Textile · Founded 2019 · www.signoria.in · NSE · ISIN INE0RDE01010
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1. Business Overview
Signoria Creation Ltd. is an Indian textile company primarily engaged in the manufacturing and marketing of women's apparel. Its product portfolio includes ethnic and fusion wear such as Kurtis, trousers, palazzos, skirts, co-ord sets, and suits. The company operates through its in-house manufacturing unit located in Jaipur, Rajasthan. It sells its products under its own brand "Signoria" and caters to the domestic Indian market, primarily through B2B channels (wholesalers, distributors, garment exporters) and also supplies to retailers and through online platforms. The company generates revenue from the sale of these manufactured apparel products.
2. Key Segments / Revenue Mix
Signoria Creation Ltd. operates predominantly in a single business segment: the manufacturing and sale of women's ethnic and fusion wear. While revenue may be derived from various product types (Kurtis, co-ord sets, etc.) and sales channels (B2B, online), these are generally considered sub-categories within its core apparel business, and detailed segmental breakdowns are not typically available for a company of this size.
3. Industry & Positioning
The Indian textile industry, particularly the apparel segment, is vast, highly fragmented, and intensely competitive. It comprises numerous organized and unorganized players catering to diverse fashion preferences. The women's ethnic and fusion wear market is a significant and growing sub-segment driven by cultural relevance, festive occasions, and evolving fashion trends. Signoria Creation Ltd. is a relatively small player within this competitive landscape. It positions itself by focusing on in-house manufacturing for quality control, design capabilities, and catering to the specific niche of ethnic and fusion wear. It competes with a multitude of regional brands, national players, and unorganized manufacturers.
4. Competitive Advantage (Moat)
Signoria Creation Ltd. currently possesses a limited durable competitive advantage. Potential emerging advantages include:
In-house manufacturing: Provides control over product quality, design consistency, and potentially faster response times to market trends compared to outsourcing.
Design capabilities: Ability to adapt to current fashion trends in the ethnic and fusion wear segment.
Brand "Signoria": While growing, it is not yet a nationally recognized brand with significant pricing power or high customer loyalty. The industry's low barriers to entry and intense competition make it challenging to establish a strong, lasting moat without significant scale, unique technology, or a powerful brand.
5. Growth Drivers
Growing Indian Apparel Market: Increasing disposable incomes, urbanization, and the cultural significance of ethnic wear are expected to drive demand for women's apparel in India.
Expansion of Distribution: Increasing reach by onboarding more wholesalers, distributors, and potentially enhancing its online presence to tap into a broader customer base.
Product Portfolio Expansion: Introducing new designs, categories, or expanding into different size ranges to attract a wider demographic.
Increased Brand Recognition: Efforts to market and promote the "Signoria" brand could lead to improved recall and demand.
Capacity Utilization: Optimizing and potentially expanding manufacturing capacity to meet anticipated demand.
6. Risks
Fashion & Trend Volatility: The apparel industry is highly susceptible to rapid shifts in consumer preferences and fashion trends, which can lead to inventory obsolescence and markdown risks.
Raw Material Price Fluctuations: Volatility in the prices of fabrics (e.g., cotton, synthetic blends), dyes, and accessories can significantly impact production costs and profit margins.
Intense Competition: The fragmented and highly competitive nature of the Indian apparel market can lead to pricing pressure and make it difficult to gain market share.
Economic Slowdown: Discretionary spending on apparel can be sensitive to economic downturns, impacting sales volumes.
Reliance on B2B Channels: Dependence on a network of wholesalers and distributors can introduce risks related to payment cycles, order consistency, and channel loyalty.
Labor Costs & Availability: Reliance on skilled labor for manufacturing, and potential increases in labor costs or shortages, could affect operations and profitability.
7. Management & Ownership
Signoria Creation Ltd. is promoted by Mr. Anurag Sangneria and Mrs. Prachi Sangneria. They are primarily responsible for the strategic direction and operations of the company. As is common with recently listed SME companies, the promoters typically hold a significant stake post-IPO (e.g., around 69-70% post-IPO based on initial public filings). The management's experience in the textile sector and their ability to navigate market challenges and execute growth strategies will be key to the company's future performance.
8. Outlook
Signoria Creation Ltd. operates in the growing Indian women's ethnic and fusion wear market, benefiting from favorable demographic trends and increasing discretionary spending. Its in-house manufacturing provides control over quality and design, which could be an advantage in a competitive market. The ability to effectively expand its distribution network and build brand recognition for "Signoria" will be crucial for sustained growth. However, the company faces significant risks from intense competition, rapid changes in fashion trends, and volatility in raw material prices. Its relatively small scale and limited brand moat mean it will need strong execution in design, manufacturing, and distribution to carve out a defensible position and achieve profitable growth amidst larger, more established players and numerous unorganized entities.
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| #(Fig in Cr.) |
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| 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 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|
| Net Sales | 6 | 12 | 19 | 20 | 27 | |
| Other Income | 0 | 0 | 0 | 0 | 0 | |
| Total Income | 6 | 12 | 19 | 20 | 27 | |
| Total Expenditure | 5 | 10 | 15 | 15 | 22 | |
| Operating Profit | 1 | 1 | 4 | 4 | 5 | |
| Interest | 0 | 0 | 1 | 1 | 1 | |
| Depreciation | 0 | 0 | 0 | 0 | 0 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | |
| Profit Before Tax | 0 | 1 | 3 | 3 | 4 | |
| Provision for Tax | 0 | 0 | 1 | 1 | 1 | |
| Profit After Tax | 0 | 1 | 2 | 2 | 3 | |
| Adjustments | 0 | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 0 | 1 | 2 | 2 | 3 | |
| Adjusted Earnings Per Share | 2.2 | 4.5 | 6.9 | 5.1 | 6.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 35% | 31% | 0% | 0% |
| Operating Profit CAGR | 25% | 71% | 0% | 0% |
| PAT CAGR | 50% | 44% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -29% | NA% | NA% | NA% |
| ROE Average | 17% | 34% | 40% | 40% |
| ROCE Average | 17% | 23% | 25% | 25% |
| #(Fig in Cr.) | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Shareholder's Funds | 1 | 2 | 6 | 16 | 19 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 2 | 3 | 9 | 6 | 5 |
| Other Non-Current Liabilities | -0 | -0 | -0 | -0 | -0 |
| Total Current Liabilities | 3 | 5 | 8 | 9 | 18 |
| Total Liabilities | 6 | 10 | 23 | 31 | 43 |
| Fixed Assets | 0 | 1 | 0 | 0 | 14 |
| Other Non-Current Assets | 0 | 0 | 7 | 12 | 0 |
| Total Current Assets | 6 | 9 | 16 | 18 | 28 |
| Total Assets | 6 | 10 | 23 | 31 | 43 |
| #(Fig in Cr.) | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | -0 | -1 | -1 | -1 | -0 |
| Cash Flow from Investing Activities | -0 | -0 | -7 | -5 | -2 |
| Cash Flow from Financing Activities | 0 | 1 | 8 | 7 | 2 |
| Net Cash Inflow / Outflow | -0 | -0 | 0 | 0 | -0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 0 |
| # | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 2.17 | 4.5 | 6.94 | 5.06 | 6.34 |
| CEPS(Rs) | 2.7 | 5.36 | 7.36 | 5.29 | 7.24 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 5.56 | 10.06 | 17.51 | 34.24 | 40.59 |
| Core EBITDA Margin(%) | 12.31 | 12.58 | 20.11 | 21.22 | 19.71 |
| EBIT Margin(%) | 11.6 | 11.49 | 19.42 | 20.79 | 18.26 |
| Pre Tax Margin(%) | 7.73 | 7.91 | 16.28 | 16.88 | 14.93 |
| PAT Margin (%) | 5.57 | 5.72 | 12.07 | 12.32 | 11.1 |
| Cash Profit Margin (%) | 6.92 | 6.81 | 12.8 | 12.89 | 12.67 |
| ROA(%) | 5.45 | 8.72 | 14.06 | 8.83 | 8.14 |
| ROE(%) | 39.11 | 57.66 | 62.95 | 21.77 | 16.96 |
| ROCE(%) | 22.15 | 32.55 | 34.42 | 19.01 | 16.79 |
| Receivable days | 114.96 | 69.98 | 134.76 | 217.02 | 178.49 |
| Inventory Days | 191.73 | 133.95 | 90.2 | 74.19 | 111.28 |
| Payable days | 539.8 | 280.08 | 178.75 | 179.82 | 147.09 |
| PER(x) | 0 | 0 | 0 | 33.22 | 9.46 |
| Price/Book(x) | 0 | 0 | 0 | 4.91 | 1.48 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.47 | 0.36 | 0.61 | 4.6 | 1.54 |
| EV/Core EBITDA(x) | 3.59 | 2.87 | 3.01 | 21.57 | 7.77 |
| Net Sales Growth(%) | 0 | 101.9 | 62.06 | 2.06 | 39.13 |
| EBIT Growth(%) | 0 | 99.99 | 173.97 | 9.23 | 22.21 |
| PAT Growth(%) | 0 | 107.15 | 242.14 | 4.25 | 25.32 |
| EPS Growth(%) | 0 | 107.15 | 54.12 | -27.04 | 25.32 |
| Debt/Equity(x) | 2.68 | 2.5 | 1.8 | 0.62 | 0.69 |
| Current Ratio(x) | 1.79 | 1.77 | 1.9 | 2.08 | 1.55 |
| Quick Ratio(x) | 0.81 | 0.66 | 1.43 | 1.62 | 0.86 |
| Interest Cover(x) | 3 | 3.21 | 6.18 | 5.32 | 5.49 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0.13 | 0.47 |
| # | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Promoter | 69.99 | 69.99 | 69.99 | 70.05 | 70.05 |
| FII | 6.94 | 0.38 | 0 | 0 | 0 |
| DII | 0 | 0 | 0.71 | 0.8 | 0.8 |
| Public | 23.08 | 29.63 | 29.3 | 29.15 | 29.15 |
| Others | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Promoter | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 |
| FII | 0.03 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 |
| Public | 0.11 | 0.14 | 0.14 | 0.14 | 0.14 |
| Others | 0 | 0 | 0 | 0 | 0 |
| Total | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 |
| # | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Promoter | 69.99 | 69.99 | 69.99 | 70.05 | 70.05 |
| FII | 6.94 | 0.38 | 0 | 0 | 0 |
| DII | 0 | 0 | 0.71 | 0.8 | 0.8 |
| Public | 30.01 | 30.01 | 30.01 | 29.95 | 29.95 |
| Others | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Promoter | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 |
| FII | 0.03 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 |
| Public | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 |
| Others | 0 | 0 | 0 | 0 | 0 |
| Total | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +35% | +31% | — | — |
| Operating Profit CAGR | +25% | +71% | — | — |
| PAT CAGR | +50% | +44% | — | — |
| Share Price CAGR | -29% | — | — | — |
| ROE Average | +17% | +34% | +40% | +40% |
| ROCE Average | +17% | +23% | +25% | +25% |
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