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Sitaram Denims India Ltd IPO

Sitaram Denims India Limited manufactures and supplies branded and unbranded woven fabrics, primarily for apparel applications. Its principal products include cotton-spandex fabrics, rigid cotton fabrics, denim fabrics, polyester-viscose (PV) fabrics and other blended fabrics. Products are sold in grey and finished forms; finished fabrics undergo downstream dyeing and finishing through third-party processors.

IPO status
upcoming
IPO type
Mainboard
Exchange
NSE/BSE
Face value
5

About Sitaram Denims India Ltd

Sitaram Denims India Limited manufactures and supplies branded and unbranded woven fabrics, primarily for apparel applications. Its principal products include cotton-spandex fabrics, rigid cotton fabrics, denim fabrics, polyester-viscose (PV) fabrics and other blended fabrics. Products are sold in grey and finished forms; finished fabrics undergo downstream dyeing and finishing through third-party processors.

Sitaram Denims India Ltd IPO dates and issue details

Issue opening: To be announced; closing: To be announced; basis of allotment: To be announced; expected listing: To be announced.

Published IPO research

01 overview

  • Company Name: Sitaram Denims India Limited
  • Ipo Category: Mainboard
  • Ipo Status: DRHP filed – draft stage
  • Industry: Textiles – woven fabrics and denim manufacturing
  • Business Tagline: Manufacturer and supplier of branded and unbranded woven fabrics for apparel markets, including cotton-spandex, rigid cotton, denim, polyester-viscose and other blended fabrics.
  • Issue Type: Fresh issue and offer for sale
  • Face Value: 5
  • Fresh Issue Shares: 2,64,67,000
  • Ofs Shares: 44,71,000
  • Total Offer Shares: 3,09,38,000
  • Listing Exchange: BSE, NSE
  • Registrar Name: Bigshare Services Private Limited
  • Registrar Url: https://www.bigshareonline.com/

02 company

  • Company Description: Sitaram Denims India Limited manufactures and supplies branded and unbranded woven fabrics, primarily for apparel applications. Its principal products include cotton-spandex fabrics, rigid cotton fabrics, denim fabrics, polyester-viscose (PV) fabrics and other blended fabrics. Products are sold in grey and finished forms; finished fabrics undergo downstream dyeing and finishing through third-party processors.
  • Incorporation Date: 2011-02-02
  • Corporate History: date: 2011-02-02; event: Incorporated as Sitaram Texpark Developers Private Limited., date: 2016-05-20; event: Renamed Sitaram Denim India Private Limited., date: 2016-06-03; event: Converted into a public limited company and renamed Sitaram Denim India Limited., date: 2016-06-16; event: Renamed Sitaram Denims India Limited.
  • Business Model: Manufacture and sale of woven fabrics, supplemented by job-work weaving and sizing services and sales of sized yarn. Finished fabric dyeing and finishing are carried out through third-party processing units. Certain PV and blended fabric requirements are met through dedicated infrastructure of promoter Sitaram India Limited under an exclusive job-work arrangement.
  • Products Services: Cotton-spandex fabrics, Rigid cotton fabrics, Denim fabrics, Polyester-viscose (PV) fabrics, Other blended fabrics, Grey and finished fabrics, Job-work weaving, Job-work sizing, Sized yarn
  • Industry Segments: product: Cotton spandex; revenue share fy2026 percent: 60.6, product: Cotton rigid; revenue share fy2026 percent: 5.3, product: Polyester-viscose; revenue share fy2026 percent: 15.1, product: Sized yarn; revenue share fy2026 percent: 3.92, activity: Job-work weaving; revenue share fy2026 percent: 10.03, activity: Job-work sizing; revenue share fy2026 percent: 3.58, activity: Other operating revenue; revenue share fy2026 percent: 1.46
  • Geographic Presence: Manufacturing operations are located in Bhilwara, Rajasthan, India. Domestic and export revenue split requires further extraction.
  • Manufacturing Facilities: description: Owned manufacturing facility in Bhilwara, Rajasthan, comprising sizing facility of approximately 21,084 sq. ft. and weaving facility of approximately 106,329 sq. ft., description: Dedicated infrastructure available through Sitaram India Limited under an exclusive job-work arrangement, comprising 36 Sulzer double-width looms and 72 rapier looms (108 looms in total).
  • Installed Capacity: metric: Sizing installed technical capacity; value: 6; unit: million kg per annum, metric: Weaving installed technical capacity; value: 25.2; unit: million metres per annum, metric: Dedicated Sitaram India Limited looms; value: 108; unit: looms
  • Capacity Utilisation: period: FY2026; owned facility fabric production: 24.46; unit: million metres, period: FY2025; owned facility fabric production: 15.27; unit: million metres, period: FY2024; owned facility fabric production: 11.11; unit: million metres, period: FY2026; jobwork fabric production through sitaram india: 2.35; unit: million metres, period: FY2025; jobwork fabric production through sitaram india: 2.56; unit: million metres, period: FY2024; jobwork fabric production through sitaram india: 2.58; unit: million metres
  • Supplier Dependence: period: 3M ended 30 June 2026; raw material suppliers: 51, period: FY2026; raw material suppliers: 63, period: FY2025; raw material suppliers: 54, period: FY2024; raw material suppliers: 53
  • Competitive Advantages: Presence in Bhilwara textile cluster with access to yarn suppliers and downstream processors., Combination of owned airjet weaving and dedicated Sulzer/rapier weaving infrastructure through promoter group job-work arrangement., Product mix spans cotton-spandex, rigid cotton, denim and PV/blended fabrics., Manufacturing operations include yarn testing, warping, sizing, weaving, inspection, grading and batching.
  • Growth Strategy: Increase/optimise manufacturing capability and product mix., Leverage owned facility and dedicated job-work infrastructure to serve varying fabric constructions., Expand/strengthen sizing operations and job-work services.

03 financials

  • Revenue From Operations: period: 3M ended 2026-06-30; value: 751.07, period: FY2026; value: 2,423.84, period: FY2025; value: 2,088.43, period: FY2024; value: 1,116.82
  • Profit After Tax: period: 3M ended 2026-06-30; value: 79.78, period: FY2026; value: 242.26, period: FY2025; value: 159.42, period: FY2024; value: 52.35
  • Profit Before Tax: period: 3M ended 2026-06-30; value: 107.34, period: FY2026; value: 325.1, period: FY2025; value: 212.99, period: FY2024; value: 68.9
  • Total Borrowings: period: 3M ended 2026-06-30; value: 2,459.2, period: FY2026; value: 2,272.67, period: FY2025; value: 1,941.47, period: FY2024; value: 1,532.89
  • Cash Equivalents: period: 3M ended 2026-06-30; value: 0.54, period: FY2026; value: 0.13, period: FY2025; value: 0.08, period: FY2024; value: 12.16
  • Other Income: period: 3M ended 2026-06-30; value: 3.25, period: FY2026; value: 15.12, period: FY2025; value: 11.58, period: FY2024; value: 16.38
  • Total Income: period: 3M ended 2026-06-30; value: 754.32, period: FY2026; value: 2,438.96, period: FY2025; value: 2,100.01, period: FY2024; value: 1,133.2
  • Depreciation Amortisation: period: 3M ended 2026-06-30; value: 13.54, period: FY2026; value: 68.59, period: FY2025; value: 61.7, period: FY2024; value: 95.73
  • Finance Costs: period: 3M ended 2026-06-30; value: 40.18, period: FY2026; value: 126.22, period: FY2025; value: 155.69, period: FY2024; value: 54.74
  • Tax Expense: period: 3M ended 2026-06-30; value: 27.56, period: FY2026; value: 82.84, period: FY2025; value: 53.57, period: FY2024; value: 16.56
  • Basic Eps: period: 3M ended 2026-06-30; value: 0.95, period: FY2026; value: 2.88, period: FY2025; value: 1.9, period: FY2024; value: 0.62
  • Diluted Eps: period: 3M ended 2026-06-30; value: 0.95, period: FY2026; value: 2.88, period: FY2025; value: 1.9, period: FY2024; value: 0.62
  • Total Assets: period: 3M ended 2026-06-30; value: 4,431.2, period: FY2026; value: 4,100.22, period: FY2025; value: 3,257.67, period: FY2024; value: 2,566.57
  • Net Worth: period: 3M ended 2026-06-30; value: 1,210.22, period: FY2026; value: 1,130.56, period: FY2025; value: 890.81, period: FY2024; value: 731.42
  • Current Borrowings: period: 3M ended 2026-06-30; value: 1,029.05, period: FY2026; value: 1,074.67, period: FY2025; value: 757, period: FY2024; value: 416.25
  • Long Term Borrowings: period: 3M ended 2026-06-30; value: 1,430.15, period: FY2026; value: 1,198, period: FY2025; value: 1,184.47, period: FY2024; value: 1,116.64
  • Trade Receivables: period: 3M ended 2026-06-30; value: 602.93, period: FY2026; value: 544.24, period: FY2025; value: 506.18, period: FY2024; value: 270.46
  • Inventory: period: 3M ended 2026-06-30; value: 1,216.8, period: FY2026; value: 1,107.53, period: FY2025; value: 684.8, period: FY2024; value: 388.84
  • Trade Payables: period: 3M ended 2026-06-30; value: 421.83, period: FY2026; value: 377.27, period: FY2025; value: 291.63, period: FY2024; value: 176.39
  • Financial Basis: Restated financial information prepared under Ind AS. FY2024 and FY2025 originally prepared under previous GAAP and restated to Ind AS; interim period ended 30 June 2026 and FY2026 financial statements are Ind AS.
  • Financial Periods: period: 3M ended 2026-06-30; period type: interim; annualised: No, period: FY2026; period type: annual; annualised: Yes, period: FY2025; period type: annual; annualised: Yes, period: FY2024; period type: annual; annualised: Yes
  • Currency: INR
  • Unit: INR million unless stated otherwise
  • Audit Status: Restated financial information examined by A Bakliwal & Co.; underlying FY2026 and June 2026 statements audited by joint statutory auditors R Kabra & Co LLP and Pokharna Somani & Associates. The DRHP examination report states no modification requiring adjustments.

04 business quality

  • Revenue Growth Drivers: Revenue from operations increased from ₹1,116.82 million in FY2024 to ₹2,088.43 million in FY2025 and ₹2,423.84 million in FY2026. Three-month revenue to June 2026 was ₹751.07 million.
  • Revenue Concentration Analysis: Cotton-spandex was the largest revenue category, contributing 60.60% of FY2026 revenue from operations; PV fabrics contributed 15.10%, job-work weaving 10.03%, cotton rigid 5.30%, sized yarn 3.92%, job-work sizing 3.58% and other operating revenue 1.46%.
  • Profit Quality Analysis: PAT was ₹242.26 million in FY2026 compared with ₹159.42 million in FY2025 and ₹52.35 million in FY2024. Operating cash flow and full cash conversion metrics require further extraction.
  • Margin Trend Analysis: PAT margin was approximately 10.0% in FY2026, 7.63% in FY2025 and 4.69% in FY2024, calculated as PAT divided by revenue from operations.
  • Working Capital Analysis: Inventory was ₹1,216.80 million and trade receivables were ₹602.93 million as at 30 June 2026. Further working-capital cycle analysis is pending.
  • Debt Quality Analysis: Total borrowings were approximately ₹2,459.20 million as at 30 June 2026, comprising ₹1,430.15 million non-current and ₹1,029.05 million current borrowings. As at 30 September 2026, fund-based outstanding borrowings were ₹2,550.25 million.
  • Capital Efficiency Analysis: Capital expenditure on plant and machinery was ₹1.15 million in the three months ended June 2026, ₹18.02 million in FY2026, ₹235.54 million in FY2025 and ₹606.89 million in FY2024.
  • Capacity Expansion Analysis: Owned facility sizing capacity is 6.00 million kg per annum and weaving capacity is 25.20 million metres per annum. Facility production increased to 24.46 million metres in FY2026 from 15.27 million metres in FY2025.

05 ipo objects

  • Objects Of Issue: object: Repayment or prepayment of all or a portion of certain outstanding borrowings; amount million: 400; source pages: 138, 139, object: Balance of net proceeds / general corporate purposes and other offer objects; source pages: 136, 138; notes: Exact allocation to be confirmed from detailed objects table.
  • Debt Repayment Amount: 400
  • Proceeds Assessment: A stated use of ₹400.00 million from net proceeds is repayment/prepayment of specified borrowings. Total fresh issue amount and final allocation remain placeholders in the DRHP.

07 valuation

  • Valuation Basis: Price band and offer price are placeholders [●] in the DRHP. Valuation multiples cannot be calculated reliably until the price band and final offer details are filed.
  • Valuation Conclusion: Not assessable at DRHP stage because price band and aggregate issue amount are not specified.

08 risks

  • Business Risks: title: Dependence on promoter group job-work infrastructure; category: operational / related party; description: Certain PV and blended fabric requirements are met through dedicated weaving infrastructure of Sitaram India Limited under an exclusive job-work arrangement.; severity: high; source pages: 239, 241, title: Raw material sourcing; category: supply chain; description: Yarn is a principal raw material; the company procured from 51 suppliers in the three months ended June 2026 and 63 suppliers in FY2026.; severity: medium; source pages: 242
  • Industry Risks: title: Textile industry and market data dependence; category: industry; description: Industry information is derived in part from a CareEdge report commissioned and paid for by the issuer.; severity: medium; source pages: 239
  • Financial Risks: title: Borrowings and debt servicing; category: financial; description: Fund-based outstanding borrowings were ₹2,550.25 million as at 30 September 2026; proposed IPO proceeds include ₹400 million for repayment/prepayment.; severity: high; source pages: 138, 139
  • Related Party Risks: title: Promoter group job-work and facility arrangements; description: Sitaram India Limited, a promoter, provides dedicated weaving infrastructure under an exclusive job-work agreement.; severity: high; source pages: 239, 241
  • Ipo Specific Risks: No formal market exists for the equity shares before listing., Offer price and price band are not specified in the DRHP., No assurance of an active or sustained trading market after listing.

10 management

  • Promoters: Anil Kumar Nuwal, Madhu Sudan Nuwal, Jugal Kishore Nuwal, Sitaram India Limited
  • Directors: name: Anil Kumar Nuwal; designation: Chairman and Managing Director; din: 00096471, name: Madhu Sudan Nuwal; designation: Whole-time Director; din: 00212341
  • Key Management: name: Nitesh Mundra; designation: Chief Financial Officer, name: Shruti Joshi; designation: Company Secretary and Compliance Officer
  • Auditor Name: A Bakliwal & Co. (DRHP restated financial information examination report); joint statutory auditors R Kabra & Co LLP and Pokharna Somani & Associates.
  • Auditor Observations Summary: The examination report dated 24 October 2026 states that the restated financial information does not contain any modification requiring adjustments; underlying reports referred to are unmodified/unqualified.

11 documents

  • Industry Report Url: https://www.sitaramdenims.com/investors.html
  • Source Register: document: Sitaram Denims India Limited DRHP; date: 2026-11-03; uploaded filename: 1794550086662.pdf; pages used: 1, 2, 3, 138, 139, 239, 240, 241, 242, 323, 324, 325, 326, 327, 328, 332
  • Document Version: DRHP dated 3 November 2026
  • Research Version: 2.0
  • Last Researched At: 2026-11-15
  • Last Updated At: 2026-11-15
  • Change Log: Initial extraction from uploaded DRHP; pending fields intentionally left blank.
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