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SBC Exports Ltd

SBC

NSE

₹64.50+1.85%19 Oct 2026

Reports

Textiles Readymade Apparel

SBC Exports Ltd

SBC

NSE

₹64.50

+1.85%

19 Oct 2026

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Textiles Readymade Apparel

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

SBC Exports began as a single-proprietor carpet trader in Mirzapur and has since been rebuilt three times over - each time entering an unrelated business, scaling it with institutional contracts, and using the cash to fund the next move. Today it is a miniature conglomerate whose textile heritage now feeds a branded apparel push, while a quiet IT staffing engine and a fledgling travel platform generate the contracted revenues that de-risk the whole. The recurring pattern is visible in every chapter: start with a B2B or government-tender foothold, then climb toward the consumer and the higher margin that comes with owning the brand.

Business segments

Three engines at different stages - a vertically integrated garment manufacturer pivoting from wholesale supply to its own consumer brand, an IT and manpower staffing business built on government contracts, and a subsidiary travel platform expanding into the Middle East - each incubated with the cash flows of the one before.

1. Garments and branded apparel: from factory floor to consumer closet

A three-decade textile manufacturer is now betting on its own youth-fashion brand, F-Route, to capture retail margins it used to leave on the table - while a legacy B2B order book keeps the machines running at full capacity.

Makes everything under one roof - four owned factories in Mirzapur and Ghaziabad handle knitting, dyeing, cutting, stitching and packaging, with combined capacity of roughly 1.09 million pieces a month and all units running at 100% utilisation as of mid-2024. That vertical integration means the company controls quality and cost from raw fabric to finished garment, rather than paying middlemen for each step.
Built on a B2B backbone - a network of about 50 distributors across roughly 12 Indian states supplies retail stores and boutiques, while a large export relationship with a UAE wholesaler feeds the “Day to Day” retail chain in Dubai, with minimum shipments of 75,000 pieces per order and freight costs borne by the buyer. The overall garment order book included one large order aggregating to INR 50 Crs. for the GCC market as of mid-2024, giving visibility on factory throughput.
F-Route is the consumer bet - the flagship brand targets Gen-Z and millennials with over 120 product lines spanning polo shirts, cargos, co-ord sets, dresses and innerwear, sold through a newly launched direct-to-consumer website that bypasses distributors and keeps retail-level margins inside the company. The brand is also being syndicated onto Amazon India, with discussions underway to list on Myntra, Flipkart and Meesho, so the same garment can sell through multiple digital shopfronts.
Brand-building through celebrity and cricket - F-Route has appointed television actors as brand ambassadors and, in late 2025, signed a one-year sponsorship with the IPL franchise Punjab Kings to put the brand in front of India’s largest television audience during the 2026 season. A five-year plan adds physical retail: 50 franchise stores and 30 company-owned outlets in Tier-2 and Tier-3 cities, turning the brand into a multi-channel operation.
Sustainability as a production edge - waterless dyeing cuts water use and eliminates chemical runoff, while a closed-loop recycling programme diverted over 50 tons of textile waste from landfills in a single year by turning post-consumer and factory waste back into new fabrics. Rooftop solar panels already generate about 30% of the factories’ electricity, lowering the cost of each unit produced.

2. IT and manpower supply: the contracted-revenue backbone

A quiet institutional-services division supplies everything from software developers to office staff under multi-year government and corporate contracts - generating predictable cash flows that are uncorrelated with fashion seasons.

Staffing as a service, not a product - the division deploys technical and non-technical manpower to clients ranging from the India Tourism Development Corporation to the National Informatics Centre, earning through project-based and recurring service contracts. A single contract extension for ITDC in early 2024 was worth ₹70 lakh over five months, illustrating the small-ticket, repeat-order nature of the book.
Accreditations unlock government tenders - the division holds eight quality certifications including ISO 9001, ISO 27001 for information security, CMMI-Level 3 for IT services, and SA 8000 for social accountability, each of which is often a mandatory qualification for bidding on public-sector work. These are not marketing badges; they are the keys that open the tender portal.
Order book stretches into the future - as of late 2024, the division carried a deliverable order book of more than ₹8,000 Lakhs extending through FY26, sourced from just 10 institutional clients. That concentration means client relationships are deep, and the multi-year nature of the contracts means revenue does not reset to zero each quarter.
Scope widened deliberately - in 2022 the company amended its charter to allow supply of all categories of manpower, including security services and labour contracting, moving beyond its original IT-only remit. That lets the same sales team bid on a larger universe of government and corporate tenders without changing the underlying business model.

3. Travel and tourism: the subsidiary with a Middle Eastern toehold

A wholly owned online travel platform, Mauji Trip, sells curated Indian holiday packages and corporate travel management - and has just begun exporting that model to the Gulf.

Four revenue streams from one platform - leisure travel packages, corporate travel management, specialised services like destination weddings, and travel consulting all run through the same website and mobile apps, so a customer planning a holiday might also become a corporate client. The platform handles ticketing, hotel bookings, ground support and MICE (meetings and events) arrangements, earning on a commission or margin basis.
Curated Indian experiences are the differentiator - the subsidiary organises tours spanning Himalayan treks, Andaman coral reefs, North East tribal regions and Rajasthan heritage circuits, positioning itself as a specialist in domestic experiential travel rather than a generic booking engine. That curation creates a reason for customers to book through Mauji Trip instead of a larger aggregator.
Middle East expansion is the growth lever - in FY25 the subsidiary established new partnerships with local travel providers in the Gulf, broadening its addressable market beyond Indian domestic tourism. The move mirrors the garment division’s existing UAE relationship, suggesting the group understands how to operate in that geography.

Group structure and partners

A listed parent with one wholly owned subsidiary, no joint ventures, and a web of related-party entities that both supply and buy from the group - plus a growing roster of brand and distribution partners.

The parent company, SBC Exports Ltd, is listed on the main board of both BSE and NSE, with a single wholly owned subsidiary, Mauji Trip Limited, incorporated in December 2021 to house the travel business. There are no associate companies or joint ventures, keeping the structure simple.
Related entities - including SBC Infotech Limited, SBC Finmart Limited and Ritu Garments Private Limited - are under significant influence of key management personnel, and the company both sells goods to them and purchases IT and manpower services from SBC Infotech. These are arm’s-length relationships that sit alongside the external client base.
Strategic partnerships extend the group’s reach without requiring its own infrastructure: a UAE wholesaler takes garments into Dubai’s “Day to Day” stores, Amazon India lists the F-Route catalogue, and the Punjab Kings IPL sponsorship puts the brand on television for the 2026 cricket season.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Documents

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Mkt Cap

Market Capitalization

₹3,074Cr

Close Price

₹64.55

Industry

Textiles Readymade Apparel

Price To Earnings

79.69

Price To Sales

5.78

Revenue

₹531Cr

Rev Gr TTM

Revenue Growth TTM

63.27%

PAT Gr TTM

PAT Growth TTM

105.92%

Consolidated

Standalone

Numbers

Percentage

Quarter	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue RevenueCr	52	69	66	66	72	96	72	85	104	142	121	164
Growth YoY Revenue Growth YoY%	4.3	2.6	24.3	87.3	38.6	38.8	10.3	28.4	45.0	47.0	67.1	94.0
Expenses ExpensesCr	48	65	60	60	70	92	67	74	93	136	108	150
Operating Profit Operating ProfitCr	4	4	6	6	2	5	5	10	12	6	13	15
OPM OPM%	7.5	5.7	9.2	8.7	2.5	4.7	7.5	12.1	11.3	4.2	10.8	9.0
Other Income Other IncomeCr	1	2	1	2	4	1	0	4	4	6	4	5
Interest Expense Interest ExpenseCr	1	2	2	2	2	2	2	2	4	3	4	4
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	1	1	1	1
PBT PBTCr	3	3	5	5	4	4	3	11	11	8	13	15
Tax TaxCr	0	0	0	0	0	0	1	3	0	2	3	4
PAT PATCr	3	3	5	5	4	4	3	8	11	6	10	11
Growth YoY PAT Growth YoY%	21.1	11.4	15.9	147.5	27.5	21.1	-50.9	54.6	206.0	51.6	267.8	37.1
NPM NPM%	5.5	4.8	8.1	8.1	5.1	4.2	3.6	9.8	10.7	4.3	7.9	6.9
EPS EPS₹	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.1	0.2	0.2

Quarter	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue RevenueCr	52	69	66	66	72	96	72	85	104	142	121	164
Growth YoY Revenue Growth YoY%	4.3	2.6	24.3	87.3	38.6	38.8	10.3	28.4	45.0	47.0	67.1	94.0
Expenses ExpensesCr	48	65	60	60	70	92	67	74	93	136	108	150
Operating Profit Operating ProfitCr	4	4	6	6	2	5	5	10	12	6	13	15
OPM OPM%	7.5	5.7	9.2	8.7	2.5	4.7	7.5	12.1	11.3	4.2	10.8	9.0
Other Income Other IncomeCr	1	2	1	2	4	1	0	4	4	6	4	5
Interest Expense Interest ExpenseCr	1	2	2	2	2	2	2	2	4	3	4	4
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	1	1	1	1
PBT PBTCr	3	3	5	5	4	4	3	11	11	8	13	15
Tax TaxCr	0	0	0	0	0	0	1	3	0	2	3	4
PAT PATCr	3	3	5	5	4	4	3	8	11	6	10	11
Growth YoY PAT Growth YoY%	21.1	11.4	15.9	147.5	27.5	21.1	-50.9	54.6	206.0	51.6	267.8	37.1
NPM NPM%	5.5	4.8	8.1	8.1	5.1	4.2	3.6	9.8	10.7	4.3	7.9	6.9
EPS EPS₹	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.1	0.2	0.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	130	206	223	214	300	403	531
Growth Revenue Growth%		58.6	8.1	-4.0	40.4	34.4	63.3
Expenses ExpensesCr	126	198	212	197	282	370	486
Operating Profit Operating ProfitCr	4	8	11	17	18	33	46
OPM OPM%	3.2	3.7	4.8	7.9	6.1	8.3	8.6
Other Income Other IncomeCr	0	0	2	4	9	14	18
Interest Expense Interest ExpenseCr	1	2	2	6	7	11	14
Depreciation DepreciationCr	1	1	1	2	2	2	2
PBT PBTCr	3	6	9	13	18	34	48
Tax TaxCr	1	2	2	4	5	9	9
PAT PATCr	2	3	7	9	13	25	38
Growth PAT Growth%		87.9	99.8	34.3	44.1	89.1	105.9
NPM NPM%	1.4	1.7	3.1	4.3	4.5	6.3	7.2
EPS EPS₹	0.0	0.1	0.1	0.2	0.3	0.5	0.8

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	130	206	223	214	300	403	531
Growth Revenue Growth%		58.6	8.1	-4.0	40.4	34.4	63.3
Expenses ExpensesCr	126	198	212	197	282	370	486
Operating Profit Operating ProfitCr	4	8	11	17	18	33	46
OPM OPM%	3.2	3.7	4.8	7.9	6.1	8.3	8.6
Other Income Other IncomeCr	0	0	2	4	9	14	18
Interest Expense Interest ExpenseCr	1	2	2	6	7	11	14
Depreciation DepreciationCr	1	1	1	2	2	2	2
PBT PBTCr	3	6	9	13	18	34	48
Tax TaxCr	1	2	2	4	5	9	9
PAT PATCr	2	3	7	9	13	25	38
Growth PAT Growth%		87.9	99.8	34.3	44.1	89.1	105.9
NPM NPM%	1.4	1.7	3.1	4.3	4.5	6.3	7.2
EPS EPS₹	0.0	0.1	0.1	0.2	0.3	0.5	0.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital Equity CapitalCr	11	21	21	32	48	48	48
Reserves ReservesCr	12	5	13	12	8	33	53
Current Liabilities Current LiabilitiesCr	49	66	74	115	188	315	397
Non Current Liabilities Non Current LiabilitiesCr	5	4	6	26	28	41	75
Total Liabilities Total LiabilitiesCr	76	97	115	185	271	437	573
Current Assets Current AssetsCr	71	86	101	147	236	385	526
Non Current Assets Non Current AssetsCr	5	11	14	37	36	52	47
Total Assets Total AssetsCr	76	97	115	185	271	437	573

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital Equity CapitalCr	11	21	21	32	48	48	48
Reserves ReservesCr	12	5	13	12	8	33	53
Current Liabilities Current LiabilitiesCr	49	66	74	115	188	315	397
Non Current Liabilities Non Current LiabilitiesCr	5	4	6	26	28	41	75
Total Liabilities Total LiabilitiesCr	76	97	115	185	271	437	573
Current Assets Current AssetsCr	71	86	101	147	236	385	526
Non Current Assets Non Current AssetsCr	5	11	14	37	36	52	47
Total Assets Total AssetsCr	76	97	115	185	271	437	573

Consolidated

Standalone

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	5	-11	-5	-69	-72
Investing Cash Flow Investing Cash FlowCr	-4	-6	-20	-5	-13
Financing Cash Flow Financing Cash FlowCr	0	17	25	82	91
Net Cash Flow Net Cash FlowCr	1	1	0	8	5
Free Cash Flow Free Cash FlowCr	2	-15	-22	-76	-86
CFO To PAT CFO To PAT%	130.2	-156.2	-52.0	-519.5	-286.2
CFO To EBITDA CFO To EBITDA%	59.1	-101.6	-28.8	-381.8	-216.4

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	5	-11	-5	-69	-72
Investing Cash Flow Investing Cash FlowCr	-4	-6	-20	-5	-13
Financing Cash Flow Financing Cash FlowCr	0	17	25	82	91
Net Cash Flow Net Cash FlowCr	1	1	0	8	5
Free Cash Flow Free Cash FlowCr	2	-15	-22	-76	-86
CFO To PAT CFO To PAT%	130.2	-156.2	-52.0	-519.5	-286.2
CFO To EBITDA CFO To EBITDA%	59.1	-101.6	-28.8	-381.8	-216.4

Consolidated

Standalone

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	44	116	390	639	600	1,429	3,074
Price To Earnings Price To Earnings	23.7	34.1	55.9	69.4	45.0	56.6	79.7
Price To Sales Price To Sales	0.3	0.6	1.8	3.0	2.0	3.5	5.8
Price To Book Price To Book	1.9	4.4	11.3	14.5	10.8	17.9	30.6
EV To EBITDA EV To EBITDA	9.8	15.9	38.8	40.9	39.8	49.0	71.8
Profitability Ratios Profitability Ratios
GPM GPM%		9.8	13.2	18.7	14.6	13.6	13.6
OPM OPM%	3.2	3.7	4.8	7.9	6.1	8.3	8.6
NPM NPM%	1.4	1.7	3.1	4.3	4.5	6.3	7.2
ROCE ROCE%	17.3	20.3	18.9	19.5	13.3	14.8	15.2
ROE ROE%	8.2	13.1	20.0	21.0	24.0	31.5	38.2
ROA ROA%	2.4	3.6	6.0	5.0	4.9	5.8	6.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	44	116	390	639	600	1,429	3,074
Price To Earnings Price To Earnings	23.7	34.1	55.9	69.4	45.0	56.6	79.7
Price To Sales Price To Sales	0.3	0.6	1.8	3.0	2.0	3.5	5.8
Price To Book Price To Book	1.9	4.4	11.3	14.5	10.8	17.9	30.6
EV To EBITDA EV To EBITDA	9.8	15.9	38.8	40.9	39.8	49.0	71.8
Profitability Ratios Profitability Ratios
GPM GPM%		9.8	13.2	18.7	14.6	13.6	13.6
OPM OPM%	3.2	3.7	4.8	7.9	6.1	8.3	8.6
NPM NPM%	1.4	1.7	3.1	4.3	4.5	6.3	7.2
ROCE ROCE%	17.3	20.3	18.9	19.5	13.3	14.8	15.2
ROE ROE%	8.2	13.1	20.0	21.0	24.0	31.5	38.2
ROA ROA%	2.4	3.6	6.0	5.0	4.9	5.8	6.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	GOKEX	RAYMONDLSL	LUXIND	SBC	STYLEBAAZA	KKCL	KITEX
Market CapitalizationMkt CapCr	5,231	3,467	3,431	3,074	3,003	2,694	2,394
Close PriceClose₹	713.90	569.00	1,141.00	64.55	394.50	437.20	120.00
IndustryIndustry	Textiles Readymade Apparel	Textiles Readymade Apparel	Textiles Readymade Apparel	Textiles Readymade Apparel	Textiles Readymade Apparel	Textiles Readymade Apparel	Textiles Readymade Apparel
Price To EarningsPE	50.78	79.92	33.52	79.69	62.62	18.32
Price To SalesPS	1.25	0.50	1.17	5.78	1.54	2.14	3.81
RevenueRevenueCr	4,185	6,973	2,933	531	1,950	1,258	629
Revenue Growth TTMRev Gr TTM%	7.7%	9.2%	10.6%	63.3%	34.9%	15.9%	-36.4%
PAT Growth TTMPAT Gr TTM%	-40.4%	4.4%	-31.4%	105.9%	174.2%	3.1%	-138.7%

	GOKEX	RAYMONDLSL	LUXIND	SBC	STYLEBAAZA	KKCL	KITEX
Market CapitalizationMkt CapCr	5,231	3,467	3,431	3,074	3,003	2,694	2,394
Close PriceClose₹	713.90	569.00	1,141.00	64.55	394.50	437.20	120.00
IndustryIndustry	Textiles Readymade Apparel	Textiles Readymade Apparel	Textiles Readymade Apparel	Textiles Readymade Apparel	Textiles Readymade Apparel	Textiles Readymade Apparel	Textiles Readymade Apparel
Price To EarningsPE	50.78	79.92	33.52	79.69	62.62	18.32
Price To SalesPS	1.25	0.50	1.17	5.78	1.54	2.14	3.81
RevenueRevenueCr	4,185	6,973	2,933	531	1,950	1,258	629
Revenue Growth TTMRev Gr TTM%	7.7%	9.2%	10.6%	63.3%	34.9%	15.9%	-36.4%
PAT Growth TTMPAT Gr TTM%	-40.4%	4.4%	-31.4%	105.9%	174.2%	3.1%	-138.7%

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