🧠 At a glance
Fiberweb (India) Ltd delivered a clean sweep in FY25 — literally and financially. The net profit doubled to ₹15 Cr, EBITDA margin hit 21.8%, and Q4 profit jumped 42% YoY. The secret sauce? Strong export demand, capacity utilization, and staying debt-free in a world addicted to leverage.
But with a CMP of ₹51 and an EPS of ₹5.21, is this the real comeback of India’s OG nonwoven fabric exporter — or just a post-COVID afterglow?
🧻 About the Company
Fiberweb (India) Ltd, founded in 1985, is:
- 🎯 A 100% Export-Oriented Unit (EOU)
- 🧵 A manufacturer of Spunbond & Meltblown nonwoven fabrics
- 💼 A PPE & industrial gown player (yes, COVID made them famous)
- 🌍 An exporter to USA, UK, Europe, South Africa, UAE, Australia
They started with plastic bags. Then moved to surgical gowns. And now sell filtration-grade fabric. Think of them as the Indian cousin of 3M — minus the branding.
✅ Plant is ISO 9001, 14001, 45001 certified
✅ Facility located in Daman
✅ In-house garment stitching + custom OEM products
📊 FY25 Financials Summary
| Metric | FY25 | FY24 | Change YoY |
|---|---|---|---|
| Revenue | ₹102.99 Cr | ₹86.91 Cr | 🔼 +18.53% |
| EBITDA | ₹22.46 Cr | ₹12.37 Cr | 🔼 +81.60% |
| EBITDA Margin | 21.81% | 14.23% | 🔼 +758 bps |
| Net Profit | ₹15.00 Cr | ₹7.27 Cr | 🔼 +106.40% |
| Net Profit Margin | 14.57% | 8.37% | 🔼 +620 bps |
| EPS (Diluted) | ₹5.21 | ₹2.52 | 🔼 +106.75% |
EduInvesting TL;DR: They doubled profit without needing a one-time jackpot sale (unlike Zenith Exports). This is clean growth, driven by volume + margin — not jugaad.
📉 Q4 FY25 Snapshot
| Metric | Q4 FY25 | Q4 FY24 | Change YoY |
|---|---|---|---|
| Revenue | ₹26.57 Cr | ₹20.95 Cr | 🔼 +26.82% |
| EBITDA | ₹6.74 Cr | ₹5.33 Cr | 🔼 +26.46% |
| Net Profit | ₹5.01 Cr | ₹3.52 Cr | 🔼 +42.36% |
| Net Profit Margin | 18.87% | 16.81% | 🔼 +206 bps |
| EPS | ₹1.74 | ₹1.22 | 🔼 +42.62% |
Q4 was strong. But FY25 overall tells the real story — a well-executed operational turnaround.
🏭 Product & Segment Deep Dive
| Product Segment | Commentary |
|---|---|
| 🧻 Spunbond Fabrics | Core product — used in medical, agriculture, hygiene |
| 💨 Meltblown Fabrics | High-margin addition — used in filtration, masks |
| 👗 Garment Stitching | Gowns, overalls, PPE kits — fully in-house |
| 📦 Custom Exports | Contract manufacturing for EU/US OEMs |
Fiberweb is not innovating — it’s optimizing. By using existing infra better, they’re squeezing better returns.
🌏 Export Focus
Fiberweb exports 95%+ of its output.
| Key Markets |
|---|
| USA 🇺🇸 |
| UK 🇬🇧 |
| UAE 🇦🇪 |
| Australia 🇦🇺 |
| South Africa 🇿🇦 |
✅ No China dependence
✅ Currency depreciation actually benefits them
✅ Trade tailwinds from India-EU and India-UK FTA
💼 Management Commentary
“Strong demand from key customers, better capacity utilization, and operating leverage contributed to profitability.”
— Bhavesh P Sheth, Director, Fiberweb India
“We are exploring new product lines in technical textiles.”
— Fiberweb’s FY25 Press Release
They’re keeping it lean — no noisy expansions, just incremental upgrades.
📈 Forward Value (FV) Calculation
Let’s cut the PPE and get real:
- EPS (FY25) = ₹5.21
- Growth Rate = 10% CAGR (conservative, non-covid base)
- P/E multiple = 12x (average for textile/tech textile smallcaps)
🧮 3-Year FV Outlook
- FY28E EPS = ₹5.21 × (1.10)^3 = ₹6.93
- FV = ₹6.93 × 12 = ₹83.16
- CMP = ₹51.06
- 🧠 Upside Potential = ~63%
🎯 Edu FV Estimate: ₹80–85/share (if margins sustain)
🧾 EduInvesting Take
Fiberweb India is that rare smallcap that:
- Doesn’t overpromise
- Doesn’t dilute equity
- Doesn’t show fake EPS via property sale
- And still doubles profit in 12 months
They’re ISO-certified, export-heavy, and lean.
It’s like an Indian ISRO — quiet, frugal, and always delivering on time.
🧨 Risks & Red Flags
- Heavy export reliance = FX risk
- Meltblown fabric demand is cyclical (COVID spike over)
- Slow domestic demand
- Limited visibility on new capex or product launches
- Management is low profile (good for operations, bad for market hype)
🔭 What to Watch Next
- Will they expand into EU-regulated tech textiles?
- Any new institutional clients in FY26?
- What happens to margins if raw material (polypropylene) prices rise?
- Will they scale Meltblown or add sustainability tags (bio-degradable spunbond)?
🧠 Final Verdict
Fiberweb is not sexy, not loud, not hyped… and that’s exactly why it’s working.
It’s a profitable export machine, trading at 10x trailing P/E with clean books, rising margins, zero debt, and ISO 9001–45001 certifications to back the claims.
If this company were a fabric? It’d be breathable, durable, and definitely not polyester.
🏷️ Tags:
Fiberweb FY25 Results, Fiberweb India Q4 Performance, Spunbond Nonwoven Stocks, Tech Textile India, PPE Exports India, Meltblown Fabric Growth, EduInvesting
🖋️ Prashant Marathe
🗓️ 30 May 2025
📢 EduInvesting — Fabricating financial truth since pre-COVID
