Textile · Founded 2018 · www.skinternational.in · BSE 542728 · · ISIN INE04ST01013
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1. Business Overview
SK International Export Ltd. operates in the textile sector, primarily focusing on textile exports from India. The company's core business model involves manufacturing or sourcing various textile products (which can include fabrics, apparel, or home textiles) and supplying them to international clients. It generates revenue by selling these textile goods to foreign buyers, earning a margin on the production, processing, and export of these items. The business model typically involves managing the supply chain from raw material sourcing, production/manufacturing, quality control, packaging, and logistics to ensure timely delivery to overseas markets.
2. Key Segments / Revenue Mix
Without specific detailed financial reports for SKIEL, a precise breakdown of key segments or revenue mix is unavailable. However, for a textile exporter, common segmentation could be by:
Product Type: e.g., Cotton fabrics, synthetic fabrics, knitted garments, woven apparel, home textiles (bedding, towels).
Geographical Markets: e.g., Europe, North America, Asia, Middle East.
Customer Type: e.g., Retail chains, wholesalers, brands.
Given its likely scale as an exporter, it may focus on a few key product categories or a concentrated geographical market to optimize operations.
3. Industry & Positioning
The Indian textile industry is one of the largest globally, characterized by its fragmentation, significant employment generation, and a strong export orientation. It spans the entire value chain from fiber to finished goods. SK International Export Ltd. operates within this highly competitive landscape. In the export market, it competes with numerous other Indian manufacturers and exporters, as well as companies from other textile-producing nations like China, Bangladesh, Vietnam, and Pakistan. Its positioning likely depends on factors such as product specialization, adherence to international quality standards, competitive pricing, timely delivery, and compliance with buyer regulations. It is likely a small to mid-sized player within a very large and fragmented global textile export market.
4. Competitive Advantage (Moat)
Establishing a strong competitive advantage (moat) in the fragmented and commoditized textile export industry can be challenging for smaller players. Potential sources of competitive advantage for SKIEL could include:
Strong Buyer Relationships: Long-standing relationships with international clients built on trust, quality, and reliability.
Niche Product Specialization: Expertise in specific types of fabrics, finishes, or garments that command better margins or have less competition.
Efficient Supply Chain & Cost Management: Ability to source raw materials competitively and manage production costs effectively to offer competitive pricing.
Compliance & Quality Certifications: Adherence to international social, environmental, and quality standards (e.g., OEKO-TEX, GOTS, BSCI) which are critical for accessing certain markets.
Speed & Flexibility: Ability to respond quickly to changing fashion trends or urgent orders.
Without specific information, it's difficult to ascertain if SKIEL possesses a durable, wide moat; it likely competes on a combination of cost, quality, and service.
5. Growth Drivers
Key factors that could drive SK International Export Ltd.'s growth over the next 3-5 years include:
Increasing Global Demand: Growth in overall international demand for textile products, particularly from developed economies.
"China Plus One" Strategy: Global buyers diversifying their sourcing away from China, potentially benefiting Indian exporters.
Expansion of Product Portfolio: Introduction of new product lines or value-added textiles to cater to evolving market trends and buyer needs.
Market Diversification: Entering new geographical export markets to reduce reliance on existing ones and tap into new demand centers.
Capacity Expansion & Modernization: Investment in advanced machinery and technology to improve production efficiency, quality, and scale.
Favorable Trade Policies: Any new free trade agreements or government incentives supporting textile exports from India.
6. Risks
Intense Competition: High competition from domestic and international players, leading to pressure on pricing and profit margins.
Raw Material Price Volatility: Fluctuations in prices of key raw materials like cotton, synthetic fibers, and dyes, directly impacting production costs.
Currency Fluctuations: Adverse movements in foreign exchange rates can impact export realizations and profitability.
Global Economic Slowdown & Geopolitical Instability: A downturn in global economic activity or geopolitical tensions can reduce international demand for textiles.
Changes in Trade Policies & Tariffs: Imposition of import duties, trade barriers, or changes in preferential trade agreements by importing countries.
Fashion & Consumer Trend Changes: Rapid shifts in fashion trends require constant adaptability in design and production, posing a risk if the company cannot keep up.
Labor Costs & Compliance: Rising labor costs and stricter labor and environmental compliance requirements can increase operational expenses.
7. Management & Ownership
In India, many textile companies, especially those of SKIEL's likely size, are often promoter-driven and family-managed. The promoters typically hold a significant stake in the company, demonstrating strong alignment with its long-term performance. Management quality would generally be assessed by their ability to navigate the cyclical and competitive textile industry, maintain strong international client relationships, ensure quality and compliance, and manage operational efficiencies. Without specific public disclosures on the management team's track record or their detailed shareholding pattern, a definitive assessment is not possible.
8. Outlook
The outlook for SK International Export Ltd. presents a balanced view. The Indian textile sector benefits from a large raw material base, skilled labor, and government support, creating a conducive environment for export-oriented businesses. The global "China Plus One" sourcing strategy and potential for increased textile demand globally offer growth opportunities. However, the company operates in a highly competitive, fragmented, and cyclical industry susceptible to fluctuating raw material prices, currency volatility, and global economic headwinds. Its ability to achieve sustainable growth will hinge on its capacity to differentiate through quality, service, product innovation, and efficient cost management, while expanding its customer base and navigating the complexities of international trade. Consistent performance would require strategic execution in an inherently challenging global market.
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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 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Net Sales | 4 | 8 | 4 | 7 | 7 | 4 | 3 | |
| Other Income | 1 | 1 | 1 | 1 | 0 | 0 | 3 | |
| Total Income | 5 | 9 | 5 | 7 | 7 | 5 | 5 | |
| Total Expenditure | 4 | 9 | 7 | 8 | 7 | 6 | 3 | |
| Operating Profit | 0 | -0 | -2 | -1 | 0 | -1 | 2 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit Before Tax | 0 | -1 | -2 | -1 | 0 | -1 | 2 | |
| Provision for Tax | 0 | -0 | -0 | 0 | 0 | 0 | 0 | |
| Profit After Tax | 0 | -0 | -2 | -1 | -0 | -2 | 2 | |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 0 | -0 | -2 | -1 | -0 | -2 | 2 | |
| Adjusted Earnings Per Share | 0.2 | -0.6 | -2.1 | -1.1 | -0.4 | -2.1 | 3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -25% | -25% | -18% | 0% |
| Operating Profit CAGR | 0% | 0% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 89% | 48% | 11% | NA% |
| ROE Average | 37% | 2% | -5% | -4% |
| ROCE Average | 36% | 5% | -3% | -3% |
| #(Fig in Cr.) | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 5 | 9 | 7 | 7 | 6 | 5 | 7 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | -0 | -0 | -0 | 0 | 0 | 0 |
| Total Current Liabilities | 1 | 1 | 2 | 3 | 1 | 1 | 0 |
| Total Liabilities | 6 | 10 | 9 | 10 | 8 | 6 | 7 |
| Fixed Assets | 2 | 2 | 2 | 2 | 2 | 2 | 1 |
| Other Non-Current Assets | 1 | 3 | 2 | 1 | 1 | 0 | 0 |
| Total Current Assets | 3 | 5 | 5 | 7 | 4 | 4 | 6 |
| Total Assets | 6 | 10 | 9 | 10 | 8 | 6 | 7 |
| #(Fig in Cr.) | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 1 | 2 | 4 | 2 | 2 | 1 |
| Cash Flow from Operating Activities | 0 | -1 | 1 | -2 | 1 | -1 | -0 |
| Cash Flow from Investing Activities | -0 | -2 | 0 | -0 | 0 | 1 | 2 |
| Cash Flow from Financing Activities | 0 | 4 | -0 | -0 | -1 | 0 | -0 |
| Net Cash Inflow / Outflow | 0 | 0 | 1 | -2 | -0 | -1 | 1 |
| Closing Cash & Cash Equivalent | 1 | 2 | 2 | 2 | 2 | 1 | 2 |
| # | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0 | -0.64 | -2.11 | -1.06 | -0.42 | -2.06 | 2.95 |
| CEPS(Rs) | 0.33 | -0.46 | -1.92 | -0.86 | -0.19 | -1.85 | 3.14 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 0 | 12.2 | 10.09 | 9.03 | 8.61 | 6.55 | 9.49 |
| Core EBITDA Margin(%) | -7.4 | -16.77 | -55.38 | -16.91 | -1.84 | -41.64 | -20.5 |
| EBIT Margin(%) | 4.48 | -7.16 | -41.35 | -10.64 | 2.88 | -34.81 | 83.33 |
| Pre Tax Margin(%) | 3.47 | -7.92 | -43.11 | -11.43 | 1.64 | -35.47 | 82.73 |
| PAT Margin (%) | 2.56 | -5.96 | -36.77 | -11.47 | -4.46 | -35.89 | 82.57 |
| Cash Profit Margin (%) | 4.35 | -4.3 | -33.42 | -9.28 | -2 | -32.2 | 87.84 |
| ROA(%) | 1.68 | -5.91 | -16.71 | -8.38 | -3.55 | -22.51 | 33.61 |
| ROE(%) | 1.9 | -6.5 | -18.95 | -11.12 | -4.77 | -27.14 | 36.83 |
| ROCE(%) | 3.21 | -7.6 | -20.33 | -9 | 2.72 | -25.11 | 36.12 |
| Receivable days | 108.67 | 63.24 | 104.05 | 66.14 | 52.1 | 26.09 | 43.33 |
| Inventory Days | 26.88 | 15.9 | 42.21 | 54.73 | 67.15 | 86.57 | 136.27 |
| Payable days | 42.47 | 22.26 | 57.7 | 74.09 | 75.4 | 51.27 | 29.88 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Price/Book(x) | 0 | 0.88 | 2.03 | 1.33 | 0 | 0 | 0 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 1.05 | 0.84 | 3.18 | 1.23 | 0.83 | 1.58 | 1.91 |
| EV/Core EBITDA(x) | 16.77 | -15.2 | -8.38 | -14.52 | 15.55 | -5.09 | 2.15 |
| Net Sales Growth(%) | 0 | 93.71 | -46.31 | 61.33 | 1.58 | -39.11 | -37.6 |
| EBIT Growth(%) | 0 | -409.44 | -209.96 | 58.49 | 127.51 | -835.65 | 249.36 |
| PAT Growth(%) | 0 | -550.42 | -231.09 | 49.68 | 60.47 | -389.61 | 243.55 |
| EPS Growth(%) | 0 | 0 | -231.1 | 49.68 | 60.47 | -389.62 | 243.56 |
| Debt/Equity(x) | 0.04 | 0.02 | 0.08 | 0.22 | 0.04 | 0.06 | 0.01 |
| Current Ratio(x) | 6.51 | 7.58 | 2.65 | 2.05 | 4.25 | 4.52 | 49.87 |
| Quick Ratio(x) | 5.92 | 6.95 | 2.3 | 1.6 | 3.2 | 3.39 | 40.39 |
| Interest Cover(x) | 4.4 | -9.47 | -23.57 | -13.39 | 2.32 | -53.01 | 138.32 |
| Total Debt/Mcap(x) | 0 | 0.02 | 0.04 | 0.16 | 0 | 0 | 0 |
| # | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 70.98 | 71.79 | 71.96 | 71.88 | 71.88 | 71.88 | 71.88 | 71.88 | 72.12 | 72.12 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 29.02 | 28.21 | 28.04 | 28.12 | 28.12 | 28.12 | 28.12 | 28.12 | 27.88 | 27.88 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.52 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.2 | 0.2 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -25% | -25% | -18% | — |
| Operating Profit CAGR | — | — | — | — |
| PAT CAGR | — | — | — | — |
| Share Price CAGR | +89% | +48% | +11% | — |
| ROE Average | +37% | +2% | -5% | -4% |
| ROCE Average | +36% | +5% | -3% | -3% |
| # | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 70.98 | 71.79 | 71.96 | 71.88 | 71.88 | 71.88 | 71.88 | 71.88 | 72.12 | 72.12 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 29.02 | 28.21 | 28.04 | 28.12 | 28.12 | 28.12 | 28.12 | 28.12 | 27.88 | 27.88 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.52 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.2 | 0.2 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 |
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