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Alstone Textiles (India) Ltd

ALSTONE

BSE

₹0.160.00%25 May 2026

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Trading

Alstone Textiles (India) Ltd

ALSTONE

BSE

₹0.16

0.00%

25 May 2026

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Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.

Alstone Textiles (India) Limited is a listed entity that has pivoted from its namesake textile trading roots into a full-fledged Non-Banking Finance Company (NBFC) - essentially a lender and investor that operates without a banking licence. Incorporated in 1985, the company spent decades in the fabric trade before diversifying into financial services, a shift so complete that by FY23 its sole reported business segment was “Finance Activity”. The recurring pattern is a deliberate migration up the risk curve: from third-party product distributions carrying the “lowest balance sheet risk,” to unsecured personal and corporate loans carrying the “highest balance sheet risk,” and now toward a stated ambition of becoming a leading player in securities and investment.

Business segments

Two engines at different stages - a legacy textile trading operation that has gone dormant, and an NBFC platform that now carries the entire business - built one from the other’s cash flows.

1. Finance & lending: the balance-sheet engine

The company originates unsecured loans and deploys capital into securities - a pure spread and investment-income business with no physical infrastructure.

Lends without collateral - it extends unsecured personal loans and corporate loans, a line of business management explicitly flags as carrying the “highest balance sheet risk” because there is no asset backing if a borrower defaults.
Earns on the spread - interest income is recognised using the effective interest rate method, meaning the company books the true economic return on its loans over time, while dividend income is recorded the moment the right to receive it is established.
A ₹1,695-crore loan book - as of March 2025, non-current assets stood at roughly ₹1,695 crore, almost entirely in the form of loans, showing that lending is the dominant use of the company’s capital.
Funded by borrowings - current liabilities included ₹1,422 crore in borrowings, so the lending engine runs on leverage - borrowing from one set of counterparties to lend to another, capturing the margin in between.
Securities portfolio alongside - the company also holds current investments of about ₹379 crore and trade receivables of roughly ₹6 crore, indicating a parallel activity of trading and holding financial assets for income and gains.

2. Textiles trading: the dormant origin

The namesake business of supplying fabrics and garments now generates no revenue - a legacy shell kept alive only in future plans.

Trading, not manufacturing - the company chooses to trade rather than produce, so it needs no plant; it maintains warehouses to hold textile inventory, covering cotton, wool, silk, synthetics, ready-made garments and hosiery.
Revenue has dried up - for the year ended March 2025, revenue from operations was nil, confirming that this engine is inactive in practice even though it remains part of the company’s stated future expansion plans.
Branded garments as the old thesis - the company once saw opportunity in the shift toward branded ready-made garments, rising purchasing power and the growth of malls and retail chains in India, while identifying competition from countries like China as a threat.

Group structure and partners

The company stands alone - no subsidiaries, no joint ventures, and a promoter group that has largely exited - while a web of corporate lenders and a massive capital restructuring have reshaped its shareholder base.

No group entities - as of May 2025, the company has no subsidiaries, associate companies or joint ventures, and no holding company, making it a standalone listed entity with no corporate family tree.
Promoters stepped back - five promoter entities and individuals, who once held about 11% of the equity, sought reclassification to the “public” category in August 2023, and one of them, Sunshine Capital Limited, had already sold a chunk of its stake in the open market.
Lenders became shareholders - in October 2024, the company allotted 500 crore equity shares at face value to non-promoter entities to convert outstanding unsecured loans into equity, turning creditors into owners.
A revolving cast of large investors - during FY26, non-promoter shareholders Lavender Holdings, Trans Globe NKS Holdings and Blue Bell Finance each sold down significant stakes through off-market and open-market transactions, with Lavender’s holding falling from over 11% to just over 4% in a matter of weeks.
Capital rebuilt from the ground up - in late 2022, the company executed a stock split (10-for-1), a bonus issue (9-for-1) and a near-tenfold increase in authorised share capital, transforming a ₹12.75-crore equity base into a ₹127.48-crore base in a single restructuring wave.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

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Mkt Cap

Market Capitalization

₹100Cr

Close Price

₹0.16

Industry

Trading

Price To Earnings

—

Price To Sales

0.13

Revenue

₹785Cr

Rev Gr TTM

Revenue Growth TTM

—

PAT Gr TTM

PAT Growth TTM

-2,938.73%

Standalone

Numbers

Percentage

Quarter	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue RevenueCr	0	0	3	0	0	0	0	0	0	0	0	785
Growth YoY Revenue Growth YoY%	-100.0		-42.5				-100.0
Expenses ExpensesCr	0	0	0	0	0	1	0	1	0	6	0	863
Operating Profit Operating ProfitCr	0	0	3	0	0	-1	0	-1	0	-6	0	-79
OPM OPM%			91.4									-10.0
Other Income Other IncomeCr	1	1	0	0	0	1	2	2	3	4	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	28
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	1	1	3	0	0	0	2	2	3	-2	0	-107
Tax TaxCr	0	0	0	0	0	0	0	0	0	1	0	0
PAT PATCr	1	1	3	0	0	0	2	2	3	-3	0	-107
Growth YoY PAT Growth YoY%	-90.3	-77.4	264.3	-98.0	-94.5	-47.7	-31.4	4,900.0	4,300.0	-752.2	-96.6	-7,214.7
NPM NPM%			91.4									-13.6
EPS EPS₹	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.2

Quarter	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue RevenueCr	0	0	3	0	0	0	0	0	0	0	0	785
Growth YoY Revenue Growth YoY%	-100.0		-42.5				-100.0
Expenses ExpensesCr	0	0	0	0	0	1	0	1	0	6	0	863
Operating Profit Operating ProfitCr	0	0	3	0	0	-1	0	-1	0	-6	0	-79
OPM OPM%			91.4									-10.0
Other Income Other IncomeCr	1	1	0	0	0	1	2	2	3	4	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	28
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	1	1	3	0	0	0	2	2	3	-2	0	-107
Tax TaxCr	0	0	0	0	0	0	0	0	0	1	0	0
PAT PATCr	1	1	3	0	0	0	2	2	3	-3	0	-107
Growth YoY PAT Growth YoY%	-90.3	-77.4	264.3	-98.0	-94.5	-47.7	-31.4	4,900.0	4,300.0	-752.2	-96.6	-7,214.7
NPM NPM%			91.4									-13.6
EPS EPS₹	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.2

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	14	3	0	0	0	0	0	30	5	0	0	785
Growth Revenue Growth%	302.6	-81.0	-94.8	-100.0		-100.0			-83.9	-100.0
Expenses ExpensesCr	14	3	0	0	0	0	0	6	4	1	7	870
Operating Profit Operating ProfitCr	0	0	0	0	0	0	0	25	1	-1	-7	-85
OPM OPM%	1.3	1.4	-37.5		-211.5			81.3	10.8			-10.8
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	4	4	11	7
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	28
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	0	0	0	0	0	0	0	25	4	3	3	-106
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	1	1
PAT PATCr	0	0	0	0	0	0	0	25	4	3	3	-107
Growth PAT Growth%	74.4	-83.5	-397.5	-28.7	-148.2	53.6	0.5	28,188.4	-83.0	-25.4	-7.2	-2,938.7
NPM NPM%	0.9	0.8	-43.1		-212.7			81.3	85.8			-13.6
EPS EPS₹	0.1	0.0	-0.1	-0.1	-0.1	-0.1	-0.7	0.2	0.0	0.0	0.0	-0.2

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	14	3	0	0	0	0	0	30	5	0	0	785
Growth Revenue Growth%	302.6	-81.0	-94.8	-100.0		-100.0			-83.9	-100.0
Expenses ExpensesCr	14	3	0	0	0	0	0	6	4	1	7	870
Operating Profit Operating ProfitCr	0	0	0	0	0	0	0	25	1	-1	-7	-85
OPM OPM%	1.3	1.4	-37.5		-211.5			81.3	10.8			-10.8
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	4	4	11	7
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	28
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	0	0	0	0	0	0	0	25	4	3	3	-106
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	1	1
PAT PATCr	0	0	0	0	0	0	0	25	4	3	3	-107
Growth PAT Growth%	74.4	-83.5	-397.5	-28.7	-148.2	53.6	0.5	28,188.4	-83.0	-25.4	-7.2	-2,938.7
NPM NPM%	0.9	0.8	-43.1		-212.7			81.3	85.8			-13.6
EPS EPS₹	0.1	0.0	-0.1	-0.1	-0.1	-0.1	-0.7	0.2	0.0	0.0	0.0	-0.2

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital Equity CapitalCr	13	13	13	13	13	13	13	127	127	627	627	927
Reserves ReservesCr	112	112	112	112	112	111	111	21	25	28	31	-75
Current Liabilities Current LiabilitiesCr	0	0	0	0	0	0	0	2	504	4	1	3
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	0	0	0	0	0	0	1,422	1,422	150
Total Liabilities Total LiabilitiesCr	125	125	125	124	124	124	124	150	657	2,082	2,081	1,006
Current Assets Current AssetsCr	0	0	0	0	0	0	0	0	390	8	13	923
Non Current Assets Non Current AssetsCr	124	124	124	124	124	124	124	150	266	2,074	2,069	83
Total Assets Total AssetsCr	125	125	125	124	124	124	124	150	657	2,082	2,081	1,006

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital Equity CapitalCr	13	13	13	13	13	13	13	127	127	627	627	927
Reserves ReservesCr	112	112	112	112	112	111	111	21	25	28	31	-75
Current Liabilities Current LiabilitiesCr	0	0	0	0	0	0	0	2	504	4	1	3
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	0	0	0	0	0	0	1,422	1,422	150
Total Liabilities Total LiabilitiesCr	125	125	125	124	124	124	124	150	657	2,082	2,081	1,006
Current Assets Current AssetsCr	0	0	0	0	0	0	0	0	390	8	13	923
Non Current Assets Non Current AssetsCr	124	124	124	124	124	124	124	150	266	2,074	2,069	83
Total Assets Total AssetsCr	125	125	125	124	124	124	124	150	657	2,082	2,081	1,006

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	0	0	0	0	0	0	23	3	2	-6
Investing Cash Flow Investing Cash FlowCr	0	0	0	0	0	0	0	-24	-503	-1,424	6
Financing Cash Flow Financing Cash FlowCr	0	0	0	0	0	0	0	0	499	1,422	0
Net Cash Flow Net Cash FlowCr	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow Free Cash FlowCr	0	0	0	0	0	0	0	23	3	2	-6
CFO To PAT CFO To PAT%	-38.8	-297.0	105.2	11.0	134.7	22.8	100.2	95.7	76.0	52.1	-195.6
CFO To EBITDA CFO To EBITDA%	-26.7	-166.9	121.0	11.5	135.5	23.7	100.3	95.6	600.9	-129.2	78.9

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	0	0	0	0	0	0	23	3	2	-6
Investing Cash Flow Investing Cash FlowCr	0	0	0	0	0	0	0	-24	-503	-1,424	6
Financing Cash Flow Financing Cash FlowCr	0	0	0	0	0	0	0	0	499	1,422	0
Net Cash Flow Net Cash FlowCr	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow Free Cash FlowCr	0	0	0	0	0	0	0	23	3	2	-6
CFO To PAT CFO To PAT%	-38.8	-297.0	105.2	11.0	134.7	22.8	100.2	95.7	76.0	52.1	-195.6
CFO To EBITDA CFO To EBITDA%	-26.7	-166.9	121.0	11.5	135.5	23.7	100.3	95.6	600.9	-129.2	78.9

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr								96	91	358	69	100
Price To Earnings Price To Earnings								4.0	23.7
Price To Sales Price To Sales								3.2	18.7			0.1
Price To Book Price To Book								0.6	0.6	0.5	0.1	0.2
EV To EBITDA EV To EBITDA								3.9	1,121.9	-1,420.5	-208.7	-17.9
Profitability Ratios Profitability Ratios
GPM GPM%	2.6	7.2	20.0		-137.0			86.0	17.4
OPM OPM%	1.3	1.4	-37.5		-211.5			81.3	10.8			-10.8
NPM NPM%	0.9	0.8	-43.1		-212.7			81.3	85.8			-13.6
ROCE ROCE%	0.1	0.0	-0.1	-0.1	-0.1	-0.1	-0.1	16.4	0.6	0.1	0.2	-7.8
ROE ROE%	0.1	0.0	-0.1	-0.1	-0.1	-0.1	-0.1	16.5	2.7	0.5	0.4	-12.6
ROA ROA%	0.1	0.0	-0.1	-0.1	-0.1	-0.1	-0.1	16.3	0.6	0.1	0.1	-10.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr								96	91	358	69	100
Price To Earnings Price To Earnings								4.0	23.7
Price To Sales Price To Sales								3.2	18.7			0.1
Price To Book Price To Book								0.6	0.6	0.5	0.1	0.2
EV To EBITDA EV To EBITDA								3.9	1,121.9	-1,420.5	-208.7	-17.9
Profitability Ratios Profitability Ratios
GPM GPM%	2.6	7.2	20.0		-137.0			86.0	17.4
OPM OPM%	1.3	1.4	-37.5		-211.5			81.3	10.8			-10.8
NPM NPM%	0.9	0.8	-43.1		-212.7			81.3	85.8			-13.6
ROCE ROCE%	0.1	0.0	-0.1	-0.1	-0.1	-0.1	-0.1	16.4	0.6	0.1	0.2	-7.8
ROE ROE%	0.1	0.0	-0.1	-0.1	-0.1	-0.1	-0.1	16.5	2.7	0.5	0.4	-12.6
ROA ROA%	0.1	0.0	-0.1	-0.1	-0.1	-0.1	-0.1	16.3	0.6	0.1	0.1	-10.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	EY	CFEL	MRCAGRO	ALSTONE	VEERHEALTH	SIL	MARUSHIKA
Market CapitalizationMkt CapCr	103	102	101	100	99	98	96
Close PriceClose₹	513.00	40.85	32.26	0.16	49.73	15.18	112.85
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	231.08	14.38	322.60		65.43	1.58	13.08
Price To SalesPS	1.10	0.67	0.90	0.13	1.88	0.45	0.83
RevenueRevenueCr	94	153	112	785	53	216	116
Revenue Growth TTMRev Gr TTM%	102.6%	-35.5%	220.3%		177.1%	585.2%
PAT Growth TTMPAT Gr TTM%	-45.1%	4.9%	73.1%	-2,938.7%	200.0%	570.8%

	EY	CFEL	MRCAGRO	ALSTONE	VEERHEALTH	SIL	MARUSHIKA
Market CapitalizationMkt CapCr	103	102	101	100	99	98	96
Close PriceClose₹	513.00	40.85	32.26	0.16	49.73	15.18	112.85
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	231.08	14.38	322.60		65.43	1.58	13.08
Price To SalesPS	1.10	0.67	0.90	0.13	1.88	0.45	0.83
RevenueRevenueCr	94	153	112	785	53	216	116
Revenue Growth TTMRev Gr TTM%	102.6%	-35.5%	220.3%		177.1%	585.2%
PAT Growth TTMPAT Gr TTM%	-45.1%	4.9%	73.1%	-2,938.7%	200.0%	570.8%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2026

Sep 26