Kamadgiri Fashion Ltd is a textile maker that turns yarn into finished fabric and branded ready-to-wear clothing, all under one roof. Founded in 1987 with a simple promise-premium-quality fabrics at reasonable prices-it has spent three decades building an integrated manufacturing chain that now supplies some of India’s best-known garment brands while also selling its own apparel labels directly to consumers. The recurring approach is vertical control: the company weaves its own fabric, finishes it in-house, and stitches it into garments, capturing value at every step rather than handing it to a middleman. # Business segments A single textile engine with two natural stages-upstream fabric manufacturing that feeds downstream branded apparel-operating as one integrated unit with no separate reportable segments. ## 1. Fabric manufacturing: the upstream engine that feeds the business **KFL weaves and finishes its own fabric in-house, supplying both external garment brands and its own apparel unit-so every shirt it sells starts with cloth it made itself.** - **Weaving is the foundation** - the weaving division produces suitings and shirtings at the company’s Umbergaon factories in Gujarat, and its output flows directly into the finished-fabric unit as well as to outside customers. - **Finished fabric for the trade** - the finishing unit takes woven cloth and processes it into ready-to-use fabric, selling to readymade garment manufacturers and major brands in the domestic B2B market, where it has built a reputation for consistent quality and reliability. - **No exports, by design** - the company is focused exclusively on the Indian domestic market and has never pursued an export initiative, so its entire fabric output serves local demand. - **Government support lowers the cost base** - KFL received a grant of Rs. 1.77 crore under the Gujarat Apparel Policy 2017, along with power tariff, interest, and payroll subsidies for its Sanjan plant, all of which reduce the effective cost of manufacturing. ## 2. Branded apparel and garmenting: where the company meets the consumer **KFL stitches its own fabric into finished shirts, trousers, and chinos-then sells them under brands it owns, capturing the retail margin on top of the manufacturing margin.** - **Five million pieces a year** - the readymade garment unit, originally set up at Sanjan and now shifting to Umbergaon, has an annual apparel manufacturing capacity of 5 million pieces, producing woven garments like casual shirts, formal shirts, dress pants, and chinos. - **Three in-house brands with distinct jobs** - ‘Risque’ is a men’s casual shirt brand that found traction online; ‘True Value’ is a value-for-money label for suitings and shirtings with loyal recall; and ‘True Linen’ is a linen fabric brand with similarly established customer loyalty. By early 2025, the company had moved out the True Value division to concentrate on its core strength. - **Chasing the casual wave** - KFL has deliberately tilted its portfolio toward casual wear to align with younger consumers and shifting fashion trends, making that category a growing share of the mix. - **A pandemic pivot that stuck** - during COVID-19, the company manufactured PPE kits, non-surgical N95 masks, and an antiviral ‘Zero Risque’ face mask, and it continues to produce nonwoven and technical textiles as specialty products. - **Sold on credit, paid over months** - revenue is recognised when goods are shipped or delivered, but the average credit period extended to customers runs 90 to 180 days, and trade receivables are typically unsecured. # Group structure and partners **KFL is a standalone company with no subsidiaries-it recently slimmed down by selling a distribution division and exiting a joint venture, leaving a lean, promoter-led structure focused purely on manufacturing.** - **No subsidiaries or associates** - as of March 2025, the company has no subsidiary, joint venture, or associate company, operating entirely as a single entity. - **The Metawear experiment, exited** - KFL once incubated a subsidiary called Metawear Limited to create new fashion brands, but after a strategic investment by Think9 Consumer Technologies diluted its control, KFL sold its remaining stake in FY23 for Rs. 183.53 lakhs, booking a profit of Rs. 132.50 lakhs. - **Distribution division sold off** - in June 2024, KFL transferred its fabric distribution and made-to-measure business to Tritoma Fashion Lab Private Limited on a slump-sale basis for Rs. 5.91 crore in cash; that unit had contributed roughly 30% of total turnover. - **Promoter family at the helm** - the board is chaired by founder Pradip Kumar Goenka (39 years in textiles), with his son Tilak Goenka as Managing Director heading the finished fabrics division; promoters held about 34% of shares as of March 2024. - **A related-party supply web** - Jagruti Synthetics Pvt Ltd, an enterprise owned by major shareholders, is both a significant supplier of goods (Rs. 609.78 lakhs in FY23) and a provider of job-work services (Rs. 358.34 lakhs), while the company also paid rent expenses to it, creating a tight-knit procurement ecosystem.