Textile · Founded 1980 · www.winsometextile.com · BSE 514470 · · ISIN INE837B01031
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1. Business Overview
Winsome Textile Industries Ltd. is an Indian textile manufacturer primarily engaged in the production of various types of yarns and knitted fabrics. The company's core business involves converting raw materials, predominantly cotton and synthetic fibers, into value-added textile products such as 100% cotton yarn (carded, combed), blended yarn (e.g., polyester-cotton, viscose-cotton), and different varieties of knitted fabrics. The company makes money by selling these intermediate textile products to garment manufacturers, fabric converters, and other players in the domestic and international textile value chain.
2. Key Segments / Revenue Mix
While specific revenue breakdowns are not readily available without accessing detailed financial reports, Winsome Textile's primary revenue streams are derived from:
Yarn Manufacturing: This segment includes the production and sale of various counts and types of cotton yarn and blended yarns.
Fabric Manufacturing: This segment focuses on the production and sale of knitted fabrics.
Historically, yarn production often forms a significant portion of revenue for spinning mills like Winsome.
3. Industry & Positioning
The Indian textile industry is one of the largest globally, characterized by its labor-intensive nature, significant contribution to exports, and a diverse range of products. It's a fragmented industry with both large integrated players and numerous smaller, specialized units. Winsome Textile Industries Ltd. operates as an established manufacturer within this competitive landscape, likely positioned as a mid-tier player known for its range of yarns and knitted fabrics. Its positioning often depends on its quality standards, cost-efficiency, and established relationships with buyers in both domestic and international markets.
4. Competitive Advantage (Moat)
Winsome Textile's competitive advantages are likely derived from:
Operational Scale & Efficiency: As an established manufacturer, the company likely benefits from economies of scale in procurement, production, and distribution, leading to competitive pricing.
Product Diversification: Offering a range of cotton and blended yarns, as well as knitted fabrics, allows the company to cater to diverse customer needs and potentially hedge against demand fluctuations in a single product category.
Customer Relationships: Long-standing relationships with domestic and international buyers, built on consistent quality and reliability, can provide a stable demand base.
Manufacturing Expertise: Accumulated experience and technical know-how in textile manufacturing processes contribute to consistent product quality and efficient operations.
5. Growth Drivers
Key factors that can drive growth for Winsome Textile Industries Ltd. over the next 3-5 years include:
Increasing Domestic Consumption: Rising disposable incomes and changing fashion trends in India are expected to boost demand for textiles and apparel.
Export Opportunities: Growth in global textile and apparel trade, driven by shifting supply chains and demand from major international markets, can enhance export revenues.
Government Support: Initiatives by the Indian government, such as the Production Linked Incentive (PLI) scheme for textiles and technical textiles, aim to boost manufacturing and exports.
Product Development & Upgradation: Investment in new machinery, sustainable practices, and development of innovative/value-added yarns and fabrics can open new markets and command better margins.
Vertical Integration/Capacity Expansion: Strategic expansion of manufacturing capacity or further integration into the textile value chain could drive revenue growth.
6. Risks
Raw Material Price Volatility: Fluctuations in cotton prices and crude oil prices (for synthetic fibers) can significantly impact profitability.
Intense Competition: The Indian textile market is highly competitive, putting pressure on pricing and margins.
Currency Fluctuations: A significant portion of revenue may come from exports, making the company susceptible to adverse movements in exchange rates.
Global Economic Slowdown: A downturn in major export markets can reduce demand for textile products.
Changing Fashion Trends & Consumer Preferences: Rapid shifts in fashion can lead to inventory obsolescence or require quick adaptation in production.
Environmental Regulations: Increasing scrutiny and regulations around textile manufacturing's environmental impact may necessitate significant capital expenditure.
7. Management & Ownership
Winsome Textile Industries Ltd. is typically a promoter-led company, characteristic of many Indian listed entities. The promoters and their families usually hold a substantial stake, ensuring alignment of long-term interests. The management team would typically comprise experienced professionals with extensive knowledge of the textile industry, overseeing operations, finance, and marketing. Corporate governance practices would adhere to regulatory requirements for listed companies in India.
8. Outlook
Winsome Textile Industries Ltd. operates in a fundamental industry with long-term growth potential, supported by both domestic consumption and export demand. The company's established manufacturing base and diversified product portfolio in yarns and knitted fabrics provide a stable foundation. The bull case hinges on strong demand recovery in key markets, successful navigation of raw material price fluctuations through efficient procurement, and leveraging government incentives for growth and modernization. Conversely, the bear case involves continued volatility in raw material costs, intense pricing pressure from competitors, and potential slowdowns in export markets or domestic consumption due to economic uncertainties. The company's ability to maintain cost efficiency, adapt to evolving market demands, and invest strategically will be crucial for its sustained performance.
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 195 | 219 | 221 | 219 | 201 | 225 | 222 | 222 | 208 | 244 |
| Other Income | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 1 |
| Total Income | 196 | 219 | 221 | 220 | 201 | 225 | 223 | 223 | 208 | 245 |
| Total Expenditure | 175 | 194 | 193 | 193 | 176 | 202 | 195 | 195 | 186 | 214 |
| Operating Profit | 21 | 26 | 28 | 27 | 25 | 24 | 27 | 28 | 22 | 30 |
| Interest | 12 | 11 | 13 | 12 | 12 | 9 | 12 | 13 | 9 | 14 |
| Depreciation | 5 | 5 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 4 | 9 | 9 | 10 | 8 | 9 | 9 | 9 | 8 | 10 |
| Provision for Tax | 1 | 2 | 2 | 1 | 2 | 2 | 2 | 2 | 2 | 3 |
| Profit After Tax | 3 | 7 | 7 | 9 | 5 | 7 | 7 | 7 | 5 | 8 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 3 | 7 | 7 | 9 | 5 | 7 | 7 | 7 | 5 | 8 |
| Adjusted Earnings Per Share | 1.4 | 3.5 | 3.5 | 4.4 | 2.8 | 3.5 | 3.5 | 3.4 | 2.7 | 4 |
| #(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 | 649 | 658 | 713 | 698 | 723 | 662 | 624 | 956 | 876 | 823 | 865 | 896 |
| Other Income | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 2 | 2 | 3 | 3 |
| Total Income | 652 | 660 | 715 | 700 | 724 | 664 | 626 | 958 | 878 | 826 | 868 | 899 |
| Total Expenditure | 550 | 555 | 601 | 620 | 638 | 597 | 567 | 819 | 783 | 736 | 764 | 790 |
| Operating Profit | 101 | 105 | 114 | 80 | 86 | 67 | 59 | 140 | 95 | 90 | 104 | 107 |
| Interest | 63 | 63 | 54 | 48 | 48 | 49 | 33 | 43 | 39 | 44 | 46 | 48 |
| Depreciation | 18 | 20 | 27 | 25 | 24 | 22 | 22 | 21 | 22 | 22 | 22 | 24 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | -5 | -6 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 21 | 23 | 32 | 7 | 14 | -4 | -1 | 70 | 35 | 25 | 35 | 36 |
| Provision for Tax | 8 | 2 | 10 | 2 | 2 | -2 | 0 | 24 | 10 | 6 | 7 | 9 |
| Profit After Tax | 13 | 20 | 22 | 5 | 12 | -3 | -1 | 45 | 25 | 19 | 28 | 27 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 13 | 20 | 22 | 5 | 12 | -3 | -1 | 45 | 25 | 19 | 28 | 27 |
| Adjusted Earnings Per Share | 6.5 | 10.3 | 11 | 2.5 | 6.1 | -1.5 | -0.6 | 22.9 | 12.4 | 9.4 | 14.2 | 13.6 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 5% | -3% | 5% | 3% |
| Operating Profit CAGR | 16% | -9% | 9% | 0% |
| PAT CAGR | 47% | -15% | 0% | 8% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -5% | 17% | 18% | 8% |
| ROE Average | 10% | 9% | 10% | 8% |
| ROCE Average | 15% | 14% | 14% | 14% |
| #(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 | 138 | 158 | 171 | 177 | 189 | 187 | 186 | 232 | 256 | 275 | 303 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 193 | 152 | 125 | 84 | 58 | 45 | 33 | 153 | 125 | 115 | 78 |
| Other Non-Current Liabilities | 43 | 43 | 56 | 62 | 62 | 60 | 59 | 43 | 42 | 43 | 43 |
| Total Current Liabilities | 372 | 395 | 444 | 460 | 443 | 428 | 449 | 366 | 336 | 404 | 409 |
| Total Liabilities | 746 | 749 | 795 | 782 | 752 | 719 | 727 | 794 | 760 | 838 | 834 |
| Fixed Assets | 336 | 382 | 374 | 365 | 343 | 324 | 303 | 300 | 293 | 323 | 318 |
| Other Non-Current Assets | 60 | 5 | 7 | 1 | 1 | 1 | 6 | 6 | 19 | 12 | 6 |
| Total Current Assets | 351 | 362 | 414 | 416 | 408 | 395 | 418 | 488 | 448 | 504 | 510 |
| Total Assets | 746 | 749 | 795 | 782 | 752 | 719 | 727 | 794 | 760 | 838 | 834 |
| #(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 | 18 | 16 | 1 | 1 | 1 | 3 | 1 | 0 | 1 | 2 | 1 |
| Cash Flow from Operating Activities | 111 | 97 | 99 | 101 | 88 | 77 | 21 | 26 | 94 | 76 | 90 |
| Cash Flow from Investing Activities | -14 | -9 | -22 | -8 | -1 | -2 | -5 | -18 | -25 | -42 | -11 |
| Cash Flow from Financing Activities | -100 | -89 | -77 | -92 | -86 | -77 | -17 | -7 | -67 | -36 | -79 |
| Net Cash Inflow / Outflow | -3 | -1 | 0 | 0 | 2 | -2 | -0 | 1 | 1 | -2 | -0 |
| Closing Cash & Cash Equivalent | 16 | 15 | 1 | 1 | 3 | 1 | 0 | 1 | 2 | 1 | 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) | 6.52 | 10.34 | 11.03 | 2.5 | 6.11 | -1.47 | -0.61 | 22.95 | 12.37 | 9.43 | 14.16 |
| CEPS(Rs) | 15.46 | 20.32 | 24.84 | 14.97 | 18.09 | 9.86 | 10.39 | 33.75 | 23.25 | 20.41 | 25.43 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 69.56 | 79.66 | 86.35 | 89.06 | 95.55 | 94.28 | 93.94 | 116.96 | 129.28 | 138.78 | 152.97 |
| Core EBITDA Margin(%) | 15.24 | 15.73 | 15.72 | 11.15 | 11.75 | 9.79 | 9.14 | 14.34 | 10.57 | 10.66 | 11.67 |
| EBIT Margin(%) | 12.89 | 12.99 | 12.1 | 7.92 | 8.68 | 6.7 | 5.18 | 11.78 | 8.37 | 8.32 | 9.43 |
| Pre Tax Margin(%) | 3.24 | 3.43 | 4.48 | 0.99 | 1.98 | -0.67 | -0.14 | 7.31 | 3.94 | 3.02 | 4.06 |
| PAT Margin (%) | 1.99 | 3.11 | 3.06 | 0.71 | 1.68 | -0.44 | -0.19 | 4.76 | 2.8 | 2.27 | 3.24 |
| Cash Profit Margin (%) | 4.72 | 6.12 | 6.9 | 4.25 | 4.96 | 2.95 | 3.3 | 7 | 5.26 | 4.91 | 5.83 |
| ROA(%) | 1.7 | 2.74 | 2.83 | 0.63 | 1.58 | -0.4 | -0.17 | 5.98 | 3.16 | 2.34 | 3.36 |
| ROE(%) | 9.85 | 13.85 | 13.28 | 2.85 | 6.62 | -1.55 | -0.65 | 21.76 | 10.05 | 7.03 | 9.71 |
| ROCE(%) | 15.8 | 16.62 | 16.56 | 10.74 | 12.95 | 9.71 | 7.19 | 22.61 | 13.68 | 12.5 | 14.59 |
| Receivable days | 36.57 | 41.71 | 53.53 | 66.33 | 64.21 | 67.59 | 71.45 | 54.56 | 51.69 | 46.82 | 50.71 |
| Inventory Days | 108.6 | 111.41 | 109.49 | 113.77 | 105.33 | 112.92 | 123.88 | 90.31 | 113.3 | 133.08 | 133.16 |
| Payable days | 37.93 | 34.66 | 41.83 | 53.68 | 53.14 | 51.99 | 50.22 | 29.79 | 20.86 | 25.05 | 36.77 |
| PER(x) | 5.52 | 3.03 | 6.08 | 16.38 | 4.12 | 0 | 0 | 3.02 | 3.67 | 7.91 | 6.32 |
| Price/Book(x) | 0.52 | 0.39 | 0.78 | 0.46 | 0.26 | 0.15 | 0.28 | 0.59 | 0.35 | 0.54 | 0.59 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.67 | 0.61 | 0.67 | 0.55 | 0.44 | 0.4 | 0.49 | 0.44 | 0.39 | 0.49 | 0.47 |
| EV/Core EBITDA(x) | 4.3 | 3.8 | 4.2 | 4.82 | 3.64 | 3.97 | 5.2 | 2.99 | 3.57 | 4.5 | 3.9 |
| Net Sales Growth(%) | 30.19 | 1.36 | 8.38 | -2.21 | 3.58 | -8.38 | -5.79 | 53.18 | -8.32 | -6.02 | 5.09 |
| EBIT Growth(%) | 4.67 | 2.12 | 0.99 | -36.02 | 13.51 | -29.27 | -27.08 | 248.09 | -34.82 | -6.68 | 19.12 |
| PAT Growth(%) | -29.33 | 58.54 | 6.68 | -77.29 | 144.2 | -124.09 | 58.43 | 3847.75 | -46.1 | -23.79 | 50.22 |
| EPS Growth(%) | -29.33 | 58.54 | 6.68 | -77.29 | 144.21 | -124.09 | 58.43 | 3847.52 | -46.1 | -23.79 | 50.22 |
| Debt/Equity(x) | 2.76 | 2.23 | 2.11 | 1.81 | 1.49 | 1.36 | 1.46 | 1.32 | 1.09 | 1.04 | 0.84 |
| Current Ratio(x) | 0.94 | 0.92 | 0.93 | 0.91 | 0.92 | 0.92 | 0.93 | 1.33 | 1.33 | 1.25 | 1.25 |
| Quick Ratio(x) | 0.42 | 0.39 | 0.44 | 0.44 | 0.46 | 0.44 | 0.45 | 0.63 | 0.48 | 0.47 | 0.47 |
| Interest Cover(x) | 1.34 | 1.36 | 1.59 | 1.14 | 1.3 | 0.91 | 0.97 | 2.64 | 1.89 | 1.57 | 1.76 |
| Total Debt/Mcap(x) | 5.33 | 5.68 | 2.72 | 3.94 | 5.66 | 8.95 | 5.15 | 2.23 | 3.09 | 1.94 | 1.43 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 55.97 | 56.17 | 56.43 | 56.43 | 56.43 | 56.43 | 56.43 | 57.34 | 57.79 | 58.88 |
| FII | 30.95 | 30.95 | 29.93 | 29.93 | 29.93 | 29.8 | 25.67 | 23.14 | 20.54 | 15.83 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 13.08 | 12.87 | 13.64 | 13.64 | 13.64 | 13.77 | 17.91 | 19.52 | 21.66 | 25.29 |
| 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 | 1.11 | 1.11 | 1.12 | 1.12 | 1.12 | 1.12 | 1.12 | 1.14 | 1.15 | 1.17 |
| FII | 0.61 | 0.61 | 0.59 | 0.59 | 0.59 | 0.59 | 0.51 | 0.46 | 0.41 | 0.31 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.26 | 0.26 | 0.27 | 0.27 | 0.27 | 0.27 | 0.35 | 0.39 | 0.43 | 0.5 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.98 | 1.98 | 1.98 | 1.98 | 1.98 | 1.98 | 1.98 | 1.98 | 1.98 | 1.98 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +5% | -3% | +5% | +3% |
| Operating Profit CAGR | +16% | -9% | +9% | 0% |
| PAT CAGR | +47% | -15% | — | +8% |
| Share Price CAGR | -5% | +17% | +18% | +8% |
| ROE Average | +10% | +9% | +10% | +8% |
| ROCE Average | +15% | +14% | +14% | +14% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 55.97 | 56.17 | 56.43 | 56.43 | 56.43 | 56.43 | 56.43 | 57.34 | 57.79 | 58.88 |
| FII | 30.95 | 30.95 | 29.93 | 29.93 | 29.93 | 29.8 | 25.67 | 23.14 | 20.54 | 15.83 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 44.03 | 43.83 | 43.57 | 43.57 | 43.57 | 43.57 | 43.57 | 42.66 | 42.21 | 41.12 |
| 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 | 1.11 | 1.11 | 1.12 | 1.12 | 1.12 | 1.12 | 1.12 | 1.14 | 1.15 | 1.17 |
| FII | 0.61 | 0.61 | 0.59 | 0.59 | 0.59 | 0.59 | 0.51 | 0.46 | 0.41 | 0.31 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.87 | 0.87 | 0.86 | 0.86 | 0.86 | 0.86 | 0.86 | 0.85 | 0.84 | 0.81 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.98 | 1.98 | 1.98 | 1.98 | 1.98 | 1.98 | 1.98 | 1.98 | 1.98 | 1.98 |
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