Himatsingka Seide Limited (HIMATSEIDE)
₹60.92 +2.68% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Himatsingka Seide's revenue was ₹621 Cr (-5.4% year on year, +0.7% on the previous quarter), and net profit ₹5.0 Cr (-54.2% year on year); the operating margin was 14.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹621 | -5.4% | +0.7% |
| Operating profit | ₹88.3 | -26.8% | +77.7% |
| Net profit | ₹5.0 | -54.2% | +253.7% |
| EPS (₹) | 0.40 | -54.0% | +263.6% |
| Operating margin | 14.2% | — | — |
HIMATSEIDE delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 46.84% of the HIMATSEIDE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.78%. That is close to its usual level.
Delivery in the last 5 sessions: 53.2% · 48.5% · 50.6% · 55.0% · 46.8%
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
Himatsingka Seide has allotted 34,000 senior, unsecured, rated, listed NCDs with a face value of ₹10,000 each, raising ₹34 crore on a private placement basis (including a ₹4 crore greenshoe option). The debentures carry a high coupon rate of 11.50% p.a. payable quarterly, with a tenure of 42 months maturing on March 30, 2030. Principal repayment will occur in three equal tranches at 30, 36, and 42 months. The issue amount is modest relative to the company's existing debt of ₹2,636 crore (~1.3%) and market cap of ₹786 crore (~4.3%).
- Allotted 34,000 unsecured NCDs aggregating to ₹34 crore (including 4,000 greenshoe units)
- Coupon rate fixed at 11.50% per annum, payable quarterly
- Maturity tenure of 42 months (maturity date: March 30, 2030)
- Principal to be repaid in three instalments at 30, 36, and 42 months
Himatsingka Seide Limited has notified the stock exchanges regarding the closure of its trading window starting Thursday, October 01, 2026. The closure applies to all designated persons and their immediate relatives in compliance with SEBI insider trading rules. This routine procedure is ahead of the un-audited financial results for the quarter and half-year ended September 30, 2026. The specific date for the board meeting to consider these results will be declared later.
- Trading window closes on Thursday, October 01, 2026
- Pertains to un-audited results for quarter and half year ended September 30, 2026
- Window remains closed until further intimation following board meeting
- Intimated to both BSE (Scrip Code: 514043) and NSE (Symbol: HIMATSEIDE) on September 25, 2026
Himatsingka Seide Limited announced that all resolutions presented at its 41st Annual General Meeting held on September 24, 2026, were passed with requisite majority. Key approvals include the adoption of FY26 standalone and consolidated financial statements and declaration of a final dividend of ₹0.25 (5%) per equity share of face value ₹5. Additionally, the re-appointment of Director Mr. Dinesh Kumar Himatsingka was approved with 99.49% votes in favour. Out of 68,251 shareholders on record, voting saw overwhelming support across all agenda items.
- Approval of ₹0.25 (5%) final dividend per equity share of ₹5 face value for FY26
- Dividend resolution passed with 99.9899% of total valid votes in favour (5,54,21,078 votes)
- Re-appointment of Director Dinesh Kumar Himatsingka approved with 99.4908% votes in favour
- Total number of shareholders on record date stood at 68,251
Himatsingka Seide Limited has issued the notice for its 41st Annual General Meeting scheduled for September 24, 2026, via Video Conferencing. Key agenda items include the adoption of audited standalone and consolidated financial statements for FY26 and the declaration of a final dividend of ₹0.25 (5%) per equity share of face value ₹5. The company has fixed September 17, 2026, as the cut-off date to determine voting eligibility. Additionally, the re-appointment of Executive Chairman Dinesh Kumar Himatsingka, who retires by rotation, is proposed.
- 41st Annual General Meeting scheduled for September 24, 2026, at 12:10 PM IST via VC/OAVM
- Final dividend of ₹0.25 (5%) per equity share of face value ₹5 proposed for FY26
- Remote e-voting window open from September 20, 2026 (9:00 AM) to September 23, 2026 (5:00 PM)
- Voting cut-off date set as Thursday, September 17, 2026
- Special resolution proposed for the re-appointment of Executive Chairman Dinesh Kumar Himatsingka upon retirement by rotation
Himatsingka Seide Limited has informed the exchanges regarding the re-opening of its trading window for dealing in company equity shares. The trading window is open for designated persons and their immediate relatives effective Tuesday, September 01, 2026. This announcement follows the prior closure intimation dated June 29, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. This is a standard regulatory filing with no operational or financial impact on the company.
- Trading window opened effective Tuesday, September 01, 2026
- Applies to designated persons and their immediate relatives under SEBI PIT Regulations
- Follows prior closure intimation dated June 29, 2026
Himatsingka Seide Limited has allotted 500 unlisted, senior, secured, unrated Non-Convertible Debentures (NCDs) of face value ₹5,00,000 each, aggregating to ₹25 crore on a private placement basis. The NCDs carry a coupon rate of 11.50% p.a. payable quarterly with a tenure of 42 months (maturing February 28, 2030). Principal will be redeemed in three instalments at 30, 36, and 42 months. The fundraise is modest, representing ~3.0% of market cap (₹844 Cr) and ~0.95% of total debt (₹2,636 Cr).
- Allotted 500 unlisted, senior, secured NCDs aggregating to ₹25.00 crore on August 28, 2026
- Coupon rate fixed at 11.50% p.a. payable quarterly
- Instrument tenure is 42 months with final maturity on February 28, 2030
- Principal repayment scheduled in three instalments at 30, 36, and 42 months
Himatsingka Seide's Securities Committee approved the terms for issuing Series 1 senior, unsecured, rated, listed Non-Convertible Debentures (NCDs) aggregating to ₹300 crore with a green shoe option of up to ₹250 crore (total ₹550 crore). The NCDs carry a relatively high coupon rate of 11.50% per annum, payable quarterly, with a tenure of 42 months. Principal repayment will occur in three tranches at the end of 30, 36, and 42 months. The base issue of ₹300 crore represents ~34.7% of the company's current market cap (₹865 crore) and will add to its existing debt burden of ₹2,636 crore.
- Base issue size of ₹300 crore with a green shoe option of up to ₹250 crore on a private placement basis
- Coupon rate fixed at 11.50% per annum, payable quarterly
- Tenure of 42 months from deemed date of allotment, proposed to be listed on BSE
- Principal repayment scheduled in three instalments at 30, 36, and 42 months
- Default/delay interest penalty set at 2% per annum over due amounts
Himatsingka Seide Limited has fixed Thursday, September 17, 2026, as the record date to determine shareholder eligibility for the final dividend for the financial year ended March 31, 2026. The announcement follows the board meeting held on August 25, 2026. The specific dividend amount per share was not disclosed in this filing. The company reported FY26 net profit of Rs 53.53 Cr on revenue of Rs 2,072.39 Cr.
- Record date fixed as September 17, 2026 for FY26 final dividend
- Board meeting held and approved on August 25, 2026 (1:00 PM to 2:15 PM)
- Eligible period applies to the financial year ended March 31, 2026
- Dividend per share amount was not disclosed in the filing
Himatsingka Seide Limited announced that its Board of Directors met on August 25, 2026, and approved Thursday, September 17, 2026, as the Record Date for determining shareholder eligibility for the FY26 final dividend. The company reported FY26 net profit of ₹53.53 crore on revenue of ₹2,072.39 crore. Specific per-share dividend payout amounts were not detailed in this specific record date disclosure filing.
- Board fixed Thursday, September 17, 2026, as the Record Date for FY26 final dividend eligibility
- Meeting commenced at 01:00 p.m. and concluded at 02:15 p.m. on August 25, 2026
- Final dividend pertains to the financial year ended March 31, 2026
Himatsingka Seide reported Q1 FY27 consolidated total income of Rs 634 crore (vs Rs 661 crore) and EBITDA of Rs 101 crore (16% margin), impacted by Middle East shipment deferrals and low sheeting capacity utilization of 52%. Facing US tariff headwinds and client concentration, the company is pivoting to 'Himatsingka 2.0' across four verticals: Home Textiles, Yarn Solutions, Fabric Solutions, and Apparel Solutions. Management targets approximately Rs 1,000 crore annual revenue each from the newly commercialized Yarn and Fabric verticals at full capacity, leveraging existing infrastructure including 211,584 spindles and 90 million meters of fabric processing capacity. Total company leverage remains elevated and range-bound at approximately Rs 2,550 crore.
- Q1 FY27 consolidated total income stood at Rs 634 crore with EBITDA of Rs 101 crore (16% margin)
- Capacity utilization stood at 99% for spinning (211,584 spindles), 52% for sheeting, and 63% for terry towels
- Targeting ~Rs 1,000 crore revenue each from Yarn Solutions and Fabric Solutions at full capacity (~Rs 2,000 crore combined)
- Fabric processing capacity expected to reach ~90 million meters by the end of the fiscal year
- Consolidated debt remained high and range-bound at approximately Rs 2,550 crore
Himatsingka Seide has released the audio recording of its Q1 FY27 analyst call held on August 13, 2026. The company is currently navigating a challenging period with TTM revenue declining to Rs 2,072 Cr and a high debt burden of Rs 2,636 Cr, which is over 3x its market capitalization. Management is focusing on a 'Non-US' strategy to reduce its 60-65% revenue dependency on the US market, following a 50% tariff hike on Indian exports. Investors should listen for updates on the domestic brand 'Himeya' and progress on debt reduction.
- Audio recording of the August 13, 2026, analyst call is now publicly available via the company website.
- Company is managing a high debt of Rs 2,636 Cr relative to its Rs 804 Cr market capitalization.
- TTM Revenue stands at Rs 2,072 Cr, reflecting a decline from FY24 revenue of Rs 2,549 Cr.
- US market exposure remains high at 60-65%, currently impacted by a 50% tariff disadvantage compared to competitors.
- Promoter holding remains stable at 37.48% as of the latest March 2026 filing.
Himatsingka Seide reported a consolidated revenue of ₹621.30 Cr for Q1 FY27, a 5.4% decline compared to ₹656.94 Cr in the same quarter last year. Net profit stood at ₹4.99 Cr, down from ₹5.75 Cr YoY, though it showed sequential recovery from the previous quarter's ₹1.41 Cr. High finance costs of ₹63.83 Cr continue to weigh heavily on the bottom line, nearly consuming the operating profit. A change in the estimated useful life of assets reduced depreciation by ₹5.12 Cr, providing a minor accounting boost to reported earnings.
- Consolidated Revenue of ₹621.30 Cr for Q1 FY27, down 5.4% from ₹656.94 Cr YoY
- Net Profit of ₹4.99 Cr, a 13.2% decline compared to ₹5.75 Cr in Q1 FY26
- Finance costs remained elevated at ₹63.83 Cr, representing ~10% of quarterly revenue
- Depreciation expense decreased by ₹5.12 Cr due to a revision in the estimated useful life of assets
- Basic EPS for the quarter stood at ₹0.40 compared to ₹0.87 in the year-ago period
Himatsingka Seide has scheduled its Q1 FY27 earnings conference call for August 13, 2026, at 13:00 hrs IST. This follows the Board of Directors meeting on August 12, 2026, to approve the unaudited financial results for the quarter ended June 30, 2026. The management team, including the Managing Director and Group CFO, will discuss performance amidst a challenging environment where TTM revenue stands at ₹2,072 Cr. Investors will likely seek updates on the 50% US tariff hike impact and the company's high debt levels of ₹2,636 Cr.
- Earnings call scheduled for August 13, 2026, at 13:00 hrs IST
- Board meeting to approve Q1 FY27 results set for August 12, 2026
- Management representation includes Executive Vice Chairman & MD Shrikant Himatsingka
- Company currently carries a high debt of ₹2,636 Cr against a market cap of ₹859 Cr
- TTM Operating Profit Margin (OPM) stands at 17.6% as of the latest financial context
Himatsingka Seide has allotted ₹5 crore worth of unlisted, secured Non-Convertible Debentures (NCDs) on a private placement basis. These instruments carry a relatively high coupon rate of 11.50% per annum, payable quarterly, with a tenure of 42 months. The fundraise is very small in magnitude, representing only ~0.19% of the company's total debt of ₹2,636 crore. Principal repayment is structured in three installments starting 30 months from allotment.
- Allotment of 100 NCDs with a face value of ₹5,00,000 each, totaling ₹5.00 Crores
- Fixed coupon rate of 11.50% p.a. to be paid on a quarterly basis
- Instrument tenure of 42 months with final maturity set for February 07, 2030
- Principal repayment scheduled in three installments at the end of 30, 36, and 42 months
- Secured by first pari passu charge on fixed assets at Hassan and Doddaballapur manufacturing plants
Himatsingka Seide Limited has allotted 250 unlisted, senior, secured Non-Convertible Debentures (NCDs) totaling Rs 12.50 crore on a private placement basis. The NCDs carry a relatively high coupon rate of 11.50% p.a., payable quarterly, reflecting their unrated status. The fundraise is small, representing only ~0.47% of the company's total debt of Rs 2,636 crore. The tenure is 42 months, with principal repayment scheduled in three installments starting from month 30.
- Allotment of 250 NCDs with a face value of Rs 5,00,000 each, totaling Rs 12.50 crore.
- Fixed coupon rate of 11.50% p.a. to be paid on a quarterly basis.
- Tenure of 42 months with maturity set for January 31, 2030.
- Secured by first pari passu charge on fixed assets at Hassan and Doddaballapur manufacturing plants.
- Principal repayment structured in three installments at the end of 30, 36, and 42 months.
Financial Performance
Revenue Growth by Segment
Revenue is projected to decline by 10-15% in fiscal 2026, dropping from INR 2,778 Cr in FY25 to approximately INR 2,400-2,500 Cr. In Q1 FY26, the company recorded revenue of INR 657 Cr, a 10% YoY decline. Segment-wise, the Spinning division operated at 99% utilization, while Sheeting and Terry Towel divisions were at 60% and 66% respectively during Q2 FY26.
Geographic Revenue Split
The US market currently accounts for 60-65% of core revenues. The company aims to reduce this US exposure to below 50% over the next two years by expanding into 38 other jurisdictions. India-based brands (Himeya, Atmosphere, Liv) are demonstrating consistent YoY growth.
Profitability Margins
Reported PAT margin improved from 2.7% (INR 76 Cr) in FY24 to 3.9% (INR 113 Cr) in FY25. However, operating margins are expected to decline by 2-3% in FY26 from the 20.4% recorded in FY25 due to tariff impacts and reduced operating leverage.
EBITDA Margin
EBITDA margin stood at 20.4% in FY25 but corrected to 18.4% in Q1 FY26. This contraction of approximately 200 basis points is primarily due to the 50% US tariff hike on Indian textile exports, which forces the company to absorb costs to remain competitive.
Capital Expenditure
The company undertook a sizeable historical capex of INR 1,950 Cr between FY2016 and FY2020 to expand sheeting capacity and install spinning and terry towel units. No major new capex is planned for the immediate term as the focus shifts to deleveraging.
Credit Rating & Borrowing
CRISIL reaffirmed ratings at 'BBB+/Stable/A2'. Interest coverage is expected to decline to 1.5-1.6 times in FY26 from 1.8 times in FY25. The company is raising INR 500 Cr via Non-Convertible Debentures (NCDs) on a private placement basis to refinance existing debt.
Operational Drivers
Raw Materials
The primary raw material is cotton, including fine-count cotton yarn. Cotton prices have stabilized recently, which helped maintain a 20.4% EBITDA margin in FY25 before the tariff hikes.
Import Sources
The company imports a significant amount of cotton from the US for its export products. This specific US-sourced cotton is exempted from certain tariffs when re-exported to the US.
Capacity Expansion
Current installed capacity includes 61 million meters per annum (mmpa) for sheeting and 211,584 spindles for spinning. Utilization for Spinning is at 99%, Sheeting at 60%, and Terry Towels at 66%.
Raw Material Costs
Raw material prices are currently stable. However, gross margins are expected to decline in FY26 as the company absorbs the 50% US tariff hike, effectively increasing the landed cost of goods for customers or reducing the net realization for Himatsingka.
Manufacturing Efficiency
Vertical integration from spinning to distribution provides strong operating efficiency. The spinning unit's 99% utilization indicates high efficiency in internal yarn supply for the sheeting and towel divisions.
Logistics & Distribution
The company operates a global distribution network across North America, Europe, and Asia, supporting its 8 global brands and servicing 38 jurisdictions.
Strategic Growth
Expected Growth Rate
10-15%
Growth Strategy
The company is pursuing a 'Non-US' growth strategy to bring US revenue below 50% by expanding in 38 jurisdictions. It is also scaling its domestic India presence through brands like Himeya and Atmosphere. Financial growth will be supported by deleveraging using QIP proceeds (INR 400 Cr raised, INR 267.4 Cr repaid) and refinancing debt through a new INR 500 Cr NCD issue.
Products & Services
Bedsheets, terry towels, bedding products, drapery, upholstery fabrics, and fine-count cotton yarn.
Brand Portfolio
Himeya, Atmosphere, Liv, and 5 other global licensed/owned brands (total 8 global brands).
New Products/Services
Focusing on the luxury segment where demand is more inelastic, which helps protect margins despite inflationary pressures in the US market.
Market Expansion
Targeting non-US jurisdictions and the Indian domestic market to offset the decline in US sales. The India business is currently demonstrating consistent YoY growth.
Market Share & Ranking
Himatsingka is among the top five home textile players in India.
Strategic Alliances
The company maintains access to large global retailers including Costco, Macy’s, and Walmart for distribution.
External Factors
Industry Trends
Global trade in goods rebounded by 2.4% in 2024. The home textile industry is seeing a shift toward vertical integration and brand-led growth, though it remains highly sensitive to raw material (cotton) price cycles.
Competitive Landscape
Competes with other Indian textile majors and international suppliers from Pakistan and China. Pakistan holds a significant advantage with only a 19% tariff in the US market.
Competitive Moat
The moat is built on vertical integration (spinning to retail), a portfolio of 8 global brands, and long-standing relationships with major US retailers. This integration allows for better quality control and margin retention compared to non-integrated players.
Macro Economic Sensitivity
High sensitivity to US inflation, which reduces discretionary spending on home textiles, and US trade policy (tariffs).
Consumer Behavior
Shift toward luxury and branded home textiles in the Indian domestic market is a key trend the company is capitalizing on through its three domestic brands.
Geopolitical Risks
Trade barriers, specifically the 50% tariff on Indian textile exports to the US, represent a major geopolitical and regulatory risk that directly impacts competitiveness against other Asian nations.
Regulatory & Governance
Industry Regulations
Operations are subject to US import tariffs (currently 50% for Indian textiles) and SEBI regulations regarding insider trading and disclosure (trading windows were closed in late 2025 for board meetings).
Risk Analysis
Key Uncertainties
The primary uncertainty is the duration of the high US tariffs. If they remain at 50%, operating income is expected to decline by 10-15% and debt protection metrics will continue to deteriorate.
Geographic Concentration Risk
High concentration in the US (60-65% of revenue).
Third Party Dependencies
High dependency on big-box retailers (Costco, Walmart, Macy's) for market access.
Technology Obsolescence Risk
Not a primary risk, but the company maintains world-class manufacturing facilities with 211,584 spindles to stay competitive.
Credit & Counterparty Risk
Receivables have stretched to 155 days, indicating potential pressure on collections or extended credit terms offered to maintain sales volumes amid high tariffs.
