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Swaraj Suiting Limited (SWARAJ)

₹323.50 -4.98% last close, 16 Oct

📊 NSE: SWARAJ 🏢 Textiles - Spinning - Synthetic / Blended 📢 Latest filing: 15 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Swaraj Suiting's revenue was ₹183 Cr (+138.1% year on year, -11.4% on the previous quarter), and net profit ₹16.5 Cr (+82.9% year on year); the operating margin was 19.4%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹183	+138.1%	-11.4%
Operating profit	₹35.5	+48.0%	+4.5%
Net profit	₹16.5	+82.9%	-34.2%
EPS (₹)	6.23	+53.1%	-33.6%
Operating margin	19.4%	—	—

Full quarterly financials → Results calendar →

SWARAJ exchange data

NSE end-of-day data for Fri, 16 Oct 2026

It closed at its lower price band (circuit) on 16 Oct, one of 11 band closes in about the last 20 sessions.

₹323.50NSE close · -4.98%

Circuit stocks →

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

Swaraj Suiting Submits Reg 74(5) Dematerialization Compliance for Q2 Ended Sep 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 15 Oct 2026, 03:50 AM

Swaraj Suiting 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 was issued by Bigshare Services Private Limited, the Registrar and Share Transfer Agent (RTA). The RTA confirmed that securities received for dematerialization were processed, mutilated, and cancelled within 15 days of receipt. This is a standard quarterly regulatory submission with no impact on business operations or financials.

Compliance certificate submitted under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
Pertains to the quarter ended September 30, 2026
Issued by Bigshare Services Private Limited on October 10, 2026
Security certificates confirmed mutilated and cancelled within 15 days of receipt

💡 No investor action required. Watch for upcoming announcements regarding the Q2 FY27 financial results.

Swaraj Suiting Reconstitutes Three Board Committees Effective October 4, 2026

🟡 NEUTRAL ⭐ 2/10

MANAGEMENT 📅 04 Oct 2026, 11:40 PM

Swaraj Suiting Limited has reconstituted three of its key Board committees—Audit, Nomination & Remuneration (NRC), and Stakeholders' Relationship Committee—effective October 4, 2026. The Audit Committee will be chaired by Non-Executive Independent Director Mrs. Amreen Sheikh and comprises 4 members, including Managing Director Mohammed Sabir Khan. The NRC consists entirely of 3 Independent Directors, chaired by Mrs. Amreen Sheikh, while the Stakeholders' Relationship Committee will be chaired by Mrs. Anam Hamid. This reshuffle is an internal corporate governance measure with no immediate financial or operational impact.

Board reconstituted 3 core committees effective October 4, 2026
Audit Committee reconstituted with 4 members under Chairperson Mrs. Amreen Sheikh (Independent Director)
Nomination & Remuneration Committee formed with 3 Non-Executive Independent Directors
Stakeholders' Relationship Committee reconstituted with 4 members chaired by Mrs. Anam Hamid

💡 Track standard corporate governance adherence and upcoming Q2 FY27 earnings disclosures for operational performance.

Swaraj Suiting Plans Rs 117.25 Cr Equity Preferential Issue Plus Warrants at Rs 335/Share

🟢 POSITIVE ⭐ 9/10

FUNDRAISE 📅 01 Oct 2026, 09:56 PM

Swaraj Suiting Limited has issued an EGM notice to seek shareholder approval for raising Rs 117.25 Cr via a preferential issue of 35,00,000 equity shares at Rs 335 per share (face value Rs 10 and premium Rs 325) to non-promoter investors. Additionally, the company is proposing to issue convertible warrants on a preferential basis. The proposed equity raise represents approximately 12.5% of the company's current market capitalization of Rs 940 Cr. The EGM will be held on October 24, 2026, with remote e-voting closing on October 23, 2026.

Proposed preferential issue of up to 35,00,000 equity shares at Rs 335 per share
Total equity fundraise aggregates to Rs 1,17,25,00,000 (Rs 117.25 Cr)
Key allottees include Clarus Capital I (22,50,000 shares) and Kritagyata Trust (11,25,000 shares)
Floor price determination Relevant Date set as September 24, 2026
Extraordinary General Meeting scheduled for October 24, 2026 with e-voting cut-off on October 17, 2026

💡 Track shareholder voting results from the October 24, 2026 EGM and subsequent regulatory approvals, as well as management's stated utilization of proceeds for debt reduction or capacity growth.

Swaraj Suiting Highlights ₹421 Cr Capex Plan and FY26 Performance at 23rd AGM

🟢 POSITIVE ⭐ 9/10

EXPANSION 📅 30 Sep 2026, 08:23 PM

At its 23rd AGM, Swaraj Suiting highlighted an upcoming mega expansion project at Neemuch with an estimated capex of ₹421 crore to add 25,500 TPA spinning capacity. The proposed capex represents ~62% of its TTM revenue (₹683 crore) and 125% of its net worth (₹337 crore). The company also reviewed FY26 performance showing revenue growth of 38.5% to ₹576.74 crore and a 58.0% surge in PAT to ₹52.37 crore. Shareholders additionally considered the reallocation of ₹8.03 crore in preferential issue proceeds from capex to working capital.

Planned ₹421 crore capex at Neemuch to add 25,500 TPA of spinning capacity
Reported FY26 revenue of ₹576.74 crore (up 38.5% YoY) and PAT of ₹52.37 crore (up 58.0% YoY)
Export sales reached a record ₹41.19 crore, up from ₹22.54 crore
Special resolution to vary ₹8.03 crore preferential proceeds from capex to working capital

💡 Track the formal financing closure and project commissioning milestones for the ₹421 crore Neemuch capex, as well as the voting outcomes for the AGM resolutions.

Swaraj Suiting Board Approves ₹174.2 Cr Preferential Issue of Shares and Warrants at ₹335/share

🟢 POSITIVE ⭐ 9/10

FUNDRAISE 📅 28 Sep 2026, 09:21 PM

The Board of Swaraj Suiting approved raising up to ₹174.20 Cr via preferential allotments to non-promoter investors. This includes up to 35,00,000 equity shares aggregating ₹117.25 Cr and 17,00,000 convertible warrants aggregating ₹56.95 Cr, both at an issue price of ₹335 per instrument. Total fundraise represents roughly 19.7% of the company's current market capitalization of ₹885 Cr. Post-dilution across shares and warrants, promoter holding will decline from 65.06% to 55.87%.

Preferential issuance of up to 35,00,000 equity shares at ₹335 per share (₹10 face value + ₹325 premium) raising ₹117.25 Cr
Issuance of up to 17,00,000 convertible warrants at ₹335 each, raising up to ₹56.95 Cr
Total capital raise aggregates up to ₹174.20 Cr across 3 equity institutional investors and 81 warrant subscribers (including employees)
Fully diluted promoter holding to decrease from 65.06% to 55.87%
Extraordinary General Meeting (EGM) scheduled for October 24, 2026 to seek shareholder approval

💡 Track shareholder approval at the EGM on October 24, 2026, and watch for management disclosures regarding the specific end-use of proceeds (debt reduction versus capex).

Swaraj Suiting Convenes 23rd AGM for Sep 30, 2026; Proposes Director Reappointments

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 08 Sep 2026, 09:42 PM

Swaraj Suiting Limited has issued the notice convening its 23rd Annual General Meeting (AGM) on September 30, 2026, via Video Conferencing. Key agenda items include the adoption of FY26 standalone and consolidated financial statements, re-appointment of Independent Director Mrs. Amreen Sheikh for a 5-year term, and appointment of Mr. Manoj Mansinghka as an Independent Director. Additionally, shareholders will vote on revisions to the remuneration of Managing Director Mr. Mohammed Sabir Khan and Whole-Time Director Mrs. Samar Khan. The disclosures also note total variable-rate borrowings of ₹301.55 Cr as of March 31, 2026, compared to ₹267.84 Cr as of March 31, 2025.

23rd AGM scheduled for September 30, 2026 at 01:00 PM IST via VC/OAVM
Proposal to re-appoint Mrs. Amreen Sheikh as Independent Director for a second 5-year term up to October 4, 2031
Proposal to appoint Mr. Manoj Mansinghka as Independent Director for 5 years effective October 1, 2026
Resolution proposed for revising remuneration of Managing Director Mr. Mohammed Sabir Khan through December 31, 2028
Total variable rate interest-bearing instruments stood at ₹30,154.57 Lakhs (₹301.55 Cr) as of March 31, 2026

💡 Track shareholder voting results following the AGM on September 30, 2026, particularly regarding managerial remuneration revisions and director appointments.

Swaraj Suiting Schedules 23rd AGM for Sep 30, 2026; Appoints Independent Directors

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 06 Sep 2026, 08:56 PM

Swaraj Suiting Limited announced the outcome of its Board Meeting held on September 6, 2026. The Board approved the FY26 Annual Reports and scheduled the 23rd Annual General Meeting (AGM) for September 30, 2026, with a cut-off date of September 23, 2026, for e-voting eligibility. Additionally, the Board recommended the re-appointment of Mrs. Amreen Sheikh and the fresh appointment of textile industry veteran Mr. Manoj Mansinghka as Non-Executive Independent Directors, both for 5-year terms subject to shareholder approval.

23rd AGM scheduled for Wednesday, September 30, 2026, via Video Conferencing
Cut-off date for e-voting eligibility fixed as Wednesday, September 23, 2026
Recommended 5-year re-appointment of Mrs. Amreen Sheikh as Independent Director (Oct 5, 2026 to Oct 4, 2031)
Recommended 5-year appointment of Mr. Manoj Mansinghka (founder of Sharda Syncotex with 28+ years experience) as Independent Director (Oct 1, 2026 to Sep 30, 2031)

💡 Track voting outcomes and shareholder approvals at the AGM on September 30, 2026, alongside any operational updates shared during the meeting.

Swaraj Suiting Schedules Institutional Investor Meet in Mumbai on September 9, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Sep 2026, 06:36 PM

Swaraj Suiting Limited has announced an in-person institutional investors and analysts meet scheduled for September 9, 2026, in Mumbai. The interactions will take place between 10:00 am and 06:00 pm in group and one-on-one formats, facilitated by its IR firm, Kaptify Consulting. The company confirmed that discussions will be confined to publicly available information and no unpublished price-sensitive information will be shared.

Investor/analyst meeting scheduled for September 9, 2026
Meeting time slated between 10:00 am to 06:00 pm IST
Format includes Group / One-to-One in-person meetings in Mumbai
No unpublished price-sensitive information (UPSI) will be discussed

💡 Track post-meet investor presentations or disclosure transcripts filed with the stock exchanges for any operational commentary.

Acuite Assigns 'ACUITE A-/Stable' Rating to Swaraj Suiting on ₹123.09 Cr Facilities

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 02 Sep 2026, 06:17 PM

Acuite Ratings & Research has assigned a long-term credit rating of 'ACUITE A-' with a Stable outlook on Swaraj Suiting Limited's ₹123.09 crore bank facilities. The rating rationale highlights strong revenue growth (reaching ₹581.44 crore in FY26) and improving operating margins, backed by ₹263 crore equity fund infusion via warrants and preference shares. The report also highlights an ongoing ₹421.36 crore backward-integration capex into spinning (₹73.59 crore incurred as of May 2026), balanced by elevated working capital intensity with GCA at 273 days.

Acuite assigned 'ACUITE A-/Stable' rating on ₹123.09 crore bank loan facilities.
Company undertaking a ₹421.36 crore spinning capacity expansion project (₹73.59 crore spent as of May 5, 2026).
Raised ~₹263 crore via warrants and preference shares, with ~₹132 crore received in FY26 and balance by March 2027.
Working capital remains intensive with gross current asset (GCA) cycle at 273 days and inventory holding at 185 days for FY26.

💡 Track financial closure and execution milestones for the ₹421.36 crore spinning project, alongside progress in reducing working capital cycle days in upcoming quarterly results.

Swaraj Suiting Migrates to Main Board of BSE & NSE Effective August 13, 2026

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 12 Aug 2026, 08:33 PM

Swaraj Suiting Limited has received final approval to migrate its 2,64,18,260 equity shares from the NSE Emerge (SME) platform to the Main Board of both NSE and BSE. Trading on the Main Board will commence on August 13, 2026, with the stock placed in the 'B' Group on BSE. This transition follows a strong financial trajectory, with TTM revenue at Rs 668 Cr and a market capitalization of Rs 860 Cr, meeting the criteria for Main Board listing.

Migration of 2,64,18,260 equity shares of Rs 10 each to the Main Board
Effective date for listing and trading on NSE & BSE Mainboard is August 13, 2026
Shares will be admitted to dealings in the 'B' Group of Securities on BSE
Company reported TTM revenue of Rs 668 Cr and PAT of Rs 63 Cr prior to migration
Market capitalization at the time of announcement is approximately Rs 860 Cr

💡 Watch for potential increases in trading liquidity and institutional participation, as Main Board listing removes many of the trading restrictions associated with the SME platform.

Swaraj Suiting to Migrate to NSE Main Board Effective August 13, 2026

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 11 Aug 2026, 04:47 PM

Swaraj Suiting Limited has received NSE approval to migrate its 2,64,18,260 equity shares from the SME Emerge platform to the Main Board. Trading on the Main Board will commence on August 13, 2026, marking a significant milestone for the company which currently holds a market capitalization of Rs 846 Cr. This transition follows a period of strong financial performance, with TTM revenue at Rs 668 Cr and a PAT of Rs 63 Cr. Migration typically enhances stock liquidity and broadens the potential institutional investor base.

Migration of 2,64,18,260 equity shares of Rs 10/- each to the NSE Main Board
Effective listing and trading on the Capital Market Segment starts August 13, 2026
Trading on the SME Emerge platform will be suspended from August 13, 2026
Company reports TTM revenue of Rs 668 Cr and OPM of 18.1% as of the latest context
Specific share tranches remain under lock-in, including 8,00,000 shares until December 10, 2027

💡 Monitor trading volumes and institutional participation post-migration, as the stock becomes accessible to a wider investor pool. Track the company's ability to maintain its 30% expected growth rate in upcoming quarterly results.

139% Revenue Growth in Q1FY27; Rs 420 Cr Expansion and Main Board Migration Approved

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 08 Aug 2026, 02:38 PM

Swaraj Suiting reported explosive Q1 FY27 results with revenue growing 138.8% YoY to Rs 183.37 Cr and PAT doubling to Rs 16.22 Cr. The company announced a massive Rs 420 Cr expansion project in the spinning and advanced material segment, which represents approximately 63% of its TTM revenue. Furthermore, it has received in-principle approval to migrate from the NSE Emerge (SME) platform to the Main Boards of both NSE and BSE, which is expected to enhance liquidity. The company is also eligible for significant government incentives totaling up to Rs 420 Cr across its Neemuch and proposed projects.

Revenue from operations increased 138.8% YoY to Rs 183.37 Cr in Q1 FY27.
Net Profit grew 100.2% YoY to Rs 16.22 Cr with an 8.8% margin.
Proposed a new expansion project worth Rs 420 Cr in Spinning and Advanced Materials.
Received Rs 27.5 Cr in government incentives for the Neemuch project as of July 31, 2026.
Commercial production for current expansion phases (Ring/Open End Spinning) expected by Q1 FY28.

💡 Monitor the execution timeline of the Rs 420 Cr expansion and the formal date for Main Board migration. Investors should also track the realization of government incentives which are critical for cash flow and project economics.

Swaraj Suiting Q1 FY27 PAT Jumps 83% YoY to ₹16.46 Cr; Revenue Surges 139%

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 07 Aug 2026, 09:08 PM

Swaraj Suiting Limited reported a robust performance for Q1 FY27, with consolidated revenue from operations growing 138.8% YoY to ₹183.37 Cr. Net profit increased 83.1% YoY to ₹16.46 Cr, despite a sharp rise in finance costs which doubled to ₹11.46 Cr. The company also completed the conversion of 1,08,100 warrants into equity shares, raising ₹1.91 Cr. This growth reflects the scaling of the 'Swaraj Denim' brand and the impact of recent capacity expansions.

Consolidated Revenue from operations grew 138.8% YoY to ₹183.37 Cr from ₹76.78 Cr.
Net Profit for the quarter increased 83.1% YoY to ₹16.46 Cr compared to ₹8.99 Cr in Q1 FY26.
Finance costs rose significantly to ₹11.46 Cr from ₹5.20 Cr in the year-ago period.
Basic EPS improved to ₹6.23 for the quarter, up from ₹4.09 YoY.
Raised ₹1.91 Cr through the conversion of 1,08,100 warrants into equity shares.

💡 Investors should monitor the company's ability to maintain operating margins (OPM) as it scales, and watch for any reduction in debt levels given the high quarterly finance cost of ₹11.46 Cr.

Rs 20.50 Cr subsidy received; total Rs 27.54 Cr inflow in last two months

🟢 POSITIVE ⭐ 6/10

OTHER 📅 31 Jul 2026, 09:35 PM

Swaraj Suiting Limited has received a government subsidy of Rs 20.50 crore on July 31, 2026, under various incentive schemes. This follows previous receipts, bringing the total subsidy collected over the last two months to Rs 27.54 crore. For a company with a TTM PAT of Rs 63 crore, this single-day receipt represents approximately 32.5% of its annual profit. The cash inflow is significant for liquidity, especially considering the company's debt of Rs 327 crore and D/E ratio of 0.97.

Received a subsidy of Rs 20.50 crore on July 31, 2026
Total subsidy received in the last two months aggregates to Rs 27.54 crore
The Rs 20.50 crore receipt is equivalent to ~32.5% of the company's TTM PAT of Rs 63 crore
Total 2-month subsidy (Rs 27.54 crore) represents ~4.1% of TTM Revenue of Rs 668 crore
Inflow strengthens the balance sheet against a total debt of Rs 327 crore

💡 Investors should monitor the upcoming quarterly results to see if these subsidies are recorded as 'Other Income' or used to offset capital costs, and check for any corresponding reduction in finance costs or debt.

View All SWARAJ Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations grew 30.34% YoY, reaching INR 416.57 Cr in FY25 compared to INR 319.59 Cr in FY24. Standalone revenue followed an identical growth trajectory from INR 319.59 Cr to INR 416.57 Cr.

Geographic Revenue Split

Not disclosed in available documents, though the company is headquartered and operates primarily out of the Bhilwara, Rajasthan textile hub.

Profitability Margins

Net Profit Margin improved significantly to 8.0% in FY25 from 5.7% in FY24. Gross margins are influenced by material costs which stood at 52.7% of revenue in FY25.

EBITDA Margin

EBITDA margin expanded to 17.6% in FY25 (INR 73.22 Cr) from 12.4% in FY24 (INR 39.71 Cr), representing a 520 bps improvement in core operational profitability.

Capital Expenditure

The company made significant investments in tangible assets totaling INR 140.24 Cr in FY25, a 94% increase over the INR 72.27 Cr invested in FY24, primarily for capacity expansion.

Credit Rating & Borrowing

Finance costs increased 44% YoY to INR 19.06 Cr in FY25. Total borrowings include Long-term loans of INR 188.75 Cr and Short-term borrowings of INR 79.09 Cr.

⚙️ Operational Drivers

Raw Materials

Polyester Viscose yarn and Denim-grade cotton yarn; Cost of materials consumed represents 52.7% of total revenue (INR 219.40 Cr).

Import Sources

Not specifically disclosed, though operations are centered in Rajasthan, India.

Capacity Expansion

Current infrastructure includes 48 Airjet Weaving Looms imported from Japan and Sulzer weaving looms. Capital work-in-progress of INR 12.77 Cr as of March 2025 suggests ongoing facility enhancements.

Raw Material Costs

Raw material costs were INR 219.40 Cr in FY25, up 14.1% from INR 192.25 Cr in FY24. The company utilizes a mix of direct consumption and purchase of stock-in-trade (INR 86.21 Cr).

Manufacturing Efficiency

EBITDA growth of 84.4% YoY (outpacing revenue growth of 30.3%) indicates substantial improvements in manufacturing efficiency and operating leverage.

📈 Strategic Growth

Expected Growth Rate

30%

Growth Strategy

Growth is driven by the scaling of the 'Swaraj Denim' brand, vertical integration from trading to high-tech weaving, and capacity expansion supported by the INR 140.24 Cr capex in FY25. The company is also leveraging its associate, Modway Suiting, for broader market reach.

Products & Services

Polyester Viscose Fabric, Denim Fabric, and branded denim apparel.

Brand Portfolio

Swaraj Denim.

New Products/Services

Expansion of the 'Swaraj Denim' product line and increased output from the newly installed Airjet looms.

Market Expansion

The company transitioned from a private entity to a public listed company on the NSE Emerge platform in 2022 to fund regional expansion.

Strategic Alliances

Associate relationship with Modway Suiting Private Limited (formerly Cyan Textile Private Limited).

🌍 External Factors

Industry Trends

The Indian textile industry is shifting toward organized branded denim and high-speed weaving technology. Swaraj is positioned as a growth-stage player with a 48% revenue CAGR from FY22 to FY25.

Competitive Landscape

Operates in a highly fragmented textile market in Rajasthan, competing with both unorganized players and established fabric brands.

Competitive Moat

Moat is built on cost leadership through high-efficiency Japanese Airjet looms and a strong regional presence in the Bhilwara textile cluster. Sustainability is driven by the transition from a pure commodity trader to a branded fabric manufacturer.

Macro Economic Sensitivity

Highly sensitive to consumer spending in the apparel sector and textile export policies.

Consumer Behavior

Increasing demand for branded denim and high-quality synthetic blends in the domestic Indian market.

Geopolitical Risks

Potential impact on the import of specialized machinery (like Japanese Airjet looms) and global cotton/polyester price fluctuations.

⚖️ Regulatory & Governance

Industry Regulations

Subject to textile manufacturing standards and pollution control norms in Rajasthan; compliant with Companies Act 2013 and SEBI LODR regulations.

Taxation Policy Impact

Effective tax rate was approximately 25.3% in FY25 (INR 11.28 Cr tax on INR 44.60 Cr PBT).

Legal Contingencies

The company has provided a corporate guarantee of INR 6.12 Cr in favor of Canara Bank for its associate, Modway Suiting Private Limited. Pending litigations are noted as having an impact on the consolidated financial position.