1. At a Glance – Blink and You’ll Miss It
T T Ltd is one of those stocks that lives permanently in the “₹10 se neeche” lane, waving at retail investors like a roadside chai tapri promising “special masala” but delivering normal chai. Current market cap sits around ₹184 Cr, price at ₹7.12, and returns have been consistently allergic to green candles.
Latest Q3 FY26 numbers? Revenue ₹40.6 Cr (YoY down ~28%), PAT -₹1 Cr, EPS -₹0.04. ROCE is a sleepy 1.49%, ROE a proud -8.57%.
Debt has come down over time (from ₹329 Cr a decade ago to ₹73 Cr now), which is good… but profits also disappeared in the same journey. Interest coverage at 1.21x basically says, “Bank ka phone uthane layak hoon, zyada baat nahi.”
So yes, debt reduction story exists. But revenue growth? Margins? Consistency? Woh abhi auto-rickshaw mein baith ke aa rahe hain.
2. Introduction – A Textile Company Having an Identity Crisis
Founded in 1978, T T Ltd is older than most listed textile peers — and unfortunately behaves like it too. It is part of the TT Group, vertically integrated, ISO-certified, and a government-recognized Three Star Export House. Sounds impressive till you open the financials.
The company does everything: yarn, cotton, fabric, garments, agro commodities, food products, PPE kits, home textiles. Basically, if it can be stitched, packed, or sold in bulk — TTL has tried it at least once.
Management has publicly said they want to move from low-margin yarn to value-added garments and fabrics. Great idea. The only issue? Execution speed feels like BSNL broadband in
2009.
Over the last decade, sales have fallen from ₹742 Cr (FY14) to ₹197 Cr (TTM). That’s not cyclical pain — that’s structural heartbreak.
Question for you:
👉 Can a company survive long-term on “strategy shift” PowerPoint slides without profit delivery?
3. Business Model – WTF Do They Even Do?
Think of T T Ltd as a textile buffet where every dish is half-cooked.
Core operations include:
- Yarn manufacturing & trading
- Knitting and fabric processing
- Garment manufacturing (innerwear, hosiery)
- Home textiles
- PPE kits (COVID-era nostalgia)
- Agro & food products (because why not?)
Exports form ~21%, domestic ~79% of revenue (FY23).
The big idea now is garments + branded innerwear, which can generate higher margins. They’ve even started commercial production at a Howrah unit with capacity of 3.5–4 million pieces/year.
Sounds promising — but revenue traction is still missing. You can open factories all day; customers need to show up too.
4. Financials Overview – The Table That Hurts
| Metric | Latest Qtr (Dec’25) | YoY Qtr (Dec’24) | Prev Qtr (Sep’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 40.59 | 56.58 | 45.67 | -28.3% | -11.1% |
| EBITDA (₹ Cr) | 3.12 | 2.77 | 1.90 | 12.6% | 64.2% |
| PAT (₹ Cr) | -1.00 | 1.01 | 0.18 | -199% | -656% |
| EPS (₹) | -0.04 | 0.04 | 0.01 | -200% | -500% |
