Garware Synthetics Ltd. Share Price

In terms of Regulation 44(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Rupa & Company has informed that it enclosed the Voting Results and Consolidated Scrutinizer’s Report in respect of the 41st Annual General Meeting (‘AGM’) of the Company held on Friday, September 18, 2026 at 11.30 AM (IST) through Video Conferencing/Other Audio Visual Means (VC/OAVM). The company has informed that all the Ordinary and Special Businesses as contained in the Notice dated May 26, 2026, convening the 41st AGM, have been approved by the Members with requisite majority. The said Voting Results along with the Consolidated Scrutinizer’s Report will also be made available on the Company’s website at www.rupa.co.in.

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

Unitec Fibres

• Unitec Fibres is coming out with an initial public offering (IPO) of 39,16,800 shares in a price band of Rs 83-88 per equity share.
• The issue will open for subscription on September 23, 2026 and will close on September 25, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 8.3 times of its face value on the lower side and 8.8 times on the higher side.
• Book running lead manager to the issue is Smart Horizon Capital Advisors.
• Compliance officer for the issue is Disha Vijay Rane.

Profile of the company

Unitec Fibres is engaged in the manufacturing of Recycled Polyester Staple Fibre (RPSF), a product created from recycled polyester raw materials. The production process begins with the procurement of raw materials like Polyethylene Terephthalate (PET) flakes, PET chips and other polyester waste materials. These materials are then converted into raw inputs, spun into fibre and processed to meet the requirements of its customers related to fibre properties like colour and density. Its products find applications in industries like the automobiles (carpet, roof liners, trunks), home furnishing (sofa, curtains, carpets) and textile sectors (spinning mills). Its manufacturing process focuses on the regeneration of polyester fibre through the utilization of PET flakes, PET chips and other PET waste derived from discarded plastic bottles and post-consumer waste streams. By converting such recyclable materials into RPSF, it contributes to resource conservation, waste reduction and the production of environmentally sustainable products.

The company has two operational manufacturing units, located at M.I.D.C., Tarapur Industrial Area, Tarapur, Palghar, Thane. Further, its Manufacturing Unit 1 and Manufacturing Unit 2 are situated on land and premises obtained on lease from Maharashtra Industrial Development Corporation (MIDC). These facilities have a combined installed capacity of up to 27,984 metric tonnes per annum (MTPA) for the production of Recycled Polyester Staple Fibre. In addition to its existing operations, it has recently acquired land admeasuring around 47,494 square meters in Valsad, Gujarat, where it is in process of setting up an additional RPSF production line which will be designated as Unit 3.

Proceed is being used for:

• Repayment/prepayment of all or certain of its borrowings availed of by the company
• General corporate purposes

Industry overview

The Indian manufacturing sector is steadily emerging as a key pillar of the economy, contributing around 17% to GDP. The number of startups recognized increased by 51.6% year-on-year in FY 2025-26 compared to FY 2024-25, while direct jobs created rose by 36.1% during the same period. With government initiatives like Make in India and production-linked incentive (PLI) schemes, the National Mission on Manufacturing (NMM) announced in Budget 2025-26, serves as a key catalyst for industrial growth, targeting a rise in manufacturing’s GDP share to 25% by 2035, creation of 143 million jobs, and expansion of merchandise exports to Rs 106.05 lakh crore ($1.20 trillion) by through deeper global value chain integration.

India’s manufacturing strength is accelerating, with exports rising and core sectors like electronics, pharmaceuticals, automobiles and textile. India’s exports surged by 4.22% to Rs 76.00 lakh crore ($860.09 billion) in the financial year 2025-26 compared to Rs 72.93 lakh crore ($825.26 billion) in 2024-25. Looking ahead, India’s e-commerce exports are projected to grow from Rs 8,757 crore ($1 billion) to Rs 35,02,800 crore ($400 billion) annually by 2030, which will aid in achieving Rs 1,75,14,000 crore ($2 trillion) in total exports. By the same year, the Indian middle class is expected to have the second-largest share in global consumption at 17%. India’s manufacturing sector continues to strengthen, with the potential to reach Rs 88,37,524 crore ($1.00 trillion) by FY26, supported by strong policy push and rising domestic demand. The sector has already demonstrated robust momentum, with manufacturing Gross Value Added (GVA) growth of 7.72% in Q1 and 9.13% in Q2 of FY26. The country could add more than Rs 44.19 lakh crore ($500.00 billion) annually to the global economy by 2030 if it fully realises its potential as a global manufacturing hub.

India’s manufacturing sector is witnessing steady expansion, supported by policy measures, infrastructure development, and improving industrial performance indicators. While the target of reaching $1 trillion by FY26 remains a medium-term benchmark, recent trends such as manufacturing GVA growth of 7.72% in Q1 and 9.13% in Q2 of FY26 indicate continued momentum in the sector. Government-led initiatives, particularly in infrastructure and logistics, are strengthening the enabling ecosystem. Platforms such as PM GatiShakti and the National Logistics Policy are improving planning efficiency, supply chain integration, and data-driven decision-making. At the same time, industrial corridor development, with investments of Rs 2.02 lakh crore ($22.86 billion) is facilitating the creation of new manufacturing hubs.

Pros and strengths

Polyester waste recycling and sustainable products: It utilizes raw materials which are made from polyester waste, PET waste and discarded PET bottles for manufacturing RPSF. This process plays a critical role in converting plastic waste that would otherwise contribute to landfills or pollute itsoceans into valuable, reusable products. PET waste is non-biodegradable and can remain in marine environments for years, leading to severe harm to aquatic ecosystems and posing significant threats to marine wildlife. Its commitment to addressing this pressing environmental challenge is at the core of its recycling initiatives. Aligned with its sustainability goals, it offers its products in a wide range of colors, cross section and deniers which reduces the necessity for additional dyeing processes. By minimizing dyeing, it conserves substantial amounts of water and energy and decrease the environmental impact associated with conventional dyeing methods, which often involve harmful chemicals and produce wastewater.

Quality certifications: Its products undergo multiple quality certifications that demonstrate its commitment to quality and sustainability. Its products are ISO 14001:2015 certified, indicating its adherence to environmental management systems, and ISO 9001:2015 certified, reflecting its focus on quality management systems. This certification assures customers that it consistently provides products that meet customer and regulatory requirements. Additionally, it holds certifications like, the Eco-Passport certificate issued by Oeko-Tex and the Global Recycled Standard (GRS) Version 4.0. These certifications confirm its commitment to quality, safety, and sustainability, ensuring that it delivers products that meet industry standards and align with the values of its environmentally conscious customers.

Robust order book: As on September 10, 2026, the company had a confirmed order book of Rs 1,902.86 lakh (excluding applicable taxes), based on purchase orders received from its customers. Its order book comprises orders from customers operating across various end-use industries, including non-woven fabrics, home furnishings, automobile, and other industrial applications. Its order book reflects its relationships with customers and sustained demand for its recycled polyester staple fibre products in both domestic and international markets.

Risks and concerns

Dependence on key states for revenue: Its business is dependent on its ability to identify, develop and sale its products across various domestic and international destinations. A significant portion of its domestic revenue is derived from customers located in states such as Gujarat, Maharashtra, Tamil Nadu and Haryana, which together contributed 59.52% 55.67%, and 59.14% of its revenue from operations for the financial years 2026, 2025 and 2024, respectively, although it also generates a portion of its revenues from international markets. Any adverse developments in these regions or its inability to expand into new locations or maintain operational effectiveness in existing markets may materially and adversely affect its business, results of operations, cash flows and financial condition.

Significant revenue dependence on RPSF: The company’s revenue is substantially dependent on RPSF, which accounted for 98.04%, 97.46% and 96.63% of revenue from operations in the financial years 2026, 2025 and 2024, respectively. Any reduction in the demand or sale of such products could adversely affect its business, results of operations, cash flows and financial condition.  Additionally, any changes in regulations governing EPR compliance, certification mechanisms or market acceptance of such certificates may adversely impact the benefits derived from such activities. Further, its continued growth depends on its ability to maintain product quality, optimize manufacturing efficiencies, ensure uninterrupted supply of raw materials, and cater to evolving customer requirements in a timely manner. Any failure to effectively manage these factors may adversely affect customer relationships, market reputation, demand for its products and its overall business operations.

Business is dependent on top ten customers: A portion of its revenue from operations is derived from a limited number of key customers. The company’s top ten customers contributed 45.94%, 45.07% and 47.64% of its revenue from operations in FY 2025-26, FY 2024-25 and FY 2023-24, respectively. Such major revenue from limited customer exposes it to customer concentration risk and the loss of one or more such customers or a material reduction in business from them, could have an adverse impact on its revenues, profitability and cash flows. These customers typically place orders based, pricing expectations, quality, material requirements, delivery timelines, product consistency and reliability of supply. Any inability to meet these expectations on a consistent basis may adversely affect its relationships with such customers.

Outlook

Unitec Fibres is primarily engaged in the manufacturing and sale of RPSF produced from PET bottles, PET waste and PET flakes. Its products find applications in industries like the automobiles (carpet, roof liners, trunks), home furnishing (sofa, curtains, carpets) and textile sectors (spinning mills). Its manufacturing process focuses on the regeneration of polyester fibre through the utilization of PET flakes, PET chips and other PET waste derived from discarded plastic bottles and post-consumer waste streams. On the concern side, it depends on a limited number of suppliers for its raw materials and the absence of long-term contractual arrangements with such suppliers exposes it to supply, quality and pricing risks that could adversely affect its business and financial performance. Further, its business is dependent and will continue to depend on its manufacturing facility, and it is subject to certain risks in its manufacturing process. Any slowdown or shutdown in its manufacturing operations or strikes, work stoppages or increased wage demands by its employees that could interfere with its operations could have an adverse effect on its business, financial condition and results of operations.

The company is coming out with a maiden IPO of 39,16,800 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 83-88 per equity share. The aggregate size of the offer is around Rs 32.51 crore to Rs 34.47 crore based on lower and upper price band respectively. On performance front, the revenue from operations has decreased by 0.96% from Rs 22,641.61 lakh in financial year 2024-25 to Rs 22,424.48 lakh in financial year 2025-26. In FY 2025-26, the company reported a net profit of Rs 759.67 lakh compared to Rs 821.84 lakh in FY 2024-25, representing a decrease of 7.56%.

Meanwhile, the company intends to strengthen its raw material sourcing strategy by leveraging polyester line waste sourced directly from polyester textile manufacturing companies. This pre-consumer industrial waste, primarily comprising yarn waste and spinning waste, consists of high-purity PET, making it an input for the production of technical-grade fibre. For this in addition to the proposed establishment of Unit 3 at Valsad, Gujarat, it is also in the process of developing dedicated infrastructure for the collection, sorting, segregation, recycling and processing of industrial polyester waste. Such infrastructure is being developed to process industrial waste streams efficiently. This approach is will enable it to maintain a competitive cost structure for specialty fibre grades and to process such waste streams into usable raw materials for its manufacturing operations.