Ginni Filaments Limited

Consumer Cyclical — Textile Manufacturing · NSE

₹40.14−₹1.21 (−2.93%)

DalalBaazaar Score

68 / 100

🟢 Good

Verdict

REASONABLE

Risk

Low

Driven by micro-cap size, which brings thin liquidity, falling profits.

In simple words: Strong business and financial position, though profits are falling even as sales grow. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:10 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of Ginni Filaments Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Ginni Filaments Limited manufactures and sells textile products in India and internationally. The company offers non-woven fabrics comprising viscose-polyester blends, polyester, viscose, and cotton enriched blends that are used in personal care, hygiene, and medical industries.

IndustryTextile Manufacturing

SectorConsumer Cyclical

Employees406

Annual revenue₹364 Cr

How does it make money?

Turns over ₹364 Cr a year. Of every ₹100 of sales, about ₹10 reaches shareholders as profit, with ₹19 left at the operating level before interest, tax and depreciation. Each of its 406 employees supports ₹89.7 lakh of revenue a year, the signature of a people-led business.

EBITDA margin18.7%

Net margin10.2%

Revenue / employee₹89.7 lakh

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

MARUTI SUZUKI INDIA LTD.P/E 25.2x · ROE 13.4%

TITAN COMPANY LIMITEDP/E 68.5x · ROE 36.7%

TRENT LTDP/E 87.2x · ROE 25.9%

AVENUE SUPERMARTS LIMITEDP/E 69.9x · ROE 12.7%

What is its competitive advantage?Some evidence

ROCE of 19.7% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

ROCE19.7%

ROE15.7%

Peer median ROE25.9%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +0% while net margin moved -358% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+0%

Margin effect-358%

DalalBaazaar Score

68/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Revenue CAGR of only 0.1% — barely ahead of inflation
✗ Profit fell 14.5% in the latest year

Quality vs. Valuation

Company Quality

68/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

88/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

9.7x

1.3Y Median

84.6x

16 monthly readings · mean 67.6x · range 9.3x–102.3x

Sector Median

69.2x

median of 4 sector peers

🟢Current valuation is approximately 88% below its 1.3y median of 84.6x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 86% below the peer median of 69.2x.

vs. its own history

Cheap

84.6x median over 16 months · -88%

vs. sector peers

Cheap

69.2x median of 4 peers · -86%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

9.7x

P/B

1.45x

EV/EBITDA

5.7x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well6

Margins are improving
EBITDA margin is up from 14.4% to 18.7% over 3 years.
Debt is being paid down
Total debt is down 84% over 3 years.
Return on equity is rising
ROE has improved from -5.1% to 15.7%.
Return on capital is rising
ROCE has improved from 6.0% to 19.7%.
Valuation below its historical average
At 9.7x the stock trades 88% below its own median of 84.6x.
Very low debt
Debt/Equity of 0.17x leaves the balance sheet with plenty of headroom.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 19.7% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 14.4% to 18.7%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 84% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Priced below its own history
The stock trades 88% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 86% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

Growth barely outpaces inflation
Revenue compounding at 0.1% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 17%✓ 18.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Revenue growth stays above 4% a year✗ 0.1% CAGR
Latest reported year was 1.3%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
3Free cash flow remains positive✓ ₹53 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.6x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 17%✓ 19.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

8 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

7 good · 3 neutral · 1 weak

Market Cap

₹344 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

9.7x

Cheap

Cheap against the generic band

P/B Ratio

1.45x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹4.12

Profitable

Profitable on a per-share basis

ROE

15.7%

Strong

Strong capital efficiency

ROCE

19.7%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.17x

Low

Conservative leverage

Revenue Growth (YoY)

1.3%

Modest

Modest growth

Profit Growth (YoY)

-14.5%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹53 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹40.14

Operating Margin

12.7%

Average

Average margins

Net Margin

9.6%

Average

Average bottom-line conversion

Current Ratio

2.69

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.52

Defensive

Steadier than the market

52W Range Position

33%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

41.2 / 42.8

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

38.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹364 Cr	₹344 Cr	₹296 Cr	₹364 Cr	+0.1%
EBITDA	₹52 Cr	₹34 Cr	₹39 Cr	₹68 Cr	+9.1%
EBITDA Margin	14.4%	10.0%	13.1%	18.7%	—
PAT (Net Profit)	-₹14 Cr	-₹84 Cr	₹4 Cr	₹37 Cr	—
EPS	₹-1.67	₹-9.87	₹0.49	₹4.32	—
ROE	-5.1%	-43.4%	2.1%	15.7%	—
ROCE	6.0%	-8.6%	9.6%	19.7%	—
Total Debt	₹256 Cr	₹78 Cr	₹74 Cr	₹41 Cr	-45.7%
Free Cash Flow	₹94 Cr	₹14 Cr	₹6 Cr	₹53 Cr	-17.6%

🟡 Revenue has been broadly flat over 3 years (0.1% a year).

🟢 EBITDA has grown at 9.1% a year over 3 years.

🟢 EBITDA Margin has risen from 14.4% to 18.7% over 3 years (+4.3 pts).

🟢 PAT (Net Profit) has turned positive, from -₹14 Cr to ₹37 Cr.

🟢 EPS has turned positive, from ₹-1.67 to ₹4.32.

🟢 ROE has risen from -5.1% to 15.7% over 3 years (+20.9 pts).

🟢 ROCE has risen from 6.0% to 19.7% over 3 years (+13.7 pts).

🟢 Total Debt has shrunk at 45.7% a year over 3 years.

🔴 Free Cash Flow has shrunk at 17.6% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹329 Cr

Total Liabilities

₹93 Cr

Total Debt

₹41 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹61 Cr

Capex

-₹9 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

71.5%

Corporate Actions

Ex-Dividend Date

21 Mar 2007

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

2 mixed4 general

Should You Be Adding Ginni Filaments (NSE:GINNIFILA) To Your Watchlist Today?

Simply Wall Street, 25 Jun

Ginni Filaments Ltd. Lower Circuit Today: Price, Data and Peers

Univest, 28 Sept

Ginni Filaments Board Approves ₹132 Crore Multi-Segment Capacity Expansion

scanx.trade, 06 MayCapacity

🟡Mixed / dependsCapacity additions can raise revenue over two to three years, but the capital spend usually pressures free cash flow first. Worth checking whether the capex is funded from operations or from borrowing.

Ginni Filaments Ltd. Upper Circuit Today: Price, Data and Peers

Univest, 23 Sept

Ginni Filaments Publishes FY26 Audited Results; Re-appoints AW & Co. as Internal Auditor

scanx.trade, 07 MayResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Ginni Filaments vs Nifty 50: Share Price Performance Compared

Univest, 25 Sept

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟢Business QualityStrong14.5/20

🟢Financial HealthStrong17.6/20

🔴GrowthWeak7.6/20

🟢ProfitabilityStrong10.9/15

🟢ValuationAttractive13.2/15

🔴RiskHigh4.4/10

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last.

This thesis breaks if

✓EBITDA margin holds above 17%18.7%
✗Revenue growth stays above 4% a year0.1% CAGR
✓Free cash flow remains positive₹53 Cr
✓Debt / EBITDA stays below 2x0.6x
✓ROCE stays above 17%19.7%