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Suraj Industries Ltd (526211)

📊 BSE: 526211 🏢 Breweries & Distilleries 📢 Latest filing: 28 Sep 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Suraj Industries' revenue was ₹30.0 Cr (+282.4% year on year, +96.3% on the previous quarter), and net profit ₹4.3 Cr (against a loss a year earlier); the operating margin was 21.9%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹30.0	+282.4%	+96.3%
Operating profit	₹6.6	from loss	+296.7%
Net profit	₹4.3	from loss	from loss
EPS (₹)	1.63	from loss	from loss
Operating margin	21.9%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Suraj Industries to Invest ₹50.06 Lakh to Raise Stake in Associate VRV Foods to 20.41%

🟡 NEUTRAL ⭐ 4/10

M&A 📅 28 Sep 2026, 06:53 PM

Suraj Industries has approved the subscription of 75,850 equity shares in associate entity VRV Foods Limited via preferential allotment at ₹66 per share, totaling ₹50.06 lakh. The transaction marginally increases Suraj Industries' holding in VRV Foods from 20.01% to 20.41%. Target entity VRV Foods holds an estimated 32% market share in Himachal Pradesh's country liquor space and clocked FY26 revenue of ₹128.69 crore with PAT of ₹5.43 crore. Given the small investment amount (under 0.4% of Suraj's ₹140 crore net worth), the immediate financial impact on the company is minor.

Board approved ₹50,06,100 investment to acquire 75,850 equity shares at ₹66 each.
Suraj Industries' equity stake in VRV Foods to increase from 20.01% to 20.41%.
VRV Foods reported FY26 turnover of ₹128.69 crore and PAT of ₹5.43 crore.
VRV Foods holds ~32% market share in Himachal Pradesh country liquor segment.
Transaction to be funded in cash and completed within one month.

💡 Track the completion of allotment within the guided 1-month timeline and watch share of profit from associates in upcoming quarterly results.

Suraj Industries to Invest ₹50.06 Lakh to Raise Stake in Associate VRV Foods to 20.41%

🟡 NEUTRAL ⭐ 4/10

M&A 📅 28 Sep 2026, 06:51 PM

Board approved ₹50,06,100 investment to acquire 75,850 equity shares at ₹66 each.
Suraj Industries' equity stake in VRV Foods to increase from 20.01% to 20.41%.
VRV Foods reported FY26 turnover of ₹128.69 crore and PAT of ₹5.43 crore.
VRV Foods holds ~32% market share in Himachal Pradesh country liquor segment.
Transaction to be funded in cash and completed within one month.

💡 Track the completion of allotment within the guided 1-month timeline and watch share of profit from associates in upcoming quarterly results.

Suraj Industries' Subsidiary Starts ENA Production at Baran Distillery in Rajasthan

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 24 Sep 2026, 10:30 PM

Suraj Industries Ltd announced that its material subsidiary, M/s Carya Chemicals & Fertilizers Private Limited, commenced commercial production of Extra Neutral Alcohol (ENA) on September 23, 2026. The production has started at its grain-based distillery situated in Baran, Rajasthan. This commissioning represents a core operational milestone in the company's broader backward integration strategy, following prior plans for a 125 KLPD ENA capacity. Suraj Industries, which generated TTM revenue of ₹72 Cr, aims to feed its bottling operations and tap local liquor demand.

Commenced Extra Neutral Alcohol (ENA) production on September 23, 2026
Distillery operated by material subsidiary M/s Carya Chemicals & Fertilizers Private Limited
Facility located at RIICO Industrial Area, Shahbad Tehsil, Baran District, Rajasthan
Intimation received by parent company on September 24, 2026 at 7:14 P.M.

💡 Track capacity ramp-up and margin progression in upcoming Q2/Q3 FY27 quarterly results to see how ENA sales and internal integration benefit consolidated revenue.

Suraj Industries Proposes Up to Rs 200 Cr Funding & RPT Limits for Subsidiary Carya Chemicals

🟡 NEUTRAL ⭐ 6/10

BOARD_MEETING 📅 31 Aug 2026, 06:43 PM

Suraj Industries' Board has approved convening its 34th AGM on September 30, 2026, seeking shareholder approval for material related-party transactions (RPTs). The company plans enabling limits for loans, guarantees, or investments in its material subsidiary, Carya Chemicals & Fertilizers, of up to Rs 100 Cr each in FY 2026-27 and FY 2027-28. Additionally, annual operational trade limits of up to Rs 20 Cr with Carya for Extra Neutral Alcohol (ENA) were approved, alongside borrowing and supply arrangements between Carya and associate VRV Foods.

Board approved enabling limits for loans/investments/guarantees in subsidiary Carya Chemicals up to Rs 100 Cr in FY27 and Rs 100 Cr in FY28.
ENA and input trade transactions between the Company and Carya approved up to Rs 20 Cr for FY27 and Rs 20 Cr for FY28.
Borrowing limits for Carya from associate VRV Foods set at up to Rs 15 Cr each for FY27 and FY28.
ENA supply from Carya to VRV Foods approved up to Rs 15 Cr in FY27 and Rs 30 Cr in FY28, subject to shareholder approval on September 30, 2026.

💡 Track the outcome of shareholder voting at the 34th AGM on September 30, 2026, and monitor actual capital deployment and commissioning progress at Carya Chemicals' distillery project.

Subsidiary Carya gets excise license for 125 KLPD ENA distillery; commercial start in Sept 2026

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 27 Aug 2026, 07:07 PM

Suraj Industries Ltd's material subsidiary, Carya Chemicals & Fertilizers Private Limited, has received an excise license from the Excise Commissioner, Rajasthan, to operate its new 125 KLPD grain-based distillery unit in Baran, Rajasthan. The unit is dedicated to manufacturing Extra Neutral Alcohol (ENA), and plant construction is completed. Trial runs will begin shortly, with full commercial operations targeted to start in September 2026. This backward integration represents a major capacity addition for the company relative to its TTM revenue base of Rs 72 Cr.

Material subsidiary Carya Chemicals received Form R.D.1 excise license dated August 25, 2026
Distillery capacity is 125 KL per day (KLPD) grain-based unit for Extra Neutral Alcohol (ENA)
Construction is completed at RIICO Industrial Area, Baran, Rajasthan
Trial runs commencing shortly, with commercial operations scheduled for September 2026

💡 Track the timely commencement of commercial production in September 2026 and monitor volume ramp-up and margin improvements in subsequent quarterly results.

Suraj Industries Clarifies No Undisclosed Material Info Behind Share Price Movement

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Aug 2026, 02:15 PM

Suraj Industries Ltd has responded to a clarification sought by BSE on August 24, 2026, regarding significant movement in the price of its securities. The company stated that there is no undisclosed material information, event, or development that could influence trading activity. Management affirmed that the price movement is purely market-driven and that the company remains fully compliant with SEBI LODR Regulation 30 disclosure requirements.

Response submitted to BSE inquiry reference L/SURV/ONL/PV/SJ/2026-2027/4170 dated August 24, 2026
Company confirmed zero undisclosed material events or developments pending disclosure
Stated that recent stock price movements are purely market-driven
Company recorded 6-month price return of 34.6% with a market capitalization of Rs 185 Cr

💡 Track upcoming quarterly financial results and progress on the commissioning of the 125 KLPD Ethanol and ENA project in Baran.

Suraj Industries Q1FY27 Revenue Up 282% to ₹30 Cr; ₹215 Cr ENA Plant Nears Completion

🟢 POSITIVE ⭐ 9/10

EXPANSION 📅 14 Aug 2026, 02:51 PM

Suraj Industries reported a strong Q1FY27 with revenue reaching ₹30 Cr, a 282% YoY increase, and an EBITDA margin of 22%. The company is transitioning to a fully integrated alco-bev player with its 125 KLPD ENA distillery (₹215 Cr capex) expected to be operational in H1FY27. This plant alone has a revenue potential of ₹250 Cr per annum, which is approximately 3.5x the current TTM revenue of ₹72 Cr. Strategic partnerships with Radico Khaitan and ABD are scaling up, with 13,000 cases sold for Radico in Q1FY27 alone.

Q1FY27 Revenue grew 282% YoY to ₹30 Cr with a PAT of ₹4.3 Cr compared to a loss in the previous year.
₹215 Cr capex for 125 KLPD ENA distillery expected to be commissioned in H1FY27.
New ENA plant has a projected revenue potential of ₹250 Cr per annum, significantly exceeding current TTM revenue.
Sold 13,000 cases for Radico Khaitan in Q1FY27 following a new manufacturing arrangement.
EBITDA margin improved to 22% in Q1FY27 from a negative margin in Q1FY26.

💡 Monitor the commissioning timeline of the 125 KLPD ENA plant in H1FY27 and the volume ramp-up from the Radico Khaitan and ABD partnerships in upcoming quarterly results.

BSE Approves Re-classification of Mr. Rajesh Gupta from Promoter to Public Category

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 07 Aug 2026, 05:55 PM

Suraj Industries has received a No-Objection Letter from BSE dated August 07, 2026, regarding the re-classification of Mr. Rajesh Gupta. He will move from the 'Promoter and Promoter Group' category to the 'Public' category under SEBI Regulation 31A. This follows a series of company disclosures initiated on May 21, 2026. As of June 2026, the total promoter holding stood at 39.59%, and this administrative change will be reflected in future shareholding filings.

BSE granted No-Objection for re-classification on August 07, 2026
Process initiated via initial disclosure on May 21, 2026
Mr. Rajesh Gupta moves to 'Public' category from 'Promoter and Promoter Group'
Current promoter holding as of June 2026 is 39.59%
Company market capitalization stands at Rs 333 Cr

💡 Investors should monitor the next quarterly shareholding pattern to see the revised promoter group composition and ensure no significant stake sale follows the re-classification.

Suraj Industries Q1 PAT at Rs 17.37 Cr Driven by Rs 16.33 Cr Exceptional Gain

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 06 Aug 2026, 07:28 PM

Suraj Industries reported a net profit of Rs 17.37 Cr for Q1 FY27, a sharp turnaround from a loss of Rs 0.31 Cr in the year-ago period. This performance was primarily driven by a non-cash exceptional gain of Rs 16.33 Cr following the reclassification of Shri Gang Industries from an associate to a financial asset. Operationally, revenue from operations declined 17.2% YoY to Rs 8.38 Cr, although the company achieved a profit before exceptional items of Rs 1.35 Cr compared to a loss of Rs 0.42 Cr in Q1 FY26.

Net Profit of Rs 17.37 Cr includes a one-time non-cash exceptional gain of Rs 16.33 Cr from remeasuring investment in an erstwhile associate.
Revenue from operations fell 17.2% YoY to Rs 8.38 Cr from Rs 10.12 Cr in the June 2025 quarter.
Profit before exceptional items and tax improved to Rs 1.35 Cr from a loss of Rs 0.42 Cr in the previous year.
Finance costs increased significantly to Rs 32.99 Lakhs from Rs 2.22 Lakhs YoY, reflecting the company's high debt position of Rs 175 Cr.
M/s Padam Dinesh & Co. re-appointed as Internal Auditor for FY 2026-27.

💡 Investors should look past the one-time accounting gain and focus on the commissioning timeline of the 125 KLPD Ethanol project (Baran project) and the stabilization of core liquor revenues which saw a YoY decline.

Rs 17.37 Cr Q1 PAT for Suraj Industries inflated by Rs 16.33 Cr one-time accounting gain

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 06 Aug 2026, 07:26 PM

Suraj Industries reported a standalone net profit of Rs 17.37 Cr for Q1 FY27, a sharp turnaround from a loss of Rs 0.31 Cr in Q1 FY26. However, this profit is almost entirely attributed to a non-cash exceptional gain of Rs 16.33 Cr following the reclassification of its investment in Shri Gang Industries from an 'associate' to a 'financial asset'. Operationally, revenue from operations declined by 17.2% YoY to Rs 8.38 Cr. The company has discontinued its trading operations to focus solely on the liquor segment.

Net Profit of Rs 17.37 Cr includes a one-time unrealized gain of Rs 16.33 Cr from revaluing an investment.
Revenue from operations fell to Rs 8.38 Cr in Q1 FY27 from Rs 10.12 Cr in Q1 FY26.
Profit before exceptional items and tax improved to Rs 1.35 Cr compared to a loss of Rs 0.42 Cr in the previous year's quarter.
Other income increased significantly to Rs 1.16 Cr from just Rs 0.07 Cr YoY.
Shri Gang Industries & Allied Products Ltd ceased to be an associate on June 6, 2026, due to equity dilution.

💡 Investors should look past the headline profit and monitor the operational scaling of the liquor business and the commissioning timeline of the 125 KLPD Ethanol project.

₹16.34 Cr Exceptional Gain Drives Suraj Industries' Q1 Profit Despite 17% Revenue Drop

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 06 Aug 2026, 07:21 PM

Suraj Industries reported a significant net profit of ₹17.38 cr for Q1 FY27, compared to a loss of ₹0.32 cr in the same quarter last year. This turnaround is primarily due to a non-cash exceptional gain of ₹16.34 cr following the reclassification of Shri Gang Industries from an 'associate' to a 'financial asset' measured at fair value. Operationally, revenue from operations declined 17.2% YoY to ₹8.39 cr. The company continues to focus on its liquor segment after discontinuing trading operations.

Reported a one-time exceptional gain of ₹16.34 cr due to the cessation of Shri Gang Industries as an associate on June 06, 2026
Revenue from operations decreased to ₹8.39 cr from ₹10.13 cr in the year-ago period
Net profit stood at ₹17.38 cr, representing a massive jump from the ₹0.32 cr loss in Q1 FY26
Other Comprehensive Income included an additional unrealized fair value gain of ₹1.15 cr
Finance costs increased significantly to ₹0.33 cr from ₹0.02 cr YoY, reflecting higher debt servicing

💡 Investors should look past the headline profit figure as it is driven by a non-cash accounting revaluation. The key monitorable remains the execution of the ₹405 cr Baran project and the stabilization of core liquor revenues, which saw a decline this quarter.

Suraj Industries Board Meeting on Aug 06, 2026, to Approve Q1 FY27 Results

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 31 Jul 2026, 04:18 PM

Suraj Industries has scheduled a board meeting for August 06, 2026, to review and approve its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The company is coming off a challenging FY26 where it reported a net loss of ₹0.67 crore despite a revenue jump to ₹50.04 crore. Investors will be monitoring these results for signs of margin recovery, as the TTM operating margin stands at 6.0%. The trading window for insiders has been closed since July 01, 2026, in compliance with SEBI regulations.

Board meeting scheduled for August 06, 2026, to approve Q1 FY27 results.
Trading window closed from July 01, 2026, until 48 hours post-result declaration.
Company reported a net loss of ₹0.27 crore in the immediate preceding quarter (March 2026).
Revenue for the previous full year (FY26) stood at ₹50.04 crore.
Ongoing monitoring of the ₹405 crore Baran project investment for Ethanol and ENA capacity.

💡 Watch for the financial results on August 06 to see if the company can reverse its recent trend of marginal losses and provide updates on the commissioning timeline of the 125 KLPD Ethanol capacity.

125 KLPD Distillery Unit Receives Consent to Operate; Trial Runs in 4-6 Weeks

🟢 POSITIVE ⭐ 9/10

EXPANSION 📅 25 Jul 2026, 12:10 PM

Suraj Industries' material subsidiary, Carya Chemicals & Fertilizers, has received the Consent to Operate (CTO) for its 125 KLPD grain-based distillery in Baran, Rajasthan. This project involves a total investment of Rs 405 Cr, which is significantly larger than the company's current TTM revenue of Rs 50 Cr and its market cap of Rs 323 Cr. The unit will focus on manufacturing Extra Neutral Alcohol (ENA), with trial runs expected to commence within 4-6 weeks. This regulatory milestone is a critical step toward operationalizing a project that represents a massive scale-up for the company.

Received Consent to Operate (CTO) for a 125 KLPD grain-based distillery unit in Baran, Rajasthan
Project investment of Rs 405 Cr is approximately 8.1x the company's TTM revenue of Rs 50 Cr
Trial runs for Extra Neutral Alcohol (ENA) production are scheduled to begin within 4-6 weeks
The distillery unit is a key part of the company's backward integration and growth strategy

💡 Monitor the successful completion of trial runs and the announcement of the commercial production date, which will be the next major catalyst for revenue growth.

Suraj Industries Signs Bottling Tie-up with 7,000 Cases/Month Minimum Commitment

🟢 POSITIVE ⭐ 5/10

EXPANSION 📅 16 Jul 2026, 07:24 PM

Suraj Industries has executed a franchise tie-up agreement with Vintage Distillers Ltd for the bottling and packaging of Country Liquor/Rajasthan Made Liquor (RML) in Ajmer, Rajasthan. The agreement, effective from August 1, 2026, to March 31, 2027, guarantees a minimum production of 7,000 cases per month at a rate of ₹80 per case. This contract provides a low-risk revenue stream as the licensor provides all raw and packaging materials. While the guaranteed revenue is relatively small compared to the company's FY26 turnover of ₹23.59 crore, it improves capacity utilization.

Minimum production commitment of 7,000 cases per month assured by the licensor.
Bottling charges fixed at ₹80 per case plus GST on a job work basis.
Agreement duration is approximately 8 months, ending March 31, 2027.
Licensor to provide an interest-free security deposit of ₹10,00,000.
All raw and packaging materials to be provided by the licensor, reducing working capital needs.

💡 Investors should monitor if the actual production exceeds the 7,000-case minimum and watch for potential renewal or expansion of this tie-up in the next fiscal year.

Suraj Industries Signs Bottling Tie-up with 7,000 Cases/Month Minimum Commitment

🟢 POSITIVE ⭐ 5/10

EXPANSION 📅 16 Jul 2026, 07:23 PM

Suraj Industries has executed a franchise agreement with Vintage Distillers Ltd for the bottling and packaging of Country Liquor in Rajasthan. Starting August 1, 2026, the company will earn ₹80 per case on a job-work basis, with a guaranteed minimum volume of 7,000 cases per month. This agreement, valid until March 31, 2027, ensures a minimum revenue of approximately ₹44.8 Lakhs over the 8-month period. The arrangement is low-risk as the licensor provides all raw and packaging materials.

Bottling charges fixed at ₹80 per case plus GST on a job-work basis
Guaranteed minimum production commitment of 7,000 cases per month
Licensor to provide an interest-free security deposit of ₹10,00,000
Contract period runs from August 1, 2026, to March 31, 2027
All raw and packaging materials to be provided by the licensor, Vintage Distillers Ltd

💡 Investors should monitor if actual production exceeds the 7,000-case minimum and watch for a potential contract renewal or extension beyond March 2027.

View All 526211 Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Standalone revenue for the financial year 2024-2025 was INR 32.18 Cr, representing a 37.83% decrease from INR 51.77 Cr in the previous year. The liquor segment, focusing on contract manufacturing for RSGSM, and the textile segment (fabric) are the primary drivers, though standalone operations saw a significant scale reduction due to restructuring.

Geographic Revenue Split

The company primarily operates in Rajasthan (liquor bottling) and Uttar Pradesh (through associates), with textile operations previously in Silvassa. Specific percentage splits by region are not disclosed in available documents.

Profitability Margins

Standalone Net Profit Margin declined to -2.46% in FY2025 from 3.04% in FY2024. Operating Profit Ratio also fell to -1.68% from 6.29% YoY, a 126.7% decline, primarily due to reduced revenue and increased operating expenses.

EBITDA Margin

Operating Profit Ratio was -1.68% in FY2025, down from 6.29% in FY2024. This 126.7% decline reflects insufficient earnings to cover operating costs and interest expenses of INR 0.45 Cr.

Capital Expenditure

The company is undertaking a major expansion through its subsidiary, Carya Chemicals, with a total project cost of INR 405 Cr. This includes INR 50 Cr for a bottling unit (5 million cases), INR 175 Cr for an Ethanol plant (125 KLPD), and INR 180 Cr for an ENA unit (125 KLPD).

Credit Rating & Borrowing

ICRA downgraded the company's ratings to [ICRA]BBB (Stable)/[ICRA]A3+ in January 2025 from [ICRA]A-(Stable)/[ICRA]A2+ due to a sharp decline in scale. The ratings were subsequently withdrawn in July 2025 at the company's request. Finance costs for FY2025 were INR 0.45 Cr, mainly on unsecured and vehicle loans.

⚙️ Operational Drivers

Raw Materials

Key raw materials include Extra Neutral Alcohol (ENA) for the liquor business and crude derivatives (partially oriented yarn, fully drawn yarn) for the textile/fabric business, which account for the bulk of manufacturing costs.

Capacity Expansion

Current bottling capacity at the Ajmer plant is 1.25 lakh cases per month. Planned expansion via Carya Chemicals includes a 10 million case bottling license, 125 KLPD Ethanol capacity (Sept 2024), and 125 KLPD ENA capacity (Dec 2025).

Raw Material Costs

Raw material costs are highly sensitive to commodity inflation. In the textile segment, margins are impacted by fluctuations in crude-linked yarn prices, while liquor margins depend on ENA pricing and state-controlled procurement costs.

Manufacturing Efficiency

Inventory turnover ratio improved to 51.10 days in FY2025 from 75.02 days in FY2024, a 31.88% improvement despite lower turnover, indicating tighter stock management.

📈 Strategic Growth

Growth Strategy

Growth is targeted through the commissioning of the Baran project (INR 405 Cr investment) which adds 125 KLPD of Ethanol and ENA capacity, providing backward integration. The company also aims to increase bottling volumes by acquiring additional RSGSM plants and leveraging its 20.08% stake in Shri Gang Industries for UP market exposure.

Products & Services

Rajasthan Made Liquor (RML), Country Liquor, Ethanol, Extra Neutral Alcohol (ENA), and Fabric (Lycra) manufactured from POY, FDY, and DTY.

Brand Portfolio

RSGSM (bottling partner), Suraj Industries, Carya Chemicals, Shri Gang Industries.

New Products/Services

Expansion into Ethanol and ENA production with expected commissioning in late 2024 and 2025, aimed at capturing government blending mandates and internal supply needs.

Market Expansion

Targeting the Rajasthan liquor market through expanded bottling and the Uttar Pradesh market via associate company Shri Gang Industries.

Strategic Alliances

Partnership with Ayodhya Finlease (JK Group) which holds a 20% stake in SIL and 10% in Carya Chemicals. Long-term relationship with RSGSM for exclusive bottling rights.

🌍 External Factors

Industry Trends

The liquor industry is shifting toward backward integration and ethanol blending (125 KLPD projects). The textile industry remains highly competitive with low product differentiation, forcing a shift toward more stable liquor-based revenue streams.

Competitive Landscape

Intense competition in the textile sector from fragmented players. In liquor, competition is regulated but subject to aggressive state-level bidding and policy shifts.

Competitive Moat

The company's moat is based on its strategic relationship with RSGSM (exclusive wholesale rights in Rajasthan) and its 20% stake in Shri Gang Industries. However, this is vulnerable to state policy changes.

Macro Economic Sensitivity

Highly sensitive to inflationary pressures which led to a 126.7% decline in operating profit ratio in FY2025 due to increased expenses and reduced consumer demand.

Consumer Behavior

Consumption degrowth observed due to inflationary pressures affecting discretionary spending on liquor and textiles.

⚖️ Regulatory & Governance

Industry Regulations

Liquor operations are strictly governed by the Rajasthan State Ganganagar Sugar Mills Limited (RSGSM) and state excise policies. Textile operations are subject to environmental norms for manufacturing units.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the 'Prohibition' risk in Rajasthan, which would halt the core liquor business. Additionally, the 37.83% revenue decline in FY2025 highlights the risk of business restructuring and scale volatility.

Geographic Concentration Risk

High concentration in Rajasthan for the liquor business and Silvassa for textile manufacturing.

Third Party Dependencies

Critical dependency on RSGSM for liquor bottling contracts and Ayodhya Finlease for capital infusion.

Technology Obsolescence Risk

The textile segment faces risks from older knitting machines; the company is addressing this by adding new machines and capacity enhancement from internal accruals.