Sangam (India) Ltd.

•

sangamgroup.comBSE: 514234NSE: SANGAMIND

Market Cap₹ 2,960 Cr.

Current Price

High / Low₹ 672 / 363

Stock P/E24.5

Book Value₹ 222

Price to Book1.94

Dividend Yield0.34 %

ROCE10.4 %

ROE8.2 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2014 • Textiles: 97.1% • Toll Plaza: 2.9%

AI Sector View

AI GENERATED

Textiles

Hold

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.

Confidence

50%

View full sector analysis →

PROS

Company has delivered good profit growth of 74.0% CAGR over last 5 years
Latest quarter profit grew 821.5% YoY, showing strong momentum
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 5.69x)
Company has delivered good sales growth of 18.7% CAGR over last 5 years
Working capital cycle has improved - days down from 28 to 18
Stock looks reasonably valued - P/E of 24.5 is below its historical median

CONS

Company has a low return on equity of 5.0% over last 3 years
Company has a low return on capital employed of 7.8%
Receivables are growing faster than sales - a possible quality concern
Recurring exceptional / one-off items are inflating headline profit
Equity base is being diluted - shares outstanding up 11.5%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

TextilesTextileTextile

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	PAGEIND	35600.00	52.54	39707.79	1.54	192.81	-3.98	1420.45	7.89	73.60	20.35
2.	KPRMILL	1157.40	43.36	39561.55	0.43	258.54	21.55	1935.52	14.77	20.16	19.37
3.	WELSPUNLIV	198.10	67.41	18715.55	0.05	162.61	82.09	2795.45	23.66	15.04	11.53
4.	VTL	602.40	20.57	17444.11	0.83	314.56	51.46	2703.08	13.31	8.91	18.11
5.	ARVIND	557.55	36.62	15167.63	0.81	57.77	5.61	2500.96	24.65	15.30	9.64
6.	MANYAVAR	547.25	33.00	13296.98	1.42	66.90	37.31	267.95	22.74	33.92	45.53
7.	PGIL	2349.25	34.97	10851.31	0.62	99.23	51.37	1528.26	24.46	22.42	10.72
8.	SWANCORP	289.20	40.55	9065.17	0.05	-35.99	-233.33	1013.75	-16.44	4.50	-0.38
9.	ICIL	433.35	56.88	8582.68	0.35	63.22	67.28	1206.96	25.89	8.73	11.88
10.	GARFIBRES	836.60	38.89	8169.26	1.08	64.60	21.56	482.37	31.35	20.98	18.70
11.	KUSUMGAR	566.15	60.53	5944.09	0.00	426.47	—	2472.47	—	26.15	30.50
12.	SANGAMIND	589.05	24.36	2959.77	0.34	41.02	1825.82	860.35	8.94	10.09	12.25

Detailed Comparison with:

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
	677	629	636	706	697	675	746	725	786	776	762	866	846
	624	586	591	645	635	624	687	672	729	701	681	767	799
Operating Profit	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	2	5	4	5	6	2	-2	13	14	-0	1	-3	8
Interest	14	15	17	22	22	24	22	24	29	28	26	26	29
Depreciation	20	21	25	25	26	26	27	28	34	10	23	23	24
	20	10	5	18	18	2	6	12	5	35	31	46	53
Tax %	28.91%	31.50%	11.13%	29.73%	28.05%	-126.29%	91.83%	24.80%	16.93%	31.80%	21.50%	26.84%	25.92%
Net Profit	14	7	4	13	13	5	1	9	4	24	24	34	39
	3	1	1	3	3	1	0	2	1	5	5	7	1
Equity Capital	50	50	50	50	50	50	50	50	50	50	50	50	50
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
	1,594	1,638	1,874	1,783	1,354	2,438	2,715	2,648	2,843	3,190	3,249
	1,418	1,511	1,711	1,622	1,230	2,130	2,414	2,445	2,620	2,895	2,947
Operating Profit	200	153	171	170	133	315	319	218	244	323	—
OPM %	13	9	9	10	10	13	12	8	9	10	—
Other Income	24	25	9	8	10	7	17	16	21	29	6
Interest	65	63	67	69	49	48	54	68	92	110	110
Depreciation	73	77	80	81	81	70	78	91	107	90	80
	63	13	24	20	3	184	161	53	39	117	165
Tax %	13	-141	36	34	-57	24	17	28	29	26	27
Net Profit	55	30	16	13	5	141	135	38	27	86	121
EPS	14	8	4	3	1	32	28	8	5	17	—
Dividend Payout %	14	13	25	30	81	6	7	26	37	12	—
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	14	8	4	3	1	32	30	8	5	17	—

COMPOUNDED SALES GROWTH

10 Years:: 8%
5 Years:: 19%
3 Years:: 6%

COMPOUNDED PROFIT GROWTH

10 Years:: 1%
5 Years:: 74%
3 Years:: -14%

STOCK PRICE CAGR

10 Years:: 8%
5 Years:: 33%
3 Years:: 18%
1 Year:: 53%

RETURN ON EQUITY

10 Years:: 8%
5 Years:: 11%
3 Years:: 5%
Last Year:: 8%

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	39	39	39	39	43	43	45	50	50	50
	454	476	487	494	516	647	819	935	953	1,026
	320	372	355	359	385	364	434	391	339	463
Trade Payables	102	150	164	115	116	287	224	416	589	694
	514	545	495	440	356	480	590	874	936	1,030
Total Liabilities	1,430	1,583	1,541	1,447	1,417	1,822	2,112	2,667	2,867	3,263
ASSETS	-	-	-	-	-	-	-	-	-	-
	654	699	648	616	590	602	655	919	1,194	1,426
Capital Work in Progress	11	9	10	6	9	71	217	215	170	82
	6	6	6	6	0	8	57	50	119	193
	360	357	354	368	372	528	510	651	559	564
	0	0	0	0	0	0	0	455	500	652
Cash & Bank	5	2	1	14	10	21	28	28	50	65
	394	511	522	438	436	592	646	348	276	281
Total Assets	1,430	1,583	1,541	1,447	1,417	1,822	2,112	2,667	2,867	3,263
Total Debt	708	787	707	648	590	607	808	1,004	1,064	1,221
Net Working Capital	176	175	176	179	200	172	197	283	215	157
Contingent Liabilities	16	24	20	17	15	13	10	120	94	89
Book Value per Share	125.28	130.77	133.64	135.27	128.89	159.04	191.79	196.15	199.68	214.16
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
	147	95	174	183	132	248	193	179	433	249
Cash from Investing	-131	-107	-24	-39	-43	-197	-332	-368	-369	-270
Cash from Financing	-14	8	-151	-132	-93	-41	146	189	-43	37
	2	-4	-1	13	-4	11	7	0	22	16
Free Cash Flow	147	-24	143	139	75	170	-64	-137	115	117
OCF / Net Profit	2.68	3.13	11.14	13.78	24.60	1.76	1.44	4.70	15.78	2.90
Cumulative 5-Year FCF	0	0	0	0	480	503	464	183	160	202

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 (₹)	13.91	7.72	3.96	3.37	1.24	32.46	29.86	7.58	5.47	17.05
Book Value (₹)	125.28	130.77	133.64	135.27	128.89	159.04	191.79	196.15	199.68	214.16
Dividend per Share (₹)	2.00	1.00	1.00	1.00	1.00	2.00	2.00	2.00	2.00	2.00
Cash EPS (₹)	32.32	27.27	24.38	23.92	19.78	48.66	47.22	25.67	26.72	34.94
PROFITABILITY
Operating Margin %	12.28%	9.25%	9.15%	9.52%	9.84%	12.91%	11.75%	7.65%	7.86%	9.22%
Net Margin %	3.36%	1.85%	0.83%	0.75%	0.40%	5.78%	4.95%	1.44%	0.97%	2.69%
ROE %	11.75%	6.03%	3.00%	2.51%	0.98%	22.55%	17.31%	4.12%	2.76%	8.24%
ROCE %	11.15%	6.03%	7.17%	7.36%	4.52%	18.78%	14.25%	6.55%	6.45%	10.39%
	4.03%	2.02%	1.00%	0.89%	0.38%	8.70%	6.84%	1.59%	0.99%	2.80%
EFFICIENCY
Debtor Days	59	65	67	68	81	50	49	56	61	66
Inventory Days	73	79	69	74	100	67	70	80	78	64
Payable Days	38	52	56	55	61	37	26	16	16	23
	94	92	80	87	119	81	93	120	123	108
FINANCIAL HEALTH
Debt to Equity (x)	1.43x	1.53x	1.34x	1.21x	1.05x	0.88x	0.94x	1.02x	1.06x	1.13x
Interest Coverage (x)	1.97x	1.20x	1.37x	1.29x	1.07x	4.86x	4.01x	1.78x	1.42x	2.06x
	1.31x	1.26x	1.26x	1.29x	1.33x	1.19x	1.23x	1.27x	1.19x	1.11x
GROWTH
Revenue Growth %	5.95%	2.76%	14.39%	-4.84%	-24.08%	80.10%	11.39%	-2.48%	7.37%	12.19%
Operating Profit Growth %	-20.08%	-23.84%	12.43%	-0.97%	-21.58%	136.37%	1.34%	-31.57%	11.92%	32.29%
Net Profit Growth %	-28.82%	-44.47%	-48.74%	-14.80%	-59.55%	2519.52%	-4.53%	-71.69%	-27.88%	211.98%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-74.62%	-27.88%	211.97%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	57.86x	79.85x	24.38x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	2.24x	2.19x	1.94x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.46%	0.46%	0.48%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	14.56x	13.13x	10.04x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	70.16	70.16	70.16	70.16	70.16	70.17	70.35	70.52	70.52
	2.65	2.69	2.68	2.68	2.64	2.65	2.46	2.40	2.50
	0.54	0.57	0.57	0.57	0.57	0.57	0.09	0.09	0.09
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	26.65	26.57	26.58	26.58	26.63	26.61	27.10	27.00	26.89

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-31

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-31 - Sangam (India) Limited has informed the Exchange about Schedule of meet

2026-08-18

General Updates

2026-08-18 - Sangam (India) Limited has informed the Exchange about General Updates

2026-08-13

Shareholders meeting

2026-08-13 - Sangam (India) Limited has submitted the Exchange a copy Srutinizers report of Extraordinary General Meeting held on August 12, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-12

Shareholders meeting

2026-08-12 - Sangam (India) Limited has informed the Exchange regarding Proceedings of Extraordinary General Meeting held on August 12, 2026

2026-08-08

Copy of Newspaper Publication

2026-08-08 - Sangam (India) Limited has informed the Exchange about Copy of Newspaper Publication with regards to Notice to Shareholders for Transfer of Equity Shares to the IEPF Authority.

2026-08-08

Copy of Newspaper Publication

2026-08-08 - Sangam (India) Limited has informed the Exchange about Copy of Newspaper Publication with regards to the Second Corrigendum to the Notice of Extra-Ordinary General Meeting.

2026-08-07

Corrigendum

2026-08-07 - Sangam (India) Limited has informed the Exchange regarding the Second Corrigendum to Notice of Extra Ordinary General Meeting to be held on August 12, 2026

2026-08-01

Copy of Newspaper Publication

2026-08-01 - Sangam (India) Limited has informed the Exchange about Copy of Newspaper Publication

2026-07-31

Corrigendum

2026-07-31 - Sangam (India) Limited has informed the Exchange regarding Corrigendum to Notice of Extra Ordinary General Meeting to be held on August 12, 2026

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