Sangam (India) Limited (SANGAMIND)
₹609.60 +1.33% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Sangam (India)'s revenue was ₹860 Cr (+8.9% year on year, -2.7% on the previous quarter), and net profit ₹41.0 Cr; the operating margin was 12.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹860 | +8.9% | -2.7% |
| Operating profit | ₹105 | +82.2% | +3.2% |
| Net profit | ₹41.0 | — | +24.7% |
| EPS (₹) | 9.11 | — | +39.3% |
| Operating margin | 12.2% | — | — |
SANGAMIND delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 59.83% of the SANGAMIND shares traded on NSE were taken to delivery, against the stock's own 20-session average of 53.93%. That is close to its usual level. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 61.8% · 59.0% · 50.5% · 45.6% · 59.8%
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
Sangam (India) Limited 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 Transfer Agent Bigshare Services Private Limited confirmed zero dematerialization or rematerialization requests received during the period. This is a periodic administrative filing confirming depository record maintenance. It has no bearing on business operations or financial performance.
- Regulation 74(5) certificate submitted for the quarter ended 30th September, 2026
- Issued by Registrar and Transfer Agent Bigshare Services Private Limited on 07/10/2026
- Confirmed zero (0) Demat and Remat requests received during the quarter ended 30th September 2026
Sangam (India) Limited has acquired a 0.97% equity stake in CGE II Hybrid Energy Private Limited for a total cash consideration of ₹4.76 crore. The acquisition comprises 47,60,101 equity shares of ₹10 each and completed on October 5, 2026. This transaction is structured to secure up to 5 MW of renewable power under captive status for the company's manufacturing plants in Bhilwara, Rajasthan. Relative to Sangam's TTM revenue of ₹2,448 crore and market cap of ₹3,176 crore, the investment is financially minor at ~0.15% of market cap.
- Acquired 47,60,101 equity shares (0.97% post-allotment equity stake) for ₹4,76,01,010
- Secures captive renewable hybrid power consumption of up to 5 MW
- Target entity CGE II Hybrid Energy reported a turnover of ₹65.569 crore for FY 2025-26
- Powers plants located at Village Atun, Sareri, and Billiya Kalan in Bhilwara, Rajasthan
- Transaction completed on October 5, 2026 via cash consideration
Sangam (India) Limited reported a fire incident that occurred on September 30, 2026, at its Spinning Division in Sareri, Bhilwara, Rajasthan. The estimated loss is approximately Rs 4 crore, which represents a minor fraction (~0.16%) of its TTM revenue of Rs 2,448 crore. No injuries or casualties were reported, and affected plant, machinery, raw materials, and buildings are covered under a comprehensive insurance policy. The company holds an Industrial All Risk policy with a sum insured of Rs 1,528.30 crore and Rs 171 crore coverage for loss of profit.
- Fire occurred on September 30, 2026, at 09:45 PM at the Spinning Division in Sareri, Bhilwara
- Estimated loss and damage is approximately Rs 4 Crores
- No human injuries or casualties reported
- Comprehensive Fire IAR insurance coverage with a sum insured of Rs 1,528.30 Crores plus Rs 171 Crores loss of profit coverage
- Management expects only a minor impact on overall production and operations
Sangam (India) Limited has issued a Postal Ballot notice seeking shareholder approval via special resolution for the appointment of Mr. Ranjan Jagetia as a Non-Executive Independent Director. His proposed tenure is for 3 consecutive years, effective from 28th July 2026 to 27th July 2029. Remote e-voting opens on 16th September 2026 and concludes on 15th October 2026, with results to be declared on or before 17th October 2026. The cut-off date for eligible voting shareholders was 11th September 2026.
- Appointment of Mr. Ranjan Jagetia as Non-Executive Independent Director for a 3-year term (28th July 2026 to 27th July 2029)
- Remote e-voting window active from 16th September 2026 (9:00 AM) to 15th October 2026 (5:00 PM)
- Cut-off date established as 11th September 2026 for shareholder eligibility
- Results of the postal ballot to be declared on or before 17th October 2026
Sangam (India) Limited has allotted 18,00,000 convertible warrants on a preferential basis to promoter and promoter group entities at an issue price of ₹555.56 per warrant, totaling ₹100.00 Cr (~3.4% of market cap). The company has received 25% upfront subscription money amounting to ₹25.00 Cr. The warrants are convertible into equity shares within an 18-month window ending March 10, 2028, upon receipt of the remaining 75% consideration. Full conversion will raise promoter holding from 70.52% to 71.54% on a diluted base.
- Allotted 18,00,000 warrants convertible into equal equity shares at ₹555.56 each, totaling ₹100,00,08,000
- Received 25% upfront subscription amount of ₹25,00,02,000 (₹138.89 per warrant)
- Tenure of conversion is up to 18 months, expiring on or before March 10, 2028
- Promoter and Promoter Group shareholding will increase from 70.52% to 71.54% post full conversion
Sangam (India) Limited announced that it dispatched communication on September 9, 2026, to physical shareholders requesting the updation of PAN, KYC, bank, and nomination details. The letter also highlights SEBI's circular opening a special window from February 05, 2026, to February 04, 2027, for the transfer and dematerialization of physical securities purchased prior to April 1, 2019. The transferred securities will be credited to demat accounts with a mandatory one-year lock-in period. This is an administrative compliance matter with no impact on corporate earnings or ongoing operations.
- Dispatched reminder letters on September 9, 2026, to physical shareholders for KYC and PAN updates.
- Special transfer and demat window open from February 05, 2026, to February 04, 2027.
- Transferred physical securities subject to a lock-in period of 1 year from the date of transfer registration.
- Eligible physical transactions pertain to securities purchased prior to April 01, 2019.
Sangam (India) Limited has scheduled a management meeting and site visit for analysts and institutional investors on Friday, September 04, 2026, at its manufacturing base in Bhilwara, Rajasthan. The company noted that it has already received registration interest from multiple investors. The filing clarifies that no unpublished price-sensitive information (UPSI) will be shared during the interactions.
- Site visit and analyst meeting scheduled for Friday, September 04, 2026
- Venue confirmed at company facilities in Bhilwara, Rajasthan
- Company confirmed receiving interest from several institutional investors
- No unpublished price sensitive information (UPSI) to be disclosed during the meet
Sangam (India) Limited has filed a clarification regarding Resolution No. 1 passed at its Extra Ordinary General Meeting (EGM) held on 12th August, 2026. The company informed the exchanges that the classification of Mrs. Krippie Soni shall be read as 'Promoter Group' instead of 'Promoter' in the EGM notice and explanatory statement. This follows earlier corrigendums issued on 30th July, 2026 and 7th August, 2026, with all other details remaining unchanged.
- Clarification pertains to Resolution No. 1 passed at the EGM held on 12th August, 2026
- Categorization of Mrs. Krippie Soni corrected to 'Promoter Group' instead of 'Promoter'
- Refers to prior corrigendums dated 30th July, 2026 and 7th August, 2026
Sangam (India) Limited has submitted the voting results and Scrutinizer's report for its Extraordinary General Meeting (EGM) held on August 12, 2026. The company confirmed that all resolutions set out in the EGM notice were passed with the requisite majority by shareholders. This filing is a procedural requirement under SEBI Regulation 44(3). While the specific resolutions were not detailed in the cover letter, the company is currently executing a significant Rs 344 Cr expansion in its spinning division.
- Extraordinary General Meeting (EGM) successfully conducted on August 12, 2026, via Video Conferencing.
- All resolutions passed with requisite majority as per the Scrutinizer's Report.
- Compliance filing completed under Regulation 44(3) of SEBI LODR Regulations, 2015.
- Company is currently managing a Rs 344 Cr spinning unit expansion, representing ~14% of TTM revenue.
Sangam (India) Limited held an Extraordinary General Meeting (EGM) on August 12, 2026, to approve the issuance of 18,00,000 warrants to its Promoter and Promoter Group on a preferential basis. These warrants are convertible into equity shares and represent a strategic capital infusion as the company executes its Rs 344 Cr spinning unit expansion. The move signals promoter confidence following a fiscal year where revenue reached Rs 2,448 Cr with a 10% operating margin. Final voting results are pending formal submission to the exchanges.
- Proposed issue of 18,00,000 warrants convertible into equity shares specifically for Promoter Group entities.
- Capital intended to support the ongoing Rs 344 Cr spinning unit expansion and modernization project.
- EGM attendance comprised 97 members, including 13 from the Promoter group and 84 from the public.
- Remote e-voting was conducted between August 8 and August 11, 2026, prior to the meeting.
- Company targets a 200 bps margin improvement (from 10% to 12%) through the ramp-up of new capacities.
Sangam (India) Limited has issued a second corrigendum for its EGM on August 12, 2026, detailing a ₹100.00 crore preferential issue of 18 lakh warrants to promoters. The warrants are priced at ₹555.56 each, representing a discount to the current market price of ₹616.6. The company plans to utilize 85% of the proceeds (₹85 crore) for capital expenditure, including civil construction and plant machinery, with a project completion target of March 31, 2029. This fundraise is equivalent to approximately 3.2% of the company's current market capitalization.
- Preferential issue of 18,00,000 warrants to Promoters at an issue price of ₹555.56 per warrant.
- Total fundraise amount fixed at ₹100,00,08,000 (approx. ₹100 crore).
- Allocation of ₹60 crore (60%) for Plant & Machinery and ₹25 crore (25%) for Civil Construction.
- Project completion timeline for expansion and modernization set for March 31, 2029.
- General corporate purposes limited to 15% of the issue proceeds (₹15 crore).
Sangam (India) Limited has issued a corrigendum for its upcoming EGM on August 12, 2026, detailing a Rs 100.00 crore preferential issue of 18,00,000 warrants to its promoter group. The warrants are priced at Rs 555.56 each, which is close to the current market price of Rs 605.1. Approximately 85% of the proceeds (Rs 85 crore) are earmarked for a comprehensive expansion and modernization program across cotton yarn, denim, and garment segments, targeted for completion by March 2029. This equity infusion by promoters represents about 3.3% of the company's current market capitalization.
- Preferential issue of 18,00,000 warrants to 7 promoter group entities at Rs 555.56 per warrant
- Total fundraise of Rs 100.00 crore to be utilized for capital expenditure (85%) and general corporate purposes (15%)
- Capex includes Rs 25 crore for civil construction and Rs 60 crore for plant and machinery modernization
- Project implementation timeline extends through March 31, 2029, across multiple textile divisions
- Brickwork Ratings India Private Limited appointed as the Monitoring Agency for fund utilization
Sangam (India) Limited has appointed Mr. Ranjan Jagetia as an Additional Non-Executive Independent Director for a three-year term starting July 28, 2026. This appointment follows the resignation of Mr. Sudhir Maheshwari and has led to the reconstitution of the Audit, Stakeholders Relationship, and Risk Management Committees. Mr. Jagetia, based in the USA, brings expertise in apparel sourcing and distribution, which may support the company's international growth strategy. The company is currently managing a Rs 344 Cr spinning unit expansion to drive future volumes.
- Appointment of Mr. Ranjan Jagetia as Independent Director for a fixed term of 3 years
- Reconstitution of 3 board committees including Audit and Risk Management
- New director brings international experience as President of Taj Imports Inc., USA
- Company is currently ramping up a Rs 344 Cr spinning unit expansion project
- International market revenue grew by 8.71% in FY25, a key focus area for the board
Sangam (India) Limited has scheduled an Extraordinary General Meeting (EGM) for August 12, 2026, to approve a Rs 100 crore fundraise. The company plans to issue 18,00,000 convertible warrants to its promoter group at a price of Rs 555.56 per warrant. Promoters will contribute 25% of the total amount (Rs 25 crore) upfront, with the remaining 75% payable upon conversion into equity shares within 18 months. This capital infusion is critical as the company is currently executing a Rs 344 crore spinning unit expansion and managing significant debt.
- Issuance of 18,00,000 warrants convertible into equity shares on a preferential basis to promoters.
- Total fundraise value of Rs 100,00,08,000 (approx. Rs 100 Cr).
- Issue price set at Rs 555.56 per warrant, based on the relevant date of July 13, 2026.
- Promoters to pay 25% of the warrant price upfront, with the balance due within 18 months.
- Funds intended to support the ongoing Rs 344 Cr spinning unit expansion and operational needs.
Sangam (India) reported a strong Q1 FY27 with PAT rising to ₹41 Cr from ₹2 Cr YoY, driven by a 418 bps expansion in EBITDA margins to 12.9%. The company announced a massive ₹1,500 Cr capital expenditure plan to be completed by March 2029, focusing on forward integration into garmenting. This capex represents approximately 47% of the current market capitalization. Capacity utilization remains high in core segments like Denim (98%) and PV Fabric (97%), while the company is also expanding its renewable energy capacity to 76.7 MW to reduce power costs.
- Q1 FY27 Profit After Tax (PAT) surged to ₹41 Cr from ₹2 Cr in Q1 FY26.
- Announced a ₹1,500 Cr capex plan for forward integration into garmenting, to be completed by March 2029.
- EBITDA margin expanded by 418 bps YoY to 12.9% due to better realizations and product mix.
- Capacity utilization for Denim fabric reached 98% and PV fabric reached 97% in Q1 FY27.
- Renewable energy capacity is being increased to 76.7 MW, targeting annual power cost savings of ₹48 Cr.
Financial Performance
Revenue Growth by Segment
The company reported a consolidated revenue of INR 785 Cr in Q2 FY26, representing a 15.9% YoY growth compared to INR 677 Cr. For H1 FY26, revenue reached INR 1,587 Cr, up 15.4% YoY. The growth is distributed across four business divisions with EBITDA margins ranging between 8% and 12%. Standalone revenue for FY 2024-25 grew 7.37% to INR 2,843.01 Cr, while consolidated revenue grew 8.71% to INR 2,856.95 Cr, primarily driven by export performance.
Geographic Revenue Split
International markets contributed significantly to growth, with exports fueling an 8.71% increase in consolidated revenue for FY 2024-25. Specific regional percentages beyond the export growth rate were not disclosed in the available documents.
Profitability Margins
Gross margins for Q2 FY26 stood at 40.0%, a contraction of 352 bps YoY from 43.5%. However, Net Profit After Tax (PAT) for Q2 FY26 surged 316.8% YoY to INR 23 Cr, largely aided by a revision in depreciation policy which reduced depreciation expenses by 62.3% YoY to INR 10 Cr. FY 2024-25 consolidated PAT was INR 31.80 Cr, down from INR 40.82 Cr in the previous year due to higher finance and depreciation costs.
EBITDA Margin
EBITDA for Q2 FY26 increased by 32.4% YoY to INR 76 Cr. EBITDA margins expanded by 120 basis points to 9.6% (up from 8.4% in Q2 FY25), driven by improved cost control, operational efficiencies, and better realizations from an improved product mix.
Capital Expenditure
The company is executing a major expansion and modernization of its spinning unit at Sareri, Bhilwara, with a total financial outlay of INR 344 Cr. This project is funded via a term loan of INR 258 Cr and the remainder through internal accruals.
Credit Rating & Borrowing
The company secured a term loan of INR 258 Cr for its spinning expansion. Finance costs for Q2 FY26 rose 19.1% YoY to INR 29 Cr, reflecting the increased debt burden from ongoing capital projects. H1 FY26 finance costs stood at INR 60 Cr, a 24.9% increase YoY.
Operational Drivers
Raw Materials
The documents identify the business as textile-focused (Spinning, Denim, etc.), implying raw materials like cotton and synthetic fibers, though specific percentage breakdowns of total costs per material were not disclosed.
Capacity Expansion
The spinning division is undergoing an INR 344 Cr expansion. Current capacity utilization for the latest quarter (Q2 FY26) was reported at 35%, showing a recovery from 25% in Q1 FY26 as new capacities begin to ramp up.
Raw Material Costs
Gross margins declined by 352 bps YoY in Q2 FY26 to 40.0%, suggesting higher raw material or procurement costs relative to sales prices. The company focuses on an integrated model to mitigate these fluctuations.
Manufacturing Efficiency
Capacity utilization improved to 35% in Q2 FY26 from 25% in Q1 FY26. The company aims for higher utilization to drive asset turns and improve the margin profile across its four divisions.
Strategic Growth
Expected Growth Rate
12-15%
Growth Strategy
Growth will be achieved through the completion and ramp-up of the INR 344 Cr spinning unit expansion, which will increase volumes. The company also targets a 200 bps margin improvement (from 10% to 12%) over the next few quarters by optimizing product mix and leveraging operational efficiencies from modernized plants.
Products & Services
The company sells textile products including yarn (from the spinning division), denim, and other integrated textile products.
Brand Portfolio
Sangam (India) Limited; Sangam Ventures Limited (Subsidiary).
New Products/Services
The company is focusing on an 'improved product mix' to drive realizations, though specific new product names were not listed.
Market Expansion
The company is focusing on international markets, which grew by 8.71% in FY25, and is leveraging its integrated model to capture higher market share in key segments.
Strategic Alliances
The company operates a wholly-owned subsidiary, Sangam Ventures Limited, which contributed INR 29.18 Cr to revenue in H1 FY26.
External Factors
Industry Trends
The textile industry is seeing a shift toward integrated manufacturing models. Sangam is positioning itself by investing INR 344 Cr in modernization and expansion to improve efficiency and product quality.
Competitive Landscape
The company operates in a 'mixed external environment' with healthy demand in key segments, competing with other large-scale integrated textile players.
Competitive Moat
The company's moat is built on its integrated business model and large-scale manufacturing capabilities in Bhilwara. The recent modernization and expansion are intended to maintain cost leadership and operational resilience.
Macro Economic Sensitivity
The company is sensitive to global trade environments and domestic textile policy, as exports are a key growth driver.
Consumer Behavior
Demand remains healthy in key segments, supported by a shift toward higher-quality yarn and improved product mixes.
Geopolitical Risks
Trade barriers or shifts in international textile demand pose risks to the export-led growth strategy.
Regulatory & Governance
Industry Regulations
Operations are governed by SEBI (LODR) Regulations and Indian Accounting Standards (Ind AS). The company recently changed its accounting estimate for the useful life of plant and machinery to 15 years to better reflect economic benefits.
Environmental Compliance
The company has invested in Solar Power Plants, recently extending their estimated useful life to 25 years, reflecting a commitment to renewable energy.
Taxation Policy Impact
The company reported a tax expense of INR 11 Cr for Q2 FY26. It noted that the revision in depreciation policy for books has zero impact on cash flow for tax purposes, as income tax depreciation follows different rules.
Legal Contingencies
The secretarial audit for FY 2024-25 reported compliance with applicable statutory provisions and adherence to good corporate practices; no specific pending litigation values were disclosed.
Risk Analysis
Key Uncertainties
The primary uncertainty is the successful ramp-up of the new spinning capacity, which currently shows 35% utilization. Failure to reach optimal utilization could lead to under-absorption of the higher finance costs (up 19.1%).
Geographic Concentration Risk
The company has a significant reliance on exports for growth, making it vulnerable to international trade policy shifts.
Technology Obsolescence Risk
The company is mitigating technology risks by investing INR 344 Cr in modernization and expansion of its spinning units.
Credit & Counterparty Risk
Trade receivables increased significantly by INR 148.79 Cr in H1 FY26, suggesting a need for careful monitoring of credit exposure and collection cycles.
