Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Shree Karni Fabcom Ltd. (SHREEKARNI)
SME CapConsumer stocks · SME cap · NSE
Shree Karni Fabcom Ltd. is an integrated technical textile manufacturer, producing fabrics for luggage, leather goods, and specialized garments. The company is expanding into high-value segments like defense, fire-retardant fabrics, and specialized outdoor equipment, leveraging its in-house manufacturing capabilities and customer relationships.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals06 Oct 2026 · screener
Latest result22 May, 06:53 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
56NeutralSMA20 +4.1% / mo · MACD + · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 69
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SHREEKARNID candles · FIT view-1.8%Latest close ₹418.00 on 2026-10-19
Bar
-0.5%
RSI
62
MACD hist
4.41
52W pos
37%
2026-10-19O ₹420.00H ₹420.00L ₹415.60C ₹418.00Vol 750 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SHREEKARNINifty Consumer DurablesNifty 500
- SHREEKARNI
- +2.0%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.3%
- Vs Nifty 500
- +7.6 pp
Chart stats
19 Oct 2026- From 52W high
- -41.3%
- 52W range position
- 26%
- ATR (14)
- 2.8%
- Volume vs 20D
- 0.30x
- Avg traded value
- ₹0.1 Cr
- 20D price channel
- ₹336.1 - ₹435
₹712
₹317.1 - ₹712
₹11.7
Latest completed session
20-session average
46.2% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · FAIR VALUE51
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +26.3% · PAT -30.8% YoY
Technical
Neutral56
Price trend and sector-relative-strength timing.
Valuation
Legacy model+40.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence63
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Bad · 0/100PAT -31% YoY · margin compression · Rev +26% YoY
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹96 Cr | +26.3% | -10.3% |
| EBITDA | ₹17 Cr | NDF | +21.4% |
| Operating margin | 18.0% | NDF | +500 bps |
| PAT | ₹9 Cr | -30.8% | +50.0% |
| PAT margin | 9.4% | NDF | +377 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 18.20
- P/B
- 2.34
- EV/EBITDA
- 9.05
- Market Cap
- 273.00Cr
Profitability
- ROE
- 14.30%
- ROCE
- 12.80%
- ROA
- 5.98%
- Dividend Y
- 0.07%
Growth (CAGR)
- Revenue 5Y
- 16.92%
- EPS 5Y
- 44.22%
- Revenue 3Y
- 17.00%
- EPS 3Y
- 48.00%
Balance Sheet
- Debt/Equity
- 0.84
- Interest Coverage
- 5.17×
- Altman Z
- 3.20
- Book Value
- 161.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 16.00 Cr
- EPS TTM
- 21.08
Shareholding
- Promoter Hold
- 69.21%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 19%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 203+21.6% vs prev
Net Profit
₹ CrLatest: 15.0-6.3% vs prev
Return on Equity
%Latest: 13.8-14.5% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 62. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~3.9% over last month) — short-term momentum positive.
- RSI(14) at 62 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 29% off 52W high · 32% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
39
RS percentile
Stage 1 Base / Transition
1M return
+13.0%
3M return
+2.6%
6M return
-1.9%
1Y return
-30.3%
RS 1D
-3
RS 20D
+18
Sector rank
#9
Industry rank
#36
Stage evidence
- Price is within 3.5% of the 30-week proxy.
- The 30-week proxy changed -0.9% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price above
200-DMA
price above
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
251 observations
19 Oct 2026Value 71.02+0.10%
RS vs Nifty 50071
Valuation & peers
U-Score 51 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 51 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation11/30
Growth22/25
Quality7/20
Balance Sheet7/15
Cash Flow1/10
Piotroski
8/9 (+5)
Penalties
-2
Raw sum
51
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
51/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 40.5%.
- Growth contributes 22/25 to the score.
Main drags
- Penalty bucket subtracts 2 points.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Quality is weaker at 7/20; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
18.2
PB
2.3
EV/EBITDA
9.1
ROE
14.3%
ROCE
12.8%
FCF Yield
—
Debt/Equity
0.8
MoS
+40.5%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
51
Previous: 51
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+40.5%
Previous: +40.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
51
51
51
48
48
48
48
48
48
48
51
51
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹276.34
-51.3% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹701.96
+40.5% MoS
PEG
0.40
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
NRVANDANA
SME
N R Vandana Tex Industries Ltd.
Textiles
match 90
51
16.0
26.1%
+57%
FAIR VALUE
KEN
SME
Ken Enterprises Ltd.
Textiles
match 87
62
6.7
12.8%
+80%
UNDERVALUED
SIDDHIKA
SME
Siddhika Coatings Ltd.
Textiles
match 87
76
12.9
23.6%
+65%
DEEP VALUE
VARDMNPOLY
Small
Vardhman Polytex Limited
Textiles
match 86
35
30.9
—
+98%
WATCHLIST
AVIANSH
SME
Avi Ansh Textile Ltd.
Textiles
match 86
14
109.0
3.0%
-161%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-08-23T11:11:18.878Z
Management commentary snapshot
H1 FY26 Revenue Jumps 40.73% YoY to INR107 Cr, EBITDA Up 45% with Margin Expansion to 10.15%
Shree Karni Fabcom delivered strong H1 FY26 results, driven by robust demand and improved operating performance. Management's focus on diversifying into higher-margin segments and increasing dyeing capacity utilization supports future growth and margin expansion, despite expected H1/H2 seasonality.
Current business mix
Revenue by Vertical (H1 FY26)
Latest issuer-disclosed distribution across 5 reported categories.
Luggage Industry55.0%
Leather Goods (Inner Lining)10.0%
Specialized Garments10.0%
Chair Industry, Upholstery, Foot Mats, Shoe Industry5.0%
Others20.0%
Growth engines
Diversification into High-Value Segments
Entering specialized garments (windcheater, rainwear, fire retardant fabrics), umbrella segment, and defense sector (Tier 2 suppliers currently, direct nomination targeted).
Global Retailer Partnerships
Approved vendor for Walmart and Target, targeting 20% of total top line from these brands next year for finished goods or raw materials.
Raw Material Diversification
Expanding into nylon (double revenue impact, high-end customers like Samsonite, Defense) and cotton (dyeing, printing, bag making for export).
Increased Dyeing Capacity & Utilization
Dyeing unit commissioned in Q1 FY26, currently 70-75% utilized, targeting 100% from December, with plans to double capacity.
Capacity and execution
Dyeing Unit Commissioning & Utilization
Dyeing unit commissioned in Q1 FY26, currently at 70-75% utilization, expected to reach 100% from December.
Planned Dyeing Capacity Doubling
Planning to double dyeing capacity; infrastructure is ready, only machines need to be ordered (3-4 months for installation).
Existing Weaving & Knitting Capacity
Weaving capacity is 18-20 lakh meters, knitting capacity is 90 tons/month. Existing setup with contract manufacturing is sufficient for up to INR300 crores revenue.
Tailwinds
Strong Demand
The demand is really strong. This is the main favor of the business.
Favorable Import Dynamics
High shipping charges for hard luggage from China ($1,500-$1,700 vs $400-$500 earlier) are favoring domestic production.
Government Policies
Government policies are wanting not to import fabric from China and from any other countries, favoring domestic players.
Client Management Aggressiveness
VIP's new management has pumped in hefty amounts and plans aggressive growth for the next three to four years, boosting business.
Headwinds
Tariff Impact on Export Business
Business with Walmart/Target is currently impacted by tariffs, though management expects the tariff war to end soon.
H1/H2 Margin Disparity
Historically, H2 EBITDA margins are 6-8% higher due to school and travel season volumes, and some subsidies, leading to lower H1 margins.
Risk radar
High Dependency on Luggage Industry
Luggage is around 50%-60% of our business; management targets no single sector to be more than 30% by FY27-28.
Lengthy Defense Sector Nomination Process
Direct entry into the defense sector requires certifications and nominations, which is a time-consuming process.
Management accountability
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.
Analyst reading lens
Compare YOY
Management explicitly compares H1 FY26 financial metrics (revenue, EBITDA, PAT) to the 'same period last year', indicating a focus on annual performance trends rather than sequential momentum.
Sector KPIs management disclosed
Revenue from Operations Growth
Revenue from operations rose sharply to INR107 crores, which is up 40.73% (YoY).
EBITDA Growth
Our EBITDA showed 45% year-on-year to INR10.86 crores.
EBITDA Margin
EBITDA margin improving to 10.15% from 9.85% last year.
PAT Growth
Our PAT grew robustly by 26.77% to INR6.17 crores.
Management forward view
Targeted Revenue Growth
Management states they will be growing at least 25% year-on-year.
Sustainable PAT Margin Target
Management is targeting a 12-13% sustainable PAT margin annually, stating it is 100% achievable.
Gross Margin Target
Management confirms targeting gross margins greater than 30%.
Improved H1 Performance
From next year, the company will focus on other businesses not dependent on the luggage industry to improve H1 performance.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Dyeing Unit Utilization | 70-75% | Achieving 100% utilization from December and progress on doubling capacity. |
| High-Value Segment Revenue Contribution | Specialized garments ~10%, defense via Tier 2 | Contribution of 20-25% from high-value segments (defense, specialized garments) in 3 years. |
| Walmart/Target Revenue Contribution | Vendor code obtained | Achieving 20% of total top line from these global brands next year. |
| Debt Reduction | Short-term and long-term borrowings reduced in H1 FY26 | Further reduction in debt post conversion of INR18 crores of promoters' convertible warrants to equity. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
63Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 38th percentile of the scored universe and 41st percentile within Consumer. Main check: cash conversion is weak at 43/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
1 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
38th percentile
overall median 67 · Consumer: 41st pctile, median 66 · SME: 45th pctile, median 64
Evidence depth
Financial-only
1 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
48
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 69.2%.
- ▸Promoter pledge is zero.
Trust risks
- ▸Promoter holding fell 1.6%.
- ▸Only 0 years of positive FCF.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Shree Karni Fabcom Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Investor presentationAug 2025
Aug 2025 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
Investor presentationDec 2024
Dec 2024 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.