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Ashutosh Fibre Ltd

ASHUTOSH

NSE

₹133.75-4.16%19 Oct 2026 at 3:50 PM

Reports

Textiles Spinning and Cotton and Blended

Ashutosh Fibre Ltd

ASHUTOSH

NSE

₹133.75

-4.16%

19 Oct 2026 at 3:50 PM

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Textiles Spinning and Cotton and Blended

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.

Founded in 1985 as a trading firm, Ashutosh Fibre Ltd manufactures specialised technical and synthetic yarns for protective apparel, industrial filtration, and automotive friction components. The company operates an integrated processing plant in Gujarat that pairs proprietary fibre recycling with multi-technology spinning lines to supply industrial fabricators and provide toll processing services.

At a glance


Scale	Revenue grew from ₹97.93 cr (FY23) to ₹114.03 cr (FY25); PAT rose from ₹3.3 cr to ₹8.51 cr
Business mix	Manufactured products 87.66%, job work services 8.85%, traded goods 2.68% (FY25)
Market position	SRTEPC Award winner for export performance in specialty yarns
Footprint	Single 53,988.88 sqm site in Petlad, Gujarat (20,570.89 sqm utilised)
Customers & concentration	Top 10 clients generate 67.40% of revenue; top client accounts for 19.75% (FY25)
Revenue model	Direct B2B sales (61.14% domestic, 38.05% export) plus toll processing job work
The offer	Fresh issue of up to 70,00,000 shares; zero secondary sale by Promoters

Business segments

Two specialized yarn manufacturing engines supplying four industrial end-markets from a single Petlad site.

1. High-performance aramid and protective yarns

Flame-retardant and high-tensile yarns engineered for defence apparel, industrial safety, and automotive friction parts account for over 46% of operational revenue.

Core protective anchor - para-aramid yarns generated ₹27.22 cr (23.87% of FY25 revenue) because their extreme tensile strength and heat resistance make them critical for bulletproof vests, aerospace composites, and thermal barrier fabrics.
Surging defence blends - meta-aramid and flame-retardant viscose blends expanded from ₹4.06 cr in FY24 to ₹14.41 cr (12.64% of FY25 revenue) as overseas military and industrial furnace uniforms adopted blended protective textiles.
Proprietary armour recycling - a dedicated regenerating line shreds and reconstitutes decommissioned bulletproof vests into secondary aramid fibres, replacing expensive virgin inputs for vehicle brake pads and clutch facings.
High-temperature niche lines - milled aramid generated ₹6.22 cr and modacrylic yarns delivered ₹4.93 cr during FY25, providing industrial customers with specialised thermal insulation that resists degradation under intense heat.
International customer validation - protective yarns ship directly to foreign armed forces and institutional processors across China, Germany, and Hungary, establishing an export footprint in regulated safety markets.

2. Industrial polypropylene and synthetic yarns

Chemical-resistant synthetic and polypropylene yarns for filtration, geotextiles, and heavy packaging generate over a third of revenue alongside steady toll processing.

Filtration workhorse - 100% polypropylene spun yarn delivered ₹25.82 cr (22.64% of FY25 revenue) with 653 MT produced across a 1,025 MT capacity line, providing the acid and alkali resistance required for liquid filtration cartridges and geotextiles.
Heavy industrial reinforcement - high-tenacity polyester lines brought in ₹12.67 cr (11.11% of FY25 revenue) to supply heavy-duty conveyor belts, industrial hoses, and strapping webbings for mining and factory operations.
Import substitution initiative - developing continuous-filament polyester core-spun yarn (yarn made by spinning staple fibres around a central filament core) to replace Chinese imports in high-strength sewing threads for workwear and leather goods.
Specialised friction spinning - DREF friction spinning units produce coarse yarns with glass filament cores, delivering high air permeability and dust-holding capacity for industrial gas and liquid filter cartridges.
Toll processing cash flow - earned ₹10.09 cr in FY25 by converting customer-supplied technical polymers and polypropylene into yarn, providing recurring cash flow without taking on raw material inventory risk.

Five processing lines and 4 MW captive solar power

A consolidated manufacturing site in Petlad integrates three spinning technologies, knotless splicing, in-house testing, and captive solar power.

Versatile multi-spinning infrastructure - operates 19 ring frames, 1 DREF friction unit, open-end spinning, and 29 two-for-one twisters with knotless splicing, allowing the facility to spin fine and coarse technical yarns across diverse count ranges.
Strict in-house quality control - dedicated testing equipment, including Premier tester-7000 and CSP-RKM Combo units, measures yarn tensile strength and evenness, keeping customer rejection rates down to 0.40% in FY25.
Captive renewable power - a 380 KW rooftop solar unit at Petlad and a 4 MW captive solar plant commissioned in Godhra in 2025 shield the energy-intensive spinning operations from escalating grid power tariffs.

Direct B2B order contracts paired with toll processing

Direct institutional B2B contracts - manufacturing and supplying technical yarns directly to industrial converters and fabricators yielded 87.66% of operational revenue in FY25 through recurring purchase orders.
Fee-based toll conversion - processing customer-supplied synthetic polymers and polypropylene into yarn generated ₹10.09 cr in FY25, delivering recurring gross margins without inventory capital commitment.
Duty-exempt export cycles - operates under Advance Authorisation and Export Promotion Capital Goods (EPCG) licences, allowing the company to import raw materials and capital machinery duty-free against mandated export quotas.
High raw material cost intensity - raw material consumption accounted for 61.15% of operational revenue (₹69.74 cr) in FY25, making product margins sensitive to price swings in imported synthetic polymers and specialty fibres.

Indian technical textiles expanding at 11.9% CAGR

India's technical textiles market is forecast to reach USD 50 billion by FY30, supported by infrastructure mandates and import substitution in high-performance fibres.

Expanding domestic demand - the Indian technical textile market is projected to expand from USD 28.50 billion in FY25 to USD 50.0 billion by FY30 at an 11.9% CAGR, driven by industrial filtration mandates and infrastructure spending.
Structural specialty fibre deficit - domestic technical textile penetration stands at just 5-10% compared to 30-70% in developed economies, with roughly 30% of high-performance fibres currently imported due to absent local capacity.
Diverse peer landscape - competes against large integrated textile producers and specialised manufacturers across industrial and synthetic yarns, including RSWM Limited, Reliance Chemotex, Garware Technical Fibres, and Cedaar Textile.

Standalone operating company without subsidiaries

Ashutosh Fibre Ltd is a standalone operating corporate entity with no holding company, subsidiaries, or joint venture entities.

Adding 1,250 MTPA capacity and retiring bank debt

Synthetic spinning expansion - ₹24.96 cr from the fresh issue will fund ring frames, automatic winders, and factory civil works to add 1,250 MTPA of synthetic spinning capacity at Petlad.
Retiring expensive bank debt - ₹25.00 cr is earmarked to prepay term loans and working capital lines from Citibank carrying interest rates between 6.78% and 10.75%, reducing annual finance charges.
Clean primary issue structure - the offer consists of a 100% fresh issue of up to 70,00,000 shares with an optional 20% Pre-IPO placement, with promoters selling zero shares.

Worth keeping in mind

The primary manufacturing site in Petlad is leased from a promoter-related group entity, M/s Shyam Prakash Spinning Mills Limited (where promoter Siddharth Patel holds a 6.11% stake), for 10 years at ₹75,000 per month.
The registered office is leased from a partnership entity involving a promoter's spouse, Pitex Corporation (where Anar Patel holds a 25% interest), at ₹5,000 per month.
Secured bank credit facilities from Citibank rest on mortgages over third-party associate properties alongside personal guarantees from directors and an external shareholder.
Short-term borrowings rely heavily on unsecured promoter loans, which increased to ₹12.89 cr in FY25 from ₹8.08 cr in FY24.
Issue proceeds, capacity expansion costs, and capital expenditure schedules have not been appraised by any bank or independent institution, resting entirely on internal management estimates and vendor quotations.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹293Cr

Close Price

₹133.75

Industry

Textiles Spinning and Cotton and Blended

Price To Earnings

18.25

Price To Sales

2.49

Revenue

₹117Cr

Rev Gr TTM

Revenue Growth TTM

—

PAT Gr TTM

PAT Growth TTM

—

Standalone

Numbers

Percentage

Quarter
Revenue RevenueCr
Growth YoY Revenue Growth YoY%
Expenses ExpensesCr
Operating Profit Operating ProfitCr
OPM OPM%
Other Income Other IncomeCr
Interest Expense Interest ExpenseCr
Depreciation DepreciationCr
PBT PBTCr
Tax TaxCr
PAT PATCr
Growth YoY PAT Growth YoY%
NPM NPM%
EPS EPS₹

Quarter
Revenue RevenueCr
Growth YoY Revenue Growth YoY%
Expenses ExpensesCr
Operating Profit Operating ProfitCr
OPM OPM%
Other Income Other IncomeCr
Interest Expense Interest ExpenseCr
Depreciation DepreciationCr
PBT PBTCr
Tax TaxCr
PAT PATCr
Growth YoY PAT Growth YoY%
NPM NPM%
EPS EPS₹

Standalone

Numbers

Percentage

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	89	98	110	114	117
Growth Revenue Growth%		10.2	12.2	3.8	2.9
Expenses ExpensesCr	80	87	94	96	86
Operating Profit Operating ProfitCr	9	11	16	18	31
OPM OPM%	10.0	10.7	14.7	15.6	26.5
Other Income Other IncomeCr	0	0	0	1	0
Interest Expense Interest ExpenseCr	3	3	3	4	5
Depreciation DepreciationCr	3	3	3	4	5
PBT PBTCr	4	5	10	11	22
Tax TaxCr	1	1	3	3	6
PAT PATCr	3	3	7	9	16
Growth PAT Growth%		28.3	113.8	20.7	88.5
NPM NPM%	2.9	3.4	6.4	7.5	13.7
EPS EPS₹	0.0	2.1	4.5	5.4	10.2

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	89	98	110	114	117
Growth Revenue Growth%		10.2	12.2	3.8	2.9
Expenses ExpensesCr	80	87	94	96	86
Operating Profit Operating ProfitCr	9	11	16	18	31
OPM OPM%	10.0	10.7	14.7	15.6	26.5
Other Income Other IncomeCr	0	0	0	1	0
Interest Expense Interest ExpenseCr	3	3	3	4	5
Depreciation DepreciationCr	3	3	3	4	5
PBT PBTCr	4	5	10	11	22
Tax TaxCr	1	1	3	3	6
PAT PATCr	3	3	7	9	16
Growth PAT Growth%		28.3	113.8	20.7	88.5
NPM NPM%	2.9	3.4	6.4	7.5	13.7
EPS EPS₹	0.0	2.1	4.5	5.4	10.2

Standalone

Numbers

Percentage

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	2	2	2	2	16
Reserves ReservesCr	16	19	26	34	36
Current Liabilities Current LiabilitiesCr	23	25	28	34	30
Non Current Liabilities Non Current LiabilitiesCr	23	15	18	35	31
Total Liabilities Total LiabilitiesCr	64	60	73	105	112
Current Assets Current AssetsCr	32	30	38	47	49
Non Current Assets Non Current AssetsCr	32	31	35	58	63
Total Assets Total AssetsCr	64	60	73	105	112

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	2	2	2	2	16
Reserves ReservesCr	16	19	26	34	36
Current Liabilities Current LiabilitiesCr	23	25	28	34	30
Non Current Liabilities Non Current LiabilitiesCr	23	15	18	35	31
Total Liabilities Total LiabilitiesCr	64	60	73	105	112
Current Assets Current AssetsCr	32	30	38	47	49
Non Current Assets Non Current AssetsCr	32	31	35	58	63
Total Assets Total AssetsCr	64	60	73	105	112

Standalone

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	4	12	6	11	21
Investing Cash Flow Investing Cash FlowCr	-6	-2	-8	-26	-10
Financing Cash Flow Financing Cash FlowCr	0	-9	1	18	-14
Net Cash Flow Net Cash FlowCr	-2	1	-1	3	-3
Free Cash Flow Free Cash FlowCr	-2	10	-2	-15	11
CFO To PAT CFO To PAT%	171.5	367.5	79.9	131.9	133.7
CFO To EBITDA CFO To EBITDA%	49.5	115.5	34.9	62.9	69.0

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	4	12	6	11	21
Investing Cash Flow Investing Cash FlowCr	-6	-2	-8	-26	-10
Financing Cash Flow Financing Cash FlowCr	0	-9	1	18	-14
Net Cash Flow Net Cash FlowCr	-2	1	-1	3	-3
Free Cash Flow Free Cash FlowCr	-2	10	-2	-15	11
CFO To PAT CFO To PAT%	171.5	367.5	79.9	131.9	133.7
CFO To EBITDA CFO To EBITDA%	49.5	115.5	34.9	62.9	69.0

Standalone

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr						293
Price To Earnings Price To Earnings						18.3
Price To Sales Price To Sales						2.5
Price To Book Price To Book						2.7
EV To EBITDA EV To EBITDA						11.3
Profitability Ratios Profitability Ratios
GPM GPM%	16.8	21.3	22.8	22.4	34.8	34.8
OPM OPM%	10.0	10.7	14.7	15.6	26.5	26.5
NPM NPM%	2.9	3.4	6.4	7.5	13.7	13.7
ROCE ROCE%	12.0	14.9	21.0	16.3	26.3	26.3
ROE ROE%	14.6	15.9	25.6	23.7	30.9	30.9
ROA ROA%	4.0	5.5	9.7	8.1	14.3	14.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr						293
Price To Earnings Price To Earnings						18.3
Price To Sales Price To Sales						2.5
Price To Book Price To Book						2.7
EV To EBITDA EV To EBITDA						11.3
Profitability Ratios Profitability Ratios
GPM GPM%	16.8	21.3	22.8	22.4	34.8	34.8
OPM OPM%	10.0	10.7	14.7	15.6	26.5	26.5
NPM NPM%	2.9	3.4	6.4	7.5	13.7	13.7
ROCE ROCE%	12.0	14.9	21.0	16.3	26.3	26.3
ROE ROE%	14.6	15.9	25.6	23.7	30.9	30.9
ROA ROA%	4.0	5.5	9.7	8.1	14.3	14.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	SHREEDHAR	DCMNVL	SUPER	ASHUTOSH	SHIVATEX	BASML	SRTL
Market CapitalizationMkt CapCr	346	316	310	293	198	172	159
Close PriceClose₹	161.50	169.00	1,009.55	133.75	153.10	21.50	39.74
IndustryIndustry	Textiles Spinning and Cotton and Blended	Textiles Spinning and Cotton and Blended	Textiles Spinning and Cotton and Blended	Textiles Spinning and Cotton and Blended	Textiles Spinning and Cotton and Blended	Textiles Spinning and Cotton and Blended	Textiles Spinning and Cotton and Blended
Price To EarningsPE		10.93	28.70	18.25	20.63	7.54	8.28
Price To SalesPS	2.37	0.30	0.73	2.49	0.59	0.20	0.53
RevenueRevenueCr	146	1,062	424	117	338	869	302
Revenue Growth TTMRev Gr TTM%		0.2%	4.6%		0.0%	-2.2%
PAT Growth TTMPAT Gr TTM%		148.6%	1,158.8%		-27.0%	165.1%

	SHREEDHAR	DCMNVL	SUPER	ASHUTOSH	SHIVATEX	BASML	SRTL
Market CapitalizationMkt CapCr	346	316	310	293	198	172	159
Close PriceClose₹	161.50	169.00	1,009.55	133.75	153.10	21.50	39.74
IndustryIndustry	Textiles Spinning and Cotton and Blended	Textiles Spinning and Cotton and Blended	Textiles Spinning and Cotton and Blended	Textiles Spinning and Cotton and Blended	Textiles Spinning and Cotton and Blended	Textiles Spinning and Cotton and Blended	Textiles Spinning and Cotton and Blended
Price To EarningsPE		10.93	28.70	18.25	20.63	7.54	8.28
Price To SalesPS	2.37	0.30	0.73	2.49	0.59	0.20	0.53
RevenueRevenueCr	146	1,062	424	117	338	869	302
Revenue Growth TTMRev Gr TTM%		0.2%	4.6%		0.0%	-2.2%
PAT Growth TTMPAT Gr TTM%		148.6%	1,158.8%		-27.0%	165.1%

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FY2026

Jun 26

Result

PPT

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No recent documents found for this company.

Jun 26

Result

PPT

Transcript

Summary

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