Textile · Founded 1992 · www.vandanafashion.com · NSE · ISIN INE104101014
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1. Business Overview
NR Vandana Tex Industries Ltd. operates in the textile sector in India. As a "Tex Industries" company, its core business involves the manufacturing and processing of textile products. This typically includes activities such as spinning (producing yarn), weaving/knitting (producing fabric), processing (dyeing, printing, finishing), and potentially garment manufacturing or production of home textiles. The company's business model revolves around sourcing raw materials (like cotton, synthetic fibers), converting them into intermediate or finished textile goods, and selling these products to domestic or international customers, thereby generating revenue through sales.
2. Key Segments / Revenue Mix
Without specific financial disclosures, the exact revenue mix for NR Vandana Tex Industries Ltd. is not publicly available. However, based on the industry, potential segments could include:
Yarn: Production and sale of various types of yarn (e.g., cotton yarn, blended yarn, synthetic yarn).
Fabric: Manufacturing and sale of woven or knitted fabrics.
Processed Fabrics/Finished Goods: Value-added products such as dyed, printed, or finished fabrics, or even garments and home textile products.
The company likely specializes in one or more of these areas, but the specific contribution of each segment is unknown.
3. Industry & Positioning
The Indian textile industry is one of the oldest and largest sectors in the country, characterized by its fragmented nature, with a mix of organized and unorganized players, ranging from large integrated mills to small-scale power loom units. It is a highly competitive industry with numerous domestic and international participants. NR Vandana Tex Industries Ltd. operates within this competitive landscape. Its positioning likely depends on its scale of operations, product specialization (e.g., focus on specific fibers, fabric types, or value-added processes), technological capabilities, and target markets (domestic wholesale, retail, or export). Without specific operational details, it can be inferred to be one of many players vying for market share based on cost efficiency, product quality, and customer relationships.
4. Competitive Advantage (Moat)
For a textile manufacturer like NR Vandana Tex Industries Ltd., potential competitive advantages (moats) are often derived from:
Cost Efficiency & Scale: Ability to achieve lower per-unit costs through large-scale operations, efficient procurement, and modern machinery.
Product Quality & Specialization: Reputation for producing consistent high-quality products or specializing in niche textiles that command better margins.
Integrated Operations: Backward integration (e.g., from ginning to spinning) or forward integration (e.g., to garment manufacturing) can offer cost control and supply chain reliability.
Strong Customer Relationships: Long-standing relationships with large buyers, built on trust and reliable supply.
Geographic Proximity/Logistics: Advantageous location for sourcing raw materials or reaching key markets efficiently.
Without specific information, it is difficult to ascertain the strength or presence of a durable competitive advantage for the company. Many textile companies in India compete primarily on cost and volume.
5. Growth Drivers
Key factors that could drive growth for NR Vandana Tex Industries Ltd. over the next 3-5 years include:
Growing Domestic Consumption: India's rising population, increasing disposable income, and evolving fashion trends drive demand for textiles and apparel.
Export Opportunities: Global supply chain diversification away from other manufacturing hubs and various government incentives (e.g., PLI schemes, FTAs) can boost textile exports from India.
Technological Upgrades & Modernization: Investment in modern machinery and processes can improve efficiency, product quality, and enable production of value-added textiles.
Diversification into Value-Added Products: Shifting focus from basic textiles to specialized fabrics, technical textiles, or finished garments can lead to higher margins.
Government Support: Policies aimed at boosting manufacturing, textile clusters, and promoting 'Make in India' initiatives.
6. Risks
NR Vandana Tex Industries Ltd. faces several business risks:
Raw Material Price Volatility: Significant fluctuations in prices of key raw materials like cotton, synthetic fibers, and dyes can impact production costs and profitability.
Intense Competition: High competition from both domestic and international players can lead to pricing pressures and margin erosion.
Economic Slowdown: A downturn in domestic or global economic conditions can reduce consumer spending on textiles and apparel.
Currency Fluctuations: For companies involved in exports or imports, adverse movements in foreign exchange rates can impact profitability.
Regulatory & Environmental Compliance: Evolving environmental norms, labor laws, and trade regulations can increase compliance costs and operational complexities.
Energy Costs: Textiles are an energy-intensive industry; rising power and fuel costs can directly impact manufacturing expenses.
Global Trade Policies: Changes in import duties, tariffs, or non-tariff barriers in key export markets can affect demand and competitiveness.
7. Management & Ownership
In India, many textile companies, especially those not among the very largest, are typically promoter-led. This implies that the founding family or a core group of individuals (promoters) hold a significant ownership stake and play a crucial role in the strategic direction and day-to-day management of NR Vandana Tex Industries Ltd. The quality of management would be characterized by their industry experience, ability to navigate market cycles, implement efficient operations, and foster customer relationships. Specific details on individual management effectiveness or ownership structure are not available without further disclosures.
8. Outlook
The outlook for NR Vandana Tex Industries Ltd. is subject to the broader dynamics of the Indian and global textile industry. On the bullish side, India's strong domestic consumption growth, increasing government focus on boosting textile exports, and potential shifts in global supply chains present significant opportunities for growth. Companies that can invest in modernization, specialize in value-added products, and maintain cost efficiencies are well-positioned to benefit.
Conversely, the company faces inherent challenges such as volatile raw material prices, intense competition leading to margin pressures, and the impact of global economic slowdowns. The ability to manage these risks effectively, innovate in product offerings, and efficiently scale operations will be critical for sustained performance in a cyclical and competitive industry.
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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 | 177 | 195 | 220 | 271 | |
| Other Income | 0 | 0 | 0 | 0 | |
| Total Income | 177 | 196 | 220 | 271 | |
| Total Expenditure | 169 | 185 | 206 | 252 | |
| Operating Profit | 8 | 10 | 14 | 20 | |
| Interest | 5 | 7 | 8 | 8 | |
| Depreciation | 0 | 1 | 0 | 0 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | |
| Profit Before Tax | 2 | 3 | 6 | 11 | |
| Provision for Tax | 1 | 1 | 1 | 3 | |
| Profit After Tax | 2 | 2 | 4 | 8 | |
| Adjustments | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 2 | 2 | 4 | 9 | |
| Adjusted Earnings Per Share | 1.2 | 1.2 | 2.5 | 5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 23% | 15% | 0% | 0% |
| Operating Profit CAGR | 43% | 36% | 0% | 0% |
| PAT CAGR | 100% | 59% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | NA% | NA% | NA% | NA% |
| ROE Average | 25% | 17% | 15% | 15% |
| ROCE Average | 19% | 16% | 15% | 15% |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Shareholder's Funds | 19 | 21 | 28 | 37 |
| Minority's Interest | 0 | 0 | 0 | 0 |
| Borrowings | 18 | 28 | 28 | 15 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 91 | 119 | 127 | 150 |
| Total Liabilities | 127 | 168 | 184 | 203 |
| Fixed Assets | 5 | 7 | 6 | 6 |
| Other Non-Current Assets | 4 | 4 | 4 | 5 |
| Total Current Assets | 118 | 157 | 173 | 192 |
| Total Assets | 127 | 168 | 184 | 203 |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 1 | 4 | 3 |
| Cash Flow from Operating Activities | -3 | -13 | -1 | 6 |
| Cash Flow from Investing Activities | -0 | -2 | -0 | 0 |
| Cash Flow from Financing Activities | 3 | 17 | -0 | -8 |
| Net Cash Inflow / Outflow | -0 | 3 | -1 | -2 |
| Closing Cash & Cash Equivalent | 1 | 4 | 3 | 1 |
| # | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Earnings Per Share (Rs) | 1.19 | 1.18 | 2.51 | 4.99 |
| CEPS(Rs) | 1.47 | 1.44 | 2.74 | 5.04 |
| DPS(Rs) | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 12.32 | 13.5 | 16.66 | 21.66 |
| Core EBITDA Margin(%) | 4.39 | 5.01 | 6.3 | 7.12 |
| EBIT Margin(%) | 4.13 | 4.93 | 6.13 | 7.08 |
| Pre Tax Margin(%) | 1.32 | 1.35 | 2.55 | 4.11 |
| PAT Margin (%) | 0.99 | 0.86 | 1.9 | 3.03 |
| Cash Profit Margin (%) | 1.26 | 1.12 | 2.13 | 3.18 |
| ROA(%) | 1.37 | 1.13 | 2.38 | 4.25 |
| ROE(%) | 9.33 | 8.52 | 17.06 | 25.07 |
| ROCE(%) | 12.26 | 13.26 | 14.73 | 18.85 |
| Receivable days | 154.49 | 146.23 | 132.71 | 139.6 |
| Inventory Days | 74.72 | 94.28 | 120.31 | 91.89 |
| Payable days | 205.32 | 215.38 | 216.12 | 178.72 |
| PER(x) | 0 | 0 | 0 | 0 |
| Price/Book(x) | 0 | 0 | 0 | 0 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.24 | 0.33 | 0.31 | 0.31 |
| EV/Core EBITDA(x) | 5.47 | 6.31 | 4.95 | 4.34 |
| Net Sales Growth(%) | 0 | 10.2 | 12.74 | 23.03 |
| EBIT Growth(%) | 0 | 31.69 | 40.01 | 42.25 |
| PAT Growth(%) | 0 | -4.34 | 150.1 | 96.37 |
| EPS Growth(%) | 0 | -0.81 | 111.96 | 99.11 |
| Debt/Equity(x) | 2.18 | 3.17 | 2.42 | 1.86 |
| Current Ratio(x) | 1.3 | 1.32 | 1.36 | 1.28 |
| Quick Ratio(x) | 0.9 | 0.78 | 0.73 | 0.91 |
| Interest Cover(x) | 1.47 | 1.37 | 1.72 | 2.39 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 |
| # | Sep 2025 | Mar 2026 |
|---|---|---|
| Promoter | 73.39 | 73.39 |
| FII | 0 | 0 |
| DII | 2.9 | 2.2 |
| Public | 23.71 | 24.4 |
| Others | 0 | 0 |
| Total | 100 | 100 |
| # | Sep 2025 | Mar 2026 |
|---|---|---|
| Promoter | 1.71 | 1.71 |
| FII | 0 | 0 |
| DII | 0.07 | 0.05 |
| Public | 0.55 | 0.57 |
| Others | 0 | 0 |
| Total | 2.33 | 2.33 |
| # | Sep 2025 | Mar 2026 |
|---|---|---|
| Promoter | 73.39 | 73.39 |
| FII | 0 | 0 |
| DII | 2.9 | 2.2 |
| Public | 26.61 | 26.61 |
| Others | 0 | 0 |
| Total | 100 | 100 |
| # | Sep 2025 | Mar 2026 |
|---|---|---|
| Promoter | 1.71 | 1.71 |
| FII | 0 | 0 |
| DII | 0.07 | 0.05 |
| Public | 0.62 | 0.62 |
| Others | 0 | 0 |
| Total | 2.33 | 2.33 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +23% | +15% | — | — |
| Operating Profit CAGR | +43% | +36% | — | — |
| PAT CAGR | +100% | +59% | — | — |
| Share Price CAGR | — | — | — | — |
| ROE Average | +25% | +17% | +15% | +15% |
| ROCE Average | +19% | +16% | +15% | +15% |
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