DAR Credit & Capital Ltd. IPO

In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, PTC Industries has informed that it enclosed a copy of Press Release issued by the Company titled ‘PTC Industries Recognised Among India’s 500 Most Valuable Companies in the 2025 Burgundy Private Hurun India 500.’

The above information is a part of company’s filings submitted to BSE.

Aastha Spintex 

• Aastha Spintex is coming out with a 100% book building; initial public offering (IPO) of 1,36,00,000 shares of face value Rs 10 each in a price band Rs 125-136 per equity share. 
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on June 29, 2026 and will close on July 1, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 12.50 times of its face value on the lower side and 13.60 times on the higher side.
• Book running lead managers to the issue are BOI Merchant Banker and PNB Investment Services.
• Compliance officer for the issue is Tushar Dhirubhai Devera.  

Profile of the company 

Aastha Spintex is engaged in the business of manufacturing and trading of carded, combed and compact combed cotton yarns and cotton bales. The company’s cotton bales are utilized both for captive production of cotton yarns and for supply to other spinning units and the cotton yarns produced are used in both knitting and weaving applications, catering to a wide spectrum of end-use segments and products including denim, terry towels, shirting, sheeting, sweaters, socks, bottom wear, home textiles, and industrial fabrics. The company has a semi-automated and integrated spinning and ginning manufacturing facility situated at Halvad, Morbi, Gujarat. It produces 100% cotton yarns in counts ranging from Ne 26 to Ne 40 which includes carded, combed and combed compact varieties.

The ginning process converts raw cotton into cotton bales through stages of cleaning and separation, during which cotton seeds and other by-products are generated. While the cleaned lint is pressed into bales for supply to spinning mills, the separated cotton seeds are sold to industries engaged in oil extraction, animal feed, and other applications, thereby providing an additional revenue stream for the company. A nominal portion of raw cotton is lost as non-recoverable waste during the process. The spinning of cotton into yarn involves several stages of cleaning, carding and drawing of cotton, during which by-products such as comber, licker-in, and hard waste (collectively, cotton waste by-products) are generated. These cotton waste by-products are sold to industries manufacturing non-woven fabrics and open-end yarns, providing an additional revenue stream for the company. Nominal portion of cotton in the range of 0.1% to 0.3% of the total cotton yarn produced is non-sellable waste.

The company operates exclusively in the business-to-business (B2B) segment, supplying its products to buyers such as textile manufacturers, yarn exporters, bulk purchasers and fabric processors (collectively Customers). Its exclusive B2B focus allows it to streamline its production and supply chain processes around the needs of its buyers, ensuring consistent quality, delivery, and efficient order fulfilment. It also allows it to build long-term client relationships and offer customized yarn solutions tailored to specific technical parameters including count, twist, and strength. 

Proceed is being used for: 

• Part of payment of the purchase consideration for the acquisition of Falcon Yarns
• Inter-Corporate deposits for funding working capital requirement of Falcon Yarns
• General corporate purposes

Industry overview

India’s textile sector holds a strategically vital position in the national economy, making significant contributions to GDP, industrial output, exports, and employment. Its strength lies in a robust, integrated value chain--from raw fibre production to finished garments--backed by a large domestic consumer base, a skilled labour force, and strong policy support from the Government of India. The Indian textile industry is valued at $195.4 billion in 2025 and is projected to reach $623.34 billion by 2035, at a CAGR of 12.3%, driven by strategic investments, policy support, and innovation. Initiatives like the PM MITRA textile parks and the Production Linked Incentive (PLI) scheme are strengthening the integrated textile value chain and boosting competitiveness. Rising adoption of sustainable practices, smart fabrics, and technological advancements is enhancing efficiency and aligning with global standards. Strong export potential, backed by a skilled workforce and abundant raw materials, further supports growth. However, the sector faces challenges such as trade barriers, environmental concerns, and cost pressures, which need careful management to achieve the projected expansion.

Foreign Direct Investment (FDI) inflows into the textile sector in India have exhibited a fluctuating trend over the period under review, reflecting changing global investment sentiment, policy developments, and cyclical dynamics within the textile industry. The sector witnessed moderate inflows during the early years, followed by a significant surge in the mid- period, and thereafter experienced volatility with intermittent recovery. FDI inflows increased substantially during the middle of the period, reaching a peak driven by increased investor interest, supportive government policies, and expansion of export-oriented manufacturing capacity. This surge was followed by a correction phase, as inflows moderated due to global economic uncertainties, supply chain disruptions, and shifting investment priorities. In recent years, the sector has shown mixed trends, with certain years witnessing recovery supported by policy initiatives such as the Production Linked Incentive (PLI) Scheme, improving ease of doing business, and growing global interest in diversifying textile sourcing bases. However, the latest year reflects a sharp decline, which may be attributable to provisional data, global macroeconomic uncertainty, and cautious investor sentiment. Overall, between FY2011-12 and FY2024-25, FDI inflows in the textile sector increased from $164.19 million to $254.77 million, registering a compound annual growth rate (CAGR) of approximately 3.44%. 

Pros and strengths 

Focus on growth through balanced strategy: As part of the company’s long-term business strategy, it intends to pursue a balanced growth approach comprising both inorganic expansion through strategic acquisitions and organic growth through operational scale-up, enhancement of capabilities and market penetration. In the past, it relied on organic growth with expansion of the installed capacity from 2 MT per day to 2.5 MT during the period financial year 2020 to financial year 2024 through upgradation in the company’s machinery. It has also done major capex in FY 23 and FY24 for achieving sustainable operational efficiency by way of sourcing captive power through renewable sources, thereby achieving reduction in power cost and improving profitability. It continued to evaluate further growth strategy and identify acquisition opportunities that are synergistic to its existing business, to enable expansion of its product portfolio, strengthen its position across the value chain, and diversify its customer base and geographical presence. 

Long standing relationship with key customers: With more than a decade of experience in the textile industry, the company has established relationships with key customers. It sells its products to its customers directly in the state of Gujarat and through its reseller for sales outside the state of Gujarat and International exports. A key factor that sets it apart from competitors is its customer-centric approach, focusing on delivering products that align precisely with customer specifications. This commitment to customization and quality has not only supported the growth of its business but also strengthened its market presence and reputation within the industry. The company has, over the years, established long-standing relationship with its customers such M/s 7 Seas Impex, Elkins Tradelink and other customers. 

Renewable energy infrastructure enabling sustainable and cost-efficient manufacturing: The company has made investments in renewable energy infrastructure, enabling it to operate its manufacturing activities with minimal reliance on conventional grid electricity. As part of its long-term commitment to environmental sustainability, energy self-reliance, and operational efficiency, it has successfully commissioned and currently operate a 1 MW rooftop solar power unit, a 4 MW ground-mounted solar power plant, and a 2.7 MW wind power plant. These facilities collectively power a significant portion of its manufacturing operations and meet around 80% of total power requirement of the plant, allowing it to meet the majority of its captive energy requirements through clean, renewable sources. This integrated renewable energy strategy not only strengthens its energy security but also reduces its carbon footprint and contributes to long-term cost optimization. 

Strategically located manufacturing facility: The company’s manufacturing facility is strategically located at Halvad, District Morbi, Gujarat, in one of the state’s major cotton-growing regions, providing direct access to a well-established network of raw material suppliers, logistics providers, and skilled labor. This geographic advantage streamlines procurement, production scheduling, and delivery timelines. Additionally, close proximity to local ginning and spinning units ensures a steady supply of raw cotton, enhancing operational flexibility and raw material management. In addition to the same, the company’s manufacturing facility enjoys infrastructure connectivity through well-developed road, rail, and port networks. The site is located near National Highway 27, offering direct highway access to major cities in Gujarat and Maharashtra and around 135 km from Kandla Port and 35 km from Navkar ICD in Gujarat to facilitate export sales through its reseller.

Risks and concerns

Key revenue reliance on limited number of customers: The company’s top ten customers have contributed more than 57.27%, 59.94%, 84.71% and 80.88% of its total revenue from sale of products for the nine-month period ended December 31, 2025 and for the Fiscal 2025, Fiscal 2024 and Fiscal 2023 respectively based on Restated Financial Statements. Except for 7 Seas Impex, it does not enter into long-term contracts with its customers, and its sales are primarily conducted through individual purchase orders that set out terms, volumes and delivery schedules. The absence of long-term commitments exposes it to the risk of customer retention and creates uncertainty in production planning. 

Significant dependence on cotton yarns: The company generates a significant portion of its revenue from cotton yarns, particularly carded, combed, and compact combed varieties, and cotton bales. Revenue from cotton yarns accounted for 48.47%, 56.99% and 79.04% of its revenue from operations from sales of products for the year ended Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Any contraction in demand for cotton yarns, change in consumer preference toward synthetic or blended fibres, or decline in downstream industries such as weaving, knitting, or garment manufacturing could significantly affect its sales volumes and margins. In addition, oversupply in the cotton yarn industry, intensifying competition from domestic and international players, or pricing pressure from large buyers may adversely impact its ability to maintain profitability.

Reliance on single manufacturing facility: The company operates through its semi-automated and integrated ginning and spinning manufacturing facility located at Halvad, Morbi, Gujarat. Its manufacturing facility is central to its operations, and any disruption may have a direct adverse impact on its ability to procure cotton bales, produce yarn, and deliver products to its customers on time. The facility is subject to a number of operating risks, including breakdown or failure of critical equipment, interruptions in power supply, labour disputes, natural disasters, industrial accidents, fire hazards, or the need to comply with directives of governmental and regulatory authorities.

Business is subject to seasonal volatility: The company’s business is primarily dependent on cotton, while raw cotton is available only during specific harvest period in India i.e. from October to March. The procurement cycle is concentrated during the harvest season, when cotton and cotton bales can be purchased in bulk and generally at more favorable terms. In contrast, during the offseason, the supply raw cotton is not possible and that of cotton bales becomes constrained, and prices are subject to significant fluctuations. This seasonality affects the company’s procurement strategy and results in varying stocking requirements, which in turn impacts the company’s working capital cycle and cost structure. As a result, its revenues and profitability may be higher in certain quarters and lower in others, and the results of any one period may not accurately indicate the overall performance of the company for a full financial year.

Outlook  

Aastha Spintex is engaged in the business of manufacturing and trading of carded, combed and compact combed cotton yarns and cotton bales. The company's cotton bales are utilized both for captive production of cotton yarns and for supply to other spinning units and the cotton yarns produced are used in both knitting and weaving applications, catering to a wide spectrum of end-use segments and products, including denim, terry towels, shirting, sheeting, sweaters, socks, bottom wear, home textiles, and industrial fabrics. The company have a semi-automated and integrated spinning and ginning manufacturing facility situated at Halvad, Morbi, Gujarat. On the concern side, the company’s dependence on cotton exposes it to risks of price volatility, supply chain disruptions, and changes in government policies on cotton, which may materially affect its cost structure and margins. Also, its business operations depend on the availability and retention of labour and daily wage workers, with whom it has long-term working relationships. If it is unable to retain or recruit such labour, its business could be adversely affected. 

The issue has been offering 1,36,00,000 shares in a price band of Rs 125-136 per equity share. The aggregate size of the offer is around Rs 170 crore to Rs 184.96 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations increased by 15.19% to Rs 35,116.02 lakhs in Fiscal 2025 from Rs 30,486.16 lakhs in Fiscal 2024. The company’s profit after tax increased to Rs 2,291.62 lakhs in Fiscal 2025 compared to Rs 1,628.76 lakhs in Fiscal 2024.

Meanwhile, the company’s growth strategy focuses on strategic acquisitions and expanding into new markets, both domestically and internationally. It will continue to actively look for and evaluate acquisition opportunities which can complement, supplement or enhance its product offerings and add to its customer base and market reach. These acquisitions will help it to establish and expand its control on the value chain of energy transition & power technologies. Also, it intends to expand its direct sales operations beyond Gujarat into other states across India as well as markets abroad, thereby strengthening its pan-India and overseas presence and capturing a wider customer base.  

Kakatiya Cement Sugar & Industries has informed that the trading window for trading in shares of the company shall remain closed from 1stJuly, 2026 in terms of the code of conduct framed under Prohibition of Insider Trading (Amendment) Regulations, 2019 till expiry of 48 hours after the declaration of Unaudited Financial Results for the quarter ending 30thJune, 2026. The date of the Board Meeting for consideration of Unaudited Financial Results for the quarter ending 30th June, 2026 shall be intimated to you immediately after it is determined. This is being communicated to all the designated persons.

.The above information is a part of company’s filings submitted to BSE.