### **Overview** Manomay Tex India Limited is an integrated textile manufacturing company operating under the **brand name "MANOMAY"**, primarily focused on denim fabrics and cotton yarns. Originally established as **Dhanlaxmi Group in 1978**, the company evolved into **Manomay Tex India Private Limited in 2009** and transitioned to a **public limited company in January 2017**. It listed on the **BSE SME platform in March 2017**, later migrating to the **mainboards of BSE and NSE in 2023**. Headquartered in **Bhilwara, Rajasthan**, the company operates integrated production facilities in **Chittorgarh, Rajasthan**, and maintains a **branch office in Ichalkaranji, Maharashtra**. Manomay Tex India has transformed from a traditional fabric manufacturer into a **vertically integrated “fibre-to-fashion” enterprise**, marking a major strategic shift in 2025. --- ### **Core Business & Operations** #### **1. Production Facilities** - **Denim Plant** - Located at Aaraji No. 5, 6, 7, Gram-Jojro Ka Khera, **Gangrar, Chittorgarh, Rajasthan**. - **Annual Capacity:** 48 million meters of denim fabric. - **Land Area:** 20,300 sq. meters (2.03 hectares) with 11,800 sq. meters of built-up area. - **Production Process:** Fully integrated – includes warping (6 warping machines), indigo dyeing (4 Jupiter ranges with sizing), weaving (air-jet looms), finishing, inspection, and dispatch. - **Denim Specifications:** Ranges from **9 to 14 ounces/square yard**, with cotton, polyester, and blended fabrics in foam and wet finishes. - **Weave Types:** 2/1 Twill, 3/1 Twill, Satin, Dobby, Knitt Dobby. - **Machinery:** 115 TSUDAKOMA ZAXOOINEO air-jet looms; supplements capacity with ~200 additional looms via job work. - **Dyeing & Finishing:** 4 indigo dyeing lines (4M meters/month), 2 singeing machines, 4 finishing machines (including one with built-in weft straightener), coating, printing (4-color rotary head), mercerizing, and desize ranges (2200 mm width). - **Spinning Plant** - Located in **Undawa, Chittorgarh, Rajasthan**, ~30 km from Bhilwara. - **Annual Capacity:** - **Ring Spinning:** 17,640 tons - **Open-End Spinning:** 2,208 rotors (Saurer Autocor 9 machines) - **Texturizing:** For Lycra and specialized yarns - **Daily Output:** Up to 24 tons of yarn - Achieved **full commercial operations by Q1 FY2024**, marking complete backward integration. - Key machines: LMW LDF3 draw frames, LMW LF4280A speed frames, RSB-D26 draw frames. #### **2. Vertical Integration & Sustainability** - **Backward Integration:** Owns spinning unit for internal yarn supply, reducing dependency on external vendors and ensuring cost stability and quality control. - **Forward Integration (2025):** Launched its own **consumer denim apparel brand**: - **"Manomay – India's First Denim CoreWear Brand"** - Soft-launched via **e-commerce platform**: [https://manomayindia.in/home](https://manomayindia.in/home) in August 2025. - **Sustainability Initiatives:** - **Zero Liquid Discharge (ZLD)** and **Effluent Treatment Plant (ETP)** systems. - Certified under **ISO 9001:2015 (Quality)** and **ISO 14001:2015 (Environment)**. - **Solar Power Projects:** - 1.1 MW captive solar plant at Chittorgarh (approved 2022, under Rajasthan Solar Policy). - 1.5 MW planned at Undawa spinning facility. --- ### **Strategic Shift: From B2B to Fibre-to-Fashion (2025)** #### **E-Commerce Launch & Brand Expansion** - In **May–August 2025**, the company **soft-launched an e-commerce platform**, marking a strategic pivot from **B2B fabric supplier to a direct-to-consumer (D2C) fashion brand**. - The platform sells **finished denim garments**, including: - Jeans - Formal Pants - Shorts - Cargos - Lowers - This **forward integration** strategy enables **greater value capture across the supply chain** and strengthens brand presence in the **premium denim segment**. - The initiative aims to: - Diversify revenue streams - Deepen end-consumer engagement - Build brand equity domestically and globally - Plans to **scale the platform incrementally** based on customer feedback. --- ### **Markets & Distribution** #### **Domestic Presence** - Sells across major Indian cities: - New Delhi, Mumbai, Kolkata, Ahmedabad, Ludhiana, Indore, Kanpur, Bellary, Bhilwara, Ulhasnagar, Bhavnagar. - Distribution supported by strong trader relationships in B2B model. #### **International Exports** - Exports to **16+ countries** across: - **Latin America** (Colombia, Mexico, Chile, Peru, Argentina, Paraguay, Guatemala) - **Middle East & Africa** (Egypt, Lebanon, Morocco, Zimbabwe) - **Asia** (Bangladesh, Sri Lanka, USA) - Revenue earned on **FOB basis**, resulting in **foreign exchange risk**. The company recognizes the need for **hedging strategies**. - **Top 5 clients account for >60% of revenue**, top 10 contribute >75% — indicating **high customer concentration**. --- ### **Financial & Operational Highlights (FY2023–2025)** | Metric | Value | |-------|-------| | **FY2023 Revenue** | ₹6,988.79 crore | | **FY2023 Net Profit** | ₹129.50 crore (vs ₹77.06 crore in FY22) | | **Revenue Growth (2010 to 2024)** | From ₹576.93 lakh → ₹58,412.46 lakh (100x growth) | | **Fundraising** | ₹35 crore via preferential issue (2022–23); ₹7 crore (2019) | | **Investment in Spinning** | ₹168.03 crore to expand capacity and backward integration | --- ### **Management & Leadership** | Name | Designation | Experience | Key Responsibilities | |------|-------------|----------|------------------------| | **Mr. Kailashchandra Hiralal Laddha (70)** | Chairman & Promoter | 47 years | Strategic vision, innovation, tech adoption, resource efficiency | | **Mr. Maheshchandra Kailashchandra Laddha (52)** | Whole-Time Director | 32 years | Production, marketing, finance, administration; oversees B2B and D2C growth | | **Mr. Kamlesh Laddha** | Whole-Time Director | 27+ years | Production planning, operational efficiency, quality, turnaround time | | **Smt. Pallavi Laddha** | Promoter & Whole-Time Director | - | Human Resources, Financial Planning, CSR; specializes in women’s denim wear | --- ### **Growth Drivers & Competitive Advantages** - ✅ **Integrated Manufacturing Model:** In-house control from spinning to finished fabric. - ✅ **Backward & Forward Integration:** Spinning unit + D2C brand reduce dependency and increase margins. - ✅ **Strong B2B Foundation:** Long-term trader relationships, repeat orders, stable revenue stream. - ✅ **Export Leadership:** One of India’s top denim exporters; **Silver Trophy (2024)** from TEXPROCIL for 2nd highest exporter (₹75–250 crore range). - ✅ **Product Innovation & Quality:** Equipped lab, 16 inspection machines, advanced finishing, value-added processing. - ✅ **Government Incentives:** Benefiting from **Make in India, RoDTEP, MEIS, Mega Textile Parks Scheme**. --- ### **Challenges & Risks** - ⚠️ **High Customer Concentration:** Top 5 clients = >60% of revenue. - ⚠️ **Competition:** Rising mid-market denim brands threatening premium positioning. - ⚠️ **Price & Trend Volatility:** Fashion cycles impact demand and pricing. - ⚠️ **Input Cost Pressures:** Cotton price fluctuations, rising labor and energy costs. - ⚠️ **Foreign Exchange Risk:** Exports in multiple currencies; rupee volatility affects margins. - ⚠️ **Skilled Labor Shortage:** Constraining scalability, especially in production. - ⚠️ **Export Barriers:** High tariffs in some international markets (e.g., USA, Middle East). - ⚠️ **Limited Overseas Presence:** Relies on third-party agents; no offshore offices. ---