Fractal IndustriesShare price, financial results, shareholding and management
- Market cap
- ₹153 cr
- Stock P/E
- 11.9peers 21.1
- Book value
- ₹94.3
- Price to book
- 2.07
- EV / operating profit
- -
- Market cap to sales
- 1.71
- ROCE · FY26
- 27.4%
- ROE · FY26
- 28.8%
- ROE, 3-year average
- 68.2%
- Operating margin · FY26
- 19.0%peers 9.9%
- Sales growth, 3 years
- 0.3%
- Profit growth, 3 years
- 62.6%
- Debt to equity
- 0.16peers 0.32
- Borrowings
- ₹12 cr
- Interest cover
- 8.9×
- Cash from business / op. profit
- 24%
- Debtor days
- 25
- Pledged
- 0.00%
- Promoter holding
- 69.07%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 253
- 52-week high / low
- ₹230 / ₹171
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Fractal Industries share price chart
Close on 6 Nov 2026 · -0.13% on the day · Vol 600
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -8.8%
- 3 months
- -9.4%
- 6 months
- -7.9%
- Traded a day, 20 days
- ₹0.13 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +6% | +61% |
| 3 years, a year | +0% | +63% |
| Latest half, H2 FY26 | -6% | +62% |
About Fractal Industries: business, products and customers
Fractal Industries designs and makes everyday clothes, mostly shirts and trousers, and stores and ships them for shoppers on Myntra and other fashion websites, largely under the websites' own labels. Its shares trade on BSE SME.
Fractal Industries was set up in Mumbai in 2020 by Pankaj Bishwanath Agrawal and Priti Pankaj Agrawal. It designs garments, buys the fabric and has them stitched at a small rented unit in Sakinaka or by outside job workers, then keeps them in warehouses at Sarodhi near Vapi in Gujarat and in Mumbai, with storage space provided by the marketplaces in Haryana, West Bengal and Karnataka. Shirts were about four fifths of sales in the half to September 2025 and trousers most of the rest.
How it earns shapes the numbers. Until FY24 almost all sales were outright: the company got a wholesale price from the marketplace, which then held the stock. From FY25 nearly all sales moved to the PPMP model, where Fractal makes clothes under labels owned by Myntra and other platforms, keeps the stock in its own warehouses until a shopper orders, and pays the platform a commission; that put more of the final price into revenue and margin, but left the company holding the stock, so inventory is large while money owed by buyers is small because the platforms pay out in regular settlements.
Read more about the business
Its own label, 7ate9, began on its own website and the FY26 annual report says it is being taken to Myntra, Flipkart, AJIO, Tata CLiQ and Nykaa Fashion. The IPO in February 2026 raised money mainly to fund stock. The offer document names one listed company as a peer with a comparable business profile, Bang Overseas, and its own SWOT table points to large domestic and global garment makers and specialised e-commerce logistics firms as competition.
From the red herring prospectus of February 2026 and the FY26 annual report filed on BSE.
Read the deeper study ↓In its favour
- It earns a high return on the money it uses: ROCE 27% in FY26.
- It has little debt for its size: debt to equity 0.16.
- The promoters own a large part of the company: 69.07%.
To watch
- Use of the IPO money: ₹25.3 cr of the working capital part was unused at March 2026, with ₹20.5 cr planned for FY27 (Annual report FY26, p.38; Offer document, p.20).
- Nested Brands, a 55% subsidiary with Pankaj Bishwanath Agrawal as a common director, lost ₹0.43 cr in FY26 on sales of ₹0.18 cr; the September 2026 AGM notice sought approval for purchases, sales and labour charges with it of up to ₹10 cr in FY27 (Annual report FY26, p.14, p.19 and p.28).
- Loans and guarantees: the same AGM notice sought a special resolution for loans, guarantees or security of up to ₹50 cr to group, associate or subsidiary companies or other persons in whom directors are interested (Annual report FY26, p.14).
- Tax disputes: GST demands on the company of ₹0.70 cr were pending at March 2026, and twelve tax matters of about ₹3.0 cr were listed against the promoter (Annual report FY26, p.37 and p.54; Offer document, p.23).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Fractal Industries revenue and profit growth
Half-yearly results · Profit and lossSales have grown slowly. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were lower than in the same half a year before. Profit grew faster than sales.
Fractal Industries half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 41 | 45 | 47.22 | 42.39 |
| Expenses | 36 | 39 | 37.80 | 34.11 |
| Operating profit | 5 | 6 | 9.42 | 8.28 |
| OPM | 12.0% | 14.0% | 19.9% | 19.5% |
| Interest | 1 | 1 | 1.02 | 0.48 |
| Depreciation | 0 | 0 | 0.13 | 0.14 |
| Profit before tax | 4 | 5 | 8.30 | 7.89 |
| Net profit | 3 | 4 | 6.87 | 6.46 |
Fractal Industries profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 10 | 91 | 89 | 50 | 85 | 89.79 |
| Expenses | 9 | 88 | 85 | 46 | 74 | 72.79 |
| Operating profit | 1 | 3 | 4 | 4 | 11 | 17 |
| OPM | 7.0% | 3.4% | 4.7% | 8.0% | 13.0% | 19.0% |
| Other income | 0 | 0 | 0 | 0 | 0 | 0.27 |
| Interest | 0 | 0 | 1 | 1 | 2 | 2 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 1 | 3 | 3 | 3 | 9 | 15.75 |
| Tax rate | 100.0% | 33.3% | 0.0% | 33.3% | 11.1% | 18.1% |
| Net profit | 0 | 2 | 3 | 2 | 8 | 12.90 |
| EPS ₹ | 0.78 | 4.24 | 4.80 | 4.13 | 13.67 | 16.69 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
A tax rate above 60% or below zero (FY21) comes from tax charged on a small or negative profit, as reported.
Fractal Industries profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 7.0% | 3.4% | 4.7% | 8.0% | 13.0% | 19.0% |
| Tax rate | 100.0% | 33.3% | 0.0% | 33.3% | 11.1% | 18.1% |
| ROCE | · | 42.9% | 24.2% | 41.0% | 50.6% | 27.4% |
| ROE | · | 100.0% | 66.7% | 72.7% | 103.2% | 28.8% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Fractal Industries debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It cut its borrowings last year. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. Customers pay faster than they did in FY23, which frees up the company's money.
Bars below the line are cash going out.
Fractal Industries balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 0.50 | 0.50 | 0.50 | · | 0.50 | 8 |
| Reserves | 0 | 3 | 5 | · | 15 | 66 |
| Net worth | 0.50 | 3.50 | 5.50 | · | 15.50 | 74 |
| Borrowings | 0 | 10 | 14 | · | 28 | 12 |
| Other liabilities | 4.50 | 9.50 | 21.50 | · | 7.50 | 13 |
| Total liabilities | 5 | 23 | 41 | · | 51 | 99 |
| Fixed assets | 0 | 3 | 6 | · | 11 | 11 |
| Capital work in progress | 0 | 0 | 0 | · | 0 | 0 |
| Investments | 0 | 0 | 8 | · | 0 | 0 |
| Other assets | 5 | 20 | 27 | · | 40 | 88 |
Fractal Industries cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | -2 | 2 | 11 | · | -4 | 4 |
| Cash from investing | 0 | -3 | -11 | · | 0 | 0 |
| Cash from financing | 2 | 2 | 1 | · | 4 | 27 |
| Net cash flow | 0 | 1 | 1 | · | 0 | 31 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 27 | 40 | 54 | · | 31 | 25 |
| Inventory days | · | · | · | · | 232 | 315 |
| Days payable | · | · | · | · | 65 | 101 |
| Cash conversion cycle | 27 | 40 | 54 | · | 198 | 239 |
| Working capital days | 78 | 12 | -19 | · | 57 | 138 |
Fractal Industries peers and competitors
Listed SME companies in the same industryBy sales, Fractal Industries is number 39 of the 62 listed SME companies in textiles & apparels.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Fascinate Textiles | 136 | 9.0 | 116 | 15 | 21.0% | 0.84 |
| Silky Overseas | 43 | 6.4 | 108 | 6.8 | 12.2% | 0.42 |
| Shine Fashions (India) | 57 | 19.1 | 102 | 3 | 12.0% | 0.65 |
| Yajur Fibres | - | - | 101 | 8 | 15.0% | 0.28 |
| Piotex Industries | 14 | 21.1 | 90.2 | 0.7 | 0.6% | 0.00 |
| Fractal Industries | 153 | 11.9 | 89.8 | 12.9 | 19.0% | 0.16 |
| Gujarat Hy-Spin | 17 | 343.7 | 82.7 | 0.1 | 2.3% | 0.72 |
| Divyadhan Recycling Industries | 56 | 32.7 | 79.4 | 1.7 | 6.0% | 0.36 |
| Gajanand International | 14 | 347.3 | 75.2 | 0 | 1.2% | 0.27 |
| Paramount Dye Tec | 26 | 12.3 | 73.8 | 2.1 | 10.1% | 0.25 |
| JAKHARIA FABRIC | 73 | 21.7 | 64.2 | 3.3 | 9.8% | 0.21 |
| Median of the 10 others | 43 | 21.1 | 86.5 | 2.6 | 9.9% | 0.32 |
Fractal Industries shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Fractal Industries shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Mar 26 | Jun 26 | Sep 26 | |
|---|---|---|---|
| Promoters | 69.07% | 69.07% | 69.07% |
| Foreign investors (FIIs) | 15.17% | - | - |
| Indian institutions (DIIs) | 2.82% | - | - |
| Number of shareholders | 237 | 261 | 253 |
Fractal Industries study: the business from its own documents
Read from 2 of the company's own documentsFractal Industries key facts from the filings
Each figure with the document it comes from
- Sales in FY26
- ₹89.8 cr
- Revenue from operations, against ₹85.4 cr in FY25.Annual report FY26, p.60
- Profit in FY26
- ₹12.9 cr
- Profit after tax for the group, against ₹7.5 cr in FY25.Annual report FY26, p.60
- Largest customer
- 78.45%
- Share of revenue that came through Myntra in the half to September 2025; Flipkart was 14.30%.Offer document, p.29 and p.149
- Sold through PPMP
- 92.47%
- Share of FY25 revenue from the model where Fractal holds the stock until a shopper orders; it was 5.34% in FY24.Offer document, p.147
- Stock
- ₹39.1 cr
- Inventory at March 2026, up from ₹26.2 cr a year earlier; finished garments were ₹31.7 cr of it.Annual report FY26, p.60 and p.69
Show 5 more facts
- IPO
- ₹49.0 cr
- 22,68,600 new shares at ₹216 each; the shares listed on BSE SME on 24 February 2026.Annual report FY26, p.23 and p.63
- IPO money not yet used
- ₹32.8 cr
- Unused at March 2026, including ₹25.3 cr of the ₹36.5 cr set aside for working capital.Annual report FY26, p.38
- Borrowings
- ₹11.5 cr
- Bank and other loans at March 2026, down from ₹27.6 cr; cash and fixed deposits were ₹31.3 cr.Annual report FY26, p.60
- Operating cash flow
- ₹4.1 cr
- Cash from the business in FY26 after more stock was built; FY25 used ₹3.5 cr.Annual report FY26, p.61
- Tax cases against the promoter
- ₹3.0 cr
- Twelve tax matters against Pankaj Bishwanath Agrawal, mostly GST on the proprietorship Fractal Fashion.Offer document, p.23 and p.305 to p.308
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company does not give sales or profit guidance. The offer document planned to use the working capital part of the IPO money over FY26 and FY27, and said sales of the own label 7ate9 would start in FY26. The FY26 annual report says the label began on its own website and is being taken to the large fashion marketplaces.
| What management said | When | What happened |
|---|---|---|
| Own label 7ate9 sales to start in FY 2025-26 | Offer document, February 2026 | Launched on its own website and being expanded to marketplaces; no sales figure given |
| Up to ₹16.0 cr of IPO money into working capital in FY 2025-26 | Offer document, February 2026 | ₹11.2 cr used by March 2026 |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Fractal makes fashion basics for the big shopping websites and earns a good margin since it began holding the stock and shipping orders itself.
Its weak spots are leaning on one website for most of its sales and carrying a lot of unsold stock.
WatchCan it set its own prices?Not much. Most clothes carry labels owned by the marketplaces, and the platforms take a commission on each sale.
AverageHow strong is it against rivals?It is wired into the marketplaces' systems and handles orders and returns itself, but it is a small maker in a crowded trade.
WatchWho are its customers?Shoppers reach it almost entirely through Myntra, with Flipkart a growing second.
WatchDoes it need a lot of money?Yes, for stock rather than machines. Clothes sit in its warehouses until they are ordered.
AverageCan it keep finding new work?It is adding marketplaces and its own label, but it has no order book and sales barely grew last year.
WatchDo good and bad years swing a lot?Yes. Sales nearly halved in one year and then recovered, and the company calls its business seasonal.
Who runs Fractal Industries?
Promoters, directors and officers; tap a name for the background
PBPankaj Bishwanath AgrawalPromoter, Chairman and Managing Director · holds 66.57%
Co-founder; Part 1 of B.Com from Patna University and more than 22 years in supply chain management and apparel manufacturing; oversees production, accounts and marketing. Managing Director for five years from 25 April 2025 at a salary of up to ₹0.75 cr a year; paid ₹0.36 cr in FY25. Also a director of the subsidiary Nested Brands and partner in Fractal Metal Industries LLP, and runs the proprietorship Fractal Fashion. The offer document lists twelve tax matters against Pankaj Bishwanath Agrawal of about ₹3.0 cr, the largest a proposed GST liability of ₹2.31 cr for FY23 on Fractal Fashion recommended for action. Office and warehouse units at Bhullar Star Industrial Premises are rented from Pankaj Agrawal, Pankaj Agrawal and Sons HUF and Priti Pankaj Agarwal.
Offer document, p.21, p.172, p.211 to p.213, p.224 and p.305 to p.308PPPriti Pankaj AgrawalPromoter · holds 2.50%
Co-founder and first director from January 2020 until April 2025; Intermediate in Science from the Bihar Intermediate Education Council, with 22 years in supply chain management and apparel manufacturing; looks after human resources and administration. The offer document names Priti Agrawal as the spouse of Pankaj Bishwanath Agrawal.
Offer document, p.21, p.225 and p.227VTVikas TekriwalExecutive Director
On the board since 25 April 2025 and counted in the promoter group for shareholding; Post Graduate Diploma in Foreign Trade from the World Trade Institute, CA Intermediate and an Accounting Technician certificate from ICAI, with more than 14 years in supply chain and apparel manufacturing. Manages the warehouse and supply chain department.
Offer document, p.211 and p.228; Annual report FY26, p.12 and p.22AKAnoop Kumar AgarwalChief Financial Officer
Chief Financial Officer since 26 April 2025, after stepping down as a director the same day; studied to the second year of B.Com at Ravenshaw University, Odisha, with more than 19 years in accounts and finance; earlier employment shown as Fractal Fashion.
Offer document, p.221; Annual report FY26, p.25SKShiv Kumar MittalNon-Executive Director
Chartered accountant who leads CFO Desk Services LLP, a virtual CFO firm; the FY26 annual report puts the experience at over 25 years in financial management. Held 23,650 shares before the IPO.
Annual report FY26, p.12; Offer document, p.213VRVipul RatanIndependent Director, chair of the stakeholders relationship committee
Practising chartered accountant with a B.Com from Awadhesh Pratap Singh Vishwavidyalaya, Rewa, and 15 years in financial services; on the board since 25 April 2025.
Annual report FY26, p.12 and p.26NYNeha Yogesh KhemkaIndependent Director, chair of the nomination and remuneration committee
Chartered accountant with a B.Com from the University of Mumbai; on the board since 7 June 2025.
Annual report FY26, p.12, p.25 and p.26CsCompany secretaryChange after the year
Kruti Parshwa Shah resigned as company secretary and compliance officer with effect from 31 July 2026; Santoshikumari Mudaliar took over from 1 August 2026.
Annual report FY26, p.13 and p.25Fractal Industries latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹42.4 cr (-6%), net profit ₹6.5 cr (+62%) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters unchanged at 69.07%.
Fractal Industries announcements
4 on record, latest first; each opens the filing on the exchange
Fractal Industries annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Fractal Industries share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Fractal Industries' data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (78,48,867 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 13 Oct 2026, from the exchange's daily figures.
Questions people ask about Fractal Industries
What does Fractal Industries do?
Fractal Industries designs and makes everyday clothes, mostly shirts and trousers, and stores and ships them for shoppers on Myntra and other fashion websites, largely under the websites' own labels. Its shares trade on BSE SME.
What is the share price of Fractal Industries?
₹195 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Fractal Industries?
₹153 cr at the close on 6 Nov 2026, on 78,48,867 shares.
What is the P/E of Fractal Industries?
11.9 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Fractal Industries' revenue and profit?
Revenue ₹90 cr and profit after tax ₹13 cr in FY26.
Who are the promoters of Fractal Industries?
Pankaj Bishwanath Agrawal, Priti Pankaj Agrawal; promoters held 69.07% at 30 Sept 2026.
What is Fractal Industries' website?
www.fractalindustries.in
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- N R Vandana Tex IndustriesNRVANDANA · NSE Emerge · Textiles & Apparels · listed 2025Market cap ₹164 cr
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Built from 1 offer document, 1 annual report, 4 exchange announcements, 3 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.