Textile · Founded 1962 · www.suryalakshmi.com · BSE 521200 · NSE SURYLAK.COTT · ISIN INE713B01026
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1. Business Overview
Suryalakshmi Cotton Mills Ltd. is a vertically integrated textile manufacturer based in India. The company's core business involves the production of 100% cotton yarn, a wide range of denim fabrics, and readymade garments. It operates multiple manufacturing facilities and caters to both domestic and international markets, supplying its products to apparel brands, garment manufacturers, and retailers. The company generates revenue by selling its manufactured yarns, fabrics, and garments.
2. Key Segments / Revenue Mix
Suryalakshmi Cotton Mills operates primarily across three main product segments:
Yarn: Production of various types of 100% cotton yarns, including combed, carded, and specialty yarns. This segment has been a traditional strength.
Denim Fabric: Manufacturing of a diverse range of denim fabrics, catering to different fashion and functional requirements. This is a significant revenue contributor.
Garments: Production of readymade apparel, leveraging its fabric manufacturing capabilities to move up the value chain. While growing, this is a relatively newer segment compared to yarn and fabric.
Exact percentage contribution for each segment is not readily available in public summaries but the company's strategy emphasizes vertical integration across these areas.
3. Industry & Positioning
The company operates in the highly competitive and fragmented Indian textile industry, which is a significant global player in cotton spinning and garment manufacturing. Suryalakshmi Cotton Mills positions itself as a mid-sized, vertically integrated manufacturer with a focus on quality and value-added products, particularly in specialty yarns and diverse denim fabrics. Its vertical integration from yarn to fabric to garments allows for better quality control and cost efficiencies compared to standalone players in specific segments. It competes with numerous other domestic and international textile mills and denim manufacturers.
4. Competitive Advantage (Moat)
Vertical Integration: Manufacturing from yarn to fabric (denim) and into garmenting provides better control over the supply chain, quality, and cost, reducing reliance on external suppliers.
Product Specialization & Quality: Focus on producing high-quality, specialized cotton yarns and a diverse range of denim fabrics has enabled it to build established customer relationships.
Operational Experience: Decades of experience in textile manufacturing contributes to operational efficiency and product development capabilities.
5. Growth Drivers
Increasing Textile Consumption: Growing domestic and global demand for textiles and apparel, particularly in India's large consumer market.
Government Initiatives: Support schemes like the Production Linked Incentive (PLI) scheme for textiles and apparel, and other export promotion initiatives, can boost growth and competitiveness.
Vertical Integration & Value Addition: Further leveraging its garmenting capabilities to capture a higher share of the value chain.
Export Market Opportunities: Global demand for quality Indian textiles and apparel provides opportunities for international expansion.
Focus on Specialty Products: Continued innovation and diversification into specialty yarns and premium denim can command better margins.
6. Risks
Raw Material Price Volatility: Significant exposure to fluctuations in global cotton prices, which directly impact production costs and profitability.
Intense Competition: High competition from numerous domestic and international players, leading to pricing pressures.
Global Economic Slowdown: A downturn in global economic activity can reduce consumer spending on textiles and apparel, impacting demand.
Currency Fluctuations: Exposure to foreign exchange rate volatility, particularly for its export revenues and import costs.
Trade Barriers & Regulatory Changes: Changes in trade policies, tariffs, or environmental regulations in key export markets could affect profitability.
Fashion Trends: Rapid shifts in fashion trends require constant adaptation in product design and manufacturing, posing inventory and relevance risks.
7. Management & Ownership
Suryalakshmi Cotton Mills Ltd. is primarily promoter-driven, with the Lakhotia family holding a significant ownership stake. Mr. L.N. Lakhotia serves as the Chairman and Mr. Parag Lakhotia as the Managing Director, indicating continuity in leadership. As of recent filings (e.g., Dec 2023), promoter holding typically stands around 60%, with the remaining held by the public and institutional investors. The management has long-standing experience in the textile industry.
8. Outlook
Suryalakshmi Cotton Mills is well-positioned with its vertically integrated operations spanning yarn, denim, and garments, allowing it to capture value across the textile chain. Its focus on quality and product diversification provides a foundation for growth, supported by underlying demand for textiles and potential government incentives in India. However, the company operates in a cyclical industry highly susceptible to volatile cotton prices, intense competition, and global economic fluctuations. Sustained profitability will depend on its ability to effectively manage raw material costs, maintain competitive pricing, expand its value-added product offerings, and navigate dynamic market conditions.
Price goes above X
Price falls below X
PE goes above X
PE falls below X
| #(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 | 185 | 184 | 239 | 159 | 193 | 194 | 246 | 178 | 192 | 184 |
| Other Income | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 2 | 6 |
| Total Income | 185 | 185 | 240 | 160 | 194 | 195 | 247 | 179 | 194 | 189 |
| Total Expenditure | 172 | 171 | 221 | 146 | 181 | 182 | 232 | 165 | 182 | 177 |
| Operating Profit | 13 | 14 | 19 | 14 | 14 | 13 | 15 | 14 | 12 | 13 |
| Interest | 7 | 7 | 8 | 8 | 9 | 8 | 8 | 7 | 7 | 7 |
| Depreciation | 4 | 5 | 5 | 5 | 5 | 4 | 4 | 5 | 5 | 5 |
| Exceptional Income / Expenses | -1 | -0 | -3 | 0 | -1 | 0 | 2 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 1 | 3 | 1 | -1 | 1 | 4 | 2 | 0 | 1 |
| Provision for Tax | 0 | 0 | 2 | 0 | -0 | 0 | 2 | 1 | 0 | 0 |
| Profit After Tax | 1 | 1 | 1 | 0 | -1 | 1 | 3 | 1 | 0 | 1 |
| Adjustments | 0 | 0 | -0 | -0 | 0 | -0 | 0 | -0 | 0 | -0 |
| Profit After Adjustments | 1 | 1 | 1 | 0 | -1 | 1 | 3 | 1 | 0 | 1 |
| Adjusted Earnings Per Share | 0.4 | 0.5 | 0.4 | 0.2 | -0.3 | 0.5 | 1.4 | 0.8 | 0.2 | 0.3 |
| #(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 | 705 | 760 | 777 | 761 | 742 | 597 | 486 | 778 | 851 | 782 | 792 | 800 |
| Other Income | 9 | 13 | 1 | 3 | 6 | 3 | 3 | 5 | 6 | 3 | 5 | 10 |
| Total Income | 714 | 773 | 778 | 764 | 748 | 601 | 488 | 784 | 857 | 786 | 796 | 809 |
| Total Expenditure | 630 | 663 | 681 | 696 | 700 | 586 | 451 | 698 | 789 | 728 | 741 | 756 |
| Operating Profit | 84 | 111 | 97 | 68 | 49 | 14 | 37 | 85 | 68 | 58 | 55 | 54 |
| Interest | 34 | 34 | 38 | 39 | 37 | 36 | 32 | 24 | 24 | 30 | 32 | 29 |
| Depreciation | 32 | 31 | 31 | 29 | 26 | 24 | 16 | 16 | 18 | 18 | 18 | 19 |
| Exceptional Income / Expenses | -0 | -0 | 2 | 2 | 0 | 0 | 11 | 5 | -7 | -4 | 1 | 2 |
| Profit Before Tax | 18 | 44 | 31 | 3 | -14 | -46 | -0 | 50 | 19 | 6 | 6 | 7 |
| Provision for Tax | 6 | 14 | 11 | -2 | -6 | -14 | -0 | 16 | 6 | 3 | 2 | 3 |
| Profit After Tax | 12 | 30 | 20 | 5 | -8 | -32 | -0 | 34 | 13 | 4 | 4 | 5 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | -2 | -34 | -2 | 0 | 0 | 0 |
| Profit After Adjustments | 12 | 30 | 20 | 5 | -8 | -32 | -3 | 0 | 10 | 4 | 4 | 5 |
| Adjusted Earnings Per Share | 7.1 | 17.7 | 11.7 | 3.1 | -5.1 | -19.1 | -0.2 | 18.3 | 6.8 | 1.9 | 1.9 | 2.7 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 1% | 1% | 6% | 1% |
| Operating Profit CAGR | -5% | -14% | 31% | -4% |
| PAT CAGR | 0% | -51% | 0% | -10% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -15% | -2% | 5% | -9% |
| ROE Average | 1% | 3% | 4% | 3% |
| ROCE Average | 7% | 8% | 9% | 8% |
| #(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 | 322 | 336 | 278 | 281 | 270 | 237 | 234 | 252 | 263 | 266 | 270 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 124 | 168 | 128 | 144 | 123 | 114 | 96 | 101 | 66 | 68 | 74 |
| Other Non-Current Liabilities | 37 | 42 | 55 | 52 | 46 | 33 | 32 | 32 | 36 | 38 | 40 |
| Total Current Liabilities | 261 | 330 | 348 | 372 | 340 | 343 | 325 | 312 | 290 | 356 | 366 |
| Total Liabilities | 744 | 876 | 809 | 850 | 779 | 726 | 688 | 697 | 654 | 728 | 749 |
| Fixed Assets | 419 | 492 | 408 | 403 | 380 | 337 | 322 | 240 | 245 | 262 | 265 |
| Other Non-Current Assets | 14 | 8 | 32 | 14 | 14 | 8 | 8 | 11 | 22 | 20 | 19 |
| Total Current Assets | 310 | 374 | 369 | 433 | 385 | 382 | 357 | 417 | 386 | 446 | 465 |
| Total Assets | 744 | 876 | 809 | 850 | 779 | 726 | 688 | 697 | 654 | 728 | 749 |
| #(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 | 9 | 10 | 5 | 2 | 1 | 2 | 4 | 10 | 7 | 6 | 0 |
| Cash Flow from Operating Activities | 78 | 69 | 87 | 29 | 78 | 65 | 33 | 54 | 99 | 19 | 8 |
| Cash Flow from Investing Activities | -25 | -109 | -27 | -8 | -2 | 8 | 18 | -8 | -3 | -25 | -33 |
| Cash Flow from Financing Activities | -52 | 39 | -62 | -22 | -75 | -70 | -45 | -49 | -98 | -0 | 26 |
| Net Cash Inflow / Outflow | 1 | -1 | -3 | -1 | 1 | 2 | 6 | -3 | -1 | -6 | 1 |
| Closing Cash & Cash Equivalent | 10 | 9 | 2 | 1 | 2 | 4 | 10 | 7 | 6 | 0 | 1 |
| # | 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) | 7.05 | 17.66 | 11.7 | 3.09 | -5.06 | -19.06 | -0.2 | 18.28 | 6.76 | 1.92 | 1.93 |
| CEPS(Rs) | 26.37 | 36.81 | 30.31 | 20.41 | 10.39 | -4.59 | 9.68 | 26.81 | 16.1 | 11.52 | 11.61 |
| DPS(Rs) | 1.2 | 1.8 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 141.28 | 156.06 | 165.67 | 167.39 | 160.72 | 140.87 | 139.12 | 133.18 | 138.93 | 140.53 | 142.47 |
| Core EBITDA Margin(%) | 10.1 | 12.12 | 10.32 | 7.34 | 4.98 | 1.63 | 6.78 | 9.19 | 6.47 | 6.24 | 5.78 |
| EBIT Margin(%) | 7.04 | 9.82 | 7.33 | 4.71 | 2.73 | -1.47 | 6.27 | 8.56 | 4.53 | 4.15 | 4.28 |
| Pre Tax Margin(%) | 2.48 | 5.54 | 3.3 | 0.31 | -1.68 | -6.86 | -0.09 | 5.76 | 1.96 | 0.71 | 0.63 |
| PAT Margin (%) | 1.65 | 3.75 | 2.1 | 0.58 | -1 | -4.77 | -0.07 | 3.97 | 1.33 | 0.41 | 0.41 |
| Cash Profit Margin (%) | 5.96 | 7.65 | 5.43 | 3.84 | 2.04 | -1.15 | 3.17 | 5.82 | 3.18 | 2.48 | 2.49 |
| ROA(%) | 1.62 | 3.71 | 2.32 | 0.62 | -1.04 | -4.22 | -0.05 | 4.96 | 1.88 | 0.52 | 0.49 |
| ROE(%) | 5.42 | 12.12 | 7.27 | 1.86 | -3.09 | -12.64 | -0.15 | 14.25 | 4.97 | 1.37 | 1.37 |
| ROCE(%) | 9.55 | 13.35 | 10.6 | 6.33 | 3.58 | -1.67 | 5.83 | 13.97 | 8.82 | 7.6 | 7.19 |
| Receivable days | 52.66 | 54.66 | 52.5 | 63.51 | 74.45 | 79.74 | 90.17 | 58.65 | 55.33 | 66.72 | 74.69 |
| Inventory Days | 61.48 | 66.95 | 65.46 | 72.25 | 65.38 | 78.6 | 100.92 | 59.5 | 58.79 | 71.08 | 82.92 |
| Payable days | 50.45 | 62.57 | 67.93 | 73.38 | 75.65 | 95.17 | 114.77 | 81.8 | 85.59 | 116.27 | 114.66 |
| PER(x) | 10.89 | 5.85 | 9.14 | 20.54 | 0 | 0 | 0 | 4.3 | 6.83 | 33.95 | 28.54 |
| Price/Book(x) | 0.54 | 0.66 | 0.65 | 0.38 | 0.19 | 0.1 | 0.21 | 0.59 | 0.33 | 0.46 | 0.39 |
| Dividend Yield(%) | 1.56 | 1.74 | 0.94 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.6 | 0.71 | 0.7 | 0.64 | 0.53 | 0.55 | 0.7 | 0.51 | 0.31 | 0.43 | 0.46 |
| EV/Core EBITDA(x) | 5.02 | 4.9 | 5.59 | 7.08 | 8.07 | 22.91 | 9.13 | 4.7 | 3.86 | 5.86 | 6.58 |
| Net Sales Growth(%) | 0.45 | 7.77 | 2.28 | -2.12 | -2.47 | -19.5 | -18.63 | 60.15 | 9.38 | -8.07 | 1.2 |
| EBIT Growth(%) | -3.45 | 51.5 | -13.34 | -38.91 | -44.62 | -142.49 | 425.89 | 132.08 | -41.79 | -16.24 | 3.75 |
| PAT Growth(%) | 3.89 | 146.97 | -35.08 | -73.6 | -263.83 | -276.55 | 98.93 | 0 | -62.99 | -71.64 | 0.71 |
| EPS Growth(%) | -11.8 | 150.47 | -33.76 | -73.6 | -263.83 | -276.55 | 98.93 | 9072.41 | -62.99 | -71.64 | 0.71 |
| Debt/Equity(x) | 1.21 | 1.38 | 1.33 | 1.38 | 1.3 | 1.34 | 1.33 | 1.06 | 0.75 | 0.85 | 1.05 |
| Current Ratio(x) | 1.19 | 1.14 | 1.06 | 1.16 | 1.13 | 1.11 | 1.1 | 1.34 | 1.33 | 1.25 | 1.27 |
| Quick Ratio(x) | 0.66 | 0.66 | 0.55 | 0.7 | 0.75 | 0.66 | 0.71 | 0.83 | 0.81 | 0.72 | 0.7 |
| Interest Cover(x) | 1.54 | 2.3 | 1.82 | 1.07 | 0.62 | -0.27 | 0.99 | 3.06 | 1.76 | 1.21 | 1.17 |
| Total Debt/Mcap(x) | 2.31 | 2.15 | 2.07 | 3.67 | 6.95 | 13.23 | 6.27 | 1.81 | 2.28 | 1.84 | 2.73 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 60.93 | 60.93 | 60.93 | 60.93 | 60.93 | 60.93 | 60.93 | 60.93 | 60.93 | 60.93 |
| FII | 0 | 0 | 0 | 0.11 | 0.11 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 |
| DII | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 |
| Public | 38.71 | 38.71 | 38.71 | 38.61 | 38.61 | 38.5 | 38.5 | 38.5 | 38.5 | 38.5 |
| 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 | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.88 | 1.88 | 1.88 | 1.88 | 1.88 | 1.88 | 1.88 | 1.88 | 1.88 | 1.88 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +1% | +1% | +6% | +1% |
| Operating Profit CAGR | -5% | -14% | +31% | -4% |
| PAT CAGR | 0% | -51% | — | -10% |
| Share Price CAGR | -15% | -2% | +5% | -9% |
| ROE Average | +1% | +3% | +4% | +3% |
| ROCE Average | +7% | +8% | +9% | +8% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 60.93 | 60.93 | 60.93 | 60.93 | 60.93 | 60.93 | 60.93 | 60.93 | 60.93 | 60.93 |
| FII | 0 | 0 | 0 | 0.11 | 0.11 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 |
| DII | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 |
| Public | 39.07 | 39.07 | 39.07 | 39.07 | 39.07 | 39.07 | 39.07 | 39.07 | 39.07 | 39.07 |
| 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 | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.88 | 1.88 | 1.88 | 1.88 | 1.88 | 1.88 | 1.88 | 1.88 | 1.88 | 1.88 |
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