1. At a Glance – The Jeans Are Still Blue, Balance Sheet Less So
Arvind Ltd is that old-school textile uncle who’s survived every fashion cycle, quota regime, China shock, pandemic, and still shows up in decent denim. As of Q3 FY26, the company clocked ₹2,373 Cr revenue, ₹273 Cr EBITDA, and ₹101 Cr PAT (consolidated). Market cap sits around ₹8,179 Cr, stock trades near ₹312, with P/E ~19.4, EV/EBITDA ~9.6, ROCE ~13%, and Debt/Equity ~0.40.
Short-term returns look grumpy (1Y: -6.7%), but zoom out and Arvind has delivered ~55% over 3 years—not a meme stock, but not a snoozer either. The story right now is simple: textiles are crawling back, Advanced Materials (AMD) is flexing, debt is finally dieting, and management is busy reshuffling chairs while the factory keeps humming.
2. Introduction – Eight Decades, Many Demergers, Still Stitching
Arvind is not new money. It’s eight decades old, vertically integrated, and once carried the entire “Lalbhai empire” on its denim-clad shoulders. Over the years, it shed weight via demergers (branded apparel and engineering), survived brutal textile cycles, and learned the hard way that leverage in fashion ages badly.
Today’s Arvind is a fabric-first, export-heavy, process-driven textile company with a side hustle in technical textiles and a very polite real-estate monetisation plan. It’s no longer trying to be everything to everyone. The mission is boring but sensible: run mills well, sweat assets, reduce debt, and let AMD grow without textile tantrums.
3.
Business Model – WTF Do They Even Do?
Think of Arvind as a fabric supermarket for global brands.
Core Textile Business (84% of revenue)
- Denim (18.5%)
- Woven fabrics (46%)
- Garments (27%)
- Others (8.5%)
They spin yarn, weave fabric, process it, stitch garments, and ship them globally. This vertical integration gives flexibility when cotton prices or fashion trends decide to misbehave.
Advanced Materials (12% of revenue)
This is where Arvind wears a lab coat instead of jeans:
- Human protection (53.5%) – fire retardant, workwear
- Industrials (21%)
- Composites (25.5%)
Margins here are better behaved, customers are stickier, and demand doesn’t depend on skinny vs baggy jeans trends.
Others (4%)
Water treatment, agri, radios, e-commerce—small, experimental, and currently not throwing tantrums.
4. Financials Overview – Q3 FY26 Scorecard
Quarterly Comparison Table (₹ Cr)
| Metric | Latest Q3 FY26 | Q3 FY25 | Q2 FY26 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 2,373 | 2,089 | 2,371 | 13.6% | 0.1% |
| EBITDA | 273 | 236 | 247 | 15.7% | 10.5% |
| PAT | 101 | 106 | 107 | -4.7% | -5.6% |
| EPS (₹) | 3.72 | 3.95 | 3.94 | -5.8% | -5.6% |
Annualised EPS (Q3 Rule):
Q1 EPS ₹2.03, Q2 EPS ₹3.94, Q3 EPS ₹3.72
Average = ₹3.23 → Annualised EPS ≈ ₹12.9
Margins are
