Textile · Founded 1960 · www.rswm.in · BSE 500350 · NSE RSWM LTD · ISIN INE611A01016
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Business
RSWM Ltd. is an integrated textile manufacturer based in India. The company's core business involves the production of a wide range of textile products, primarily focusing on yarn and fabric. It operates across multiple stages of the textile value chain, including spinning (producing cotton, melange, synthetic, and blended yarns), weaving, and processing of fabrics, with a significant presence in denim manufacturing. RSWM generates revenue by selling these intermediate and finished textile products (yarn, fabric, denim) to a diverse customer base, including other manufacturers, garment makers, and retailers, both domestically and internationally.
Revenue Mix
While specific revenue contribution percentages are not provided, RSWM typically derives its revenue from the following major product segments:
Yarn: This constitutes a significant portion, covering a vast array of spun yarns such as cotton yarn, melange yarn, and synthetic and blended yarns (e.g., polyester, viscose, acrylic blends).
Fabric: Production of various woven fabrics, which may include shirting, suiting, and other apparel fabrics.
Denim: Manufacturing of denim fabric, catering to the global denim apparel industry.
The company's integrated operations allow it to maximize value addition across these segments.
Industry
The Indian textile industry is one of the largest globally, characterized by its fragmentation, diverse product offerings, and substantial export orientation. It is highly competitive, with numerous players ranging from small unorganized units to large integrated mills. RSWM Ltd. is positioned as an established, integrated textile manufacturer within the organized sector. Its multi-product portfolio and presence across various stages of the textile value chain (from yarn to fabric and denim) allow it to serve diverse customer requirements both in India and abroad. The company's scale places it among the larger players in specific yarn and fabric categories in the Indian market.
MOAT
RSWM's competitive advantages primarily include:
Scale and Integration: Large-scale manufacturing capacities across spinning, weaving, and denim operations lead to economies of scale and potentially lower per-unit costs. Backward and forward integration offers greater control over the supply chain, quality, and reduces reliance on external processing.
Diversified Product Portfolio: A broad range of yarns (cotton, synthetic, blended) and fabrics (including denim) reduces dependence on a single raw material or product category, providing resilience against market fluctuations.
Established Customer Relationships: Decades of operation have fostered long-standing relationships with domestic and international customers and suppliers, creating a stable client base.
Operational Expertise: Accumulated experience and continuous investment in modernization contribute to operational efficiencies and product quality.
Growth Drivers
Rising Global Demand & Exports: Increasing global demand for textiles, driven by shifting supply chains (e.g., "China+1" strategy) and Free Trade Agreements, offers significant export opportunities.
Domestic Consumption Growth: Growth in India's disposable income, urbanization, and evolving fashion trends continue to fuel domestic demand for apparel and home textiles.
Value-Added & Specialty Products: A focus on developing and marketing higher-margin, specialized, performance-oriented, and sustainable yarns and fabrics can drive revenue growth and improve profitability.
Government Initiatives: Indian government schemes like the Production Linked Incentive (PLI) scheme for textiles and the establishment of PM MITRA parks aim to boost textile manufacturing and exports.
Risks
Raw Material Price Volatility: Significant fluctuations in the prices of key raw materials like cotton, polyester staple fiber, and other man-made fibers can directly impact production costs and profitability.
Currency Fluctuations: As a significant exporter, RSWM is exposed to volatility in foreign exchange rates (e.g., USD/INR), which can affect export realizations and import costs.
Intense Competition: The highly fragmented and competitive nature of the Indian and global textile industry leads to pricing pressures and potential margin erosion.
Demand Cyclicality: The textile industry is inherently cyclical, sensitive to global economic conditions, consumer spending patterns, and fashion trends, leading to periods of strong and weak demand.
Trade Policies & Tariffs: Changes in international trade agreements, tariffs, or non-tariff barriers in key export markets can negatively impact the company's export competitiveness.
Labor and Energy Costs: Rising labor wages and energy costs in India can increase operational expenses and affect cost competitiveness.
Management & Ownership
RSWM Ltd. is a flagship company of the LNJ Bhilwara Group, a prominent Indian business conglomerate with diversified interests. It is a promoter-led company, indicating significant ownership and strategic direction from the founding family or group. The management team typically comprises experienced professionals with deep industry knowledge, often having long tenures within the LNJ Bhilwara Group. The ownership structure features a substantial promoter holding, alongside holdings by institutional investors and the public.
Outlook
RSWM is well-positioned to leverage its integrated manufacturing capabilities, diversified product portfolio, and established market presence to capitalize on growth opportunities in both the domestic and international textile markets. The company's focus on operational efficiencies, value-added products, and sustainability initiatives could help it navigate industry challenges and capture market share. However, the outlook is balanced by the inherent cyclicality of the global textile industry, intense competition, and sensitivity to raw material price volatility and currency fluctuations. The company's future success will largely depend on its ability to strategically manage these external factors, adapt to evolving consumer preferences, and effectively utilize government support.
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| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 1171 | 1208 | 1166 | 1196 | 1256 | 1170 | 1151 | 1091 | 1142 | 1161 |
| Other Income | 11 | 7 | 9 | 7 | 9 | 12 | 9 | 14 | 17 | 9 |
| Total Income | 1183 | 1215 | 1176 | 1203 | 1265 | 1182 | 1160 | 1104 | 1159 | 1170 |
| Total Expenditure | 1130 | 1159 | 1128 | 1145 | 1185 | 1098 | 1079 | 1023 | 1072 | 1071 |
| Operating Profit | 53 | 55 | 48 | 58 | 80 | 84 | 82 | 82 | 87 | 99 |
| Interest | 32 | 35 | 36 | 34 | 36 | 35 | 32 | 30 | 31 | 33 |
| Depreciation | 42 | 42 | 41 | 39 | 38 | 39 | 39 | 37 | 38 | 39 |
| Exceptional Income / Expenses | 77 | 0 | 0 | 0 | 0 | 0 | 0 | -10 | -0 | 0 |
| Profit Before Tax | 57 | -22 | -29 | -15 | 6 | 11 | 11 | 4 | 17 | 27 |
| Provision for Tax | 21 | -7 | -11 | -5 | 5 | 3 | 4 | 2 | -17 | 8 |
| Profit After Tax | 35 | -14 | -18 | -10 | 1 | 8 | 7 | 2 | 34 | 20 |
| Adjustments | 0 | -0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 36 | -15 | -18 | -9 | 1 | 8 | 7 | 2 | 34 | 20 |
| Adjusted Earnings Per Share | 7.6 | -3.1 | -3.7 | -2 | 0.3 | 1.8 | 1.6 | 0.5 | 7.2 | 4.2 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 2933 | 2987 | 2940 | 2962 | 2771 | 2326 | 3817 | 3789 | 4058 | 4826 | 4554 | 4545 |
| Other Income | 25 | 32 | 36 | 32 | 26 | 39 | 32 | 91 | 36 | 32 | 51 | 49 |
| Total Income | 2958 | 3019 | 2976 | 2994 | 2797 | 2365 | 3850 | 3880 | 4094 | 4858 | 4605 | 4593 |
| Total Expenditure | 2536 | 2661 | 2713 | 2782 | 2587 | 2150 | 3385 | 3541 | 3963 | 4617 | 4271 | 4245 |
| Operating Profit | 423 | 358 | 263 | 212 | 211 | 215 | 464 | 340 | 131 | 241 | 334 | 350 |
| Interest | 126 | 110 | 117 | 120 | 109 | 83 | 68 | 74 | 97 | 140 | 127 | 126 |
| Depreciation | 149 | 132 | 124 | 124 | 132 | 128 | 113 | 127 | 153 | 161 | 154 | 153 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 14 | 0 | 0 | 0 | 77 | 0 | -11 | -10 |
| Profit Before Tax | 153 | 118 | 28 | -47 | -13 | 3 | 290 | 152 | -28 | -58 | 44 | 59 |
| Provision for Tax | 41 | 14 | 7 | -9 | 1 | -17 | 44 | 29 | -7 | -18 | -8 | -3 |
| Profit After Tax | 112 | 104 | 21 | -38 | -13 | 21 | 246 | 123 | -21 | -40 | 52 | 63 |
| Adjustments | 0 | 0 | 0 | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 112 | 104 | 21 | -38 | -13 | 21 | 246 | 123 | -21 | -40 | 52 | 63 |
| Adjusted Earnings Per Share | 31.1 | 28.3 | 5.7 | -10.4 | -3.6 | 5.7 | 67 | 26.1 | -4.5 | -8.5 | 11 | 13.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -6% | 6% | 14% | 4% |
| Operating Profit CAGR | 39% | -1% | 9% | -2% |
| PAT CAGR | 0% | -25% | 20% | -7% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 37% | 2% | -0% | -3% |
| ROE Average | 4% | -0% | 7% | 7% |
| ROCE Average | 6% | 4% | 8% | 8% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 624 | 708 | 982 | 851 | 737 | 792 | 1035 | 1317 | 1297 | 1297 | 1361 |
| Minority's Interest | 0 | 0 | 0 | 8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 564 | 497 | 571 | 573 | 484 | 334 | 462 | 500 | 754 | 619 | 649 |
| Other Non-Current Liabilities | 112 | 103 | 99 | 87 | 72 | 67 | 70 | 105 | 108 | 81 | 88 |
| Total Current Liabilities | 1084 | 1261 | 1171 | 1123 | 942 | 876 | 1061 | 1347 | 1612 | 1642 | 1527 |
| Total Liabilities | 2384 | 2569 | 2824 | 2641 | 2236 | 2069 | 2628 | 3269 | 3771 | 3638 | 3625 |
| Fixed Assets | 1100 | 1166 | 1089 | 1142 | 1012 | 913 | 932 | 1085 | 1545 | 1518 | 1498 |
| Other Non-Current Assets | 247 | 228 | 557 | 356 | 148 | 170 | 344 | 412 | 355 | 391 | 501 |
| Total Current Assets | 1037 | 1174 | 1177 | 1118 | 1060 | 970 | 1306 | 1771 | 1832 | 1690 | 1589 |
| Total Assets | 2384 | 2569 | 2824 | 2641 | 2236 | 2069 | 2628 | 3269 | 3771 | 3638 | 3625 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 3 | 3 | 3 | 11 | 11 | 2 | 3 | 6 | 3 | 4 | 10 |
| Cash Flow from Operating Activities | 339 | 222 | 166 | 263 | 231 | 320 | 210 | 89 | -76 | 426 | 435 |
| Cash Flow from Investing Activities | -124 | -154 | -61 | -59 | 151 | 7 | -318 | -239 | -362 | -113 | -217 |
| Cash Flow from Financing Activities | -215 | -68 | -97 | -205 | -390 | -326 | 111 | 147 | 439 | -307 | -222 |
| Net Cash Inflow / Outflow | 0 | 0 | 8 | -0 | -8 | 1 | 3 | -3 | 1 | 6 | -5 |
| Closing Cash & Cash Equivalent | 3 | 3 | 11 | 11 | 2 | 3 | 6 | 3 | 4 | 10 | 5 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 31.05 | 28.32 | 5.71 | -10.42 | -3.65 | 5.67 | 66.98 | 26.08 | -4.47 | -8.5 | 11.04 |
| CEPS(Rs) | 72.36 | 64.27 | 39.57 | 23.36 | 32.17 | 40.4 | 97.74 | 53.11 | 28.05 | 25.61 | 43.63 |
| DPS(Rs) | 8.01 | 8.01 | 1.28 | 0 | 0 | 0 | 16.03 | 5 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 172.72 | 192.69 | 267.24 | 231.41 | 200.58 | 215.4 | 281.67 | 279.61 | 275.44 | 275.4 | 288.96 |
| Core EBITDA Margin(%) | 13.5 | 10.87 | 7.66 | 6.12 | 6.61 | 7.49 | 11.25 | 6.5 | 2.32 | 4.29 | 6.18 |
| EBIT Margin(%) | 9.46 | 7.64 | 4.9 | 2.47 | 3.44 | 3.69 | 9.3 | 5.91 | 1.68 | 1.68 | 3.74 |
| Pre Tax Margin(%) | 5.19 | 3.95 | 0.94 | -1.59 | -0.45 | 0.15 | 7.54 | 3.97 | -0.69 | -1.2 | 0.96 |
| PAT Margin (%) | 3.81 | 3.47 | 0.71 | -1.28 | -0.48 | 0.89 | 6.41 | 3.22 | -0.51 | -0.82 | 1.14 |
| Cash Profit Margin (%) | 8.88 | 7.89 | 4.91 | 2.92 | 4.24 | 6.34 | 9.35 | 6.56 | 3.23 | 2.48 | 4.49 |
| ROA(%) | 4.99 | 4.2 | 0.78 | -1.38 | -0.55 | 0.97 | 10.48 | 4.17 | -0.6 | -1.08 | 1.43 |
| ROE(%) | 21.18 | 15.63 | 2.48 | -4.12 | -1.69 | 2.72 | 26.95 | 10.44 | -1.61 | -3.09 | 3.91 |
| ROCE(%) | 14.83 | 10.92 | 6.21 | 3.03 | 4.58 | 4.79 | 18.55 | 9.79 | 2.43 | 2.64 | 5.68 |
| Receivable days | 35.19 | 45.72 | 50.42 | 55.33 | 51.98 | 56.11 | 43.48 | 47.39 | 49.06 | 50.34 | 52.84 |
| Inventory Days | 51.15 | 58.95 | 65.85 | 59.55 | 61.39 | 74.52 | 45.58 | 56.74 | 66.38 | 57.84 | 53.77 |
| Payable days | 15.57 | 14.03 | 16.81 | 18.44 | 24.96 | 34.61 | 25.8 | 23.63 | 23.41 | 22.62 | 23.95 |
| PER(x) | 6.16 | 9.84 | 37.03 | 0 | 0 | 21.11 | 3.9 | 5.78 | 0 | 0 | 10.96 |
| Price/Book(x) | 1.11 | 1.45 | 0.79 | 0.49 | 0.22 | 0.56 | 0.93 | 0.54 | 0.62 | 0.47 | 0.42 |
| Dividend Yield(%) | 4.19 | 2.87 | 0.61 | 0 | 0 | 0 | 6.13 | 3.32 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.71 | 0.83 | 0.78 | 0.62 | 0.48 | 0.58 | 0.54 | 0.49 | 0.66 | 0.48 | 0.49 |
| EV/Core EBITDA(x) | 4.93 | 6.93 | 8.68 | 8.68 | 6.26 | 6.3 | 4.43 | 5.46 | 20.46 | 9.59 | 6.65 |
| Net Sales Growth(%) | -2.33 | 1.82 | -1.57 | 0.76 | -6.45 | -16.06 | 64.12 | -0.75 | 7.1 | 18.93 | -5.63 |
| EBIT Growth(%) | 15.07 | -16.31 | -36.59 | -49.87 | 8.56 | -9.87 | 313.05 | -36.9 | -69.59 | 19.25 | 109.45 |
| PAT Growth(%) | 32.14 | -2.66 | -79.84 | -279.91 | 39.19 | 255.25 | 1082.08 | -50.11 | -117.14 | -90.1 | 229.94 |
| EPS Growth(%) | 32.14 | -8.81 | -79.84 | -282.49 | 64.96 | 255.25 | 1082.07 | -61.06 | -117.14 | -90.1 | 229.94 |
| Debt/Equity(x) | 2.24 | 2.07 | 1.55 | 1.69 | 1.57 | 1.16 | 1.06 | 0.87 | 1.45 | 1.32 | 1.22 |
| Current Ratio(x) | 0.96 | 0.93 | 1.01 | 1 | 1.13 | 1.11 | 1.23 | 1.32 | 1.14 | 1.03 | 1.04 |
| Quick Ratio(x) | 0.56 | 0.5 | 0.55 | 0.61 | 0.59 | 0.59 | 0.75 | 0.81 | 0.63 | 0.58 | 0.63 |
| Interest Cover(x) | 2.21 | 2.07 | 1.24 | 0.61 | 0.88 | 1.04 | 5.29 | 3.05 | 0.71 | 0.58 | 1.34 |
| Total Debt/Mcap(x) | 2.02 | 1.43 | 1.96 | 3.48 | 7.01 | 2.1 | 1.15 | 1.62 | 2.33 | 2.8 | 2.92 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 55.69 | 55.69 | 55.69 | 55.69 | 55.69 | 55.69 | 55.69 | 55.69 | 55.69 | 55.69 |
| FII | 2.08 | 1.8 | 1.52 | 1.63 | 1.5 | 1.23 | 1.21 | 1.24 | 1.2 | 0.97 |
| DII | 0.28 | 0.33 | 0.48 | 0.48 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.37 |
| Public | 41.95 | 42.18 | 42.31 | 42.2 | 42.53 | 42.8 | 42.82 | 42.8 | 42.83 | 42.97 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 2.62 | 2.62 | 2.62 | 2.62 | 2.62 | 2.62 | 2.62 | 2.62 | 2.62 | 2.62 |
| FII | 0.1 | 0.08 | 0.07 | 0.08 | 0.07 | 0.06 | 0.06 | 0.06 | 0.06 | 0.05 |
| DII | 0.01 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 |
| Public | 1.98 | 1.99 | 1.99 | 1.99 | 2 | 2.02 | 2.02 | 2.02 | 2.02 | 2.02 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 4.71 | 4.71 | 4.71 | 4.71 | 4.71 | 4.71 | 4.71 | 4.71 | 4.71 | 4.71 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -6% | +6% | +14% | +4% |
| Operating Profit CAGR | +39% | -1% | +9% | -2% |
| PAT CAGR | — | -25% | +20% | -7% |
| Share Price CAGR | +37% | +2% | 0% | -3% |
| ROE Average | +4% | 0% | +7% | +7% |
| ROCE Average | +6% | +4% | +8% | +8% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 55.69 | 55.69 | 55.69 | 55.69 | 55.69 | 55.69 | 55.69 | 55.69 | 55.69 | 55.69 |
| FII | 2.08 | 1.8 | 1.52 | 1.63 | 1.5 | 1.23 | 1.21 | 1.24 | 1.2 | 0.97 |
| DII | 0.28 | 0.33 | 0.48 | 0.48 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.37 |
| Public | 41.95 | 42.18 | 42.31 | 42.2 | 42.53 | 42.8 | 42.82 | 42.8 | 42.83 | 42.97 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 2.62 | 2.62 | 2.62 | 2.62 | 2.62 | 2.62 | 2.62 | 2.62 | 2.62 | 2.62 |
| FII | 0.1 | 0.08 | 0.07 | 0.08 | 0.07 | 0.06 | 0.06 | 0.06 | 0.06 | 0.05 |
| DII | 0.01 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 |
| Public | 1.98 | 1.99 | 1.99 | 1.99 | 2 | 2.02 | 2.02 | 2.02 | 2.02 | 2.02 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 4.71 | 4.71 | 4.71 | 4.71 | 4.71 | 4.71 | 4.71 | 4.71 | 4.71 | 4.71 |
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