Sangam (India) Ltd(SANGAMIND)

NSE: SANGAMINDBSE: 514234

₹ 579-1.92%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,909 crWebsite: www.sangamgroup.comUpdated: 24 Oct 2026

About

Sangam (India) Ltd is a fully integrated textile company. Its operations run from recycled polyester fibre and yarn through PV fabric, denim fabric and garments, and it owns the C9 apparel brand. It reported FY26 revenue of Rs 3234.53 Cr, and exports made up 36% of FY26 revenue. The company describes itself as the largest producer of PV-dyed yarn in India and India's largest seamless garment producer.^[1][2][3]

Business segments and products

Yarn, spun from cotton and synthetic fibres: realisation of ₹222/kg in Q1FY26.^[4]
Denim fabric: realisation of ₹198/meter in Q1FY26. The company calls itself a leading exporter and market leader in denim fabric.^[4][1]
Garments: the own brand C9 makes up 40-45% of garment revenue, and the rest is contract manufacturing. Realisation was ₹224/pc in Q1FY26.^[2]
Seamless garments are sold under the C9 brand through D2C, e-commerce and retail chains, made on machinery from Santoni, Italy.^[1]
Value-added products made up 50% of revenue in 9MFY26 and 52% in H1FY26.^[5]
In FY25 the company reported textiles as a single segment, with domestic revenue of Rs 1,734.44 Cr and export revenue of Rs 1,122.51 Cr.^[1]

Plants and capacity

There are five plants in Rajasthan: a weaving, processing and garment plant at Atun; a denim plant and spinning Unit-I at Biliya Kalan; spinning Unit-II at Sareri; and spinning Unit-III at Soniyana, Chittorgarh (FY25).^[1]
As of FY25, capacity was 1,14,420 MTPA of yarn, 60 MMPA of denim fabric and 251.94 Crore SPA of garments.^[1]
There is 45 TPD (16,020 MT per annum) of recycled polyester fibre capacity, which meets about 50% of the daily polyester fibre requirement.^[5]
The company processes about 40,000 MT of plastic waste a year via recycled PET. It plans to raise in-house polyester fibre sourcing from 50% to 75-80%.^[2]
The company employed over 11,000 people as of 31 March 2025, and R&D spend was ₹14.94 Crore in 2024-25.^[1]

Capacity utilisation

Denim fabric utilisation was 98% in Q1FY27, compared with 95% in Q4FY26.^[6][2]
PV fabric utilisation was 97% in Q1FY27, compared with 98% in Q4FY26.^[6][2]
Garment utilisation fell to 50% in Q1FY27 from 61% in Q4FY26.^[6]
Yarn utilisation was 95% in Q4FY26, up from 91% in Q3FY26 and 77% in Q1FY26.^[2]

Key operating numbers

Gross margin was 43.6% in Q1FY27, up 640 bps YoY.^[6]
The cash conversion cycle improved to 55 days in FY26 from 80 days in FY25.^[6][2]
The order book stood at 50-70 days in Q4FY26.^[2]
Gross block roughly doubled from about ₹900 Cr to about ₹1,800 Cr over the capex cycle completed as of Q2FY26.^[7]

Customers and exports

Exports were 33% of revenue in Q1FY27, compared with 36% in FY26.^[6][2]
FY26 exports reached ₹1,167 Cr, an all-time high, up from ₹1,109 Cr in FY25.^[2]
Clients include Walmart, Marks & Spencer, Primark, Zudio, Nykaa, Jockey, Decathlon, Mango and Reliance Retail (FY25).^[1]
The company is a four-star export house, and its garments business had more than 2,000 touch points in FY25.^[1]
The US makes up less than 1% of total sales. Goods for US clients often ship via Bangladesh or African nations (Q2FY26).^[7]
The India-UK FTA gives 99% of products duty-free access to the UK apparel market.^[4]

Expansion and capex

A growth capex plan of about Rs 1,500 Cr across fibre, yarn, fabric and garmenting is due to finish by March 2029. It is funded by internal accruals and term debt.^[6]
The plan targets about Rs 300 Cr of annual EBITDA at full utilisation, with phased commissioning from FY28.^[6]
Garmenting entry: denim garments at 10 lakh pcs/month and PV garments at 5 lakh pcs/month, ramped up in phases by March 2029.^[6]
PV fabric capacity is to rise by 15 lakh m/month to 60-75 lakh m/month. The plan also adds two new denim lines (48-65 lakh m/month) and 40 TPD of green fibre, taking it to 85 TPD.^[6]
Goldenseams Sangam Pvt. Ltd. is a 50:50 JV with a ₹50 Cr investment for a denim garmenting plant.^[4]
Scheduled debt repayments are about Rs 148-173 Cr a year over FY27-FY32.^[6]

Renewable energy

36 MW of renewable capacity is operating and 40.7 MW more is under implementation (Q1FY27).^[6]
Under implementation: 18 MW solar from Q2FY27, 2.7 MW from Aug 2026 and 20 MW hybrid from April 2027. Expected savings are Rs 48 Cr a year (Rs 22 Cr from solar, Rs 26 Cr from hybrid).^[6]
The target is for renewables to supply 70%+ of power needs by about June 2027.^[2]

Recent developments

On 5 October 2026, Sangam acquired a 0.97% equity stake in CGE II Hybrid Energy Private Limited for ₹4,76,01,010.^[8]
In H1FY26 the useful life of plant and machinery was extended from 9.19 to 15 years, which cut H1FY26 depreciation by ₹25.28 Cr.^[7]
An MoU was signed with DaMensch for premium apparel, and a major order came from Gelmart, a Walmart supplier (Q1FY26).^[4]

Market Cap

₹2,909 Cr

High / Low

₹693 / 411

Stock P/E

25.1

Price / Book

2.8

Book Value

₹214

EPS

₹16.4

No. of Shares

5.02 Cr

ROCE

10.4%

ROE

7.9%

OPM

7.2%

Debt / Equity

1.19

Sales

₹3,235 Cr

Net Profit

₹83 Cr

Promoter holding

70.5%

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