Welcome to Zenith Exports Ltd, a 1969-born textile-and-leather exporter that has survived five decades of fashion trends, economic cycles, and probably three generations of Loyalka family board meetings.
Q3 FY26 (December 2025 quarter) delivered:
Revenue down 23.7% YoY
Profit down 74.6% YoY
EPS: ₹0.32
But wait — 9M FY26 PAT is ₹2.41 crore (from the announcement: Q3 PAT ₹17L, 9M PAT ₹241L). So this company sometimes earns more in nine months than it does in single quarters.
Is this a turnaround story? Or a company that makes profit only when “Other Income” shows up like a surprise wedding guest?
Let’s open the ledger.
2. Introduction – The Exporter That Refuses to Retire
Incorporated in 1969, Zenith Exports has been exporting silk fabrics, leather gloves, and textile products long before most of us knew what “global supply chain disruption” meant.
This is not a startup. This is not a new-age digital brand. This is a proper, old-school exporter.
It operates in two divisions:
Zenith Main Division (silk, cotton fabrics, leather gloves – Kolkata)
Zenith Textiles (100% export-oriented unit – Nanjangud, Karnataka)
In FY22, 73% of revenue came from exports.
Translation: This company breathes foreign currency.
But here’s the twist.
Sales growth over 5 years? -2.73%. Sales growth over 3 years? -7.31%. ROE (3 years)? -0.56%.
It’s like a veteran cricketer who once scored centuries but now mostly plays defensive shots.
The company is reporting profits — but not paying dividends.
Why? Conservatism? Cash needs? Or “beta, thoda ruk jao”?
Let’s decode.
3. Business Model – WTF Do They Even Do?
Imagine explaining this to a lazy investor:
“They export silk and leather gloves.”
That’s 70% of the story.
Division 1: Zenith Main (ZM)
Silk & cotton fabrics
Made-ups on handloom
Industrial leather hand gloves
Manufactured in Kolkata
The leather gloves segment contributes ~55% (FY22) of revenue.
So yes — gloves are bigger than silk here.
Division 2: Zenith Textiles (ZT)
100% Export-Oriented Unit
Located in Nanjangud, Karnataka
Produces silk & velvet fabrics
Recently shifted to lower-priced qualities
Developing anti-microbial fabrics
Lower-priced mix shift means margin pressure.
Anti-microbial fabrics? That sounds modern. But are they scaling it? Not clear yet from numbers.
Revenue mix FY22:
Industrial Leather Gloves – 55%
Yarns – 21%
Silk fabrics (EOU) – 13%
Silk fabrics & made-ups – 11%
So this isn’t a luxury silk pure-play. It’s more of a glove-and-textile exporter with silk garnish.
Now the real question:
If 73% revenue is export — are currency swings helping or hurting?
And with Q3 sales falling 23.7% YoY — is global demand soft?
Let’s look at numbers.
4. Financials Overview – The Real Drama
From quarterly data:
Q1 FY26 EPS: 2.59
Q2 FY26 EPS: 1.56
Q3 FY26 EPS: 0.32
Average = (2.59 + 1.56 + 0.32) / 3 = 1.49
Annualised EPS = 1.49 × 4 = ₹5.96
Now let’s compare Q3 FY26 with Q3 FY25 and Q2 FY26.
