Siddhi CotspinShare price, financial results, shareholding and management
- Market cap
- ₹66 cr
- Stock P/E
- 6.8peers 14.8
- Book value
- ₹55.8
- Price to book
- 0.48
- EV / operating profit
- 3.5
- Market cap to sales
- 0.14
- ROCE · FY26
- 10.7%
- ROE · FY26
- 9.0%
- ROE, 3-year average
- 15.6%
- Operating margin · FY26
- 5.4%peers 7.3%
- Sales growth, 3 years
- 33.9%
- Profit growth, 3 years
- 17.1%
- Debt to equity
- 0.20peers 0.71
- Borrowings
- ₹27.5 cr
- Interest cover
- 5.3×
- Cash from business / op. profit
- 62%
- Debtor days
- 38
- Pledged
- 0.00%
- Promoter holding
- 65.56%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 1,501
- 52-week high / low
- ₹36 / ₹24
- 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.
Siddhi Cotspin share price chart
Close on 6 Nov 2026 · +1.12% on the day · Vol 1,200
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
- +4.2%
- 3 months
- -5.4%
- 6 months
- -10.4%
- 1 year
- -17.6%
- Since IPO
- -75.0%
- Traded a day, 20 days
- ₹0.02 cr
- Taken for delivery
- 96%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | -34% | -26% |
| 3 years, a year | +34% | +17% |
| Latest half, H2 FY26 | +19% | -40% |
About Siddhi Cotspin: business, products and customers
Siddhi Cotspin spins cotton yarn at a mill near Ahmedabad and also buys ready-made yarn, conditions it and resells it, mostly to denim and fabric makers in Gujarat. Its shares trade on NSE Emerge.
Siddhi Cotspin was set up in 2015 and started production in 2017 at a 29,376-spindle mill in the Dholi Integrated Spinning Park near Dholka, Ahmedabad. The mill turns raw cotton into carded, combed, compact, slub and lycra core-spun yarns, and the offer document says it ran at about 94% of capacity in FY24 and FY25. The yarn goes mainly to denim makers, nearly all of it billed in Gujarat, with some reaching other countries through merchant exporters.
Most revenue, though, comes from a second line the company calls value added yarn: it buys ready-made cotton yarn, adjusts its moisture in a conditioning facility and resells it. Because this is close to trading, it adds a lot of revenue but little profit, which is why gross margin fell sharply as this line grew and why revenue can rise or fall by hundreds of crores while profit moves far less. A Gujarat state GST reimbursement is deducted from raw material purchases in the accounts, so reported margins include it.
Read more about the business
Revenue in FY24 and FY25 also included large purchases and sales with firms the offer document lists as controlled by key management, such as Bindal Spintex, Ace Fabrics and Shivtex Spinning. The FY26 annual report says these were largely stopped and that management decided to end related-party dealings wherever commercially feasible; revenue fell by about a third that year. The company has also built a captive ground-mounted solar plant at Bhiloda that began operating in April 2026.
The offer document compared the company's figures with three listed textile companies: Lagnam Spintex, Pashupati Cotspin and United Polyfab Gujarat. In that table Pashupati Cotspin's thin operating margin was closest to Siddhi's, while Lagnam Spintex earned more than twice the margin.
From the offer document (Red Herring Prospectus, 2025), the annual report for FY26, the Infomerics rating note of April 2025 and the company's order announcement of 29 September 2025.
Read the deeper study ↓In its favour
- Sales have grown fast: 34% a year over three years.
- It brings in more cash than it shows as profit: ₹15.9 cr against ₹9.6 cr in FY26.
- It has little debt for its size: debt to equity 0.20.
- The promoters own a large part of the company: 65.56%.
To watch
- The size of the state GST reimbursement in FY27, which was about as large as FY26 profit (Annual report FY26, p.111).
- Power cost savings from the Bhiloda solar plant, running since April 2026 (Annual report FY26, p.49 to 50).
- Whether related-party purchases and sales stay stopped, as the FY26 annual report says management decided (Annual report FY26, p.45).
- Results for the half year to September 2026, the first with the solar plant running (Annual report FY26, p.50).
- 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.
Siddhi Cotspin revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. 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 higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Siddhi Cotspin half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 508 | 217 | 219.69 | 258.45 |
| Expenses | 492 | 200 | 204.97 | 247.41 |
| Operating profit | 16 | 16 | 14.72 | 11.04 |
| OPM | 3.2% | 8.0% | 6.7% | 4.3% |
| Interest | 3 | 3 | 2.46 | 0.67 |
| Depreciation | 5 | 5 | 4.71 | 4.68 |
| Profit before tax | 8 | 9 | 7.62 | 5.76 |
| Net profit | 6 | 7 | 5.44 | 4.20 |
Siddhi Cotspin profit and loss
Full years to March, FY20 to FY26 · ₹ crore, consolidated where reported
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 178 | 137 | 402 | 199 | 581 | 725 | 478.14 |
| Expenses | 154 | 113 | 370 | 174 | 546 | 692 | 452.38 |
| Operating profit | 24 | 24 | 33 | 25 | 35 | 33 | 25.76 |
| OPM | 13.0% | 18.0% | 8.0% | 13.0% | 6.0% | 4.5% | 5.4% |
| Other income | 1 | 1 | 1 | 1 | 0 | 0 | 0.13 |
| Interest | 8 | 9 | 6 | 8 | 8 | 6 | 3.12 |
| Depreciation | 13 | 13 | 17 | 9 | 9 | 9 | 9.38 |
| Exceptional and other items | · | · | · | · | -1 | · | · |
| Profit before tax | 4 | 3 | 11 | 9 | 17 | 18 | 13.38 |
| Tax rate | 25.0% | 33.3% | 18.2% | 33.3% | 29.4% | 27.8% | 28.0% |
| Net profit | 3 | 2 | 9 | 6 | 12 | 13 | 9.64 |
| EPS ₹ | 6.70 | 5.97 | 21.72 | 14.66 | 6.26 | 6.62 | 4.38 |
| Dividend payout | 0.0% | 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.
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.
Siddhi Cotspin 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 moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 13.0% | 18.0% | 8.0% | 13.0% | 6.0% | 4.5% | 5.4% |
| Tax rate | 25.0% | 33.3% | 18.2% | 33.3% | 29.4% | 27.8% | 28.0% |
| ROCE | · | 7.0% | 9.3% | 9.5% | 15.4% | 15.8% | 10.7% |
| ROE | · | 5.1% | 19.8% | 11.5% | 20.0% | 17.9% | 9.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Siddhi Cotspin 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 more cash than it showed as profit. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Siddhi Cotspin balance sheet
At each 31 March · ₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Equity capital | 4 | 4 | 4 | 4 | 19 | 19 | 24.41 |
| Reserves | 34 | 37 | 46 | 50 | 47 | 60 | 111.83 |
| Net worth | 38 | 41 | 50 | 54 | 66 | 79 | 136.24 |
| Borrowings | 132 | 134 | 139 | 114 | 91 | 67 | 27.48 |
| Other liabilities | 18 | 9 | 12 | 16 | 24 | 37 | 13.05 |
| Total liabilities | 188 | 184 | 201 | 184 | 181 | 183 | 176.77 |
| Fixed assets | 109 | 99 | 83 | 76 | 67 | 58 | 50.02 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 | 17 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 79 | 85 | 118 | 108 | 114 | 125 | 109.75 |
| Receivables | · | · | · | · | · | · | 50.19 |
| Inventory | · | · | · | · | · | · | 45.75 |
| Cash | · | · | · | · | · | · | 4.15 |
| Trade payables | · | · | · | · | · | · | 4.36 |
Siddhi Cotspin cash flow
₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | 18 | 14 | 26 | 28 | 19 | 29 | 15.92 |
| Cash from investing | 0 | -2 | -4 | -1 | 0 | 0 | -17.99 |
| Cash from financing | -17 | -11 | -2 | -33 | -32 | -29 | 4.47 |
| Net cash flow | 1 | 1 | 20 | -6 | -13 | 0 | 2.40 |
| Capital spending | · | · | · | · | · | · | 18.64 |
Working capital
Days
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Debtor days | 80 | 83 | 39 | 88 | 44 | 31 | 38 |
| Inventory days | 46 | 72 | 31 | 52 | 16 | 28 | 39 |
| Days payable | 33 | 11 | 4 | 20 | 9 | 14 | 4 |
| Cash conversion cycle | 92 | 144 | 67 | 120 | 51 | 44 | 74 |
| Working capital days | 48 | 89 | 49 | 67 | 25 | 23 | 69 |
Siddhi Cotspin peers and competitors
Listed SME companies in the same industryBy sales, Siddhi Cotspin is number 3 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 |
|---|---|---|---|---|---|---|
| Shanti Spintex | 51 | 5.1 | 704 | 10 | 2.3% | 0.44 |
| Ken Enterprises | 104 | 6.8 | 632 | 15.4 | 4.7% | 0.42 |
| Siddhi Cotspin | 66 | 6.8 | 478 | 9.6 | 5.4% | 0.20 |
| Vivekanand Cotspin | 91 | 22.8 | 408 | 4 | 3.7% | 1.55 |
| Veekayem Fashion and Apparels | 101 | 10.1 | 365 | 10 | 7.7% | 1.64 |
| Vinod Texworld | 49 | 4.9 | 343 | 10 | 7.0% | 1.63 |
| Spunweb Nonwoven | 326 | 14.1 | 324 | 23.1 | 17.3% | 0.63 |
| N R Vandana Tex Industries | 163 | 15.5 | 304 | 10.5 | 7.8% | 1.40 |
| Vivaa Tradecom | 54 | 54.3 | 285 | 1 | 0.5% | 0.18 |
| Bizotic Commercial | 587 | 32.6 | 251 | 18 | 10.0% | 0.07 |
| Karnika Industries | 818 | 29.3 | 248 | 28 | 15.0% | 0.78 |
| Median of the 10 others | 103 | 14.8 | 334 | 10.3 | 7.3% | 0.71 |
Siddhi Cotspin 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.
Siddhi Cotspin 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.
| Sep 25 | Mar 26 | Sep 26 | |
|---|---|---|---|
| Promoters | 65.56% | 65.56% | 65.56% |
| Foreign investors (FIIs) | 3.39% | 3.30% | 4.91% |
| Indian institutions (DIIs) | 1.09% | - | - |
| HNIs (over ₹2 lakh each) | 8.40% | 13.27% | 13.28% |
| Small holders (up to ₹2 lakh) | 19.37% | 16.84% | 14.93% |
| Companies and others | 2.19% | 1.03% | 1.32% |
| Number of shareholders | 1,983 | 1,663 | 1,501 |
The named holders are at 30 Sept 2026, beside 31 March 2026, each under the group the pattern files them in.
Siddhi Cotspin study: the business from its own documents
Read from 5 of the company's own documentsSiddhi Cotspin so far
From the company's own record
- 26 Sept 2025Listed on NSE Emerge at ₹108
- 30 Sept 2026Promoters at 65.56%
- 26 Sept 2025Highest close since listing, ₹76.18
Siddhi Cotspin key facts from the filings
Each figure with the document it comes from
- Spinning mill
- 29,376 spindles
- One mill near Ahmedabad able to make about 9,012 tonnes of cotton yarn a year.Offer document, p.120 and p.133
- Mill use
- 93.65%
- Share of spinning capacity used in FY25, about the same as FY24, so own output has little room to grow.Offer document, p.134
- Bought-in yarn share
- 70.27%
- Share of FY25 revenue from value added yarn, mostly ready-made yarn conditioned and resold, up from 62.92% in FY24.Offer document, p.120 and p.129
- Top ten customers
- 88.36%
- Share of FY25 revenue; the largest single customer took 20.64%. Names are not disclosed.Offer document, p.129
- Sales in Gujarat
- 97.91%
- Share of FY25 revenue billed in Gujarat.Offer document, p.129
Show 5 more facts
- State GST reimbursement
- ₹9.5 cr
- FY26 amount deducted from raw material purchases, down from ₹17.4 cr in FY25; about the size of the year's profit.Annual report FY26, p.111
- Related party purchases
- ₹97.2 cr to ₹0.1 cr
- Purchases from Ace Fabrics LLP fell from FY25 to FY26; sales to Shivtex Spinning fell from ₹20.8 cr to nil.Annual report FY26, p.45
- Solar plant
- 4.82 MW
- Ground-mounted plant at Bhiloda with ₹17.0 cr spent by March 2026; commercial operation from April 2026.Annual report FY26, p.49 to 50
- IPO money
- ₹53.4 cr
- From 49,44,000 new shares at ₹108 in September 2025, used for working capital and repaying loans.Annual report FY26, p.32 and p.34; our arithmetic
- Credit rating
- IVR BBB, Stable
- Infomerics upgraded the long-term bank loan rating in April 2025, citing growth and better debt measures.Infomerics rating note, April 2025, p.1
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.
Siddhi Cotspin makes money on a thin spread between cotton or bought-in yarn and the yarn it sells, so revenue is large next to profit.
Its weak spots are a handful of big buyers, a product anyone can make, and profit that leans on a state tax reimbursement.
WatchCan it set its own prices?Yarn is a commodity and the rating agency says the company gave up margin to win orders.
WatchHow strong is it against rivals?The company itself says the industry has many players and few barriers to entry.
WatchWho are its customers?A few large buyers, almost all in Gujarat, take most of the sales without firm commitments.
AverageDoes it need a lot of money?The mill is already built and IPO money cut loans, but stocks and customer credit need working capital and the solar plant took fresh spending.
AverageCan it keep finding new work?Denim and fabric makers nearby keep ordering, but orders run only a few months ahead and the mill is already nearly full.
WatchDo good and bad years swing a lot?Revenue has jumped and fallen sharply with cotton prices and with how much bought-in yarn is resold, and profit depends on a state reimbursement.
Who runs Siddhi Cotspin?
Promoters, directors and officers; tap a name for the background
NSNavin SaraogiPromoter, Chairman and Managing Director · holds 33.18%
Holds a Bachelor of Engineering in mechanical engineering from Pune University and has more than 20 years in the textile industry. A director since incorporation in 2015, Managing Director from January 2024 and Chairman from March 2024, looking after overall operations. Also a director of Shivtex Spinning, Dholi Speciality, Siddhi Weaves and other textile and chemical companies.
Offer document, p.157 and p.160ARAansh Rajesh BindalPromoter and Whole-Time Director · holds 32.38%
Holds a Bachelor of Science in Business Management from the University of Lancaster and had more than one year in the textile industry when the offer document was filed. A director since December 2023 and Whole-Time Director from January 2024. Lent ₹10.2 cr to the company in FY25.
Offer document, p.158, p.160 and p.31VPVardhaman Parimalkumar ShahChief Financial Officer
A Bachelor of Commerce from Gujarat University who cleared the CA intermediate examination in 2012, with more than seven years in accounts and finance; CFO since January 2024.
Offer document, p.167SJSumitkumar Jayantibhai PatelIndependent Director
A company secretary and commerce graduate with more than seven years in secretarial and compliance work; appointed for three years from January 2024 and chairs a board committee.
Offer document, p.159 and p.165DLDrashti Laxmikant SolankiIndependent Director
A company secretary with a law degree from Gujarat University and more than seven years in corporate law and compliance; appointed for three years from January 2024.
Offer document, p.158Siddhi Cotspin 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 ₹258 cr (+19%), net profit ₹4.2 cr (-40%) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters unchanged at 65.56%.
Siddhi Cotspin announcements
27 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 ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Shareholders meetingShareholders meetingPDF ↗
- Shareholders meetingShareholders meetingPDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on August 31, 2026PDF ↗
- Outcome of Board MeetingHeld on August 04, 2026PDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- General UpdatesGeneral UpdatesPDF ↗
- Credit RatingCredit RatingPDF ↗
- Outcome of Board Meeting, the financial results for the period ended March 31, 2026PDF ↗
- Structural Digital DatabaseSubmission of Compliance Certificate for the Year ended 31st March, 2026 under SEBI (Prohibition of Insider Trading) Regulation, 2015PDF ↗
Siddhi Cotspin annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Siddhi Cotspin 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 Siddhi Cotspin'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 (2,44,06,491 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 changes basis between FY23 (₹14.66) and FY24 (₹6.26) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY20 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Siddhi Cotspin
What does Siddhi Cotspin do?
Siddhi Cotspin spins cotton yarn at a mill near Ahmedabad and also buys ready-made yarn, conditions it and resells it, mostly to denim and fabric makers in Gujarat. Its shares trade on NSE Emerge.
What is the share price of Siddhi Cotspin?
₹27 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Siddhi Cotspin?
₹66 cr at the close on 6 Nov 2026, on 2,44,06,491 shares.
What is the P/E of Siddhi Cotspin?
6.8 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Siddhi Cotspin's revenue and profit?
Revenue ₹478 cr and profit after tax ₹10 cr in FY26.
Who are the promoters of Siddhi Cotspin?
Navin Saraogi, Aansh Rajesh Bindal; promoters held 65.56% at 30 Sept 2026.
What was the IPO price of Siddhi Cotspin?
₹108 a share; it listed on 26 Sept 2025.
What is Siddhi Cotspin's website?
www.siddhicotspin.com
More SME companies like Siddhi Cotspin
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 2025 →
Built from 2 credit rating notes, 1 offer document, 1 result filing, 1 annual report, 27 exchange announcements, 3 shareholding patterns and 7 years of reported results. Every figure carries its source; where the documents are silent, the page says so.