C P S Shapers Limited (CPS)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, C P's revenue was ₹19.5 Cr (+9.0% year on year, +66.4% on the previous half-year), and net profit ₹2.2 Cr (+232.3% year on year); the operating margin was 20.9%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹19.5 | +9.0% | +66.4% |
| Operating profit | ₹4.1 | +150.3% | from loss |
| Net profit | ₹2.2 | +232.3% | from loss |
| EPS (₹) | 9.48 | +222.4% | from loss |
| Operating margin | 20.9% | — | — |
📢 Recent Corporate Announcements
C P S Shapers Limited has secured its first international export order from Poland-based Kontri Sp. z o.o. for the manufacturing and supply of various types of bras. The purchase order value is USD 18,900 (excluding taxes), representing a pilot-scale international entry. Execution and delivery of the order are scheduled to be completed by December 2026. The contract is non-related party and marks an initial step in testing European export markets.
- Received maiden export order from Poland-based Kontri Sp. z o.o.
- Order size stands at USD 18,900 (excluding taxes)
- Scope encompasses the manufacturing and supply of various types of bras
- Delivery scheduled to be completed by December 2026
At its Annual General Meeting on September 26, 2026, CPS Shapers approved a designation change and remuneration revisions for key promoter-directors. Mr. Abhav K Kumar was elevated from Non-Executive to Executive Director at up to Rs. 13,00,000 per annum. Managing Director Mr. Abhishek Kamal Kumar's remuneration was increased from up to Rs. 48,00,000 to up to Rs. 65,00,000 per annum, and Whole Time Director Mrs. Bhawna Kumar's remuneration was raised from up to Rs. 12,00,000 to up to Rs. 20,00,000 per annum, effective August 21, 2026.
- Abhav K Kumar appointed Executive Director with remuneration up to Rs. 13,00,000 per annum
- MD Abhishek Kamal Kumar remuneration hiked from up to Rs. 48,00,000 to up to Rs. 65,00,000 per annum
- WTD Bhawna Kumar remuneration increased from up to Rs. 12,00,000 to up to Rs. 20,00,000 per annum
- Remuneration increases are effective from August 21, 2026 until July 6, 2028
CPS Shapers Limited concluded its 14th Annual General Meeting on September 26, 2026, conducted via video conference with 8 members present. Key agenda items put to vote included the adoption of FY26 financial statements, the re-appointment of Director Bhawna Kumar, and redesignation of Abhav K Kumar as Executive Director. Additionally, special resolutions were placed to increase the managerial remuneration of Managing Director Abhishek Kamal Kumar and Whole-time Director Bhawna Kumar. The final scrutinizer voting results will be submitted within 2 working days.
- 14th AGM conducted virtually on September 26, 2026, concluding in 12 minutes (02:00 PM to 02:12 PM)
- Total of 8 members attended the AGM via video conferencing
- Special resolutions presented to increase managerial remuneration for MD Abhishek Kamal Kumar and WTD Bhawna Kumar
- Proposed re-designation of Mr. Abhav K Kumar from Non-Executive to Executive Director with remuneration
- Voting results and Scrutinizer's Report to be declared within 2 working days
C P S Shapers Limited has received a domestic purchase order valued at ₹17,794,260 (₹1.78 crore, excluding GST) from Reliance Retail Limited. The scope of work covers the manufacturing and supply of various types of bras based on customer specifications. The execution and delivery timeline for the order is scheduled by November 2026. This contract expands CPS Shapers' B2B contract manufacturing footprint in the innerwear category.
- Order value of ₹17,794,260.00 (₹1.78 crore) excluding GST
- Customer is Reliance Retail Limited (Domestic entity)
- Scope entails manufacturing and supply of bras as per specifications
- Delivery is scheduled to be completed by November 2026
CPS Shapers Limited has issued notice for its 14th Annual General Meeting scheduled for September 26, 2026. Key special resolutions include revising the remuneration of Managing Director Abhishek Kamal Kumar up to Rs. 65 Lakhs per annum (from Rs. 48 Lakhs) and Whole-Time Director Bhawna Kumar up to Rs. 20 Lakhs per annum. Additionally, the company proposes re-designating Abhav K Kumar as Executive Director with an annual remuneration of up to Rs. 13 Lakhs.
- 14th AGM scheduled for Saturday, September 26, 2026, at 2:00 PM IST via Video Conferencing.
- Proposed increase in MD Abhishek Kamal Kumar's remuneration to up to Rs. 65 Lakhs per annum from Rs. 48 Lakhs per annum.
- Proposed revision in Whole-Time Director Bhawna Kumar's remuneration up to Rs. 20 Lakhs per annum.
- Change in designation of Abhav K Kumar from Non-Executive to Executive Director with remuneration of up to Rs. 13 Lakhs per annum.
CPS Shapers Limited has approved the re-designation of Mr. Abhav K Kumar (DIN: 10042678) from Non-Executive Director to Executive Director, subject to shareholder approval at the upcoming AGM. The proposed annual remuneration is fixed at Rs 13 lakhs per annum, compared to nil drawn in FY2025-26. Mr. Abhav K Kumar (age 21) holds 3,000 equity shares and is the son of Managing Director Abhishek Kamal Kumar.
- Re-designation of Mr. Abhav K Kumar from Non-Executive to Executive Director approved by the Board on August 21, 2026.
- Proposed remuneration set at Rs 13 lakhs per annum (previously NIL in FY2025-26).
- Candidate holds 3,000 equity shares and attended 7 Board meetings in FY 2025-26.
- Promoter relation: Son of Managing Director Abhishek Kamal Kumar and Bhawna Kumar.
CPS Shapers Limited announced that its 14th Annual General Meeting (AGM) will be held on September 26, 2026. Subject to shareholder approval, the Board approved an increase in the remuneration of Managing Director Abhishek Kamal Kumar from ₹48 lakhs to ₹65 lakhs per annum, and Whole-Time Director Bhawna Kumar from ₹12 lakhs to ₹20 lakhs per annum. Additionally, Abhav K Kumar has been re-designated from Non-Executive to Executive Director at a proposed annual remuneration of ₹13 lakhs.
- 14th AGM scheduled for September 26, 2026, with an e-voting cut-off date of September 19, 2026.
- MD Abhishek Kamal Kumar's proposed annual remuneration increased from ₹48 lakhs to ₹65 lakhs.
- Whole-Time Director Bhawna Kumar's proposed annual remuneration raised from ₹12 lakhs to ₹20 lakhs.
- Abhav K Kumar re-designated as Executive Director with a proposed salary of ₹13 lakhs per annum (previously Nil).
C P S Shapers Limited has received a commercial purchase order from Raymond Lifestyle Limited valued at approximately ₹26.55 lakh (₹2.65 million). The contract covers the manufacturing of 7,665 pieces of Cotton Vests and Supima Vests. The order is scheduled for delivery by October 2026. While financially modest relative to historical revenue levels, the win aligns with the company's white-label manufacturing strategy for established domestic apparel brands.
- Order value of approximately ₹26.55 lakh (₹2.65 million) awarded by Raymond Lifestyle Limited.
- Order volume comprises 7,665 pieces across Cotton Vests and Supima Vests categories.
- Delivery is scheduled to be completed by October 2026.
- Represents ~7.7% of the company's single-shift monthly capacity of 1,00,000 units.
Financial Performance
Revenue Growth by Segment
Revenue from operations declined 14.34% YoY from INR 3,602.29 Lakhs in FY24 to INR 3,085.70 Lakhs in FY25, primarily due to intense competition in the nascent shapewear market and potential shifts in consumer demand across its 40+ distribution channels.
Geographic Revenue Split
The company currently caters primarily to the domestic Indian market through 6,000+ retail outlets and major e-commerce platforms; however, it is initiating export pilots in the Middle East, Southeast Asia, and Europe to diversify its geographic footprint.
Profitability Margins
Net profit margin compressed significantly from 2.05% in FY24 to 0.54% in FY25, as net profit fell 77.33% to INR 16.75 Lakhs, driven by a higher fixed-cost base and a 28% increase in depreciation expenses.
EBITDA Margin
EBITDA margin declined from 9.14% in FY24 to 6.33% in FY25, with absolute EBITDA falling 40.7% to INR 195.25 Lakhs, reflecting reduced operational leverage as revenue contracted while employee benefits rose 5.9% to INR 765.57 Lakhs.
Capital Expenditure
The company invested INR 1.37 Cr (136.73 Lakhs) in FY25 for the purchase of fixed and intangible assets to support its 1 Lakh unit-per-month manufacturing capacity and advanced bonded technology capabilities.
Credit Rating & Borrowing
Total borrowings stood at INR 802.04 Lakhs in FY25 (INR 172.78 Lakhs long-term and INR 629.26 Lakhs short-term), with finance costs of INR 104.98 Lakhs implying an effective borrowing cost of approximately 13%.
Operational Drivers
Raw Materials
Key raw materials include specialized fabrics for shapewear, utilizing proprietary cotton-bonding technology and silicone infusion, which represented 36.1% of total revenue (INR 1,114.14 Lakhs) in FY25.
Import Sources
The company emphasizes 'Made in India' production, sourcing materials primarily within the domestic market to maintain cost-competitiveness against international alternatives.
Capacity Expansion
Current manufacturing capacity is 1 Lakh units per month (based on an 8-hour shift), with plans to improve core offerings and strengthen logistics for faster delivery over the next three years.
Raw Material Costs
Cost of materials consumed decreased 19.6% YoY to INR 1,114.14 Lakhs in FY25, aligning with the revenue decline, though procurement strategies focus on optimizing costs for the price-sensitive Indian market.
Manufacturing Efficiency
The company maintains a wide range of 3,000+ SKUs, which requires high manufacturing flexibility but contributes to a complex inventory cycle of approximately 143 days.
Logistics & Distribution
Distribution is managed through 40+ channels and 6,000+ retail outlets, with a strategic focus on improving logistics efficiency and digital capabilities to support its omni-channel presence.
Strategic Growth
Expected Growth Rate
9%
Growth Strategy
Growth will be achieved through international export pilots in the Middle East and Europe, the launch of new product lines like the 'Breezeology' men's range, and the initiation of white-label manufacturing for major brands like Nykaa and Da-mensch.
Products & Services
Shapewear, innerwear, athleisure, and bras for both men and women, including specialized products like high-waist shapewear and glue-bonded trunks.
Brand Portfolio
Dermawear
New Products/Services
Launched the Breezeology Men’s Shapewear range in December 2025, featuring advanced bonded technology (Zenrik series) to address the needs of 26 million Indian men dissatisfied with their body shape.
Market Expansion
Targeting international markets through export pilots and expanding its domestic retail footprint beyond the current 6,000+ outlets over a three-year roadmap.
Market Share & Ranking
Positioned as India's first R&D-driven shapewear brand and a category leader in the organized segment of the nascent Indian shapewear market.
Strategic Alliances
Initiated vendor assessment and factory audits for potential white-labeling engagements with reputed brands Da-mensch and Nykaa to leverage its bonded-technology infrastructure.
External Factors
Industry Trends
The Indian shapewear market is expected to grow at a 9% CAGR (2023-2028), driven by increasing consumer awareness and a shift from unorganized to organized brands.
Competitive Landscape
Competes with both domestic unorganized players and international innerwear brands, utilizing in-house manufacturing to maintain a cost advantage.
Competitive Moat
The moat is built on 13 years of promoter experience, proprietary fabric technologies (cotton-bonding), and a focus on Indian body types, which are difficult for global 'one-size-fits-all' brands to replicate.
Macro Economic Sensitivity
Highly sensitive to discretionary consumer spending and the growth of the Indian e-commerce industry, which is expected to reach USD 299 Bn by 2029.
Consumer Behavior
Increasing demand for high-quality, comfortable shapewear that is suitable for the Indian climate and traditional attire like sarees.
Geopolitical Risks
Expansion into international markets like the Middle East and Europe exposes the company to trade barriers and varying regulatory standards for textile safety.
Regulatory & Governance
Industry Regulations
Operations are subject to textile manufacturing standards and safety certifications like OEKO-TEX, which are required for white-labeling partnerships with global brands.
Environmental Compliance
Applied for OEKO-TEX certification, an international standard for textile safety, to strengthen product credibility for global export markets.
Taxation Policy Impact
The company recorded a net tax benefit of INR 10.30 Lakhs in FY25 due to deferred tax assets, compared to a tax expense of INR 37.46 Lakhs in FY24.
Risk Analysis
Key Uncertainties
Key risks include the ability to manage rapid international growth, potential fluctuations in raw material costs, and the high working capital requirement of its multi-SKU model.
Geographic Concentration Risk
Currently has a high concentration in the Indian domestic market, though it is actively pursuing geographic diversification through exports.
Third Party Dependencies
Significant dependency on e-commerce platforms for sales and potential white-label partners (Nykaa/Da-mensch) for future volume growth.
Technology Obsolescence Risk
Risk of new fabric innovations displacing current bonding technologies; mitigated by a continuous feedback loop and in-house R&D.
Credit & Counterparty Risk
Trade receivables increased 67% YoY to INR 573.68 Lakhs in FY25 despite falling revenue, indicating potential credit risk or extended payment terms to distributors.
