Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹1,207Cr
Textiles - Hosiery/Knitwear
Rev Gr TTM
Revenue Growth TTM
0.72%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

RUPA
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | -10.9 | -9.0 | 5.8 | 35.0 | -1.6 | 7.6 | -1.6 | -0.7 | 3.8 | -12.6 | 7.8 | -0.9 |
| 379 | 184 | 270 | 286 | 360 | 192 | 269 | 278 | 370 | 172 | 298 | 288 |
Operating Profit Operating ProfitCr |
| 6.7 | 5.8 | 10.7 | 10.3 | 10.1 | 8.6 | 9.6 | 12.0 | 11.0 | 6.7 | 7.0 | 8.2 |
Other Income Other IncomeCr | 5 | 3 | 4 | 4 | 1 | 5 | 4 | 4 | 4 | 4 | 6 | 5 |
Interest Expense Interest ExpenseCr | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 6 | 5 | 5 | 5 | 5 |
Depreciation DepreciationCr | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| 24 | 6 | 28 | 28 | 33 | 14 | 24 | 33 | 42 | 8 | 20 | 22 |
| 5 | 2 | 7 | 7 | 9 | 4 | 6 | 9 | 11 | 2 | 5 | 5 |
|
Growth YoY PAT Growth YoY% | -61.7 | -66.1 | 21.7 | 276.4 | 28.3 | 147.9 | -10.2 | 14.5 | 26.2 | -47.2 | -21.4 | -31.7 |
| 4.6 | 2.2 | 6.8 | 6.5 | 6.0 | 5.0 | 6.2 | 7.5 | 7.4 | 3.0 | 4.5 | 5.2 |
| 2.4 | 0.5 | 2.6 | 2.6 | 3.0 | 1.3 | 2.3 | 3.0 | 3.9 | 0.7 | 1.8 | 2.0 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| 7.5 | 4.3 | 7.7 | 2.5 | 3.1 | -15.6 | 34.7 | 12.4 | -22.5 | 6.4 | 1.9 | -0.5 |
| 835 | 883 | 954 | 965 | 1,004 | 861 | 1,055 | 1,207 | 1,054 | 1,099 | 1,109 | 1,127 |
Operating Profit Operating ProfitCr |
| 14.2 | 13.0 | 12.7 | 13.9 | 13.1 | 11.7 | 19.6 | 18.2 | 7.8 | 9.6 | 10.5 | 8.6 |
Other Income Other IncomeCr | 5 | 4 | 3 | 2 | 2 | 7 | 7 | 11 | 16 | 13 | 18 | 18 |
Interest Expense Interest ExpenseCr | 24 | 19 | 11 | 8 | 19 | 19 | 13 | 18 | 23 | 21 | 21 | 19 |
Depreciation DepreciationCr | 15 | 15 | 16 | 16 | 15 | 19 | 14 | 14 | 13 | 15 | 14 | 15 |
| 104 | 102 | 115 | 134 | 119 | 84 | 237 | 247 | 69 | 95 | 113 | 91 |
| 36 | 36 | 42 | 48 | 45 | 22 | 62 | 55 | 16 | 25 | 30 | 24 |
|
| 3.2 | -3.3 | 9.6 | 19.3 | -14.0 | -16.6 | 183.1 | 9.5 | -72.0 | 29.9 | 19.4 | -19.7 |
| 7.0 | 6.5 | 6.6 | 7.7 | 6.4 | 6.3 | 13.3 | 13.0 | 4.7 | 5.7 | 6.7 | 5.4 |
| 8.6 | 8.3 | 9.1 | 10.8 | 9.3 | 7.8 | 22.0 | 24.1 | 6.8 | 8.8 | 10.5 | 8.4 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 |
| 320 | 359 | 431 | 491 | 537 | 570 | 722 | 874 | 904 | 950 | 1,010 | 1,006 |
Current Liabilities Current LiabilitiesCr | 368 | 295 | 260 | 385 | 457 | 393 | 396 | 652 | 438 | 455 | 462 | 467 |
Non Current Liabilities Non Current LiabilitiesCr | 47 | 19 | 16 | 15 | 16 | 30 | 41 | 43 | 38 | 33 | 32 | 30 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 571 | 497 | 532 | 714 | 821 | 774 | 921 | 1,319 | 1,110 | 1,190 | 1,209 | 1,248 |
Non Current Assets Non Current AssetsCr | 172 | 185 | 184 | 186 | 195 | 226 | 245 | 258 | 278 | 256 | 302 | 263 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 55 | 165 | 98 | 15 | -27 | 90 | 211 | -116 | 185 | 156 | 59 |
Investing Cash Flow Investing Cash FlowCr | -20 | -27 | -19 | -17 | -20 | -15 | -137 | -34 | -24 | -79 | -10 |
Financing Cash Flow Financing Cash FlowCr | -33 | -135 | -75 | -3 | 48 | -81 | -72 | 151 | -158 | -68 | -43 |
|
Free Cash Flow Free Cash FlowCr | 33 | 137 | 78 | -2 | -51 | 76 | 188 | -153 | 158 | 146 | 51 |
| 80.0 | 250.1 | 135.2 | 17.4 | -36.6 | 146.0 | 120.2 | -60.5 | 344.0 | 223.1 | 70.4 |
CFO To EBITDA CFO To EBITDA% | 39.6 | 124.8 | 70.4 | 9.7 | -18.0 | 79.5 | 81.8 | -43.3 | 207.8 | 132.9 | 45.0 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 1,694 | 2,182 | 2,597 | 2,963 | 2,734 | 927 | 2,447 | 3,485 | 1,623 | 1,896 | 1,423 |
Price To Earnings Price To Earnings | 24.9 | 33.1 | 36.0 | 34.4 | 36.9 | 15.0 | 14.0 | 18.2 | 30.2 | 27.2 | 17.1 |
Price To Sales Price To Sales | 1.7 | 2.1 | 2.4 | 2.6 | 2.4 | 0.9 | 1.9 | 2.4 | 1.4 | 1.6 | 1.1 |
Price To Book Price To Book | 5.2 | 6.0 | 5.9 | 5.9 | 5.0 | 1.6 | 3.4 | 4.0 | 1.8 | 2.0 | 1.4 |
| 13.8 | 17.5 | 19.2 | 19.7 | 19.4 | 9.7 | 9.7 | 13.9 | 19.9 | 16.3 | 11.2 |
Profitability Ratios Profitability Ratios |
| 52.5 | 52.2 | 54.5 | 53.7 | 57.1 | 59.0 | 53.4 | 57.0 | 47.0 | 49.3 | 53.5 |
| 14.2 | 13.0 | 12.7 | 13.9 | 13.1 | 11.7 | 19.6 | 18.2 | 7.8 | 9.6 | 10.5 |
| 7.0 | 6.5 | 6.6 | 7.7 | 6.4 | 6.3 | 13.3 | 13.0 | 4.7 | 5.7 | 6.7 |
| 23.8 | 23.6 | 24.1 | 23.1 | 18.3 | 13.6 | 28.1 | 21.2 | 7.8 | 9.7 | 10.7 |
| 20.8 | 17.9 | 16.4 | 17.3 | 13.6 | 10.7 | 24.0 | 21.8 | 5.9 | 7.3 | 8.2 |
| 9.2 | 9.7 | 10.1 | 9.6 | 7.3 | 6.2 | 15.0 | 12.2 | 3.9 | 4.8 | 5.5 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Rupa & Company Limited, incorporated in 1985, is a leading Indian knitwear and apparel manufacturer, marketer, and distributor with a legacy spanning over five decades (the Rupa brand originated in 1968). The company operates across the entire knitted garment value chain and positions itself as the **#1 undisputed Indian knitwear brand**, with a strong presence in innerwear, thermal wear, casual wear, athleisure, and lifestyle apparel for men, women, and children.
Rupa has evolved from a mass-market hosiery player into a **diversified, brand-led organization** offering products across economy, mid-premium, premium, and super-premium segments. It commands a robust pan-India distribution network and is aggressively expanding internationally, digitally, and through direct-to-consumer (D2C) channels.
---
### **Product Portfolio & Brands**
Rupa manages a portfolio of over **18 sub-brands and more than 9,000 SKUs**, targeting diverse consumer segments and price points:
- **Innerwear & Lifestyle Apparel:** Frontline, Jon, Euro, Bumchums, Kidline, Footline
- **Premium Innerwear & Athleisure:**
- *Macroman (men)* and *Macrowoman (women)* – positioned as premium lines with high-quality fabrics, designer collaborations, and contemporary styles.
- Launched a **luxury "Gold Collection" under the M-signature brand** in collaboration with renowned fashion designer **Rohit Bal**, signaling a strategic shift toward high-margin, premium offerings.
- **Thermal Wear:** Torrido (using proprietary **Thermocot** fabric – a cotton-polyester blend engineered for warmth, style, and comfort). The company aims to achieve **₹200 crores in thermal wear revenue within two years**.
- **Women-Centric Premium Brand:** **Softline** – focused on leggings, lingerie, and outerwear with the brand mantra **“Effortless You”**. Offers over **250 colors** across sizes, emphasizing innovation, comfort, and fashion.
- **International Licensing:** Exclusive rights in India for **FCUK** and **Fruit of the Loom (FOTL)** via its demerged subsidiary, **Oban Fashions**, targeting super-premium, fashion-conscious consumers.
- **Casual & Youth Wear:** Bumchums (T-shirts, bermudas, tracks, muscle shirts), appealing to a young, casual lifestyle.
---
### **Manufacturing & Operational Strength**
Rupa operates **integrated, state-of-the-art manufacturing facilities** across India:
- **Locations:** Domjur (West Bengal), Tirupur (Tamil Nadu), Ghaziabad (NCR), Bengaluru (Karnataka)
- **Daily Capacity:**
- Over **700,000 finished garments**
- 25 tons of fabric dyeing & bleaching
- 3 tons of yarn dyeing
- 1,000,000 pieces cut
- 100,000 stitched garments
- **Infrastructure:** ~850,000 sq. ft. of warehouse space, with four central warehouses.
- **Technology Integration:** CNC/ CAD for design, **SAP S/4HANA** enterprise system, IoT-enabled processes, and **Datacolor/DATACOLOR** spectrophotometry for precise color matching (lab-tested samples in 24 hours).
- **Quality Assurance:** ISO 9001:2015 certified with stringent quality checks; a **"Colorfast" guarantee** ensures durability through international-standard fastness testing.
Sustainability is embedded in operations, with use of **natural, biodegradable fibers**, water/energy-efficient dyeing (Mathis Labomat equipment), and eco-conscious production practices.
---
### **Distribution & Retail Strategy**
Rupa employs a **phygital (physical + digital)** distribution model to maximize reach:
#### **Physical Presence:**
- **Modern Trade:** Over **1,500 stores** with major retailers like Reliance, D-Mart, Metro, Walmart, and Pothys.
- **Exclusive Brand Outlets (EBOs):**
- Currently operates **35 EBOs branded as “Rupa – The Comfort Store”**, with plans to launch **over 100 new EBOs in FY26**.
- Target: **150 EBOs across India within 2–3 years**, including high-footfall locations like airports and railway stations.
- Expansion driven through a **franchise model** supported by SOPs, training, branding, CRM, and IT.
- **Regional Focus:** Aggressively expanding in **Southern India (Tamil Nadu, Kerala)** and targeting high-potential states including **West Bengal, Maharashtra, Gujarat, UP, MP, Haryana, Punjab, and Andhra Pradesh**.
#### **Distribution Network:**
- Over **1,500 dealers**
- Access to **150,000+ retail outlets** across 27 states and 3 UTs
- Geographic clustering in logistics to optimize supply chain efficiency
---
### **E-Commerce & Digital Expansion**
Rupa is aggressively building its **omnichannel and D2C capabilities**:
- **E-Commerce Platforms:** Present on **Amazon, Flipkart, Myntra, Tata Cliq, JioMart, Ajio, Blinkit, Swiggy, and FirstCry**.
- **Direct-to-Consumer (D2C):**
- Own **Rupa Online Store (rupaonlinestore.com)**
- Plans to launch **Rupa brand globally on Amazon.com (UAE marketplace)**
- **Exclusive Online Brands:** Launched **CO BLUE by Rupa**, available only on Amazon.
- **Tech-Driven Infrastructure:** Developing a **pure-play marketplace warehouse system** and deploying **Mobile Sales Force Automation & DMS** for improved order fulfillment and ROI-focused digital marketing.
E-commerce currently contributes ~4–7% of revenue but is a high-growth strategic channel with **3x–4x growth targets over 3–4 years**.
---
### **Marketing & Branding**
Rupa invests heavily in brand building, with marketing spend averaging **5–8% of revenue**:
- **Celebrity Endorsements:**
- Ranveer Singh (Frontline, Torrido)
- Ranbir Kapoor & Khesari Lal Yadav (Jon)
- Kartik Aaryan (Euro)
- Yash (Macroman M-Series)
- Wamiqa Gabbi (Softline)
- **Strategic Campaigns:** Leveraged **Ram Mandir inauguration** and **IPL** for high-visibility marketing.
- **Innovative Advertising:** Pioneered **news-anchor featuring vignettes** for the *Colors* brand, a first in India’s innerwear industry.
The **Rupa brand has been granted "Well-Known Trademark" status**, affirming its market strength and legal protection.
---
### **Growth Strategy (2025 & Beyond)**
Rupa is executing a multi-pronged growth roadmap:
1. **Domestic Expansion:**
- 3x growth in 4 years across **13 high-potential states**
- Build integrated marketing, retail, and distribution ecosystems regionally
- Increase presence by **1,000+ new points of sale**, especially in regional LFRs and modern trade
2. **E-Commerce & Omnichannel:**
- 4x e-commerce growth in 3 years
- Launch on **Amazon.com (UAE)** and **FirstCry Middle East**
- Develop e-commerce-specific SKUs and content-driven ROI campaigns
3. **Exports:**
- Target **5x growth in international business over 3 years**
- Key markets: **Middle East (UAE, KSA), Bangladesh, Africa, Russia**
- Exports currently contribute ~2–6% of revenue; FY23 exports reached ₹41 crores (+25% YoY)
- A **dedicated export unit** in Domjur, West Bengal, supports scaling
4. **Government Channels:**
- Expanding presence via **CSD (Canteen Stores Department)** and **CPC (Civilian Product Catalogue)** with new product launches
5. **Segment Focus:**
- High growth anticipated in **activewear (~13% CAGR since 2011), athleisure, and premium women’s wear**
- Thermal wear and children’s innerwear seen as high-potential segments