Madhur Knit CraftsShare price, financial results, shareholding and management
- Market cap
- ₹137 cr
- Stock P/E
- 10.5peers 25.0
- Book value
- ₹23.3
- Price to book
- 3.10
- EV / operating profit
- 7.6
- Market cap to sales
- 0.65
- ROCE · FY26
- 23.2%
- ROE · FY26
- 35.1%
- ROE, 3-year average
- 31.5%
- Operating margin · FY26
- 13.0%peers 7.7%
- Sales growth, 3 years
- 33.3%
- Profit growth, 3 years
- 135.3%
- Debt to equity
- 1.66peers 0.79
- Borrowings
- ₹73.3 cr
- Interest cover
- 3.3×
- Cash from business / op. profit
- 13%
- Debtor days
- 73
- Pledged
- 0.00%
- Promoter holding
- 70.55%
- Change in promoter holding
- -
- Shareholders
- 1,693
- High / low since listing
- ₹100 / ₹43
- 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.
Madhur Knit Crafts share price chart
Close on 6 Nov 2026 · +2.78% on the day · Vol 36,000
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
- +25.6%
- Since IPO
- -27.8%
- Traded a day, 20 days
- ₹0.33 cr
- Taken for delivery
- 82%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +23% | +18% |
| 3 years, a year | +33% | +135% |
| Latest half, H2 FY26 | -1% | +12% |
About Madhur Knit Crafts: business, products and customers
Madhur Knit Crafts turns yarn into knitted winter fabrics and blankets at its plant in Ludhiana, and sells them mostly to manufacturers, wholesalers and traders in Punjab. Its shares trade on NSE Emerge.
Madhur Knit Crafts knits, dyes, prints, brushes, raises and finishes fabric under one roof at Village Seera in Ludhiana. It sells fleece, sherpa and anti pilling fabrics for winter wear, blankets, a few garments, and processing work done for other mills, and holds trademarks such as Penguin, La' Peneli and Dickie Bird. The company was founded in 1997 by Arun Gupta, Rajesh Gupta, Ravi Gupta and Vishnu Gupta and began commercial production in 2013 with blankets.
It works to order: yarn is bought from Ludhiana dealers only after a customer confirms an order, and part of the cloth is bought unfinished and then processed. Because the company buys the material and sells finished cloth by weight, revenue carries the full cost of yarn and fabric, so margins sit at processing levels and move with yarn prices that follow crude oil. Demand peaks ahead of winter and the company pays yarn suppliers early to earn discounts, so stock and customer dues tie up much of its money and bank loans fund the gap.
Read more about the business
Buyers are manufacturers, wholesalers, distributors, retailers and institutional clients, found through repeat orders, references and trade fairs, with blankets reaching shops through dealers; there are no long term contracts. The offer document names one listed peer, Kaytex Fabrics, as comparable because it also makes fabric from yarn to finished cloth. Star Cottex, which the offer document lists as a group company and a related party, makes similar textile products, and the two have signed a non compete agreement.
What is new: the company is building up technical textiles such as paint roller fabric, which it says are still a small part of sales, and plans to find more buyers in southern India and to restart fabric exports. It also plans a rooftop solar plant at the factory.
From the offer document (red herring prospectus dated 14 August 2026).
Read the deeper study ↓In its favour
- Sales have grown fast: 33% a year over three years.
- It earns a high return on the money it uses: ROCE 23% in FY26.
- The promoters own a large part of the company: 70.55%.
To watch
- Repayment of about ₹20.9 cr of loans from the issue money in FY27 (Offer document, p.84 and p.92).
- The rooftop solar plant of about 1,500 kW, for which no order had been placed when the offer document was filed (Offer document, p.86).
- Inventory back towards about 110 days and customer dues near 80 days, as the company intends (Offer document, p.89 and p.91).
- Purchases from Star Cottex and National Yarn Agency, related parties that sold the company goods equal to about a fifth of its revenue in the eleven months to February 2026 (Offer document, p.216).
- Customers take longer to pay than before: 73 days in FY26, against 57 in FY23.
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.
Madhur Knit Crafts revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew roughly in step with 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.
Madhur Knit Crafts half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H2FY26 | |
|---|---|---|
| Sales | 98 | 97.29 |
| Expenses | 85 | 83.27 |
| Operating profit | 13 | 14.02 |
| OPM | 13.0% | 14.4% |
| Interest | 4 | 3.69 |
| Depreciation | 1 | 1.35 |
| Profit before tax | 8 | 8.99 |
| Net profit | 6 | 6.69 |
Madhur Knit Crafts profit and loss
Full years to March, FY23 to FY26 · ₹ crore, consolidated where reported
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Sales | 89 | 108 | 172 | 211.03 |
| Expenses | 84 | 100 | 148 | 183.55 |
| Operating profit | 6 | 8 | 23 | 27.48 |
| OPM | 6.0% | 7.0% | 14.0% | 13.0% |
| Other income | 0 | 0 | 0 | 0.11 |
| Interest | 3 | 4 | 6 | 7.46 |
| Depreciation | 2 | 2 | 2 | 2.66 |
| Profit before tax | 1 | 2 | 15 | 17.48 |
| Tax rate | 0.0% | 0.0% | 26.7% | 25.5% |
| Net profit | 1 | 2 | 11 | 13.02 |
| EPS ₹ | 0.93 | 1.75 | 10.28 | 9.69 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Madhur Knit Crafts profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as 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
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Operating margin | 6.0% | 7.0% | 14.0% | 13.0% |
| Tax rate | 0.0% | 0.0% | 26.7% | 25.5% |
| ROCE | · | 9.7% | 24.4% | 23.2% |
| ROE | · | 12.5% | 46.8% | 35.1% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
Madhur Knit Crafts debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are now larger 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. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
Madhur Knit Crafts balance sheet
At each 31 March · ₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Equity capital | 10 | 10 | 11 | 13.68 |
| Reserves | 5 | 7 | 19 | 30.59 |
| Net worth | 15 | 17 | 30 | 44.27 |
| Borrowings | 34 | 58 | 67 | 73.30 |
| Other liabilities | 16 | 16 | 26 | 34.58 |
| Total liabilities | 65 | 91 | 123 | 152.15 |
| Fixed assets | 16 | 21 | 31 | 30.37 |
| Capital work in progress | 0 | 6 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 |
| Other assets | 49 | 64 | 92 | 121.78 |
| Receivables | · | · | · | 42.11 |
| Inventory | · | · | · | 64.77 |
| Cash | · | · | · | 0.38 |
| Trade payables | · | · | · | 25.13 |
Madhur Knit Crafts cash flow
₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Cash from operations | 0 | -6 | -3 | 3.69 |
| Cash from investing | -1 | -13 | -4 | -3.84 |
| Cash from financing | 1 | 20 | 6 | 0.36 |
| Net cash flow | 0 | 1 | -1 | 0.21 |
| Capital spending | · | · | · | 5.23 |
Working capital
Days
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Debtor days | 57 | 95 | 81 | 73 |
| Inventory days | 155 | 108 | 119 | 160 |
| Days payable | 64 | 56 | 48 | 86 |
| Cash conversion cycle | 148 | 148 | 153 | 167 |
| Working capital days | 46 | 56 | 59 | 74 |
Madhur Knit Crafts peers and competitors
Listed SME companies in the same industryBy sales, Madhur Knit Crafts is number 17 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 |
|---|---|---|---|---|---|---|
| Bizotic Commercial | 587 | 32.6 | 251 | 18 | 10.0% | 0.07 |
| Karnika Industries | 818 | 29.3 | 248 | 28 | 15.0% | 0.78 |
| K K Silk Mills | 23 | 4.6 | 245 | 5 | 6.0% | 0.80 |
| Unitec Fibres | - | - | 223 | 8 | 7.0% | 1.20 |
| Aayush Art And Bullion | 1,981 | 247.6 | 216 | 8 | 5.0% | 0.00 |
| Angel Fibers | 25 | 25.0 | 212 | 1 | 3.7% | 1.17 |
| Shree Balaji (Mala) Textiles | 49 | 8.1 | 212 | 6 | 7.0% | 2.56 |
| Madhur Knit Crafts | 137 | 10.5 | 211 | 13 | 13.0% | 1.66 |
| Shree Karni Fabcom | 307 | 20.2 | 204 | 15.2 | 15.3% | 0.89 |
| Forcas Studio | 401 | 29.4 | 198 | 13.6 | 10.6% | 0.58 |
| S D Retail | 157 | 16.1 | 196 | 9.8 | 8.4% | 0.14 |
| Median of the 10 others | 307 | 25 | 214 | 8.9 | 7.7% | 0.79 |
Madhur Knit Crafts shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little.
Madhur Knit Crafts 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.
| Aug 26 | |
|---|---|
| Promoters | 70.55% |
| Foreign investors (FIIs) | 0.54% |
| Indian institutions (DIIs) | 2.12% |
| HNIs (over ₹2 lakh each) | 0.65% |
| Small holders (up to ₹2 lakh) | 23.13% |
| Companies and others | 3.01% |
| Number of shareholders | 1,693 |
The named holders are at 31 Aug 2026, each under the group the pattern files them in.
Madhur Knit Crafts study: the business from its own documents
Read from 1 of the company's own documentsMadhur Knit Crafts so far
From the company's own record
- August 1997Company formed
- 1 Sept 2026Listed on NSE Emerge at ₹100
- 17 Sept 2026An order announced
- 18 Sept 2026An order announced
- 31 Aug 2026Promoters at 70.55%
- 1 Sept 2026Highest close since listing, ₹89.90
Madhur Knit Crafts key facts from the filings
Each figure with the document it comes from
- Plant capacity
- 75 lakh kg a year
- Doubled in FY25 after new machines; 69.75% was used in the eleven months to February 2026.Offer document, p.131 and p.245
- Knitted cloth
- 88.3%
- Share of revenue in the eleven months to February 2026; blankets gave 6.2% and job work 3.6%.Offer document, p.132
- Sales in Punjab
- 98.2%
- Share of revenue in the eleven months to February 2026; there have been no exports since FY23.Offer document, p.132
- Top ten customers
- 34.1%
- Share of revenue in the eleven months to February 2026, from 412 customers in all; the largest gave 6.0%.Offer document, p.132 and p.133
- Bought in grey fabric
- ₹71.0 cr
- Unfinished fabric bought in the eleven months to February 2026 and then processed, equal to 36.8% of revenue.Offer document, p.133
Show 5 more facts
- EBITDA margin
- 13.6%
- In FY25, up from 7.4% in FY24 once the company made cloth from yarn end to end; 13.2% in the eleven months to February 2026.Offer document, p.133 and p.247
- Cash conversion cycle
- 153 days
- In FY25 and in the eleven months to February 2026; cash from operations was negative in FY23, FY24 and FY25.Offer document, p.133 and p.134
- Related party purchases
- ₹37.2 cr
- Bought from Star Cottex (₹21.8 cr) and National Yarn Agency (₹15.4 cr) in the eleven months to February 2026, equal to 19.1% of revenue.Offer document, p.24, p.25 and p.216; our arithmetic
- Pre IPO placement
- 2,72,307 shares at ₹65
- Allotted to nine individuals on 28 February 2026, raising ₹1.8 cr before the public issue.Offer document, p.2 and p.73
- Workforce
- 177 people
- On the rolls at February 2026, with attrition of 27.3% in that period against 84.1% in FY23.Offer document, p.131
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 says it will use the issue money in FY27 to repay part of its loans, to fund working capital and to build a rooftop solar plant of about 1,500 kW at its factory, which it expects to cut its yearly electricity bill by about ₹1.4 cr. It says it intends to bring inventory back to about 110 days, keep money owed by customers near 80 days and pay suppliers within about 40 days.
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.
Madhur Knit Crafts earns a processing margin on yarn and fabric it buys, knits and finishes to order, and that margin improved once every step came under one roof.
Its weak spots are money tied up in stock and customer dues, large purchases from related family firms, and sales that lean on the winter season.
WatchCan it set its own prices?It sells cloth that many mills can make, and it cannot be sure of passing on higher yarn costs in time.
AverageHow strong is it against rivals?Doing every step in one plant inside a textile hub gives it speed and control, but it has no technology of its own.
AverageWho are its customers?Sales are spread over hundreds of buyers, but nearly all of them are in Punjab and none is bound by a long contract.
WatchDoes it need a lot of money?Stock and unpaid customer bills take up a large share of each year's sales, so growth needs borrowed money.
AverageCan it keep finding new work?It keeps adding buyers and has room left in the plant, while the newer lines it talks about are still small.
WatchDo good and bad years swing a lot?Profit has moved a lot from year to year, and sales follow the winter season.
Who runs Madhur Knit Crafts?
Promoters, directors and officers; tap a name for the background
AGArun GuptaPromoter, Chairman and Managing Director · holds 24.17%
Completed higher secondary schooling (CBSE, 1983) and has more than four decades in the textile and yarn trade; with the company since its incorporation in 1997 and Managing Director from June 2025. A director of Vidya Udyog and Trimurti Textile Park Association, and earlier of Trimurti Hosiery Mills from 1994 to 2023. Took no remuneration in FY25.
Offer document, p.163, p.165, p.168 and p.171PGPiyush GuptaPromoter, Whole Time Director and Chief Financial Officer · holds 12.03%
Holds a BCom (Hons) from Punjab University (2010); on the board since 2011 and Chief Financial Officer since January 2025, in charge of finance, internal controls and administration. The offer document says salary paid to Piyush Gupta and Chirag Gupta above the approved amount in FY25 was an accounting error and has been recovered. The offer document states that Piyush Gupta is a son of Arun Gupta and a brother of Chirag Gupta.
Offer document, p.163, p.165, p.166 and p.168CGChirag GuptaPromoter and Whole Time Director · holds 14.05%
Holds a BA (Hons) in Fashion Business Management from Pearl Academy (2025); on the board since January 2019 and runs operations and production, from resource planning and quality control to supply chain. Worked earlier as a sales intern with the Diesel jeans brand. The offer document states that Chirag Gupta is a son of Arun Gupta.
Offer document, p.163, p.164, p.165 and p.166GKGurpreet KaurIndependent Director
Holds an MCom from Punjab University and a PhD from Himachal Pradesh University; spent more than 35 years in higher education and retired in 2021 as Principal of Satish Chander Dhawan Government College. An independent director of Ceigall India and a director of Avon Cycles.
Offer document, p.164 and p.166ARAvinash RaiIndependent Director
A commerce graduate from Punjab University, on the board since January 2025. Was a Whole Time Director of Aerens Entertainment Zone, a director of Punjab Small Industries and Export Corporation from 2010 to 2012, and associated with SEL Manufacturing from 2010 to 2014.
Offer document, p.164 and p.165SKSanjay KapoorIndependent Director
Holds a BA and a postgraduate diploma in business management; worked for over 12 years as a commission agent and trader in yarn and textiles, then in FMCG distribution and direct selling with Vestige Marketing. On the board since January 2025.
Offer document, p.164 and p.165Madhur Knit Crafts 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 ₹97.3 cr (-1%), net profit ₹6.7 cr (+12%) on H2 FY25.
- 18 Sept 2026: an order announced.
- 17 Sept 2026: an order announced.
Madhur Knit Crafts announcements
6 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018For half year ended 30.09.2026PDF ↗
- Outcome of Board Meeting, the financial results for the period ended March 31, 2026PDF ↗
- Price movementSignificant movement in price has been observed in Madhur Knit Crafts Limited. The Exchange, in order to ensure that investors have latest relevant information PDF ↗
- Updates'reply to query to relating to price movement 'PDF ↗
- Price movementSignificant movement in price has been observed in Madhur Knit Crafts Limited. The Exchange, in order to ensure that investors have latest relevant information PDF ↗
- Extension of Annual General Meetingextension of Annual General MeetingPDF ↗
Madhur Knit Crafts annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Madhur Knit Crafts 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 Madhur Knit Crafts' 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 (1,90,09,232 shares).
- !The FY26 results imply 1,36,80,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY23 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Madhur Knit Crafts
What does Madhur Knit Crafts do?
Madhur Knit Crafts turns yarn into knitted winter fabrics and blankets at its plant in Ludhiana, and sells them mostly to manufacturers, wholesalers and traders in Punjab. Its shares trade on NSE Emerge.
What is the share price of Madhur Knit Crafts?
₹72.2 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Madhur Knit Crafts?
₹137 cr at the close on 6 Nov 2026, on 1,90,09,232 shares.
What is the P/E of Madhur Knit Crafts?
10.5 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Madhur Knit Crafts' revenue and profit?
Revenue ₹211 cr and profit after tax ₹13 cr in FY26.
Who are the promoters of Madhur Knit Crafts?
Arun Gupta, Piyush Gupta, Chirag Gupta; promoters held 70.55% at 31 Aug 2026.
What was the IPO price of Madhur Knit Crafts?
₹100 a share; it listed on 1 Sept 2026.
More SME companies like Madhur Knit Crafts
Other listed SME companies in textiles & apparels, the closest in size first, each read from its own documents.
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Every listed SME company in Textiles & Apparels → · SME companies listed in 2026 →
Built from 1 offer document, 6 exchange announcements, 1 shareholding patterns and 4 years of reported results. Every figure carries its source; where the documents are silent, the page says so.