Spunweb NonwovenShare price, financial results, shareholding and management

NSE Emerge · SPUNWEBNonwoven fabricListed 21 July 2025IPO ₹96Catch them young
spunweb.com ↗Live price on NSE ↗ISIN INE19QH01010 · Lot 1,200 shares · ₹1.25 lakh
₹104.00
0.00% on the day
Close · 6 Nov 2026
Valuation
Market cap
₹251 cr
Stock P/E
10.9peers 22.8
Book value
₹51.1
Price to book
2.04
EV / operating profit
5.8
Market cap to sales
0.77
Returns and growth
ROCE · FY26
26.9%
ROE · FY26
27.4%
ROE, 3-year average
26.7%
Operating margin · FY26
17.3%peers 7.0%
Sales growth, 3 years
40.9%
Profit growth, 3 years
184.7%
Safety
Debt to equity
0.63peers 1.00
Borrowings
₹77.3 cr
Interest cover
3.9×
Cash from business / op. profit
5%
Debtor days
91
Pledged
0.00%
Ownership and share
Promoter holding
65.27%
Change in promoter holding
+0.09 pts
Shareholders
972
52-week high / low
₹164 / ₹80
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.

Spunweb Nonwoven share price chart

₹104.00-30.22% 1 year

Close on 6 Nov 2026 · -0.05% on the day · Vol 3,600

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
-12.3%
3 months
+2.0%
6 months
-17.5%
1 year
-30.2%
Since IPO
+8.3%
Traded a day, 20 days
₹0.29 cr
Taken for delivery
94%

Business growth

Sales and net profit, from the reported results

SalesProfit
FY26 on FY25+44%+110%
3 years, a year+41%+185%
Latest half, H2 FY26+52%+76%

About Spunweb Nonwoven: business, products and customers

Spunweb Nonwoven makes rolls of light plastic cloth at its factories in Gujarat, sold to firms that make diapers, sanitary pads, carry bags, medical gowns and crop covers. Its shares trade on NSE Emerge.

Spunweb Nonwoven, founded in 2015 at Wankaner in Gujarat, makes polypropylene spunbond fabric: plastic granules are melted, spun into fine threads and bonded into rolls of cloth without weaving. Its seven lines, split between the company and its wholly owned subsidiary Spunweb India, can make 39,140 tonnes a year in six grades, from water-repellent to soft, UV-treated and flame-retardant.

Its buyers turn the rolls into finished goods: diaper and sanitary pad makers gave 51.94% of FY26 revenue, packaging and carry bag makers 35.72%, medical disposables 8.04% and farm covers 3.71%. Most sales are in India, with 10.61% exported, and changes in the price of polypropylene are passed on to customers.

Read more about the business

What is new: two lines for packaging fabric started production in FY26, and 6.5 MW of ground-mounted solar plants were added at both sites. In November 2025 the company took 51% of Cigate Consumer, set up to export finished hygiene products bought from Indian makers.

From the red herring prospectus (July 2025), the FY26 annual report, the May 2026 investor presentation and earnings call, and the April 2026 ICRA rating letter.

Read the deeper study ↓

In its favour

  • Sales have grown fast: 41% a year over three years.
  • It earns a high return on the money it uses: ROCE 27% in FY26.
  • The promoters own a large part of the company: 65.27%.

To watch

  • Use of lines six and seven, which the company expects to reach about 80% in about one and a half years from May 2026 (Earnings call, May 2026, p.9; Investor presentation, May 2026, p.17).
  • Collection of the ₹81.3 cr owed by customers and the ₹72.0 cr of stock held at March 2026 (Investor presentation, May 2026, p.19).
  • Sales through Cigate Consumer, the 51% subsidiary set up in November 2025 to export finished hygiene products (Annual report FY26, p.36; Earnings call, May 2026, p.21).
  • Customers take longer to pay than before: 91 days in FY26, against 29 in FY20.
  • 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.

Spunweb Nonwoven revenue and profit growth

Half-yearly results · Profit and loss

Sales have grown fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.

Sales and net profit, every year, ₹ crore
SalesNet profit
0100200300400Sales, FY20: 87 ₹ cr87Net profit, FY20: 2 ₹ cr2FY20Sales, FY21: 127 ₹ cr127Net profit, FY21: 4 ₹ cr4FY21Sales, FY22: 114 ₹ cr114Net profit, FY22: 3 ₹ cr3FY22Sales, FY23: 116 ₹ cr116Net profit, FY23: 1 ₹ cr1FY23Sales, FY24: 149 ₹ cr149Net profit, FY24: 5 ₹ cr5FY24Sales, FY25: 226 ₹ cr226Net profit, FY25: 11 ₹ cr11FY25Sales, FY26: 324 ₹ cr324Net profit, FY26: 23.1 ₹ cr23.1FY26
The latest halves, ₹ crore
SalesNet profit
050100150200Sales, H1FY25: 103 ₹ cr103Net profit, H1FY25: 3 ₹ cr3H1FY25Sales, H2FY25: 124 ₹ cr124Net profit, H2FY25: 7 ₹ cr7H2FY25Sales, H1FY26: 137 ₹ cr137Net profit, H1FY26: 10.7 ₹ cr10.7H1FY26Sales, H2FY26: 188 ₹ cr188Net profit, H2FY26: 12.3 ₹ cr12.3H2FY26

SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.

Spunweb Nonwoven half-yearly results

SME companies report every six months · ₹ crore

₹ crore · growth on the same half a year before
H1FY25H2FY25H1FY26H2FY26
Sales103124137188.08
Expenses91104112.82156.28
Operating profit112024.1831.80
OPM11.0%16.0%17.6%16.9%
Interest354.616.88
Depreciation454.798
Profit before tax51115.0318.72
Net profit3710.7412.33

Spunweb Nonwoven profit and loss

Full years to March, FY20 to FY26 · ₹ crore, consolidated where reported

₹ crore
FY20FY21FY22FY23FY24FY25FY26
Sales87127114116149226324.48
Expenses82121107105133194268.50
Operating profit46611153155.98
OPM5.0%4.8%6.0%9.0%10.0%14.0%17.3%
Other income3542612.05
Interest22345811.49
Depreciation33269912.79
Exceptional and other items···-1·1·
Profit before tax265271633.75
Tax rate0.0%33.3%40.0%50.0%28.6%31.2%31.6%
Net profit243151123.07
EPS ₹3.054.183.331.135.446.0810.37
Dividend payout0.0%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.

Spunweb Nonwoven profitability

Margins and returns on capital

Last 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

0%5%10%15%20%FY20: 5.0%5.0%FY20FY21: 4.8%4.8%FY21FY22: 6.0%6.0%FY22FY23: 9.0%9.0%FY23FY24: 10.0%10.0%FY24FY25: 14.0%14.0%FY25FY26: 17.3%17.3%FY26
Per cent
FY20FY21FY22FY23FY24FY25FY26
Operating margin5.0%4.8%6.0%9.0%10.0%14.0%17.3%
Tax rate0.0%33.3%40.0%50.0%28.6%31.2%31.6%
ROCE·21.3%13.4%8.3%16.7%22.9%26.9%
ROE·34.8%17.1%5.1%21.7%31.0%27.4%
Dividend payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Spunweb Nonwoven debt and cash flow

Balance sheet · Cash flow · Working capital

The company's own money, its net worth, has grown fast. 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. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.

Its own money and its borrowings, ₹ crore
Net worthBorrowings
050100150Net worth, FY20: 7 ₹ cr7Borrowings, FY20: 24 ₹ cr24FY20Net worth, FY21: 16 ₹ cr16Borrowings, FY21: 28 ₹ cr28FY21Net worth, FY22: 19 ₹ cr19Borrowings, FY22: 56 ₹ cr56FY22Net worth, FY23: 20 ₹ cr20Borrowings, FY23: 50 ₹ cr50FY23Net worth, FY24: 26 ₹ cr26Borrowings, FY24: 48 ₹ cr48FY24Net worth, FY25: 45 ₹ cr45Borrowings, FY25: 91 ₹ cr91FY25Net worth, FY26: 123 ₹ cr123Borrowings, FY26: 77.3 ₹ cr77.3FY26
Cash from the business against net profit, ₹ crore
Cash from the businessNet profit
-100102030Cash from the business, FY20: 5 ₹ cr5Net profit, FY20: 2 ₹ cr2FY20Cash from the business, FY21: -5 ₹ cr-5Net profit, FY21: 4 ₹ cr4FY21Cash from the business, FY22: 15 ₹ cr15Net profit, FY22: 3 ₹ cr3FY22Cash from the business, FY23: 17 ₹ cr17Net profit, FY23: 1 ₹ cr1FY23Cash from the business, FY24: 10 ₹ cr10Net profit, FY24: 5 ₹ cr5FY24Cash from the business, FY25: 3 ₹ cr3Net profit, FY25: 11 ₹ cr11FY25Cash from the business, FY26: 2.9 ₹ cr2.9Net profit, FY26: 23.1 ₹ cr23.1FY26

Bars below the line are cash going out.

Spunweb Nonwoven balance sheet

At each 31 March · ₹ crore

₹ crore
FY20FY21FY22FY23FY24FY25FY26
Equity capital5101010101824.10
Reserves26910162799
Net worth71619202645123.10
Borrowings24285650489177.32
Other liabilities4121123334753.72
Total liabilities35568693107183254.14
Fixed assets14131250465777.79
Capital work in progress00380000
Investments0000000
Other assets2143364361126176.35
Receivables······81.32
Inventory······72.03
Cash······0.76
Trade payables······44.01

Spunweb Nonwoven cash flow

₹ crore

₹ crore
FY20FY21FY22FY23FY24FY25FY26
Cash from operations5-515171032.85
Cash from investing0-2-39-6-4-9-33.24
Cash from financing-5724-11-5630.44
Net cash flow0000100.05
Capital spending······33.44

Working capital

Days

Days
FY20FY21FY22FY23FY24FY25FY26
Debtor days29423869759891
Inventory days3034354279110114
Days payable10292491958470
Cash conversion cycle4947491959123136
Working capital days2955334153278

Spunweb Nonwoven peers and competitors

Listed SME companies in the same industry

By sales, Spunweb Nonwoven is number 7 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.

CompanyMarket cap ₹ crP/ESales ₹ crProfit ₹ crOp. marginDebt/equity
Vivekanand Cotspin9122.840843.7%1.55
Veekayem Fashion and Apparels10110.1365107.7%1.64
Vinod Texworld494.9343107.0%1.63
Spunweb Nonwoven25110.932423.117.3%0.63
N R Vandana Tex Industries16315.530410.57.8%1.40
Vivaa Tradecom5454.328510.5%0.18
Bizotic Commercial58732.62511810.0%0.07
Karnika Industries81829.32482815.0%0.78
K K Silk Mills234.624556.0%0.80
Unitec Fibres--22387.0%1.20
Aayush Art And Bullion1,981247.621685.0%0.00
Median of the 10 others10122.826897.0%1.00

Spunweb Nonwoven shareholding pattern

Promoters, FIIs, DIIs, HNIs and small holders

The promoters own more than half the company. Foreign and Indian funds own a noticeable share. The number of shareholders has come down.

Promoters
65.27%
+0.09 pts since Jul 25
Foreign investors (FIIs)
0.05%
-3.06 pts since Jul 25
Indian institutions (DIIs)
5.06%
-4.30 pts since Jul 25
HNIs (over ₹2 lakh each)
14.65%
+6.91 pts since Jul 25
Small holders (up to ₹2 lakh)
8.83%
-3.69 pts since Jul 25
Companies and others
6.14%
+4.05 pts since Jul 25
Number of shareholders
972
1,238 in Jul 25

Spunweb Nonwoven 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.

Jul 25Sep 25Mar 26
Promoters65.18%65.18%65.27%
Foreign investors (FIIs)3.11%0.87%0.05%
Indian institutions (DIIs)9.36%5.47%5.06%
HNIs (over ₹2 lakh each)7.74%14.75%14.65%
Small holders (up to ₹2 lakh)12.52%8.55%8.83%
Companies and others2.09%5.18%6.14%
Number of shareholders1,238949972

The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.

Spunweb Nonwoven study: the business from its own documents

Read from 8 of the company's own documents

Spunweb Nonwoven so far

From the company's own record

  1. 21 July 2025Listed on NSE Emerge at ₹96
  2. 9 Oct 2026An order announced
  3. 31 March 2026Promoters at 65.27%
  4. 16 Sept 2025Highest close since listing, ₹151.30

Spunweb Nonwoven key facts from the filings

Each figure with the document it comes from

Capacity
39,140 tonnes a year
Spread over seven lines at two neighbouring sites in Wankaner, Gujarat.Investor presentation, May 2026, p.5 and p.17
Fabric made
30,630 tonnes
Output in FY26, up from 23,166 tonnes, about 78% of capacity (our arithmetic).Investor presentation, May 2026, p.15 and p.17
New lines in use
17% and 22%
Use of lines six and seven in FY26, their first year; the company expects about ₹80 cr to ₹85 cr of sales a year from them.Investor presentation, May 2026, p.17; Earnings call, May 2026, p.4
Hygiene
51.94%
Share of FY26 revenue from fabric for diapers, sanitary pads and adult care, the company's highest-margin use.Investor presentation, May 2026, p.16; Earnings call, May 2026, p.14
Exports
10.61%
Share of FY26 revenue sold abroad, led by Oman, Nepal, UAE, USA and Saudi Arabia.Investor presentation, May 2026, p.5 and p.16
Show 5 more facts
Customers
500+
Clients in more than 15 countries; the company puts about 80% of revenue as coming from existing customers.Investor presentation, May 2026, p.4; Earnings call, May 2026, p.17
Solar plants
₹15.0 cr
Spent on ground-mounted solar in FY26; the company says its solar now covers about half the power it uses.Annual report FY26, p.53; Earnings call, May 2026, p.5
IPO money
₹55.1 cr
Net proceeds of the July 2025 issue, raised mainly for working capital and loan repayment, all used by March 2026.Annual report FY26, p.35 and p.76; Red herring prospectus, p.25
Cash from operations
₹2.9 cr
Cash the business made in FY26 against profit of ₹23.1 cr, as stock and money owed by customers grew.Annual report FY26, p.128
Credit rating
BBB- (Stable)
Issuer rating assigned by ICRA in April 2026; the same rating was given to Spunweb India's bank loans.Credit rating letter, 2 Apr 2026, p.1

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 has no order book: customers place orders monthly or at most quarterly, and there are no long-term supply contracts because prices follow polypropylene. In the May 2026 call it said the two new packaging lines should reach about 80% use in about one and a half years, adding ₹80 cr to ₹85 cr of yearly sales, and that it aims to keep growing at the latest year's pace with a slightly higher profit margin over the next one to two years.

39,140 tonnesYearly capacitySeven lines, May 2026
₹80 cr to ₹85 crYearly sales expected from lines six and sevenMay 2026 call
What management saidWhenWhat happened
Use the IPO money for working capital and to repay loansRed herring prospectus, July 2025All ₹55.1 cr of net proceeds used by March 2026, with no change of purpose, the auditor reports
Lines six and seven at about 80% use in about one and a half yearsMay 2026 call17% and 22% in FY26; later use not yet reported

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.

Spunweb Nonwoven earns its money turning plastic granules into fabric rolls for hygiene, packaging and medical makers, and keeps the spread between the fabric price and the granule price.

Its weak spots are that the product is close to a commodity, money gets tied up in stock and customer credit, and the newest lines still have to fill up.

AverageCan it set its own prices?Granule price changes are passed on to customers both ways, which protects the spread, but the fabric price itself follows the market.
The evidence. The company says polypropylene price rises and falls are passed directly to customers, a practice it describes as standard in the industry, and that hygiene fabric earns about one to one and a half points more margin than packaging fabric.Earnings call, May 2026, p.5, p.14 and p.20
AverageHow strong is it against rivals?It is one of the larger spunbond makers in India with its own test lab, but many local players use the same Chinese lines.
The evidence. 39,140 tonnes a year across seven lines, all bought from China, which the company says most Indian spunbond makers also use. It says its growth is mostly share taken from domestic players.Investor presentation, May 2026, p.6 and p.17; Earnings call, May 2026, p.6, p.7 and p.18
AverageWho are its customers?Many converters, led by diaper and sanitary pad makers, who reorder month after month, though hygiene buyers expect long credit.
The evidence. 500+ clients in more than 15 countries; hygiene gave 51.94% of FY26 revenue. The company says about 80% of revenue comes from existing customers and that hygiene customers start on 90 days of credit.Investor presentation, May 2026, p.4 and p.16; Earnings call, May 2026, p.9, p.10 and p.17
WatchDoes it need a lot of money?Yes. Each line and solar plant costs a lot, and growth ties up cash in stock and customer credit.
The evidence. FY26 cash from operations was ₹2.9 cr against profit of ₹23.1 cr, with ₹33.4 cr spent on plant. Trade receivables rose to ₹81.3 cr and inventories to ₹72.0 cr at March 2026 from ₹60.5 cr and ₹50.4 cr.Annual report FY26, p.128; Investor presentation, May 2026, p.19
AverageCan it keep finding new work?Demand from hygiene and packaging buyers has kept its older lines busy, but orders come month by month with no long-term contracts.
The evidence. Lines one to five ran at 82% to 98% in FY26. Customers issue purchase orders monthly or quarterly, and there are no long-term supply contracts.Investor presentation, May 2026, p.17; Earnings call, May 2026, p.14
AverageDo good and bad years swing a lot?Hygiene and packaging demand now runs through most of the year, but farm covers are seasonal and granule prices move the sales figure.
The evidence. The company says hygiene now sees about eleven months of demand and packaging is no longer seasonal, while agriculture runs from after the monsoon to February or March.Earnings call, May 2026, p.15

Who runs Spunweb Nonwoven?

Promoters, directors and officers; tap a name for the background

JDJay Dilipbhai KagatharaPromoter, Chairman and Managing Director · holds 29.16%

A director since November 2015 and Chairman and Managing Director for five years from November 2024. Completed higher secondary education in Gujarat and has worked in nonwoven fabric manufacturing since the company began; oversees overall management and buying of raw materials. The prospectus states Jay Dilipbhai Kagathara and Kishan Dilipbhai Kagathara are brothers, and that Charulata Jay Kagathara is the wife of Jay Dilipbhai Kagathara.

Red herring prospectus, p.220, p.221, p.222 and p.233; Investor presentation, May 2026, p.7
KDKishan Dilipbhai KagatharaPromoter and Whole-Time Director · holds 30.82%

Holds a B.Tech in mechanical engineering from Symbiosis International University and an MBA in global business from Coventry University. With the company since November 2019 and a director since September 2022; runs exports, sales and marketing.

Red herring prospectus, p.220, p.221 and p.222; Investor presentation, May 2026, p.7
CJCharulata Jay KagatharaNon-Executive Director · holds 1.55%

Holds a Bachelor of Computer Application degree from Saurashtra University and has worked in administration; with the company since April 2018 and a director since July 2024.

Red herring prospectus, p.221 and p.222
CJChetankumar Jayantilal KamaniIndependent Director

A practising chartered accountant and fellow member of ICAI with a B.Com from Saurashtra University, working in audit, consulting and tax. Partner in Kamani and Khanpara from 2012 to 2024 and now a partner in KCMP & Associates; on the board since November 2024.

Red herring prospectus, p.221 and p.222
AKAmul Kantibhai KotadiaIndependent Director

Holds a B.Com and M.Com from The Maharaja Sayajirao University of Baroda and a PhD in commerce from Singhania University; an associate professor at Noble University, Junagadh, with more than two decades of teaching. On the board since November 2024.

Red herring prospectus, p.221 and p.222

Spunweb Nonwoven latest news and announcements

Announcements · Documents · Corporate actions

What changed recently

Each half-year is set against the same half a year earlier

  • H2 FY26: sales ₹188 cr (+52%), net profit ₹12.3 cr (+76%) on H2 FY25.
  • Shareholding, 31 March 2026: promoters 65.18% to 65.27%.
  • 9 Oct 2026: an order announced.

Spunweb Nonwoven annual reports, earnings calls and documents

Every document links to its source; “read” marks those this page is built from

Offer document
Earnings calls
Investor presentations
Annual reports

Spunweb Nonwoven 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 Spunweb Nonwoven'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 (2,41,03,409 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, FY20 to FY26.
  • iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.

Questions people ask about Spunweb Nonwoven

What does Spunweb Nonwoven do?

Spunweb Nonwoven makes rolls of light plastic cloth at its factories in Gujarat, sold to firms that make diapers, sanitary pads, carry bags, medical gowns and crop covers. Its shares trade on NSE Emerge.

What is the share price of Spunweb Nonwoven?

₹104 at the close on 6 Nov 2026, from the exchange's daily figures.

What is the market cap of Spunweb Nonwoven?

₹251 cr at the close on 6 Nov 2026, on 2,41,03,409 shares.

What is the P/E of Spunweb Nonwoven?

10.9 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).

What are Spunweb Nonwoven's revenue and profit?

Revenue ₹324 cr and profit after tax ₹23 cr in FY26.

Who are the promoters of Spunweb Nonwoven?

Jay Dilipbhai Kagathara, Kishan Dilipbhai Kagathara; promoters held 65.27% at 31 March 2026.

What was the IPO price of Spunweb Nonwoven?

₹96 a share; it listed on 21 July 2025.

What is Spunweb Nonwoven's website?

www.spunweb.com

More SME companies like Spunweb Nonwoven

Other listed SME companies in textiles & apparels, the closest in size first, each read from its own documents.

Every listed SME company in Textiles & Apparels → · SME companies listed in 2025 →

Built from 2 annual reports, 2 credit rating notes, 1 offer document, 1 result filing, 1 earnings call transcript, 1 investor presentation, 74 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.