Textile · Founded 1983 · www.sanrhea.com · BSE 514280 · · ISIN INE589J01015
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1. Business Overview
Sanrhea Technical Textiles Ltd. is an Indian manufacturer of specialized technical textiles. The company focuses on designing, developing, and producing a range of high-performance fabrics and textiles for diverse industrial, agricultural, and infrastructure applications, rather than traditional apparel. Their product portfolio often includes synthetic fibers like polypropylene (PP), high-density polyethylene (HDPE), nylon, and polyester. The core business model is Business-to-Business (B2B), supplying customized textile solutions to various industries. They make money by manufacturing and selling these specialized fabrics and textile products to clients for specific end-uses.
2. Key Segments / Revenue Mix
While specific revenue percentages for each segment are not readily available in public summaries, Sanrhea Technical Textiles operates across various categories of technical textiles. These typically include:
Industrial Textiles: Fabrics for filtration, protective coverings, packaging, conveyor belts, etc.
Geotextiles: Used in civil engineering and construction for soil stabilization, erosion control, and drainage.
Agrotextiles: Products for agriculture like shade nets, crop covers, and mulching films.
Protective Textiles: Fabrics for safety wear or industrial protection.
Other Specialized Applications: Depending on client requirements, which can include medical textiles, automotive textiles, etc.
The revenue is derived from the sales of these manufactured products to industrial clients.
3. Industry & Positioning
The company operates within the growing Indian technical textiles industry, a niche segment of the broader textile sector. This industry is characterized by high performance requirements, specific functionalities, and application-driven demand. The market is fragmented with both organized and unorganized players. Sanrhea Technical Textiles is positioned as a mid-sized player, likely focusing on specific product lines and catering to a diverse industrial client base within India. The industry benefits from government initiatives, infrastructure development, and increasing awareness of technical textile applications. Competition comes from other domestic manufacturers specializing in similar products, as well as imports.
4. Competitive Advantage (Moat)
Sanrhea's competitive advantages likely stem from:
Specialized Manufacturing Capabilities: Expertise in producing a wide range of technical textiles with specific functional properties.
Product Customization & Quality: Ability to tailor products to client specifications and maintain quality standards crucial for industrial applications.
Client Relationships: Developing long-term relationships with industrial customers who require reliable suppliers for critical components.
Technological Know-how: Investment in machinery and processes for niche product development.
However, the "moat" might not be exceptionally wide, as technology and expertise can be replicated, and competition is present. Brand value in this B2B segment is more about reliability and performance than consumer recognition.
5. Growth Drivers
Government Initiatives: Schemes like the National Technical Textiles Mission in India promote growth and adoption of technical textiles.
Infrastructure Development: Increased spending on roads, railways, ports, and urban development directly drives demand for geotextiles and construction-related technical fabrics.
Industrial Growth: Expansion in manufacturing, automotive, agriculture, and healthcare sectors fuels demand for industrial and specialized textiles.
Increasing Awareness & Adoption: Growing understanding of the benefits (durability, cost-efficiency, performance) of technical textiles replacing traditional materials.
Export Potential: Opportunities to export specialized products to international markets.
6. Risks
Raw Material Price Volatility: Dependence on synthetic polymers (PP, HDPE, Polyester) whose prices are linked to crude oil and global supply chains, impacting production costs and margins.
Intense Competition: Presence of domestic and international players, leading to pricing pressure and market share battles.
Economic Downturns: Demand for technical textiles is often cyclical and linked to the health of industrial, construction, and agricultural sectors.
Technological Obsolescence: Need for continuous investment in R&D and upgrading machinery to keep pace with evolving product requirements and manufacturing techniques.
Regulatory Changes: Environmental or import/export policy changes could impact operations or costs.
Forex Fluctuations: If the company has significant imports of machinery or raw materials, or exports finished goods, currency volatility can affect profitability.
7. Management & Ownership
Sanrhea Technical Textiles Ltd. is a promoter-driven company. It was promoted by Mr. Ranjeet Singh and Mr. Sunil Singh, who are key figures in the management and strategic direction of the company. Promoter holdings typically represent a significant portion of the ownership, aligning their interests with the company's long-term performance. Specific details on management quality and ownership structure would require reviewing their latest annual reports and shareholding patterns on stock exchange filings.
8. Outlook
Sanrhea Technical Textiles operates in a promising niche within the textile industry, benefiting from structural tailwinds such as government support for domestic manufacturing and increasing demand from various end-use industries. The company's focus on specialized products and B2B clients provides a degree of stability compared to volatile consumer markets. However, its growth and profitability will be subject to the cyclical nature of its client industries, fluctuations in raw material prices, and the ability to effectively manage competition and adapt to technological advancements. While the industry outlook is positive, sustained success depends on efficient capacity utilization, continuous product innovation, and strong cost management in a competitive environment.
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| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 17 | 18 | 16 | 17 | 20 | 19 | 19 | 18 | 18 | 23 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 17 | 18 | 16 | 17 | 20 | 19 | 19 | 18 | 18 | 23 |
| Total Expenditure | 15 | 16 | 12 | 15 | 17 | 17 | 16 | 16 | 17 | 20 |
| Operating Profit | 2 | 2 | 3 | 2 | 2 | 2 | 3 | 2 | 2 | 3 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 2 | 3 | 1 | 2 | 1 | 2 | 1 | 1 | 2 |
| Provision for Tax | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 0 | 0 | 1 |
| Profit After Tax | 1 | 1 | 2 | 1 | 1 | 1 | 2 | 1 | 1 | 2 |
| Adjustments | 0 | -0 | -0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 |
| Profit After Adjustments | 1 | 1 | 2 | 1 | 1 | 1 | 2 | 1 | 1 | 2 |
| Adjusted Earnings Per Share | 2.1 | 2.8 | 4.4 | 1.9 | 2.4 | 1.9 | 3.2 | 1.7 | 1.4 | 2.7 |
| #(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 | 33 | 20 | 26 | 30 | 46 | 34 | 39 | 68 | 63 | 68 | 75 | 78 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 33 | 20 | 27 | 31 | 46 | 34 | 39 | 69 | 63 | 68 | 75 | 78 |
| Total Expenditure | 30 | 19 | 24 | 28 | 43 | 33 | 35 | 60 | 57 | 60 | 66 | 69 |
| Operating Profit | 2 | 1 | 3 | 3 | 4 | 2 | 5 | 8 | 6 | 9 | 10 | 10 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 4 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | -1 | 1 | 1 | 2 | -1 | 2 | 6 | 3 | 7 | 6 | 6 |
| Provision for Tax | 0 | -0 | -0 | 0 | 0 | 0 | 0 | 2 | 1 | 2 | 2 | 2 |
| Profit After Tax | 0 | -1 | 1 | 0 | 1 | -1 | 2 | 4 | 3 | 5 | 5 | 6 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | -1 | 1 | 0 | 1 | -1 | 2 | 4 | 3 | 5 | 5 | 6 |
| Adjusted Earnings Per Share | 1 | -4.4 | 2.9 | 1.5 | 3.1 | -2.6 | 5.2 | 10.4 | 5.1 | 10.4 | 9.4 | 9 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 10% | 3% | 17% | 9% |
| Operating Profit CAGR | 11% | 8% | 38% | 17% |
| PAT CAGR | 0% | 8% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -10% | 18% | 63% | 61% |
| ROE Average | 20% | 21% | 27% | 13% |
| ROCE Average | 23% | 24% | 25% | 17% |
| #(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 | 4 | 3 | 4 | 6 | 7 | 6 | 8 | 14 | 17 | 21 | 25 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 2 | 2 | 1 | 1 | 1 | 2 | 2 | 2 | 1 | 1 | 4 |
| Other Non-Current Liabilities | 0 | 0 | -0 | -0 | 0 | 1 | 0 | 1 | 1 | 1 | 1 |
| Total Current Liabilities | 12 | 10 | 12 | 12 | 13 | 15 | 16 | 20 | 14 | 12 | 15 |
| Total Liabilities | 19 | 15 | 17 | 19 | 22 | 23 | 26 | 36 | 32 | 34 | 45 |
| Fixed Assets | 3 | 3 | 3 | 3 | 4 | 6 | 6 | 7 | 7 | 6 | 11 |
| Other Non-Current Assets | 1 | 1 | 1 | 1 | 2 | 0 | 1 | 1 | 1 | 3 | 1 |
| Total Current Assets | 15 | 11 | 12 | 15 | 16 | 16 | 19 | 28 | 25 | 26 | 33 |
| Total Assets | 19 | 15 | 17 | 19 | 22 | 23 | 26 | 36 | 32 | 34 | 45 |
| #(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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Cash Flow from Operating Activities | 3 | 2 | 2 | 2 | 0 | 5 | 2 | 4 | 4 | 1 | -1 |
| Cash Flow from Investing Activities | -1 | -1 | -1 | 0 | -2 | -3 | -1 | -2 | -1 | -0 | -5 |
| Cash Flow from Financing Activities | -2 | -1 | -1 | -2 | 2 | -1 | -1 | -2 | -2 | -2 | 6 |
| Net Cash Inflow / Outflow | -0 | 0 | 0 | -0 | 0 | 0 | -0 | 0 | 1 | -1 | 0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 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) | 0.96 | -4.41 | 2.89 | 1.45 | 3.1 | -2.61 | 5.22 | 10.4 | 5.08 | 10.4 | 9.45 |
| CEPS(Rs) | 3.37 | -1.93 | 5.41 | 4.23 | 5.24 | -0.21 | 7.82 | 12.59 | 7.3 | 12.57 | 13.22 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1.5 | 1.5 |
| Book NAV/Share(Rs) | 14.63 | 10.15 | 13.33 | 14.89 | 18.07 | 15.19 | 20.44 | 30.83 | 33.59 | 42.84 | 50.6 |
| Core EBITDA Margin(%) | 6.45 | 2.49 | 9.07 | 7.87 | 7.1 | 4.56 | 11.35 | 11.5 | 8.51 | 12.5 | 12.52 |
| EBIT Margin(%) | 4.67 | -0.67 | 6.98 | 6.14 | 5.98 | 2.09 | 9.18 | 10.52 | 7.04 | 11.23 | 10.27 |
| Pre Tax Margin(%) | 0.93 | -6 | 2.81 | 2.11 | 3.48 | -1.84 | 5.79 | 9.09 | 5.48 | 10.29 | 8.51 |
| PAT Margin (%) | 0.79 | -5.94 | 2.92 | 1.57 | 2.56 | -2.88 | 5.05 | 6.51 | 4.05 | 7.64 | 6.28 |
| Cash Profit Margin (%) | 2.77 | -2.6 | 5.47 | 4.57 | 4.33 | -0.23 | 7.57 | 7.88 | 5.82 | 9.24 | 8.78 |
| ROA(%) | 1.53 | -7.75 | 5.48 | 2.77 | 5.83 | -4.4 | 8.03 | 14.35 | 7.41 | 15.58 | 11.92 |
| ROE(%) | 6.78 | -35.58 | 24.6 | 10.82 | 19.85 | -15.7 | 29.27 | 42.58 | 16.91 | 27.22 | 20.22 |
| ROCE(%) | 11.67 | -1.1 | 15.46 | 13.76 | 17.49 | 4.13 | 19.83 | 34.66 | 19.16 | 29.85 | 23.14 |
| Receivable days | 94.2 | 122.58 | 71.29 | 95.66 | 68.54 | 80.35 | 77.03 | 55.81 | 67.5 | 66.46 | 63.84 |
| Inventory Days | 44.12 | 75.94 | 62 | 56.77 | 45.45 | 78.61 | 77.6 | 62.89 | 76.81 | 60.23 | 59.32 |
| Payable days | 57.52 | 80.05 | 40.6 | 58.6 | 42.53 | 67.69 | 77.07 | 65.43 | 78.37 | 47.95 | 28.17 |
| PER(x) | 0 | 0 | 0 | 30.66 | 5.55 | 0 | 2.16 | 7.95 | 10.34 | 12.02 | 10.9 |
| Price/Book(x) | 0 | 0 | 0 | 2.99 | 0.95 | 0 | 0.55 | 2.68 | 1.56 | 2.92 | 2.04 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.21 | 1.9 | 1.2 | 1.46 |
| EV/Net Sales(x) | 0.4 | 0.62 | 0.49 | 0.75 | 0.38 | 0.42 | 0.4 | 0.64 | 0.51 | 1 | 0.87 |
| EV/Core EBITDA(x) | 5.33 | 20.83 | 4.53 | 8.06 | 4.86 | 8.85 | 3.41 | 5.37 | 5.73 | 7.79 | 6.76 |
| Net Sales Growth(%) | 18.54 | -39.13 | 32.67 | 15.2 | 51.04 | -25.27 | 13.55 | 75.3 | -8.33 | 8.66 | 10.14 |
| EBIT Growth(%) | 176.91 | -108.74 | 1487.17 | -8.03 | 44.28 | -73.93 | 401.23 | 101.31 | -38.9 | 73.17 | 1.09 |
| PAT Growth(%) | 151.27 | -557.93 | 165.53 | -43.92 | 141.65 | -184.26 | 299.79 | 126.23 | -43.19 | 104.68 | -9.15 |
| EPS Growth(%) | 151.27 | -557.92 | 165.53 | -49.76 | 113.53 | -184.25 | 299.79 | 99.4 | -51.14 | 104.68 | -9.15 |
| Debt/Equity(x) | 2.27 | 3.16 | 2.53 | 1.61 | 1.61 | 1.92 | 1.5 | 0.66 | 0.42 | 0.28 | 0.56 |
| Current Ratio(x) | 1.22 | 1.09 | 1.04 | 1.23 | 1.16 | 1.08 | 1.23 | 1.41 | 1.77 | 2.21 | 2.23 |
| Quick Ratio(x) | 0.91 | 0.53 | 0.66 | 0.8 | 0.69 | 0.53 | 0.71 | 0.64 | 1 | 1.21 | 1.36 |
| Interest Cover(x) | 1.25 | -0.13 | 1.67 | 1.52 | 2.39 | 0.53 | 2.71 | 7.39 | 4.51 | 11.86 | 5.84 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0.54 | 1.69 | 0 | 2.73 | 0.24 | 0.27 | 0.1 | 0.27 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 71.53 | 71.53 | 71.53 | 71.53 | 71.53 | 71.53 | 74.98 | 74.98 | 74.98 | 74.98 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 28.48 | 28.48 | 28.48 | 28.48 | 28.47 | 28.47 | 25.02 | 25.02 | 25.02 | 25.02 |
| 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 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.43 | 0.43 | 0.43 | 0.43 |
| 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 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.57 | 0.57 | 0.57 | 0.57 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +10% | +3% | +17% | +9% |
| Operating Profit CAGR | +11% | +8% | +38% | +17% |
| PAT CAGR | 0% | +8% | — | — |
| Share Price CAGR | -10% | +18% | +63% | +61% |
| ROE Average | +20% | +21% | +27% | +13% |
| ROCE Average | +23% | +24% | +25% | +17% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 71.53 | 71.53 | 71.53 | 71.53 | 71.53 | 71.53 | 74.98 | 74.98 | 74.98 | 74.98 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 28.48 | 28.48 | 28.48 | 28.48 | 28.48 | 28.48 | 25.02 | 25.02 | 25.02 | 25.02 |
| 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 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.43 | 0.43 | 0.43 | 0.43 |
| 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 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.57 | 0.57 | 0.57 | 0.57 |
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