dynamic consumer preferences and environmental regulations. Success will hinge on its ability to maintain cost efficiency, ensure product quality, build strong customer relationships, and navigate the complex global supply chain and trade landscape.
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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 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|
| Net Sales | 82 | 99 | 125 | 153 | |
| Other Income | 0 | 0 | 0 | 0 | |
| Total Income | 82 | 99 | 125 | 153 | |
| Total Expenditure | 74 | 86 | 103 | 123 | |
| Operating Profit | 9 | 13 | 23 | 31 | |
| Interest | 2 | 3 | 4 | 4 | |
| Depreciation | 2 | 2 | 3 | 4 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | |
| Profit Before Tax | 5 | 8 | 15 | 22 | |
| Provision for Tax | 1 | 3 | 4 | 5 | |
| Profit After Tax | 4 | 6 | 11 | 17 | |
| Adjustments | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 4 | 6 | 11 | 17 | |
| Adjusted Earnings Per Share | 3.4 | 4.9 | 9.8 | 14.7 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 22% | 23% | 0% | 0% |
| Operating Profit CAGR | 35% | 51% | 0% | 0% |
| PAT CAGR | 55% | 62% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | NA% | NA% | NA% | NA% |
| ROE Average | 40% | 37% | 34% | 34% |
| ROCE Average | 33% | 31% | 28% | 28% |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Shareholder's Funds | 16 | 21 | 34 | 50 |
| Minority's Interest | 0 | 0 | 0 | 0 |
| Borrowings | 12 | 16 | 18 | 15 |
| Other Non-Current Liabilities | 1 | 2 | 3 | 3 |
| Total Current Liabilities | 32 | 33 | 40 | 56 |
| Total Liabilities | 60 | 73 | 95 | 124 |
| Fixed Assets | 11 | 17 | 22 | 28 |
| Other Non-Current Assets | 1 | 2 | 0 | 1 |
| Total Current Assets | 49 | 53 | 73 | 95 |
| Total Assets | 60 | 73 | 95 | 124 |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 2 | 1 | 0 |
| Cash Flow from Operating Activities | 5 | 7 | 1 | 13 |
| Cash Flow from Investing Activities | -3 | -10 | -6 | -11 |
| Cash Flow from Financing Activities | -1 | 3 | 5 | -2 |
| Net Cash Inflow / Outflow | 2 | -1 | -1 | 1 |
| Closing Cash & Cash Equivalent | 2 | 1 | 0 | 1 |
| # | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Earnings Per Share (Rs) | 3.41 | 4.86 | 9.83 | 14.7 |
| CEPS(Rs) | 5.04 | 6.53 | 12.78 | 18.37 |
| DPS(Rs) | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 13.52 | 18.38 | 29.17 | 43.54 |
| Core EBITDA Margin(%) | 10.61 | 12.89 | 17.95 | 19.68 |
| EBIT Margin(%) | 8.43 | 11.11 | 15.31 | 17.2 |
| Pre Tax Margin(%) | 5.63 | 8.27 | 12.17 | 14.34 |
| PAT Margin (%) | 4.77 | 5.64 | 9.05 | 11.06 |
| Cash Profit Margin (%) | 7.05 | 7.57 | 11.76 | 13.83 |
| ROA(%) | 6.49 | 8.4 | 13.46 | 15.41 |
| ROE(%) | 25.23 | 30.48 | 41.36 | 40.43 |
| ROCE(%) | 18.67 | 25.86 | 32.65 | 33.41 |
| Receivable days | 98.62 | 88.16 | 78.96 | 76.24 |
| Inventory Days | 76.38 | 60.23 | 68.25 | 85.3 |
| Payable days | 93.59 | 76.84 | 62.65 | 65.48 |
| PER(x) | 0 | 0 | 0 | 0 |
| Price/Book(x) | 0 | 0 | 0 | 0 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.25 | 0.27 | 0.29 | 0.32 |
| EV/Core EBITDA(x) | 2.31 | 2.04 | 1.59 | 1.6 |
| Net Sales Growth(%) | 0 | 20.58 | 25.96 | 22.29 |
| EBIT Growth(%) | 0 | 59.01 | 73.55 | 37.34 |
| PAT Growth(%) | 0 | 42.57 | 102.24 | 49.49 |
| EPS Growth(%) | 0 | 42.57 | 102.24 | 49.49 |
| Debt/Equity(x) | 1.39 | 1.28 | 1.06 | 0.76 |
| Current Ratio(x) | 1.53 | 1.58 | 1.8 | 1.71 |
| Quick Ratio(x) | 0.99 | 1.12 | 1.03 | 0.98 |
| Interest Cover(x) | 3.01 | 3.91 | 4.87 | 6.02 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 |
| # | Sep 2025 | Mar 2026 |
|---|---|---|
| Promoter | 73.61 | 74.38 |
| FII | 3.61 | 2.8 |
| DII | 2.96 | 2.19 |
| Public | 19.82 | 20.63 |
| Others | 0 | 0 |
| Total | 100 | 100 |
| # | Sep 2025 | Mar 2026 |
|---|---|---|
| Promoter | 1.08 | 1.09 |
| FII | 0.05 | 0.04 |
| DII | 0.04 | 0.03 |
| Public | 0.29 | 0.3 |
| Others | 0 | 0 |
| Total | 1.47 | 1.47 |
| # | Sep 2025 | Mar 2026 |
|---|---|---|
| Promoter | 73.61 | 74.38 |
| FII | 3.61 | 2.8 |
| DII | 2.96 | 2.19 |
| Public | 26.39 | 25.62 |
| Others | 0 | 0 |
| Total | 100 | 100 |
| # | Sep 2025 | Mar 2026 |
|---|---|---|
| Promoter | 1.08 | 1.09 |
| FII | 0.05 | 0.04 |
| DII | 0.04 | 0.03 |
| Public | 0.39 | 0.38 |
| Others | 0 | 0 |
| Total | 1.47 | 1.47 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +22% | +23% | — | — |
| Operating Profit CAGR | +35% | +51% | — | — |
| PAT CAGR | +55% | +62% | — | — |
| Share Price CAGR | — | — | — | — |
| ROE Average | +40% | +37% | +34% | +34% |
| ROCE Average | +33% | +31% | +28% | +28% |
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