General information and education, not investment advice. The author is not a SEBI-registered adviser or research analyst. No recommendation, no promised returns. Markets carry risk including loss of capital. Figures may not be current. Always consult a SEBI-registered adviser.
1. At a Glance
Mafatlal Industries is 113 years old and carries a textile name on the building. In the three months to June 2026 it reported revenue of ₹942.65 crore. The business now reports in three parts: textiles, consumer durables and digital infrastructure. The largest single slice, ₹494.65 crore, came from consumer goods. That line covers utensils, toys, school bags and furniture, and shoes as well. Textiles itself contributed ₹406.05 crore.
Revenue fell 24.0% against the ₹1,240.28 crore of the three months to June 2025. It rose 6.7% against the ₹883.70 crore of the three months to March 2026. Operating profit came in at ₹18.12 crore. Net profit was ₹14.68 crore, against ₹45.71 crore a year earlier. Management describes the revenue shape as a strategic portfolio realignment. The company’s own presentation puts it more plainly: a calibrated reduction in low-margin consumer durables products. Stripped of the tailoring, that is orders turned down on purpose.
Elsewhere in the quarter, a 4 MWp captive solar plant was commissioned at Nadiad. A deferred tax charge of ₹5.0 crore landed under tax expense. Digital Infrastructure revenue went from ₹6.52 crore to ₹41.95 crore. That is a rise of 543.5%, from a base small enough to sit inside the employee benefits line. The order book at 30 June 2026 stood at approximately ₹890 crore.
2. Introduction
Mafatlal Industries was incorporated in 1913. It has been filing paperwork in India since before there was an India to file it in. CARE, a credit-rating agency, places it among the country’s oldest textile companies. CARE also says the Mafatlal brand retains healthy market recall. Screener, a financial data site, describes it as a 120-year-old textile manufacturing player. It sits within the Arvind Mafatlal Group, founded by Mr Mafatlal Gagalbhai.
CARE describes the original shape: an integrated textile player with spinning, weaving and processing at Nadiad. That is the classic model, which is to say own the machines, run the machines, worry about the machines. The company later moved into trading school and corporate uniforms, plus healthcare and hygiene products. That work came largely through government tenders, under what was known as the marketing and sales division.
The investor presentation for the year to March 2026 frames 2019 to 2025 as a period of significant financial challenges. It says the company adopted an asset-light business model over that stretch. The accounts support the challenges half. The year to March 2019 recorded a net loss of ₹180.07 crore. The year to March 2021 recorded a loss of ₹93.97 crore, on sales of ₹602.87 crore. In the year to March 2026, sales were ₹3,871.07 crore.
The rebuild came with new business lines. Digital Infrastructure was added, covering digital classrooms, hardware, software and after-sales work. Education departments in Tripura, Maharashtra, Jharkhand and Himachal Pradesh are named as clientele, with Odisha too. Consumer Durables arrived through welfare-scheme supply. Two subsidiaries joined. Pieflow Tech Solutions was incorporated in October 2024 and is 60% held. It builds learning-management and enterprise software, the systems that run lessons and internal records. ₹0.60 crore was invested in it. Mafatlal Apparel Exports was incorporated in July 2025 and is 51% held. In March 2026 the company disclosed an order of roughly ₹114 crore, running five years. It covers 500 robotic labs across 16 districts of Odisha, a sentence that would have read as science fiction in the Nadiad weaving shed.
Chief executive M.B. Raghunath retired with effect from 31 May 2026. The Board approved the audited results for the year to March 2026 on 5 May 2026. It approved a dividend of ₹1.25 at the same meeting. The annual general meeting was held on 7 August 2026.
US
Now live
US Stocks terminal is live
13,000+ US tickers · EDGAR fundamentals · screener and filings feed — the same terminal, for American markets.
Explore →
3. Business Model: WTF Do They Even Do?
The company wins institutional orders and then has somebody else make the thing.
Per Screener’s key points, it outsources 94% of manufacturing and keeps 6% in house. The same source says it focuses on branding, distribution and aggregator-led services. Screener’s disclosures show the outsourced share climbing from 75% to 92% across the years to March 2023 and March 2026. That is a factory quietly delegating itself. Most of the cost of making goods is therefore paid at other people’s plants.
Textile and related products brought in ₹406.05 crore in the three months to June 2026. The segment covers integrated uniforms for schools, healthcare, aviation and security. Automobiles, quick-service restaurants, petrochemicals and oil and gas are also served. It sells woven white, Rubia and polyester-cotton fabrics, along with home furnishings and voile exports to the Middle East. The beyond-uniforms range includes patient wear, surgical gowns, sanitary napkins and diapers for babies
