Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Oct
Source: Bse
Swaraj Suiting Ltd. (SWARAJ)
SME CapConsumer stocks · SME cap · NSE
Swaraj Suiting Ltd. (SWARAJ), established 2003, is an integrated textile manufacturer of Denim and Cotton finished fabrics and Cotton Yarn. It operates across the entire textile value chain from spinning to finishing, with manufacturing facilities in Bhilwara, Rajasthan, and Neemuch, MP.
Data qualityFresh enough for analysisQuote updated 19 Oct, 05:50 pm ISTDetails
Quote19 Oct, 05:50 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result10 Sept, 05:49 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
45NeutralMACD − · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 51
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
SWARAJD candles · FIT view+12.2%Latest close ₹324.95 on 2026-10-19
Bar
+1.5%
RSI
42
MACD hist
-3.23
52W pos
66%
2026-10-19O ₹320.00H ₹328.00L ₹307.35C ₹324.95Vol 4.6L 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
SWARAJNifty Consumer DurablesNifty 500
- SWARAJ
- -9.7%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- -4.1 pp
Chart stats
19 Oct 2026- From 52W high
- -17.7%
- 52W range position
- 70%
- ATR (14)
- 5.3%
- Volume vs 20D
- 2.98x
- Avg traded value
- ₹5.1 Cr
- 20D price channel
- ₹260.1 - ₹395
₹395
₹163 - ₹395
₹17.2
Latest completed session
20-session average
59.1% annualized volatility
Research snapshot
What the evidence says now
Investable 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
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED65
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good62
Revenue +137.7% · PAT +77.8% YoY
Technical
Neutral45
Price trend and sector-relative-strength timing.
Valuation
Legacy model+60.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence58
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 30 Jun 2026
Good · 62/100Rev +138% YoY · PAT +78% YoY · margin compression
Filed 10 Sept 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹183 Cr | +137.7% | -11.6% |
| EBITDA | ₹36 Cr | +50.0% | +5.9% |
| Operating margin | 19.0% | -1300 bps | +200 bps |
| PAT | ₹16 Cr | +77.8% | -36.0% |
| PAT margin | 8.7% | -295 bps | -334 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 15.90
- P/B
- 2.87
- EV/EBITDA
- 8.83
- Market Cap
- 971.00Cr
Profitability
- ROE
- 21.70%
- ROCE
- 17.90%
- ROA
- 7.11%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 57.00%
- EPS 5Y
- 83.00%
- Revenue 3Y
- 38.00%
- EPS 3Y
- 112.00%
Balance Sheet
- Debt/Equity
- 0.96
- Interest Coverage
- 3.73×
- Altman Z
- 3.05
- Book Value
- 129.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -17.00 Cr
- EPS TTM
- 24.69
Shareholding
- Promoter Hold
- 64.68%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 88%
Financial History
Updated 18/10/2026
Revenue
₹ CrLatest: 183-11.6% vs prev
Net Profit
₹ CrLatest: 16.0-36.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
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
Bearish setupTrend is weak — long-term uptrend intact. RSI 42.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 42 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 18% off 52W high · 72% 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 & peers
U-Score 65 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 65 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · UNDERVALUEDValuation18/30
Growth25/25
Quality15/20
Balance Sheet5/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
-1
Raw sum
65
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
65/100 · legacy band UNDERVALUED
Positive drivers
- Fair-value margin of safety is positive at 60.5%.
- Growth contributes 25/25 to the score.
- Quality contributes 15/20 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Balance sheet is weaker at 5/15; 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
15.9
PB
2.9
EV/EBITDA
8.8
ROE
21.7%
ROCE
17.9%
FCF Yield
—
Debt/Equity
1.0
MoS
+60.5%
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
65
Previous: 65
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+60.5%
Previous: +60.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
62
62
62
62
62
62
62
65
65
65
65
65
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
₹267.7
-21.4% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹822.18
+60.5% MoS
PEG
0.17
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
KARNIKA
SME
Karnika Industries Ltd.
Textiles
match 92
60
22.2
28.4%
+34%
UNDERVALUED
RSWM
Small
RSWM Limited
Textiles
match 87
59
13.3
3.8%
+56%
FAIR VALUE
SHREEKARNI
SME
Shree Karni Fabcom Ltd.
Textiles
match 86
51
18.2
14.3%
+40%
FAIR VALUE
UNITEDPOLY
Small
United Polyfab Gujarat Limited
Textiles
match 85
45
40.9
21.1%
-35%
WATCHLIST
KEN
SME
Ken Enterprises Ltd.
Textiles
match 85
62
6.7
12.8%
+80%
UNDERVALUED
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 2026-10-02T02:42:12.545Z
Management commentary snapshot
Swaraj Suiting reported strong FY26 performance with revenue up 38.5% YoY to INR 5,767 Mn, EBITDA up 52.7% YoY to INR 1,115 Mn, and Net Profit up 58.0% YoY to INR 524 Mn. Margins expanded, with EBITDA margin at 19.3% (+180 bps) and Net Profit margin at 9.1% (+112 bps). Q4FY26 revenue grew 22.4% YoY, but EBITDA growth slowed to 2.7% YoY.
The company delivered robust FY26 growth in revenue and profitability, driven by operational efficiencies and product mix. Strategic expansion into spinning and advanced materials is underway, aiming for margin improvement and diversified offerings. However, Q4FY26 EBITDA growth significantly lagged revenue, suggesting potential cost pressures or mix shifts.
Growth engines
Integrated Textile Operations
End-to-end control from spinning to finishing, optimizing supply chain for improved margins and scalability.
Denim & Cotton Finished Fabrics
Specialization in high-quality Denim and Cotton finished fabrics, with an own brand 'SWARAJ DENIM'.
Advanced Material Division (Pilot Project)
Strategic entry into high-performance yarn for industrial, protective, and performance-critical applications, offering premium margins.
Capacity Expansion
Ongoing expansion of spinning unit and other divisions to cater to growing demand and strengthen backward integration.
Capacity and execution
Neemuch Plant Phase 2 (2024)
Commenced with new weaving unit, additional seizing & dyeing lines, value-added machines, and Denim Process House capacity expansion.
Neemuch Plant Additions (2026)
Addition of Cotton Process House and Spinning Unit.
Proposed Spinning Unit Expansion
Investment of INR ~4200 Mn for Ring Spinning (1,246 TPA), Open-End Spinning (12,254 TPA), and Advanced Material Division (Pilot Project, 18,000 TPA). Expected operational in ~12 months.
Tailwinds
FTAs & Global Trade Realignment
FTAs with EU and UK expected to boost India's textile exports by removing tariffs and leveling the playing field.
Growing Global & Indian Textile Market
Global apparel market projected to reach US$2.37 trillion by 2030 (8% CAGR); Indian textile sector targeting US$100 billion exports by FY2030.
Indian Denim Market Growth
Expected to grow at 8.1% CAGR (2025-2032), driven by rising disposable income, urbanization, and sustainability trends.
Sustainability Trends in Cotton
Increasing consumer preference for sustainable and natural fibers like cotton, driving demand for organic cotton.
Headwinds
Rising Raw Material Prices
Identified as a weakness in SWOT analysis.
Global Political & Economic Scenarios
Identified as a threat in SWOT analysis.
Ongoing Tariff Recalibration
US administration announced a standard tariff (15%) after quashing earlier regime, impacting trade policy environment.
Risk radar
Rising Raw Material Prices
Can impact cost of goods sold and margins.
Higher Delivery Cost
Could impact competitiveness and profitability.
Rising Production Cost
General increase in operational expenses.
Global Political & Economic Scenarios
External uncertainties affecting demand and trade.
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 BOTH
The textile industry has seasonal demand patterns, making YoY comparison essential for understanding underlying growth. However, QoQ comparison is also useful to track sequential momentum, operational efficiency, and the impact of recent capacity additions and input cost trends.
Sector KPIs management disclosed
Revenue from Operations (FY26)
INR 5,767 Mn, up 38.5% YoY.
EBITDA (FY26)
INR 1,115 Mn, up 52.7% YoY.
Net Profit (FY26)
INR 524 Mn, up 58.0% YoY.
EBITDA Margin (FY26)
19.3%, +180 bps YoY.
Management forward view
FY26 Performance Drivers
Robust growth in revenue and profitability supported by improved operational efficiencies, better product mix, and strategic cotton procurement.
Spinning Expansion Rationale
INR 4,200 million spinning expansion strengthens integrated operations and enables entry into advanced materials/technical textiles.
Future Outlook
Focused on enhancing operational performance, expanding value-added offerings, and creating long-term value for stakeholders.
New Capacity Timeline
Expects new capacities from the spinning expansion to become operational in ~12 months.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 19.3% (FY26), 16.6% (Q4FY26) | Sustained margin expansion, especially in Q4, and impact of new capacities on overall profitability. |
| Spinning Unit Expansion Progress | Investment of INR ~4200 Mn, expected operational in ~12 months | Timely commissioning and ramp-up of new capacities, particularly the Advanced Material Division. |
| Revenue Growth | 38.5% YoY (FY26) | Continued strong revenue growth, especially from value-added offerings and new capacities. |
| Employee Benefit Expenses | Up 94.6% YoY (FY26) | Moderation in growth of employee benefit expenses relative to revenue, indicating better cost control. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
58Limited 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 22nd percentile of the scored universe and 24th percentile within Consumer. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
10 docs text-extracted · 2 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
22nd percentile
overall median 67 · Consumer: 24th pctile, median 66 · SME: 24th pctile, median 64
Evidence depth
Financial-only
10 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
Needs extra due diligence; demand valuation comfort and recent improvement.
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
68
acceptable · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
76
strong · capital discipline
Results
53
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 64.7%.
- ▸Promoter pledge is zero.
- ▸Latest 3 quarters had positive YoY PAT growth.
Trust risks
- ▸Promoter holding fell 10.3%.
- ▸Operating cash flow is negative at ₹-17 Cr.
- ▸Only 1 years of positive FCF.
- ▸OPM spread across recent quarters is 17%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Swaraj Suiting Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Change in Management 1 Oct - Shareholders approved Amreen Sheikh reappointment and Manoj Mansinghka appointment as independent directors for five years.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Sep
Source: Bse
Credit rating
Credit-rating report · Swaraj Suiting Limited has informed the Exchange about Credit Rating- New
Source: Nse
Announcement
Announcement under Regulation 30 (LODR)-Monitoring Agency Report 14 Aug - CRISIL monitoring report flags Rs 3.23 crore and Rs 4.80 crore excess working-capital use.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Updates 15 July 2026 - Company denies any event or announcement behind recent share price movement.
Source: Nse
Annual report
Annual Report 2026
Source: Bse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Bse
Annual reportMar 2026
Sep 2026 · Notice Of The Twenty-Third Annual General Meeting And Annual Report For The Financial Year 2025-26, Is Attached 8 Sep - 23rd AGM on 30 September 2026; annual report sent, with e-voting and ordinary/special resolutions.
Source: Bse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
Concall transcriptNov 2024
Nov 2024 · Transcript
Source: Nse
Investor presentationNov 2024
Nov 2024 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.