Aditya Spinners Ltd. Share Price

Panchatv Bharat

• Panchatv Bharat is coming out with an initial public offering (IPO) of 17,56,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 140 per equity share.
• The issue will open for subscription on September 10, 2026 and will close on September 15 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 14.0 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Mark Corporate Advisors.
• Compliance officer for the issue is Chanchal Khandelwal.

Profile of the company

Panchatv Bharat is engaged in the manufacturing of denim fabrics through arrangements with third-party manufacturers and also using its leased loom machineries. In addition to its manufacturing activities, it also procures finished denim fabric from various distributors and suppliers. It sells its finished denim fabric in bulk to garment manufacturers, distributors, dealers and wholesalers, across multiple states in India.

In line with the objective of business expansion and value chain integration, the company recently established a limited self-manufacturing set-up through taking on lease loom machineries for a duration of three years (commencing from March 01, 2025 and valid till February 28, 2028) for which commercial operations have commenced from July, 2025. This strategic step enables it to partially carry out self-production of denim fabrics while maintaining partnerships with the external manufacturers.

The company’s product offering comprises finished denim fabric only, which is distributed across key markets in Delhi, Uttar Pradesh, Gujarat and Rajasthan. It manufactures denim fabrics under its own brand name ‘NJD’ through manufacturing arrangements with third-parties and also using its leased loom machineries. In respect of its manufacturing arrangements with third-parties, it has partnered with manufacturing facilities located at Narol and Piplaj in Ahmedabad, which are capable of producing finished denim fabrics directly from cotton yarn using raw materials supplied by the company.

Proceed is being used for:

• Funding of capital expenditure towards purchase of property at Delhi and renovation, modernization and fit-out thereof
• Funding working capital requirements of the company
• General corporate purposes

Industry overview

India is the world’s second-largest producer of textiles and garments. It is also the sixth-largest exporter of textiles spanning apparel, home and technical products. India has a 4.6% share of the global trade in textiles and apparel. In FY25, the textiles and apparel industry contribute 2.3% to the country’s GDP, 13% to industrial production and 12% to exports. The domestic textile and apparel market size is estimated at $157 billion in FY25-26, growing at a pace of about 7% CAGR. The market for Indian textiles and apparel is projected to grow at a 11.98% CAGR to reach $646.96 billion by 2033. India has emerged as the second largest manufacturer of Personal Protective Equipment (PPE) globally. It is expected to reach a projected revenue of $4.83 billion by 2033 with a CAGR of 10.4% from 2025-33.

The India textile market size was valued at $152.40 billion in 2025. The market is projected to reach $213.51 billion by 2033, exhibiting a CAGR of 3.83% from 2026-34. The textile industry in India is predicted to double its contribution to the GDP, rising from 2.3% to approximately 5% by the end of this decade. In February 2026, the Government of India reiterated its focus on strengthening the textile sector through initiatives such as PM MITRA Parks, the Cotton Mission, and technical textiles development, aimed at enhancing global competitiveness, promoting innovation, and supporting MSME-driven growth across the value chain. Incentives under the scheme will be available for five years from 2025 26 to 2029-30 on incremental turnover achieved from 2024-25 to 2028 29.

The central government has set a target to export Rs. 87,450 crore ($10 billion) worth of technical textiles under its National Technical Textiles Mission. Secretary of the Ministry of Textiles, Ms. Rachna Shah, announced that India's technical textiles market has great potential, with a notable growth rate of 10% and ranking as the 5th largest in the world. The technical textiles market for automotive textiles is projected to increase to $3.7 billion by 2027, from $2.4 billion in 2020. Similarly, the industrial textiles market is likely to increase at an 8% CAGR from $2 billion in 2020 to $3.3 billion in 2027. The India mobiltech textile market (a division of technical textiles for automotive use) is projected to grow from $2.32 billion in FY25 to US$ 4.57 billion by FY33, at a CAGR of 8.84%. This growth is driven by rising demand for advanced materials, electric vehicles, and sustainability focus.

Pros and strengths

Strong customer base including distributors & dealers: The company’s long-standing relationship with its customers has been one of the most significant factors contributing to its growth, having served over 89 active distributors across five states as of March 31, 2026. The company’s commitment to timely delivery and ensuring product standards have contributed to the development of its customer relationships. The company’s Promoters have developed a robust base of customers over the years, which has transitioned to the company post-March 2024, increasing from 83 distributors in FY 2023-24 to 89 distributors in FY 2025-26. Even though it does not have any long-term agreements with them, repeat customers of the Promoters’, Sanjay Gupta and Sooraj Gupta, past proprietorship concerns have continued to transact with the Company post transfer. In FY 2025-26, around 52.75% of the company’s revenue was generated from repeat customers, reflecting ongoing commercial engagement with existing clients. This has helped it to maintain a long-term working relationship with its customers and improve its customer retention.

Scalable business model: The company is engaged in the manufacturing and trading of denim fabrics, with manufacturing operations conducted primarily through third-party arrangements and supplemented by limited self-manufacturing using leased loom machineries. This model enables operational flexibility and supports scalability without significant capital expenditure. The company has established sourcing relationships with approximately 18 raw material suppliers from Gujarat in FY 2025-26, facilitating consistent supply and cost efficiencies. By focusing exclusively on denim fabric, the company caters to various segments within the apparel industry. The nature of its manufacturing arrangement with third-parties allows for capacity adjustments in line with fluctuations in demand and market trends. Potential opportunities for expansion exist both in domestic and international markets, supported by the ability to adapt production volumes and respond to evolving customer requirements.

Leveraging the experience of its promoters and management team: The company is led by a team of experienced Promoters and management team, who possess extensive knowledge of the textile industry and strategic inputs aimed at supporting the growth and development of the company’s business operations. Since inception, its Promoters have played a key role in transitioning from proprietorships to corporate structure and expanding sales network across six states. In particular, Sanjay Gupta, one of its Promoters, brings with him over three decades of experience in the textile trading industry. His deep industry insight and leadership have been pivotal to the growth and development of the company.

Risks and concerns

Dependence on third-party suppliers: The company relies on third-party suppliers for raw materials required for its manufacturing activities, such as cotton yarn, polyester blend yarn, etc., and for purchase of finished denim fabrics for wholesale distribution. The company has not entered into any long-term supply agreements with them. Any shortage and cessation in supply could adversely affect its business and results of operations. Also, volatility in the prices and non-availability of these raw materials may have an adverse impact in its business.

Geographic concentration of suppliers: A significant portion of the company’s supply chain is concentrated in the state of Gujarat, with approximately 20.71% of its suppliers in FY 2025-26 located in this region. This concentration exposes the company to various risks, which could materially impact its operations. Any disruption to the supply of raw materials or components from this region, whether due to natural calamities, labour unrest, infrastructure failures, or other unforeseen circumstances, may lead to delays in production, increased costs, and an inability to meet market demand. Such disruptions could have an adverse effect on its overall operational efficiency and financial performance.

Customer retention and concentration risk: The company depends on the success of its relationships with its top customers, from whom it derives a significant portion of its revenue. It does not have long term contracts with such customers. If one or more of such customers choose not to source their requirements from it, its business, financial condition and results of operations may be adversely affected.

Outlook

Panchatv Bharat is a textile manufacturing company and it manufactures denim fabrics through third-party facilities and also wholesales denim fabrics across India, sourcing them from distributors for nationwide distribution. Its manufacturing process encompasses the entire fabric production cycle-from yarn procurement and warp dyeing to weaving, finishing, and quality inspection. The company has strong customer base with scalable business model. On the concern side, the company relies on third-party suppliers for key raw materials required for its manufacturing activities, including cotton yarn, polyester-blend yarn and other inputs. A significant portion of its supplier base is concentrated in Gujarat, which increases its exposure to regional supply chain risks. Any disruption arising from natural calamities, labour unrest, infrastructure issues or other unforeseen events could affect the availability and timely supply of raw materials. Such disruptions may result in production delays, higher procurement costs and difficulties in meeting customer demand.

The company is coming out with an IPO of 17,56,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 140 per equity share to mobilize Rs 24.58 crore. On performance front, the company’s revenue from operations increased by 16.04% from Rs 4,899.33 lakh in Fiscal 2025 to Rs 5,685.11 lakh in Fiscal 2026 on account of an increase in sales volume. Moreover, profit for the year was Rs 403.10 lakh in Fiscal 2026 compared to profit after tax of Rs 282.81 lakh in Fiscal 2025 which was primarily due to the increase in revenue from operation of the company.

Meanwhile, the company is operating in six states, viz. Delhi, Uttar Pradesh, Gujarat, Haryana and Rajasthan through its customers, Delhi leading in terms of turnover accounting for 67.59% of revenue for F.Y. 2025-26. Going forward, it intends to focus on current markets to increase its customer base and to tap into new market and increase its geographical reach and customer base. To augment its efforts in increase in sales of its product, the company intends to deploy additional field force consisting of sales and marketing representatives who shall meet its customers / prospective customers to market its product. Enhancing its presence in additional regions will enable it to reach out to larger population. Further, the company intends to create its presence in the retail chain segment by entering into formal supply relationships with such retail chains.

Vinod Texworld 

• Vinod Texworld is coming out with an initial public offering (IPO) of 45,56,400 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 94 per equity share.
• The issue will open on September 09, 2026 and will close on September 11, 2026.
• The shares will be listed on SME Platform of NSE.
• The share is priced at 9.40 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Novus Capital Advisors.
• Compliance Officer for the issue is Aditi Mittal.

Profile of the company

Vinod Texworld is engaged in the production of fabrics for fast fashion by combining modern technology, creative design, and traditional skills. It manages the entire process - from Greige Fabric to Dyed fabric and Printed fabric ensuring quality and the ability to quickly adapt to evolving market demands. Its key focus areas include fostering innovation, adopting a customer-centric approach, and driving research and development along with technological advancements. It has also undertaken certain initiatives aimed at incorporating sustainable practices, including steps towards the use of renewable energy across its operations. 

In addition to its manufacturing operations, the company is also engaged in trading of textile products, which involves procurement of finished goods from third-party suppliers and sale of such goods to customers. The trading activity complements the company’s manufacturing business by enabling it to offer a wider range of products and cater to diverse customer requirements. The company’s focus is on Innovation, Customer Orientation, R & D, Technology Up Gradation, Continuous Improvement and Moving towards Green Energy. The company manufactures and sells its products like Dyed Fabric and Printed Fabric. With a domestic network, the company serves various locations across India, including states such as Gujrat, Punjab, Haryana, Delhi, Rajasthan, Uttar Pradesh, and West Bengal, among others. It undertakes initiatives aimed at process improvement, adoption of new technologies, and operational efficiency. It has also initiated steps to incorporate green energy solutions with the objective of reducing its carbon footprint and improving energy efficiency across its operations. 

In addition to manufacturing and selling its own dyed and printed fabrics, it undertakes job work assignments for third parties. These primarily include dyeing, printing, and finishing of fabrics supplied by customers. It charges processing fees depending on the fabric type and process requirements. The job work business enables better utilization of installed capacity and contributes to steady cash flow. Besides, it undertakes product development based on sample specifications provided by existing and potential customers. The quality control and quality assurance team conducts various technical and manual tests on finished products to meet required standards and reduce the likelihood of rejections. It also carries out product testing, including durability tests, through its in-house laboratory. The quality assurance and quality control processes support its operations in both domestic and international markets. The narrow fabrics manufactured by it are supplied to customers across various industries.

Proceed is being used for:

• Expansion of existing plant.
• Repayment of loan.
• Meeting working capital requirement.
• General corporate purposes.
• Issue expenses.

Industry Overview

India’s textiles sector is one of the oldest and most diverse industries in the country, with roots stretching back centuries. It spans from traditional hand-spun and handwoven clusters to sophisticated capital-intensive mills, supported by a robust base of fibres and yarns ranging from cotton, jute, silk, and wool to polyester, viscose, and acrylic. The decentralised power loom, hosiery, and knitting segment remain the largest component, reflecting the industry’s ability to cater to multiple consumer markets. Its close linkage with agriculture, reliance on natural resources like cotton, and strong cultural heritage give the Indian textiles industry a unique identity compared to other manufacturing sectors. 

The market for Indian textiles and apparel is projected to grow at a 10% CAGR to reach $2.3 billion by 2030. India ranks among the top five global exporters in several textile categories, with exports expected to reach $100 billion. The textiles and apparel industry contribute around 2% of India’s GDP and about 11% of manufacturing GVA (Gross Value Added) as of February 2026. The textile industry in India is predicted to double its contribution to the GDP to around 5% by the end of this decade. Global fibre demand is expected to reach around 149 million tonnes in 2030, with increasing population and growth in per-capita consumption. The Indian Technical Textiles market is the fifth largest in the world. The technical textiles industry was valued at $29 billion in 2024 and is projected to grow to $45 billion by 2026, $123 billion by 2035, and $309 billion by 2047. 

Key government interventions intended to scale MMF fabric production and improve competitiveness include the Production Linked Incentive (PLI) Scheme for Textiles (notified 24-Sep-2021, outlay around Rs 10,683 crore) that specifically targets MMF apparel, MMF fabrics and technical textiles. The PLI program is being actively administered and periodically reopened to new applicants to accelerate capacity additions and attract investment into MMF fabric manufacturing - a structural support that benefits companies focused on fast fashion fabric production. Other central initiatives and cluster development schemes aim to modernize textile clusters, improve productivity and promote exports; these measures reduce industry fragmentation and improve the ability of organized manufacturers to scale fast-fashion fabric supply. 

Pros and strengths

Established client relationships and customer retention: The company has maintained long-standing relationships with key customers, contributing to repeat business and a stable revenue base. These relationships have facilitated customer retention and have been instrumental in supporting consistent order inflow from various categories, including retailers, semi-wholesalers, and wholesalers. 

Timely order fulfilment and operational efficiency: Timely delivery is critical in the textile sector. The company has implemented business processes to ensure adherence to delivery schedules while seeking to improve cost efficiency. Continuous monitoring of supply chain processes supports this objective. The company has not incurred any late delivery charges, nor experienced any material delays in delivery schedules attributable to it, during the preceding three financial years. 

Customer-centric operations: The average duration from manufacturing to delivery generally ranges from 15 to 20 days, depending upon product type, dyeing/printing process, and customer requirements. It has an organized sales structure comprising a dedicated sales team, allowing customers to directly communicate with the Sales Manager or the Directors, who are actively involved in the day-to-day operations of the business. For any concerns or complaints, customers can reach out through email or phone, and their issues are addressed promptly through a well-defined complaint redressal mechanism, wherein all complaints, if any, are systematically recorded by the marketing and sales team, reviewed by the quality control and production departments, and resolved through appropriate corrective actions and continuous feedback monitoring to maintain customer satisfaction and improve product quality.

Risks and concerns

Reliance on single production unit in Gujarat: Its production unit is located in the state of Ahmedabad, Gujarat, India. Its processing operations and consequently its business is dependent upon its ability to manage this unit, which is subject to operating risks, including those beyond its control. In the event of any disruptions at its unit, due to natural or man-made disasters, workforce disruptions, delay in regulatory approvals, fire, failure of machinery, lack of continued access to assured supply of electrical power and water at reasonable costs, changes in the policies of the states or local government or authorities or any significant social, political or economic disturbances or civil disruptions in and around Ahmedabad, Gujarat, its ability to produce its products may be adversely affected.

Exposure to rapidly changing fashion trends: It is engaged in the business of processing greige fabric into finished fabrics, which are ultimately used by clothing brands and other end-users. Its industry is highly competitive and characterized by rapidly changing consumer preferences, evolving fashion trends, and heightened sensitivity to quality and technical standards. In such an environment, its reputation, brand image, and goodwill play a critical role in maintaining customer relationships and securing new business. Any adverse change in customer preferences, expectations, or perceptions regarding the quality, authenticity, or finish of its products could negatively impact its reputation and credibility in the market. Similarly, its failure to anticipate or respond effectively to evolving consumer demands or quality expectations could result in reduced demand, loss of business, and a decline in revenues and profitability.

Geographic concentration of revenue in Gujarat: Its majority of revenue contribution comes from the Gujarat which contributed 58.83%, 64.60%, and 61.41% of its revenue from operations for the Fiscal 2026, 2025 and 2024, respectively. Its operations are susceptible to local and regional factors, including accidents, political developments, economic conditions, weather patterns, natural disasters, demographic shifts, outbreaks of infectious diseases, and other unforeseen events and circumstances. Such factors may have a material impact on demand, supply chain, and overall business performance in the regions where it operates.

Outlook

Vinod Texworld is involved in the business of processing of textile fabrics. It applies multiple quality tests, including colour fastness, residual shrinkage, stretchability, and skewness, to ensure product standards are maintained. This process enables the assessment of product performance under various conditions and supports quality consistency. On the concern side, it has significant levels of indebtedness, both secured and unsecured, and servicing this debt requires substantial cash flows. Any failure to meet its repayment and other obligations may adversely affect its business, financial condition, and results of operations. It is significantly dependent on short-term borrowings, including working capital financing, and any inability to obtain or renew such financing on favorable terms could adversely affect its business, operations, and financial condition.

The company is coming out with an IPO of 45,56,400 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 94 per equity share to mobilize Rs 42.83 crore. On performance front, its revenue from operations increased by 2.17% to Rs 34,263.62 lakh for FY 2026 from Rs 33,536.93 lakh for FY 2025. Profit after tax has increased by 12.71% from Rs 923.36 lakh for FY 2025 to Rs 1,040.74 lakh for FY 2026.

Meanwhile, a focus on cost optimization through improved production methods, supply chain efficiencies, and environmentally responsible practices is central to the Company’s strategy. Time and Motion studies and alternative sourcing methods are used to manage production costs. The Company also intends to leverage economies of scale for cost benefits in procurement and operations. Going forward, the company plans to enhance its production capacity by acquiring and installing new machinery, particularly in the Dye House segment. Expansion efforts are aimed at meeting increasing demand and supporting future business growth.

Vashishtha Luxury Fashion has informed that Anasuya Banerjee, Chief Financial Officer has tendered her resignation from the post of Chief Financial Officer vide resignation letter dated 08th September, 2026 with effect from 09th September, 2026 (Resignation Letter enclosed). Anasuya Banerjee will cease to be a Key Managerial Personnel under Section 203 of the Companies Act, 2013. The details required to be disclosed pursuant to Regulation 30 of the Listing Regulations read with SEBI Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026 are enclosed as Annexure A.

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