- APM Industries is a yarn maker that has spent five decades turning synthetic fibres into the thread that feeds India’s textile mills - no exports, no sidelines, just one factory in Rajasthan doing one thing. Incorporated in 1973, the company was once a two-segment business but shed its finance arm in a demerger effective 01.04.2018, emerging as a pure-play manufacturer of man-made fibre (MMF) and synthetic blended yarn. The recurring approach is simple: keep the machines modern, keep the power bill down, and sell everything at home where the brand is recognised and the margins are better.
Business segments
A single-engine business - one factory, one product family, one domestic market - that earns its keep by spinning synthetic staple fibre into yarn for India’s fabric and garment exporters.
1. Synthetic blended yarn: the group’s sole operating engine
A single Bhiwadi mill with roughly 55,000 spindles converts volatile-priced synthetic staple fibre into yarn sold entirely to domestic buyers, who value the company’s consistent quality over the uncertainty of imports.
- Raw material risk that cannot be passed on - the key input is synthetic staple fibre, a derivative whose price swings with crude oil, and the company absorbs that volatility because day-to-day cost changes cannot be pushed through to customers. That makes procurement timing and inventory management a quiet source of competitive edge.
- Modernise constantly, not occasionally - the company ploughed more than Rs. 43 crore into plant upgrades over the three years to FY24, targeting reduced operating costs, better quality, and higher profitability rather than adding capacity. The result is a mill that can produce over 200 lakh kilograms a year when demand is strong, as it did in FY23 and FY24.
- Domestic by design - the company has recorded zero export turnover for six straight years because its yarn is well-recognised in India and the domestic market has consistently delivered better profitability. Its customers are exporters of yarn, fabrics, furnishings, and readymade garments, so the company sits one step upstream of India’s global textile trade without taking the currency or logistics risk itself.
Group structure and partners
A promoter-led, standalone company with no subsidiaries - the demerger of its finance arm in 2019 left it as a pure yarn play, controlled by the Rajgarhia family and run by a six-member board.
- Clean separation from the past - the company’s Finance & Investment division was demerged into APM Finvest Ltd. effective April 2018, with shareholders receiving one share of the new entity for every share they held in APM Industries, a scheme approved by the NCLT in May 2019. Since then, the company has operated with no subsidiaries, joint ventures, or associates.
- Family at the helm - Chairman and Whole-time Director Rajendra Kumar Rajgarhia holds nearly 18% of the equity, while his son Sanjay Rajgarhia sits on the board as a Non-Executive Director with a further 3.19% stake. The board also includes three independent directors and a professional Managing Director, balancing promoter influence with outside oversight.
- Listed but lean - the company’s shares trade on the BSE, and as of March 2025 it had close to 10,000 shareholders, yet the capital structure is modest: paid-up equity of about Rs. 4.3 crore spread across 2.16 crore shares of Rs. 2 face value each.