Zodiac Clothing Company Limited (ZODIACLOTH)
₹65.25 -0.70% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Zodiac Clothing's revenue was ₹33.3 Cr (-14.8% year on year, -25.4% on the previous quarter), and net profit ₹-8.9 Cr (a smaller loss than a year earlier); the operating margin was -9.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹33.3 | -14.8% | -25.4% |
| Operating profit | ₹-3.2 | loss narrowed | loss widened |
| Net profit | ₹-8.9 | loss narrowed | loss widened |
| EPS (₹) | -3.25 | loss narrowed | loss widened |
| Operating margin | -9.7% | — | — |
ZODIACLOTH delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 98.38% of the ZODIACLOTH shares traded on NSE were taken to delivery, against the stock's own 20-session average of 78.16%. That is higher than usual for this stock. Turnover was only ₹4 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 79.7% · 99.6% · 64.9% · 86.4% · 98.4%
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
Zodiac Clothing Company Limited has dispatched intimations regarding its 42nd Annual General Meeting (AGM) scheduled for September 30, 2026, via video conferencing. The cut-off date to determine e-voting eligibility has been set for September 25, 2026, with remote e-voting running from September 27 to September 29, 2026. Web links to the FY 2025-26 Annual Report and AGM Notice were shared with shareholders whose email addresses are unregistered. The company recorded FY26 revenue of Rs 160.66 Cr and a net loss of Rs 33.81 Cr.
- 42nd AGM scheduled for Wednesday, September 30, 2026 at 03:00 p.m. IST via VC/OAVM
- Cut-off date for e-voting eligibility fixed as Friday, September 25, 2026
- Remote e-voting opens September 27, 2026 (09:00 a.m. IST) and closes September 29, 2026 (05:00 p.m. IST)
- Voting results to be declared on or before October 2, 2026
Zodiac Clothing Company Limited has announced its record date and cut-off date as September 25, 2026, for the purpose of determining member eligibility for e-voting at its upcoming 42nd Annual General Meeting (AGM). The Register of Members and Share Transfer Books will also remain closed on September 25, 2026. This is a routine administrative filing with no operational or financial impact on the company. The company reported a TTM net loss of Rs 34 crore on revenue of Rs 161 crore.
- Cut-off/Record date fixed as Friday, September 25, 2026
- Register of Members and Share Transfer Books closed on September 25, 2026
- Purpose is determining shareholder eligibility for e-voting at the 42nd AGM
Zodiac Clothing Company Limited has issued the notice for its 42nd Annual General Meeting (AGM) scheduled for September 30, 2026, to be conducted via video conferencing. The ordinary business includes the adoption of audited financial statements for FY26 and the re-appointment of directors retiring by rotation, Mr. Subramaniam Ramachandran Iyer and Mr. Salman Yusuf Noorani. The cut-off date for e-voting entitlement is set as September 25, 2026, with remote e-voting running from September 27 to September 29, 2026. This announcement represents standard secretarial compliance with no operational or structural surprises.
- 42nd Annual General Meeting scheduled for September 30, 2026, at 03:00 p.m. IST via VC/OAVM
- Cut-off date for e-voting eligibility set for September 25, 2026
- Remote e-voting window open from September 27, 2026 (09:00 AM) to September 29, 2026 (05:00 PM)
- Re-appointment of directors retiring by rotation: Mr. Salman Yusuf Noorani (holds 60,52,445 shares) and Mr. Subramaniam Ramachandran Iyer (holds 3,375 shares)
Zodiac Clothing Company reported a standalone net loss of ‡7.49 Cr for Q1 FY27, continuing its trend of negative profitability. Revenue from operations fell 15.2% YoY to ‡33.09 Cr, down from ‡39.03 Cr in the year-ago period. Export revenue, a key driver, declined to ‡16.91 Cr from ‡21.00 Cr YoY, now representing 51% of standalone sales. The company confirmed no deviation in the utilization of ‡15 Cr raised via preferential issue in January 2026, with ‡11.25 Cr allocated for growth-related capital expenditure.
- Standalone revenue from operations declined 15.2% YoY to ‡33.09 Cr.
- Standalone net loss for the quarter stood at ‡7.49 Cr, compared to a loss of ‡8.63 Cr in Q1 FY26.
- Export revenue (Outside India) dropped to ‡16.91 Cr from ‡21.00 Cr in the previous year's quarter.
- Total expenses for the quarter were ‡43.07 Cr, significantly exceeding total income of ‡35.13 Cr.
- The 42nd Annual General Meeting (AGM) is scheduled for September 30, 2026.
Zodiac Clothing Company Limited has submitted its Statement of Deviation for the quarter ended June 30, 2026, confirming that funds raised via a preferential issue were utilized as intended. The company raised approximately Rs 15 crore on January 16, 2026. The Board also approved the unaudited financial results for Q1 FY27 and scheduled the 42nd Annual General Meeting for September 30, 2026. The Audit Committee has reviewed and confirmed that no deviations or variations exist in the fund utilization process.
- Raised Rs 14,99,99,926.02 through a preferential issue on January 16, 2026
- Reported zero deviation or variation in the utilization of these funds for the quarter ended June 30, 2026
- Scheduled the 42nd Annual General Meeting (AGM) for Wednesday, September 30, 2026
- Board meeting for result approval and regulatory filings concluded in 90 minutes (04:00 p.m. to 05:30 p.m.)
Zodiac Clothing reported a standalone revenue of ₹33.09 Cr for Q1 FY27, representing a 15.2% decline from ₹39.03 Cr in the same quarter last year. The company remains in the red with a net loss of ₹7.49 Cr, although this is a slight improvement from the ₹8.63 Cr loss reported in Q1 FY26. Total expenses for the quarter reached ₹43.07 Cr, significantly outpacing total income of ₹35.13 Cr. The company confirmed that the ₹15 Cr raised via preferential issue in January 2026 is being utilized as planned for capital expenditure and general corporate purposes.
- Standalone revenue from operations declined 15.2% YoY to ₹33.09 Cr from ₹39.03 Cr.
- Net loss for the quarter stood at ₹7.49 Cr, compared to a loss of ₹8.63 Cr in the year-ago period.
- Export revenue (Outside India) fell to ₹16.91 Cr from ₹21.00 Cr in Q1 FY26, a 19.5% drop.
- Preferential issue funds of ₹15 Cr raised in Jan 2026 are being utilized with zero deviation, including ₹11.25 Cr for growth-related capex.
- Consolidated subsidiaries contributed a net loss of ₹1.48 Cr on a very thin revenue base of ₹0.31 Cr.
Zodiac Clothing Company Limited has completed the voluntary liquidation of its US-based step-down subsidiary, Zela Technologies Inc., as of August 7, 2026. The subsidiary was financially immaterial, contributing only Rs 58,905 (0.01%) to the company's consolidated revenue in FY26. Its net worth was negative at Rs -46.13 lakhs, representing -0.25% of the group's total net worth. This move appears to be a routine corporate simplification to wind up a non-performing entity.
- Voluntary liquidation of Zela Technologies Inc. (Delaware, USA) approved on August 7, 2026.
- Subsidiary revenue for FY26 was a negligible USD 667 (approx. Rs 58,905).
- Subsidiary net worth stood at negative USD 49,152 (approx. Rs -46.13 lakhs).
- The entity contributed only 0.01% to the parent company's total revenue.
- Net worth impact on the parent company is minimal at -0.25%.
Zodiac Clothing Company Limited has completed the voluntary liquidation of its US-based step-down subsidiary, Zela Technologies Inc., effective August 7, 2026. The subsidiary was financially immaterial, contributing only Rs 58,905 (0.01%) to the company's consolidated revenue in FY26. It reported a negative net worth of approximately Rs 46.13 lakhs as of March 31, 2026. This move simplifies the company's corporate structure by removing a non-operational entity. Investors should note that this event has no significant impact on the company's consolidated financial health.
- Subsidiary revenue contribution was a negligible 0.01% of total turnover in FY26
- The unit recorded a total revenue of only Rs 58,905 (USD 667) in the last financial year
- Zela Technologies Inc. had a negative net worth of Rs 46.13 lakhs (USD 49,152)
- Liquidation was formally approved by Delaware authorities on August 7, 2026
Zodiac Clothing Company Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by KFIN Technologies Limited (the company's Registrar and Share Transfer Agent), confirms that securities dematerialized or rematerialized during the quarter ended June 30, 2026, have been duly reported to the stock exchanges. This is a standard administrative filing with no impact on the company's financial position or operations. The company continues to navigate a challenging financial period with a TTM PAT of Rs -34 Cr.
- Compliance certificate issued for the quarter ended June 30, 2026
- Confirmation provided by Registrar and Share Transfer Agent, KFIN Technologies Limited
- Verification of dematerialized and rematerialized securities as per SEBI regulations
- TTM revenue stands at Rs 161 Cr with a loss of Rs 34 Cr
Zodiac Clothing Company Limited has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. This closure is ahead of the declaration of the company's unaudited financial results for the quarter ending June 30, 2026. The restriction applies to all designated persons and their immediate relatives. The trading window will reopen 48 hours after the financial results are officially announced to the exchanges.
- Trading window closure effective from July 1, 2026
- Closure pertains to the unaudited financial results for the quarter ended June 30, 2026
- Restriction remains in place until 48 hours after the results are declared
- Applies to all Designated Persons and their immediate relatives under SEBI guidelines
Zodiac Clothing Company Limited has confirmed zero deviation in the utilization of Rs 14.99 crore raised via a preferential issue in January 2026. The funds are being deployed towards capital expenditure (Rs 11.25 Cr) and general corporate purposes (Rs 3.75 Cr) to support the company's growth plans. While the company reported a net loss for the financial year ended March 31, 2026, the auditors have provided an unmodified opinion on the financial statements. This announcement confirms that management is adhering to the stated objectives of its recent fundraise.
- Raised Rs 14,99,99,926 via preferential issue on January 16, 2026
- Allocated Rs 11.25 Cr for capital expenditure to support growth plans
- Allocated Rs 3.75 Cr for general corporate purposes and exigencies
- Reported zero deviation or variation in fund utilization for the quarter ended March 2026
- Auditors issued an unmodified opinion on FY26 standalone and consolidated results despite a net loss
Zodiac Clothing Company Limited has approved its audited financial results for the fiscal year ended March 31, 2026, reporting a net loss for the period. The company provided a status update on the Rs 14.99 crore raised via a preferential issue in January 2026, confirming that no funds have been utilized as of March 31, 2026. The auditors have issued an unmodified opinion on the financial statements. The raised capital is primarily earmarked for capital expenditure to drive future growth.
- Raised Rs 14.99 crore through a preferential issue on January 16, 2026
- Allocated Rs 11.25 crore specifically for capital expenditure to support growth plans
- Reported a net loss and other comprehensive loss for the financial year ended March 31, 2026
- Zero utilization of the newly raised funds as of the March 31, 2026 reporting date
- Statutory auditors MSKA & Associates issued an unmodified audit opinion
CRISIL Ratings has assigned a 'CRISIL BB/Stable' rating to Zodiac Clothing Company Limited's bank loan facilities totaling Rs. 53 crore. The rating applies to fund-based limits across major lenders including RBL Bank (Rs. 20 Cr), HDFC Bank (Rs. 15 Cr), and ICICI Bank (Rs. 10 Cr). A 'BB' rating typically indicates a moderate risk of default and is considered non-investment grade. The stable outlook reflects the rating agency's expectation that the company will maintain its credit profile in the medium term.
- Total bank loan facilities of Rs. 53 Crore assigned a CRISIL BB/Stable rating
- Major credit limits include RBL Bank at Rs. 20 Crore and HDFC Bank at Rs. 15 Crore
- The rating covers existing fund-based facilities and Rs. 3 Crore in proposed limits
- The rating letter is valid until March 31, 2027, subject to continuous surveillance
Zodiac Clothing Company Limited has filed a formal disclosure under Regulation 31(4) of the SEBI (SAST) Regulations. The promoters and persons acting in concert (PAC) have declared that they have not made any encumbrance, directly or indirectly, on their shareholding during the financial year ended March 31, 2026. This annual declaration confirms that promoter stakes remain unpledged, which is a positive indicator of financial stability and promoter confidence. The disclosure includes major individual promoters and corporate entities like Euro Global Holdings Pte. Ltd.
- Promoters and PACs declared zero encumbrance on company shares for the full financial year 2025-26.
- Compliance filing submitted under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
- Key promoters involved include Salman Yusuf Noorani, Mohamed Awais Jehangir Noorani, and Euro Global Holdings Pte. Ltd.
- The declaration was officially submitted to both the National Stock Exchange (NSE) and BSE Limited on April 2, 2026.
Zodiac Clothing Company Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document confirms that the Registrar and Share Transfer Agent, KFIN Technologies Limited, has processed all dematerialization and rematerialization requests for the quarter ended March 31, 2026. This filing is a mandatory procedural requirement to ensure the accuracy of electronic share records. It does not contain any financial performance data or material business updates.
- Submission of SEBI Regulation 74(5) compliance certificate for the quarter ended March 31, 2026.
- Confirmation provided by KFIN Technologies Limited, the company's Registrar and Share Transfer Agent.
- Verification that all demat and remat security details were furnished to the National Stock Exchange and BSE Limited.
Financial Performance
Revenue Growth by Segment
The Group operates in a single business segment: manufacturing, retailing, and trading of men's clothing and accessories. Standalone revenue from operations grew 19.98% YoY, reaching INR 172.91 Cr in FY 2024-25 compared to INR 144.12 Cr in FY 2023-24.
Geographic Revenue Split
Export performance contributed INR 104.97 Cr, representing approximately 56.7% of the total standalone income of INR 184.91 Cr for FY 2024-25. The company maintains international operations in London, Dusseldorf, and New York.
Profitability Margins
Operating Profit Margin was 57.52% in FY 2024-25, a slight decrease from 57.99% in FY 2023-24. Net Profit Margin remained negative at -21.80% in FY 2024-25 compared to -22.99% in the previous year, primarily due to high fixed costs and demand headwinds.
EBITDA Margin
EBITDA improved YoY as reflected in the interest coverage ratio moving from -1.43 to -0.81. However, the company continued to report an operating loss before working capital changes of INR 5.23 Cr for H1 FY 2025-26.
Capital Expenditure
Historical CAPEX was INR 14.69 Cr (FY 2013-14). Current major plans include a fully integrated production facility in Bangladesh scheduled to commence operations by August 2025 to serve price-sensitive export markets.
Credit Rating & Borrowing
CARE Ratings revised the long-term bank facilities rating to 'CARE BB; Negative' from 'CARE BB+; Negative' in August 2024. CRISIL Ratings assigned an 'Outlook Stable' with a belief that promoter experience will support the group.
Operational Drivers
Raw Materials
Specific raw materials include fabrics and clothing accessories (buttons, threads, zippers) required for men's apparel. Exact percentage of total cost per material is not disclosed.
Import Sources
Raw materials are sourced globally, with specific mentions of trade contacts in the EU, the US, and manufacturing operations in Bangladesh.
Capacity Expansion
The company is expanding its manufacturing footprint with a new fully integrated facility in Bangladesh, scheduled to be operational by August 2025.
Raw Material Costs
Raw material costs and availability are cited as critical factors impacting operations, though specific YoY cost change percentages were not provided.
Manufacturing Efficiency
Manufacturing efficiency is being addressed through the deployment of technology and the shift of production to lower-cost regions like Bangladesh.
Strategic Growth
Expected Growth Rate
15.50%
Growth Strategy
Growth will be driven by the commencement of the Bangladesh facility in August 2025 to capture price-sensitive markets, the deployment of data analytics and CRM tools for personalized brand experiences, and leveraging 7 decades of promoter experience to expand retail and international marketing operations.
Products & Services
Manufacturing, retailing, and trading of men's clothing (shirts, trousers, suits) and accessories (ties, belts).
Brand Portfolio
Zodiac, ZOD!, Z3, and Metropolitan Trading Co (under license).
New Products/Services
New product launches are focused on sustainable and technologically enhanced apparel, though specific revenue contribution percentages are not disclosed.
Market Expansion
Targeting price-sensitive export markets through the Bangladesh facility and expanding digital engagement platforms for domestic retail.
Strategic Alliances
Trademark license agreement with Metropolitan Trading Co.
External Factors
Industry Trends
The Indian textile and apparel sector is benefiting from global tailwinds and a shift toward sustainability and digital transformation. The industry is evolving through data-driven customer relationship management.
Competitive Landscape
The company competes in the premium and mid-range men's apparel market against both domestic and international brands.
Competitive Moat
The company's moat is built on over 70 years of promoter experience, established long-standing relationships with global clients, and a fully integrated manufacturing-to-retail model.
Macro Economic Sensitivity
Highly sensitive to global demand-supply conditions and changes in government regulations and tax structures.
Consumer Behavior
Shift toward personalized, seamless, and enduring brand experiences driven by digital engagement and ecological responsibility.
Geopolitical Risks
Protracted geopolitical tensions are identified as a major threat to global supply chains and export demand.
Regulatory & Governance
Industry Regulations
Operations are subject to changes in government regulations, tax structures, and international trade agreements, particularly with the EU and the US.
Environmental Compliance
The company emphasizes ecological responsibility and sustainability in its growth strategy, though specific ESG compliance costs are not disclosed.
Taxation Policy Impact
The company recorded a deferred tax charge of INR 5.81 Cr in FY 2024-25 compared to a credit of INR 0.25 Cr in FY 2023-24.
Legal Contingencies
The company notes litigation as a risk factor, but specific pending court cases or case values were not disclosed in the provided documents.
Risk Analysis
Key Uncertainties
Key risks include sustained operating losses (PBT loss of INR 34.50 Cr in FY 2024-25) and demand headwinds impacting the ramp-up of revenue.
Geographic Concentration Risk
Significant exposure to international markets, with exports accounting for over 56% of standalone income.
Third Party Dependencies
Dependency on trademark licenses (Metropolitan Trading Co) and global vendors for raw materials.
Technology Obsolescence Risk
The company is mitigating technology risks by investing in data analytics and digital engagement platforms to stay competitive.
Credit & Counterparty Risk
Debtors Turnover Ratio improved to 7.94 in FY 2024-25 from 6.12, indicating improved receivables management.
