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Stovec Industries Ltd

STOVACQ

BSE

₹1,484.00-0.59%19 Oct 2026 at 3:50 PM

Reports

Textile Machinery

Stovec Industries Ltd

STOVACQ

BSE

₹1,484.00

-0.59%

19 Oct 2026 at 3:50 PM

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Textile Machinery

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.

Stovec Industries is a textile-printing specialist that makes both the machines that print on fabric and the screens and inks those machines consume - a razor-and-blades model built over five decades inside a Dutch printing group. Incorporated in the early 1970s in Ahmedabad, it grew from a domestic manufacturer into the global competence centre for rotary screen-printing within the SPGPrints network, and it has since added digital printers and inks to its portfolio. The recurring pattern is that Stovec anchors a business unit, masters a precision-manufacturing process, and then sells the equipment and the recurring consumables together - so customers who buy its machines keep coming back for years.

Business segments

Two engines that share a factory and a core skill in electroforming - a textile-printing powerhouse that supplies machines and the consumables that run on them, and a smaller graphics business that applies the same precision-metal technology to packaging and labels.

1. Textile consumables and machinery: the razor-and-blades engine of a printing group

Stovec sells rotary and digital textile-printing machines and then supplies the perforated screens, lacquers and inks that those machines consume every day - so most of its revenue is recurring, not one-off.

The screens are the recurring revenue - rotary screen-printing runs on cylindrical nickel screens perforated with the design pattern, and Stovec manufactures these NOVA screens in a fully air-conditioned plant alongside lacquers, engraving chemicals and auxiliary chemicals that printers reorder continuously.
Machines create the installed base - the rotary portfolio spans models like the Pegasus EVO, RD8 ID and the India-developed TEAK, which won a textile-machinery R&D award in 2023 and handles fabrics up to 2.45 metres wide, while the digital side offers printers named after flowers - Rose, Jasmine, Magnolia - for direct-to-fabric and transfer printing.
Digital inks follow the printers - the company developed its own digital inks, branded with butterfly names like Morpho and Alcon, so customers who buy a Stovec digital printer can source the matching ink from the same supplier.
It upgrades what it already sold - Stovec created technology-upgrade packages for its old installed base of Pegasus EVO machines to improve stability and extend machine life, and it added Universal Repeat functionality to the standard Pegasus EVO, turning a service need into a revenue stream.
The factory is the global hub - under a FY26 restructuring, Stovec’s Ahmedabad plant became the lead entity and central hub for the entire Textile Business Unit of the SPGPrints Group, responsible for product ownership, manufacturing, R&D and strategic decisions worldwide.

2. Graphic products: precision metal for packaging and labels

The same electroforming process that makes textile screens also produces Anilox rollers and specialised screens for printing on labels, cartons and packaging - a small but natural extension of the core factory’s skills.

Electroforming shared with textiles - the graphic segment draws on the same nickel-electroforming expertise that Stovec built for rotary textile screens, applied instead to RotaMesh and RotaPlate screens and Anilox rollers for the label and package-printing industry.
Exhibited alongside its textile cousins - the company showcased its graphic screens at LabelExpo India, a dedicated label and package-printing exhibition, reaching a different set of buyers from the same Ahmedabad plant.

Group structure and partners

Stovec is a 71%-owned listed subsidiary of SPGPrints B.V. of the Netherlands, and it is in the process of buying the intellectual property it has long licensed from its parent - a move that would turn a royalty expense into a royalty income.

Stovec has no subsidiaries, associates or joint ventures of its own; it is a single-entity operation with one factory in Ahmedabad, roughly 250 employees, and a debt-free balance sheet.
The parent, SPGPrints B.V., runs nine international facilities across China, India, the Netherlands, Brazil and Austria, serving customers in over 100 countries with a workforce of more than 900 people.
Stovec currently manufactures rotary printing machines and NOVA screens under a royalty arrangement with SPGPrints B.V., but it intends to acquire the full intellectual property rights - technical know-how, designs, trademarks and manufacturing processes - for ₹153 million, which would end its royalty payments and instead bring in roughly ₹7.9 million a year in royalty from a Chinese group company that uses the same technology.
A discontinued galvanic consumables segment was wound down in mid-2022, and a contract manufacturing agreement for sugar sieves was terminated around the same time, leaving the company focused entirely on textile and graphic printing.

Quick Ratios

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Profit & Loss

Balance Sheet

Cash Flow

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Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Edit Ratios

Mkt Cap

Market Capitalization

₹311Cr

Close Price

₹1,490.00

Industry

Textile Machinery

Price To Earnings

56.81

Price To Sales

1.62

Revenue

₹192Cr

Rev Gr TTM

Revenue Growth TTM

-12.53%

PAT Gr TTM

PAT Growth TTM

-46.16%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	48	58	60	61	57	56	49	57	41	51	47	53
Growth YoY Revenue Growth YoY%	6.8	-4.9	35.0	6.9	20.5	-3.4	-18.2	-7.3	-28.8	-8.2	-4.8	-7.0
Expenses ExpensesCr	46	52	53	55	53	53	45	53	39	51	44	49
Operating Profit Operating ProfitCr	2	6	7	6	5	3	4	4	2	1	3	4
OPM OPM%	3.5	10.0	11.5	9.7	7.9	6.0	7.6	6.4	4.5	1.0	5.7	7.4
Other Income Other IncomeCr	1	1	1	0	1	1	1	2	1	1	1	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	1	2	2	2	2	2	2	1	1	1	1	1
PBT PBTCr	1	5	6	5	4	2	3	4	2	0	2	3
Tax TaxCr	0	1	2	1	1	1	1	1	0	0	0	1
PAT PATCr	1	4	5	4	3	2	3	3	1	0	2	2
Growth YoY PAT Growth YoY%	-35.2	141.6	93.9	77.7	442.1	-61.9	-45.7	-17.6	-61.2	-89.5	-35.7	-17.2
NPM NPM%	1.2	6.9	7.9	5.9	5.4	2.7	5.3	5.2	2.9	0.3	3.6	4.6
EPS EPS₹	2.7	19.2	22.8	17.2	14.8	7.3	12.3	14.2	5.7	0.8	8.0	11.8

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	48	58	60	61	57	56	49	57	41	51	47	53
Growth YoY Revenue Growth YoY%	6.8	-4.9	35.0	6.9	20.5	-3.4	-18.2	-7.3	-28.8	-8.2	-4.8	-7.0
Expenses ExpensesCr	46	52	53	55	53	53	45	53	39	51	44	49
Operating Profit Operating ProfitCr	2	6	7	6	5	3	4	4	2	1	3	4
OPM OPM%	3.5	10.0	11.5	9.7	7.9	6.0	7.6	6.4	4.5	1.0	5.7	7.4
Other Income Other IncomeCr	1	1	1	0	1	1	1	2	1	1	1	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	1	2	2	2	2	2	2	1	1	1	1	1
PBT PBTCr	1	5	6	5	4	2	3	4	2	0	2	3
Tax TaxCr	0	1	2	1	1	1	1	1	0	0	0	1
PAT PATCr	1	4	5	4	3	2	3	3	1	0	2	2
Growth YoY PAT Growth YoY%	-35.2	141.6	93.9	77.7	442.1	-61.9	-45.7	-17.6	-61.2	-89.5	-35.7	-17.2
NPM NPM%	1.2	6.9	7.9	5.9	5.4	2.7	5.3	5.2	2.9	0.3	3.6	4.6
EPS EPS₹	2.7	19.2	22.8	17.2	14.8	7.3	12.3	14.2	5.7	0.8	8.0	11.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025	TTM
Revenue RevenueCr	157	189	210	193	194	151	233	236	207	235	198	192
Growth Revenue Growth%	65.1	20.3	11.3	-8.0	0.6	-22.3	54.5	1.1	-12.1	13.2	-15.5	-12.5
Expenses ExpensesCr	124	153	168	153	158	135	196	210	194	214	188	183
Operating Profit Operating ProfitCr	33	35	42	40	36	16	37	26	13	21	10	9
OPM OPM%	21.0	18.8	19.9	20.6	18.6	10.5	15.8	11.1	6.5	8.8	4.9	4.7
Other Income Other IncomeCr	4	4	4	20	5	6	7	12	4	3	5	4
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	5	5	6	5	4	5	5	6	6	7	6	5
PBT PBTCr	31	34	39	54	37	17	39	32	11	17	9	7
Tax TaxCr	11	12	14	16	9	4	9	8	2	4	2	2
PAT PATCr	21	22	26	39	28	13	30	25	9	13	7	5
Growth PAT Growth%	85.0	9.0	14.7	50.7	-27.9	-51.8	120.2	-16.4	-63.5	43.4	-46.8	-46.2
NPM NPM%	13.1	11.9	12.3	20.1	14.4	8.9	12.7	10.5	4.4	5.5	3.5	2.9
EPS EPS₹	98.4	107.3	123.1	185.5	133.8	64.5	142.0	118.6	43.3	62.1	33.0	26.2

Financial Year	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025	TTM
Revenue RevenueCr	157	189	210	193	194	151	233	236	207	235	198	192
Growth Revenue Growth%	65.1	20.3	11.3	-8.0	0.6	-22.3	54.5	1.1	-12.1	13.2	-15.5	-12.5
Expenses ExpensesCr	124	153	168	153	158	135	196	210	194	214	188	183
Operating Profit Operating ProfitCr	33	35	42	40	36	16	37	26	13	21	10	9
OPM OPM%	21.0	18.8	19.9	20.6	18.6	10.5	15.8	11.1	6.5	8.8	4.9	4.7
Other Income Other IncomeCr	4	4	4	20	5	6	7	12	4	3	5	4
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	5	5	6	5	4	5	5	6	6	7	6	5
PBT PBTCr	31	34	39	54	37	17	39	32	11	17	9	7
Tax TaxCr	11	12	14	16	9	4	9	8	2	4	2	2
PAT PATCr	21	22	26	39	28	13	30	25	9	13	7	5
Growth PAT Growth%	85.0	9.0	14.7	50.7	-27.9	-51.8	120.2	-16.4	-63.5	43.4	-46.8	-46.2
NPM NPM%	13.1	11.9	12.3	20.1	14.4	8.9	12.7	10.5	4.4	5.5	3.5	2.9
EPS EPS₹	98.4	107.3	123.1	185.5	133.8	64.5	142.0	118.6	43.3	62.1	33.0	26.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Equity Capital Equity CapitalCr	2	2	2	2	2	2	2	2	2	2	2
Reserves ReservesCr	69	83	109	119	133	133	159	172	138	123	130
Current Liabilities Current LiabilitiesCr	43	54	34	52	42	43	38	39	48	35	34
Non Current Liabilities Non Current LiabilitiesCr	3	3	3	3	2	2	2	2	1	1	2
Total Liabilities Total LiabilitiesCr	118	142	148	177	178	181	201	214	188	160	168
Current Assets Current AssetsCr	89	94	103	144	145	146	151	165	147	121	130
Non Current Assets Non Current AssetsCr	29	49	45	33	34	35	49	49	42	39	38
Total Assets Total AssetsCr	118	142	148	177	178	181	201	214	188	160	168

Financial Year	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Equity Capital Equity CapitalCr	2	2	2	2	2	2	2	2	2	2	2
Reserves ReservesCr	69	83	109	119	133	133	159	172	138	123	130
Current Liabilities Current LiabilitiesCr	43	54	34	52	42	43	38	39	48	35	34
Non Current Liabilities Non Current LiabilitiesCr	3	3	3	3	2	2	2	2	1	1	2
Total Liabilities Total LiabilitiesCr	118	142	148	177	178	181	201	214	188	160	168
Current Assets Current AssetsCr	89	94	103	144	145	146	151	165	147	121	130
Non Current Assets Non Current AssetsCr	29	49	45	33	34	35	49	49	42	39	38
Total Assets Total AssetsCr	118	142	148	177	178	181	201	214	188	160	168

Consolidated

Standalone

Financial Year	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow Operating Cash FlowCr	41	21	22	4	24	13	16	-2
Investing Cash Flow Investing Cash FlowCr	-36	16	-27	2	-5	28	6	14
Financing Cash Flow Financing Cash FlowCr	-9	-14	-12	-5	-12	-43	-28	0
Net Cash Flow Net Cash FlowCr	-5	23	-18	2	8	-2	-5	12
Free Cash Flow Free Cash FlowCr	47	16	18	-5	18	5	13	-5
CFO To PAT CFO To PAT%	105.5	76.6	164.7	14.4	98.9	146.0	124.9	-28.0
CFO To EBITDA CFO To EBITDA%	102.8	59.1	139.7	11.6	93.8	98.2	78.2	-19.8

Financial Year	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow Operating Cash FlowCr	41	21	22	4	24	13	16	-2
Investing Cash Flow Investing Cash FlowCr	-36	16	-27	2	-5	28	6	14
Financing Cash Flow Financing Cash FlowCr	-9	-14	-12	-5	-12	-43	-28	0
Net Cash Flow Net Cash FlowCr	-5	23	-18	2	8	-2	-5	12
Free Cash Flow Free Cash FlowCr	47	16	18	-5	18	5	13	-5
CFO To PAT CFO To PAT%	105.5	76.6	164.7	14.4	98.9	146.0	124.9	-28.0
CFO To EBITDA CFO To EBITDA%	102.8	59.1	139.7	11.6	93.8	98.2	78.2	-19.8

Consolidated

Standalone

Financial Year	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	535	431	683	508	428	418	466	481	522	636	427	311
Price To Earnings Price To Earnings	26.0	20.4	26.5	13.1	15.3	31.0	15.7	19.4	57.7	49.0	61.9	56.8
Price To Sales Price To Sales	3.4	2.3	3.3	2.6	2.2	2.8	2.0	2.0	2.5	2.7	2.2	1.6
Price To Book Price To Book	7.5	5.0	6.1	4.2	3.2	3.1	2.9	2.8	3.7	5.1	3.2	2.4
EV To EBITDA EV To EBITDA	15.5	11.5	15.6	10.5	9.7	20.8	11.6	15.7	34.7	29.4	40.0	30.7
Profitability Ratios Profitability Ratios
GPM GPM%	36.1	36.6	38.0	40.6	41.1	37.0	36.0	31.9	29.6	33.5	36.8	36.8
OPM OPM%	21.0	18.8	19.9	20.6	18.6	10.5	15.8	11.1	6.5	8.8	4.9	4.7
NPM NPM%	13.1	11.9	12.3	20.1	14.4	8.9	12.7	10.5	4.4	5.5	3.5	2.9
ROCE ROCE%	44.1	40.1	35.6	45.0	27.7	12.7	24.3	18.7	8.2	14.0	7.0	7.0
ROE ROE%	29.0	26.2	23.1	31.9	20.7	9.9	18.4	14.3	6.5	10.4	5.2	5.2
ROA ROA%	17.5	15.8	17.3	21.9	15.7	7.5	14.8	11.6	4.8	8.1	4.1	4.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	535	431	683	508	428	418	466	481	522	636	427	311
Price To Earnings Price To Earnings	26.0	20.4	26.5	13.1	15.3	31.0	15.7	19.4	57.7	49.0	61.9	56.8
Price To Sales Price To Sales	3.4	2.3	3.3	2.6	2.2	2.8	2.0	2.0	2.5	2.7	2.2	1.6
Price To Book Price To Book	7.5	5.0	6.1	4.2	3.2	3.1	2.9	2.8	3.7	5.1	3.2	2.4
EV To EBITDA EV To EBITDA	15.5	11.5	15.6	10.5	9.7	20.8	11.6	15.7	34.7	29.4	40.0	30.7
Profitability Ratios Profitability Ratios
GPM GPM%	36.1	36.6	38.0	40.6	41.1	37.0	36.0	31.9	29.6	33.5	36.8	36.8
OPM OPM%	21.0	18.8	19.9	20.6	18.6	10.5	15.8	11.1	6.5	8.8	4.9	4.7
NPM NPM%	13.1	11.9	12.3	20.1	14.4	8.9	12.7	10.5	4.4	5.5	3.5	2.9
ROCE ROCE%	44.1	40.1	35.6	45.0	27.7	12.7	24.3	18.7	8.2	14.0	7.0	7.0
ROE ROE%	29.0	26.2	23.1	31.9	20.7	9.9	18.4	14.3	6.5	10.4	5.2	5.2
ROA ROA%	17.5	15.8	17.3	21.9	15.7	7.5	14.8	11.6	4.8	8.1	4.1	4.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	LMW	LCL	STOVACQ	MEERA	SMENER
Market CapitalizationMkt CapCr	17,306	6,233	311	58	4
Close PriceClose₹	16,200.00	590.00	1,490.00	27.00	3.48
IndustryIndustry	Textile Machinery	Textile Machinery	Textile Machinery	Textile Machinery	Textile Machinery
Price To EarningsPE	99.02	31.43	56.81	79.41
Price To SalesPS	5.13	3.63	1.62	1.45
RevenueRevenueCr	3,374	1,717	192	40	0
Revenue Growth TTMRev Gr TTM%	11.2%		-12.5%	-2.0%
PAT Growth TTMPAT Gr TTM%	69.6%		-46.2%	-75.8%	88.8%

	LMW	LCL	STOVACQ	MEERA	SMENER
Market CapitalizationMkt CapCr	17,306	6,233	311	58	4
Close PriceClose₹	16,200.00	590.00	1,490.00	27.00	3.48
IndustryIndustry	Textile Machinery	Textile Machinery	Textile Machinery	Textile Machinery	Textile Machinery
Price To EarningsPE	99.02	31.43	56.81	79.41
Price To SalesPS	5.13	3.63	1.62	1.45
RevenueRevenueCr	3,374	1,717	192	40	0
Revenue Growth TTMRev Gr TTM%	11.2%		-12.5%	-2.0%
PAT Growth TTMPAT Gr TTM%	69.6%		-46.2%	-75.8%	88.8%

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