1. Wholesaler network expansion - The wholesaler network grew 56% to 1,397 in FY25 from 893 in FY24, with wholesaler revenue rising to ₹214.4 cr (79.2% of total revenue) from ₹155.1 cr (70.5%). This channel is the dominant and fastest-growing earnings driver, and management is targeting further penetration in south and north India to build a pan-India presence.
2. Geographic expansion beyond East India - Revenue from Gujarat jumped to ₹14.1 cr in FY25 from ₹4.5 cr in FY24, Delhi to ₹5.3 cr from ₹1.4 cr, and Maharashtra to ₹5.7 cr from ₹2.8 cr, even as East India still contributed 88.1% of revenue. Early traction in higher-value markets outside the core eastern base opens a large addressable market with minimal cannibalisation risk.
3. Bedsheet category scale-up - Bedsheet revenue reached ₹3.4 cr in FY25 (1.3% of total revenue) from just ₹0.01 cr in FY23, with installed capacity of 343,200 bedsheets per annum running at 85% utilisation. This new category adds a second volume line on already-installed capacity, lifting asset turns and diversifying revenue beyond sarees.
4. IPO-funded working capital and debt reduction - The ₹27.9 cr IPO closed in June 2025 and proceeds were fully deployed by March 2026, with ₹16.3 cr into working capital and ₹5.0 cr into loan repayment. A stronger balance sheet and lower interest cost directly support the wholesaler expansion and inventory build needed for geographic growth.
5. Borrowing headroom for accelerated expansion - Shareholder approval is being sought to authorise board borrowings up to ₹190 cr. With current debt at ₹69 cr and a D/E of 1.86, the expanded borrowing limit provides a ready funding line to scale production or distribution if demand from new geographies and channels continues to outpace organic cash generation.