Textile · Founded 1998 · www.superfineknitters.com · BSE 540269 · · ISIN INE459U01018
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1. Business Overview
Super Fine Knitters Ltd. (SKL) is an Indian company operating in the Textile sector, specifically in the Textile industry. Given its name, the company is primarily involved in the manufacturing of knitted textile products. This likely encompasses a range of activities from yarn procurement, fabric knitting, processing (dyeing, printing), and potentially garment manufacturing. Its core business model would typically be B2B, supplying knitted fabrics or finished garments to domestic or international apparel brands, retailers, and other garment manufacturers. The company makes money by adding value through its manufacturing processes, leveraging operational efficiency, quality control, and timely delivery of textile products.
2. Key Segments / Revenue Mix
Without specific financial data, the exact revenue mix cannot be determined. However, typical segments for a textile knitter would include:
Knitted Fabric Manufacturing: Producing various types of knitted fabrics (e.g., single jersey, double jersey, rib, interlock) from different fibers.
Apparel Manufacturing: Converting knitted fabrics into ready-made garments such as t-shirts, polo shirts, activewear, or other casual wear.
Processing Services: Potentially offering dyeing, printing, or finishing services for third-party fabrics.
The proportion of revenue derived from domestic sales versus exports would also be a key characteristic, but this data is not available.
3. Industry & Positioning
The Indian textile industry is vast and diverse, characterized by a mix of highly organized, integrated players and a large number of small and medium-sized enterprises. It is labor-intensive and subject to global fashion trends, raw material price volatility (especially cotton), and international trade policies. SKL, as a knitter, operates within a competitive landscape where differentiation can come from product quality, design capabilities, cost efficiency, and supply chain reliability. Without specific market share or client information, SKL's precise positioning relative to peers is unknown, but it likely competes on factors such as production capacity, lead times, product range, and ability to meet specific customer requirements.
4. Competitive Advantage (Moat)
For a textile knitter, establishing a durable competitive advantage (moat) can be challenging due to the commoditized nature of some products. Potential moats for SKL could include:
Operational Efficiency & Scale: Achieving cost leadership through efficient manufacturing processes, modern machinery, and economies of scale.
Strong Customer Relationships: Long-standing relationships and trust with key domestic or international buyers, potentially involving collaborative design or dedicated production lines.
Vertical Integration: Integrating various stages of the textile value chain (from yarn to garment) to control quality, costs, and lead times.
Specialization/Niche Expertise: Developing expertise in specific types of knitted fabrics or garments (e.g., technical textiles, high-performance wear) that offer higher margins or face less competition.
Without specific details, it is difficult to confirm the presence of a strong, durable moat; competitive advantages in this sector often lean towards operational excellence and client service rather than strong brand power or high switching costs.
5. Growth Drivers
Key factors that could drive growth for SKL over the next 3-5 years include:
Rising Domestic Consumption: Growth in India's disposable income and changing fashion trends can fuel demand for apparel and textiles.
Export Opportunities: Leveraging India's competitive manufacturing costs and trade agreements to increase market share in international markets.
Value-Added Products: Shifting production towards higher-margin, specialized products such as technical textiles, sustainable fabrics, or intricate designs.
Capacity Expansion & Modernization: Investing in advanced machinery and expanding production capacity to meet growing demand and improve efficiency.
Government Support: Favorable government policies and schemes (e.g., PLI schemes, textile parks) aimed at boosting the textile sector.
6. Risks
SKL faces several risks inherent to the textile industry:
Raw Material Price Volatility: Fluctuations in prices of cotton, synthetic fibers, and dyes can impact production costs and profit margins.
Intense Competition: High competition from both domestic and international manufacturers, leading to pricing pressures.
Global Economic Downturn: A slowdown in major economies can reduce consumer spending on apparel, negatively affecting export demand.
Fashion & Demand Shifts: Rapid changes in fashion trends and consumer preferences require quick adaptation, which can pose inventory and design risks.
Currency Fluctuations: For export-oriented sales, adverse movements in foreign exchange rates can impact profitability.
Labor Risks: Availability of skilled labor, increasing labor costs, and potential labor disputes.
Regulatory & Trade Risks: Changes in import/export duties, trade barriers, environmental regulations, and labor laws in India and key export markets.
7. Management & Ownership
As is common with many Indian companies in traditional manufacturing sectors, Super Fine Knitters Ltd. is likely promoter-driven, implying significant ownership and control by the founding family or group. The quality of management would depend on their experience in textile manufacturing, supply chain management, market acumen, and ability to navigate industry challenges. Their strategic vision for product development, market expansion, and operational efficiency would be crucial. Without specific information on the promoters or key management personnel, detailed assessment is not possible.
8. Outlook
The outlook for Super Fine Knitters Ltd. presents a balanced view of opportunities and challenges. On the upside, SKL can capitalize on India's growing domestic market, competitive manufacturing capabilities, and potential for increased textile exports. Investments in modernization, product diversification into higher-value segments, and strong client relationships could drive sustainable growth. However, the company operates in a highly competitive and cyclical industry susceptible to raw material price volatility, global demand fluctuations, and rapid shifts in fashion. Managing operational efficiencies, adapting to changing consumer trends, and navigating international trade dynamics will be critical for the company's performance. The ability to differentiate through quality, service, or niche products will be key to mitigating competitive pressures and achieving stable profitability.
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| Net Sales |
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| 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 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 76 | 85 | 86 | 90 | 92 | 92 | 46 | 55 | 28 | 28 | 28 | |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 0 | |
| Total Income | 76 | 85 | 86 | 90 | 92 | 92 | 46 | 56 | 28 | 29 | 29 | |
| Total Expenditure | 72 | 80 | 81 | 86 | 87 | 86 | 43 | 54 | 26 | 26 | 26 | |
| Operating Profit | 4 | 5 | 5 | 5 | 6 | 6 | 3 | 2 | 2 | 3 | 3 | |
| Interest | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 2 | 1 | 1 | 1 | |
| Depreciation | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | |
| Exceptional Income / Expenses | -0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | |
| Profit Before Tax | 1 | 1 | 1 | 1 | 1 | 1 | -1 | -2 | 1 | 1 | 1 | |
| Provision for Tax | 0 | 0 | 0 | 1 | 0 | 0 | -0 | -0 | 0 | 0 | 0 | |
| Profit After Tax | 1 | 1 | 1 | 1 | 1 | 1 | -1 | -2 | 0 | 1 | 1 | |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 1 | 1 | 1 | 1 | 1 | 1 | -1 | -2 | 0 | 1 | 1 | |
| Adjusted Earnings Per Share | 0.7 | 0.8 | 0.9 | 0.5 | 0.9 | 0.8 | -1.2 | -1.5 | 0 | 0.5 | 0.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | -20% | -21% | -10% |
| Operating Profit CAGR | 0% | 14% | -13% | -3% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -47% | -16% | -2% | NA% |
| ROE Average | 3% | 2% | -2% | 1% |
| ROCE Average | 5% | 5% | 4% | 6% |
| #(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 | 18 | 18 | 23 | 24 | 25 | 26 | 25 | 23 | 23 | 23 | 24 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 3 | 4 | 4 | 7 | 8 | 8 | 11 | 3 | 7 | 8 | 11 |
| Other Non-Current Liabilities | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 1 | 2 | 2 | 2 |
| Total Current Liabilities | 25 | 31 | 35 | 32 | 37 | 37 | 35 | 17 | 10 | 7 | 3 |
| Total Liabilities | 47 | 55 | 64 | 65 | 72 | 73 | 72 | 44 | 41 | 40 | 40 |
| Fixed Assets | 13 | 13 | 15 | 20 | 21 | 20 | 19 | 11 | 11 | 11 | 11 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 34 | 41 | 48 | 45 | 50 | 52 | 53 | 33 | 30 | 30 | 28 |
| Total Assets | 47 | 55 | 64 | 65 | 72 | 73 | 72 | 44 | 41 | 40 | 40 |
| #(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 | 1 | 2 | 3 | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | 3 | 2 | -3 | 4 | 4 | 1 | -2 | 18 | 2 | 2 | 2 |
| Cash Flow from Investing Activities | -1 | -1 | -4 | -5 | -3 | -0 | -0 | 8 | -1 | -0 | -1 |
| Cash Flow from Financing Activities | -2 | 1 | 5 | 1 | -0 | -1 | 2 | -26 | -1 | -1 | -1 |
| Net Cash Inflow / Outflow | 1 | 1 | -2 | -1 | -0 | 0 | -0 | -0 | 0 | -0 | 0 |
| Closing Cash & Cash Equivalent | 2 | 3 | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 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) | 0.73 | 0.78 | 0.89 | 0.52 | 0.88 | 0.84 | -1.17 | -1.51 | 0.04 | 0.47 | 0.54 |
| CEPS(Rs) | 2.01 | 2.1 | 2.08 | 1.61 | 2.16 | 2.15 | 0.07 | -0.4 | 0.75 | 1.22 | 1.31 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 20.92 | 21.7 | 22.1 | 19.3 | 20.18 | 21.02 | 19.86 | 18.35 | 18.36 | 18.74 | 19.36 |
| Core EBITDA Margin(%) | 5.42 | 5.2 | 5.4 | 5.02 | 5.97 | 6.19 | 6.7 | 0.74 | 8.33 | 7.93 | 8.53 |
| EBIT Margin(%) | 4.31 | 4.24 | 4.38 | 3.86 | 4.39 | 4.29 | 3.42 | 0.52 | 5.22 | 6.79 | 6.76 |
| Pre Tax Margin(%) | 1.08 | 1.31 | 1.48 | 1.55 | 1.56 | 1.35 | -3.21 | -4.01 | 1.94 | 3.24 | 3.24 |
| PAT Margin (%) | 0.78 | 0.74 | 0.93 | 0.71 | 1.19 | 1.14 | -3.15 | -3.42 | 0.18 | 2.07 | 2.4 |
| Cash Profit Margin (%) | 2.13 | 1.99 | 2.18 | 2.21 | 2.9 | 2.9 | 0.2 | -0.91 | 3.35 | 5.41 | 5.76 |
| ROA(%) | 1.25 | 1.23 | 1.35 | 1 | 1.6 | 1.45 | -1.99 | -3.22 | 0.12 | 1.42 | 1.68 |
| ROE(%) | 3.57 | 3.66 | 4.28 | 2.93 | 4.47 | 4.1 | -5.7 | -7.9 | 0.23 | 2.52 | 2.86 |
| ROCE(%) | 9.17 | 9.48 | 8.62 | 7 | 7.54 | 6.9 | 2.54 | 0.56 | 4.14 | 5.43 | 5.38 |
| Receivable days | 70.59 | 61.35 | 85.56 | 88.5 | 78.26 | 72.35 | 119.75 | 64.29 | 84.84 | 87.33 | 63.26 |
| Inventory Days | 67.78 | 81.15 | 88.34 | 86.58 | 93.31 | 112.8 | 263.85 | 199.35 | 299.9 | 242.77 | 226.64 |
| Payable days | 62.5 | 66.67 | 82.23 | 51.56 | 38.8 | 49.01 | 72.7 | 34.11 | 57.53 | 31.43 | 17.19 |
| PER(x) | 0 | 0 | 15.3 | 24.61 | 9.23 | 4.79 | 0 | 0 | 288.89 | 27.41 | 0 |
| Price/Book(x) | 0 | 0 | 0.62 | 0.66 | 0.4 | 0.19 | 0.36 | 0.41 | 0.65 | 0.68 | 0 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.34 | 0.32 | 0.45 | 0.48 | 0.44 | 0.41 | 1.07 | 0.4 | 0.96 | 0.99 | 0.85 |
| EV/Core EBITDA(x) | 5.7 | 5.9 | 8.06 | 8.97 | 7.15 | 6.46 | 15.75 | 13.3 | 11.5 | 9.8 | 8.42 |
| Net Sales Growth(%) | 7.51 | 11.56 | 1.31 | 5.12 | 2.2 | -0.26 | -50.06 | 19.12 | -49.06 | 0.46 | 0.69 |
| EBIT Growth(%) | -16.15 | 9.66 | 4.71 | -7.25 | 16.16 | -2.44 | -60.23 | -82.05 | 416.3 | 30.61 | 0.29 |
| PAT Growth(%) | 99.58 | 6.43 | 27.35 | -19.65 | 70.34 | -4.38 | -238.05 | -29.5 | 102.75 | 1026.58 | 16.62 |
| EPS Growth(%) | 99.58 | 6.43 | 13.82 | -41.7 | 70.35 | -4.37 | -238.05 | -29.5 | 102.74 | 1028.02 | 16.62 |
| Debt/Equity(x) | 1.01 | 1.15 | 1.04 | 1.17 | 1.22 | 1.26 | 1.63 | 0.56 | 0.53 | 0.51 | 0.49 |
| Current Ratio(x) | 1.37 | 1.33 | 1.38 | 1.4 | 1.37 | 1.41 | 1.5 | 1.93 | 3.09 | 4.2 | 8.13 |
| Quick Ratio(x) | 0.68 | 0.67 | 0.83 | 0.83 | 0.79 | 0.62 | 0.51 | 0.48 | 0.96 | 1.91 | 2.76 |
| Interest Cover(x) | 1.33 | 1.45 | 1.51 | 1.67 | 1.55 | 1.46 | 0.52 | 0.11 | 1.59 | 1.91 | 1.92 |
| Total Debt/Mcap(x) | 0 | 0 | 1.44 | 1.77 | 3.02 | 6.56 | 4.57 | 1.35 | 0.82 | 0.75 | 0 |
| # | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 62.78 | 64.68 | 64.68 | 64.68 | 67.24 | 67.24 | 67.24 | 67.24 | 67.24 | 67.24 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 37.22 | 35.32 | 35.32 | 35.32 | 32.76 | 32.76 | 32.76 | 32.76 | 32.76 | 32.76 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.78 | 0.8 | 0.8 | 0.8 | 0.83 | 0.83 | 0.83 | 0.83 | 0.83 | 0.83 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.46 | 0.44 | 0.44 | 0.44 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.24 | 1.24 | 1.24 | 1.24 | 1.24 | 1.24 | 1.24 | 1.24 | 1.24 | 1.24 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | -20% | -21% | -10% |
| Operating Profit CAGR | 0% | +14% | -13% | -3% |
| PAT CAGR | 0% | — | 0% | 0% |
| Share Price CAGR | -47% | -16% | -2% | — |
| ROE Average | +3% | +2% | -2% | +1% |
| ROCE Average | +5% | +5% | +4% | +6% |
| # | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 62.78 | 64.68 | 64.68 | 64.68 | 67.24 | 67.24 | 67.24 | 67.24 | 67.24 | 67.24 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 37.22 | 35.32 | 35.32 | 35.32 | 32.76 | 32.76 | 32.76 | 32.76 | 32.76 | 32.76 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.78 | 0.8 | 0.8 | 0.8 | 0.83 | 0.83 | 0.83 | 0.83 | 0.83 | 0.83 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.46 | 0.44 | 0.44 | 0.44 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.24 | 1.24 | 1.24 | 1.24 | 1.24 | 1.24 | 1.24 | 1.24 | 1.24 | 1.24 |
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