Any current/future new fundraising through debt or equity?

Shiva Texyarn Limited plans investments worth Rs.75-80 Crores over the next 18-24 months, primarily to expand seamless garments and poly spandex lines and some strategic new product investments. Internal accruals are expected to contribute Rs.30-35 Crores towards funding these investments. For the remaining funding, the company prefers raising funds through debt instruments. The company is not planning to raise funds through the equity market given its current size and growth stage. The strategy focuses on debt being a better and more feasible option for raising the required capital than equit

Any current/future capex/capital investment/strategic investment?

Shiva Texyarn plans to invest approximately Rs. 75-80 Crores over the next 18-24 months. Investments will focus mainly on expanding the seamless garments and poly spandex athleisure fabric lines. There will be minor expansion investments in the garmenting division driven by increasing orders. The company is exploring strategic investments in cold weather clothing products but details are currently confidential. Funding: Around Rs. 30-35 Crores expected from internal accruals; the remaining to be raised through debt instruments, not market fundraising. The company has already invested Rs. 25 Cr

Future growth expectations in sales/revenue/volumes?

Non-spinning division revenue expected to grow from Rs.127 Crores (FY2022) to Rs.180-200 Crores in FY2023, driven by robust garmenting orders and increased processing capacity. Garmenting division targets Rs.90 Crores, with Rs.75-80 Crores from army orders and Rs.15-20 Crores from other garmenting products. Quick dry division projected to grow to Rs.55-60 Crores with new product launches and improved market conditions. Coating and wiring division expected to contribute around Rs.20 Crores. Spinning revenues uncertain due to volatile cotton prices but expected to maintain a ~60% share o

Future growth expectations in earnings/operating earnings/profits/EPS?

FY2022 reported revenue: Rs.477.07 Crores, 40% YoY growth; EBITDA: Rs.55.09 Crores (11.55% margin); Net profit: Rs.20.41 Crores (4.28% margin); EPS: Rs.15.44. For FY2023, non-spinning segment expected to grow to Rs.180-200 Crores from Rs.125 Crores in FY2022, driven by garmenting and quick dry divisions. Spinning and non-spinning projected split around 60:40 conservatively. EBITDA margins in spinning averaged around 11% in FY2022; margins for army orders and value-added products higher (~25-33%). Planned investments of Rs.75-80 Crores over next 18-24 months targeting seamless garments, poly sp

Current/ Expected Orderbook/ Pending Orders?

Confirmed garment orders on hand for next 2.5 months (seamless garments & poly spandex). Woven raised fabrics for Decathlon have 6 months order visibility. Fleece fabrics have approximately 30 days order visibility. Military garment confirmed orders worth Rs.12 Crores for current financial year. Participated in limited tenders worth Rs.110 Crores for defense products; confident in securing Rs.57 to Rs.70 Crores from these. Expect garmenting division business around Rs.90 Crores during the year. Quick dry division anticipated to grow to Rs.55-60 Crores. New processing plant commissioned with po

Shiva Texyarn LtdQ4 FY22Textiles & Apparels

Shiva Texyarn Ltd Q4 FY22 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹143.45P/E: 20.3Market Cap: ₹186 CrSector: Textiles & Apparels

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

Non-spinning division revenue expected to grow from Rs.127 Crores (FY2022) to Rs.180-200 Crores in FY2023, driven by robust garmenting orders and increased processing capacity.
Garmenting division targets Rs.90 Crores, with Rs.75-80 Crores from army orders and Rs.15-20 Crores from other garmenting products.
Quick dry division projected to grow to Rs.55-60 Crores with new product launches and improved market conditions.
Coating and wiring division expected to contribute around Rs.20 Crores.
Spinning revenues uncertain due to volatile cotton prices but expected to maintain a ~60% share of total revenue.
New product focus includes seamless garments and poly spandex athleisure fabrics, showing high growth potential.
Additional planned investments of Rs.75 Crores over 18-24 months, mainly funded by Rs.30-35 Crores internal accruals and debt for the balance.
Expected industry challenges and opportunities from international demand and raw material price fluctuations.

Margin guidance

Category 3

FY2022 reported revenue: Rs.477.07 Crores, 40% YoY growth; EBITDA: Rs.55.09 Crores (11.55% margin); Net profit: Rs.20.41 Crores (4.28% margin); EPS: Rs.15.44.
For FY2023, non-spinning segment expected to grow to Rs.180-200 Crores from Rs.125 Crores in FY2022, driven by garmenting and quick dry divisions.
Spinning and non-spinning projected split around 60:40 conservatively.
EBITDA margins in spinning averaged around 11% in FY2022; margins for army orders and value-added products higher (~25-33%).
Planned investments of Rs.75-80 Crores over next 18-24 months targeting seamless garments, poly spandex, and cold weather clothing; funding primarily through Rs.30-35 Crores internal accruals plus debt.
New processing plant expected to reach Rs.3.8 Crores turnover/month from August, contributing ~Rs.30 Crores in 8 months.
Overall, expecting steady revenue growth with operational efficiencies balanced against raw material volatility, signaling moderate profit and EPS increases ahead.

See what Shiva Texyarn Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

Shiva Texyarn Limited plans investments worth Rs.75-80 Crores over the next 18-24 months, primarily to expand seamless garments and poly spandex lines and some strategic new product investments.
Internal accruals are expected to contribute Rs.30-35 Crores towards funding these investments.
For the remaining funding, the company prefers raising funds through debt instruments.
The company is not planning to raise funds through the equity market given its current size and growth stage.
The strategy focuses on debt being a better and more feasible option for raising the required capital than equity issuance at this time.

Order book

Yes

Confirmed garment orders on hand for next 2.5 months (seamless garments & poly spandex).
Woven raised fabrics for Decathlon have 6 months order visibility.
Fleece fabrics have approximately 30 days order visibility.
Military garment confirmed orders worth Rs.12 Crores for current financial year.
Participated in limited tenders worth Rs.110 Crores for defense products; confident in securing Rs.57 to Rs.70 Crores from these.
Expect garmenting division business around Rs.90 Crores during the year.
Quick dry division anticipated to grow to Rs.55-60 Crores.
New processing plant commissioned with potential Rs.3.8 Crores turnover per month from August, implying Rs.30 Crores for 8 months.
Coating and wiring divisions expected to contribute around Rs.20 Crores.
Total projected non-spinning revenue for FY2023 estimated between Rs.180 to Rs.200 Crores.

See what Shiva Texyarn Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Shiva Texyarn plans to invest approximately Rs. 75-80 Crores over the next 18-24 months.
Investments will focus mainly on expanding the seamless garments and poly spandex athleisure fabric lines.
There will be minor expansion investments in the garmenting division driven by increasing orders.
The company is exploring strategic investments in cold weather clothing products but details are currently confidential.
Funding: Around Rs. 30-35 Crores expected from internal accruals; the remaining to be raised through debt instruments, not market fundraising.
The company has already invested Rs. 25 Crores last year in processing, garmenting, and nonwoven divisions.
Recently acquired 26% stake in L.K. Distributors to access cheaper wind power; plans to increase to 40% stake for captive renewable energy use.

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