Textile - Weaving · Founded 2009 · www.manomaytexindia.com · BSE 540396 · NSE MANOMAY · ISIN INE784W01015
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Company Name: Manomay Tex India Ltd.
Ticker: MANOMAY
1. Business Overview
Manomay Tex India Ltd. is primarily engaged in the manufacturing and trading of various types of fabrics. Its core business revolves around textile weaving and processing, producing a range of grey fabrics and finished fabrics. The company's business model involves sourcing raw materials (yarns), weaving them into fabrics, and then often further processing them (bleaching, dyeing, printing) to meet customer specifications. It makes money by selling these woven and processed fabrics to various customers in the domestic and international markets, including garment manufacturers, wholesalers, and other textile businesses.
2. Key Segments / Revenue Mix
Based on available public information, Manomay Tex India Ltd. primarily operates within the single segment of 'Textile Products'. Its revenue is predominantly derived from the sale of grey fabrics and finished fabrics (bleached, dyed, printed), indicating a integrated approach from weaving to some level of processing. Specific percentage contributions from different fabric types or processing levels are generally not disaggregated in public filings for a company of its size.
3. Industry & Positioning
The Indian textile industry, particularly the weaving segment, is highly fragmented and competitive, comprising both organized and unorganized players. It is a labor-intensive industry with significant exposure to raw material price volatility. Manomay Tex India Ltd. operates within this competitive landscape, likely positioned as a mid-sized player focusing on quality and specific product ranges within the cotton, polyester, and blended fabric segments. Its manufacturing base in Ahmedabad, Gujarat, places it in a major textile hub in India, offering access to raw materials, skilled labor, and logistics.
4. Competitive Advantage (Moat)
Manomay Tex India Ltd.'s potential competitive advantages are likely operational rather than related to strong brand recognition in the end-consumer market. These could include:
Cost Efficiency & Operational Expertise: Efficient manufacturing processes, good supply chain management, and effective utilization of machinery can lead to competitive pricing.
Customer Relationships: Building long-term relationships with B2B customers through consistent quality and timely delivery.
Product Diversification: Ability to produce various types of fabrics (cotton, polyester, blends) and offer processing services (dyeing, printing) provides flexibility and caters to diverse customer needs.
Location Advantage: Being in a prominent textile cluster like Ahmedabad offers benefits in terms of infrastructure, talent pool, and market access.
5. Growth Drivers
Increasing Textile Demand: Growing domestic consumption of apparel and home textiles, coupled with India's position as a global textile exporter, can drive demand for fabrics.
Capacity Utilization & Expansion: Optimizing existing capacity and strategic expansion into new lines or higher-value-added products.
Export Opportunities: Leveraging government incentives and global demand for Indian textiles to increase international sales.
Product Diversification & Innovation: Introducing new fabric types, finishes, or specialized textiles to capture new market segments or higher margins.
Government Initiatives: Schemes like the Production Linked Incentive (PLI) scheme for textiles can encourage investment and growth in the sector.
6. Risks
Raw Material Price Volatility: Fluctuations in prices of cotton, synthetic fibers, and dyes can significantly impact profitability.
Intense Competition: The fragmented nature of the textile industry leads to price pressure and limits pricing power.
Fashion & Demand Changes: Rapid shifts in fashion trends and consumer preferences can render existing inventory or production lines obsolete.
Economic Downturns: A slowdown in the economy can reduce discretionary spending on apparel and home textiles, affecting demand.
Labor Costs & Availability: The labor-intensive nature of the industry makes it susceptible to rising labor costs and potential labor unrest.
Foreign Exchange Fluctuations: For companies involved in exports or imports, currency volatility can impact revenue and costs.
Environmental Regulations: Increasingly stringent environmental norms for textile processing can lead to higher compliance costs.
7. Management & Ownership
The company's management consists of its board of directors and executive team, typically led by the promoter group. For companies of this size in India, promoters often hold a significant stake and play a direct role in operations and strategic decision-making. Specific details on individual management quality would require in-depth analysis of their past performance, corporate governance practices, and strategic decisions over time, which are not readily available in generalized public overviews. Ownership structure details are publicly available via stock exchange filings, showing the holdings of the promoter group, public, and institutional investors.
8. Outlook
Manomay Tex India Ltd. operates in a fundamental industry with persistent demand for its products. The Indian textile sector presents opportunities driven by domestic consumption growth, government support, and global export potential. The company's focus on both grey and finished fabrics provides some integration and potential for value addition. However, it faces significant challenges from a highly competitive and fragmented market, coupled with inherent industry risks such as raw material price volatility and evolving fashion trends. Its future performance will largely depend on its ability to maintain operational efficiency, effectively manage costs, adapt to market demands, and strategically expand its product offerings and customer base amidst a dynamic and competitive landscape.
Price goes above X
Price falls below X
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 125 | 185 | 155 | 176 | 186 | 179 | 164 | 166 | 177 | 204 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 |
| Total Income | 125 | 185 | 155 | 177 | 186 | 180 | 164 | 166 | 177 | 205 |
| Total Expenditure | 112 | 167 | 136 | 153 | 161 | 161 | 144 | 144 | 157 | 182 |
| Operating Profit | 13 | 18 | 20 | 24 | 25 | 19 | 21 | 23 | 20 | 23 |
| Interest | 4 | 6 | 5 | 9 | 9 | 8 | 8 | 8 | 6 | 9 |
| Depreciation | 3 | 6 | 8 | 8 | 8 | 6 | 7 | 7 | 7 | 7 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 6 | 5 | 7 | 6 | 8 | 5 | 6 | 7 | 6 | 6 |
| Provision for Tax | 2 | 1 | 2 | 2 | 2 | 1 | 1 | 2 | 2 | 1 |
| Profit After Tax | 4 | 4 | 5 | 5 | 6 | 3 | 4 | 6 | 5 | 5 |
| Adjustments | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 4 | 4 | 5 | 5 | 6 | 3 | 4 | 6 | 5 | 5 |
| Adjusted Earnings Per Share | 2.1 | 2.2 | 2.8 | 2.7 | 3.3 | 1.8 | 2.5 | 3.1 | 2.6 | 2.8 |
| #(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 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 165 | 217 | 273 | 286 | 377 | 405 | 321 | 590 | 699 | 583 | 697 | 711 |
| Other Income | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 |
| Total Income | 166 | 218 | 274 | 286 | 377 | 406 | 321 | 590 | 699 | 584 | 698 | 712 |
| Total Expenditure | 161 | 209 | 260 | 268 | 351 | 380 | 304 | 560 | 657 | 535 | 611 | 627 |
| Operating Profit | 5 | 9 | 14 | 18 | 25 | 26 | 18 | 29 | 42 | 50 | 87 | 87 |
| Interest | 3 | 3 | 5 | 6 | 7 | 9 | 7 | 9 | 14 | 18 | 32 | 31 |
| Depreciation | 2 | 3 | 5 | 6 | 10 | 10 | 7 | 9 | 11 | 15 | 29 | 28 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 2 | 4 | 6 | 7 | 7 | 4 | 12 | 16 | 17 | 26 | 25 |
| Provision for Tax | 1 | 1 | 1 | 3 | 3 | 1 | 1 | 4 | 3 | 4 | 7 | 6 |
| Profit After Tax | 0 | 1 | 2 | 3 | 4 | 7 | 3 | 8 | 13 | 13 | 19 | 20 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 1 | 2 | 3 | 4 | 7 | 3 | 8 | 13 | 13 | 19 | 20 |
| Adjusted Earnings Per Share | 0 | 1.4 | 1.8 | 2.6 | 3.2 | 4.6 | 1.9 | 5.2 | 7.2 | 7.2 | 10.7 | 11 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 20% | 6% | 11% | 15% |
| Operating Profit CAGR | 74% | 44% | 27% | 33% |
| PAT CAGR | 46% | 33% | 22% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 3% | 10% | 43% | NA% |
| ROE Average | 14% | 13% | 11% | 9% |
| ROCE Average | 13% | 12% | 11% | 11% |
| #(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 | 14 | 21 | 36 | 39 | 45 | 59 | 61 | 68 | 116 | 129 | 148 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 13 | 37 | 33 | 53 | 52 | 38 | 47 | 72 | 74 | 191 | 186 |
| Other Non-Current Liabilities | 2 | 1 | 2 | 3 | 5 | 5 | 5 | 7 | 5 | 7 | 7 |
| Total Current Liabilities | 18 | 37 | 46 | 63 | 105 | 98 | 101 | 176 | 198 | 259 | 277 |
| Total Liabilities | 48 | 96 | 115 | 158 | 207 | 200 | 215 | 322 | 393 | 585 | 618 |
| Fixed Assets | 23 | 52 | 54 | 49 | 69 | 62 | 56 | 57 | 67 | 218 | 200 |
| Other Non-Current Assets | 2 | 1 | 1 | 25 | 2 | 1 | 1 | 30 | 25 | 2 | 31 |
| Total Current Assets | 23 | 44 | 61 | 83 | 136 | 137 | 157 | 235 | 301 | 365 | 387 |
| Total Assets | 48 | 96 | 115 | 158 | 207 | 200 | 215 | 322 | 393 | 585 | 618 |
| #(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 | 3 | 4 | 5 | 4 | 4 | 5 | 0 | 0 | 14 | 1 |
| Cash Flow from Operating Activities | 5 | 7 | 5 | 8 | 11 | 19 | -1 | -9 | 12 | 13 | 4 |
| Cash Flow from Investing Activities | -2 | -31 | -7 | -25 | -5 | -1 | -1 | -30 | -23 | -163 | -3 |
| Cash Flow from Financing Activities | -1 | 25 | 3 | 16 | -6 | -16 | 2 | 39 | 25 | 138 | -2 |
| Net Cash Inflow / Outflow | 2 | 1 | 1 | -1 | 0 | 1 | 0 | 0 | 14 | -13 | -1 |
| Closing Cash & Cash Equivalent | 3 | 4 | 5 | 4 | 4 | 5 | 5 | 0 | 14 | 1 | 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) | 0.33 | 1.41 | 1.85 | 2.62 | 3.18 | 4.62 | 1.88 | 5.25 | 7.18 | 7.2 | 10.67 |
| CEPS(Rs) | 2.69 | 5.33 | 6.04 | 7.05 | 10.87 | 11.27 | 6.63 | 11.27 | 13.53 | 15.4 | 26.96 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 20.48 | 24.04 | 28.03 | 30.65 | 35.39 | 39.96 | 41.83 | 46.2 | 64.24 | 71.47 | 82.1 |
| Core EBITDA Margin(%) | 2.78 | 3.9 | 4.5 | 6.11 | 6.75 | 6.29 | 5.48 | 4.93 | 5.92 | 8.29 | 12.25 |
| EBIT Margin(%) | 2.22 | 2.5 | 2.97 | 4.18 | 3.9 | 3.93 | 3.31 | 3.5 | 4.33 | 5.94 | 8.26 |
| Pre Tax Margin(%) | 0.53 | 0.94 | 1.33 | 2.17 | 1.95 | 1.83 | 1.25 | 2.02 | 2.29 | 2.9 | 3.7 |
| PAT Margin (%) | 0.14 | 0.56 | 0.83 | 1.14 | 1.07 | 1.67 | 0.86 | 1.3 | 1.84 | 2.22 | 2.76 |
| Cash Profit Margin (%) | 1.12 | 2.11 | 2.73 | 3.08 | 3.65 | 4.08 | 3.03 | 2.8 | 3.48 | 4.75 | 6.96 |
| ROA(%) | 0.49 | 1.74 | 2.21 | 2.43 | 2.21 | 3.33 | 1.33 | 2.87 | 3.62 | 2.66 | 3.2 |
| ROE(%) | 1.88 | 7.06 | 8.23 | 8.93 | 9.62 | 13.09 | 4.59 | 11.92 | 14.09 | 10.62 | 13.89 |
| ROCE(%) | 10.76 | 10.27 | 10.34 | 11.84 | 11.44 | 11.19 | 7.07 | 11.33 | 12.94 | 10.08 | 12.74 |
| Receivable days | 25.95 | 28.35 | 36.02 | 48.39 | 53.79 | 54.67 | 76.44 | 61.74 | 69.13 | 88.99 | 73.52 |
| Inventory Days | 15.14 | 16.07 | 22.79 | 28.48 | 33.46 | 46.01 | 63.64 | 45.58 | 51.61 | 86.78 | 99.63 |
| Payable days | 29.47 | 36.76 | 42.52 | 55.76 | 73.96 | 76.9 | 87.65 | 53.4 | 41.58 | 45.8 | 44.33 |
| PER(x) | 0 | 0 | 17.39 | 17.7 | 10.32 | 6.91 | 17.59 | 12.39 | 16.45 | 23.72 | 15.52 |
| Price/Book(x) | 0 | 0 | 1.15 | 1.51 | 0.93 | 0.8 | 0.79 | 1.41 | 1.84 | 2.39 | 2.02 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.12 | 0.23 | 0.32 | 0.47 | 0.35 | 0.32 | 0.43 | 0.4 | 0.48 | 1.01 | 0.9 |
| EV/Core EBITDA(x) | 3.64 | 5.61 | 6.37 | 7.59 | 5.18 | 5.03 | 7.79 | 7.94 | 7.98 | 11.86 | 7.18 |
| Net Sales Growth(%) | 63.1 | 31.43 | 25.34 | 4.95 | 31.67 | 7.65 | -20.77 | 83.51 | 18.55 | -16.57 | 19.52 |
| EBIT Growth(%) | 12.07 | 52.92 | 48.79 | 45.64 | 21.23 | 8.26 | -33.16 | 93.76 | 47.42 | 14.25 | 65.89 |
| PAT Growth(%) | 129.51 | 456.29 | 87.12 | 42.02 | 21.22 | 68.18 | -59.36 | 179.75 | 68.05 | 0.41 | 48.06 |
| EPS Growth(%) | 120.93 | 330.69 | 30.99 | 42.02 | 21.22 | 45.27 | -59.35 | 179.74 | 36.72 | 0.41 | 48.06 |
| Debt/Equity(x) | 1.46 | 2.49 | 1.44 | 2.05 | 2.09 | 1.49 | 1.53 | 2.08 | 1.25 | 2.32 | 2.22 |
| Current Ratio(x) | 1.25 | 1.17 | 1.33 | 1.33 | 1.3 | 1.39 | 1.55 | 1.34 | 1.52 | 1.41 | 1.4 |
| Quick Ratio(x) | 0.87 | 0.83 | 0.84 | 0.96 | 0.86 | 0.82 | 1 | 0.82 | 0.98 | 0.75 | 0.64 |
| Interest Cover(x) | 1.32 | 1.6 | 1.81 | 2.08 | 2 | 1.87 | 1.6 | 2.36 | 2.13 | 1.95 | 1.81 |
| Total Debt/Mcap(x) | 0 | 0 | 1.26 | 1.35 | 2.26 | 1.86 | 1.94 | 1.48 | 0.68 | 0.97 | 1.1 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 56.14 | 56.89 | 56.89 | 57.19 | 57.19 | 57.22 | 57.26 | 57.31 | 57.31 | 57.31 |
| FII | 0 | 0 | 0 | 1.74 | 1.54 | 1.54 | 1.54 | 1.54 | 1.58 | 1.36 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 43.86 | 43.11 | 43.11 | 41.08 | 41.27 | 41.23 | 41.2 | 41.15 | 41.11 | 41.33 |
| 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 | 1.01 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 |
| FII | 0 | 0 | 0 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.02 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.79 | 0.78 | 0.78 | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 | 0.75 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +20% | +6% | +11% | +15% |
| Operating Profit CAGR | +74% | +44% | +27% | +33% |
| PAT CAGR | +46% | +33% | +22% | — |
| Share Price CAGR | +3% | +10% | +43% | — |
| ROE Average | +14% | +13% | +11% | +9% |
| ROCE Average | +13% | +12% | +11% | +11% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 56.14 | 56.89 | 56.89 | 57.19 | 57.19 | 57.22 | 57.26 | 57.31 | 57.31 | 57.31 |
| FII | 0 | 0 | 0 | 1.74 | 1.54 | 1.54 | 1.54 | 1.54 | 1.58 | 1.36 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 43.86 | 43.11 | 43.11 | 42.81 | 42.81 | 42.78 | 42.74 | 42.69 | 42.69 | 42.69 |
| 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 | 1.01 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 |
| FII | 0 | 0 | 0 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.02 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.79 | 0.78 | 0.78 | 0.77 | 0.77 | 0.77 | 0.77 | 0.77 | 0.77 | 0.77 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 |
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