Singer India Ltd (505729)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Singer India's revenue was ₹145 Cr (+56.9% year on year, -13.1% on the previous quarter), and net profit ₹3.0 Cr (against a loss a year earlier); the operating margin was 2.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹145 | +56.9% | -13.1% |
| Operating profit | ₹3.6 | from loss | -48.0% |
| Net profit | ₹3.0 | from loss | -49.2% |
| EPS (₹) | 0.48 | from loss | -49.5% |
| Operating margin | 2.5% | — | — |
📢 Recent Corporate Announcements
Singer India reported a strong Q1 with revenue growing 57% YoY to ₹144.55 crore, EBITDA rising 330% to ₹5.5 crore, and PBT expanding 225% to ₹4 crore. The sewing machine segment grew 74% YoY, driven by over 20% growth in ZigZag machines and 55% growth in e-commerce. The company is setting up a new plant in Bhiwadi, Rajasthan, aiming for pilot production in H2 with an initial capacity of 10,000+ units per month. Additionally, management expects to complete the ₹202 crore Kendriya Bhandar order (~33.1% of TTM revenue) by the end of the current quarter.
- Q1 revenue increased 57% YoY to ₹144.55 crore, with EBITDA surging 330% to ₹5.5 crore.
- Sewing machine sales rose 74% YoY, while appliance revenue grew 15% aided by a 61% increase in the fan category.
- Bhiwadi, Rajasthan facility setup is underway with pilot production slated for H2 at 10,000+ units per month.
- Management targets completing the remaining execution of the ₹202 crore Kendriya Bhandar order by Q2.
- Revision of BIS standard IS 15449 took full effect on August 12, restricting competing import NOCs.
Singer India reported a strong turnaround in Q1 FY27, with revenue growing 56.9% YoY to ₹144.6 Cr, primarily driven by a 70% surge in the sewing machine segment. The company achieved a PAT of ₹3.0 Cr, recovering from a loss of ₹2.4 Cr in the same quarter last year. Operational efficiency improved as SGA expenses as a percentage of revenue dropped from 32.5% to 25.0%. While the sewing segment saw robust growth, the appliance segment's profitability was impacted by organizational investments and higher EPR costs despite a 15% revenue increase.
- Revenue increased by 56.9% YoY to ₹144.55 Cr in Q1 FY27
- EBITDA grew by 330% YoY to ₹5.52 Cr, reflecting significant operational leverage
- Sewing machine segment revenue grew by >70% YoY to ₹115.04 Cr
- SGA expenses as a percentage of revenue reduced to 25.0% from 32.5% YoY
- E-commerce channel for sewing machines recorded >55% growth during the quarter
Singer India has confirmed zero deviation in the utilization of funds raised through its December 2025 preferential issue. As of June 30, 2026, the company has utilized Rs 58.42 lakh out of the total Rs 4.49 crore raised. The funds are primarily earmarked for expanding manufacturing facilities and developing tools for sewing machines. This fundraise is relatively small, representing approximately 2.5% of the company's net worth of Rs 178 crore.
- Total funds raised via preferential issue on December 29, 2025, amounted to Rs 4.49 crore.
- Cumulative funds utilized as of the quarter ended June 30, 2026, stand at Rs 58.42 lakh.
- Rs 47.45 lakh has been deployed toward manufacturing facility expansion and tool development.
- Issue expenses were recorded at Rs 10.97 lakh against an original allocation of Rs 12.00 lakh.
- The company reported zero deviation or variation from the objects stated in the original Postal Ballot Notice.
Singer India reported a significant turnaround in Q1 FY27, posting a net profit of ₹3.00 Cr compared to a loss of ₹2.36 Cr in the same quarter last year. Revenue from operations surged 57% YoY to ₹144.55 Cr, primarily driven by the core sewing machine segment. However, the domestic appliances segment remains a drag, reporting an EBIT loss of ₹3.10 Cr on revenue of ₹29.51 Cr. The company is currently utilizing ₹4.37 Cr from a recent preferential allotment for manufacturing expansion, targeted for completion by March 2028.
- Revenue from operations increased 57% YoY to ₹144.55 Cr from ₹92.10 Cr in Q1 FY26.
- Net profit turned positive at ₹3.00 Cr against a loss of ₹2.36 Cr in the previous year's corresponding quarter.
- Sewing machine segment revenue grew to ₹115.04 Cr, contributing a segment profit of ₹12.74 Cr.
- Domestic appliances segment reported a loss of ₹3.10 Cr, widening slightly from a loss of ₹2.36 Cr YoY.
- Preferential allotment proceeds of ₹4.37 Cr (net) are being deployed for manufacturing expansion with a March 2028 deadline.
Singer India reported a significant turnaround in Q1 FY27 (quarter ended June 2026), with revenue growing 57% YoY to ₹144.55 Cr from ₹92.10 Cr. The company posted a net profit of ₹3.00 Cr, recovering from a net loss of ₹2.36 Cr in the same period last year. The core sewing machine segment drove performance with a 73% YoY revenue jump to ₹115.04 Cr and a segment profit of ₹12.74 Cr. However, the domestic appliances segment remains a drag, reporting a loss of ₹3.10 Cr for the quarter.
- Revenue from operations increased 57% YoY to ₹144.55 Cr compared to ₹92.10 Cr in Q1 FY26.
- Net profit turned positive at ₹3.00 Cr vs a loss of ₹2.36 Cr in the year-ago quarter.
- Sewing machine segment revenue grew 73% YoY to ₹115.04 Cr, contributing 79.6% of total revenue.
- Domestic appliances segment reported a loss of ₹3.10 Cr on revenue of ₹29.51 Cr.
- Company is utilizing ₹4.37 Cr (net) from a previous preferential allotment for manufacturing expansion due by March 2028.
Singer India has scheduled an investor conference call for August 13, 2026, at 03:30 PM IST to discuss its financial performance for the quarter ended June 30, 2026. The call will be led by Vice Chairman & MD Rakesh Khanna and CFO Anuj Kumar Vasdev. This follows a fiscal year (FY26) where the company reported revenue of ––557 Cr and a PAT of ––13 Cr. Investors will be looking for updates on the company's strategy to transition from traditional sewing machines to a modern lifestyle brand.
- Conference call scheduled for August 13, 2026, at 03:30 PM IST via Zoom.
- Management representation includes the Vice Chairman & Managing Director and the Chief Financial Officer.
- The call pertains to the un-audited financial results for the quarter ended June 30, 2026.
- Company reported a TTM revenue of ––557 Cr and an operating profit margin of 2.7% leading into this quarter.
Singer India has scheduled an analyst and investor conference call for August 13, 2026, at 3:30 PM IST to discuss its financial results for the quarter ended June 30, 2026. The call will be led by Vice Chairman & MD Rakesh Khanna and CFO Anuj Kumar Vasdev. This follows a fiscal year (FY26) where the company achieved a revenue of ₹557 Cr and a PAT of ₹13 Cr. Investors will be looking for updates on the company's strategic shift toward modern lifestyle products and BLDC fans.
- Conference call scheduled for August 13, 2026, to discuss Q1 FY26-27 results
- Management representation includes the Vice Chairman & Managing Director and the CFO
- Company enters the quarter with a TTM revenue of ₹557 Cr and a market cap of ₹404 Cr
- Previous quarter (Mar 2026) saw a net profit of ₹5.9 Cr on revenue of ₹166.32 Cr
- Call hosted by Emkay Global Financial Services Ltd via Zoom
Singer India has scheduled a board meeting for August 12, 2026, to consider and approve the unaudited financial results for the quarter ended June 30, 2026. This follows a fiscal year (FY26) where the company reported a revenue of ₹557 Cr and a net profit of ₹13 Cr. Investors will be watching for a recovery compared to the same quarter last year (June 2025), which saw a net loss of ₹2.36 Cr. The trading window for designated persons remains closed until August 14, 2026.
- Board meeting scheduled for August 12, 2026, to approve Q1 FY27 results.
- Trading window for insiders remains closed until August 14, 2026.
- Company reported a TTM revenue of ₹557 Cr and TTM PAT of ₹13 Cr.
- Previous year's corresponding quarter (June 2025) recorded a net loss of ₹2.36 Cr.
Singer India reported a strong 29.1% increase in revenue to ₹557.33 crore for FY 2025-26, compared to ₹452.98 crore in the previous year. The company has scheduled its 48th Annual General Meeting (AGM) for August 07, 2026, with the e-voting period starting August 04. A notable improvement in the balance sheet is seen in cash and cash equivalents, which rose to ₹58.67 crore from ₹26.94 crore. The company is emphasizing its 'Made in India' strategy, supported by its Jammu assembly facility and a distribution network of over 6,400 dealers.
- Revenue grew by 29.1% year-on-year to reach ₹557.33 crore in FY 2025-26.
- Cash and cash equivalents significantly increased to ₹58.67 crore from ₹26.94 crore in the previous year.
- Trade receivables decreased to ₹38.59 crore from ₹44.65 crore, suggesting improved collection efficiency.
- Distribution network expanded to 6,400+ dealers and 10,000+ retail touchpoints across India.
- The 48th AGM is scheduled for August 07, 2026, with a record date of July 31, 2026, for voting eligibility.
Singer India has released its FY 2025-26 Annual Report, highlighting a significant 29.1% growth in revenue to ₹557.33 Cr. The company is pivoting towards a 'Made in India' strategy with its Jammu assembly facility and expanding its footprint in the Home Appliances and Fan segments. The 48th Annual General Meeting is scheduled for August 07, 2026, with a shareholder record date of July 31, 2026. Financials show a robust cash position of ₹58.67 Cr, though trade payables have risen to ₹68.99 Cr.
- Revenue grew by 29.1% YoY to reach ₹55,733 Lakhs in FY 2025-26
- Cash and cash equivalents increased significantly to ₹5,866.58 Lakhs from ₹2,693.75 Lakhs YoY
- Distribution network comprises 6,400+ dealers and over 10,000 retail touchpoints across India
- Trade payables rose to ₹6,899.26 Lakhs as of March 31, 2026, compared to ₹5,196.68 Lakhs in the previous year
- The 48th AGM is set for August 07, 2026, with remote e-voting ending on August 06, 2026
Financial Performance
Revenue Growth by Segment
The Sewing Machine Business recorded revenue of INR 319 Cr in FY 2024-25, representing a growth of approximately 3.5% YoY from INR 308.2 Cr. The Home Appliances segment faced challenges with operating losses, leading to a strategy of exiting thin-margin sales channels. Overall revenue for FY 2024-25 was INR 431.7 Cr, up 1.5% YoY.
Geographic Revenue Split
The company maintains a Pan-India presence with a network of 10,000+ retail points and 6,300+ dealers/distributors. While specific regional percentage splits are not disclosed, the company is exploring a new manufacturing facility to cater to both domestic and global demand.
Profitability Margins
Net Profit Margin improved to 1.71% in FY 2024-25 from 1.06% in FY 2023-24, a 61.32% increase. Gross Margin for Q2 FY 2025-26 stood at 38.1%, up from 30.5% in Q2 FY 2024-25, driven by the removal of loss-making SKUs and product portfolio strengthening.
EBITDA Margin
EBITDA for Q2 FY 2025-26 was INR 5.9 Cr, representing a 153.9% YoY increase from INR 2.3 Cr. However, H1 FY 2025-26 EBITDA saw a slight decline of 7.2% YoY to INR 3.5 Cr due to higher operating expenses and investments in R&D.
Capital Expenditure
The company is exploring the establishment of a new manufacturing facility in India to meet domestic and global demand. SVP Worldwide is providing capital to finance this factory and product development, though the specific INR Cr value for the total planned outlay is not disclosed.
Credit Rating & Borrowing
CRISIL downgraded the company's ratings to 'CRISIL BBB-/Stable/CRISIL A3' in November 2024 from 'CRISIL BBB/Negative/CRISIL A3+'. Interest coverage ratio improved to 32.97 in FY 2024-25 from 18.89 in FY 2023-24 due to lower interest costs and higher EBIT.
Operational Drivers
Raw Materials
Specific raw materials include cast iron (for traditional black machines), steel, and plastic components for home appliances. The exact percentage of total cost for each material is not disclosed.
Capacity Expansion
Current manufacturing facility is located in Jammu. The company is actively exploring a new facility in India to cater to global demand and modernize production of sewing machines.
Raw Material Costs
Raw material costs are a significant variable; rising costs are identified as a key risk. The company uses value-engineering and product optimization to mitigate these costs, though specific YoY cost change percentages are not provided.
Manufacturing Efficiency
The company is transitioning from traditional 'black machines' to high-margin Zig-Zag and Industrial machines to improve segment profitability, which declined from INR 37 Cr to INR 34 Cr in the sewing segment due to R&D investments.
Logistics & Distribution
Distribution is handled through 1,800+ dealers/distributors (expanding to 6,300+) and 10,000+ retail points. The company is enhancing its E-commerce presence to optimize distribution costs.
Strategic Growth
Expected Growth Rate
30.4%
Growth Strategy
Growth will be achieved by transforming the brand from traditional sewing machines to a modern lifestyle brand, expanding the E-commerce footprint, launching energy-efficient BLDC fans, and establishing a new manufacturing facility to serve global markets. The company is also focusing on high-margin industrial-grade machines.
Products & Services
Sewing machines (Straight Stitch, Zig-Zag, Industrial, Artisan), Home Appliances (BLDC Fans, CloudX Fans), and after-sales services through 440+ service centers.
Brand Portfolio
Singer, Merritt.
New Products/Services
Launched Zig-Zag machines and CloudX Fans with an e-commerce-first strategy. Introduced Double Sealed Ball Bearing (DSBB) technology in Straight Stitch machines to enhance durability.
Market Expansion
Targeting India's low-penetration market through channel expansion and digital customer engagement. Exploring global market exports via new manufacturing capabilities.
Market Share & Ranking
Singer is a pioneer with a 174-year legacy in the sewing machine industry; specific market share percentage is not disclosed.
Strategic Alliances
Partnership with SVP Worldwide (brand owner of Singer) which is investing capital into Singer India for factory and product development.
External Factors
Industry Trends
The industry is shifting from manual 'black machines' to electric Zig-Zag and industrial-grade machines. The consumer durables sector is seeing intense competition and consolidation, with a growing trend toward energy-efficient appliances like BLDC fans.
Competitive Landscape
Faces intense competition from large consumer durable players and unorganized local manufacturers, leading to thin operating margins in the appliances segment (0.57% in FY24).
Competitive Moat
The moat is built on a 174-year-old brand legacy, a robust distribution network of 10,000+ retail points, and deep customer trust. This is sustainable due to the high replacement cost of establishing such a vast physical service and dealer network.
Macro Economic Sensitivity
Sensitive to government initiatives for women's empowerment and rural employment, which drive demand for sewing machines. Inflation in raw material prices directly impacts operating margins.
Consumer Behavior
Shift toward e-commerce and demand for multi-functional sewing machines (Zig-Zag) for hobbyists and professional garment makers.
Geopolitical Risks
Exposure to cheap imported products is a risk; the company relies on regulatory Quality Control Orders (QCO) to mitigate this.
Regulatory & Governance
Industry Regulations
Adherence to Quality Control Orders (QCO) to restrict low-quality imports. Compliance with SEBI (LODR) Regulations 2015 for corporate governance.
Environmental Compliance
Focus on sustainability through energy-efficient BLDC motor fans and initiatives encouraging garment reuse.
Taxation Policy Impact
Effective tax rate resulted in a PAT of INR 7.39 Cr from a PBT of INR 10.04 Cr in FY 2024-25 (approx. 26.4%).
Legal Contingencies
The auditor's report mentions supplier-related matters in Note 42, but specific INR values for pending litigation or court cases are not detailed in the provided text.
Risk Analysis
Key Uncertainties
The primary uncertainty is the ability to sustain operating margin improvements above 2% amidst intense competition. CRISIL notes that a decline in margins below 2% could impact net cash accruals.
Geographic Concentration Risk
Revenue is primarily domestic (India), with a focus on expanding the dealer network across all states.
Third Party Dependencies
Dependency on a network of 1,800+ dealers and distributors for revenue generation.
Technology Obsolescence Risk
Risk of traditional sewing machines becoming obsolete; mitigated by investing in Zig-Zag and industrial-grade technology.
Credit & Counterparty Risk
Receivables management has improved, with the Debtors Turnover Ratio at 10.82, indicating healthy collection cycles.
