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Spunweb Nonwoven Ltd

SPUNWEB

NSE

₹125.90-2.33%19 Oct 2026

Reports

Textiles Others

Spunweb Nonwoven Ltd

SPUNWEB

NSE

₹125.90

-2.33%

19 Oct 2026

SOICxStockScans Reports

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Textiles Others

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.

Spunweb Nonwoven makes the fabric inside the diaper, the surgical gown, and the crop cover - not by weaving thread, but by melting plastic granules and bonding them into a breathable sheet in a single continuous process. Founded in 2015 in Wankaner, Gujarat, it began with one production line aimed at the hygiene and medical industries, then consolidated its footprint by acquiring a sister manufacturing entity in 2023 and listing on the NSE EMERGE platform in 2025. The recurring approach that explains the business is a deliberate spread across six fabric grades and multiple end-markets - from diapers to dragon-fruit covers - so that no single sector dominates, paired with a pass-through pricing model that hands raw-material price swings straight to the customer.

Business segments

A single manufacturing engine producing polypropylene spunbond nonwoven fabric, sold to over 500 B2B customers across hygiene, packaging, medical, and agriculture end-markets, with a small B2C export subsidiary that sources locally.

1. Spunbond nonwoven fabric: the group’s sole manufacturing engine

Seven production lines melt polypropylene granules and bond them into fabric in one step - no yarn, no weaving - creating a lightweight, breathable material that can be made water-repellent, skin-soft, flame-retardant, or UV-resistant depending on the customer’s need.

One process, six personalities - the same spunbond technology yields six distinct fabric grades: Hydrophobic (water-repellent, for diaper back sheets and packaging), Hydrophilic (liquid-absorbing, for diaper and sanitary-pad top sheets), UV Treated (sun-resistant, for crop and fruit covers), FR Treated (flame-retardant, for aviation and construction), Anti Static (charge-dissipating, for surgical caps and masks), and Super Soft (skin-friendly, for adult and baby diapers). Fabric weight ranges from 7 to 150 GSM, and products are available in over 20 colours with customisation options including coatings, slitting, and printing.
Hygiene pays the bills - the hygiene sector (baby diapers, adult care, femme care, pet care) contributes over half of revenue, and it carries the highest margin among end-markets; packaging margins run about 1% to 1.5% lower, and agriculture about 0.5% to 1% lower. Roughly half of capacity is dedicated to higher-margin hygiene products, with the rest allocated to medium- and lower-margin applications.
Scale through seven Chinese-sourced lines - the group operates 7 production lines, all sourced from China, across two entities at a single location in Wankaner, Gujarat: the listed parent SNL runs 3 lines with 20,400 MTPA of capacity, and the wholly owned subsidiary SIPL runs 4 lines with 18,740 MTPA, for a combined installed capacity of 39,140 MTPA. The lines come in three technology configurations - S, SS, and SSS - and three widths (1.6 m, 2.6 m, 3.2 m), with narrower lines dedicated to specific products to reduce wastage.
Raw material risk passed straight through - the key input is polypropylene granules, sourced roughly 50% from domestic suppliers and 50% from imports (Singapore, Saudi Arabia, and others) on a spot-price basis, with one-year MOUs for domestic suppliers like Reliance and IOCL. The company operates a pass-through pricing mechanism, so polypropylene price changes flow directly to customers - an industry practice that insulates margins from commodity swings.
Solar cuts the power bill - the group has commissioned 6.5 MW of ground-mounted solar capacity (4.5 MW at SNL, 2.0 MW at SIPL) plus rooftop installations, together generating about 1.19 crore units annually and covering nearly 60% of SNL’s total power consumption. The company also benefits from government subsidies for technical textiles, including a 20% capital subsidy on investment and a benefit of 1 per 15% on the electric unit rate.

2. Cigate Consumer: a small B2C window for export markets

A 51%-owned subsidiary that sources finished consumer products locally and sells them to export customers - a B2C sideline, not a manufacturing operation.

Separate from the factory - Cigate Consumer Private Limited (CCPL) serves export clients with end-consumer products, operating in the B2C segment rather than the parent’s B2B fabric-supply model.
Local sourcing, export focus - the subsidiary sources products locally for its export operations, meaning it does not draw on the parent’s manufacturing output.

Group structure and partners

A listed parent with two subsidiaries - one a wholly owned manufacturing twin, the other a majority-owned export sideline - all controlled by the founding promoters.

Spunweb Nonwoven Limited (SNL) is the listed parent, operating 3 production lines with 20,400 MTPA of capacity at Wankaner, Gujarat.
Spunweb India Private Limited (SIPL) is a 100% wholly owned subsidiary, acquired in 2023, operating 4 production lines with 18,740 MTPA of capacity at the same Wankaner location.
Cigate Consumer Private Limited (CCPL) is a 51% majority subsidiary dedicated to export clients only.
Promoters Kishan Dilipbhai Kagathara and Jay Dilipbhai Kagathara, together with a promoter group of 28 entities and individuals, held 65.27% of the company as of March 2026.

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

₹303Cr

Close Price

₹125.90

Industry

Textiles Others

Price To Earnings

12.14

Price To Sales

0.94

Revenue

₹324Cr

Rev Gr TTM

Revenue Growth TTM

215.49%

PAT Gr TTM

PAT Growth TTM

113.79%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2024	Mar 2025	Sep 2025	Mar 2026
Revenue RevenueCr	103	0	137	0
Growth YoY Revenue Growth YoY%			33.2
Expenses ExpensesCr	91	104	113	156
Operating Profit Operating ProfitCr	11	-104	24	-156
OPM OPM%	11.1		17.6
Other Income Other IncomeCr	1	0	0	2
Interest Expense Interest ExpenseCr	3	5	5	7
Depreciation DepreciationCr	4	5	5	8
PBT PBTCr	9	15	20	27
Tax TaxCr	2	4	4	5
PAT PATCr	3	7	11	12
Growth YoY PAT Growth YoY%			212.2	67.8
NPM NPM%	3.3		7.8
EPS EPS₹	0.0	0.0	5.3	5.1

Quarter	Sep 2024	Mar 2025	Sep 2025	Mar 2026
Revenue RevenueCr	103	0	137	0
Growth YoY Revenue Growth YoY%			33.2
Expenses ExpensesCr	91	104	113	156
Operating Profit Operating ProfitCr	11	-104	24	-156
OPM OPM%	11.1		17.6
Other Income Other IncomeCr	1	0	0	2
Interest Expense Interest ExpenseCr	3	5	5	7
Depreciation DepreciationCr	4	5	5	8
PBT PBTCr	9	15	20	27
Tax TaxCr	2	4	4	5
PAT PATCr	3	7	11	12
Growth YoY PAT Growth YoY%			212.2	67.8
NPM NPM%	3.3		7.8
EPS EPS₹	0.0	0.0	5.3	5.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	114	116	149	226	324
Growth Revenue Growth%		1.8	28.2	52.3	43.4
Expenses ExpensesCr	107	105	134	195	269
Operating Profit Operating ProfitCr	6	11	15	31	56
OPM OPM%	5.6	9.3	10.1	13.8	17.3
Other Income Other IncomeCr	4	2	6	1	2
Interest Expense Interest ExpenseCr	3	4	4	8	11
Depreciation DepreciationCr	2	7	9	9	13
PBT PBTCr	5	2	7	16	34
Tax TaxCr	1	1	2	5	11
PAT PATCr	3	1	5	11	23
Growth PAT Growth%		-66.2	382.9	98.3	113.8
NPM NPM%	2.9	1.0	3.7	4.8	7.1
EPS EPS₹	3.3	1.1	3.2	6.3	10.4

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	114	116	149	226	324
Growth Revenue Growth%		1.8	28.2	52.3	43.4
Expenses ExpensesCr	107	105	134	195	269
Operating Profit Operating ProfitCr	6	11	15	31	56
OPM OPM%	5.6	9.3	10.1	13.8	17.3
Other Income Other IncomeCr	4	2	6	1	2
Interest Expense Interest ExpenseCr	3	4	4	8	11
Depreciation DepreciationCr	2	7	9	9	13
PBT PBTCr	5	2	7	16	34
Tax TaxCr	1	1	2	5	11
PAT PATCr	3	1	5	11	23
Growth PAT Growth%		-66.2	382.9	98.3	113.8
NPM NPM%	2.9	1.0	3.7	4.8	7.1
EPS EPS₹	3.3	1.1	3.2	6.3	10.4

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	10	10	10	18	24
Reserves ReservesCr	9	10	16	27	99
Current Liabilities Current LiabilitiesCr	21	39	52	100	102
Non Current Liabilities Non Current LiabilitiesCr	45	34	29	37	29
Total Liabilities Total LiabilitiesCr	86	93	107	183	254
Current Assets Current AssetsCr	32	40	58	121	172
Non Current Assets Non Current AssetsCr	54	53	48	62	82
Total Assets Total AssetsCr	86	93	107	183	254

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	10	10	10	18	24
Reserves ReservesCr	9	10	16	27	99
Current Liabilities Current LiabilitiesCr	21	39	52	100	102
Non Current Liabilities Non Current LiabilitiesCr	45	34	29	37	29
Total Liabilities Total LiabilitiesCr	86	93	107	183	254
Current Assets Current AssetsCr	32	40	58	121	172
Non Current Assets Non Current AssetsCr	54	53	48	62	82
Total Assets Total AssetsCr	86	93	107	183	254

Consolidated

Standalone

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	15	17	10	3	3
Investing Cash Flow Investing Cash FlowCr	-39	-6	-4	-9	-33
Financing Cash Flow Financing Cash FlowCr	24	-11	-5	6	30
Net Cash Flow Net Cash FlowCr	0	0	0	0	0
Free Cash Flow Free Cash FlowCr	15	17	10	-1	-31
CFO To PAT CFO To PAT%	443.9	1,518.4	182.7	27.3	12.4
CFO To EBITDA CFO To EBITDA%	231.4	158.4	66.3	9.4	5.1

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	15	17	10	3	3
Investing Cash Flow Investing Cash FlowCr	-39	-6	-4	-9	-33
Financing Cash Flow Financing Cash FlowCr	24	-11	-5	6	30
Net Cash Flow Net Cash FlowCr	0	0	0	0	0
Free Cash Flow Free Cash FlowCr	15	17	10	-1	-31
CFO To PAT CFO To PAT%	443.9	1,518.4	182.7	27.3	12.4
CFO To EBITDA CFO To EBITDA%	231.4	158.4	66.3	9.4	5.1

Consolidated

Standalone

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					223	303
Price To Earnings Price To Earnings					9.7	12.1
Price To Sales Price To Sales					0.7	0.9
Price To Book Price To Book					1.8	2.5
EV To EBITDA EV To EBITDA					5.3	6.9
Profitability Ratios Profitability Ratios
GPM GPM%	11.0	18.7	14.8	19.0	23.7	23.7
OPM OPM%	5.6	9.3	10.1	13.8	17.3	17.3
NPM NPM%	2.9	1.0	3.7	4.8	7.1	7.1
ROCE ROCE%	10.9	8.7	16.0	17.1	22.6	22.6
ROE ROE%	17.4	5.5	21.1	24.0	18.7	18.7
ROA ROA%	3.9	1.2	5.1	5.9	9.1	9.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					223	303
Price To Earnings Price To Earnings					9.7	12.1
Price To Sales Price To Sales					0.7	0.9
Price To Book Price To Book					1.8	2.5
EV To EBITDA EV To EBITDA					5.3	6.9
Profitability Ratios Profitability Ratios
GPM GPM%	11.0	18.7	14.8	19.0	23.7	23.7
OPM OPM%	5.6	9.3	10.1	13.8	17.3	17.3
NPM NPM%	2.9	1.0	3.7	4.8	7.1	7.1
ROCE ROCE%	10.9	8.7	16.0	17.1	22.6	22.6
ROE ROE%	17.4	5.5	21.1	24.0	18.7	18.7
ROA ROA%	3.9	1.2	5.1	5.9	9.1	9.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	UNITEDPOLY	MANOMAY	ENCOMPAS	SPUNWEB	SHREEKARNI	AXITA	QUALIANCE
Market CapitalizationMkt CapCr	1,225	442	343	303	302	279	249
Close PriceClose₹	53.37	244.84	242.00	125.90	418.00	7.28	185.40
IndustryIndustry	Textiles Others	Textiles Others	Textiles Others	Textiles Others	Textiles Others	Textiles Others	Textiles Others
Price To EarningsPE	44.85	21.94	35.43	12.14	19.83	80.89
Price To SalesPS	1.72	0.59	5.04	0.94	1.48	1.02	3.24
RevenueRevenueCr	712	744	68	324	204	272	77
Revenue Growth TTMRev Gr TTM%	16.6%	5.5%	24.6%	215.5%	21.9%	-58.4%
PAT Growth TTMPAT Gr TTM%	37.9%	8.3%	20.6%	113.8%	-1.6%	563.1%

	UNITEDPOLY	MANOMAY	ENCOMPAS	SPUNWEB	SHREEKARNI	AXITA	QUALIANCE
Market CapitalizationMkt CapCr	1,225	442	343	303	302	279	249
Close PriceClose₹	53.37	244.84	242.00	125.90	418.00	7.28	185.40
IndustryIndustry	Textiles Others	Textiles Others	Textiles Others	Textiles Others	Textiles Others	Textiles Others	Textiles Others
Price To EarningsPE	44.85	21.94	35.43	12.14	19.83	80.89
Price To SalesPS	1.72	0.59	5.04	0.94	1.48	1.02	3.24
RevenueRevenueCr	712	744	68	324	204	272	77
Revenue Growth TTMRev Gr TTM%	16.6%	5.5%	24.6%	215.5%	21.9%	-58.4%
PAT Growth TTMPAT Gr TTM%	37.9%	8.3%	20.6%	113.8%	-1.6%	563.1%