- **Jindal Worldwide began in 1986 as a home textile manufacturing company, but the business was fundamentally reshaped in 2005 by a single decision: to build a denim mill from scratch and keep adding capacity until it became Asia’s largest fully integrated denim manufacturer. That same pattern - enter a capital-intensive manufacturing niche, integrate backwards to capture the margin, and then use the cash flows to fund the next platform - now defines the group, most recently visible in its acquisition of an electric-vehicle start-up and the build-out of a national consumer brand in premium shirting.** # Business segments Two engines of roughly equal weight - a textile powerhouse that spans denim, bottom-weights, shirting and yarn, and a young electric two-wheeler business built on an acquired technology platform, now scaling a dealer network and its own battery plant. ## 1. Denim and bottom-weight fabrics: the industrial core that pays for everything else **Asia’s largest fully integrated denim manufacturer runs a 140-million-metre-per-year operation where it spins the yarn, weaves the fabric, and finishes it under one roof - no middlemen, and nearly all the water is recycled.** - **Scale that few can match** - the company entered denim in 2005 with just 10 million metres per annum (MMPA) of capacity and expanded in deliberate steps to 140 MMPA, while bottom-weight fabric capacity sits at 30 MMPA, giving it roughly a 10.5% share of the Indian denim market. - **Vertical integration captures the margin** - it operates its own spinning unit (45 tonnes per day), weaving machines with the latest dobbies, and one of India’s most sophisticated continuous processing lines that can handle fabrics up to 3 metres wide for singeing, mercerising, bleaching, dyeing, printing and finishing in a single pass. - **Water and waste as a competitive advantage** - the plant runs on 100% recycled water, recycles nearly 80% of its fabric waste (among the highest in India’s textile sector), and holds certifications including ZDHC, GOTS, GRS and Oeko-Tex, which matter to global brands. - **Designed for global brands, not just commodity buyers** - it produces over 4,000 new product designs each year and has supplied international names such as Family Dollar, Shopko, Federated Stores, and Value City, with roughly 9% export market share in bottom-weights. ## 2. Premium shirting and dyed yarn: from factory floor to 139 branded stores **What started as a B2B shirting mill in 2017 has become a consumer-facing business with its own retail chain, selling digitally printed, high-count cotton fabrics under the brand RICCORA.** - **A late entrant that moved fast** - the company began making shirtings only in 2017 with 20 MMPA of capacity and has since expanded to 30 MMPA, while dyed-yarn capacity grew from 1.1 MMPA in 2015 to 1,550 metric tonnes today. - **Digital printing as the differentiator** - a state-of-the-art unit using Japanese technology produces one of the widest digitally printed shirting ranges in the market, enabling faster sampling, customisation and high-definition prints that smaller rivals cannot replicate. - **Built its own retail front-end** - in 2024 it launched the RICCORA brand offering 100% cotton and natural blended fabrics in counts from 40s to 120s, and by March 2025 had opened 139 stores nationwide, with a second brand line, LINEN GRAZIA, also introduced. ## 3. Jindal Mobilitric: an electric two-wheeler bet built on an acquired start-up **The company bought a Mumbai-based EV start-up in 2022, gained an indigenously developed technology platform, and is now scaling a factory with capacity for 250,000 vehicles a year alongside its own battery plant.** - **Bought, not just built** - JWL acquired a 92.5% stake in Jindal Mobilitric in April 2022, and through it acquired Earth Energy EV, a start-up incorporated in 2017 that had already developed the Glyde scooter and Evolve motorcycle platforms. - **A factory designed for Make in India** - the company commissioned a new electric two-wheeler plant in Ahmedabad to supplement Earth Energy’s existing Maharashtra facility, with 97% of production based on domestic components, and has begun building a fully automated in-house battery manufacturing plant. - **Vehicle specs aimed at the premium commuter** - the scooters use LFP prismatic cells, deliver a top speed of 95 kmph and a range of 160 km per charge, with fast charging to 80% in 2.5 hours and smart connectivity features including over-the-air updates and accurate range prediction. - **Dealer network still in build-out** - as of FY25 the business had 35 dealers across 12 Indian states and had entered Nepal as its first international market, with plans to expand to 100 dealers. # Group structure and partners **The textile business runs through the parent company and two subsidiaries, while the EV business sits in a 99.93%-owned subsidiary; the promoter family recently broadened its roster to four additional members for succession.** - Jindal Worldwide Limited itself is engaged only in textiles and reports a single segment at the standalone level, operating through internal divisions for denim, premium printed shirtings, dyed yarn and bottom-weights. - The subsidiary structure as of FY25 comprises Planet Spinning Mills (100%), Goodcore Spintex (98%, with a 2% stake sold to the promoter in August 2025), and Jindal Mobilitric (99.93%), which houses the entire EV operation. - The company historically had a broader group of subsidiaries and associates, but in September 2020 it disposed of three wholly owned subsidiaries and reduced holdings in four associates to 19% each, simplifying the structure. - In August 2025, a new promoter was added to the promoter category to ensure continuity and support succession planning, with no change in control or management.