R&B Denims is a denim maker that grew by doing everything itself - spinning the yarn, weaving the fabric, dyeing it, finishing it, and now stitching it into jeans under its own brand. Founded in 2010 in Surat, Gujarat, and shipping its first fabric by 2012, it became one of India’s largest denim manufacturers by betting on vertical integration in a region better known for polyester. That same instinct - own the next link in the chain - explains every major move since: buying a cotton-spinning subsidiary, putting solar panels on the roof and a windmill off-site, and launching a garment line to capture the margin its brand-owning customers used to keep. # Business segments Three engines built in sequence - a denim-fabric workhorse that pays for everything, a garment start-up that turns the same cloth into branded jeans, and a captive-power setup that cuts the factory’s electricity bill. ## 1. Denim fabric: the integrated mill that carries the group **A single factory spins, weaves, dyes and finishes over 30 million metres of denim a year, selling to brands in India and across nine countries.** - **Cotton enters, finished rolls leave** - the plant runs 174 Air Jet Looms alongside its own warping, singeing, dyeing and finishing lines, so the company controls quality and lead times from raw yarn to packaged fabric. - **Backward integration through a subsidiary** - Ricon Industries, a cotton-spinning unit with 2,208 open-end rotors and 11,520 ring spindles, supplies yarn directly to the mill, insulating it from some of the cotton-price swings that are the industry’s biggest risk. - **Wide fabric opens more customer doors** - after a capacity expansion, the looms can now produce stretch denim up to 85 inches wide, letting the company serve buyers who need broader cloth for larger garment panels. - **Sold to brands, not to shoppers** - customers include “Killer,” “Lifestyle,” “Arvind” and “Reliance Retail,” reached through a dealer network and face-to-face selling at trade shows; roughly a quarter to a third of output is exported to markets such as Egypt, Colombia and Latin America. - **Working capital is the hidden cost of doing business** - distributors must extend long credit to garment manufacturers, who in turn stretch their own payables, so the entire chain ties up cash for extended periods. ## 2. Garmenting: stitching the fabric into its own brand **The company now cuts and sews its own denim into jeans and jackets for young Indian buyers, capturing the retail markup it used to leave on the table.** - **From mill to finished garment under one roof** - the garment unit was built inside the existing Surat factory and began commercial production on 10 April 2025, turning the company’s own fabric into readymade apparel. - **A value-brand play for the domestic market** - the line targets price-conscious young consumers with jeans, jackets and other denim clothing sold under the company’s own label, a move the promoters had flagged as a strategic priority for years. - **Started small, designed to scale** - the initial machinery and fit-out cost about Rs. 1.25 crores, with further phases to be funded from internal cash or debt as the brand gains traction. ## 3. Captive renewable energy: cheaper power for the factory floor **On-site solar panels and an off-site windmill generate roughly three-fifths of the electricity the mill consumes, shrinking a major operating cost.** - **Two sources, one purpose** - a 1,200 kW rooftop solar plant and a 2.7 MW windmill together produce about 9.6 million units a year, all of it fed straight into the company’s own operations. - **The windmill is shared with a subsidiary** - the turbine is registered in the names of both R&B Denims and RB Industries, with each entity consuming the power it needs from the common asset. - **No longer reported as a standalone business** - the renewable-energy segment was small enough (under 3% of total segment revenue) that the company stopped breaking it out separately from FY2026 onward, treating it purely as a cost-saving tool for the denim mill. # Group structure and partners **A family-promoted group where subsidiaries supply the parent with yarn, fabric and processing services, and where related-party transactions are the everyday plumbing of the business.** - **Three subsidiaries form the supply chain** - RB Industries trades grey fabric and job-work with the parent; Ricon Industries spins cotton yarn; and M/s. Ricon Textile Private Limited (acquired April 2025) twists, sizes and weaves grey cloth on Air Jet Looms. - **Promoter families sit on both sides of the deals** - the Borana and Dalmia brothers are promoters and executive directors, and they held stakes in the subsidiaries before those entities were brought into the group, making the acquisitions related-party transactions conducted at arm’s length. - **Inter-company flows are material** - in a single year, purchases from RB Industries alone were proposed at up to Rs. 200 crores, while job-work sales to it were capped at Rs. 50 crores, reflecting how much fabric moves between group entities before reaching an outside customer. - **A warrant issue diluted the promoters but brought in outside capital** - the conversion of 2 crore preferential warrants in March 2024 shrank the promoter group’s holding from roughly 74% to about 57%, while the public shareholding rose to nearly 43%.