Company Overview

FY24E and FY25E
Revenue	12000	13000	25000

	Period		FY21	FY22	FY23	4Q23	1Q24	2Q24	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
1	Textile MFG. - SL		20,379.8	28,568.9	48,946.9	0.0	0.0	0.0			37,537.0
	- YoY%		0	40.2	71.3						-23.3

	Period		FY21	FY22	FY23	4Q23	1Q24	2Q24	3Q24E	4Q24E	FY24E	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
2	Textile MFG. - IND		9,468.9	17,853.7	30,642.8	0.0	0.0	0.0
	- YoY%		0	88.6	71.6

	Period		FY21	FY22	FY23	4Q23	1Q24	2Q24	3Q24E	4Q24E	FY24E	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
3	Fabric printing – SL		1,410.2	1,833.5	2,600.2	0.0	0.0	0.0
	- YoY%		0	30.0	41.8

	Period		FY21	FY22	FY23	4Q23	1Q24	2Q24	3Q24E	4Q24E	FY24E	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
3	Fabric printing – IND		521.4	1,331.9	1,847.3	0.0	0.0	0.0
	- YoY%		0	155.4	38.7

	Period		FY21	FY22	FY23	4Q23	1Q24	2Q24	3Q24E	4Q24E	FY24E	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
3	nan		nan	nan	nan	0.0	0.0	0.0
	nan		nan	nan	nan

	Period		FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
1	COGS		27,990.3	45,010.3	77,194.2	16,115.6	13,714.0	13,658.7			55,677.3
	- As a % of sales		83.9%	88.0%	88.1%	93.1%	98.0%	87.8%			86.7%

2	Administration		68.3	357.2	12.7	385.4	674.8	766.7			-420.9	0
	- As a % of sales		4.2%	3.4%	3.7%	2.2%	4.8%	4.9%			4.0%

3	Selling & Distribution		177.7	369.5	610.3	67.6	147.5	134.5			579.8
	- As a % of sales		0.4%	0.6%	0.6%	0.4%	1.1%	0.9%			0.8%

4	Capital Expenditure		715.5	5,934.3	2,921.0	715.5	715.5	592.3		0	1,860.0	00	0	00	0
	- As a % of sales		2.3%	12.0%	3.5%	4.1%	5.1%	3.8%			3.1%

	Fixed Assets - Cost	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	3Q25E	FY28E
1	Balance B/F	22,979.5	25,017.0	32,347.0	0.0	40,917.1	41,632.6	42,224.9	40,917.1	41,783.5
	Capital Expenditure	715.5	5,934.3	2,921.0	715.5	715.5	592.3	222
	Balance C/F	25,017.0	32,347.0	40,917.1	40,917.1	41,632.6	42,224.9		41,783.5

Depreciation	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Balance B/F	14,202.2	16,306.2	17,631.7	0.0	20,258.6	23,012.5	21,797.5		20,658.6					23,641.1
Depreciation charge	1,323.7	1,386.3	3,172.7	0.0	0.0	0.0			3,010.7
- As a % of sales	4.2%	2.8%	3.8%	0%	0%	0%			5.0%
Balance C/F	16,306.2	17,631.7	20,658.6	20,658.6	23,012.5	21,797.5	111	111	23,641.1	111	111	111	111	111	111	111	111	111
Net Book Value at end	8,710.8	14,715.2	20,258.6	20,258.6	18,620.1	20,427.3			18,142.4

2	Working Capital

Period	FY21	FY22	FY23	3Q24E	4Q24E	FY24	3Q25E
2.1 Accounts and notes receivables	7,180.9	12,859.1	9,025.6	8,498.6	9,221.6	11,533.0	9,773.6
- As a % of sales	22.6	25.9	10.7	49.1	65.9	74.2	16.1
Four Qtr Cum. Revenue				15,549.9	29,547.0	46,848.2
Four Qtr Cum. COGS				-13,658.7	-27,372.7	-43,488.3

	2.2 Inventories		7,280.7	16,355.8	13,383.0	13,367.6	12,179.0	12,759.0			11,645.8
	- As a % of COGS		26.0	36.3	17.3	82.9	88.8	93.4			20.9

	2.3 Prepayments		0.0	0.0	0.0	0.0	0.0	0.0			0.0
	- As a % of sales		0	0	0	0	0	0			0

	2.4 Accounts payable		8,087.1	17,623.4	10,555.8	9,393.4	11,525.5	14,838.6			10,866.3
	- As a % of COGS		28.9	39.2	13.7	58.3	84.0	108.6			19.5

2.5 Other	2,859.6	5,695.5	5,780.9	6,347.9	4,287.1	5,790.4	4,093.4
- As a % of COGS	nan	nan	nan	nan	nan	nan
Working Capital				42673.1
Change in Working Capital						1,182.7

Interest Bearing Debt	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Opening debt balance	412.2	197.6	5,581.2	7,064.5	6,238.7	5,903.1	6,238.3		6,238.7
Issuance of debt	0.0	0.0	0.0	0.0	0.0	0.0			0.0
Repayment of debt	0.0	0.0	0.0	0.0	0.0	0.0			0.0
Closing balance	197.6	5,581.2	6,238.7	6,238.7	5,903.1	6,238.3			5,214.7
v. Average Debt balance	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expenses	24.7	13.0	441.8	0.0	0.0	0.0			607.5
Blended Interest Expenses Rate	8.1	0.5	7.5	0	0	0	%	%	10.6	%	%	%	%	%	%	%	%	%

Leases	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
LEASE - Opening balance	640.1	668.3	973.5	1,224.0	1,455.1	1,373.5	1,496.6		1,455.1					1,342.0
Additions	0.0	28.3	413.4	0.0	0.0	123.2
Payments	59.8	74.7	158.7	155.8	23.5	0.9			142.2
Closing balance	668.3	973.5	1,455.1	1,455.1	1,373.5	1,496.6			1,342.0
Adjustments	40.2	298.9	81.0	0.0	0.0	0.0			-131.2
Lease Interest expenses	47.9	52.7	145.9	0.0	0.0	0.0			141.9
Blended Interest rate (%)	732.0	642.2	1201.8	0	0	0	%	%	1014.6	%	%	%	%	%	%	%	%	%

Interest Income	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
i. Cash & CE Balance C/F			6,383.4	7,907.0	6,464.9	9,700.7		7,913.8	7,233.3
ii. Interest Income	276.8	439.8	811.5	18.0	160.9	258.8			454.7
iii. Blended Interest income rate	6.2	6.9	10.3	0.2	2.5	2.7	%	%	6.3	%	%	%	%	%	%	%	%	%

Tax	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
i. Profit before tax	2,599.3	2,863.7	3,116.5	409.1	-701.1	1,224.0			1,572.4
ii. Balance B/F	91.6	126.4	232.7	-337.2	489.8	216.0	331.8
iii. Tax provision for the year	506.9	380.5	994.8	0.0	151.9	281.0			895.8
iv. Taxes paid (provision for the previous year)	466.6	302.0	725.9	156.0	425.6	165.3	281.0		1,115.6					895.8
v. Balance C/F	126.4	232.7	489.8	-493.2	216.0	331.8			281.7
vi. Tax Rate	0	0	0	0	0	0	%	%		%	%	%	%	%	%	%	%	%

Income Statement	FY21	FY22	FY23	1Q24	2Q24	FY24
Combined Revenue	31,780.3	49,588.0	84,037.1	13,997.1	15,549.9
COGS	27,990.3	45,010.3	77,194.2	13,714.0	13,658.7
Gross Profit	3,790.0	4,577.6	6,842.9	283.1	1,891.2	5,056.6
Administration Exp.	68.3	357.2	12.7	674.8	766.7
Selling & Distribution Exp.	177.7	369.5	610.3	147.5	134.5
Depreciation	1,323.7	1,386.3	3,172.7	0.0	0.0	3,010.7
7. Amortisation
Other Operating Expenses	35.5	-43.0	-283.7	-90.2	75.4	nan
Operating Income	2,441.4	2,573.1	3,295.1	-582.1	1,217.1	2,213.2
Interest Expenses	118.9	149.2	990.1			1,095.5
Interest Income	276.8	439.8	811.5	160.9	258.8
Other (Expenses)/Income	0.0	0.0	0.0	0.0	0.0	nan
Profit Before Tax	2,599.3	2,863.7	3,116.5	-701.1	1,224.0	1,572.4
Tax Expenses	506.9	380.5	994.8	151.9	281.0
Profit After Tax	2,139.6	2,531.3	2,126.7	-853.0	943.0
Other	0.0	0.0	0.0	0.0	0.0	nan
Net Income	2,139.6	2,531.3	2,126.7	-853.0	943.0

Cash Flow Statement	Forecast Ref.	FY21	FY22	FY23	1Q24	2Q24	4Q24E	FY24	FY25E
Profit Before Tax	From IS	2,599.3	2,863.7	3,116.5	-791.3	1,299.4		1,572.4
Depreciation	From OA 1.1	1,323.7	1,386.3	3,172.7	0.0	0.0		3,010.7
Change in Working Capital	From OA 2	-1,600.0	-5,950.6	-261.2	0.0	0.0		1,182.7
Income Tax Paid	From OA 5	466.6	302.0	725.9	425.6	165.3		1,115.6
Other		382.6	6,651.3	2,156.4	-135.2	6.2		-2,042.0
Net Cash Flow from / (used in) Operating Activities		2,343.8	4,766.1	7,667.2	-1,352.2	1,140.3		2,854.1
Capital Expenditure	From CA 4	715.5	5,934.3	2,921.0	715.5	592.3		1,860.0
Other		-712.2	-142.5	-1,459.3	-51.7	-46.5		1,613.0
Cash Flows from Investing Activities		-1,427.7	-6,105.1	-4,793.7	-767.2	-638.7		-265.4
Borrowings		0.0	9,165.0	7,976.2	0.0	1,576.7		13,527.6
Debt Repayments		104.5	8,429.8	8,429.8	1,728.3	0.0		15,570.3
10. Lease Additions
Lease Repayments		59.9	158.7	158.7	23.5	0.9		142.2
Other		-1,650.4	-1,240.0	-1,075.1	0.0	-537.6		-537.6
Net Cash flows from / (used in) Financing Activities		-1,814.8	3,300.6	-1,687.5	-1,751.8<	1,038.2		-2,722.5
Other		0.0	0.0	0.0	0.0	0.0		0.0
Net Increase/(Decrease) in Cash and Cash Equivalents		-898.6	1,961.6	1,186.1	-3,871.2	1,539.7		-133.7
Balance adjustments as per company		248.7	218.0	562.4	2,984.6	2,620.5		15.7
Cash and CE at Start		5,102.4	4,203.7	6,165.3	7,351.4	5,540.5	4Q	7,351.4	7,217.7
Cash and CE at End		4,203.7	6,165.3	7,351.4	3,480.2			7,217.7

Balance Sheet	Notes	FY21	FY22	FY23	1Q24	2Q24	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Assets
Property Plant and Equipment - Net Book value	From OA 1	8,710.8	14,715.2	20,258.6	18,620.1	20,427.3			18,142.4
2. Right-of-use assets		425.3	5,268.7	1,836.0	1,858.9	417.9	255.0	255.0	703.4	255.0	255.0	255.0	255.0	255.0	255.0	255.0	255.0	255.0
3. Intangible assets		65.7	96.0	105.8	100.1	105.8	100.1	100.1	98.3	100.1	100.1	100.1	100.1	100.1	100.1	100.1	100.1	100.1
4. Investment in an associate		125.5	143.4	161.3	136.9	721.8	nan	0.0	606.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other financial assets		899.0	1,341.5	1,740.0	1,618.8	1,693.4	nan	0.0	1,681.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Deferred income tax assets		273.2	431.6	1,856.0	1,792.1	1,971.5	2,354.6	2,354.6	2,239.5	2,354.6	2,354.6	2,354.6	2,354.6	2,354.6	2,354.6	2,354.6	2,354.6	2,354.6
Other		0.0	0.0	0.0	0.0	0.0	638.5	638.5	625.8	638.5	638.5	638.5	638.5	638.5	638.5	638.5	638.5	638.5
Non Current Assets		10,499.5	21,996.5	25,957.8	24,126.9	25,337.7			24,097.0
Inventories	From OA 2.2	7,280.7	16,355.8	13,383.0	12,179.0	12,759.0			11,645.8
Trade and Other Receivables	From OA 2.1	7,180.9	12,859.1	9,025.6	9,221.6	11,533.0			9,773.6
Prepayments	From OA 2.3	0.0	0.0	0.0	0.0	0.0			0.0
Current Tax receivable		6.2	476.9	496.7	470.0	712.7	682.1	682.1	614.5	682.1	682.1	682.1	682.1	682.1	682.1	682.1	682.1	682.1
12. Other financial assets		1,679.6	1,822.1	3,281.4	3,155.7	3,382.1	2,781.0	2,781.0	1,668.5	2,781.0	2,781.0	2,781.0	2,781.0	2,781.0	2,781.0	2,781.0	2,781.0	2,781.0
13. Income tax recoverable		0.0	0.0	0.0	9,221.6	11,533.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents	From CFS	4,452.5	6,383.4	7,913.8	6,464.9	9,700.7			7,233.3
Current Assets		20,599.8	37,897.3	34,100.5	40,712.8	49,620.4			30,935.7
Total Assets		31,099.3	59,893.8	60,058.2	64,839.7	74,958.0
Equities and Liabilities
1. Stated capital		4,248.8	4,442.2	4,442.2	4,442.2	4,442.2	4,582.9	4,582.9	4,442.2	4,582.9	4,582.9	4,582.9	4,582.9	4,582.9	4,582.9	4,582.9	4,582.9	4,582.9
2. Reserves	9,400.1	153.5	153.5	153.5	153.5	153.5	186.7	186.7	181.7	186.7	186.7	186.7	186.7	186.7	186.7	186.7	186.7	186.7
Retained Earnings		7,136.7	8,410.5	9,400.1	8,547.1	8,952.5			9,754.0
Exchange equalisation reserve		6,225.3	15,219.7	18,047.5	16339.3	18,057.9	16,308.1	16,308.1	15,752.2	16,308.1	16,308.1	16,308.1	16,308.1	16,308.1	16,308.1	16,308.1	16,308.1	16,308.1
Equity attributable to equity holders of parent
5. Non-controlling interest		nan	nan	nan	nan	nan	0.0	0.0	nan	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Total Equity		17,764.2	28,225.9	32,043.4	29,482.1	31,606.1			30,130.2
Long Term Debt	From OA 3	197.6	5,581.2	6,238.7	5,903.1	6,238.3			4,139.9
Financing and Lease Payables	From OA 4	668.3	973.5	1,455.1	1,373.5	1,496.6			1,342.0
Deferred tax liabilities		627.0	918.8	2,363.7	2,216.6	2,427.1	2,229.6	2,229.6	2,213.5	2,229.6	2,229.6	2,229.6	2,229.6	2,229.6	2,229.6	2,229.6	2,229.6	2,229.6
Retirement benefit obligations		520.4	424.8	568.6	561.3	626.8	940.0	940.0	875.4	940.0	940.0	940.0	940.0	940.0	940.0	940.0	940.0	940.0
nan		nan	nan	nan	nan	nan	0.0	nan	nan	nan	nan	nan	nan	nan	nan	nan	nan	nan
Non Current Liabilities		1,999.7	7,855.2	10,511.9	9,946.5	10,639.9			8,458.2
Current Maturities of Long Term Debt	Added to LT debt in the forecast	0.0	0.0	0.0	0.0	0.0			1,074.8
Trade Payables	From OA 2.4	8,087.1	17,623.4	10,555.8	11,525.5	14,838.6			10,866.3
13. Amounts due to related parties		nan	nan	nan	nan	nan	nan	nan	nan	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Income Tax Liabilities	From OA 6	126.4	232.7	489.8	216.0	331.8			281.7
Other Accruals	From OA 2.5	0	0	0	0	0
Other		0.0	0.0	0.0	0.0	0.0	nan	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Bank Overdraft		248.7	218.0	562.4	0.0	0.0	nan	nan	15.7	nan	nan	nan	nan	nan	nan	nan	nan	nan
Current Liabilities		11,335.4	23,812.7	17,503.0	16,189.5	21,179.0			16,444.4
Total Equity and Liabilities		31,099.3	59,893.8	60,058.2	55,618.1	63,425.1			55,032.7

DCF Valuation
Relative Valuation

DCF Enterprise Value

Period	Notes	FY25E
1. EBIT	From FF 6
2. Tax	From OA 4
3. Depreciation	From OA 1
4. Adjustments	User Input
5. Capital Expenditure	From CA 4
6. Changes in Working Capital	From OA 2
7. Free Cash Flow
8. Terminal Value
9. Total Free Cash Flow
10. Discount factor	Calculation
11. Present Value of Free Cash Flows	7*10=11

12. DCF Enterprise Value
13. Net (Debt)/Cash		-2,342.0
14. Pension Underfunding	From BS
15. Other	User input cell
14. Adjustment	User Input
15. DCF Valuation - Equity Value
16. Number of Shares		716.7
17. Price per Share (Rs.)

Weighted Average Costs of Capital (WACC)

	Symbol		User Input	Reference	Source for Reference
1. Risk Free Rate	Rf		%	18.8%	SL 10yr bond yield
2. Long term cost of debt	Kd		%	25.0%	Weighted avg. int. rate
3. Equity risk premium	Rp		%	10.0%	External Source
4. Beta	B		%	125.0%	CSE
5.Tax Rate	t		%	30.0%	SL tax rate
6. Debt Weighting	Wd		%	50.0%
7. Equity Weighting	We		%	50.0%
8. Cost of Equity	Ke	1+(3*4)=8		25.0%
9. WACC	Dr	(6(2(1-5)))+(7*8)=9		21.0%
10. Terminal Growth Rate			%	5.0%

	Notes	Price to Earnings	Price to Book Value	Price to Sales
1. Earnings/Book Value/Sales			30,130.2
2. Adjusted Multiple
3. Valuation (Rs. Millions)	1*2=3
4. Number of Shares (Millions)		716.7	716.7	716.7
5. Price per Share(Rs.)

Peer Multiples	Notes		Price to Earnings		Price to Book Value		Price to Sales





Average
Adjustment
Adjusted Multiple

Date	Research Organisation	Recommendation	Target Price (Rs.)
0	1341.498	0	0

Valuation

DCF Enterprise Value

Weighted Average Costs of Capital (WACC)

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Period		3Q24E	4Q24E	FY24E	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Revenue
YoY %
EBITDA
EBITDA Margin %
Net Profit
Net Profit Margin %
Free Cash Flow

Valuation		Rs.Million	Price per Share (Rs.)	Share	Adjusted Valuation
DCF Valuation				%
Price to Earnings				%
Price to Book Value				%
Price to Sales				%
EV to EBITDA				%
Blended Valuation (Rs.)