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Himatsingka Seide Q3 FY26: Revenue at ₹637.26 Cr; US Tariffs Cut from 50% to 18%
Himatsingka Seide reported Q3 FY26 consolidated revenue of INR 637.26 crores, down from INR 722 crores YoY due to high US tariff overhangs. A significant positive development is the reduction of US tariffs from 50% to 18%, which is expected to normalize margins starting FY27. The company is strategically diversifying away from US concentration, aiming for the US to contribute less than 50% of revenue within 24 months. Management is also targeting the Indian market to reach INR 400-500 crores in the next two years, supported by new product verticals and EU/UK FTAs.
Key Highlights
Consolidated revenue for Q3 FY26 stood at INR 637.26 crores vs INR 722 crores in the previous year.
US import tariffs reduced from 50% to 18%, providing a major tailwind for FY27 margin recovery.
Net debt as of December 31, 2025, was reported at INR 2,480 crores.
Spinning plant utilization remained high at 99%, while Sheeting and Terry Towel saw a 100-200 bps correction.
Targeting India domestic revenue of INR 400-500 crores in 18-24 months and INR 800-1,000 crores in 4-5 years.
💼 Action for Investors
Investors should monitor the pace of margin normalization in FY27 following the US tariff reduction and the company's progress in reducing debt. The successful scale-up of the domestic India business and non-US exports under new FTAs will be critical for long-term valuation rerating.
Himatsingka Seide Updates Litigations: APTEL Rules in Favor; ₹11.25 Cr Recovery Suit Pending
Himatsingka Seide Limited (HSL) has provided updates on three significant legal matters. The company received a favorable ruling from APTEL regarding power supply rates to the State Grid, granting ₹5.56 per unit plus interest. However, HSL is contesting a ₹3.76 crore subsidy refund order from the Ministry of Textiles in the Karnataka High Court. Additionally, a recovery suit for ₹11.25 crores against Umiya Textiles remains pending in the Commercial Court, Bengaluru.
Key Highlights
APTEL passed a favorable order granting a rate of ₹5.56 per unit plus interest for power supplied to PCKL.
HSL is pursuing a recovery suit of ₹11.25 crores against Umiya Textiles for 3,14,467 tonnes of unconverted cotton fibre.
The company has filed a Writ Petition against a ₹3.76 crore subsidy refund order issued by the Textiles Commissioner.
The Umiya Textiles case is currently at the stage where the defendant must file a written statement.
The PCKL matter has moved to the implementation stage with a detailed letter dispatched for payment obligations.
💼 Action for Investors
Investors should monitor the realization of the power tariff arrears and the final outcome of the ₹3.76 crore subsidy dispute. The ₹11.25 crore recovery suit is a potential positive but may take significant time to resolve through the commercial court.
Himatsingka Seide Q3 PAT Drops 65% YoY to ₹7.62 Cr; Revenue Down 11.8%
Himatsingka Seide reported a weak Q3 FY26 with consolidated PAT falling 65.3% YoY to ₹7.62 crore. Total income declined 11.8% YoY to ₹637.26 crore, primarily due to tariff issues in the US market. EBITDA margins contracted by 79 bps to 19.0%, while capacity utilization in the sheeting and terry towel divisions remained low at 58% and 65% respectively. Despite the downturn, the company is focusing on non-US markets and domestic growth through its brand portfolio.
Key Highlights
Consolidated PAT plummeted 65.3% YoY to ₹7.62 crore in Q3 FY26
Total Income decreased 11.8% YoY to ₹637.26 crore, impacted by US tariff overhang
EBITDA margins contracted to 19.0% from 19.8% in the previous year's quarter
Capacity utilization for Sheeting and Terry Towel divisions stood at 58% and 65% respectively
Other income of ₹25.89 crore was supported by ₹24.51 crore in net foreign exchange gains
💼 Action for Investors
Investors should remain cautious due to the sharp decline in profitability and low capacity utilization in key segments. Monitor the recovery in US demand following the tariff reduction and the company's progress in diversifying into non-US jurisdictions.
Himatsingka Seide Q3 FY26 PAT Drops to ₹7.66 Cr; Re-appoints Grant Thornton as Internal Auditor
Himatsingka Seide Limited reported a consolidated revenue of ₹611.37 crore for Q3 FY26, marking a sequential decline from ₹629.57 crore in Q2 FY26. The company's net profit saw a sharp contraction, falling to ₹7.66 crore from ₹41.99 crore in the previous quarter. Additionally, the Board has approved the re-appointment of Grant Thornton Bharat LLP as the Internal Auditor for FY 2026-27. The results reflect a challenging quarter with compressed margins and high finance costs of ₹75.14 crore.
Key Highlights
Consolidated Revenue from operations decreased to ₹611.37 crore in Q3 FY26 from ₹629.57 crore in Q2 FY26.
Net Profit (PAT) fell significantly to ₹7.66 crore compared to ₹41.99 crore in the previous quarter.
Finance costs remained a major expense at ₹75.14 crore for the quarter ended December 31, 2025.
Basic Earnings Per Share (EPS) declined to ₹0.61 from ₹3.34 on a quarter-on-quarter basis.
Grant Thornton Bharat LLP re-appointed as Internal Auditors for the Financial Year 2026-27.
💼 Action for Investors
The sharp decline in sequential profitability is concerning, likely driven by margin pressure and high interest costs. Investors should exercise caution and wait for clarity on the company's debt reduction plans and global demand recovery.
Himatsingka Seide Q3 PAT Drops 65% YoY to ₹7.66 Cr; Revenue Declines 11.6%
Himatsingka Seide reported a weak set of numbers for Q3 FY26, with consolidated Profit After Tax (PAT) falling sharply to ₹7.66 crore from ₹21.84 crore in the same period last year. Revenue from operations declined 11.6% YoY to ₹611.37 crore, reflecting potential demand headwinds or pricing pressures. On a sequential basis, the performance was significantly lower than Q2 FY26, where the company had reported a PAT of ₹42.00 crore. The board also confirmed the re-appointment of Grant Thornton Bharat LLP as internal auditors for FY 2026-27.
Key Highlights
Consolidated Revenue from operations decreased 11.6% YoY to ₹611.37 crore in Q3 FY26.
Net Profit (PAT) for the quarter plummeted 64.9% YoY to ₹7.66 crore.
Sequential PAT saw a massive drop from ₹42.00 crore in Q2 FY26 to ₹7.66 crore in Q3 FY26.
9M FY26 Revenue stands at ₹1,897.88 crore compared to ₹2,121.29 crore in 9M FY25.
Basic EPS for the quarter declined to ₹0.61 from ₹1.74 in the corresponding quarter of the previous year.
💼 Action for Investors
The significant decline in both YoY and QoQ profitability is a major concern for shareholders. Investors should monitor management's outlook on export demand and margin recovery before considering any fresh positions.
Himatsingka Seide Allots Rs 100 Crore Series B NCDs at 11% Interest
Himatsingka Seide Limited has successfully allotted 1,000 Series 'B' Non-Convertible Debentures (NCDs) on a private placement basis to raise Rs 100 crore. These secured, unlisted instruments carry a coupon rate of 11.00% per annum and have a tenure of up to 39 months. The repayment structure includes a 12-month moratorium followed by 10 quarterly installments, with the final maturity set for March 19, 2029. The debt is secured by a first pari passu charge on the company's fixed assets at its Hassan and Doddaballapur plants.
Key Highlights
Total fundraise of Rs 100 crore through 1,000 NCDs with a face value of Rs 10 lakh each
Coupon rate fixed at 11.00% per annum payable quarterly
Instrument tenure of 39 months with a 12-month repayment moratorium
Secured by fixed assets at Hassan and Doddaballapur plants with a 1.25x book value cover
Repayment to be made in 10 quarterly installments starting after the first year
💼 Action for Investors
Investors should monitor the company's interest coverage ratio as the 11% coupon rate represents a significant cost of debt. While the fundraise provides liquidity, the increasing debt servicing obligations warrant a close look at future cash flows.
HIMATSEIDE approves issuance of 1000 Series B NCDs worth ₹100 Crore
Himatsingka Seide Limited's board has approved the issuance of 1000 Series B Non-Convertible Debentures (NCDs) with a face value of ₹10,00,000 each, aggregating to ₹100,00,00,000 (₹100 Crore). These NCDs are INR denominated, unrated, unlisted, and transferable, and will be issued on a private placement basis. The tenure of the instrument is upto 39 months with a moratorium of 12 months followed by 10 quarterly installments. The coupon interest offered is 11.00% p.a.p.q.
Key Highlights
Issuance of 1000 Series B NCDs
Each NCD has a face value of ₹10,00,000
Aggregate amount of the issue is ₹100,00,00,000 (₹100 Crore)
Coupon interest offered is 11.00% p.a.p.q.
Tenure of the instrument is upto 39 months
💼 Action for Investors
Investors should note the details of the NCD issuance and monitor the company's debt levels and interest coverage ratios. Keep an eye on the utilization of funds raised through this private placement.
Himatsingka Seide Board to Consider NCD Issuance for Debt Refinancing on December 12
Himatsingka Seide Limited has scheduled a board meeting for December 12, 2025, to consider a proposal for raising funds through Non-Convertible Debentures (NCDs). The issuance will be conducted on a private placement basis and is primarily intended for refinancing the company's existing debt. This move suggests a strategic effort to manage interest costs or extend debt maturity profiles. In line with SEBI regulations, the trading window for insiders has been closed with immediate effect.
Key Highlights
Board meeting scheduled for December 12, 2025, to approve fund raising via NCDs.
Proposed NCD issuance will be on a private placement basis.
Primary objective of the fundraise is the refinancing of existing debt obligations.
Trading window for designated persons closed immediately as per SEBI Insider Trading regulations.
💼 Action for Investors
Investors should wait for the board meeting outcome on December 12 to understand the scale of the fundraise and the impact on the company's interest coverage ratio. Successful refinancing at lower rates would be a positive development for the company's bottom line.