Textile · Founded 1981 · www.swastivinayaka.com · BSE 510245 · · ISIN INE804A01025
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1. Business Overview
Swasti Vinayaka Synthetics Ltd. is an Indian textile company primarily involved in the manufacturing and trading of synthetic textile products. This typically includes the production of synthetic yarns (like polyester, viscose, acrylic, or blends), synthetic fabrics, and potentially finished garments or home textiles. The company's core business model involves procuring raw materials (e.g., purified terephthalic acid (PTA) and monoethylene glycol (MEG) for polyester), processing them into intermediate or finished textile goods, and then selling these products to a diverse customer base. This customer base generally includes downstream manufacturers (e.g., garment exporters, apparel brands), other textile processors, wholesalers, and potentially retailers. The company makes money through the manufacturing margin (the difference between the cost of raw materials and manufacturing and the selling price of its finished goods) and through trading activities.
2. Key Segments / Revenue Mix
Without specific financial data, the exact revenue mix is not available. However, for a synthetic textile company, common key segments would typically include:
Synthetic Yarns: Production and sale of various types of synthetic filament yarns, staple fibers, or blended yarns.
Synthetic Fabrics: Manufacturing and sale of woven or knitted fabrics made from synthetic fibers, catering to various applications such as apparel, industrial textiles, or home furnishings.
Trading: May also engage in trading of textile-related raw materials or finished goods to optimize supply chain and revenue streams.
3. Industry & Positioning
The Indian textile industry is one of the oldest and largest industries in the country, characterized by its fragmented nature with a mix of large, integrated players and numerous small and medium-sized enterprises. It is highly competitive, driven by both domestic consumption and export demand. Companies in the synthetic segment face competition from both domestic producers and imports. Positioning often depends on factors like product specialization (e.g., specific types of synthetic blends, technical textiles), cost efficiency, quality, adherence to international standards, and customer relationships. Swasti Vinayaka Synthetics Ltd. likely operates in a competitive environment, aiming to differentiate itself through its product quality, operational efficiency, or specific market niches within the synthetic textile value chain.
4. Competitive Advantage (Moat)
Given the nature of the textile industry, establishing a strong, durable competitive advantage can be challenging, especially for companies that may not be at the largest scale or possess proprietary technology. Potential advantages for Swasti Vinayaka Synthetics Ltd. could include:
Operational Efficiency: Ability to produce synthetic textiles at a lower cost through efficient manufacturing processes, economies of scale (if substantial), or backward integration.
Established Customer Relationships: Long-standing relationships with garment manufacturers, brands, or exporters, leading to repeat orders and preferred supplier status.
Product Specialization: Expertise in producing specific types of synthetic fibers, yarns, or fabrics that cater to niche markets or demanding applications.
Location Advantage: Proximity to raw material suppliers or key markets/ports, leading to logistics cost savings.
Without detailed information on its market share, specific product offerings, or operational scale, a strong, durable moat cannot be definitively asserted. Many players in this segment compete primarily on price and quality.
5. Growth Drivers
Key factors that could drive growth for Swasti Vinayaka Synthetics Ltd. over the next 3-5 years include:
Increasing Domestic Demand: Rising disposable incomes, urbanization, and changing fashion trends in India leading to higher consumption of textiles, particularly synthetic and blended fabrics.
Shift Towards Synthetic & Blended Fabrics: Growing preference for synthetic fabrics due to their durability, ease of care, and versatility compared to natural fibers.
Export Opportunities: Government initiatives and global demand for textiles can open up new export markets or increase existing volumes, especially with efforts like the Production Linked Incentive (PLI) scheme for textiles.
Capacity Expansion & Modernization: Investments in increasing production capacity, adopting advanced machinery, or diversifying product lines to capture new market segments.
Raw Material Price Stability: Favorable and stable prices of crude oil derivatives (key raw materials for synthetics) can improve margins and encourage higher production.
6. Risks
Raw Material Price Volatility: Synthetic textiles are highly dependent on crude oil derivatives (e.g., PTA, MEG). Fluctuations in crude oil prices can directly impact raw material costs and profitability.
Intense Competition: The Indian and global textile markets are highly competitive, leading to pricing pressure and potential erosion of margins.
Fashion & Demand Fluctuations: Changes in fashion trends, consumer preferences, or economic downturns can significantly impact demand for specific textile products.
Regulatory & Environmental Risks: Stringent environmental regulations, labor laws, and trade policies (e.g., tariffs, import duties) can increase operational costs or impact market access.
Foreign Exchange Risk: For companies involved in exports or imports, currency fluctuations can impact profitability.
Power & Labor Costs: Availability and cost of power, along with labor wage inflation, are significant operational risks in India's manufacturing sector.
7. Management & Ownership
Swasti Vinayaka Synthetics Ltd., like many Indian companies, is likely promoter-driven, meaning the founding family or group holds a significant ownership stake and plays a key role in management and strategic decision-making. This often implies a long-term vision but can also lead to concentrated control. Without specific details on the current promoters or their professional background, it's difficult to assess management quality. Generally, promoter-led companies in the textile sector have deep industry knowledge and established networks. The ownership structure typically involves the promoter group holding a majority stake, with the remaining shares held by public shareholders, institutional investors, and possibly employees.
8. Outlook
Swasti Vinayaka Synthetics Ltd. operates in the dynamic and essential textile sector, which is poised for growth driven by India's large domestic market and increasing global demand. The ongoing shift towards synthetic and blended fabrics presents a structural tailwind for the company. However, the business is inherently susceptible to volatile raw material prices, intense competition, and shifts in global trade policies and consumer preferences. For the company to capitalize on growth opportunities, sustained investment in operational efficiency, product diversification, and market expansion will be crucial. While government support for the textile industry offers potential benefits, the cyclical nature of the industry and external macroeconomic factors will continue to influence its performance.
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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 | 7 | 11 | 7 | 10 | 8 | 10 | 11 | 7 | 8 | 10 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 0 |
| Total Income | 7 | 11 | 7 | 10 | 8 | 10 | 11 | 7 | 9 | 10 |
| Total Expenditure | 6 | 10 | 6 | 9 | 8 | 9 | 9 | 7 | 9 | 8 |
| Operating Profit | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 2 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 1 |
| Provision for Tax | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Profit After Tax | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 0 | 0 | 1 |
| Adjustments | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 |
| Profit After Adjustments | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 0 | 0 | 1 |
| Adjusted Earnings Per Share | 0.1 | 0.1 | 0 | 0.1 | 0.1 | 0.1 | 0.1 | 0 | 0 | 0.1 |
| #(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 | 16 | 16 | 17 | 19 | 19 | 21 | 14 | 20 | 27 | 31 | 38 | 36 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 |
| Total Income | 16 | 16 | 17 | 20 | 20 | 21 | 14 | 20 | 27 | 31 | 39 | 37 |
| Total Expenditure | 14 | 14 | 14 | 16 | 15 | 18 | 11 | 18 | 24 | 27 | 34 | 33 |
| Operating Profit | 2 | 2 | 3 | 3 | 4 | 3 | 3 | 3 | 3 | 3 | 4 | 6 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 1 | 0 |
| Depreciation | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 1 | 2 | 3 | 3 | 2 | 2 | 2 | 3 | 3 | 3 | 2 |
| Provision for Tax | 0 | 0 | 1 | 1 | 1 | 0 | 0 | 1 | 1 | 1 | 1 | 1 |
| Profit After Tax | 1 | 1 | 1 | 2 | 3 | 1 | 2 | 2 | 2 | 2 | 2 | 2 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 1 | 1 | 1 | 2 | 3 | 1 | 2 | 2 | 2 | 2 | 2 | 2 |
| Adjusted Earnings Per Share | 0.1 | 0.1 | 0.1 | 0.2 | 0.3 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 23% | 24% | 13% | 9% |
| Operating Profit CAGR | 33% | 10% | 6% | 7% |
| PAT CAGR | 0% | 0% | 15% | 7% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -34% | -7% | -4% | 9% |
| ROE Average | 11% | 11% | 11% | 14% |
| ROCE Average | 16% | 16% | 16% | 19% |
| #(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 | 9 | 9 | 9 | 11 | 13 | 13 | 15 | 17 | 19 | 21 | 23 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 3 | 6 |
| Other Non-Current Liabilities | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 5 |
| Total Current Liabilities | 5 | 4 | 5 | 8 | 8 | 12 | 8 | 8 | 12 | 7 | 12 |
| Total Liabilities | 17 | 16 | 18 | 22 | 25 | 29 | 28 | 29 | 35 | 34 | 45 |
| Fixed Assets | 6 | 5 | 5 | 4 | 4 | 5 | 5 | 5 | 5 | 5 | 4 |
| Other Non-Current Assets | 3 | 3 | 3 | 4 | 4 | 4 | 3 | 3 | 5 | 2 | 3 |
| Total Current Assets | 8 | 8 | 10 | 13 | 16 | 20 | 20 | 21 | 25 | 28 | 37 |
| Total Assets | 17 | 16 | 18 | 22 | 25 | 29 | 28 | 29 | 35 | 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 | 0 | 1 |
| Cash Flow from Operating Activities | 3 | 3 | 3 | 3 | 1 | 3 | -0 | 2 | 3 | -3 | -1 |
| Cash Flow from Investing Activities | -2 | -0 | -0 | -1 | 0 | -1 | 1 | -0 | -2 | 2 | -0 |
| Cash Flow from Financing Activities | -1 | -3 | -3 | -2 | -2 | -2 | -1 | -2 | -1 | 1 | 2 |
| Net Cash Inflow / Outflow | -0 | 0 | 0 | 0 | -0 | 0 | -0 | -0 | -0 | 0 | 0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 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) | 0.08 | 0.1 | 0.13 | 0.23 | 0.28 | 0.16 | 0.17 | 0.19 | 0.22 | 0.22 | 0.27 |
| CEPS(Rs) | 0.16 | 0.17 | 0.19 | 0.28 | 0.33 | 0.21 | 0.2 | 0.23 | 0.26 | 0.26 | 0.31 |
| DPS(Rs) | 0.07 | 0.08 | 0.09 | 0.1 | 0.11 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 0.87 | 0.89 | 0.94 | 1.08 | 1.34 | 1.36 | 1.58 | 1.78 | 2 | 2.23 | 2.5 |
| Core EBITDA Margin(%) | 11.05 | 14.52 | 17.19 | 16.06 | 19.19 | 12.21 | 19.47 | 13.48 | 11.84 | 10.51 | 10.87 |
| EBIT Margin(%) | 9.22 | 10.86 | 14.72 | 15.26 | 19.41 | 11.07 | 18.5 | 12.7 | 11.61 | 10.29 | 10.39 |
| Pre Tax Margin(%) | 7.47 | 8.34 | 13.02 | 14.13 | 18.12 | 9.14 | 14.04 | 11.23 | 9.86 | 8.56 | 8.48 |
| PAT Margin (%) | 4.67 | 5.49 | 7.3 | 10.67 | 13.24 | 6.84 | 10.81 | 8.58 | 7.42 | 6.44 | 6.31 |
| Cash Profit Margin (%) | 8.98 | 9.62 | 10.26 | 13.12 | 15.43 | 9.2 | 12.78 | 9.95 | 8.6 | 7.5 | 7.26 |
| ROA(%) | 4.95 | 5.38 | 7.04 | 10.29 | 10.78 | 5.27 | 5.42 | 6.14 | 6.16 | 5.67 | 6.13 |
| ROE(%) | 9.67 | 11.13 | 14.6 | 22.66 | 23.24 | 11.79 | 11.68 | 11.58 | 11.7 | 10.37 | 11.38 |
| ROCE(%) | 15.54 | 17.26 | 24.77 | 27.45 | 27.66 | 13.68 | 14.89 | 15.37 | 16.76 | 15.3 | 16.04 |
| Receivable days | 54.15 | 55.4 | 56.19 | 62.41 | 94.46 | 111.19 | 175.45 | 126.96 | 111.73 | 96.87 | 103.33 |
| Inventory Days | 71.75 | 80.74 | 89.12 | 94.62 | 111.91 | 128.29 | 198.19 | 131.64 | 115.66 | 124.83 | 119.73 |
| Payable days | 14.83 | 12.03 | 12 | 30.5 | 40.48 | 31.22 | 53.08 | 23.72 | 34.96 | 30.79 | 26.83 |
| PER(x) | 18.4 | 18.38 | 17.76 | 11.11 | 8.15 | 10.72 | 37.03 | 37.66 | 19.23 | 30.93 | 19.54 |
| Price/Book(x) | 1.76 | 2.02 | 2.53 | 2.36 | 1.71 | 1.25 | 4.03 | 4.12 | 2.12 | 3.05 | 2.1 |
| Dividend Yield(%) | 3.55 | 3.45 | 2.94 | 3.06 | 3.74 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 1.02 | 1.1 | 1.36 | 1.26 | 1.24 | 1.03 | 4.18 | 3.26 | 1.51 | 2 | 1.37 |
| EV/Core EBITDA(x) | 7.53 | 7.36 | 7.71 | 7.09 | 5.73 | 7.67 | 20.4 | 23.2 | 11.78 | 17.65 | 12.13 |
| Net Sales Growth(%) | 2.99 | 0.15 | 2.67 | 16.87 | -1.28 | 9.73 | -31.78 | 42.68 | 31.78 | 14.29 | 25.2 |
| EBIT Growth(%) | 29.04 | 18.02 | 39.13 | 21.2 | 25.53 | -37.42 | 13.98 | -2.06 | 20.51 | 1.3 | 26.4 |
| PAT Growth(%) | 59.38 | 17.87 | 36.54 | 70.78 | 22.52 | -43.34 | 7.89 | 13.22 | 13.89 | -0.71 | 22.68 |
| EPS Growth(%) | 59.38 | 17.87 | 36.54 | 70.78 | 22.52 | -43.34 | 7.88 | 13.24 | 13.86 | -0.68 | 22.64 |
| Debt/Equity(x) | 0.35 | 0.21 | 0.17 | 0.19 | 0.27 | 0.52 | 0.19 | 0.05 | 0.13 | 0.04 | 0.28 |
| Current Ratio(x) | 1.56 | 1.87 | 1.85 | 1.7 | 1.95 | 1.75 | 2.51 | 2.7 | 2.14 | 4.14 | 3.21 |
| Quick Ratio(x) | 0.86 | 1.05 | 1.02 | 1 | 1.21 | 1.02 | 1.61 | 1.72 | 1.36 | 2.42 | 2.05 |
| Interest Cover(x) | 5.29 | 4.31 | 8.67 | 13.45 | 15.03 | 5.74 | 4.15 | 8.65 | 6.62 | 5.95 | 5.44 |
| Total Debt/Mcap(x) | 0.2 | 0.1 | 0.07 | 0.08 | 0.16 | 0.42 | 0.05 | 0.01 | 0.06 | 0.01 | 0.13 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 49 | 49 | 49 | 49 | 49 | 49 | 49 | 49 | 49 | 49 |
| 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 | 4.59 | 4.59 | 4.59 | 4.59 | 4.59 | 4.59 | 4.59 | 4.59 | 4.59 | 4.59 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 4.41 | 4.41 | 4.41 | 4.41 | 4.41 | 4.41 | 4.41 | 4.41 | 4.41 | 4.41 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +23% | +24% | +13% | +9% |
| Operating Profit CAGR | +33% | +10% | +6% | +7% |
| PAT CAGR | 0% | 0% | +15% | +7% |
| Share Price CAGR | -34% | -7% | -4% | +9% |
| ROE Average | +11% | +11% | +11% | +14% |
| ROCE Average | +16% | +16% | +16% | +19% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 49 | 49 | 49 | 49 | 49 | 49 | 49 | 49 | 49 | 49 |
| 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 | 4.59 | 4.59 | 4.59 | 4.59 | 4.59 | 4.59 | 4.59 | 4.59 | 4.59 | 4.59 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 4.41 | 4.41 | 4.41 | 4.41 | 4.41 | 4.41 | 4.41 | 4.41 | 4.41 | 4.41 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
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