Faze Three is a manufacturer that turns yarn into finished home textiles - bathmats, rugs, blankets and outdoor fabrics - and ships them directly to the shelves of Walmart, Target, Costco and other large retailers in the West. Founded in 1985 by first-generation entrepreneur Mr. Ajay Anand and listed in 1995, the company has been debt-free since 2018 and has funded every factory expansion from its own cash flows, building a replacement value of over INR 800 Crores that it treats as a barrier to entry. The recurring approach is simple: make everything to order, own the whole chain from yarn to finished product, and sell only to big-box retail - no inventory, no middlemen, no debt.
Business segments
A single engine with two delivery routes - a core home-textiles factory system that supplies global retailers directly, and a small subsidiary that extends the same model into outdoor patio mats for the same customer base.
1. Home and technical textiles: the factory-to-retail engine
The company runs eight vertically integrated factories that convert yarn into finished bathmats, rugs, blankets and outdoor textiles, all produced against confirmed orders from large Western retailers - no inventory, no middlemen.
- Everything except sheets and towels - the product range covers bathmats, bath rugs, chairpads, blankets, throws, bedspreads, patio mats, seat covers, cotton and rubber-backed bathmats, durries, hand-tufted carpets, cushion covers, curtains and table covers, with the top three products accounting for roughly 60% of revenue. Most items sit in a $10-$25 retail price band aimed at the mass market, where demand holds steady across economic cycles.
- Yarn to finished product under one roof - the company spins, weaves, dyes and finishes in-house across eight factory locations in Silvassa, Vapi, Panipat and Aurangabad, so it controls quality and lead times without depending on outside processors. Total installed revenue capacity is INR 1,650+ Crores, running at about 55% utilisation, which leaves room to absorb the 10x customer appetite management says is waiting.
- Made to order, not to stock - every production run is backed by a confirmed order, with turnaround times of 60-120 days and moderate minimum order quantities that let retailers mix colours and designs. The company does significant design and development work with customers before the order is placed, and 85-95% of exports leave on FOB terms, meaning the buyer takes ownership at the Indian port.
- Raw materials sourced close to home - over 90-95% of inputs are bought domestically, with preference given to suppliers near the factories, and the company pays upfront to secure quality and timely delivery from best-in-class vendors. About 10% of inputs are sustainable - organic cotton, recycled polyester and 100% recycled polypropylene - and the company holds certifications including OEKO-TEX, GRS, Higg Index, and BCI.
- Two decades with the same top retailers - the top 12-15 customers generate roughly 80% of revenue, with no single customer above 15%, and relationships with the top 15 have run for more than twenty years. Named customers include Walmart, Target, Costco, TJ-MOX, JYSK, Sainsbury’s, Dunelm, ASDA, M&S and Primark, most of whom buy multiple products across the company’s factories.
- China-plus-one tailwind, with India as the beneficiary - a 21% rise in the Chinese yuan against the rupee, a 10% tariff differential, and top retailers actively shifting 15-20% of sourcing out of China within two to three years have neutralised the cost gap, while competing supplier countries such as Turkey, Egypt, Pakistan and Bangladesh face currency and infrastructure problems that push buyers toward India. The company is an accredited supplier to large US and European retailers committed to a China-plus-one strategy for all textile products.
2. Mats & More: outdoor patio coverings for the same retail shelf
A wholly owned subsidiary that makes patio mats and outdoor textiles in Aurangabad, selling to the same global retailers through the parent’s export relationships - a new category built on an existing customer book.
- A small factory with room to grow - incorporated in March 2022, the subsidiary acquired a 10,500 sq. metre factory in Aurangabad in August 2023 for INR 5.16 Crores, with total investment of INR 18 Crores. The unit has INR 150 Crores of revenue capacity and is running at roughly 30% utilisation, having generated Rs. 26.63 Crores in revenue in its third year.
- Same customers, adjacent product - patio mats and outdoor textiles are a natural extension of the floor-covering category the parent already supplies, so the subsidiary plugs into existing relationships rather than building a new customer base from scratch.
Group structure and partners
The listed holding company runs the main textile business and controls two wholly owned subsidiaries - one manufacturing unit in India and one sales office in the United States - while the promoter group has been simplified through the sale of non-core stakes.
- Faze Three Limited is listed on BSE and NSE, with its registered office in Silvassa and corporate office in Mumbai, and a paid-up capital of Rs. 24.31 Crores. The Board has eight directors, five of them independent, with founder Mr. Ajay Anand as Chairman and Managing Director and his brother Mr. Sanjay Anand heading marketing and the Panipat units.
- Mats and More Private Limited is the Indian manufacturing subsidiary in Aurangabad. Faze Three US LLC is a wholly owned subsidiary in Delaware that runs an office and showroom in New York, and in July 2023 it formed a step-down subsidiary, Faze Three SMS LLC, to pursue the wall-covering segment with business partners in the US.
- The company was historically linked to Faze Three Autofab Limited (automotive fabrics) and V.R. Woodart Limited within the promoter group. It entered into an agreement to sell its entire stake in V.R. Woodart (later renamed Megamont Limited) on March 7, 2025, and confirms as of March 31, 2026, that it is no longer associated with that business.