{"id":183570,"date":"2026-05-20T06:05:12","date_gmt":"2026-05-20T10:05:12","guid":{"rendered":"https:\/\/alphastreet.com\/india\/banswara-syntex-limited-banswras-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-20T06:09:13","modified_gmt":"2026-05-20T10:09:13","slug":"banswara-syntex-limited-banswras-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/banswara-syntex-limited-banswras-q4-2026-earnings-call-transcript\/","title":{"rendered":"Banswara Syntex Limited (BANSWRAS) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Banswara Syntex Limited (NSE: BANSWRAS) Q4 2026 Earnings Call dated May. 20, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Ravindra Kumar Toshniwal<\/strong> \u2014 Vice-Chairman<\/em><\/p>\n

Kavita Gandhi<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Unidentified Participant<\/strong><\/p>\n

Runit Kapoor<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the Q4 and FY26 earnings conference call hosted by Bansuara Syntex Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing STAR and then zero on your touchdown phone. I now hand the conference over to Mr. Ravindra Kumar Toshnival, Vice Chairman from Banswara Syntex Limited.<\/p>\n

Thank you. And over to you sir.<\/p>\n

Ravindra Kumar Toshniwal<\/strong> \u2014 Vice-Chairman<\/em><\/p>\n

Thank you. Hello everyone. Good afternoon everyone. And I welcome you all to our quarter four and FY26 earnings conference call. Along with me, we have on the call our CFO, Ms. Kavita Gandhi and SGA, our investor relations advisors. I hope you all have been able to go through the investor presentation uploaded on the Exchange and our company website. Let me begin by briefly highlighting some of the key developments shaping the industry environment and market dynamics. FY26 was a turbulent year in which Boswada Syntex demonstrated resilience despite a challenging and evolving global operating environment.<\/p>\n

The global textile and apparel industry continued to operate amid geopolitical uncertainties, elevated raw material and energy prices, logistics disruptions and labor availability challenges. The continued conflicts in the Middle east has impacted key shipping routes and global logistics networks, resulting in longer transit timelines, higher freight costs and cargo insurance costs and increased volatility across polyester based raw materials and energy inputs. Despite these near term challenges, demand conditions across our key markets in exports such as the US and Europe remained relatively stable, supported by and we were also supported by very healthy domestic demand trends.<\/p>\n

In response to these environmental challenges, we remain focused on improving our operational efficiencies, optimizing our supply chain, accelerating our production cycle and strengthening our customer relationships across across key markets and customers. We also continue to work proactively on alternative sourcing and logistics strategies to ensure business continuity and improve responsiveness in a volatile environment. Before discussing the business performance, I am very pleased to share that the Board of Directors has again recommended a dividend of 20% on face value, translating into a total payout of 3.42 crores to the shareholders.<\/p>\n

Now coming to the Business division, let’s start with the Yarn division. The business continued to face operational headwinds during this year. A lot was due to the labor shortages which impacted our capacity utilization and production volumes. Our yarn revenue stood at 113 crores in quarter four FY26 as compared to 123 crores in quarter four FY25 a reduction of 12 crores while FY26 revenues stood at rupees 449 crores versus rupees 460 crores in FY25. This reflects a decline of about 2% year on year.<\/p>\n

The sales volume stood at 46 lakh kgs during quarter four FY26 and 194 lakh kgs during FY26. The capacity utilization stood at 78% during quarter four FY26 and 77% for the full year. Lower utilization levels during the quarter were primarily due to the labor shortages particularly in spinning and these challenges have continued to persist during the initial phase of quarter one FY27. We are in May now and the labor shortages still continue to be a challenge in spinning. Now despite lower volumes, realizations did improve during the year by approximately rupees 30 to 35 rupees per kilo.<\/p>\n

This was supported by our high quality product mix and higher contribution from value added products. We have managed to now make Xyro compact spandex yarn dyed styro compact spandex yarn a regular feature from Manswara and this has elevated our value added product mix. The raw material costs and energy costs which increased did exert some pressure on profitability in the yarn business. Now moving to the fabric division, the business delivered a very resilient performance and strong revenues were achieved during FY26.<\/p>\n

Our fabric revenues stood at 154 crores in quarter four FY26 as compared to 145 in quarter four FY25 and the FY26 revenues increased year on year by 5% to a record of rupees 569 crores. In spite of all of the headwinds, our sales volume stood at 62 lakh meters during quarter four and 230 lakh meters during FY26. The capacity utilization remained at a healthy 77% during the quarter. The division witnessed healthy traction in our premium fabrics and wool blended products supported by improving demand trends in the US Market and encouraging domestic market momentum.<\/p>\n

Our brand which is Simone, Federico and Phoebe and our Ciro Collection fabrics continued to witness encouraging acceptance across most key markets and have further strengthened our position as a premium supplier of fabrics. At the same time, exports to the Middle east did remain affected during the quarter due to the prevailing geopolitical situation. We also did face sharp increases in the wool fiber prices, the polyester fiber prices, chemicals, dye subs and the energy cost which have to some extent impacted the margin.<\/p>\n

However, to address these challenges, we improved our operational efficiencies, we strengthened our domestic market penetration and innovation for the domestic market. We maintained ready inventories of fast moving yarns to improve the customer lead times and we leveraged outsourced weaving capacities to minimize bottlenecks in premium product categories. Reducing the lead times for fabric and garment orders remains a key operational priority for our company. To support this objective, we are reevaluating our model of made to order towards a more predictive analytics data driven approach supported by demand forecasting.<\/p>\n

Leveraging our growing data capabilities along with enhanced IT solutions and AI led solutions, we aim to scale our high performing product categories more efficiently, improve the customer responsiveness and offer lower lead times with reliability in never out of stock solutions. We also continue to expand customer additions across Europe and the Far east while aggressively promoting blended fabrics that support both revenue growth and margin improvement. The demand visibility from our US market remains encouraging, we have added new customers and a strong growth potential exists in this market.<\/p>\n

In fact, we are finding ourselves to be more competitive vis a vis China in the spun synthetics segment and this is something which is very encouraging. Garment Revenues in the Garment Division now speaking about the government division, this has emerged as one of our strongest drivers for our growth. The garment revenues increased in the last quarter by 40% to 96 crores and for the entire FY26 the revenues increased by 18% to 324 crores. The sales volumes stood at 11 lakh pieces during quarter four FY26 and 39 lakh pieces during the whole year.<\/p>\n

The last quarter was particularly impressive and there was also more volume in jacketing which was used. The capacity utilization overall in the Garmin business went up to 72% for FY26 compared to maybe 50% or so in FY25. The strong performance is supported by a healthy order book, improved execution and we are hopeful for a strong business momentum towards the final quarter of the new financial year. Recent geopolitical developments and elevated raw material costs have impacted just the near term demand visibility particularly in quarter one FY27 in our garment orders, customers and retail brands continue to remain cautious.<\/p>\n

However, there is still a need for product and the supply chain disruptions have caused temporary pressure. Having said that, we remain optimistic about medium term demand recovery supported by improving order visibility, customer additions, strengthening our relationships with existing customers across our export markets and anticipated benefits once the India UK Free Trade Agreement and the European Free Trade Agreement kicks in. While quarter 1st of may remain relatively subdued, we do expect business momentum to improve progressively in the garment business from the second quarter.<\/p>\n

Now let’s go through the financial performance for the quarter and the full year of the fiscal for FY26 the company reported total income of approximately 1370 crores. The business continued to witness improving contribution from value added segments with fabric and garment divisions contributing 66% of the revenue in FY26 as as compared to 63% in FY25. Our strategic objective remains to further increase our contribution from the fabric and garment business to nearly 70% over the medium term, which we believe will support stronger margin resilience, stickiness to the customers and improve the overall quality of our revenues.<\/p>\n

During FY26 our EBITDA stood at approximately 143.6 or 144 crores with a year on year growth of 22.5% translating into the EBITDA margin of around almost 11%. Despite elevated raw material costs and geopolitical disruptions, the Company achieved a better profitability and this was supported by cost reductions, improved product mix and better fixed cost absorption. The Company also recognized a one time exceptional expense of about 9 crores related to the implementation of the new Labor Code law.<\/p>\n

Even after accounting for this impact, the Company reported a robust pack of 28.4 crores for FY26 which is building a healthy year on year growth of 32.8%. For quarter 4 FY26 the company reported a total income of 369.3 crores with EBITDA increasing 46% year on year to Rs 46 crores supported by improved operational performance and better cost absorption. Pat for the quarter stood at 9.6 crores reflecting a strong strong year on year growth of 87%. We had a really good quarter. 4 the net debt as on 31st March 2026 stood at 483 crores as compared to 456 crores as on 31st March.<\/p>\n

A marginal increase in debt during the year was primarily due to higher working capital requirements and some investments towards machinery modernization that was planned. The overall debt to equity ratio remains comfortable at 0.8 times as on 31st March 2026. The company maintains its focus on portfolio optimization, disciplined execution, leadership in design and innovation and we will strive now to achieve a better capacity utilization by curating and focusing on the winning products and growing those both in the fabric and garment division.<\/p>\n

Looking ahead, we remain optimistic about the company’s growth trajectory and expect revenues between the range of 1450-1500 crores in FY27. This in spite of all of the headwinds. This growth is expected to be led by a continued momentum in the fabric and garment business. We aim to improve the customer engagement and depth with each customer. That is key to us increasing the domestic market penetration, substituting the Chinese products that get imported into the country. As the entire country now faces a foreign exchange crisis, we believe that we will have very good substitutes available to prevent the imports coming and we can offer very good substitutes from India.<\/p>\n

Higher contribution also continues to come from our premium, worsted and stretch fabrics. At the EBITDA level, we expect margins to remain between the range of 10.5 to 11% over the medium term. Near term margins may go down as the raw material costs are being passed on. The geopolitical uncertainties continue for a while and I think this is something we have learned now to live with. While the first half may continue to see some volatility, we always have a better quarter three and quarter four and we expect demand conditions and business momentum to stop, settle and improve.<\/p>\n

We expect a larger growth expected during the second half of the year as compared to the first. Continued focus on being more relevant to the customers with faster lead times, more products which are more in tune with what they are needing and which are import substitutes continues to drive momentum. And at the same time we remain conscious that the challenges will remain and we will face them head on. With that, we open the floor for questions. Thank you everyone.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much. Question and answer session. Anyone who wishes to ask a question may press Star and then one on their touchstone queue. If you wish to remove yourself from the question queue, you may press Star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles again. To register for a question, please press Star and then one. Your first question comes from the line of Akshay Ajmera with Nirzar Security vlp.<\/p>\n

Please go ahead.<\/p>\n

Questions and Answers:<\/h2>\n

Unidentified Participant<\/strong><\/p>\n

Hello. Am I audible? Yeah, go ahead. Akshay. Yes. Hi. Thank you so much for taking my question and congratulations on a very strong performance in this extremely challenging environment. Thank you. Yes, sir. My first question is have we added new clients in our export businesses? We have heard lately names like Walmart, JCPenney and the like. So any update on that? Have we added any new customers in our export business?<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Walmart has been definitely a new addition and we saw the impact of that happening in our quarter four results in the garment division where we achieved 96 crore turnover. Almost about 15 crore turnover increase in that quarter came from Walmart itself. So we expect the momentum with this customer to continue because the possibilities for growing with them are in our small company quite infinite. So we can grow as much as we can so service them. We are seeing this interest from them in particular.<\/p>\n

So other than that, we did have already JCPenney as our customer in fabric business and we had Mango as our customer already in the garment business. We have basically pivoted towards more of the export customers that we had engaged with and are providing them now solutions which go all the way from our yarn to the garment as a vertical mill with faster lead times. And our pivot is away from the domestic market slightly in the garments towards exports. As we found there is really a good latent demand due to the fact that the Chinese products now with the Yuan having become much stronger, are becoming more expensive and the Indian rupee being weak, is allowing us to have a very competitive position.<\/p>\n

So we intend to take full advantage of this.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

That was really helpful, sir. So again, coming back to the same question. How much of that could be, you know, a regular business with, let’s say Walmart and how quickly there, you know, we can get the repeat orders. Any, any ballpark assessment would be really helpful.<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

The engagement is very strong and we are going to continue to maintain it. There is near term challenges in the terms of the fact that they’ve taken in our products and they will try out many of them at retail and whatever works well, they will reorder and we are ready to support at very quick replenishment times. So I am very hopeful that this process is something not just we, but a lot of people in India will now be working towards. And we think that the ecosystem in India now is stronger to be able to support this.<\/p>\n

So I mean, let’s just say that our target to grow in the next year in the garment business is another 20%. And we are also targeting growth in the fabric business next year to the extent of another 20%. So that’s aggressive targets we have set. Let’s see how much we can achieve.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

That is highly encouraging, sir. So are we also in discussion with more such customers like Walmart, JCPenney and we can get. We don’t need<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

That many more actually we are saying that the easiest possibilities for growth is to grow with ones where engagement has already happened and to take more and more business from them. It is indeed this business of a full garment package supply. It is difficult to get a new customer, acquire it and scale it up. It is much easier to already have growth coming from very large customers whom you are already engaged with. And we have at least five or six of these very large ones. Like we have Clio in France, we have Marks and Spencer, whom we have engaged with in the uk.<\/p>\n

So in almost every continent. And even now we have engaged with some of the Japanese. But we are finding it difficult to get the garment package out to them. So<\/p>\n

Unidentified Participant<\/strong><\/p>\n

We<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Are happy with whatever 6 or 7 target big customers in different continents in export and to go deeper in that relationship.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Right. And so finally we have seen, you know, a very good improvement in capacity utilization in our garment division as well. So is that that we have arrived finally and now it will be a sustainable basis, you know, about 70, 75% utilization we would be seeing. Well, we hope<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

That we can add some more capacity which when Surat gets approved, then we will have additional capacity available. So we will use whatever present capacity we have and maybe the utilization won’t go up because the denominator will become bigger. But that’s a good sign. We do want to increase our garment capacity and we do see a long term vision for garment growth to continue.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So any update on this Surat facilities?<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Kavita, do you have any clear indication about when possibly we could get the permission?<\/p>\n

Kavita Gandhi<\/strong><\/p>\n

So timelines, exit timelines, we can’t predict. But the file is in process. And now they are sending the files to the various authorities of Industries Ministry and the Kanla and all that. So we’ll take time. But now file is in progress at a good speed.<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Yeah. And just to let you know, Akshay, we also are considering expansions in the garment business if required. And we may in the middle of the year, in quarter two, quarter three, start upon that. Because it doesn’t take that much investment. So as this momentum builds up, we will not lose the opportunity because we don’t have capacity.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Excellent. Sir, I wish you all the best and I’ll get back in the queue. Thank you so much. Thank<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

You.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Your next question comes from the line of Dhruv from Nirzar Enterprises. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Hello. Thank you so much for the opportunity, sir.<\/p>\n

Operator<\/strong><\/p>\n

Welcome.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So this year in FY26, we invested between 30 and 40 cr in yarn and fabric. However, I noticed that the installed capacity is actually down. Could you just help us understand this?<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Right, so you know that in this business the installed capacity is a function of, in yarn, of the count we spin. And if we go finer in count, even though the installed capacity may go up, the production levels go down. So we have moved our product mix like we said. We have made CSIRO compact yarn and we’ve gone up to a capacity of about 200 tons per month in Ciro compact, which is a low production yarn. So while the investment has been made in upgrading to better quality and better innovative yarns, the production in kilograms may not have gone up.<\/p>\n

And this is also strategic from our point of view because we see that you are going to always have labour shortages in particularly in this month of April, May, June. Labour shortages across the country have become de facto standard. And no matter how much effort you make, somehow you are not able to fulfill these. So we find that there are product mix plans and our looking at the calendar and understanding when labor is available and what yarn counts to run, at what time, we have projected a capacity which is based on a realistic availability of labor and going to finer when the labor is not available, because on finer counts you can manage with less labor.<\/p>\n

So that’s the yarn part. Now the fabric part. We have made investments which also have happened in worsted machines which finish worsted fabric and those are expensive machines, but not necessarily generate more meters. So we’re not concerned that we will be, you know, we are not looking at the bottom line in terms of growth in meters or growth in kilograms, but we are definitely looking at a 20% increase in revenue in fabric and a 20% increase in revenue in garment.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And another one, during last conference we had a guidance of around 15 to 20% growth in garment and fabric division. Are you still confident of achieving this number or. Yes,<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

We have put it into our plan and we have, we are like now we are saying that we’ll go from let’s say 1370 to maybe 1500 crores overall. And this growth which is going to happen is primarily in fabric and garbage and that is working out to almost that much. And this is what we are saying is growth. We feel comfortable in sharing with you all.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

We have factored in the increase in energy cost or raw material prices and any labor shortages, etc. Yeah,<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Yeah, we are making a much more realistic plan now, which is why we have scaled down certain capacities and are projecting the capacity capacities based on our, you know, not on the simple arithmetic calculation of full utilization, but on the actual historical understanding of our, of Our usage with given product mix and given seasonality.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Just one last question, sir. The issue regarding the labor shortage issue, is it a transient phase or has it become more of a structural reset like how should we see this going forward? Any thoughts on improving the efficiency and production through manpower rationalization like automation and other such measures?<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Yeah, we are trying that and we are doing as much as we can on the front. But given the kind of nature of our product nature being a little bit more, let’s say SKUs are too many to do the automation in a really viable way. What we are doing first is identifying the winners we have scaling up the production in those winners and that automatically brings down the labor cost as well as improves the productivity. So it also helps you to manage more with less labor. So we are doing that on that front.<\/p>\n

It is a more strategic call to work. Like you know, not be, not really be. We do have a history of the last four, five years of all of our sales data post Covid when we started really increasing our sales in the garment and fabric business. And based on that we have now new under understanding of moving from made to order to a predictive analytical approach towards our product mix. And this is going to make a shift much more than even any automation can. It will change the way we do our production planning.<\/p>\n

Our sales and operations engagement at holistic level like a composite mill is now much stronger.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you so much.<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Your next question comes from the line of Garvita Jain from seven island pms. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello. Hi, good afternoon sir. I have just one question on the borrowing side. So which seems to be at a very elevated level. I wanted to understand how do you plan to reduce the debt, both the working capital debt and the long term debt.<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Okay, I will let Kavita, our CFO answer this. Please.<\/p>\n

Kavita Gandhi<\/strong><\/p>\n

See we have a plan. This year, the current financial year, what we are talking about there will not be a reduction. You will see a much on that. But from FY28 onwards there you will see a reduction happening in a long time. And working capital is also linked to the growth and the inventory and the data. So it’s a function of performance every year. So we are not really more concerned on the working capital as far as it is within the norm. But yes, the long term will get into the reduction path from FY28.<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Yeah, I mean in a sense the increase in our working capital has been very consciously done to support the customer in terms of whatever ready inventory they expect us to have. So we are just watching the inventory that goes above 90 days or the inventory that goes old. But otherwise we are happy to increase this and increase sales. Because we have seen a direct correlationship between the lead time, availability, ready goods and sales.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So by FY28, if we have to reduce our long term borrowings, how much is our target to reduce it?<\/p>\n

Kavita Gandhi<\/strong><\/p>\n

The same will get reduced over a period. Because it can’t get reduced. Because the loans what we have taken as of five to seven years tenor. So definitely slowly, slowly it will get reduced. Exit numbers and schedule if you want, we can share with you later on.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay,<\/p>\n

Kavita Gandhi<\/strong><\/p>\n

Thank<\/p>\n

Unidentified Participant<\/strong><\/p>\n

You. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Runit Kapoor with Investor Investments. Please go ahead.<\/p>\n

Runit Kapoor<\/strong><\/p>\n

Yeah, so congratulations on the improvement in the margin despite the headwinds persisting in industry. So my first question is, could you quantify the margin segment wise for the year?<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Yeah. So we got an overall ebitda of around 11%. Kavita, can you share what are the. Because when you do the individual segment wise margins, it’s not very accurate because there is a lot of internal transfers that happen, right? Like for example, our Yarn division supplies 33% of its yarn internally to fabric. Our fabric division supplies about 25% of its fabric to the garment division. And these transfer prices is while we try to be at market price is sometimes very defined products which are made exclusively for ourselves.<\/p>\n

So there is really no market price. So I think an overall EBITDA is a good way to look at it. And we are encouraging the company to become more holistic in its view towards getting an overall EBITDA improvement. Rather than trying to optimize each local optima, we are looking at a global optima. But I’ll let Kavita share what number she has.<\/p>\n

Kavita Gandhi<\/strong><\/p>\n

No, absolutely. Raviji, what you have given is right. Because the segmental EBITDA will be a misleading or rather not an accurate one. But it will be in a quite similar range what we have at the company level.<\/p>\n

Runit Kapoor<\/strong><\/p>\n

So. But the garmenting will not have any inter segment transfer. So can what is the EBITDA<\/p>\n

Kavita Gandhi<\/strong><\/p>\n

Will also have? Because the fabric also garmenting use fabric from our own. So if they use fabric from our own, obviously yarn is also from our own. You know, so it has a inter segmental element in that<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Almost 80% of the fabric we use in our garment division is made using our own yarn and our own fabric.<\/p>\n

Runit Kapoor<\/strong><\/p>\n

Okay, so because the question is coming from the last year you had said that your garmenting division is at break even. So I wanted to understand like other margins improved<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Yeah, because see, we were trying to look at it very segmentally at that time and we realized that looking at this segmentally doesn’t help. Like say, for example, I will talk about an engagement with Walmart, right? So Walmart says to us, I’m going to buy 100,000 jackets and I will keep your two lines in jacketing busy. Where we have a capacity utilization which is still not as good as we would like it to be. We could make 70,000 jackets on an average per month. But on an average last year we’ve only done 40 to 50,000 per month.<\/p>\n

And to take this order, they say, okay, this is the price we want on the garment. Now we will accept the order and we will take the profit as a whole and say, okay, if we get a 15% EBITDA as a whole or a 12% EBITDA as a whole, let’s take the business now. How will you bifurcate what portion of it was due to yarn, what portion of it was due to fabric and what transfer prices to make? So this is the challenge.<\/p>\n

Runit Kapoor<\/strong><\/p>\n

Okay. And my next question is regarding this Tescar textile. I think it has seen drastic improvement in profitability. So I wanted to what is the turnover for this for the year? And do you also plan to increase your stake in this segment? Like it’s only 40% stake, right?<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Right. So yes, Tesca has done very well and it’s had its, you know, we got a share of 4 crores in that roughly 10 crore profit that they had because we are 40% owners. So that’s been encouraging. The turnover there was about 100 crores and on 100 crores they earned almost a 10 crore pat. So that was a pretty encouraging year for the automotive part of the business. Now we do not yet plan to increase our stake in it. The partners we have are both French and Korean and they would not like to dilute their stake.<\/p>\n

But we have their support all the time to grow the business. Because the Korean brands are managed to our Korean partners. European brands are managed to the French partners. So it’s very, it’s a good positive moment. We do intend that we increase capacities there so there is demand and we think that the capacity increase that is required, we will add on certain finishing or whatever other capacities they need. So that division has its own momentum for growth in terms of Capex availability.<\/p>\n

Runit Kapoor<\/strong><\/p>\n

Okay. And I want to know like for FY27, what is your Capex? How will it be utilized across the segments?<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Sure. Kavita, over to you. Yeah.<\/p>\n

Kavita Gandhi<\/strong><\/p>\n

The Capex has been planned around 135 to 140 crore and so we will be utilizing this across all the segments. But of course the government being a low capex investment intensive industry, the minimum capex goes over there more it will be going into the yarn and fabric and certain other sustainability investments and the more like zero water discharge kind of a project we are applying for the 132kva line. All that capex will be coming, getting finalized and implemented during the year.<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Infrastructure related CapEx.<\/p>\n

Runit Kapoor<\/strong><\/p>\n

Yeah. So could you just quantify like for garmenting how much are you planning<\/p>\n

Kavita Gandhi<\/strong><\/p>\n

As per the current before expansion? What Raviji explained sometime back it will be in the range of around 3 to 5cr because once we get our capacity free, I mean the SCZ machineries and all that available. So we don’t envisage more investment. Right now with the current infrastructure what we have,<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

The machines are already there. It’s just required training of the workers and that’s the investment we’ll have to make.<\/p>\n

Runit Kapoor<\/strong><\/p>\n

Okay, thank you. That’s it from myself.<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Thanks Ronit.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. A reminder to all the participants, if you wish to register for a question please press star and then one. Now your next question comes from the line of Akshay Satija with Alpha Invesco. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you for the opportunity. So also I wanted to understand the impact of the Middle east situation for us. So what if has it caused the raw material prices to go up? Are these prices pass through able any demand destruction that we are seeing from the situation?<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Yeah, that’s a good question and it’s really relevant at this time. So yeah, I mean look, the whole Middle east scenario has increased raw material costs for polyester because it is based on petrochemical and that is an increase which is almost about 25% on the raw materials front. It has an impact in the yarn prices which we have increased in proportion but not been able to pass on all of it yet. However it is getting absorbed as now there was a more of a challenge in the month of April but now in May people have realized that this war situation is going to be a little bit more long term.<\/p>\n

So they started to pay more. The good part for us has been in terms of the export with the rupee depreciation to the extent of almost 6 to 7%. We have not had to even pass on an increase and we’ve got what we needed in garments or we’ve got what we needed in fabric. So that’s been good in the export front, in the domestic front as well, some increases have been readily accepted because the alternative is China and the Chinese alternative has also become more expensive with the rupee being so weak.<\/p>\n

So we’re not seeing a real resistance to the price increase. And in fact we were encouraging all our people to continue to book the government orders and keep the lines full at even the old prices if you have to.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it sir, got it, got it, got it. Any shipping challenges that we’re facing, I believe we have a good export portion to Middle east, especially Saudi and those countries.<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

So Middle east we did feel an impact. We felt it even in quarter four. In quarter four we had product about 8 or 9 crores which would have added to our top line and, and helped our profitability more. That could not be shipped because customers didn’t accept it in time, you know. And then whenever we are shipping it’s going into the Jebel Ali port and then being trucked into Fujairah and then going inwards. You know, as far as the UAE is concerned, the biggest impact is there. Then we had challenges are there in the whole logistics cost which we hope will ease out soon.<\/p>\n

And we have made in our whole new business plan a reduction in our total sales to the Middle east in fabric and in garment. We’ve anticipated that there’ll be a drop there but we expect it to be more than compensated in the other markets.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it.<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Crores<\/p>\n

Unidentified Participant<\/strong><\/p>\n

To<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

The Middle East.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sorry. So total exposure would be<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

About 100 crores to the Middle East. So we expect maybe about 10, 20 crores reduction could happen<\/p>\n

Unidentified Participant<\/strong><\/p>\n

For 27.<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Yeah, unless things improve really quickly or whatever, you know, new channels are found. But right now it is a bit sluggish. The demand from the Middle East.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it sir, got it. Also, if I use, you’ve already mentioned that you’ve been investing a lot more into new value added products. But if I look at our realizations, I don’t see any material difference at least yet. So I wanted to understand what impact these high value yarns would create on our realizations and also our EBITDA profile.<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

So if you look at some meters that we produced in this current financial year versus the last year, you will see that the meters were less but we’ve actually got more value. The value per meter has increased on an average and particular the worsted sales has become a little bit more. So we are seeing that the entire increase in prices of wool, this has been the biggest challenge in terms of the price increases. Even more than synthetic, the wool prices have increased even more. So we do see that these are going to be absorbed because the Chinese have done it across the board and the market has accepted it that now the old scenario of wool prices doesn’t exist anymore.<\/p>\n

And we think that going forward these prices will continue to be passed on and then you will see the impact more. Right now what has happened is the value added product has been created but we have not been able to pass on all of that margin to the customer. So the difference is not as stark on the bottom line numbers.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it sir. Got it. Please.<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Yeah, that’s it. That’s all I would say.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay now final question. I also wanted to understand. So all the FTAs that have been signed, when can we actually see them materially fall in place and possibly start receiving some inquiries or any update on those lines from uk, US or.<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Yeah, the UK is expected to start I think by September. But you know we are. When it happens, it will happen. And the European Union has said that they will finalize by December end. As what I hear from the councils and the ministers and all of the lobby that is working on it but nobody knows for certain. All we see is that as this momentum towards getting to that deadline of when it gets implemented happens and even before that we are seeing more interest in India as a supply source.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So can we say sir, probably with all these things coming and falling in place in this year we could do our peak 1800 crores revenue target that we had possibly in financial year 28.<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

So I don’t know if it will happen in the next financial year but maybe the financial year after that. We hope we’ll get there because the headwinds still remain quite strong. The ability to pass on is little. You know, so we are happy even if we get 11% EBITDA but we grow 20% for this present financial year because we do not, we don’t do not want to, you know, stifle the growth by jacking up the prices to an extent where the customers shy away.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it sir. Yeah, that’s it from my side. Thank you for the answer, sir.<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Nirpai Mahavar from N Square Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, thanks for the opportunity, sir. I wanted to understand what kind of capacities we are planning in garmenting site.<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Right Nirvaiji. We have, as you know the Surat division that we had in the SEZ had a capacity of about 40 or 50,000 jackets and maybe about 100,000 pants. That capacity already exists in terms of the machines. And as soon as we get permission that will come on. So other than that we are just looking at utilizing what we have already in terms of the garmenting capacity which is not fully used. Like I said, we have 70,000 pieces average capacity available. It can even go up to 80,000 if we really have have some long runs.<\/p>\n

But we are only able to use 40 to 50,000 in jackets per month. So there’s a lot of capacity headway available. It’s about stimulating the right relationship and the right customer engagement which we’re working hard at and I think we’ll get there. The team in the garment division is really working on that.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So in terms of revenues, if we add both the capacity capacities, what kind of revenues we can do optically if demand is not a construct?<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Well, I mean next year what is our projection Kavita that has come from the garment division for next year?<\/p>\n

Kavita Gandhi<\/strong><\/p>\n

Next year we are projecting. The government division is projecting around 18 to 20% growth.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I’m saying let’s say we did 324 crore revenue this year and we are saying our utilization is around 70%. So what is our adding Surat? What would be the revenue capacity of our existing setup?<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Revenue capacity could be even 450 crores but we are targeting that we’ll get to close to 400.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So last two, three years we have done reasonably aggressive capex but then also our revenues are more or less flattish and even if we look at next year we are guiding for only 10% growth which is probably that much will come because of the cost push only if we pass on the cost push. So are we giving very conservative guidance or I mean this is<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Trying to be conservative. We should be because you will hold us to what we say.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, so let’s say when do we see this 2000 crore revenue possible in this company or what time frame for reasonable. I’m not asking for a guidance but I’m saying let’s say that do we have the capacity to do more than 2,000 crore revenue and when do we have. When will our setup will be having that kind of<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Difficult question to answer at this particular time in the global geopolitical scenario. So let’s give this a break until the next quarter and then maybe we can address this better. I’m aware that we have the capacity and we have said in the past that we’ll get to 2000 crores without any significant capex and I maintain that as to the timeline of it, we need now a much more realistic plan given all of the new thinking that has come in and all the constraints that have come in due to the labor as well, you know, because again, in the garment division, labor is also a big constraint.<\/p>\n

And when we ramp up, even though the capex is available, if you do not have a steady supply of orders throughout the year and the labor goes away during a particular period and doesn’t come back for a while, then you lose that momentum. So we are working on strategies to be able to keep that engagement going and retain the labor in a way that allows the potential of the overall turnover to be achieved. So, you know, I think that this is a work in progress and I can’t give you a definite timeline.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So could we give some more detail on the capex of 130 to 150 crore which we are mentioning for next year? What exactly is that capex?<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Absolutely. That I’m sure Kavita will be very happy to share with you in detail. So we can send you an email with all of the details you want and you can feel free to get in touch with Kavita and delve into that deeper. We welcome your input on that.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you. Thank you.<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Thank you,<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Murtaza with Pinpoint X Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi sir. Congratulations on the good set of numbers. I just wanted to understand a bit better on the like they are sharply Rosen in FY26 and we still managed to expand the Rebita margin. So can you like I do understand there’s a pass through. So what kind of a time lag is and how exactly do we secure and where are we exactly sourcing it from? And like would like to understand it a bit better.<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Okay, so most of our wool is coming from Australia and we are buying this wool and then having it converted into tops in India and some of the wool we also buy from China. So these are the two sources. Prices have gone up everywhere and we have been able to pass on some of it in exports very easily only because because of the currency issue as well. And some of it because prices have gone up globally. Customers are accepting that increase, but most all of the increases have not yet been absorbed.<\/p>\n

So we expect that normally it takes at least six months before a customer is even willing to entertain a new price. And sometimes it takes up to one year because as a retailer, retailer, the buyer and the brand who is buying from us fixes the price in the store for the whole season and for the whole year and will not change the price in the middle. So typically we have to wait at least one year before all of the absorption happens.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, okay. Like anywhere from two to four quarters.<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Yep.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And this one I would also like some commentary regarding our D2C brand that 1 mile we were working on. So like what is the current status and what sort of, what sort of allocation has we done and just wanted to understand a bit better and what sort of outlook we have for it.<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Yeah, so that’s very slow at the moment. We are not spending a lot of money in building the brand yet. We’re getting the momentum slowly and steadily. I think that the average sales is now at about 15 lakh per month, no more. So it’s still small. As the sales come up, we will at some point, you know, we want to get it to a level of about a crore a month before we try to raise some funds for this brand separately. And then we will go on a huge push to pull the brand through. Because as you know for brand today you need to spend a lot of money to build the brand.<\/p>\n

This requires much more deeper pockets and we don’t want to fund it out of our existing business alone. So we are waiting to get it up to a point where we can further raise money, money separately for this brand and then really launch it in a big way.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Right. Okay. Thank you very much. All the best for the future. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. As there are no further questions from the participants, I now hand the conference over to Mr. Ravindra Kumar Toshnival for closing comments.<\/p>\n

Ravindra Kumar Toshniwal<\/strong><\/p>\n

Right, thank you everyone. I just want to make some concluding remarks. So in conclusion, I would say that the FY26 was a year where we still had steady progress despite the headwinds in the global environment and all of the geopolitical challenges. And we delivered fairly reasonable performance and are happy with what we are able to achieve. We value our customer engagement and our customers who have been loyal and stayed with us and believe in us. And we look ahead with some short term uncertainties but remain encouraged by the traction we see in the export markets, by the continued momentum in the domestic market and growth of many new brands that have come into India with a strong focus now on looking at holistically at the companies, all three divisions, maximizing the global profit.<\/p>\n

And while we bring about a more curated and more faster accessible product to the customer with the need of the day speed. And we have to be available with products to the customer that can be supported well. So I think the diversity we have is too large and we are trying to bring that diversity into a curated, available, quick, off the shelf range. And we hope in that effort, we will be able to get to where NIRVH is asking us to get to faster. Thank you, everyone.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. On behalf of Panswara Syntex Ltd. That concludes this conference. Thank you everyone for joining us. And you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Banswara Syntex Limited (NSE: BANSWRAS) Q4 2026 Earnings Call dated May. 20, 2026 Corporate Participants: Ravindra Kumar Toshniwal \u2014 Vice-Chairman Kavita Gandhi \u2014 Chief Financial Officer Analysts: Unidentified Participant Runit Kapoor \u2014 Analyst Presentation: Operator […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-183570","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":151451,"url":"https:\/\/alphastreet.com\/india\/banswara-syntex-ltd-q1fy24-49-fall-in-profits\/","url_meta":{"origin":183570,"position":0},"title":"Banswara Syntex Ltd Q1FY24; 49% fall in Profits","author":"Divyansh_Kasana","date":"August 7, 2023","format":false,"excerpt":"Banswara Syntex Limited is engaged in the business of manufacturing synthetic blended yarn, wool and wool mixed yarn, fabrics and readymade garments. Financial Results: Banswara Syntex Ltd reported Revenues for Q1FY24 of \u20b9302.67 Crores down from \u20b9355.48 Crore year on year, a fall of 14.86%. 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L. Toshniwal in Banswara, Rajasthan. 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Revenues declined 0.3% to $3.12 billion. Net profit after minority interest was $558 million while diluted EPS was $0.13. 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Managing Director Kavita Gandhi \u2014 Chief Financial Officer Analysts: Raman KV \u2014 Analyst Karthik Naira \u2014 Analyst Jani Shah \u2014 Analyst Nirbhay \u2014 Analyst Ranit \u2014 Analyst Hitesh Shandhawa \u2014 Analyst\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 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