Neelam Linens and Garments (India)Share price, financial results, shareholding and management
- Market cap
- ₹13 cr
- Stock P/E
- 8.5peers 9.5
- Book value
- ₹20.1
- Price to book
- 0.32
- EV / operating profit
- 15.0
- Market cap to sales
- 0.11
- ROCE · FY26
- 6.2%
- ROE · FY26
- 3.9%
- ROE, 3-year average
- 7.1%
- Operating margin · FY26
- 4.4%peers 16.0%
- Sales growth, 3 years
- 4.4%
- Profit growth, 3 years
- -8.1%
- Debt to equity
- 1.68peers 0.71
- Borrowings
- ₹68.5 cr
- Interest cover
- 1.5×
- Cash from business / op. profit
- -38%
- Debtor days
- 156
- Pledged
- 0.00%
- Promoter holding
- 54.30%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 354
- 52-week high / low
- ₹22 / ₹6
- 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.
Neelam Linens and Garments (India) share price chart
Close on 29 Oct 2026 · 0.00% on the day · Vol 6,000
Daily prices to 29 Oct 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 29 Oct 2026
- 1 month
- -7.8%
- 3 months
- -29.7%
- 6 months
- -49.2%
- 1 year
- -66.8%
- Since IPO
- -72.9%
- Traded a day, 20 days
- ₹0.02 cr
- Taken for delivery
- 94%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +7% | -42% |
| 3 years, a year | +4% | -8% |
| Latest half, H2 FY26 | -12% | -93% |
About Neelam Linens and Garments (India): business, products and customers
Neelam Linens and Garments turns surplus cotton fabric into bedsheets, pillow covers, towels and shirts, mostly for discount stores abroad, from units at Bhiwandi near Mumbai. Its shares trade on NSE Emerge.
Neelam Linens and Garments purchases surplus or slightly imperfect fabric in India in bulk, then designs, prints, dyes, stitches and embroiders it into bedsheets, pillow and duvet covers, and garments at two floors of a complex in Bhiwandi; towels, rugs and napkins are bought ready and only checked and packed. The management discussion says the goods go predominantly to discount retail outlets in the USA, Australia and the Far East, while the corporate overview names customers such as Ikea, Macy's, Walmart and Bombay Dyeing. It started making men's and women's apparel in 2023.
A second line earns money from export incentive licences: the company disposes of the RoDTEP and RoSCTL credits it earns on its own exports to importers at a discount, and also purchases licences from other exporters and passes them on to importers for a margin through brokers. That income is not from making goods, so sales and margins are not comparable with a plain textile maker, and both lines lean on cheap fabric, export demand and borrowed money.
Read more about the business
The business runs on loans: bank and NBFC loans, many small unsecured business loans at 14.5% to 19% interest, and ₹31.1 cr from the directors and their relatives. The company says it plans retail stores abroad, mostly in the USA, and more online selling through partners such as Amazon and Instagram, but gives no dates or amounts. The annual reports name no listed rival.
From the FY25 and FY26 annual reports.
Read the deeper study ↓In its favour
- Nothing stands out on these rules this year.
To watch
- Interest cost against profit, with the many short unsecured business loans falling due in 2026 to 2029.
- Related party dealings of up to ₹50 cr put to the September 2026 annual general meeting.
- Any dated plan for the retail stores abroad that the FY26 board report mentions.
- Customers take longer to pay than before: 156 days in FY26, against 70 in FY21.
- 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.
Neelam Linens and Garments (India) revenue and profit growth
Half-yearly results · Profit and lossSales have grown slowly. Last year profit fell even as sales rose, so the company kept less 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 more slowly than sales, so each rupee of sales left a little less profit.
Neelam Linens and Garments (India) half-yearly results
SME companies report every six months · ₹ crore
| H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|
| Sales | 35 | 68 | 37 | 73.19 | 54.09 | 64.21 |
| Expenses | 32 | 62 | 33 | 67.69 | 49.63 | 63.44 |
| Operating profit | 3 | 5 | 5 | 5.50 | 4.46 | 0.76 |
| OPM | 8.0% | 8.0% | 13.0% | 7.5% | 8.2% | 1.2% |
| Interest | 2 | 3 | 3 | 3.05 | 2.24 | 2.29 |
| Depreciation | 1 | 1 | 1 | 0.82 | 0.64 | 0.89 |
| Profit before tax | 1 | 2 | 1 | 2.37 | 1.97 | 0.17 |
| Net profit | 1 | 2 | 1 | 1.76 | 1.42 | 0.12 |
Neelam Linens and Garments (India) profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 78 | 102 | 104 | 102 | 110.43 | 118.29 |
| Expenses | 76 | 96 | 97 | 95 | 100.27 | 113.07 |
| Operating profit | 2 | 6 | 7 | 8 | 10.16 | 5.22 |
| OPM | 2.4% | 6.0% | 6.0% | 8.0% | 9.2% | 4.4% |
| Other income | 2 | 2 | 2 | 2 | 1.22 | 2.99 |
| Interest | 3 | 3 | 4 | 5 | 6.01 | 4.53 |
| Depreciation | 1 | 1 | 1 | 2 | 1.64 | 1.53 |
| Exceptional and other items | · | · | -1 | · | · | · |
| Profit before tax | 0 | 4 | 3 | 3 | 3.73 | 2.14 |
| Tax rate | -50.0% | 25.0% | 33.3% | 33.3% | 28.2% | 27.6% |
| Net profit | 0 | 3 | 2 | 2 | 2.68 | 1.55 |
| EPS ₹ | 0.68 | 4.82 | 3.22 | 1.66 | 1.59 | 0.92 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY24 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY21) comes from tax charged on a small or negative profit, as reported.
Neelam Linens and Garments (India) profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a low 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 | 2.4% | 6.0% | 6.0% | 8.0% | 9.2% | 4.4% |
| Tax rate | -50.0% | 25.0% | 33.3% | 33.3% | 28.2% | 27.6% |
| ROCE | · | 10.7% | 9.3% | 8.9% | 9.7% | 6.2% |
| ROE | · | 22.7% | 11.4% | 8.9% | 8.5% | 3.9% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Neelam Linens and Garments (India) debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown. Its loans are now larger than its own money. Last year the business used more cash than it brought in. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Neelam Linens and Garments (India) balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 0.20 | 0.20 | 7 | 15 | 20.22 | 20.22 |
| Reserves | 12 | 14 | 14 | 9 | 18.94 | 20.49 |
| Net worth | 12.20 | 14.20 | 21 | 24 | 39.16 | 40.71 |
| Borrowings | 53 | 51 | 65 | 70 | 67.10 | 68.54 |
| Other liabilities | -0.20 | 13.80 | 14 | 27 | 30.60 | 8.94 |
| Total liabilities | 65 | 79 | 100 | 121 | 136.86 | 118.19 |
| Fixed assets | 4 | 3 | 6 | 4 | 4.26 | 6.53 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 61 | 76 | 94 | 117 | 132.60 | 111.66 |
| Receivables | · | · | · | · | 46.57 | 50.44 |
| Inventory | · | · | · | · | 50.03 | 37.79 |
| Cash | · | · | · | · | 5.94 | 3.31 |
| Trade payables | · | · | · | · | 28.98 | 7.25 |
Neelam Linens and Garments (India) cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 20 | 6 | -11 | 0 | 7.81 | -1.98 |
| Cash from investing | -7 | -1 | -3 | 1 | -8.48 | 0.48 |
| Cash from financing | -23 | -5 | 14 | -1 | 4.45 | -1.13 |
| Net cash flow | -10 | 0 | 0 | 0 | 3.78 | -2.63 |
| Capital spending | · | · | · | · | 9.14 | 3.80 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 70 | 64 | 65 | 150 | 154 | 156 |
| Inventory days | 147 | 163 | 193 | 182 | 196 | 127 |
| Days payable | 1 | 49 | 47 | 86 | 113 | 24 |
| Cash conversion cycle | 217 | 178 | 211 | 246 | 236 | 258 |
| Working capital days | 78 | 79 | 125 | 155 | 179 | 183 |
Neelam Linens and Garments (India) peers and competitors
Listed SME companies in the same industryBy sales, Neelam Linens and Garments (India) is number 32 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 |
|---|---|---|---|---|---|---|
| Avi Ansh Textile | 141 | 108.8 | 141 | 1.3 | 4.6% | 0.84 |
| Game Changers Texfab | 172 | 9.5 | 139 | 18 | 20.0% | 0.15 |
| Kiaasa Retail | 53 | 4.8 | 135 | 11 | 17.0% | 0.78 |
| NAPS Global India | 30 | 15.0 | 134 | 2 | 1.8% | 0.00 |
| Paramount Syntex | - | - | 122 | 14 | 19.0% | 0.77 |
| Neelam Linens and Garments (India) | 13 | 8.5 | 118 | 1.6 | 4.4% | 1.68 |
| Ashutosh Fibre | - | - | 117 | 16 | 26.0% | 0.92 |
| 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 |
| Median of the 10 others | 57 | 9.5 | 120 | 9.5 | 16.0% | 0.71 |
Neelam Linens and Garments (India) 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 has come down.
Neelam Linens and Garments (India) 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.
| Nov 24 | Dec 24 | Mar 25 | Sep 25 | Mar 26 | |
|---|---|---|---|---|---|
| Promoters | 54.30% | 54.30% | 54.30% | 54.30% | 54.30% |
| Foreign investors (FIIs) | 6.32% | 7.33% | 6.53% | 1.45% | - |
| Indian institutions (DIIs) | 6.11% | 0.00% | 1.16% | 0.18% | - |
| HNIs (over ₹2 lakh each) | 18.31% | 26.65% | 25.49% | 28.49% | 25.64% |
| Small holders (up to ₹2 lakh) | 11.64% | 6.74% | 7.75% | 8.82% | 9.26% |
| Companies and others | 3.32% | 4.98% | 4.77% | 6.76% | 10.80% |
| Number of shareholders | 458 | 274 | 289 | 329 | 354 |
The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.
Neelam Linens and Garments (India) study: the business from its own documents
Read from 2 of the company's own documentsNeelam Linens and Garments (India) so far
From the company's own record
- 18 Nov 2024Listed on NSE Emerge at ₹24
- 31 March 2026Promoters at 54.30%
- 5 Dec 2024Highest close since listing, ₹51.71
Neelam Linens and Garments (India) key facts from the filings
Each figure with the document it comes from
- Sales
- ₹118.3 cr
- FY26 revenue from operations, up from ₹110.4 cr, while profit after tax fell to ₹1.5 cr from ₹2.7 cr.Annual report FY26, p.22
- Licence sales
- ₹14.6 cr
- FY26 revenue from selling export incentive licences, against ₹22.1 cr in FY25; the rest was goods.Annual report FY26, p.84
- Export earnings
- ₹37.5 cr
- Foreign exchange earned in FY26, about a third of revenue, with nothing spent in foreign currency.Annual report FY26, p.43; reported figures, our arithmetic
- Borrowings
- ₹68.5 cr
- Long and short term borrowings at March 2026, against net worth of ₹40.7 cr.Annual report FY26, p.66; reported figures, our arithmetic
- Loans from directors
- ₹31.1 cr
- Unsecured loans from directors and relatives at March 2026, up from ₹28.2 cr.Annual report FY26, p.75
Show 5 more facts
- Interest cost
- ₹4.5 cr
- FY26 finance costs, more than twice the profit before tax of ₹2.1 cr.Annual report FY26, p.67
- Second half profit
- ₹0.17 cr
- Profit before tax in the half to March 2026, against ₹1.97 cr in the half to September 2025.Annual report FY26, p.67
- Cash from operations
- ₹-2.0 cr
- FY26 operating cash flow, as payables to suppliers fell to ₹7.3 cr from ₹29.0 cr.Annual report FY26, p.66 and p.68
- Stock
- ₹37.8 cr
- Inventory at March 2026, down from ₹50.0 cr; money owed by customers rose to ₹50.4 cr.Annual report FY26, p.66
- IPO
- ₹13.0 cr
- Raised at ₹24 a share in November 2024; ₹5.6 cr went on embroidery machines and ₹4.0 cr to repay loans.Annual report FY25, p.26
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.
Neelam Linens and Garments earns money by turning cheaply sourced surplus fabric into home textiles for discount stores abroad, and by trading export incentive licences.
Its weak spots are heavy and costly borrowing, a thin profit that interest eats into, and reliance on loans from its own directors.
WatchCan it set its own prices?No. Its pitch is low prices, and it passes the saving from cheap fabric on to customers.
WatchHow strong is it against rivals?Its edge is sourcing cheap fabric, which other exporters can also do, and global textile exports were weak.
AverageWho are its customers?Overseas buyers and discount stores, plus importers that purchase its licences; the reports give no split by customer.
WatchDoes it need a lot of money?Yes. Stock and money owed by customers are large, and the company funds them with expensive loans.
AverageCan it keep finding new work?Sales still grew in FY26, and it has added garments and embroidery machines, but its plans for stores abroad have no dates.
WatchDo good and bad years swing a lot?Profit is thin enough that a weak half wipes most of it out, and licence income changes from year to year.
Who runs Neelam Linens and Garments (India)?
Promoters, directors and officers; tap a name for the background
BKBhavin Kantilal JethwaPromoter and Managing Director · holds 40.5%
Managing Director since the company's incorporation in September 2010. The annual reports read give no education or earlier work. Lent the company ₹28.4 cr under arrangements approved by the board in June 2025.
Annual report FY26, p.3, p.24 and p.38JBJanki Bhavin JethwaPromoter and Whole-time Director · holds 3.83%
Whole-time Director since 31 March 2025, holding 7,75,000 shares and paid ₹0.12 cr a year; also lent the company ₹2.7 cr. The annual report lists Janki Bhavin Jethwa as the wife of Bhavin Kantilal Jethwa.
Annual report FY26, p.19 and p.38KJKantilal Jivram JethvaPromoter · holds 6.13%
Chairman and Whole-time Director until 1 March 2025; listed as a promoter in the March 2026 shareholding.
Annual report FY25, p.5CDChetan Dinesh SolankiChief Financial Officer
Chief Financial Officer since 16 August 2022; the annual reports give no further background.
Annual report FY25, p.28NRNivesh Ramashankar PathakIndependent Director
Independent Director since 31 March 2025 and chair of the audit committee and the nomination and remuneration committee.
Annual report FY26, p.24 and p.28SDSandeep DubeyIndependent Director
Independent Director since 4 September 2025, holding no shares and directorships in two other companies.
Annual report FY25, p.20; Annual report FY26, p.23Neelam Linens and Garments (India) 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 ₹64.2 cr (-12%), net profit ₹0.1 cr (-93%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 54.30%.
Neelam Linens and Garments (India) announcements
19 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 29, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- CessationOf Mr. Nivesh Ramashankar Pathak (DIN: 09604295) as Non- Executive Independent Director of the company w.e.f. September 29, 2026PDF ↗
- Resignation of Director/KMP/SMPResignation of Director/KMP/SMPPDF ↗
- Resignation of Director/KMP/SMPResignation of Director/KMP/SMPPDF ↗
- General UpdatesGeneral UpdatesPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 29, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 29, 2026PDF ↗
- Outcome of Board MeetingHeld on August 27, 2026PDF ↗
- Structural Digital DatabaseCertificate for the quarter ended 30 June 2026PDF ↗
Neelam Linens and Garments (India) annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Neelam Linens and Garments (India) 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 Neelam Linens and Garments (India)'s data · 9
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 (2,02,18,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓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.
- ✓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 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Neelam Linens and Garments (India)
What does Neelam Linens and Garments (India) do?
Neelam Linens and Garments turns surplus cotton fabric into bedsheets, pillow covers, towels and shirts, mostly for discount stores abroad, from units at Bhiwandi near Mumbai. Its shares trade on NSE Emerge.
What is the share price of Neelam Linens and Garments (India)?
₹6.5 at the close on 29 Oct 2026, from the exchange's daily figures.
What is the market cap of Neelam Linens and Garments (India)?
₹13 cr at the close on 29 Oct 2026, on 2,02,18,000 shares.
What is the P/E of Neelam Linens and Garments (India)?
8.5 times FY26 profit at the close on 29 Oct 2026 (our arithmetic).
What are Neelam Linens and Garments (India)'s revenue and profit?
Revenue ₹118 cr and profit after tax ₹2 cr in FY26.
Who are the promoters of Neelam Linens and Garments (India)?
Bhavin Kantilal Jethwa, Janki Bhavin Jethwa, Kantilal Jivram Jethva; promoters held 54.30% at 31 March 2026.
What was the IPO price of Neelam Linens and Garments (India)?
₹24 a share; it listed on 18 Nov 2024.
What is Neelam Linens and Garments (India)'s website?
www.neelamgarments.com
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Every listed SME company in Textiles & Apparels → · SME companies listed in 2024 →
Built from 2 annual reports, 19 exchange announcements, 5 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.