### **Overview** Trident Texofab Limited (TTFL) is a semi-composite, founder-driven textile company headquartered in Surat, Gujarat. Established in 2000 by **Mr. Hardik Desai** and **Mr. Chetan Jariwala**, the company was formally incorporated in **2008** and listed on the **Bombay Stock Exchange (BSE)**—initially on the SME platform in **2017**, and later on the main board in **2020**. Originally a pure textile trading entity, TTFL has undergone a transformative strategic evolution over the past seven years, pivoting to become a **manufacturing-led, semi-integrated textile player**. This transition, branded as the **“Shifting Gears” strategy**, was initiated in **FY18 (2018)** and has redefined the company’s business model, revenue structure, and long-term vision. --- ### **Business Model & Strategic Transition** - **From Trading to Manufacturing:** - Prior to FY18, trading contributed **100%** of revenue. - By **FY24**, manufacturing accounted for **~66%** of total revenue, with trading contributing the remaining **34%**. - In **FY25**, manufacturing's share increased further to **66%**, marking a sustained and structural shift in the company’s operations. - This milestone reflects a long-term ambition to **phase out trading** and evolve into a **fully integrated textile manufacturer**. - **Shifting Gears Strategy:** Launched in FY18, the strategy aimed to: - Reduce vendor dependency. - Enhance control over quality, cost, and delivery timelines. - Improve operating margins and build scalable, sustainable manufacturing capabilities. - Strengthen competitiveness in domestic and export markets. --- ### **Manufacturing Capabilities & Capacity** Trident Texofab operates a **greenfield manufacturing facility** in **Hojiwala, Sachin (Gujarat)**, established in 2018. The company has executed a three-phase capital expenditure (CAPEX) plan: - **Phase 1 (2018–19):** Set up **Waterjet, Embroidery, and Digital Printing units** to add value to grey fabrics and reduce reliance on third-party processors. - **Phase 2 (2020–21):** Introduced **36 rapier looms** to expand precision weaving capacity. - **Phase 3 (Completed June 2021):** Doubled monthly waterjet output from **8–9 lakh meters to 20–22 lakh meters**, significantly boosting scale and efficiency. - **Current Capacity (as of FY25):** - **Annual manufacturing capacity:** ~**250 lakh meters** of fabric (~25 million meters). - **Installed equipment:** - 162 waterjet looms - 6 embroidery machines (37 lakh stitches/day) - 7 digital printing machines (7,200 meters/day) - **Products:** Grey fabrics, finished fabrics (embroidered, printed), bed sheets, technical textiles, suiting, shirting, and various **polyester and poly-blend fabrics**. - **Value-Added Services:** Contract manufacturing for **digital printing, embroidery, and weaving**, allowing TTFL to serve a wide client base—from fashion brands to institutional buyers. *Note:* The stitching unit, launched in 2019, was **discontinued and sold** due to low profitability and suboptimal capital returns. --- ### **Product Portfolio** The company operates across **two verticals**: Manufacturing and Trading. #### **1. Manufacturing Vertical** - **Finished Products:** - Embroidered & digital printed fabrics - Bed sheets - Curtains, cushion covers - Technical textiles (for hospitals, hotels, and commercial use) - Suiting and shirting fabrics - Polyester/poly-blend fabrics - **Semi-Finished Products:** - Grey fabrics - Job work in weaving, digital printing, and embroidery #### **2. Trading Vertical (Phasing Out)** - Home furnishing: Bed sheets, curtains, cushion covers - Garments: Scarves, pareos - Suited and shirting fabrics - Technical textile fabrics --- ### **Brands & Market Positioning** Trident Texofab markets its products under **distinct brands** tailored to diverse customer segments, including: - **Storia of Shed** - **Light Trail** - **Comfy Zoi** - **·Alicon** The company aims to **develop proprietary brands** and explore **retail and B2C opportunities** in the future, aligning with evolving consumer trends in home textiles and fashion. --- ### **Capital Expenditure & Financial Highlights** - **CAPEX (FY24):** ₹1,909 lakhs → Total fixed asset block reached **₹1,913 lakhs** - **CAPEX (FY25):** ₹1,605 lakhs in incremental infrastructure → Total fixed assets at **₹1,761 lakhs** *(Note: Possible variance may reflect revaluation or asset classification)* - **Operating Profitability:** - Operating margin improved from **1.7% in FY18** to **5.7% in FY22**, demonstrating enhanced efficiency and margin profile post-manufacturing shift. - **Revenue Milestone:** - In **FY22**, manufacturing revenue surpassed trading revenue for the **first time**, validating the success of the “Shifting Gears” strategy. --- ### **Sustainability & Innovation** Trident Texofab is aligning with market demand for **sustainable textiles** and **technical fabrics**, investing in: - Energy-efficient manufacturing processes - Eco-friendly printing and dyeing - Technical textiles for healthcare and institutional use During the pandemic (2020), the company swiftly responded by sourcing and supplying **PPE kits and face masks**, showcasing **supply chain agility and adaptability**. --- ### **Key Takeaways (Nov 2025 Summary)** | Parameter | Detail | |--------|--------| | **Founded** | 2000 (as business), incorporated in 2008 | | **Leadership** | Mr. Hardik Desai & Mr. Chetan Jariwala (Founders) | | **Listing** | BSE SME (2017), Main Board (2020) | | **Core Model** | Semi-composite (transitioning to fully manufacturing-focused) | | **Manufacturing Capacity** | ~250 lakh meters/year | | **Revenue Mix (FY25)** | 66% Manufacturing, 34% Trading | | **Key Products** | Home textiles, garments, technical textiles, polyester/poly-blend fabrics | | **Brands** | Storia of Shed, Light Trail, Comfy Zoi, ·Alicon | | **Strategic Theme** | "Shifting Gears" – Integrated manufacturing, scalability, sustainability | ---