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Sonaselection India Ltd

SONA

NSE

₹99.07-0.55%19 Oct 2026

Reports

Textiles - Spinning - Synthetic / Blended

Sonaselection India Ltd

SONA

NSE

₹99.07

-0.55%

19 Oct 2026

SOICxStockScans Reports

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Textiles - Spinning - Synthetic / Blended

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.

Incorporated in 2022, Sonaselection India Ltd manufactures and processes cotton, lycra stretch, and blended fabrics from an integrated facility at Hamirgarh in Rajasthan's Bhilwara textile cluster. The business is executing a strategic pivot from fee-based toll processing (dyeing and finishing third-party textiles) to buying raw cloth directly, finishing it on its own automated lines, and selling finished rolls across India.

At a glance


Scale	Revenue grew from 93.91 crore (FY23) to 315.95 crore (FY25) following plant expansion
Business mix	Fabric manufacturing accounted for 78.21% and job-work 21.79% in Q1 FY26
Market position	82.44 MMPA processing capacity based in Bhilwara's integrated textile cluster
Footprint	49,540 sq. mtr. owned plant in Hamirgarh, distributing across 13 Indian states
Customer base	326 active customers in Q1 FY26; top 10 buyers contributed 33.80% of sales
Revenue model	Direct sale of manufactured finished fabrics plus fee-for-service job processing
The offer	Fresh issue of up to 14,300,000 equity shares; zero OFS and no Promoters selling

Business segments

Two operating engines within a single reporting segment, pivoting processing lines from toll finishing to direct fabric production

1. Commercial fabric manufacturing: the core growth driver

Direct manufacturing and commercial sale of finished fabric generates 78.21% of revenue as the company redirects plant capacity toward its own branded inventory.

Capacity expansion unlock - The commercial startup of an expanded 82.44 million meters per annum (MMPA) processing setup in July 2024 allowed the plant to shift from contract work to processing internal fabric inventory at scale.
Upstream procurement pivot - Total procurement of greige fabric (raw, unbleached cloth) and yarn climbed to ₹165.98 crore in FY25 because the company began buying base textiles directly rather than waiting for customer-supplied material.
Broadening customer reach - Commercial distribution expanded the customer base to 417 buyer accounts in FY25 as regional wholesalers and garment manufacturers began purchasing ready-to-cut finished fabric rolls.
Interstate market push - Out-of-state distribution channels grew rapidly, with wholesale dispatches to Delhi and Maharashtra generating 30.41% and 17.79% of total revenue respectively in Q1 FY26.
Material cost profile - Raw material expenses climbed to 68.93% of revenue in FY25 because purchasing raw greige fabric absorbs significantly more capital than billing service fees on client-owned cloth.

2. Commission fabric processing: legacy toll cash generation

Contract fabric finishing provides cash flow and absorbs spare line capacity, contributing 21.79% of revenue through fee-for-service dyeing and chemical treatments.

Foundation asset heritage - The company started operations in June 2022 by acquiring an existing processing facility from Sona Processors (India) Ltd via a slump sale (a transfer of an entire business undertaking for a single lump sum price).
Diverse substrate capability - Processing lines handle external merchant orders across pure cotton, polyester-viscose, and synthetic greige fabrics, using custom dyeing and mechanical finishing treatments.
Base client retention - A cohort of 125 recurring textile traders and weavers sustained steady processing orders across three consecutive financial years, anchoring base plant volumes.
Capacity reallocation - Job-work processing receipts moderated to 22.72 crore in Q1 FY26 because internal management intentionally reassigned automated stenters and dyeing vessels to the higher-value commercial fabric business.

Centralised Hamirgarh plant with captive recycling and power

All preparation, batch dyeing, and finishing equipment operate inside a single integrated industrial site supported by in-house utilities.

Freehold industrial complex - The company owns a 49,540 square meter industrial property equipped with imported European stenters, continuous washing ranges, and mercerisers (machines that treat cotton under tension with caustic soda to increase strength and dye uptake).
Closed-loop utilities - Effluent treatment relies on an Italian four-stage reverse osmosis zero-liquid discharge unit that recycles wastewater back into process lines, supplemented by a 0.26 MW rooftop solar array and a steam turbine.
Quality control and IT - Quality testing laboratories utilize Swiss and British optical instruments to check tensile strength and dye fastness, while enterprise SAP software tracks lots from greige intake to final dispatch.

Finished goods billing replacing batch processing receipts

Direct commercial sales - Finished fabric rolls are packaged and invoiced directly to regional stockists, trading houses, and readymade garment factories on standard commercial credit terms.
Service processing fees - External traders pay variable service fees per linear meter for specialized continuous bleaching, high-temperature dyeing, and chemical softening of their own raw cloth.
Working capital requirement - Purchasing, holding, and finishing owned fabric inventory extended the operating inventory holding period to 165 days in Q1 FY26.
Downstream pilot - A newly established subsidiary, Sionnah Enterprises, plans to market finished menswear by outsourcing assembly to third-party contract stitching units.

Capturing market demand redirected to Rajasthan hubs

The facility operates in India's leading synthetic and blended textile cluster, benefiting from local weaving mills and localized raw material supply chains.

Domestic textile scale - Production feeds an expanding Indian domestic textile and apparel market that was valued at 174 billion dollars in FY25.
Bhilwara cluster integration - The plant sits within a dedicated regional textile hub that generates ₹25,000 crore in annual turnover and manufactures over 50% of India's polyester fabrics.
Competitive field - The company competes against larger, integrated yarn and fabric manufacturers including Nitin Spinners, Sangam (India), and Vishal Fabrics.

Single operating entity adding an apparel subsidiary

Corporate structure consists of the standalone operating company and one newly incorporated non-operating downstream unit

Entity	Stake	What it adds
Sionnah Enterprises Private Limited	99.99%	Wholly owned subsidiary formed July 1, 2025 for garmenting; not consolidated in restateds

Prepaying bank credit and upgrading preparation machinery

Fresh issue proceeds - Capital will be deployed to pay down ₹80 crore of working capital cash credit facilities and spend ₹47.55 crore importing Monforts continuous dyeing equipment and Karl Mayer sizing machinery.
Capital structure clean-up - An aggregate ₹7.1 crore in pre-IPO compulsorily convertible debentures was converted into 483,040 equity shares ahead of filing, extinguishing those debt claims.
Pure growth issuance - The entire public offering consists of newly issued equity shares with no secondary share sales or cash-out by Promoters.

Worth keeping in mind

Foundational processing facility was acquired from promoter-related entity Sona Processors (India) Ltd via slump sale for ₹16.21 crore in June 2022.
Wholly owned subsidiary Sionnah Enterprises Private Limited was incorporated on July 1, 2025, excluding its operations from the restated financials.
Certain Promoter Group members withheld confirmations and regulatory disclosures, forcing reliance solely on public domain records.
Operating cash flows turned negative at ₹(14.18) crore in FY25 due to a ₹133.71 crore working capital absorption during the manufacturing pivot.
Unfulfilled export obligation of ₹19.47 crore outstanding as of June 30, 2025 under zero-duty EPCG capital machinery licenses.

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

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹557Cr

Close Price

₹98.00

Industry

Textiles - Spinning - Synthetic / Blended

Price To Earnings

16.36

Price To Sales

1.08

Revenue

₹517Cr

Rev Gr TTM

Revenue Growth TTM

—

PAT Gr TTM

PAT Growth TTM

—

Consolidated

Standalone

Numbers

Percentage

Quarter	Mar 2026	Jun 2026
Revenue RevenueCr	137	148
Growth YoY Revenue Growth YoY%
Expenses ExpensesCr	115	126
Operating Profit Operating ProfitCr	22	22
OPM OPM%	16.4	14.8
Other Income Other IncomeCr	0	0
Interest Expense Interest ExpenseCr	5	4
Depreciation DepreciationCr	5	3
PBT PBTCr	12	14
Tax TaxCr	4	4
PAT PATCr	9	10
Growth YoY PAT Growth YoY%
NPM NPM%	6.5	6.6
EPS EPS₹	2.1	2.3

Quarter	Mar 2026	Jun 2026
Revenue RevenueCr	137	148
Growth YoY Revenue Growth YoY%
Expenses ExpensesCr	115	126
Operating Profit Operating ProfitCr	22	22
OPM OPM%	16.4	14.8
Other Income Other IncomeCr	0	0
Interest Expense Interest ExpenseCr	5	4
Depreciation DepreciationCr	5	3
PBT PBTCr	12	14
Tax TaxCr	4	4
PAT PATCr	9	10
Growth YoY PAT Growth YoY%
NPM NPM%	6.5	6.6
EPS EPS₹	2.1	2.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	121	316	517
Growth Revenue Growth%		161.2	63.6
Expenses ExpensesCr	93	252	433
Operating Profit Operating ProfitCr	28	64	84
OPM OPM%	23.3	20.3	16.3
Other Income Other IncomeCr	0	1	1
Interest Expense Interest ExpenseCr	5	15	18
Depreciation DepreciationCr	7	24	19
PBT PBTCr	17	26	48
Tax TaxCr	4	8	14
PAT PATCr	13	19	34
Growth PAT Growth%		41.8	83.2
NPM NPM%	10.8	5.9	6.6
EPS EPS₹	3.3	4.6

Financial Year	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	121	316	517
Growth Revenue Growth%		161.2	63.6
Expenses ExpensesCr	93	252	433
Operating Profit Operating ProfitCr	28	64	84
OPM OPM%	23.3	20.3	16.3
Other Income Other IncomeCr	0	1	1
Interest Expense Interest ExpenseCr	5	15	18
Depreciation DepreciationCr	7	24	19
PBT PBTCr	17	26	48
Tax TaxCr	4	8	14
PAT PATCr	13	19	34
Growth PAT Growth%		41.8	83.2
NPM NPM%	10.8	5.9	6.6
EPS EPS₹	3.3	4.6

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2024	Mar 2025
Equity Capital Equity CapitalCr	3	16
Reserves ReservesCr	36	47
Current Liabilities Current LiabilitiesCr	45	160
Non Current Liabilities Non Current LiabilitiesCr	120	145
Total Liabilities Total LiabilitiesCr	204	375
Current Assets Current AssetsCr	55	194
Non Current Assets Non Current AssetsCr	149	181
Total Assets Total AssetsCr	204	375

Financial Year	Mar 2024	Mar 2025
Equity Capital Equity CapitalCr	3	16
Reserves ReservesCr	36	47
Current Liabilities Current LiabilitiesCr	45	160
Non Current Liabilities Non Current LiabilitiesCr	120	145
Total Liabilities Total LiabilitiesCr	204	375
Current Assets Current AssetsCr	55	194
Non Current Assets Non Current AssetsCr	149	181
Total Assets Total AssetsCr	204	375

Consolidated

Standalone

Financial Year	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	18	-14	-11
Investing Cash Flow Investing Cash FlowCr	-108	-50	-20
Financing Cash Flow Financing Cash FlowCr	95	61	33
Net Cash Flow Net Cash FlowCr	4	-4	2
Free Cash Flow Free Cash FlowCr	18	-14	-11
CFO To PAT CFO To PAT%	134.5	-76.4	-32.3
CFO To EBITDA CFO To EBITDA%	62.5	-22.1	-13.1

Financial Year	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	18	-14	-11
Investing Cash Flow Investing Cash FlowCr	-108	-50	-20
Financing Cash Flow Financing Cash FlowCr	95	61	33
Net Cash Flow Net Cash FlowCr	4	-4	2
Free Cash Flow Free Cash FlowCr	18	-14	-11
CFO To PAT CFO To PAT%	134.5	-76.4	-32.3
CFO To EBITDA CFO To EBITDA%	62.5	-22.1	-13.1

Consolidated

Standalone

Financial Year	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr				557
Price To Earnings Price To Earnings				16.4
Price To Sales Price To Sales				1.1
Price To Book Price To Book				2.3
EV To EBITDA EV To EBITDA				9.7
Profitability Ratios Profitability Ratios
GPM GPM%	45.4	35.0
OPM OPM%	23.3	20.3	16.3	16.3
NPM NPM%	10.8	5.9	6.6	6.6
ROCE ROCE%	11.8	15.1
ROE ROE%	33.7	29.5
ROA ROA%	6.4	5.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr				557
Price To Earnings Price To Earnings				16.4
Price To Sales Price To Sales				1.1
Price To Book Price To Book				2.3
EV To EBITDA EV To EBITDA				9.7
Profitability Ratios Profitability Ratios
GPM GPM%	45.4	35.0
OPM OPM%	23.3	20.3	16.3	16.3
NPM NPM%	10.8	5.9	6.6	6.6
ROCE ROCE%	11.8	15.1
ROE ROE%	33.7	29.5
ROA ROA%	6.4	5.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	SONA	PARASYNTEX
Market CapitalizationMkt CapCr	557	148
Close PriceClose₹	98.00	80.45
IndustryIndustry	Textiles - Spinning - Synthetic / Blended	Textiles - Spinning - Synthetic / Blended
Price To EarningsPE	16.36
Price To SalesPS	1.08	1.21
RevenueRevenueCr	517	122
Revenue Growth TTMRev Gr TTM%
PAT Growth TTMPAT Gr TTM%

	SONA	PARASYNTEX
Market CapitalizationMkt CapCr	557	148
Close PriceClose₹	98.00	80.45
IndustryIndustry	Textiles - Spinning - Synthetic / Blended	Textiles - Spinning - Synthetic / Blended
Price To EarningsPE	16.36
Price To SalesPS	1.08	1.21
RevenueRevenueCr	517	122
Revenue Growth TTMRev Gr TTM%
PAT Growth TTMPAT Gr TTM%

FY2026

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FY2026

Sep 26

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FY2026

Sep 26

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Summary

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