Pioneer Embroideries Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2024 • Yarn, Embroidery Fabric & Laces: 99.4% • Other Operating Revenue: 0.6%
AI Sector View
AI GENERATEDTextiles
This sector relies on indirect export proxies rather than direct textile production data. Exports of goods rose 15.0% YoY (2026-06), the currency is weak at 95.23 (Sep/26), and export prices are 163.50, all of which can help exporters, though terms of trade at 102.30 are below the prior 114 in the snapshot context. FPI flows are modestly positive at INR 256 crore over 3 months to 2026-08-31, so the stance is mildly constructive but confidence is capped due to proxy reliance.
PROS
- Promoters have been increasing their shareholding - up 3.1pp over 2 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 6.95x)
- Company generates healthy free cash flow
CONS
- A large part of profit comes from other income (863.6% of PBT)
- Recent results are weak - TTM profit is down 105.7% versus prior year
- Company has a low return on equity of 2.0% over last 3 years
- Company has a low return on capital employed of 5.4%
- Interest coverage is weak at 1.1x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| TRIDENT | 24.07 | 31.03 | 12265.97 | 2.08 | 158.09 | 12.95 | 1786.83 | 4.68 | 9.95 | 16.79 |
| SANATHAN | 431.00 | 59.89 | 3637.81 | 0.00 | 23.82 | -41.08 | 1334.74 | 79.08 | 7.09 | 8.10 |
| NITINSPIN | 624.55 | 16.58 | 3511.22 | 0.48 | 75.27 | 83.62 | 875.03 | 10.30 | 12.21 | 17.78 |
| FILATEX | 73.34 | 17.04 | 3256.72 | 0.41 | 48.52 | 19.33 | 1145.30 | 9.14 | 15.90 | 6.85 |
| GHCLTEXTIL | 139.20 | 13.83 | 1330.55 | 0.43 | 39.35 | 191.05 | 408.94 | 52.73 | 6.30 | 16.90 |
| PASHUPATI | 82.99 | 83.70 | 1309.91 | 0.00 | 7.25 | 276.04 | 130.01 | 9.71 | 11.31 | 9.49 |
| NAHARSPING | 294.15 | 14.01 | 1060.86 | 0.34 | 69.88 | 337.83 | 966.10 | 17.92 | 3.37 | 13.16 |
| AMBIKCO | 1633.95 | 11.50 | 935.44 | 2.26 | 257.00 | 1514.32 | 2579.20 | 1243.47 | 11.47 | 15.28 |
| PRECOT | 692.20 | 16.24 | 830.64 | 0.58 | 26.61 | 135.43 | 245.73 | 24.78 | 11.19 | 20.16 |
| SUMEETINDS | 11.33 | 28.58 | 787.15 | 0.00 | 1.14 | -85.69 | 272.36 | 9.61 | 65.12 | 3.11 |
| RAJPALAYAM | 795.65 | 5.93 | 733.61 | 0.06 | 17.55 | -78.38 | 261.28 | 38.56 | 1.84 | 20.71 |
| PIONEEREMB | 21.50 | 0.00 | 66.25 | 0.00 | 0.12 | -89.11 | 96.70 | 12.56 | 4.20 | 4.06 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 73 | 82 | 85 | 94 | 96 | 94 | 96 | 88 | 86 | 83 | 81 | 86 | 97 | |
| 70 | 78 | 79 | 87 | 90 | 87 | 88 | 85 | 83 | 82 | 77 | 81 | 98 | |
| Operating Profit | 4 | 5 | 6 | 7 | 6 | 7 | 8 | 4 | 12 | 1 | 4 | 5 | 4 |
| OPM % | 5.71% | 5.84% | 7.10% | 7.87% | 6.54% | 7.80% | 7.98% | 4.66% | 14.17% | 0.96% | 5.22% | 6.21% | 4.08% |
| Other Income | 0 | 1 | 1 | 2 | 1 | 1 | 1 | 4 | 0 | 0 | 1 | 6 | 2 |
| Interest | 1 | 2 | 3 | 3 | 3 | 3 | 1 | 2 | 3 | 2 | 2 | 3 | 2 |
| Depreciation | 2 | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 3 | 4 |
| 1 | 0 | 0 | 3 | 0 | 1 | 3 | 2 | 1 | -5 | -1 | 6 | 0 | |
| Tax % | 23.36% | 20.69% | 25.00% | 10.92% | 24.14% | 29.29% | 25.68% | 32.08% | 23.94% | 27.17% | 28.57% | 26.71% | 27.66% |
| Net Profit | 1 | 0 | 0 | 3 | 0 | 1 | 2 | 1 | 1 | -4 | -1 | 4 | 0 |
| 0 | 0 | 0 | 1 | 0 | 0 | 1 | 0 | 0 | -1 | -0 | 1 | 0 | |
| Equity Capital | 27 | 27 | 27 | 29 | 29 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 236 | 257 | 274 | 238 | 226 | 292 | 297 | 336 | 375 | 336 | 346 | |
| 219 | 248 | 254 | 219 | 198 | 267 | 284 | 314 | 350 | 322 | 338 | |
| Operating Profit | 19 | 12 | 22 | 21 | 29 | 27 | 15 | 26 | 32 | 20 | — |
| OPM % | 8 | 5 | 8 | 9 | 13 | 9 | 5 | 8 | 8 | 6 | — |
| Other Income | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 4 | 6 | 7 | 8 |
| Interest | 11 | 9 | 8 | 6 | 4 | 3 | 4 | 9 | 10 | 9 | 9 |
| Depreciation | 8 | 9 | 9 | 9 | 8 | 8 | 8 | 13 | 16 | 15 | 15 |
| 0 | -6 | 4 | 8 | 17 | 15 | 12 | 5 | 6 | 1 | -0 | |
| Tax % | 0 | 0 | 0 | 0 | -17 | 28 | 29 | 15 | 28 | 17 | 37 |
| Net Profit | 0 | -6 | 4 | 8 | 20 | 11 | 9 | 4 | 5 | 1 | -0 |
| EPS | 0 | 0 | 0 | 0 | 7 | 4 | 3 | 1 | 1 | 0 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 3 | 7 | 0 | 0 | 0 | 0 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 0 | -2 | 2 | 3 | 7 | 4 | 3 | 1 | 1 | 0 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 3%
- 5 Years:
- 8%
- 3 Years:
- 4%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -28%
- 5 Years:
- -49%
- 3 Years:
- -58%
STOCK PRICE CAGR
- 10 Years:
- -10%
- 5 Years:
- -20%
- 3 Years:
- -26%
- 1 Year:
- -42%
RETURN ON EQUITY
- 10 Years:
- 5%
- 5 Years:
- 4%
- 3 Years:
- 2%
- Last Year:
- 0%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 22 | 24 | 25 | 25 | 27 | 27 | 27 | 29 | 31 | 31 |
| 61 | 54 | 57 | 65 | 88 | 98 | 107 | 120 | 129 | 130 | |
| 17 | 16 | 36 | 23 | 20 | 21 | 34 | 34 | 35 | 45 | |
| Trade Payables | 29 | 30 | 30 | 22 | 21 | 19 | 26 | 31 | 24 | 31 |
| 61 | 63 | 36 | 27 | 21 | 24 | 91 | 110 | 95 | 81 | |
| Total Liabilities | 191 | 187 | 184 | 162 | 176 | 190 | 285 | 324 | 314 | 318 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 99 | 96 | 93 | 85 | 80 | 78 | 75 | 186 | 182 | 159 | |
| Capital Work in Progress | 0 | 3 | 2 | 0 | 0 | 8 | 72 | 0 | 0 | 3 |
| 9 | 9 | 9 | 9 | 9 | 10 | 21 | 21 | 21 | 21 | |
| 39 | 31 | 30 | 34 | 40 | 44 | 50 | 64 | 55 | 59 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 28 | 28 | 23 | |
| Cash & Bank | 1 | 1 | 1 | 1 | 6 | 1 | 9 | 2 | 2 | 1 |
| 42 | 47 | 48 | 32 | 41 | 48 | 57 | 24 | 26 | 52 | |
| Total Assets | 191 | 187 | 184 | 162 | 176 | 190 | 285 | 324 | 314 | 318 |
| Total Debt | 64 | 64 | 56 | 34 | 30 | 26 | 91 | 105 | 87 | 83 |
| Net Working Capital | 3 | 5 | -0 | 8 | 28 | 38 | 31 | 23 | 23 | 34 |
| Contingent Liabilities | 20 | 10 | 4 | 3 | 3 | 2 | 2 | 3 | 3 | 2 |
| Book Value per Share | 38.30 | 32.32 | 32.97 | 36.23 | 43.01 | 47.02 | 50.09 | 50.63 | 51.80 | 52.14 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 25 | 16 | 20 | 26 | 18 | 13 | 10 | 12 | 33 | 19 | |
| Cash from Investing | -20 | -7 | -4 | 3 | -8 | -10 | -65 | -34 | -8 | -3 |
| Cash from Financing | -5 | -9 | -16 | -28 | -5 | -8 | 60 | 16 | -23 | -16 |
| -0 | 0 | -1 | 1 | 5 | -5 | 5 | -6 | 1 | -1 | |
| Free Cash Flow | 25 | 8 | 15 | 26 | 15 | 1 | -58 | -39 | 28 | 19 |
| OCF / Net Profit | 190.12 | -2.72 | 4.72 | 3.10 | 0.92 | 1.21 | 1.18 | 2.97 | 7.21 | 28.72 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 89 | 65 | -1 | -55 | -52 | -49 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 0.06 | -2.43 | 1.66 | 3.32 | 7.40 | 4.16 | 3.27 | 1.32 | 1.48 | 0.21 |
| Book Value (₹) | 38.30 | 32.32 | 32.97 | 36.23 | 43.01 | 47.02 | 50.09 | 50.63 | 51.80 | 52.14 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.25 | 0.30 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 3.86 | 1.11 | 5.16 | 6.81 | 10.47 | 7.19 | 6.46 | 5.57 | 6.56 | 5.02 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 8.04% | 4.61% | 7.89% | 8.81% | 13.03% | 9.08% | 5.16% | 6.67% | 6.75% | 4.07% |
| Net Margin % | 0.06% | -2.23% | 1.51% | 3.48% | 8.70% | 3.78% | 2.93% | 1.16% | 1.22% | 0.20% |
| ROE % | 0.15% | -7.29% | 5.16% | 9.59% | 19.21% | 9.23% | 6.74% | 2.75% | 2.96% | 0.41% |
| ROCE % | 6.53% | 2.48% | 8.43% | 11.01% | 15.87% | 12.46% | 8.47% | 5.77% | 6.35% | 4.10% |
| 0.06% | -3.10% | 2.23% | 4.79% | 11.63% | 6.03% | 3.67% | 1.28% | 1.43% | 0.21% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 36 | 32 | 35 | 33 | 29 | 26 | 28 | 28 | 27 | 28 |
| Inventory Days | 53 | 49 | 41 | 49 | 60 | 52 | 58 | 62 | 58 | 62 |
| Payable Days | 73 | 69 | 68 | 71 | 68 | 45 | 46 | 52 | 44 | 48 |
| 16 | 12 | 8 | 11 | 20 | 33 | 40 | 38 | 41 | 41 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.77x | 0.82x | 0.68x | 0.37x | 0.26x | 0.21x | 0.69x | 0.70x | 0.55x | 0.52x |
| Interest Coverage (x) | 1.01x | 0.38x | 1.54x | 2.35x | 4.76x | 5.76x | 4.39x | 1.49x | 1.66x | 1.08x |
| 1.05x | 1.07x | 1.00x | 1.15x | 1.56x | 1.78x | 1.45x | 1.25x | 1.27x | 1.35x | |
| GROWTH | ||||||||||
| Revenue Growth % | -7.71% | 9.20% | 6.41% | -13.20% | -4.93% | 29.30% | 1.53% | 13.33% | 11.56% | -10.43% |
| Operating Profit Growth % | -58.09% | -36.19% | 78.77% | -3.16% | 40.63% | -9.89% | -42.29% | 72.33% | 19.81% | -35.21% |
| Net Profit Growth % | -99.20% | -4561.13% | 170.58% | 100.40% | 137.53% | -43.80% | -21.23% | -55.40% | 17.54% | -85.64% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -59.76% | 12.43% | -85.64% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 29.09x | 24.71x | 93.79x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.76x | 0.71x | 0.38x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 8.19x | 6.27x | 6.99x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-20 - Details regarding voting results Pursuant to Regulation 44(3) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Scrutinizers Report.
2026-08-20 - PROCEEDING OF THE 34th ANNUAL GENERAL MEETING HELD ON 20TH AUGUST, 2026
2026-08-17 - Pioneer Embroideries Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-14 - Pioneer Embroideries Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-30 - Pioneer Embroideries Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-25 - Pioneer Embroideries Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-16 - Pioneer Embroideries Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-07-10 - Compliance certificate for the quarter ended 30th June, 2026
2026-06-30 - Pioneer Embroideries Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
News
Recent coverage and analyst commentary for PIONEEREMB
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