Buy

Textile companies are focusing on diversification as risk mitigating strategy with focus on diversifying the production base in other countries and improve the regional mix and not to depend on single country/region in the near future....

Textile companies are focusing on diversification as risk mitigating strategy with focus on diversifying the production base in other countries and improve the regional mix and not to depend on single country/region in the near future....

Textile companies are focusing on diversification as risk mitigating strategy with focus on diversifying the production base in other countries and improve the regional mix and not to depend on single country/region in the near future....

Strong Q1 FY26 Performance and Positive Outlook: Company delivered a strong Q1 FY26, posting 17% YoY revenue growth driven by robust performance in textiles and apparel. EBITDA rose 29% YoY, supported by premiumization and operating leverage, despite garmenting being impacted by US tariffs.

ICIL 2.0 scaling the core + expanding brands + entering utility segment: ICIL 2.0 emphasises on strengthening the core, expand into high margin segments such as utility/fashion bedding and expand the branded product portfolio to build a sustainable business model in long run. Over the past 1215 months, it has invested significantly in value enhancement projects from acquisitions and capacity expansion to brand building and talent development, laying a solid foundation for its next phase of growth. The company expects the branded portfolio to add US$100mn and utility...

Quarterly Update Q1FY26

Raymond Lifestyle (RLL) posted a 17% YoY revenue growth (5% beat), albeit on a low base. Growth was led by textile & apparel, though garmenting faced headwinds due to uncertainty around the US tariffs.

We maintain our BUY rating on the stock, considering the attractive valuations and long-term growth prospects.

Initiating Coverage Report

We Initiate Coverage on T.T. Ltd with “BUY” rating and a target price of 18.75 valuing it at a PE multiple of 28.88x of FY26E EPS of Rs. 0.65.

We recommend a BUY rating on the stock with a TP of Rs 490/share, implying an upside of 11% from the CMP

KPR’s Q4FY25 performance was soft and missed estimates on all fronts. Consolidated revenue grew by 4.3% y-o-y to Rs. 1,769 crore, versus our expectation of Rs. 1,877 crore.

We maintain our BUY rating on the stock with an upside potential of 16% from the CMP.

GKEL’s Q4FY25 LFL performance was strong with revenue (including other income) growing by 17% y-o-y to Rs. 706 crore and EBITDA margin expanding by 76 bps y-o-y to 14.4%.

Traction in overall performance; expect re-rating

Volumes gain momentum; margin improves

KPR Mills’ (KPR) Q3FY25 performance was impacted by a sharp decline in the profitability of the sugar business, which dragged overall margins, while strong revenue growth was driven by doubledigit growth in both textile and sugar businesses.

Mayur’s Q3 revenue surged 17% y/y to Rs2.1bn. The greater share of value-added products and a ramp-up in the B2C business helped the gross margin expand 305bps y/y to 46.9%.