C P S Shapers Ltd. (CPS)
SME CapConsumer stocks · SME cap · NSE
CPS Shapers Limited (brand: Dermawear) is India’s first R&D-driven shapewear and innerwear company for men and women. Established in 2012, it designs products for Indian body types, climate, and cultural attire, with over 1 crore units sold, 3,000+ SKUs, and presence across 6,000+ retail outlets and major e-commerce platforms.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 35/100Rev +6% YoY · margin expansion · +66% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹19.5 Cr | +6.1% | +66.4% |
| EBITDA | ₹4.1 Cr | +150.3% | +307.1% |
| Operating margin | 20.9% | +1180 bps | +3769 bps |
| PAT | ₹2.2 Cr | NDF | NDF |
| PAT margin | 11.1% | +744 bps | +2838 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
CPS Shapers reported a substantial revenue decline of 14.3% YoY to INR 30.86 Cr in FY25, coupled with a sharp 77.3% drop in net profit to INR 0.17 Cr. This performance raises concerns about market traction and operational efficiency.
The sharp decline in both revenue and net profit in FY25, despite claims of market leadership and growth opportunities, indicates significant operational challenges. The company's ability to capitalize on the 'nascent big market opportunity' is questionable given current performance.
R&D-Driven Innovation
India’s first R&D-driven shapewear & innerwear brand, purpose-built for Indian body types, attire, and climate.
Multi-channel Presence
6,000+ retail outlets, and leading e-commerce presence (Amazon, Flipkart, Nykaa, Myntra, Swiggy Instamart).
Product Diversification
Expanding into performance wear, shapewear-integrated fashion, and international markets.
White-label Solutions
A white-label model has been introduced to support other brands.
Growing Indian Shapewear Market
Indian shapewear market expected to grow at 9% from 2023 to 2028.
E-commerce Expansion
India to become the second-largest e-commerce market by 2034 and quick commerce to reach $9.95 Bn by 2029.
Increasing Consumer Awareness
Increasing Shapewear Market Awareness among consumers.
Fluctuations in Earnings
Fluctuations in earnings.
Competition
Competition (both domestic and international).
Changes in Government Policies
Changes in government policies and regulations.
Economic Conditions
Economic conditions in India and abroad.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Financial statements are presented annually (FY25 vs FY24), making year-over-year comparison the only relevant basis to assess performance trends.
Gross Margin
Cost of Materials Consumed FY25: 1114.14 Lakhs, FY24: 1385.74 Lakhs. Revenue from Operations FY25: 3085.70 Lakhs, FY24: 3602.29 Lakhs.
Distribution Expansion
INTACT6,000+ retail outlets and all major e-commerce platforms.
Manufacturing Capacity
INTACTManufacturing Capacity 1 L per month (8 Hours Shift).
Strengthen Omni-channel Presence
Strengthen omni-channel presence with adding more SKUs.
International Expansion
Explore international markets through export pilots in the Middle East, Southeast Asia, and parts of Europe over the next three years.
Expand Retail & Digital Capabilities
Expand retail footprint and deepen digital capabilities.
Launch New Product Lines
Launch new product lines & strengthening logistics for faster delivery.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | FY25 revenue declined 14.3% YoY to INR 30.86 Cr. | Reversal of revenue decline and sustained growth in subsequent periods. |
| Profitability | Net profit dropped 77.3% YoY to INR 0.17 Cr in FY25. | Improvement in net profit margins and absolute profit figures. |
| International Pilot Progress | Plan to explore international markets through export pilots. | Specific timelines, target markets, and initial results from international pilots. |
| Retail Footprint Expansion | 6,000+ retail outlets. | Number of new retail outlets added and growth in sales through this channel. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
67Bullishfull bull SMA stack · SMA20 +7.5% / mo · MACD +
Technical chart
CPSdaily · 1Y · AUTO+5.7%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 57. Wait for confirmation.
- SMA20 rising (~7.0% over last month) — short-term momentum positive.
- RSI(14) at 57 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 16% off 52W high · 66% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 11 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 11 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Balance sheet contributes 7/15 to the score.
- Growth contributes 5/25 to the score.
- Cash flow contributes 1/10 to the score.
Main drags
- Penalty bucket subtracts 3 points.
- Fair-value margin of safety is negative at -97558.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Claim history is still being built. It ranks around the 10th percentile of the scored universe and 12th percentile within Consumer. Main check: financial discipline is weak at 30/100.
Mixed Trust Lite: Promoter holding is 64.9%. Key concern: Operating cash flow is negative at ₹-1 Cr.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Consumer: 12th pctile, median 66 · SME: 11th pctile, median 64
1 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Weak Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 64.9%.
- ▸Promoter pledge is zero.
Trust risks
- ▸Operating cash flow is negative at ₹-1 Cr.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸Promoter holding fell 3.1%.
- ▸ROCE is low at 4.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 3262.00
- P/B
- 11.65
- EV/EBITDA
- 85.21
- Market Cap
- 261.00Cr
Profitability
- ROE
- 0.41%
- ROCE
- 4.25%
- ROA
- 0.39%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- -24.00%
- Revenue 3Y
- -5.00%
- EPS 3Y
- -68.00%
Balance Sheet
- Debt/Equity
- 0.30
- Interest Coverage
- 2.48×
- Altman Z
- 8.24
- Book Value
- 97.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- -1.43 Cr
- EPS TTM
- 0.57
Shareholding
- Promoter Hold
- 64.88%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 67%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.