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1232⚡️⚡️

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2435💥Long term level hit 😍

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1580💥Long term level hit

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🏥 India’s Largest Hospital Chains (by No. of Beds)

Healthcare capacity = Competitive moat + Operating leverage.
More beds = higher scalability, bargaining power, and network effects.

📊 Top Players:
1️⃣ Apollo Hospitals – 10,209 beds
2️⃣ Narayana Health – 6,100 beds
3️⃣ Max Healthcare – 5,000 beds
4️⃣ Aster DM – 5,000 beds
5️⃣ KIMS – 4,900 beds
6️⃣ Fortis – 4,600 beds
7️⃣ Shalby – 2,062 beds
8️⃣ Healthcare Global Enterprises (HCG) – 1,980 beds
9️⃣ Rainbow Childrens Medicare – 1,935 beds
🔟 Yatharth Hospital – 1,605 beds

2434💥💥Long term level hit

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Vardhman Textiles Ltd Company Details Report


Vardhman Textiles Ltd. (VTL) is one of the leading textile manufacturers of India. It was incorporated in 1973 and has its registered office in Ludhiana, Punjab. VTL is a flagship company of the Vardhman Group which is a large textile conglomerate with presence across the textile value chain. It caters to the top international and domestic brands. It serves large retailers across USA, Europe, Asia and other emerging nations. Yarn contributes largely to the revenue for Vardhman Textiles with a total capacity of 12.4 lakhs spindles as on 31st March 2024. It has presence across a wide spectrum from manufacturing yarns to fabric. It is one of the very few vertically integrated fabric manufacturers in India which produces fabrics for both tops and bottoms in the apparel segment. Textile Segment: • Yarn – The product portfolio consists of speciality, acrylic, fancy, hand knitting, dyed and grey yarns. It has the manufacturing capacity of 670 metric ton of yarn per day. • Fabric – This segment comprises of solids, yarn-dyed, print, dobbies & various performance finishes and fabrics suitable for casual, formal and regular wear. It has a weaving capacity of 22 cr meters and fabric processing capacity of 18 cr meters per annum. • Garments – The company has a manufacturing capacity of 18 lakh shirts per annum. The product portfolio consists of 100% cotton, poly cotton, linen, melange, cotton stretch, cotton modal, viscose, tencel. Acrylic Fiber – The company ventured into the manufacturing of acrylic fiber in 1999. It has its 22,000 TPA (tonnes per annum) acrylic staple fiber and tow production plant at Jhagadia, district Bharuch in the state of Gujarat, India, where Vardhman's products marketed under the brand name 'VARLAN’. The company has a state-of-the-art plant whose technology was set-up initially as a joint venture between Vardhman, Japan Exlan Co. and Marubeni Corporation, Japan.

Revenue Geography mix

Mix revenue segment wise

Mix business revenue

#SALES #GROWTH

In FY25, the revenue was at ₹9,785 cr, up by ~3% YoY. The revenue from textile segment was ₹9,587 cr, up by 3%, and for acrylic fibre, it was ₹282 cr, down by 5%. The sales volume in FY25 from yarn, grey & processed including internal transfers was 26.6 cr kg, 20.7 cr meter, 16.8 cr meter, respectively. The sales volume growth for grey and processed fabric was ~2% & ~10% YoY, respectively, however, for yarn, it was flat. In FY24, the revenue stood at ₹9,505 cr, down by 6.2%. It was impacted due to subdued demand in domestic and international market. The volumes witnessed an increase; however, the realization was impacted substantially. In Q4 FY24, the spinning segment witnessed improvement and was running at 100% capital utilization.

#EBITDA #GROWTH

In FY25, EBITDA was at ₹1,263 cr, up by 30% YoY. It was mainly on account of improvement in gross profit. Gross profit witnessed an increase mainly on account of higher textile revenue and changes in inventory. In FY24, EBITDA stood at ₹973 cr, down by 10%. It was lower due to higher input costs, however, it witnessed some improvement in Q4 FY24.

#PAT #GROWTH

In FY25, PAT was at ₹839 cr, up by 41% YoY. It was driven by growth in EBITDA and reduced finance cost. Effective Tax rate stood at 25% in FY25 as compared to 23.7% in FY24. In FY24, PAT stood at ₹594 cr, down by 22%.

#EBITDA #MARGIN

In FY25, the EBITDA margin stood at 12.9% as compared to 10% in FY24. It was driven by improvement in gross margin. The EBIT margin from textile segment was ~12% in FY25 as compared to 8.4% in FY24. The same for acrylic fibre was 1.4% as compared to 3.2% in FY24. The margin expansion in textile business was mostly on account of fabric division as the cotton yarn spread continued to be impacted in FY25. In FY24, the EBITDA margin stood at 10%. The Indian cotton prices witnessed some corrections. The international brands placed small orders mainly due to inflation, economy going into recession and carried over inventory. The concern related to inventory was resolved and was back to normal levels.

#COMPANY #POTENTIAL

• The global textile market size and Indian textile market observed steady increase led by expansion, product mix improvements and exports. • India’s total production of cotton in the 2024-25 season have been estimated at 302 lakh bales of 170 kgs. Total production of cotton in the year 2023-24 (provisional) is 32.5 million bales (bales of 170 kg each). The total cotton supply till end of the cotton season 2024-25 (i.e. up to 30th September 2025) is estimated at 357.44 lakh bales of 170 kgs. The cotton exports for 2024-25 crop year are estimated to be at 18 lakh bales of 170 kgs. (Source: IBEF) • India’s textile industry is mainly cotton based, therefore, cotton plays a major role in the Indian economy. • The cotton production in India for the year 2022-23 was 343 lakh bales (of 170 kgs each). India is the 2nd largest consumer of cotton in the world with a consumption of 311 lakh bales. • As of 31st December 2024, the Indian cotton prices are costlier than the international prices. Indian spinners are having difficulty in importing cotton because of 11% import duty. The minimum support price in India is also leading to increase in cotton price. This has resulted in the narrow cotton yarn spread, and hence several small spinners in India are shutting down their business. Around 6-6.5 million spindles (~15% of India's capacity) have stopped production due to unviable costs. • In Bangladesh, the roadways (which takes 10 days) are blocked, due to which the industry has to send the material by ship which takes 21 days. There is a gap of ~10 days and 12 days on the delivery side. • USA has put a 90 days pause on tariffs which expires on 8th July 2025. They will be imposing tariffs across the world. China will be the most expensive in terms of the duties and currently it has a huge volume of export to USA. In case China is not competitive, CASE STUDY that business will go to all other countries which will include Japan, Bangladesh, Pakistan and India.

#COMPANY #OUTLOOK

• On the spinning side, they have undertaken significant modernization projects. Most of the modernization is expected to be complete by September 2025. • The company’s fabric production capacity is planned to increase by 38% by the end of CY25. This expansion covers both existing products and new synthetic fabric capacity. The expansion for existing capacity is expected to come in full by Q3 FY26, while synthetic expansion will come in two phases, with phase one to be operational in Q3 FY26. So, they will be converting the grey fabric proportion to dyed processed fabric, for which they have witnessed strong demand from both existing and new customers. • They will be installing new capacity of technical textiles. In the first phase, it will add capacity of 15 lakh meters of fabric per month, out of which ~70%-80% will be polyester and 20%- 30% will be nylon. The application will be towards sportswear & of ~25%-30%. activewear and in the industrial market such as parachute fabric. This will target customers like Decathlon, Columbia and some other industrial customers. They will be not be manufacturing filament yarn for technical textile. Company will be sourcing it, weaving and processing it. It is expected to be complete by September 2025. • On the technical textile, they have been ordering its machinery. It will be in two phases. In the first phase, they are aiming for a capacity of 15 lakh meters per month (80% polyester and 20% nylon) and expecting profitability of PBDIT to sales to be in the range