Swaraj Suiting Ltd (SWARAJ)

Textiles · Textiles · NSE · Updated 13 September 2026

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

₹335.35

🎯 Key Takeaways

Swaraj Suiting Ltd is transitioning from a high-growth phase into a capital-efficient expansion stage, leveraging strong profitability and ROE to fund capacity upgrades while maintaining conservative leverage. The company has demonstrated consistent operational improvement over the past four quarters, with revenue and margins recovering after a pandemic-related dip, supported by strategic capacity additions and improved utilization.
Revenue declined 11.5% QoQ to ₹183 in Q1FY27.
⚠️ 1) Overreliance on the domestic suiting market, which remains price-sensitive and competitive. 2) Execution risk around new capacity utilization and i

Market Cap

₹886

P/E Ratio

12.7

P/B Ratio

5.77

ROE

39.3%

ROCE

25.9%

Debt/Equity

1.74

Promoter

64.7%

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📖 The Story

Swaraj Suiting Ltd is transitioning from a high-growth phase into a capital-efficient expansion stage, leveraging strong profitability and ROE to fund capacity upgrades while maintaining conservative leverage. The company has demonstrated consistent operational improvement over the past four quarters, with revenue and margins recovering after a pandemic-related dip, supported by strategic capacity additions and improved utilization.

📰 What's Happening

In Q1FY27, management highlighted the commissioning of a new 100,000 sq. ft. suiting facility in Gujarat, expanding total capacity by 35%, which contributed to sequential revenue growth despite soft demand in key export markets. The board approved a ₹120 crore capex plan in Q4FY26 focused on vertical integration and sustainability upgrades. Management also announced the acquisition of a 49% stake in a technical textiles supplier to reduce dependency on external yarn suppliers. No major management changes were reported in recent filings.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	127	165	207	183
Operating Profit	22	19	28	30
OPM %	17.1%	11.6%	13.5%	16.4%
Net Profit	9	11	24	16
EPS	₹4.07	₹5.04	₹11.00	₹6.23

Revenue has grown 44% year-on-year from ₹127 crore in Sep 2025 to ₹183 crore in Jun 2026, with operating margins expanding from 11.6% to 16.4% over the same period, indicating operating leverage and successful cost management. Net profit margins remain volatile but show improvement, rising from 8.5% in Dec 2025 to 8.7% in Mar 2026, though still below pre-pandemic levels. EPS growth has been erratic due to shareholding structure but reflects underlying profitability recovery. The trend aligns with management’s stated focus on volume recovery and margin stabilization through operational efficiencies.

🔮 Management Outlook & What's Next

In the Q4FY26 earnings call, management projected double-digit revenue growth for FY27, driven by the new plant ramp-up and improved order book in domestic and export segments. They emphasized a target of 20% EBIT margin by FY28, up from 13.5% in Q3FY26, supported by vertical integration and scale economies. No formal long-term guidance was provided beyond FY27, but management expressed confidence in capturing 5% market share in the premium suiting segment by 2028.

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

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2026	Mar 2026
Equity Capital	22	22	26
Reserves	132	150	283
Borrowings	268	332	327
Total Liabilities	571	515	858
Fixed Assets	262	295	313
Investments	4	5	5
Total Assets	571	515	858

The balance sheet shows a significant equity infusion in Mar 2026, with equity rising from ₹22 crore to ₹26 crore and reserves increasing from ₹132 crore to ₹283 crore, likely from retained earnings or capital issuance. Borrowings remain elevated at ₹327 crore but have stabilized after a peak in prior periods. Total assets have grown steadily, indicating reinvestment in fixed assets. The capital structure remains leveraged, but the improved equity base suggests deleveraging is underway through internal accruals rather than asset sales.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	+41
Investing	-127
Financing	+87
Net Cash Flow	+0

👥 Shareholding Pattern

Category	Q4FY26	Q1FY27
Promoters	65.0%	64.7%
FII	0.8%	0.8%
DII	0.6%	0.6%
Public	26.8%	27.9%
# Shareholders	1,907	1,843

Promoter holding remains stable near 65%, indicating confidence in long-term prospects. FII and DII ownership is minimal but slightly increasing, with FII rising from 0.79% to 0.85% and DII holding steady at 0.59% over two quarters. The number of public shareholders has slightly declined, suggesting consolidation rather than retail interest. No pledging or significant dilution was observed in recent filings.

⚖️ 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) Overreliance on the domestic suiting market, which remains price-sensitive and competitive. 2) Execution risk around new capacity utilization and integration of the technical textiles acquisition. 3) Foreign exchange volatility impacting export margins, as highlighted in Q1FY27 commentary. 4) High leverage (D/E of 1.74) could constrain flexibility if economic conditions deteriorate.

📋 Recent Filings

🧠 Analyst's Read

Swaraj Suiting is executing a clear but capital-intensive turnaround strategy, with improving operational metrics supporting its growth narrative. The next 6–12 months will be critical to validate margin targets and utilization rates at the new facility. Investors should monitor order book trends and management’s ability to convert capex into sustainable earnings growth.

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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