Morarjee Textiles Limited (MORARJEE)
₹5.85 -4.88% last close, 16 Oct
Latest quarterly results (Q4 FY24)
In its latest reported quarter, Q4 FY24, Morarjee Textiles' revenue was ₹13.0 Cr (-74.5% year on year, +44.4% on the previous quarter), and net profit ₹-106 Cr (a bigger loss than a year earlier); the operating margin was -92.3%.
| Q4 FY24 (₹ Cr) | Value | YoY vs Q4 FY23 | QoQ |
|---|---|---|---|
| Revenue | ₹13.0 | -74.5% | +44.4% |
| Operating profit | ₹-12.0 | loss narrowed | loss widened |
| Net profit | ₹-106 | loss widened | loss widened |
| EPS (₹) | -29.09 | loss widened | loss widened |
| Operating margin | -92.3% | — | — |
MORARJEE exchange data
NSE end-of-day data for
It closed at its lower price band (circuit) on 16 Oct, one of 8 band closes in about the last 20 sessions.
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
Morarjee Textiles Limited has announced the cessation of four directors, including two Whole Time Directors and two Independent Directors, effective June 09, 2026. This board overhaul is a direct consequence of the Resolution Plan approved by the NCLT Mumbai Bench on May 11, 2026, under the Insolvency and Bankruptcy Code (IBC). The outgoing members include Mr. Harshvardhan Piramal and Mr. Kishor Dhage. This reconstitution marks a significant phase in the company's restructuring and transition under the approved resolution framework.
- Cessation of 4 directors effective June 09, 2026, following NCLT order dated May 11, 2026.
- Outgoing Whole Time Directors are Mr. Harshvardhan Ashok Piramal and Mr. Kishor Krushnaji Dhage.
- Independent Directors Mr. Devesh Dadheech and Mr. Archit Jayakar have also ceased their roles.
- The board changes are mandatory under the terms of the Approved Resolution Plan pursuant to IBC proceedings.
- The Implementation and Monitoring Committee (IMC) recommended these changes to facilitate board reconstitution.
Morarjee Textiles has appointed Govind Gopaldas Rathi, Pravin Ratanlal Jain, and Sandeep Ramesh Joshi as Non-Executive Directors effective June 4, 2026. This move follows the NCLT Mumbai Bench's approval of a Resolution Plan on May 11, 2026, marking a critical step in the company's transition out of insolvency proceedings. The new board members bring diverse expertise, including Mr. Jain, whose business group reported a consolidated turnover of ₹169.88 Cr in FY26.
- Appointment of three new Directors pursuant to the NCLT order dated May 11, 2026, under the Insolvency and Bankruptcy Code.
- New Director Pravin Ratanlal Jain leads a diversified group with a FY26 consolidated turnover of ₹169.88 Cr.
- Govind Gopaldas Rathi brings over 20 years of specialized experience in the cotton, textile, and spinning industries.
- Sandeep Ramesh Joshi, with 10 years of association with the company, will focus on factory management and statutory compliance.
- The appointments are effective from June 4, 2026, as recommended by the Implementation and Monitoring Committee (IMC).
Morarjee Textiles has announced the formation of an Implementation and Monitoring Committee (IMC) following the NCLT Mumbai's approval of a resolution plan on May 11, 2026. The plan was submitted by Shriniwas Spintex Industries Private Limited, marking a pivotal step in the company's exit from the Corporate Insolvency Resolution Process (CIRP) initiated in February 2024. The IMC includes the former Resolution Professional, a representative from the successful bidder, and a representative from Indian Bank to oversee the restructuring. This transition signals the start of the implementation phase to revive the company's operations under new ownership.
- NCLT Mumbai Bench approved the Resolution Plan for Morarjee Textiles on May 11, 2026.
- Shriniwas Spintex Industries Private Limited has been identified as the successful Resolution Applicant.
- A three-member Implementation and Monitoring Committee (IMC) has been constituted to oversee plan execution.
- The company has been under the Corporate Insolvency Resolution Process (CIRP) since February 9, 2024.
Morarjee Textiles Limited has announced the constitution of an Implementation and Monitoring Committee (IMC) following the NCLT Mumbai Bench's approval of a resolution plan on May 11, 2026. The resolution plan was submitted by Shriniwas Spintex Industries Private Limited, marking a critical step in the company's insolvency process. The IMC consists of the erstwhile Resolution Professional, a representative from the resolution applicant, and a representative from Indian Bank. This committee will oversee the execution of the plan to revive the company's operations.
- NCLT Mumbai Bench approved the Resolution Plan for Morarjee Textiles on May 11, 2026
- Shriniwas Spintex Industries Private Limited identified as the successful Resolution Applicant
- Implementation and Monitoring Committee (IMC) formed to oversee plan execution as per NCLT order
- IMC includes representatives from Indian Bank (Secured Financial Creditor) and the Resolution Applicant
- Company has been under the Corporate Insolvency Resolution Process since February 9, 2024
The NCLT Mumbai Bench has approved a resolution plan for Morarjee Textiles submitted by Shriniwas Spintex Industries, involving a total fund infusion of ₹156 crore. Existing promoter shares will be completely extinguished, while public shareholders face a massive capital reduction in a 1:30 ratio. Post-implementation, the new promoter group will hold 94.9% of the company, with public holding at 5.1%. The acquirer plans to infuse up to ₹25 crore in initial working capital to restart operations as a going concern.
- Shriniwas Spintex Industries to infuse ₹156 crore for creditor payments and plan implementation
- Existing public equity shares to be reduced in a 1:30 ratio, meaning 1 share retained for every 30 held
- Entire shareholding of the erstwhile promoter and promoter group to be cancelled and extinguished
- Post-CIRP shareholding structure will be 94.9% for the new promoters and 5.1% for the public
- Initial working capital infusion of up to ₹25 crore planned to scale up business to break-even level
The NCLT Mumbai Bench has approved the resolution plan submitted by Shriniwas Spintex Industries for Morarjee Textiles Limited. The plan, which received 75.61% approval from the Committee of Creditors, allocates approximately Rs. 130 Crores to secured creditors. In contrast, unsecured financial creditors with claims of Rs. 128.46 Crores will receive only Rs. 39 Lakhs, representing a recovery of just 0.07%. The company's management will be overseen by a Monitoring Committee during the implementation phase.
- Shriniwas Spintex Industries Private Limited's resolution plan approved by NCLT Mumbai.
- Secured creditors allocated ~Rs. 130 Crores; Unsecured creditors receive only Rs. 39 Lakhs.
- The resolution plan was passed with a 75.61% voting share by the Committee of Creditors.
- Successful Resolution Applicant has furnished a Performance Security of Rs. 20 Crores.
- Management control to vest in a Monitoring Committee until the plan is fully implemented.
The National Company Law Tribunal (NCLT), Mumbai Bench, has orally approved the Resolution Plan for Morarjee Textiles Limited on May 11, 2026. The plan, submitted by Shriniwas Spintex Industries Private Limited, was previously cleared by the Committee of Creditors in April 2025. This approval marks a significant milestone in the company's Corporate Insolvency Resolution Process (CIRP) which commenced in February 2024. Detailed financial implications and the treatment of existing equity will be disclosed once the written order is published.
- NCLT Mumbai Bench orally approved the Resolution Plan on May 11, 2026, under Section 31 of the IBC.
- Shriniwas Spintex Industries Private Limited is the successful Resolution Applicant for the company.
- The company has been under the Corporate Insolvency Resolution Process since February 9, 2024.
- The Resolution Plan was filed with the NCLT on April 20, 2025, following approval by the Committee of Creditors.
- Salient features of the plan and impact on shareholders are awaited pending the publication of the official order.
The Mumbai Bench of the National Company Law Tribunal (NCLT) has orally approved the Resolution Plan for Morarjee Textiles Limited, submitted by Shriniwas Spintex Industries Private Limited. The company has been under the Corporate Insolvency Resolution Process (CIRP) since February 9, 2024, following an NCLT order. This approval follows the Committee of Creditors' endorsement of the plan on April 3, 2025. Investors are now awaiting the detailed written order to understand the specific terms of the restructuring and its impact on existing equity.
- NCLT Mumbai Bench orally approved the Resolution Plan on May 11, 2026
- Resolution Applicant is Shriniwas Spintex Industries Private Limited
- Company has been under CIRP since February 9, 2024, managed by a Resolution Professional
- The Resolution Plan was previously approved by the Committee of Creditors on April 3, 2025
- Detailed disclosures regarding the plan's features are pending the publication of the written order
Morarjee Textiles Limited has scheduled its 35th Committee of Creditors (CoC) meeting for March 10, 2026. The company has been undergoing the Corporate Insolvency Resolution Process (CIRP) since February 9, 2024, following an order from the NCLT Mumbai. Currently, the company's business and assets are managed by Resolution Professional Ravi Sethia. This meeting is a continuation of the long-standing insolvency proceedings aimed at resolving the company's outstanding debts.
- 35th Meeting of the Committee of Creditors (CoC) to be held on March 10, 2026
- Company has been under Corporate Insolvency Resolution Process since February 9, 2024
- Resolution Professional Ravi Sethia was confirmed by the CoC on May 22, 2024
- Meeting is conducted under the provisions of the Insolvency and Bankruptcy Code, 2016
Morarjee Textiles Limited has successfully conducted its 34th Committee of Creditors (CoC) meeting on February 16, 2026. The company has been under the Corporate Insolvency Resolution Process (CIRP) since February 9, 2024, following an order by the NCLT Mumbai. Currently, the company's business and assets are managed by Resolution Professional Ravi Sethia. These ongoing meetings are critical for determining the future of the company and the potential recovery for stakeholders.
- 34th meeting of the Committee of Creditors (CoC) held on February 16, 2026
- Company remains under Corporate Insolvency Resolution Process since February 9, 2024
- Ravi Sethia confirmed as Resolution Professional since May 22, 2024
- Disclosure made under Regulation 30 of SEBI (LODR) and Insolvency and Bankruptcy Code 2016
Morarjee Textiles Limited has scheduled the 33rd meeting of its Committee of Creditors (CoC) for January 16, 2026. The company has been undergoing the Corporate Insolvency Resolution Process (CIRP) since February 9, 2024, following an NCLT Mumbai order. Currently, the company's operations and assets are managed by Resolution Professional Ravi Sethia, who was confirmed by the CoC on May 22, 2024. This meeting is a critical step in the ongoing insolvency proceedings to determine the company's future and debt resolution.
- 33rd meeting of the Committee of Creditors (CoC) scheduled for January 16, 2026, at 12:00 p.m.
- Company has been under Corporate Insolvency Resolution Process (CIRP) since February 9, 2024.
- Ravi Sethia was confirmed as the Resolution Professional by the CoC on May 22, 2024.
- The meeting is conducted under the provisions of the Insolvency and Bankruptcy Code, 2016.
Morarjee Textiles Limited held its 31st Committee of Creditors (CoC) meeting on October 16, 2025, as part of its ongoing Corporate Insolvency Resolution Process (CIRP). The company has been under insolvency since February 9, 2024, following an order by the NCLT Mumbai. Currently, the company's affairs and assets are managed by Resolution Professional Ravi Sethia, who was confirmed in the role on May 22, 2024. These proceedings are critical as they will determine the eventual fate of the company and its debt obligations.
- 31st meeting of the Committee of Creditors (CoC) was held on October 16, 2025
- Company has been under CIRP since the NCLT order dated February 9, 2024
- Ravi Sethia was confirmed as the Resolution Professional by the CoC on May 22, 2024
- The meeting was conducted in compliance with SEBI LODR Regulation 30 and IBC 2016 provisions
Morarjee Textiles Limited, which has been under the Corporate Insolvency Resolution Process (CIRP) since February 2024, held its 31st Committee of Creditors (CoC) meeting on October 16, 2025. The company's affairs and assets continue to be managed by Resolution Professional Mr. Ravi Sethia following the NCLT Mumbai order. This meeting is a part of the ongoing legal process to determine the future of the company and its debt obligations. Equity shareholders remain at high risk as the insolvency process prioritizes creditor recoveries.
- The 31st Meeting of the Committee of Creditors (CoC) was successfully held on October 16, 2025.
- Company has been under the Corporate Insolvency Resolution Process (CIRP) since the NCLT order dated February 9, 2024.
- Mr. Ravi Sethia remains the confirmed Resolution Professional as of May 22, 2024.
- The meeting was conducted in accordance with Regulation 30 and Schedule III of SEBI LODR regulations.
Financial Performance
Revenue Growth by Segment
Total income declined by 23.89% from INR 273.51 Cr in FY22 to INR 208.16 Cr in FY23. Segment-specific growth percentages are not disclosed in the available documents.
Profitability Margins
Operating Profit Margin deteriorated from -5.7% to -35.3% in FY23. Net Profit Margin fell from -32.4% to -89.6% due to lower turnover failing to cover fixed expenses and a significant increase in interest costs.
EBITDA Margin
EBITDA margin was -24.27% in FY23 (INR -50.53 Cr) compared to 2.64% (INR 7.23 Cr) in FY22, representing a sharp decline in core profitability due to operational headwinds and lower capacity utilization.
Capital Expenditure
Property, Plant and Equipment stood at INR 386.79 Cr as of March 31, 2023, down from INR 408.65 Cr in the previous year. Planned Capex is not disclosed due to the ongoing Corporate Insolvency Resolution Process (CIRP).
Credit Rating & Borrowing
The company's debt has been classified as Non-Performing Assets (NPA) by lenders. Interest costs increased by 9.85% to INR 79.60 Cr in FY23 despite the financial distress.
Operational Drivers
Capacity Expansion
Current installed capacity is not specified; however, the company has historically invested in its manufacturing plant to align with latest technology. No expansion is planned as the company is under CIRP.
Raw Material Costs
Raw material costs are not explicitly broken down as a percentage of revenue, but the company noted that raw material availability and cost are critical factors impacting operations.
Manufacturing Efficiency
Manufacturing efficiency has been severely impacted by lower turnover and industrial strikes, leading to an inability to cover fixed costs.
Strategic Growth
Expected Growth Rate
0%
Growth Strategy
The company is currently under the Corporate Insolvency Resolution Process (CIRP) as of February 9, 2024. Growth is currently non-existent as the focus is on debt resolution and finding a resolution applicant through the NCLT process. The Resolution Professional is managing affairs to maintain the company as a going concern.
Products & Services
High-end cotton textiles and apparel fabrics.
Brand Portfolio
Morarjee.
Strategic Alliances
The company has an investment in a Joint Venture valued at INR 0.44 Cr as of March 31, 2023.
External Factors
Industry Trends
The industry is shifting toward sustainability and eco-friendly practices. The textile business is cyclical on the supply side due to high capital intensity, requiring large expenditures at specific times to remain competitive.
Competitive Landscape
The company operates in a highly competitive and capital-intensive textile market, currently losing ground due to financial instability and insolvency.
Competitive Moat
The company's moat was historically based on its long-standing brand and technological investments, but this has been eroded by a negative net worth and accumulated losses of INR 303.77 Cr.
Macro Economic Sensitivity
Highly sensitive to global economic activity, inflation, and cost-of-living crises which reduce discretionary spending on apparel.
Consumer Behavior
Increasing consumer pressure for sustainable and eco-friendly fashion practices is a key trend affecting long-term demand.
Geopolitical Risks
Russia’s invasion of Ukraine and geopolitical tensions are cited as factors weighing heavily on the economic outlook and triggering financial stress.
Regulatory & Governance
Industry Regulations
Operations are governed by the Insolvency and Bankruptcy Code (IBC) 2016 since the initiation of CIRP. Compliance with Section 123 of the Companies Act regarding dividends was not applicable as no dividends were declared.
Taxation Policy Impact
Deferred Tax Assets (Net) stood at INR 30.41 Cr as of March 31, 2023.
Legal Contingencies
The company is under CIRP following an order by NCLT Mumbai dated February 9, 2024 (CP(IB) No. 1318/MB-VI/2022). Lenders and operational creditors have filed for recall of debt and legal recourse. Accumulated losses of INR 303.77 Cr have resulted in complete erosion of net worth.
Risk Analysis
Key Uncertainties
The primary uncertainty is the 'Going Concern' status, with auditors issuing a qualified opinion due to material uncertainty regarding the company's ability to meet liabilities falling due within one year.
Third Party Dependencies
High dependency on financial creditors who have classified debt as NPA and served recall notices.
Technology Obsolescence Risk
While the company has historically invested in technology, the current lack of capital expenditure (Capex) poses a risk of falling behind in manufacturing competitiveness.
Credit & Counterparty Risk
Trade receivables fell significantly to INR 5.22 Cr in FY23 from INR 20.94 Cr, though the Debtor Turnover Ratio improved to 11 times due to faster realizations.
