Source Industries (India) Ltd (521036)

Textiles · Textiles · NSE · Updated 13 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹54.17 ↑ 1195.93% (1Y)

🎯 Key Takeaways

Source Industries (India) Ltd appears to be a micro-cap entity operating in the textiles sector with highly volatile financial disclosures, showing periods of zero revenue followed by sporadic activity. The company has maintained a stable promoter holding of 63.
Revenue grew 51.5% QoQ to ₹1 in Q1FY27.
⚠️ The company’s financials are characterized by near-zero or sporadic revenue, making performance difficult to assess and suggesting a lack of scalable

Market Cap

₹62

P/E Ratio

361.1

P/B Ratio

16.37

ROE

4.8%

ROCE

4.6%

Debt/Equity

0.03

Promoter

63.2%

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📖 The Story

Source Industries (India) Ltd appears to be a micro-cap entity operating in the textiles sector with highly volatile financial disclosures, showing periods of zero revenue followed by sporadic activity. The company has maintained a stable promoter holding of 63.21% over recent quarters with no institutional or DII participation, suggesting limited market interest or transparency. Despite a reported 1Y return of +1006.46%, the financial metrics reveal a business with minimal operational scale and inconsistent revenue generation, raising questions about sustainability.

📰 What's Happening

The most recent quarterly filing (Jun 2026) shows revenue of ₹1 crore with operating profit of ₹0 and an OPM of 12.0%, indicating marginal or non-recurring operations. Earlier in the sequence, Dec 2025 reported ₹0 revenue but 20.0% OPM and ₹0.02 EPS, while Sep 2025 recorded ₹0 revenue with 55.6% OPM and ₹0.03 EPS — both periods showing zero operating profit despite high operational margins, likely due to negligible revenue bases. These fluctuations suggest non-recurring or project-based income rather than sustainable business performance. No new strategic initiatives, capacity expansions, or management changes were disclosed in the available filings.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	0	0	0	0	1
Operating Profit	0	0	0	0	0
OPM %	0.0%	55.6%	20.0%	3.0%	12.0%
Net Profit	0	0	0	0	0
EPS	₹0.00	₹0.03	₹0.02	₹0.05	₹0.05

The company’s financial trajectory is marked by extreme volatility in revenue and profitability, with quarterly revenues oscillating between ₹0 and ₹1 crore over the past year, accompanied by correspondingly erratic operating and net profits. Despite reported margins exceeding 50% in some quarters, the absolute profitability remains minimal, with EPS hovering around ₹0.02–0.05, reflecting a business model reliant on sporadic, small-scale transactions rather than scalable operations. The absence of consistent revenue growth or margin expansion indicates limited operational momentum.

🔮 Management Outlook & What's Next

There is no available forward guidance or explicit future outlook from management in the provided filing content, and no commentary on future revenue expectations, capital plans, or strategic direction was included in the extracted disclosures. The company has not issued any earnings calls, investor presentations, or strategic updates in the data provided, leaving investor sentiment reliant on historical anomalies rather than structured projections.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2014
Equity Capital	11
Reserves	-8
Borrowings	0
Total Liabilities	7
Fixed Assets	1
Investments	0
Total Assets	7

The balance sheet as of Mar 2014 shows negligible liabilities with zero borrowings and a modest equity base of ₹11 crore, suggesting a conservative capital structure. However, the negative reserves of ₹-8 crore indicate cumulative losses eroding equity over time, which raises concerns about long-term solvency despite the current zero-debt position. There is no evidence of recent capital investment or asset growth, implying minimal reinvestment activity.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2014
Operating	-0
Investing	+0
Financing	0
Net Cash Flow	+0

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	63.2%	63.2%	63.2%	63.2%
FII	0.0%	0.0%	0.0%	0.0%
DII	0.0%	0.0%	0.0%	0.0%
Public	36.5%	36.5%	36.5%	36.5%
# Shareholders	28,807	28,795	28,784	28,761

Shareholding patterns over the last four quarters show complete stability, with promoter holding unchanged at 63.21% and public shareholding fluctuating only between 36.46% and 36.5%. There has been zero accumulation by FII or DII investors during this period, and the number of public shareholders has slightly declined, indicating little institutional interest or confidence. The lack of trading activity or new investors suggests the stock is largely illiquid and possibly held by a stable but passive base.

⚖️ Peer Comparison — Textiles

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
GRASIM	2.23 L Cr	39.1	9.6%	10.8%	2.16
WELSPUNLIV	19,632	68.1	8.0%	5.8%	0.37
VTL	16,423	19.0	10.7%	8.7%	0.13
ARVIND	15,649	36.4	14.3%	10.6%	0.36
TRIDENT	11,940	30.0	10.1%	8.3%	0.37
SWANCORP	9,288	44.6	4.2%	2.9%	0.29
ICIL	8,775	58.1	9.8%	6.4%	0.46
GARFIBRES	7,784	37.6	22.9%	16.9%	0.05
KUSUMGAR	5,957	—	—	—	0.45
JINDWORLD	5,314	63.1	10.2%	9.8%	0.65

🔗 Peer Stock Analyses

GRASIM WELSPUNLIV VTL ARVIND TRIDENT

⚠️ Risk Factors

1. The company’s financials are characterized by near-zero or sporadic revenue, making performance difficult to assess and suggesting a lack of scalable business operations. 2. Persistent negative reserves and minimal equity base raise solvency concerns despite zero debt, indicating structural capital erosion. 3. Absence of institutional interest and low public float may lead to high volatility and limited liquidity. 4. Management has not provided any forward-looking guidance or strategic clarity, leaving investors without a basis for future expectations.

📋 Recent Filings

🧠 Analyst's Read

Source Industries appears to be a highly speculative micro-cap with erratic financials and no discernible growth trajectory, making it unsuitable for fundamental investors seeking transparency or predictability. The key watchpoint is whether future filings show any sign of consistent revenue generation or operational scaling, which would be necessary to validate any shift in business trajectory.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-13.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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