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Aarnav Fashions Ltd

AARNAV

NSE

₹34.15-4.40%19 Oct 2026

Reports

Textiles Others

Aarnav Fashions Ltd

AARNAV

NSE

₹34.15

-4.40%

19 Oct 2026

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Textiles Others

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.

Aarnav Fashions is a textile processor that finishes raw fabric into the printed and dyed cloth used in everything from men’s suits to children’s wear and bed linen. The business began in 1980 as a small family-run operation in Ahmedabad, India’s textile hub, and was reshaped in 2022 when five related group companies were merged into the listed entity to create a single, streamlined manufacturer. Its recurring approach is to compete not on the cloth itself but on the speed, scale and precision of its processing - running one of the largest high-capacity finishing plants in the country so that brands and wholesalers can get large orders in exact specifications without owning a factory.

Business segments

Two engines that are really two sides of the same coin - a high-volume textile processing plant that charges for its finishing work, and a trading arm that buys and sells fabric, together giving the company reach across India’s textile supply chain from a single factory floor.

1. Textile processing: the factory that finishes fabric for the country

Aarnav is a process house - it takes grey (unfinished) cloth and prints, dyes and finishes it to order, earning revenue either by selling the finished fabric or by charging a job-work fee for its machinery and skill.

One of India’s largest process houses - the factory can handle fabric up to 304 centimetres wide, which means it can finish everything from narrow shirting material to wide home-linen cloth on the same site.
Paid by the metre, two ways - revenue comes from selling finished fabric it has bought and processed itself, and from job-work charges where a customer supplies the grey cloth and Aarnav charges only for the processing.
The machinery is the moat - the plant runs five stenter machines (the long ovens that heat-set fabric after dyeing), with a sixth being added, alongside jigger dyeing machines, jet dyeing machines and a mercerizing line that gives cotton its lustre and strength.
Printing at scale, then printing faster - the group already has deep experience in fabric printing, and is installing an imported digital printer that can produce 8,000 metres a day of digitally printed cotton, letting it take on orders that competitors with slower manual processes cannot fill.
Energy is the biggest input cost, so it is building its own power - a new 32-tonne-per-hour steam boiler paired with a 2.34-megawatt turbine will generate electricity on-site, cutting the factory’s energy bill by roughly half once the expansion is running.

2. Fabric trading: the merchant arm that moves cloth across India

Alongside its own processing, the company buys and sells fabric - a trading business that gives it a nationwide sales network without needing to own every loom or knitting machine.

A merchant, not just a manufacturer - the company’s objects allow it to buy, sell, import and export all kinds of cotton, woollen, silk, synthetic and blended fabrics, meaning it can source cloth from other mills and sell it on when demand outstrips its own processing capacity.
Sold through agents, brands and its own network - fabrics reach customers across the country through a mix of independent agents, branded sales and the company’s own distribution, with no single customer accounting for more than a tenth of total revenue.
Exported to five regions - finished fabrics travel to Sri Lanka, Europe, the Gulf, East Asia and the United States, with export incentives recognised as part of turnover.
Home linen from fabric to finished bed set - the group offers complete home-linen solutions by combining its processing with an in-house stitching facility, so it can deliver ready-to-sell bed sets rather than just rolls of cloth.

Group structure and partners

Aarnav Fashions is a standalone listed company with no subsidiaries - it became that way through a merger that folded five family-controlled textile and trading firms into one balance sheet.

Five into one - in 2022, the National Company Law Tribunal approved a scheme that amalgamated Gopi Synthetics (the group’s flagship processor), Aarnav Synthetics, Aarnav Textile Mills, Symbolic Finance and Investment, and Ankush Motor and General Finance into Aarnav Fashions Ltd, with effect from October 2020.
A family business, now listed - the company is led by Chairman and Whole Time Director Champalal Gopiram Agarwal and his son, Director Sumit Champalal Agarwal, and its shares trade on both the Bombay Stock Exchange and, since February 2026, the National Stock Exchange under the symbol AARNAV.
No holding company, no subsidiaries - post-merger, the company has no investments in any subsidiary, joint venture or associate, making it a pure operating entity with a single factory and a single set of books.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

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Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Mkt Cap

Market Capitalization

₹144Cr

Close Price

₹34.15

Industry

Textiles Others

Price To Earnings

15.74

Price To Sales

0.32

Revenue

₹452Cr

Rev Gr TTM

Revenue Growth TTM

16.47%

PAT Gr TTM

PAT Growth TTM

-2.25%

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	97	81	100	88	105	95	91	97	134	99	133	87
Growth YoY Revenue Growth YoY%	-2.9	17.6	-10.5	12.3	7.7	17.5	-8.7	10.0	27.9	4.3	45.1	-10.9
Expenses ExpensesCr	90	74	92	81	97	85	86	90	126	92	124	80
Operating Profit Operating ProfitCr	7	7	8	7	7	10	5	7	7	7	9	7
OPM OPM%	7.1	8.4	8.3	7.9	6.8	10.6	5.9	7.2	5.5	7.0	6.6	7.7
Other Income Other IncomeCr	0	0	0	0	0	0	1	0	0	0	0	0
Interest Expense Interest ExpenseCr	3	3	3	3	3	2	2	3	2	2	2	3
Depreciation DepreciationCr	2	2	2	2	2	2	2	2	2	2	2	2
PBT PBTCr	2	2	3	2	3	6	1	3	3	3	5	2
Tax TaxCr	1	0	1	1	1	1	0	1	1	1	1	1
PAT PATCr	2	1	2	2	2	4	1	2	2	2	3	2
Growth YoY PAT Growth YoY%	-3.2	-0.7	140.5	673.9	18.1	217.7	-55.5	6.2	10.2	-57.2	229.6	-11.1
NPM NPM%	1.9	1.7	2.2	2.0	2.1	4.6	1.1	1.9	1.8	1.9	2.4	1.9
EPS EPS₹	0.4	0.3	0.5	0.4	0.5	1.0	0.2	0.5	0.6	0.4	0.8	0.4

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	97	81	100	88	105	95	91	97	134	99	133	87
Growth YoY Revenue Growth YoY%	-2.9	17.6	-10.5	12.3	7.7	17.5	-8.7	10.0	27.9	4.3	45.1	-10.9
Expenses ExpensesCr	90	74	92	81	97	85	86	90	126	92	124	80
Operating Profit Operating ProfitCr	7	7	8	7	7	10	5	7	7	7	9	7
OPM OPM%	7.1	8.4	8.3	7.9	6.8	10.6	5.9	7.2	5.5	7.0	6.6	7.7
Other Income Other IncomeCr	0	0	0	0	0	0	1	0	0	0	0	0
Interest Expense Interest ExpenseCr	3	3	3	3	3	2	2	3	2	2	2	3
Depreciation DepreciationCr	2	2	2	2	2	2	2	2	2	2	2	2
PBT PBTCr	2	2	3	2	3	6	1	3	3	3	5	2
Tax TaxCr	1	0	1	1	1	1	0	1	1	1	1	1
PAT PATCr	2	1	2	2	2	4	1	2	2	2	3	2
Growth YoY PAT Growth YoY%	-3.2	-0.7	140.5	673.9	18.1	217.7	-55.5	6.2	10.2	-57.2	229.6	-11.1
NPM NPM%	1.9	1.7	2.2	2.0	2.1	4.6	1.1	1.9	1.8	1.9	2.4	1.9
EPS EPS₹	0.4	0.3	0.5	0.4	0.5	1.0	0.2	0.5	0.6	0.4	0.8	0.4

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1	1	1	2	35	249	421	396	356	379	462	452
Growth Revenue Growth%	146.6	8.2	5.6	142.3	2,141.7	602.5	69.0	-5.8	-10.0	6.3	22.0	16.5
Expenses ExpensesCr	1	0	0	1	32	232	389	376	329	350	432	422
Operating Profit Operating ProfitCr	0	0	0	0	3	17	32	20	27	30	30	30
OPM OPM%	8.1	22.8	27.1	16.4	8.6	7.0	7.6	5.0	7.6	7.8	6.5	6.6
Other Income Other IncomeCr	0	0	0	0	0	1	0	0	0	1	1	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	6	12	11	12	10	9	10
Depreciation DepreciationCr	0	0	0	0	0	4	7	8	8	8	8	8
PBT PBTCr	0	0	0	0	3	8	13	1	8	12	13	13
Tax TaxCr	0	0	0	0	1	2	3	1	2	3	4	4
PAT PATCr	0	0	0	0	2	5	9	0	6	9	9	9
Growth PAT Growth%	8.2	215.4	21.9	55.5	1,182.4	129.5	75.0	-95.9	1,372.7	64.5	1.2	-2.3
NPM NPM%	5.3	15.5	17.8	11.4	6.5	2.1	2.2	0.1	1.6	2.4	2.0	2.0
EPS EPS₹	0.1	0.3	0.4	0.6	1.9	2.1	2.2	0.1	1.3	2.2	2.2	2.2

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1	1	1	2	35	249	421	396	356	379	462	452
Growth Revenue Growth%	146.6	8.2	5.6	142.3	2,141.7	602.5	69.0	-5.8	-10.0	6.3	22.0	16.5
Expenses ExpensesCr	1	0	0	1	32	232	389	376	329	350	432	422
Operating Profit Operating ProfitCr	0	0	0	0	3	17	32	20	27	30	30	30
OPM OPM%	8.1	22.8	27.1	16.4	8.6	7.0	7.6	5.0	7.6	7.8	6.5	6.6
Other Income Other IncomeCr	0	0	0	0	0	1	0	0	0	1	1	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	6	12	11	12	10	9	10
Depreciation DepreciationCr	0	0	0	0	0	4	7	8	8	8	8	8
PBT PBTCr	0	0	0	0	3	8	13	1	8	12	13	13
Tax TaxCr	0	0	0	0	1	2	3	1	2	3	4	4
PAT PATCr	0	0	0	0	2	5	9	0	6	9	9	9
Growth PAT Growth%	8.2	215.4	21.9	55.5	1,182.4	129.5	75.0	-95.9	1,372.7	64.5	1.2	-2.3
NPM NPM%	5.3	15.5	17.8	11.4	6.5	2.1	2.2	0.1	1.6	2.4	2.0	2.0
EPS EPS₹	0.1	0.3	0.4	0.6	1.9	2.1	2.2	0.1	1.3	2.2	2.2	2.2

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	3	3	3	3	15	42	42	42	42	42	42
Reserves ReservesCr	0	0	0	1	6	123	131	130	137	144	154
Current Liabilities Current LiabilitiesCr	0	0	0	0	12	208	223	186	167	157	162
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	0	0	90	91	60	45	34	40
Total Liabilities Total LiabilitiesCr	3	4	4	4	33	464	486	419	391	378	398
Current Assets Current AssetsCr	3	3	3	4	32	318	347	272	248	242	266
Non Current Assets Non Current AssetsCr	0	0	0	0	0	146	139	146	142	136	132
Total Assets Total AssetsCr	3	4	4	4	33	464	486	419	391	378	398

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	3	3	3	3	15	42	42	42	42	42	42
Reserves ReservesCr	0	0	0	1	6	123	131	130	137	144	154
Current Liabilities Current LiabilitiesCr	0	0	0	0	12	208	223	186	167	157	162
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	0	0	90	91	60	45	34	40
Total Liabilities Total LiabilitiesCr	3	4	4	4	33	464	486	419	391	378	398
Current Assets Current AssetsCr	3	3	3	4	32	318	347	272	248	242	266
Non Current Assets Non Current AssetsCr	0	0	0	0	0	146	139	146	142	136	132
Total Assets Total AssetsCr	3	4	4	4	33	464	486	419	391	378	398

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	0	0	0	-15	-58	15	44	32	25	21
Investing Cash Flow Investing Cash FlowCr	0	0	0	0	0	-161	-1	-3	-5	-3	-16
Financing Cash Flow Financing Cash FlowCr	0	0	0	0	15	223	-13	-42	-27	-22	-2
Net Cash Flow Net Cash FlowCr	0	0	0	0	0	4	2	-2	0	0	4
Free Cash Flow Free Cash FlowCr	0	0	0	0	-15	-198	15	41	28	23	6
CFO To PAT CFO To PAT%	503.4	-155.0	6.0	-35.0	-640.1	-1,088.5	165.4	11,540.3	564.5	271.0	229.5
CFO To EBITDA CFO To EBITDA%	331.3	-105.3	4.0	-24.4	-485.6	-335.1	48.3	223.5	116.7	84.8	71.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	0	0	0	-15	-58	15	44	32	25	21
Investing Cash Flow Investing Cash FlowCr	0	0	0	0	0	-161	-1	-3	-5	-3	-16
Financing Cash Flow Financing Cash FlowCr	0	0	0	0	15	223	-13	-42	-27	-22	-2
Net Cash Flow Net Cash FlowCr	0	0	0	0	0	4	2	-2	0	0	4
Free Cash Flow Free Cash FlowCr	0	0	0	0	-15	-198	15	41	28	23	6
CFO To PAT CFO To PAT%	503.4	-155.0	6.0	-35.0	-640.1	-1,088.5	165.4	11,540.3	564.5	271.0	229.5
CFO To EBITDA CFO To EBITDA%	331.3	-105.3	4.0	-24.4	-485.6	-335.1	48.3	223.5	116.7	84.8	71.3

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					70	134	90	117	107	204	90	144
Price To Earnings Price To Earnings					30.3	70.6	27.3	308.6	19.0	22.1	9.6	15.7
Price To Sales Price To Sales					2.0	0.5	0.2	0.3	0.3	0.5	0.2	0.3
Price To Book Price To Book					3.4	2.3	1.5	0.7	0.6	1.1	0.5	0.7
EV To EBITDA EV To EBITDA					23.0	15.7	7.4	12.2	7.8	10.2	6.4	8.5
Profitability Ratios Profitability Ratios
GPM GPM%	31.5	42.3	43.6	23.3	9.2	11.3	11.8	9.4	12.9	12.4	10.7	10.7
OPM OPM%	8.1	22.8	27.1	16.4	8.6	7.0	7.6	5.0	7.6	7.8	6.5	6.6
NPM NPM%	5.3	15.5	17.8	11.4	6.5	2.1	2.2	0.1	1.6	2.4	2.0	2.0
ROCE ROCE%	1.4	4.1	4.9	7.1	14.7	4.5	7.5	4.1	6.8	7.8	7.4	7.4
ROE ROE%	0.9	2.9	3.4	5.0	11.2	3.2	5.4	0.2	3.1	5.0	4.8	4.8
ROA ROA%	0.9	2.5	3.2	4.4	7.1	1.1	1.9	0.1	1.4	2.4	2.4	2.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					70	134	90	117	107	204	90	144
Price To Earnings Price To Earnings					30.3	70.6	27.3	308.6	19.0	22.1	9.6	15.7
Price To Sales Price To Sales					2.0	0.5	0.2	0.3	0.3	0.5	0.2	0.3
Price To Book Price To Book					3.4	2.3	1.5	0.7	0.6	1.1	0.5	0.7
EV To EBITDA EV To EBITDA					23.0	15.7	7.4	12.2	7.8	10.2	6.4	8.5
Profitability Ratios Profitability Ratios
GPM GPM%	31.5	42.3	43.6	23.3	9.2	11.3	11.8	9.4	12.9	12.4	10.7	10.7
OPM OPM%	8.1	22.8	27.1	16.4	8.6	7.0	7.6	5.0	7.6	7.8	6.5	6.6
NPM NPM%	5.3	15.5	17.8	11.4	6.5	2.1	2.2	0.1	1.6	2.4	2.0	2.0
ROCE ROCE%	1.4	4.1	4.9	7.1	14.7	4.5	7.5	4.1	6.8	7.8	7.4	7.4
ROE ROE%	0.9	2.9	3.4	5.0	11.2	3.2	5.4	0.2	3.1	5.0	4.8	4.8
ROA ROA%	0.9	2.5	3.2	4.4	7.1	1.1	1.9	0.1	1.4	2.4	2.4	2.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	SDREAMS	SHRITECH	ALPINETEX	AARNAV	PREMCO	POPEES	INDIANCARD
Market CapitalizationMkt CapCr	156	154	154	144	132	123	114
Close PriceClose₹	83.25	61.90	40.37	34.15	398.15	144.40	192.04
IndustryIndustry	Textiles Others	Textiles Others	Textiles Others	Textiles Others	Textiles Others	Textiles Others	Textiles Others
Price To EarningsPE	15.95	8.01	7.20	15.74	55.07	2,406.67	19.05
Price To SalesPS	0.80	1.84	0.45	0.32	1.57	6.72	2.71
RevenueRevenueCr	196	84	343	452	84	18	42
Revenue Growth TTMRev Gr TTM%	13.3%	1.8%		16.5%	-25.3%		1.2%
PAT Growth TTMPAT Gr TTM%	14.2%	31.5%		-2.3%	-76.5%	837.5%	-78.1%

	SDREAMS	SHRITECH	ALPINETEX	AARNAV	PREMCO	POPEES	INDIANCARD
Market CapitalizationMkt CapCr	156	154	154	144	132	123	114
Close PriceClose₹	83.25	61.90	40.37	34.15	398.15	144.40	192.04
IndustryIndustry	Textiles Others	Textiles Others	Textiles Others	Textiles Others	Textiles Others	Textiles Others	Textiles Others
Price To EarningsPE	15.95	8.01	7.20	15.74	55.07	2,406.67	19.05
Price To SalesPS	0.80	1.84	0.45	0.32	1.57	6.72	2.71
RevenueRevenueCr	196	84	343	452	84	18	42
Revenue Growth TTMRev Gr TTM%	13.3%	1.8%		16.5%	-25.3%		1.2%
PAT Growth TTMPAT Gr TTM%	14.2%	31.5%		-2.3%	-76.5%	837.5%	-78.1%

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