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Swing Capital

Kitex Garments Ltd

NSE: KITEX BSE: 521248

Kitex Garments Limited was incorporated in 1992 and is promoted by Mr. Sabu M Jacob. The company exports cotton and organic cotton garments especially infant wear to US and European markets[1]

₹154
52W: ₹138 — ₹324
PE 41.8 · Book ₹56.8 · +171% vs book
Market Cap₹3,063 Cr
Stock P/E41.8Price to Earnings
ROCE19.1%Return on Capital
ROE14.8%Return on Equity
Div. Yield0.32%Face Value ₹1

Strengths

  • +Company's working capital requirements have reduced from 169 days to 128 days

Weaknesses

  • −Stock is trading at 2.70 times its book value
  • −The company has delivered a poor sales growth of 5.86% over past five years.
  • −Company has a low return on equity of 9.74% over last 3 years.
  • −Earnings include an other income of Rs.62.9 Cr.
  • −Dividend payout has been low at 12.6% of profits over last 3 years

Shareholding Pattern

Promoters56.66%
FIIs0.88%
DIIs0.13%
Public42.33%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters56.66%56.66%56.66%56.66%56.66%56.66%56.66%56.66%
FIIs0.82%0.74%▼0.11.1%▲0.40.9%▼0.20.93%▲0.01.16%▲0.20.9%▼0.30.88%▼0.0
DIIs0%0%0.4%▲0.40.87%▲0.50.9%▲0.00.34%▼0.60.16%▼0.20.13%▼0.0
Public42.52%42.61%▲0.141.85%▼0.841.58%▼0.341.51%▼0.141.84%▲0.342.28%▲0.442.33%▲0.0

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales134164173190216276300197120164
Expenses114131138149160223252160132151
Operating Profit2033354256544837-1213
OPM %15%20%20%22%26%19%16%19%-10%8%
Net Profit13212630404340261110
EPS ₹0.661.051.31.522.181.991.310.540.52

AI Insights

Revenue Trend

TTM revenue at ₹781Cr, down 20.5% YoY. OPM at 11%.

Debt Position

Borrowings at ₹206Cr. Debt-to-equity ratio: 0.19x. Healthy balance sheet.

Capex Cycle

CWIP at ₹38Cr (39% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 0.13% (+0.13pp change). FIIs: 0.88% (+0.20pp change). Promoters hold 56.66%.

Margin & Efficiency

ROCE declining from 38% (Mar 2014) to 19% (Mar 2025). Working capital days: 128.

Valuation

PE 41.8x with 19.1% ROCE. Price is 171% above book value of ₹56.8. Dividend yield: 0.32%.

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