Kitex Garments Ltd

₹ 205 -1.77%

02 Dec - close price

kitexgarments.com BSE: 521248 NSE: KITEX

About

Kitex Garments Limited was incorporated in 1992 and is promoted by Mr. Sabu M Jacob. The company exports cotton and organic cotton garments especially infant wear to US and European markets^[1]

Key Points

Market Position
Kitex Garments Ltd. (KGL) is the world’s second-largest manufacturer of cotton and organic cotton ready-to-wear garments for infants and children between 0-24 months. ^[1]

Website BSE NSE

Market Cap ₹ 4,077 Cr.
Current Price ₹ 205
High / Low ₹ 324 / 146
Stock P/E 45.4
Book Value ₹ 52.2
Dividend Yield 0.24 %
ROCE 10.2 %
ROE 14.3 %
Face Value ₹ 1.00

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Pros

Company's working capital requirements have reduced from 174 days to 137 days

Cons

Stock is trading at 3.92 times its book value
The company has delivered a poor sales growth of 5.86% over past five years.
Company has a low return on equity of 9.40% over last 3 years.
Company might be capitalizing the interest cost
Earnings include an other income of Rs.43.3 Cr.
Dividend payout has been low at 14.1% of profits over last 3 years

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Consumer Discretionary Textiles Textiles & Apparels Garments & Apparels

Part of BSE SmallCap BSE Allcap BSE Consumer Discretionary Nifty Microcap 250 Nifty Total Market

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	141.67	68.22	97.71	145.78	133.96	164.13	173.05	190.44	215.88	276.32	300.17	196.69	122.10
	114.50	69.76	104.20	131.80	114.53	131.54	138.54	150.06	161.04	221.92	249.03	162.50	138.06
Operating Profit	27.17	-1.54	-6.49	13.98	19.43	32.59	34.51	40.38	54.84	54.40	51.14	34.19	-15.96
OPM %	19.18%	-2.26%	-6.64%	9.59%	14.50%	19.86%	19.94%	21.20%	25.40%	19.69%	17.04%	17.38%	-13.07%
	8.89	3.43	17.13	2.39	6.12	2.50	3.24	2.71	3.10	8.04	4.68	0.72	29.89
Interest	1.16	1.86	0.09	0.85	1.75	1.89	2.84	2.09	3.41	3.53	4.98	3.54	8.24
Depreciation	5.39	5.23	5.14	5.28	5.14	5.20	5.08	4.69	4.23	3.66	3.16	3.17	7.98
Profit before tax	29.51	-5.20	5.41	10.24	18.66	28.00	29.83	36.31	50.30	55.25	47.68	28.20	-2.29
Tax %	26.80%	-18.65%	45.10%	23.73%	28.67%	46.54%	33.83%	26.52%	26.98%	26.66%	33.28%	31.52%	171.18%
	21.60	-4.22	2.97	7.81	13.31	14.97	19.74	26.69	36.73	40.51	31.82	19.30	-6.22
EPS in Rs	1.09	-0.20	0.17	0.39	0.67	0.76	1.01	1.37	1.87	2.06	1.66	1.04	-0.08
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	511	546	546	557	607	739	455	788	557	617	983	895
	340	357	376	423	468	607	355	618	496	516	782	772
Operating Profit	171	189	170	134	139	132	100	171	61	101	201	124
OPM %	34%	35%	31%	24%	23%	18%	22%	22%	11%	16%	20%	14%
	13	20	3	2	22	39	4	27	44	14	19	43
Interest	21	16	9	6	4	7	3	4	4	7	14	20
Depreciation	21	21	22	23	27	26	23	21	21	21	16	18
Profit before tax	142	171	142	107	130	138	79	173	79	87	190	129
Tax %	30%	34%	35%	35%	37%	25%	31%	28%	28%	36%	28%
	99	110	83	64	71	103	54	125	57	56	136	85
EPS in Rs	4.94	5.50	4.18	3.19	3.58	5.18	2.72	6.27	2.88	2.82	6.95	4.68
Dividend Payout %	6%	6%	9%	16%	14%	10%	18%	8%	17%	18%	7%

Compounded Sales Growth
10 Years:	7%
5 Years:	6%
3 Years:	8%
TTM:	20%

Compounded Profit Growth
10 Years:	3%
5 Years:	6%
3 Years:	4%
TTM:	-10%

Stock Price CAGR
10 Years:	2%
5 Years:	42%
3 Years:	46%
1 Year:	-18%

Return on Equity
10 Years:	13%
5 Years:	11%
3 Years:	9%
Last Year:	14%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	5	5	5	7	7	7	7	7	7	7	20	20
Reserves	259	360	440	492	557	635	689	806	852	898	1,013	1,022
	161	110	8	8	90	96	0	73	25	681	1,082	1,184
	110	101	102	93	104	98	92	108	251	339	471	516
Total Liabilities	535	576	555	600	758	835	787	994	1,134	1,925	2,587	2,742
	188	173	173	172	214	234	227	243	264	244	232	635
CWIP	0	1	16	34	40	21	20	12	292	886	1,391	1,283
Investments	0	2	1	9	0	0	0	0	0	0	0	0
	347	400	366	385	503	581	540	739	578	795	964	824
Total Assets	535	576	555	600	758	835	787	994	1,134	1,925	2,587	2,742

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	128	135	45	29	9	51	116	-10	295	-38	54
	-30	-10	-41	-51	-79	-26	-8	-46	-415	-607	-455
	2	-78	-120	-15	72	-25	-99	60	57	650	390
Net Cash Flow	101	47	-116	-38	1	0	10	4	-62	4	-10

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	45	64	88	81	99	124	142	145	133	152	126
Inventory Days	20	22	76	148	191	148	252	154	161	235	165
Days Payable	34	72	85	72	62	54	77	61	58	79	67
Cash Conversion Cycle	30	15	79	157	228	218	317	238	237	308	224
Working Capital Days	-58	-24	99	138	136	137	242	177	176	207	137
ROCE %		42%	33%	24%	23%	21%	11%	22%	9%	7%	10%

Shareholding Pattern

Numbers in percentages

5 Recently

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	56.66%	56.66%	56.66%	56.66%	56.66%	56.66%	56.66%	56.66%	56.66%	56.66%	56.66%	56.66%
	0.71%	0.69%	0.68%	0.66%	0.84%	0.97%	0.82%	0.74%	1.10%	0.90%	0.93%	1.16%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.40%	0.87%	0.90%	0.34%
	42.64%	42.65%	42.67%	42.68%	42.50%	42.38%	42.52%	42.61%	41.85%	41.58%	41.51%	41.84%
No. of Shareholders	57,826	57,230	56,305	54,752	52,657	54,361	53,487	55,863	68,465	79,057	84,159	98,214

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
	54.24%	54.80%	55.27%	55.57%	55.57%	56.66%	56.66%	56.66%	56.66%	56.66%
	4.80%	4.93%	1.58%	0.11%	0.10%	0.75%	0.69%	0.97%	0.90%	1.16%
	0.35%	0.05%	0.11%	0.11%	0.00%	0.00%	0.00%	0.00%	0.87%	0.34%
	40.60%	40.21%	43.04%	44.20%	44.33%	42.59%	42.65%	42.38%	41.58%	41.84%
No. of Shareholders	29,122	37,134	35,989	32,947	36,830	58,352	57,230	54,361	79,057	98,214

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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