AYM Syntex Limited (AYMSYNTEX)
₹272.25 +0.35% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, AYM Syntex's revenue was ₹351 Cr (+7.5% year on year, -4.0% on the previous quarter), and net profit ₹8.7 Cr (against a loss a year earlier); the operating margin was 9.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹351 | +7.5% | -4.0% |
| Operating profit | ₹31.4 | +88.5% | -5.6% |
| Net profit | ₹8.7 | from loss | -4.0% |
| EPS (₹) | 1.48 | from loss | -3.9% |
| Operating margin | 9.0% | — | — |
AYMSYNTEX delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 51.23% of the AYMSYNTEX shares traded on NSE were taken to delivery, against the stock's own 20-session average of 61.07%. That is lower than usual for this stock. Turnover was only ₹59 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 57.6% · 46.7% · 71.5% · 59.4% · 51.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
AYM Syntex Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on October 3, 2026, confirms the processing and mutilation of dematerialisation requests. The filing is a standard quarterly administrative requirement with zero financial or operational impact.
- Regulation 74(5) demat compliance certificate submitted for the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited (formerly Link Intime India Private Limited)
- RTA confirmation certificate dated October 3, 2026, and submitted to exchanges on October 9, 2026
- Confirms securities received for dematerialisation were confirmed/rejected and mutilated within prescribed timelines
AYM Syntex received a Show Cause Notice under Section 73(1) of the CGST/MGST Act, 2017 from the Deputy Commissioner of State Tax, Thane Audit on September 30, 2026. The notice proposes a total demand of ₹2,31,85,885 (₹2.32 crore) for FY 2022-23, comprising tax of ₹1.17 crore, interest of ₹1.00 crore, and penalty of ₹0.15 crore. The objections relate to delayed payment interest, ineligible ITC, and RCM discrepancies. Against TTM PAT of ₹19 crore and annual FY26 PAT of ₹6.55 crore, the proposed exposure represents ~12.2% and ~35.4% respectively, though the company plans to contest it legally.
- Total proposed claim amount is ₹2,31,85,885 under Section 73(1) of the CGST/MGST Act, 2017 for FY 2022-23
- Claim consists of tax recovery of ₹1,16,66,378, interest of ₹1,00,25,137, and penalty of ₹14,94,370
- Notice received from Deputy Commissioner of State Tax, Thane Audit on September 30, 2026
- Issues cited include ineligible ITC, disallowance of credit notes, RCM on import of services, and delayed payment interest
AYM Syntex Limited held its 43rd Annual General Meeting on September 28, 2026, via Video Conferencing. Shareholders transacted both ordinary and special business, including the adoption of FY26 audited standalone and consolidated financial statements. The reappointment of Director Rajesh Mandawewala (retiring by rotation) and remuneration proposals for the Cost Auditor and Independent Director James Robert McCallum were placed for approval. All resolutions were transacted with the required majority subject to final scrutinizer voting results.
- 43rd Annual General Meeting conducted on September 28, 2026, commencing at 12:30 p.m. IST
- Adoption of audited standalone and consolidated financial statements for the financial year ended March 31, 2026
- Re-appointment of Director Rajesh Mandawewala (DIN: 00007179) who retired by rotation
- Ratification of Cost Auditor remuneration for FY 2026-27 and approval of remuneration for Independent Director James Robert McCallum
AYM Syntex Limited has responded to an NSE surveillance query (Ref: NSE/CM/Surveillance/17480) dated September 4, 2026, regarding recent movement in its share price. The company confirmed that all material information and price-sensitive events have been duly disclosed under Regulation 30 of SEBI LODR Regulations. It clarified that there is no undisclosed information pending and that recent share price movements are purely market-driven.
- Responded to NSE surveillance query letter No. NSE/CM/Surveillance/17480 dated September 4, 2026.
- Confirmed full compliance with disclosure requirements under SEBI LODR Regulation 30.
- Stated there is no pending undisclosed price-sensitive information or material event.
- Clarified that recent share price volatility across exchanges is purely market-driven.
AYM Syntex Limited has issued the notice for its 43rd Annual General Meeting (AGM) scheduled for September 28, 2026, alongside its FY26 Annual Report. Key agenda items include the adoption of FY26 standalone and consolidated financial statements, re-appointment of director Rajesh Mandawewala, and cost auditor remuneration of ₹1,65,000 for FY27. Special business also includes approving remuneration of up to USD 20,000 for Non-Executive Independent Director James Robert McCallum for FY27.
- 43rd Annual General Meeting scheduled for Monday, September 28, 2026 at 12:30 p.m. IST via Video Conferencing.
- Proposed remuneration of ₹1,65,000 plus applicable taxes for Cost Auditor M/s. Kiran J. Mehta & Co. for FY27.
- Special resolution to approve annual remuneration up to USD 20,000 for Non-Executive Independent Director James Robert McCallum.
- Issued and fully paid-up equity share capital stood at ₹58.61 cr (5,86,14,101 equity shares of ₹10 each) as of March 31, 2026.
AYM Syntex has issued the notice for its 43rd Annual General Meeting (AGM), scheduled to be held virtually on September 28, 2026. The key agenda includes the adoption of FY26 standalone and consolidated financial statements and the re-appointment of director Mr. Rajesh Mandawewala. Special business items include ratifying cost auditor remuneration of Rs 1.65 lakh and approving annual remuneration up to USD 20,000 for Non-Executive Independent Director Mr. James Robert McCallum.
- 43rd Annual General Meeting scheduled for September 28, 2026, via Video Conferencing
- Approval sought for FY27 remuneration up to USD 20,000 for Independent Director Mr. James Robert McCallum
- Ratification of FY27 Cost Auditor remuneration set at Rs 1,65,000 plus taxes
- Re-appointment of director Mr. Rajesh Mandawewala who retires by rotation
AYM Syntex Limited has responded to a surveillance query from the National Stock Exchange of India dated August 31, 2026, regarding a significant increase in trading volume. The company confirmed that it is fully compliant with Regulation 30 of SEBI LODR Regulations and has disclosed all material price-sensitive information on time. Management stated that no undisclosed events or information exist that could impact share price or volume behavior, clarifying that the surge is purely market driven.
- Responded to NSE surveillance query letter No. NSE/CM/Surveillance/17443 dated August 31, 2026.
- Confirmed compliance with disclosure norms under Regulation 30 of SEBI LODR Regulations 2015.
- Clarified that there is no undisclosed material event affecting share price or volume.
- Stated that the recent significant volume increase across exchanges is purely market driven.
AYM Syntex Limited informed stock exchanges that operations at certain manufacturing facilities and warehouses have been temporarily disrupted due to incessant rainfall and severe waterlogging. The company is currently assessing the extent of damage to assets, inventory, and overall production output. Management confirmed that the company maintains adequate insurance coverage to mitigate property and inventory losses. With TTM revenue standing at ₹1,390 Cr, the financial magnitude of the disruption will depend on downtime duration.
- Operations at certain manufacturing units and warehouses temporarily disrupted as of August 20, 2026
- Flooding and waterlogging caused by incessant rainfall in plant and warehouse locations
- Financial loss and production impact are currently under assessment and not yet quantified
- Company confirmed possession of adequate insurance coverage for material and property damage
AYM Syntex reported a standalone net profit of ₹8.67 cr for Q1 FY27, a significant recovery from a loss of ₹3.55 cr in the same period last year. Revenue grew 7.5% YoY to ₹351.03 cr, although it saw a 4% sequential decline from Q4 FY26. The company adopted a lower corporate tax rate of 25.17%, resulting in a one-time deferred tax credit of ₹2.275 cr. Investors should note the upcoming NCLT hearing on August 27, 2026, regarding the merger with Mandawewala Enterprises Limited.
- Net profit turned positive at ₹8.67 cr vs a loss of ₹3.55 cr in Q1 FY26.
- Revenue from operations increased 7.5% YoY to ₹351.03 cr from ₹326.48 cr.
- Recognized a one-time deferred tax credit of ₹2.275 cr due to adoption of the 25.17% tax regime.
- NCLT hearing for the merger with Mandawewala Enterprises Limited is scheduled for August 27, 2026.
- Allotted 1,20,000 equity shares on June 18, 2026, under the ESOP 2021 scheme.
AYM Syntex Limited has informed the exchanges that Mr. Rasik Chauhan, President & Plant Head-Palghar (Senior Management Personnel), has resigned due to personal reasons. The resignation is effective from the close of business hours on August 7, 2026. He had submitted his resignation letter on May 7, 2026, to Chairman Rajesh Mandawewala. No replacement has been announced in the filing.
- Resignation of Mr. Rasik Chauhan as President & Plant Head-Palghar effective close of business August 7, 2026
- Designated as Senior Management Personnel (SMP) under SEBI Listing Regulations
- Resignation letter initially tendered on May 7, 2026, citing personal reasons
- Company reported TTM revenue of Rs 1390 Cr and Q1 FY27 revenue of Rs 351.03 Cr
AYM Syntex announced the resignation of Senior Management Personnel Mr. Rasik Chauhan, President and Plant Head of its Palghar unit, citing personal reasons. His resignation is effective from the close of business hours on August 7, 2026. The departure represents a plant-level leadership change and does not affect the board or executive C-suite.
- Mr. Rasik Chauhan resigned from the role of President & Plant Head - Palghar
- Resignation takes effect from close of business hours on August 7, 2026
- Departure is cited due to personal reasons per resignation letter submitted on May 7, 2026
AYM Syntex has announced the resignation of Mr. Rasik Chauhan, President and Plant Head of the Palghar facility, effective August 7, 2026. The resignation, cited for personal reasons, follows a notice period initiated in May 2026. As the company operates with a thin TTM net profit of Rs 7 Cr and 6.8% operating margins, leadership stability at the plant level is important for maintaining manufacturing efficiency. No immediate successor was named in the filing.
- Mr. Rasik Chauhan resigned as President & Plant Head-Palghar effective August 7, 2026.
- The resignation letter was originally submitted on May 7, 2026, indicating a standard notice period.
- The departure is categorized under Senior Management Personnel (SMP) as per SEBI regulations.
- Company reported TTM revenue of Rs 1,365 Cr and a low TTM PAT of Rs 7 Cr.
AYM Syntex has appointed Mr. Vireshwar Joshi as President and Unit Head for its Palghar facility, effective August 6, 2026. Mr. Joshi brings over 34 years of experience in the textile industry, having held leadership roles at Shahi Exports and RSWM Ltd. This appointment is critical as the company targets operational efficiency gains of Rs 15-20 Cr per year to improve its thin 6.8% operating margins. Given the company's low TTM PAT of Rs 7 Cr, successful leadership at the unit level is essential for the planned turnaround of underutilized manufacturing lines.
- Mr. Vireshwar Joshi appointed as President and Unit Head - Palghar effective August 6, 2026.
- Brings over 34 years of leadership experience across Indian and international textile markets.
- Previously held senior positions including CEO, President, and Business Head at firms like RSWM Ltd and Shahi Exports.
- Expertise includes manufacturing operations, expansion projects, and performance improvement initiatives.
- The company aims for Rs 15-20 Cr in annual profitability gains through operational improvements under such leadership.
AYM Syntex Limited has allotted 53,792 equity shares of Rs 10 each to employees under its 2018 and 2021 ESOP schemes. This allotment increases the total number of outstanding shares from 5,87,34,091 to 5,87,87,883. The resulting equity dilution is negligible at approximately 0.09%. These shares will rank pari-passu with the existing equity shares of the company.
- Allotment of 53,792 fully paid-up equity shares of Rs 10 each to eligible employees.
- Total paid-up share capital increased from Rs 58,73,40,910 to Rs 58,78,78,830.
- The total number of equity shares outstanding increased to 5,87,87,883.
- Dilution impact on existing shareholders is minimal at approximately 0.09%.
India Ratings & Research has affirmed the credit ratings for AYM Syntex Limited's existing bank facilities of ₹538.32 crore and assigned the same rating to an additional ₹17.03 crore. The ratings are maintained at 'IND A' for long-term and 'IND A1' for short-term instruments with a 'Stable' outlook. This rating action covers total bank facilities of ₹555.35 crore, which is significant given the company's TTM revenue of ₹1365 crore. The affirmation indicates a stable credit profile despite the company's thin TTM net profit margin of approximately 0.5%.
- Affirmed 'IND A/Stable/IND A1' rating for bank facilities worth ₹538.32 crore
- Assigned 'IND A/Stable/IND A1' rating for additional bank facilities of ₹17.03 crore
- Total rated bank facilities amount to ₹555.35 crore, representing ~40.7% of TTM revenue
- Maintained a 'Stable' outlook on the long-term rating
- The rating covers both fund-based and non-fund-based bank limits
Financial Performance
Revenue Growth by Segment
Total Operating Income (TOI) was INR 1,346.8 Cr in FY24, representing a 7.8% decline from INR 1,461.38 Cr in FY23. This was primarily due to a fire incident in Q1FY24 which disrupted production and led to a 0.52% drop in sales volumes to 60,866 MT.
Geographic Revenue Split
Exports contributed 47.5% (INR 644.6 Cr) of total revenue in FY24, up from 46.5% (INR 677.23 Cr) in FY23. Domestic sales accounted for the remaining 52.5%.
Profitability Margins
Operating margins slightly declined from 6.84% in FY23 to 6.65% in FY24. However, PBILDT margin improved to 8.33% in H1FY25 due to better product mix and process improvisation.
EBITDA Margin
EBITDA margin was 7.4% in FY24 (INR 101 Cr), compared to 7.2% in FY23 (INR 104 Cr) and 11.1% in FY22 (INR 166 Cr). The company targets an EBITDA growth of INR 30-50 Cr as capacity utilization improves from current low levels.
Capital Expenditure
The company has planned a total capex of INR 160-165 Cr for FY25 and FY26. This includes INR 100 Cr specifically for IDY and BCF capacity expansion in FY26, funded through INR 59 Cr from QIP and the balance via loans.
Credit Rating & Borrowing
CARE Ratings reaffirmed 'CARE A; Stable' for long-term bank facilities (INR 178.40 Cr) and 'CARE A1' for short-term facilities (INR 385.00 Cr) in February 2025. Interest coverage ratio (PBILDT/Interest) stood at 2.13x in FY24.
Operational Drivers
Raw Materials
Nylon chips and Polyester chips are the primary raw materials, with total material costs accounting for 55.7% of revenue in FY24, down from 59.8% in FY23.
Import Sources
Approximately 40-50% of raw materials are imported globally, while 41% of procurement was sourced from local Indian suppliers in FY24.
Capacity Expansion
Current capacities are significantly underutilized due to fire impacts and line replacements. Planned expansion focuses on IDY and BCF segments with a 1-1.5 year completion timeline for the INR 100 Cr FY26 project.
Raw Material Costs
Raw material costs were 55.7% of revenue in FY24. Costs are highly sensitive to Brent crude price movements and buying efficiencies.
Manufacturing Efficiency
Operational improvement initiatives target waste reduction, downgrades, and re-work to enhance profitability by INR 15-20 Cr per year.
Logistics & Distribution
Distribution is impacted by global shipping uncertainties; export revenues were slightly lower at INR 644.6 Cr in FY24 due to these disruptions.
Strategic Growth
Expected Growth Rate
30-50%
Growth Strategy
Growth will be driven by the 'China + 1' export opportunity, increasing utilization of underutilized lines to add INR 30-50 Cr to EBITDA, and expanding into high-margin specialty segments seeded from the textile business.
Products & Services
Multi-polymer technical products, Industrial Drawn Yarn (IDY), and Bulked Continuous Filament (BCF) yarn.
Brand Portfolio
AYM Syntex, 'The Strength Within'.
New Products/Services
Focus on specialty segments and niche technical products; specific revenue contribution % for new launches not disclosed.
Market Expansion
Expanding customer base in the European market and other global regions to leverage the 47.5% export share.
External Factors
Industry Trends
The industry is shifting toward 'China + 1' sourcing strategies, benefiting Indian technical yarn manufacturers. AYM is positioning itself by fixing legacy machinery issues and investing in technologically advanced spinning lines.
Competitive Landscape
Competes in the global synthetic and technical yarn market; specific competitor names not listed.
Competitive Moat
Moat is built on strong promoter support from Rajesh Mandawewala (Vice Chairman of Welspun Living) and established global client relationships with low concentration risk (no single client >10%).
Macro Economic Sensitivity
Highly sensitive to global trade cycles and crude oil prices; a decline in Brent crude helped reduce material costs to 55.7% of revenue in FY24.
Consumer Behavior
Shift toward high-quality, specialty technical yarns over commodity products is driving the company's segment pivot.
Geopolitical Risks
Red Sea disruptions and Middle East unrest are cited as key risks to export volume and logistics costs.
Regulatory & Governance
Industry Regulations
The company is monitoring the Production-Linked Incentive (PLI) project under its subsidiary, which may require large debt-funded capex.
Environmental Compliance
The company has a stated 'Focus on ESG', though specific compliance costs are not disclosed.
Risk Analysis
Key Uncertainties
Volatility in raw material prices (nylon/polyester) and foreign exchange fluctuations are the primary business risks.
Geographic Concentration Risk
47.5% of revenue is concentrated in export markets, making the company vulnerable to global shipping and geopolitical stability.
Third Party Dependencies
Moderate dependency with top 10 customers representing 33% of revenue.
Technology Obsolescence Risk
The company spent 8 years (2016-2024) replacing technologically obsolete machinery to regain competitiveness.
Credit & Counterparty Risk
Receivables quality is considered healthy with no single customer contributing over 10% of outstanding receivables.
