About Banswara Syntex Limited
Banswara Syntex Limited (NSE: BANSWRAS) is a prominent Indian publicly-listed textile company with a rich heritage dating back to 1976, when it was founded by Mr. R. L. Toshniwal in Banswara, Rajasthan.
It operates as a vertically integrated textile manufacturer, producing a broad range of products, including yarns, fabrics, and readymade garments. Over the years, the company has expanded its capabilities to serve both domestic and international markets, exporting to more than 50 countries across the US, Europe, the Middle East and Asia.
Banswara Syntex is known for its specialized fiber-dyed yarns and diverse textile offerings, servicing major global fashion brands and meeting technical textile requirements as well. The company emphasizes innovation, sustainability (including captive power generation and moves toward renewable energy), and quality, earning certifications such as ISO 9001 and ISO 14001, and recognition as a Four Star Export House.
Headquartered in Banswara, Rajasthan, with corporate and marketing offices in Mumbai and Delhi, and garment facilities in Surat and Daman, Banswara Syntex continues to be a significant player in India’s textile industry.
Q3 FY26 Financial Highlights
Total income for Q3 FY26 stood at ₹343.3 crore, compared to ₹341.0 crore in Q3 FY25 and ₹347.4 crore in Q2 FY26, reflecting a modest 1% year-on-year growth. EBITDA (including other income and excluding OCI) increased to ₹42.0 crore in Q3 FY26 from ₹36.5 crore in Q3 FY25 and ₹33.6 crore in Q2 FY26, marking a strong 15% YoY growth. Profit After Tax (PAT) improved significantly to ₹13.2 crore in Q3 FY26 compared to ₹10.2 crore in Q3 FY25 and ₹7.0 crore in Q2 FY26, registering a healthy 30% YoY growth.
9M FY26 Financial Highlights
For the nine months ended FY26, total income stood at ₹1,000.4 crore, up from ₹960.9 crore in 9M FY25, reflecting a 4% year-on-year increase. EBITDA for 9M FY26 rose to ₹97.6 crore, compared to ₹85.7 crore in the corresponding period last year, registering a 14% YoY growth. Profit After Tax (PAT) for 9M FY26 stood at ₹18 crore, compared to ₹16.3 crore in 9M FY25, representing a steady improvement over the previous year.
Yarn Division
The Yarn division reported revenue of ₹114 crore in Q3 FY26, supported by steady sales volume of 48 lakh kgs and 81% capacity utilization. Despite muted demand conditions, revenues remained stable due to improved realizations and a higher share of value-added products, reflecting better pricing discipline and an improved product mix.
Fabric Division
The Fabric division recorded revenue of ₹150 crore, with sales volume of 59 lakh meters and 80% capacity utilization during the quarter. Operating performance remained stable, with a stronger focus on wool-blended and stretch fabrics despite global uncertainties and subdued demand. Regional performance was well diversified, as improved traction in the U.S. and Far East offset softness in select international markets, while the U.K. and domestic markets performed broadly in line with expectations.
Garment Division
Garment revenue increased 4% year-on-year to ₹73 crore, with sales volume of 8 lakh pieces and 65% capacity utilization. The division delivered steady performance, with momentum improving throughout the year and strengthening in the final quarter. Jackets and suits saw a notable rise in contribution, accounting for 14% of volumes and 26% of revenue, compared to 7% of volumes and 16% of revenue in Q2 FY26, indicating a favorable shift toward higher-realization products. Going forward, the focus remains on export-led growth supported by strong brand relationships and encouraging customer engagement.
Other Highlights
Q3 witnessed sequential improvement in operating performance, driven by disciplined cost management and a higher contribution from value-added products despite subdued demand. The company continued to strengthen its global presence through deeper engagement with international customers and selective expansion in key markets, improving business visibility for upcoming quarters. Profitability improved during the quarter, supported by product mix optimization and enhanced operational efficiency amid competitive market conditions.
Net Debt
The company’s net debt increased from ₹361 crore in March 2023 to ₹495 crore as of December 2025. Specifically, net debt rose by ₹39.03 crore to ₹495.19 crore as on 31st December 2025, primarily due to ongoing capital expenditure (capex) and higher working capital requirements during the period.
Debt-Equity Ratio
The Debt-Equity ratio remained stable at 0.7x in March 2023 and March 2024, increased to 0.8x in March 2025, and further rose to 0.9x as of December 2025 (9M FY26). The ratio is calculated as Total Debt divided by Total Shareholders’ Funds, with total debt including foreign bill discounting classified under contingent liabilities in the balance sheet.
Indian Domestic Apparel and Textiles Market Outlook
The Indian domestic textiles and apparel market is expected to grow at approximately 10–11% CAGR over FY20–FY26E, reaching around $190 billion by FY26E. After facing significant challenges post COVID-19, including retail slowdown, logistical disruptions, manufacturing shutdowns, and order cancellations, the industry witnessed a steady recovery following the easing of lockdowns.
The recovery trend varied across categories, with weaker demand for occasion and formal wear, while casual wear, loungewear, and innerwear saw stronger demand driven by the work-from-home culture. Growth is supported by rising consumption across apparels, home textiles, and technical textiles, reflecting improving domestic demand and structural industry expansion.
Indian Apparels and Textiles Exports Outlook
Indian textiles and apparel exports are projected to grow at approximately 11% CAGR over FY20–FY26E, reaching about $65 billion by FY26E. Export growth is expected to be driven by improved global demand, supply chain realignments, and India’s strengthening position as a preferred sourcing destination in the global textile value chain.