Textile - Weaving · Founded 2010 · www.upgl.in · BSE 544756 · NSE UNITEDPOLY · ISIN INE368U01029
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Business
United Polyfab Gujarat Ltd. is primarily engaged in the manufacturing of woven textile fabrics. Its core business model involves procuring raw materials, predominantly various types of yarns (e.g., cotton, synthetic, blended), processing them through weaving techniques, and producing finished or semi-finished fabrics. The company likely operates on a Business-to-Business (B2B) model, supplying these woven fabrics to downstream industries such as garment manufacturers, home textile producers, industrial fabric converters, or other textile processors. Revenue is generated from the sale of these fabrics.
Revenue Mix
Given its specified industry as "Textile - Weaving," the company's revenue is predominantly derived from the sale of woven fabrics. While the primary segment is weaving, diversification within this segment could include different types of fabrics (e.g., denim, shirting, suiting, specialized industrial fabrics), varying fabric compositions (e.g., cotton, polyester, blends), or different finishes. Without specific details, it is assumed to be largely focused on a single, core weaving segment with product variations.
Industry
The Indian textile weaving industry is vast, fragmented, and highly competitive, comprising a mix of large integrated players and numerous small to mid-sized specialized units. It is labor-intensive and susceptible to raw material price fluctuations. United Polyfab Gujarat Ltd. operates within this environment, likely positioning itself as a supplier of woven fabrics. Its competitive standing would depend on factors such as its scale of operations, technological capabilities, product quality, cost efficiency, customer relationships, and ability to cater to specific market niches (e.g., specific fabric types, qualities, or volumes).
MOAT
For a pure weaving company, traditional moats can be challenging to establish. Potential competitive advantages could stem from:
Cost Efficiency: Achieved through economies of scale, modern machinery, efficient production processes, and effective raw material sourcing.
Established Customer Relationships: Long-term contracts and trust built with key downstream buyers.
Product Specialization/Quality: Expertise in producing niche or high-quality fabrics that command better pricing or market access.
Operational Excellence: Strong supply chain management, quick turnaround times, and consistent quality.
A strong brand is less common for a B2B weaving company, and switching costs for buyers are generally moderate unless specific certifications or custom designs are involved.
Growth Drivers
Growing Domestic Demand: Increasing disposable incomes and population in India drive demand for apparel and home textiles, boosting the need for woven fabrics.
Export Opportunities: Global demand for Indian textiles, supported by favorable trade agreements and competitive pricing.
Government Support: Initiatives and schemes (e.g., PLI scheme, textile parks) aimed at modernizing and boosting the competitiveness of the Indian textile sector.
Product Diversification and Upgradation: Investment in producing value-added fabrics, technical textiles, or sustainable textiles.
Capacity Expansion: Increasing production capacity to meet growing demand.
Risks
Raw Material Price Volatility: Fluctuations in the prices of yarns and fibers can directly impact production costs and margins.
Intense Competition: The fragmented nature of the industry leads to pricing pressure and margin erosion.
Technological Obsolescence: Rapid advancements in weaving technology require continuous investment to remain competitive.
Labor Issues: Availability of skilled labor and rising labor costs.
Fashion and Demand Shifts: Changes in consumer preferences or fashion trends can quickly alter demand for specific fabric types.
Global Economic Downturns: Can impact export demand and overall market sentiment.
Environmental Regulations: Increasing scrutiny and costs associated with environmental compliance.
Management & Ownership
United Polyfab Gujarat Ltd., like many Indian companies, is likely promoter-driven, meaning the founding family or individuals hold a significant ownership stake and maintain active involvement in management. The quality of management would typically be assessed by their experience in the textile industry, strategic vision, operational efficiency, and financial prudence in navigating market cycles and competition. The ownership structure would likely comprise a majority stake held by the promoters, with the remaining shares available to the public.
Outlook
The outlook for United Polyfab Gujarat Ltd. is tied to the broader dynamics of the Indian and global textile sectors. The company is positioned in a fundamental part of the textile value chain (weaving) which benefits from both domestic consumption growth and export potential. Success will hinge on its ability to maintain cost efficiency, innovate with product offerings, manage raw material price volatility, and build strong customer relationships in a highly competitive market. Investment in modernization and product diversification towards higher-margin or specialized fabrics could be crucial for sustained growth. However, it faces ongoing challenges from intense competition, raw material price fluctuations, and the need for continuous technological upgrades.
Price goes above X
Price falls below X
PE goes above X
PE falls below X
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 216 | 138 | 159 | 152 | 153 | 146 | 185 | 175 | 172 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 0 | -0 |
| Total Income | 216 | 138 | 159 | 153 | 154 | 147 | 189 | 175 | 172 |
| Total Expenditure | 208 | 129 | 147 | 140 | 142 | 133 | 173 | 161 | 163 |
| Operating Profit | 8 | 8 | 12 | 12 | 11 | 14 | 16 | 14 | 9 |
| Interest | 2 | 3 | 2 | 2 | 3 | 2 | 3 | 2 | 3 |
| Depreciation | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 3 | 2 | 7 | 7 | 5 | 8 | 10 | 8 | 4 |
| Provision for Tax | 3 | -1 | 2 | 2 | 1 | 2 | 3 | 4 | -4 |
| Profit After Tax | -0 | 4 | 5 | 5 | 4 | 6 | 8 | 5 | 7 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 |
| Profit After Adjustments | -0 | 4 | 5 | 5 | 4 | 6 | 8 | 5 | 7 |
| Adjusted Earnings Per Share | -0 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.2 | 0.3 |
| #(Fig in Cr.) | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|
| Net Sales | 908 | 602 | 678 |
| Other Income | 3 | 1 | 4 |
| Total Income | 911 | 603 | 683 |
| Total Expenditure | 876 | 558 | 630 |
| Operating Profit | 35 | 45 | 53 |
| Interest | 10 | 11 | 10 |
| Depreciation | 13 | 13 | 12 |
| Exceptional Income / Expenses | 0 | 0 | 0 |
| Profit Before Tax | 12 | 21 | 30 |
| Provision for Tax | 6 | 4 | 5 |
| Profit After Tax | 7 | 18 | 26 |
| Adjustments | 0 | 0 | 0 |
| Profit After Adjustments | 7 | 18 | 26 |
| Adjusted Earnings Per Share | 0.3 | 0.8 | 1.1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -34% | 0% | 0% | 0% |
| Operating Profit CAGR | 29% | 0% | 0% | 0% |
| PAT CAGR | 157% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 107% | 50% | 94% | NA% |
| ROE Average | 20% | 14% | 14% | 14% |
| ROCE Average | 15% | 13% | 13% | 13% |
| #(Fig in Cr.) | Mar 2024 | Mar 2025 |
|---|---|---|
| Shareholder's Funds | 80 | 97 |
| Minority's Interest | 0 | 0 |
| Borrowings | 71 | 49 |
| Other Non-Current Liabilities | 8 | 7 |
| Total Current Liabilities | 84 | 92 |
| Total Liabilities | 243 | 246 |
| Fixed Assets | 80 | 94 |
| Other Non-Current Assets | 25 | 1 |
| Total Current Assets | 138 | 151 |
| Total Assets | 243 | 246 |
| #(Fig in Cr.) | Mar 2024 | Mar 2025 |
|---|---|---|
| Opening Cash & Cash Equivalents | 8 | 0 |
| Cash Flow from Operating Activities | 2 | 19 |
| Cash Flow from Investing Activities | -21 | -3 |
| Cash Flow from Financing Activities | 12 | -17 |
| Net Cash Inflow / Outflow | -7 | 0 |
| Closing Cash & Cash Equivalent | 0 | 0 |
| # | Mar 2024 | Mar 2025 |
|---|---|---|
| Earnings Per Share (Rs) | 0.29 | 0.77 |
| CEPS(Rs) | 0.85 | 1.34 |
| DPS(Rs) | 0 | 0 |
| Book NAV/Share(Rs) | 3.47 | 4.24 |
| Core EBITDA Margin(%) | 3.52 | 7.27 |
| EBIT Margin(%) | 2.43 | 5.28 |
| Pre Tax Margin(%) | 1.36 | 3.53 |
| PAT Margin (%) | 0.73 | 2.94 |
| Cash Profit Margin (%) | 2.14 | 5.1 |
| ROA(%) | 2.72 | 7.24 |
| ROE(%) | 8.3 | 19.99 |
| ROCE(%) | 10.75 | 15.11 |
| Receivable days | 39.45 | 59.08 |
| Inventory Days | 10.26 | 21.24 |
| Payable days | 9.7 | 14.14 |
| PER(x) | 31.78 | 19.4 |
| Price/Book(x) | 2.64 | 3.53 |
| Dividend Yield(%) | 0 | 0 |
| EV/Net Sales(x) | 0.36 | 0.76 |
| EV/Core EBITDA(x) | 9.49 | 10.19 |
| Net Sales Growth(%) | 0 | -33.71 |
| EBIT Growth(%) | 0 | 44.13 |
| PAT Growth(%) | 0 | 167.67 |
| EPS Growth(%) | 0 | 167.7 |
| Debt/Equity(x) | 1.58 | 1.22 |
| Current Ratio(x) | 1.64 | 1.64 |
| Quick Ratio(x) | 1.34 | 1.16 |
| Interest Cover(x) | 2.26 | 3.02 |
| Total Debt/Mcap(x) | 0.6 | 0.35 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 50.29 | 50.29 | 50.29 | 50.29 | 51.51 | 51.51 | 51.51 | 51.51 | 51.51 | 51.51 |
| FII | 6.12 | 6.12 | 6.12 | 6.12 | 6.12 | 6.12 | 6.12 | 6.09 | 6.07 | 6.04 |
| DII | 0 | 0 | 0 | 0 | 1.74 | 2.18 | 2.16 | 2.16 | 2.17 | 2.17 |
| Public | 43.59 | 43.59 | 43.59 | 43.59 | 40.63 | 40.2 | 40.21 | 40.24 | 40.26 | 40.29 |
| 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 | 1.18 | 1.18 | 11.82 | 11.82 | 11.82 | 11.82 |
| FII | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 1.4 | 1.4 | 1.39 | 1.39 |
| DII | 0 | 0 | 0 | 0 | 0.04 | 0.05 | 0.5 | 0.5 | 0.5 | 0.5 |
| Public | 1 | 1 | 1 | 1 | 0.93 | 0.92 | 9.23 | 9.24 | 9.24 | 9.25 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 | 22.95 | 22.95 | 22.95 | 22.95 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -34% | — | — | — |
| Operating Profit CAGR | +29% | — | — | — |
| PAT CAGR | +157% | — | — | — |
| Share Price CAGR | +107% | +50% | +94% | — |
| ROE Average | +20% | +14% | +14% | +14% |
| ROCE Average | +15% | +13% | +13% | +13% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 50.29 | 50.29 | 50.29 | 50.29 | 51.51 | 51.51 | 51.51 | 51.51 | 51.51 | 51.51 |
| FII | 6.12 | 6.12 | 6.12 | 6.12 | 6.12 | 6.12 | 6.12 | 6.09 | 6.07 | 6.04 |
| DII | 0 | 0 | 0 | 0 | 1.74 | 2.18 | 2.16 | 2.16 | 2.17 | 2.17 |
| Public | 49.71 | 49.71 | 49.71 | 49.71 | 48.49 | 48.49 | 48.49 | 48.49 | 48.49 | 48.49 |
| 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 | 1.15 | 1.15 | 1.15 | 1.15 | 1.18 | 1.18 | 11.82 | 11.82 | 11.82 | 11.82 |
| FII | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 1.4 | 1.4 | 1.39 | 1.39 |
| DII | 0 | 0 | 0 | 0 | 0.04 | 0.05 | 0.5 | 0.5 | 0.5 | 0.5 |
| Public | 1.14 | 1.14 | 1.14 | 1.14 | 1.11 | 1.11 | 11.13 | 11.13 | 11.13 | 11.13 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 | 22.95 | 22.95 | 22.95 | 22.95 |
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