Price
Financials
Consolidated, Rs crore| Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|
| Sales | 86 | 169 | 77 | 127 | 165 | 207 | 183 |
| Expenses | 71 | 136 | 53 | 99 | 141 | 173 | 148 |
| Operating Profit | 15 | 34 | 24 | 28 | 25 | 34 | 36 |
| OPM % | 17% | 20% | 32% | 22% | 15% | 17% | 19% |
| Other Income | 1 | -1 | 1 | 1 | 1 | 6 | 2 |
| Interest | 5 | 6 | 9 | 10 | 6 | 5 | 11 |
| Depreciation | 3 | 3 | 4 | 6 | 6 | 6 | 6 |
| Profit before tax | 7 | 23 | 11 | 12 | 15 | 28 | 21 |
| Tax % | 31% | 20% | 29% | 27% | 27% | 14% | 22% |
| Net Profit | 5 | 18 | 9 | 9 | 11 | 25 | 16 |
| EPS in Rs | 2.66 | 8.33 | 4.07 | 4.07 | 5.02 | 9.38 | 6.22 |
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 76 | 80 | 60 | 129 | 219 | 320 | 417 | 577 | 683 |
| Expenses | 62 | 64 | 50 | 115 | 196 | 280 | 343 | 465 | 561 |
| Operating Profit | 14 | 16 | 10 | 13 | 23 | 40 | 73 | 112 | 123 |
| OPM % | 19% | 20% | 16% | 10% | 11% | 12% | 18% | 19% | 18% |
| Other Income | 0 | 0 | 0 | 0 | 1 | 6 | 2 | 8 | 10 |
| Interest | 4 | 5 | 3 | 3 | 9 | 13 | 19 | 30 | 33 |
| Depreciation | 7 | 7 | 4 | 5 | 8 | 8 | 11 | 23 | 24 |
| Profit before tax | 3 | 4 | 3 | 6 | 8 | 24 | 45 | 67 | 76 |
| Tax % | 22% | 17% | 20% | 25% | 27% | 25% | 25% | 22% | |
| Net Profit | 2 | 4 | 3 | 5 | 6 | 18 | 33 | 54 | 61 |
| EPS in Rs | 5.23 | 8.38 | 5.80 | 3.17 | 3.97 | 10.16 | 15.21 | 20.40 | 24.69 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | % | 57% | 38% | 38% | ||
| Compounded Profit Growth | % | 83% | 112% | 61% | ||
| Stock Price CAGR | % | % | 57% | 128% | ||
| Return on Equity | % | 20% | 23% | 22% |
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 2 | 7 | 7 | 18 | 22 | 26 |
| Reserves | 24 | 29 | 36 | 54 | 59 | 89 | 132 | 314 |
| Borrowings | 56 | 49 | 42 | 74 | 113 | 175 | 268 | 327 |
| Other Liabilities | 12 | 17 | 12 | 7 | 51 | 74 | 150 | 191 |
| Total Liabilities | 94 | 97 | 92 | 142 | 231 | 356 | 571 | 858 |
| Fixed Assets | 52 | 45 | 36 | 37 | 81 | 77 | 262 | 315 |
| CWIP | 0 | 0 | 0 | 41 | 3 | 69 | 13 | 46 |
| Investments | 0 | 0 | 3 | 3 | 3 | 4 | 4 | 5 |
| Other Assets | 41 | 52 | 53 | 61 | 143 | 207 | 293 | 492 |
| Total Assets | 94 | 97 | 92 | 142 | 231 | 356 | 571 | 858 |
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 10 | 9 | 6 | 15 | -15 | 45 | 41 | -17 |
| Cash from Investing Activity | -13 | 1 | -6 | -47 | -17 | -99 | -127 | -111 |
| Cash from Financing Activity | 4 | -10 | 0 | 34 | 31 | 54 | 87 | 138 |
| Net Cash Flow | -0 | 0 | -0 | 2 | -2 | -0 | 0 | 10 |
| Free Cash Flow | 4 | 16 | 3 | -32 | -30 | -25 | -99 | -97 |
| CFO/OP | 69% | 60% | 57% | 112% | -57% | 117% | 64% | -9% |
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 62 | 62 | 80 | 40 | 94 | 76 | 88 | 78 |
| Inventory Days | 204 | 254 | 293 | 113 | 160 | 146 | 183 | 232 |
| Days Payable | 53 | 90 | 88 | 10 | 106 | 102 | 173 | 160 |
| Cash Conversion Cycle | 213 | 226 | 285 | 144 | 149 | 120 | 99 | 150 |
| Working Capital Days | 37 | 69 | 113 | 90 | 46 | 45 | 40 | 83 |
| ROCE % | 12% | 8% | 8% | 10% | 16% | 18% | 18% |
| Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Aug 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 73.30% | 73.31% | 73.30% | 68.91% | 73.59% | 71.59% | 74.97% | 74.97% | 74.97% | 64.95% | 64.69% | 64.68% |
| FIIs | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.01% | 0.01% | 0.00% | 0.00% | 0.85% | 0.79% | 0.22% |
| DIIs | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.13% | 0.03% | 0.71% | 0.59% | 0.59% | 0.75% |
| Public | 26.69% | 26.69% | 26.69% | 31.09% | 26.41% | 28.40% | 24.90% | 25.00% | 24.32% | 33.60% | 33.93% | 34.34% |
| No. of Shareholders | 623 | 527 | 529 | 431 | 570 | 991 | 1,303 | 1,668 | 1,840 | 1,907 | 1,843 | 1,672 |
Fundamentals
Market Cap₹ 979 Cr.
Current Price₹ 373
Stock P/E16.0
Book Value₹ 129
ROCE17.9 %
ROE21.7 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)38%
Compounded Profit Growth (TTM)61%
Consolidated figures.
Valuation
Market capRs 688 Cr
Enterprise valueRs 863 Cr
P/E (TTM)16.66x
Price to book6.43x
Price to sales1.50x
EV / EBITDA8.52x
EV / EBIT10.22x
EV / sales1.88x
Price to cash flow15.32x
Earnings yield6.00%
P/E, 3-year average8.42x
P/B, 3-year average1.23x
P/E, 5-year average8.42x
P/B, 5-year average1.23x
Profitability
Operating margin (excl. other income)12.43%
Operating margin (incl. other income)14.28%
EBITDA margin22.04%
Pre-tax margin11.73%
Net profit margin8.99%
Net margin, latest quarter7.03%
ROE21.33%
ROCE16.29%
ROA6.31%
ROE, 3-year average13.18%
ROCE, 3-year average11.70%
ROA, 3-year average4.43%
ROE, 5-year average11.72%
ROCE, 5-year average10.95%
ROA, 5-year average3.90%
ROIC (approx.)22.34%
Tax rate25.42%
Other income / net worth5.53%
Growth
Sales growth (latest year)45.79%
Profit growth (latest year)223.99%
Sales CAGR, 3 years74.76%
Sales CAGR, 5 years33.18%
Profit CAGR, 3 years92.09%
Profit CAGR, 5 years55.42%
Sales growth QoQ65.90%
Profit growth QoQ0.00%
Per share
EPS (TTM)Rs 22.67
EPS (latest year)Rs 10.16
EPS (latest quarter)Rs 4.92
EPS, 3-year averageRs 8.14
EPS, 5-year averageRs 10.60
Book value per shareRs 58.72
Sales per shareRs 252.08
Cash flow per shareRs 24.65
Free cash flow per shareRs -53.25
Efficiency
Asset turnover0.90x
Fixed asset turnover4.17x
Inventory turnover2.90x
Inventory days126 days
Debtor days76 days
Debtors turnover4.82x
Creditor days160 days
Cash conversion cycle150 days
Working capital days83 days
Leverage
Total debtRs 175 Cr
Cash and bankRs 0 Cr
Net debtRs 175 Cr
Debt to equity1.64x
Net debt / EBITDA1.73x
Interest coverage2.76x
Current ratio (filing 2026-03-31)1.48x
Quick ratio (filing 2026-03-31)0.68x
Trade payables (filing 2026-03-31)Rs 163 Cr
Owners' fund to total sources30.03%
Debt to assets49.15%
Cash flow
Cash from Operating Activity (latest year)Rs 45 Cr
Cash from Investing Activity (latest year)Rs -99 Cr
Cash from Financing Activity (latest year)Rs 54 Cr
Net Cash Flow (latest year)Rs -0 Cr
Free cash flow (latest year)Rs -97 Cr
FCFE (approx.: FCF + change in debt)Rs -35 Cr
Cash from ops / profit, 5 years0.59x
Sales to cash flow7.12x
Statement figures
Net sales (TTM)Rs 459 Cr
Net sales (latest year)Rs 320 Cr
Sales (latest quarter)Rs 127 Cr
Operating profit excl. other income (latest year)Rs 40 Cr
Operating profit (latest quarter)Rs 28 Cr
Other income (TTM)Rs 1 Cr
EBITDA (TTM)Rs 101 Cr
PBDT (TTM)Rs 71 Cr
Profit before tax (TTM)Rs 54 Cr
Tax (latest year)Rs 6 Cr
Net profit (TTM)Rs 41 Cr
Net profit (latest year)Rs 18 Cr
Net profit (latest quarter)Rs 9 Cr
Depreciation (TTM)Rs 17 Cr
Depreciation (latest quarter)Rs 6 Cr
Interest (TTM)Rs 31 Cr
Cost of goods sold (latest year)Rs 262 Cr
Total expenditure (latest year)Rs 280 Cr
Total income (latest year)Rs 325 Cr
Share capitalRs 18 Cr
ReservesRs 89 Cr
Shareholders' fundsRs 107 Cr
Total assetsRs 356 Cr
Net blockRs 77 Cr
Capital work in progressRs 69 Cr
InvestmentsRs 4 Cr
ReceivablesRs 66 Cr
InventoryRs 90 Cr
Other liabilitiesRs 74 Cr
Shares outstanding (crore)1.82
Ownership
Promoter holding64.68% (-10.29 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 16.7 is at the 2th percentile of its own 4.7-year range
(median 63.6, low 16.0, high 164.0).
P/B 6.43 is at the 61th percentile (median 5.26).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
| Period | SWARAJ | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | +17.1% | -2.8% | +19.8 pts |
| 1 month | +5.2% | -6.8% | +12.0 pts |
| 3 months | +23.2% | -7.6% | +30.8 pts |
| 6 months | +39.9% | +0.4% | +39.5 pts |
| 1 year | +120.0% | -9.9% | +129.9 pts |
| 2 years | +33.9% | -13.6% | +47.4 pts |
| 3 years | +292.3% | +14.2% | +278.1 pts |
Red flags
F-score 6 of 8| look | Share dilution Share count up 26% in a year |
| look | Auditor change Auditor change 2026-06-17: Swaraj Suiting Limited has informed the Exchange regarding Change in Auditors of the company. |
| look | On NSE surveillance On NSE surveillance: ESM |
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Jun 2026Sales ₹183 Cr +137.7% vs Jun 2025.
Net profit ₹16 Cr +77.8%.
Activity
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No bulk or block deals on record.
No corporate actions on record.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
ESM: stage 1