1. Company Snapshot
|
Metric
|
Value
|
Source / Notes
|
|
Founded / HQ
|
1984 | Coimbatore, TN
|
Four decades of operational excellence [Company records]
|
|
CIN / Exchanges
|
L17111TZ2003PLC010518 | NSE & BSE
|
Ticker: KPRMILL | BSE Code: 532889
|
|
Business Model
|
Vertically Integrated — Fibre to Fashion
|
Spinning → Knitting → Dyeing → Garments → Retail
|
|
Manufacturing Units
|
15 Advanced Units
|
Across Tamil Nadu [Groww / Company presentation]
|
|
Workforce
|
~30,000+ (90% women)
|
Major rural livelihood employer in TN [Company]
|
|
Export Markets
|
60+ Countries
|
Europe 63.1% | N. America 17.9% | Australia 14.9% [AUDITED]
|
|
Credit Ratings
|
CARE AA+ / CARE A1+
|
Long-term & short-term — CARE Ratings [ScanX]
|
|
Outstanding Borrowings
|
NIL — March 31, 2026
|
Confirmed via SEBI Large Corporate filing [AUDITED]
|
|
Promoter Holding
|
67.52% (NIL pledged)
|
As of March 31, 2026 — BSE shareholding pattern [AUDITED]
|
|
Market Capitalisation
|
~₹39,642 Crore
|
As of June 2026 [MKT — Screener.in]
|
2. Master 5-Year Consolidated Performance Dashboard [FY22–FY26]
All figures below are from audited consolidated financial statements filed with BSE & NSE. FY22–FY25 sourced from KPR Mill's investor presentation; FY26 from the May 12, 2026 board-approved audited results.
A. Profit & Loss Summary [AUDITED — Consolidated]
|
Metric (₹ Crore)
|
FY22
|
FY23
|
FY24
|
FY25
|
FY26 [AUDITED]
|
YoY Δ (FY26 vs FY25)
|
|
Revenue from Operations
|
4,953
|
5,763
|
6,388
|
6,388
|
6,650
|
+ 4.1%
|
|
Total Income
|
5,084
|
5,923
|
6,543
|
6,462
|
6,784
|
+ 5.0%
|
|
EBITDA
|
1,253
|
1,179
|
1,311
|
1,320
|
1,401
|
+ 6.1%
|
|
EBITDA Margin (%)
|
24.6%
|
20.5%
|
20.5%
|
20.7%
|
20.65%
|
Stable
|
|
Depreciation
|
178
|
200
|
214
|
229
|
247
|
+ 7.9%
|
|
EBIT
|
1,075
|
979
|
1,097
|
1,091
|
1,154
|
+ 5.8%
|
|
Finance Costs
|
23
|
26
|
22
|
18
|
15
|
− 16.7%
|
|
PBT (Pre-Tax Profit)
|
1,111
|
1,029
|
1,131
|
1,101
|
1,177
|
+ 6.9%
|
|
Tax Expense
|
269
|
215
|
326
|
286
|
311
|
+ 8.7%
|
|
PAT (Net Profit)
|
842
|
814
|
805
|
815
|
867
|
+ 6.4%
|
|
PAT Margin (%)
|
17.0%
|
14.1%
|
12.6%
|
12.8%
|
13.0%
|
+ 20 bps
|
|
EPS — Basic & Diluted (₹)
|
24.63
|
23.80
|
23.55
|
23.85
|
25.35
|
+ 6.3%
|
B. Balance Sheet Summary [AUDITED — Consolidated]
|
Metric (₹ Crore)
|
FY22
|
FY23
|
FY24
|
FY25
|
FY26 [AUDITED]
|
YoY Δ (FY26 vs FY25)
|
|
Total Assets
|
4,166
|
4,887
|
5,513
|
5,962
|
6,833
|
+ 14.6%
|
|
Total Equity (Net Worth)
|
3,071
|
3,653
|
4,209
|
5,002
|
5,698
|
+ 13.9%
|
|
Total Borrowings
|
497
|
468
|
418
|
271
|
238
|
− 12.2%
|
|
Net Debt
|
370
|
315
|
255
|
200
|
175
|
− 12.5%
|
|
Cash & Equivalents
|
127
|
153
|
163
|
71
|
63
|
− 11.3%
|
|
Book Value per Share (₹)
|
89.8
|
106.8
|
123.1
|
146.3
|
166.6
|
+ 13.9%
|
|
Debt-to-Equity Ratio (x)
|
0.16
|
0.13
|
0.10
|
0.05
|
0.04
|
Improving
|
C. Cash Flow Summary [AUDITED — Consolidated]
|
Metric (₹ Crore)
|
FY22
|
FY23
|
FY24
|
FY25
|
FY26 [AUDITED]
|
YoY Δ (FY26 vs FY25)
|
|
Operating Cash Flow
|
834
|
1,149
|
1,197
|
1,401
|
1,108
|
− 20.9%
|
|
Capex (Investing Outflows)
|
609
|
580
|
586
|
615
|
938
|
+ 52.5%
|
|
Free Cash Flow (OCF−Capex)
|
225
|
569
|
611
|
786
|
170
|
− 78.4%
|
|
Dividend Paid (₹ Crore)
|
N/A
|
171
|
171
|
171
|
171
|
Stable
|
|
Dividend per Share (₹)
|
N/A
|
5.00
|
5.00
|
5.00
|
5.00
|
Stable
|
|
Dividend (% of face value)
|
N/A
|
500%
|
500%
|
500%
|
500%
|
Consistent
|
D. Long-Run CAGR Profile [13-Year Historical | Alpha Spread Analysis]
|
Metric
|
Value
|
Source / Notes
|
|
Revenue CAGR (13-year)
|
13% p.a.
|
Consistent long-run compounding [Alpha Spread — EST]
|
|
Operating Income CAGR (13-yr)
|
22% p.a.
|
Strong operational leverage growth [Alpha Spread — EST]
|
|
Net Income CAGR (13-yr)
|
28% p.a.
|
Exceptional profit compounding [Alpha Spread — EST]
|
|
4-Year Revenue CAGR (FY22–FY26)
|
7.6% p.a.
|
Calculated from audited revenue figures [AUDITED]
|
|
4-Year PAT CAGR (FY22–FY26)
|
0.7% p.a.
|
PAT plateaued FY22–FY25; uptick in FY26 [AUDITED]
|
|
4-Year EPS CAGR (FY22–FY26)
|
0.7% p.a.
|
Mirrors PAT trajectory [AUDITED]
|
|
Revenue CAGR — Next 3 Yrs (proj.)
|
~12% p.a.
|
Analyst consensus projection [EST]
|
|
Operating Income CAGR — Next 3 Yrs
|
~15% p.a.
|
Improving margin mix [EST]
|
3. FY26 Quarterly Performance Trend [All Quarters Consolidated — AUDITED]
The table below consolidates all four quarters of FY26 and the full-year total into a single view. Q3 FY26 figures are derived from the 9-month cumulative minus H1. All [AUDITED] except Q3 which is [DERIVED].
Consolidated Quarterly P&L Trend [₹ Crore | AUDITED]
|
Metric (₹ Crore)
|
Q1 FY26
|
Q2 FY26
|
Q3 FY26
|
Q4 FY26
|
FY26 Full Year
|
|
Total Income
|
1,802
|
1,569
|
1,588
|
1,825
|
6,784
|
|
Revenue from Operations
|
1,752
|
1,513
|
1,601
|
1,785
|
6,650
|
|
EBITDA
|
346
|
—
|
333
|
348
|
1,401
|
|
EBITDA Margin (%)
|
19.2%
|
—
|
20.9%
|
19.5%
|
20.65%
|
|
PAT (Consolidated)
|
213
|
218
|
208
|
227
|
867
|
|
EPS — Basic (₹)
|
6.23
|
6.38
|
6.08
|
6.64
|
25.35
|
|
YoY Revenue Growth
|
+11.4%
|
+9.9%
|
—
|
+0.9%
|
+5.0%
|
|
YoY PAT Growth
|
+4.6%
|
+6.4%
|
—
|
+8.9%
|
+6.4%
|
Quarter-by-Quarter Narrative [AUDITED]
Q1 FY26: Strongest quarter — Revenue +11.4%, Garment volume +14.4%, Sugar volume +26.1%
Q2 FY26: Standalone PAT fell 37.1% (sugar seasonality); Consolidated resilient at +6.4% YoY
Q3 FY26: EBITDA margin peaked at 20.94% — highest of the year; PAT ₹208 Cr [derived]
Q4 FY26: Revenue +21.6% QoQ; PAT +8.9% QoQ; margin slight dip to 19.5% from Q3 peak
Full Year: PAT ₹866.5 Cr (+6.4%); EPS ₹25.35 (+6.3%); EBITDA Margin stable at 20.65%
4. Segment-Wise Revenue & Profit Summary [AUDITED]
|
Segment
|
FY24 Rev.
|
FY25 Rev.
|
FY26 Rev.
|
YoY Δ
|
FY26 Pre-Tax Profit
|
|
Textile (Garments)
|
₹5,065 Cr
|
₹5,185 Cr
|
₹5,435 Cr
|
+ 4.8%
|
₹1,081 Cr
|
|
Sugar & Ethanol
|
₹1,068 Cr
|
₹1,115 Cr
|
₹1,173 Cr
|
+ 5.2%
|
₹96 Cr (+71% YoY)
|
|
Renewable Energy
|
Captive
|
Captive
|
Captive
|
Savings
|
~₹110 Cr/yr savings
|
|
FASO (Retail Brand)
|
Nascent
|
Nascent
|
Growing
|
—
|
Premium D2C segment
|
|
Total Consolidated
|
₹6,388 Cr
|
₹6,388 Cr
|
₹6,650 Cr
|
+ 4.1%
|
₹1,177 Cr PBT
|
Textile Segment Operational KPIs [AUDITED — Investor Presentation]
|
Metric
|
Value
|
Source / Notes
|
|
Garment Output Capacity
|
157 Million pieces/yr
|
Brownfield expansion to 177M pieces underway [AUDITED]
|
|
Q1 FY26 Garment Volume
|
50.05 Million pieces
|
+14.4% YoY [AUDITED]
|
|
Q1 FY26 Garment Revenue
|
₹959 Crore
|
+20.8% YoY from ₹794 Crore [AUDITED]
|
|
Spinning Capacity
|
~3,50,000 Spindles
|
Compact, melange, combed, BCI, organic variants
|
|
Knitting / Fabric Capacity
|
25,000 MT per annum
|
Zero liquid discharge compliant [Company]
|
|
Export Geography — Europe
|
63.1% (FY26)
|
Up from 61.1% in 9MFY26 [AUDITED]
|
|
Export Geography — N. America
|
17.9% (FY26)
|
Stable major market [AUDITED]
|
|
Export Geography — Australia
|
14.9% (FY26)
|
Third largest geography [AUDITED]
|
|
Major Clients
|
H&M, M&S, Decathlon
|
Validated from company filings & product catalogues
|
Sugar & Ethanol Operational KPIs [AUDITED]
|
Metric
|
Value
|
Source / Notes
|
|
Sugar Crushing Capacity
|
20,000 TCD
|
Tonnes of cane per day [AUDITED]
|
|
Ethanol Production Capacity
|
360 KLPD
|
Kilolitres per day — fuel grade + industrial [AUDITED]
|
|
Q1 FY26 Sugar Volume
|
53,028 MT
|
+26.1% YoY [AUDITED]
|
|
Q1 FY26 Sugar Revenue
|
₹191 Crore
|
Up from ₹161 Crore in Q1 FY25 [AUDITED]
|
|
FY26 Segment Revenue
|
₹1,173 Crore
|
Up from ₹1,115 Crore FY25 (+5.2%) [AUDITED]
|
|
FY26 Pre-Tax Profit
|
₹96 Crore
|
Up from ₹56 Crore FY25 (+71.4%) [AUDITED]
|
Renewable Energy Portfolio [Company Investor Presentation]
|
Metric
|
Value
|
Source / Notes
|
|
Wind Energy
|
61 Windmills = 92 MW
|
NOT 61.92 MW — a common misreport [Company pres.]
|
|
Solar Energy
|
12 MW
|
Installed at manufacturing units [Company pres.]
|
|
Total Green Capacity
|
104 MW
|
Wind 92 MW + Solar 12 MW [Company pres.]
|
|
Captive Power Coverage
|
~80%
|
Of textile unit requirements met in-house [Company]
|
|
Annual Energy Savings
|
~₹110 Crore
|
Direct bottom-line cost saving [Company]
|
|
CO₂ Reduction
|
~1,75,000 MT/yr
|
Annual emission reduction from green energy [Company]
|
5. Shareholder & Ownership Profile [AUDITED — BSE Shareholding Pattern]
|
Metric
|
Value
|
Source / Notes
|
|
Promoter Holding
|
67.52%
|
March 31, 2026 | Change: −3.16% YoY (block deal) [AUDITED]
|
|
Promoter Pledging
|
NIL — 0%
|
Confirmed SEBI Reg 31(4) April 2026 disclosure [AUDITED]
|
|
Mutual Fund Holding
|
17.73%
|
Up from 14.84% in March 2025 (+2.89%) [AUDITED]
|
|
FII / FPI Holding
|
6.63%
|
147 FII investors as of March 2026 [AUDITED]
|
|
Insurance Companies
|
1.29%
|
Marginally down from 1.43% in prior quarter [AUDITED]
|
|
Retail / Other Public
|
~6.8%
|
Residual public float [derived from above]
|
|
Notable: SBI Mutual Fund
|
5.74%
|
Down from 7.74% — reduced stake [BSE]
|
|
Outstanding Borrowings
|
NIL — March 31, 2026
|
SEBI Large Corporate framework disclosure [AUDITED]
|
|
Total Shares Outstanding
|
~34.20 Crore
|
Implied from EPS & PAT [AUDITED — derived]
|
6. Competitive Moat & Growth Catalysts
5 Pillars of KPR Mills' Durable Competitive Advantage
1. Vertical Integration — Fibre to finished garment; margin captured at every value-added stage
2. Scale & Cost Efficiency — 3,50,000 spindles, 157M+ garments/year; unmatched cost leverage
3. Global Client Relationships — H&M, M&S, Decathlon signal quality credibility and sticky demand
4. Business Diversification — Sugar + Ethanol + Renewable energy provide counter-cyclical buffers
5. Sustainability Credentials — ZLD, BCI cotton, CMIA REEL yarn, organic FASO brand, 104 MW green energy
Key Growth Catalysts (Validated from audited data & policy sources)
▶ China+1 / Bangladesh+1 Shift: Global brands accelerating India sourcing; KPR audit-ready and certified
▶ Brownfield Garmenting: Expansion to 177M pieces from 157M — Q1 FY26 already +14.4% volume
▶ Ethanol Policy Windfall: EBP 20% blending target; Sugar segment profit +71% in FY26 already visible
▶ Rising Realisations: Q1 garment revenue +20.8% vs volume +14.4% — value growing faster than volume
▶ Institutional Conviction: MF holding +2.89 ppt to 17.73%; 147 FIIs invested as of March 2026
▶ Balance Sheet Strength: D/E 0.04x; NIL outstanding borrowings; CARE AA+ rated; room for inorganic growth
7. ESG & Sustainability Summary
|
Metric
|
Value
|
Source / Notes
|
|
Zero Liquid Discharge
|
100% ZLD compliant
|
All textile processing units [Company]
|
|
Wind Energy
|
92 MW (61 windmills)
|
Captive green power [Company presentation]
|
|
Solar Energy
|
12 MW installed
|
At manufacturing units [Company]
|
|
Green Power Coverage
|
~80% of textile needs
|
Reduces grid dependency significantly [Company]
|
|
CO₂ Emission Reduction
|
~1,75,000 MT/year
|
Annual reduction vs grid power [Company]
|
|
Energy Cost Savings
|
~₹110 Crore/year
|
Direct EBITDA benefit [Company]
|
|
Workforce Composition
|
~90% women
|
Out of ~30,000+ employees [Company]
|
|
Cotton Certification
|
BCI & CMIA REEL
|
Better Cotton Initiative + REEL yarn certified
|
|
Organic Cotton Brand
|
FASO
|
100% organic cotton — innerwear & athleisure D2C
|
|
CARE Credit Rating
|
AA+ / A1+
|
Long-term & short-term [ScanX — CARE Ratings]
|
8. Risk Matrix
|
Risk Factor
|
Severity
|
Mitigation
|
|
Cotton Price Volatility
|
MEDIUM
|
3,50,000-spindle backward integration partially hedges raw material costs
|
|
Standalone Margin Pressure
|
MEDIUM
|
Standalone PAT fell in Q2 FY26 (-37%); consolidated resilience is the key metric to watch
|
|
Global Demand Slowdown
|
MEDIUM-HIGH
|
Diversified clients in 60+ countries across Europe, Americas & Australia reduce concentration
|
|
Bangladesh Competition
|
MEDIUM
|
BCI/organic certifications and audit-ready compliance are structural differentiators
|
|
Promoter Stake Dilution
|
LOW-MEDIUM
|
May 2025 block deal reduced stake 316 bps; still strong at 67.52%; NIL pledging
|
|
Currency Risk
|
LOW-MEDIUM
|
Export-led model benefits from INR depreciation; partial natural hedge built in
|
|
Ethanol Policy Reversal
|
LOW
|
EBP 20% blending has strong national energy security mandate; near-term reversal unlikely
|
|
Valuation Premium Risk
|
MEDIUM
|
P/E ~38x vs industry ~23x requires consistent earnings execution to hold multiple
|
|
Free Cash Flow Decline
|
MEDIUM
|
FCF dropped sharply in FY26 (₹170 Cr vs ₹786 Cr in FY25) due to elevated ₹938 Cr capex
|
9. Market Data Snapshot [June 2026]
|
Metric
|
Value
|
Source / Notes
|
|
Current Market Price (approx.)
|
~₹1,045
|
NSE: KPRMILL [MKT — as of June 2026]
|
|
52-Week Range
|
₹743 – ₹1,389
|
Source: Investing.com [MKT]
|
|
Market Capitalisation
|
~₹39,642 Crore
|
Up ~5.8% YoY [MKT — Screener.in]
|
|
P/E Multiple (approx.)
|
~41.2x
|
CMP ₹1,045 ÷ EPS ₹25.35 [derived from AUDITED EPS]
|
|
P/B Multiple (approx.)
|
~6.3x
|
CMP ₹1,045 ÷ BV ₹166.6 [derived from AUDITED equity]
|
|
Dividend Yield (approx.)
|
~0.48%
|
₹5 DPS ÷ ₹1,045 CMP [derived from AUDITED DPS]
|
|
Payout Ratio (approx.)
|
~19.7%
|
₹5 DPS ÷ ₹25.35 EPS [derived from AUDITED data]
|
|
Enterprise Value (approx.)
|
~₹39,817 Crore
|
Mkt Cap + Net Debt (₹175 Cr) [derived]
|
|
EV / EBITDA (approx.)
|
~28.4x
|
EV ₹39,817 ÷ EBITDA ₹1,401 [derived from AUDITED]
|
Discalimer!
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