1. At a Glance
Manomay Tex India Ltd is that classic Indian textile story where denim, debt, and discipline are all stitched into one tight pair of jeans. As of early February 2026, the company sits at a market capitalisation of roughly ₹407 crore, trading around ₹228 per share, with a P/E of ~22.6 and price-to-book of 2.6x. Not exactly bargain-bin, not luxury couture either — more like mid-mall denim with ambition.
The latest quarterly numbers show Q3 FY26 sales of ₹176.6 crore, down ~5% YoY, and PAT of ₹4.63 crore, down ~23%. Ouch? Yes. Fatal? Not really. Operating margins remain north of 11%, which in textile land is like surviving Rajasthan summers with only a ceiling fan — impressive enough to deserve respect.
Debt, however, is the elephant wearing skinny jeans: ₹370 crore borrowings, debt-to-equity of 2.34x, and interest coverage of 1.8x. This is not a sleepy balance sheet. It’s caffeinated, restless, and very sensitive to interest rates.
Add to this a ₹168 crore spinning expansion, exports to over 15 countries, migration from SME to main board, and a soft launch into branded apparel via e-commerce — suddenly, Manomay isn’t just weaving denim, it’s weaving a narrative.
Curious already? Good. Let’s unbutton this story properly.
2. Introduction
Textiles in India are never boring. They’re cyclical, political, global, emotional, and occasionally dramatic. Manomay Tex India Ltd fits right into this masala mix.
Founded in 2009, Manomay is not a legacy textile dinosaur from the 1960s. It’s a relatively younger denim-focused player that scaled fast, borrowed hard, and decided that vertical integration is the only way to survive in a brutally competitive global fabric market.
Over the last decade, revenues grew from ₹101 crore (FY14) to nearly ₹700 crore (FY25). Profits followed, with FY25 PAT at ₹19 crore, though FY26 TTM shows some cooling. The company manufactures denim fabric — not garments (yet, mostly) — and supplies to both domestic and export markets, with exports contributing ~39% of revenue.
But here’s the catch: textiles reward efficiency and punish complacency. Cotton prices fluctuate, working capital stretches, buyers delay payments, and bankers smile less often than denim models in ads.
Manomay’s story today is about scale vs strain. Can the company digest its aggressive capex, manage debt, and convert fabric meters into sustainable cash flows? Or will it remain stuck in that awkward teenage phase — growing fast, but always short of breath?
Let’s break it down, thread by thread.
3. Business Model – WTF Do They Even Do?
Manomay Tex
manufactures denim fabrics. Not jeans you wear to a wedding. The fabric that becomes jeans.
Its product portfolio includes:
- 3/1 Twill
- 2/1 Twill
- Satin
- Dobby
- Knitted Dobby
Translation for non-textile folks: different weaves, textures, and weights of denim used by garment manufacturers depending on fashion trends, durability needs, and customer tastes.
The company operates a denim plant in Rajasthan with installed capacity of 48 million meters per annum. In FY23, it produced ~40 million meters — so capacity utilisation is decent but not maxed out.
Now comes the interesting part: backward integration.
Manomay is expanding into spinning, investing ₹168.03 crore to set up facilities for:
- Ring frame cotton yarn
- Open-end yarn
- Texturised yarn
- Plus a 1.5 MW solar power plant for captive use
Why does this matter? Because yarn is a major input cost for denim. Buying yarn externally exposes you to price volatility and supply risk. Making your own yarn gives margin stability — if you can finance it without choking.
This expansion alone explains most of the debt on the balance sheet. The company is essentially saying: “Short-term pain, long-term control.”
And then there’s forward integration — a soft launch of an e-commerce platform to sell denim apparel under its own brand. This is a bold move. Fabrics are B2B, boring, low-margin. Apparel is B2C, sexy, high-margin, but brutally competitive.
Will Manomay pull a KPR Mill-lite move here, or will it just test the waters and retreat? Too early to tell.
So the business model today:
- Core: Denim fabric manufacturing
- Strategy: Vertical integration (spinning + captive power)
- Optionality: Branded apparel via e-commerce
Not simple. Not stupid either.
4. Financials Overview
Quarterly Comparison (Q3 FY26)
(Figures in ₹ crore, as reported)
| Metric | Latest Qtr (Dec FY26) | Same Qtr LY | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 176.64 | 185.89 | 166.15 | -5.0% | +6.3% |
| EBITDA | 19.56 | 24.54 | 22.58 | -20.3% | -13.4% |
| PAT | 4.63 | 6.03 | 5.57 | -23.2% | -16.9% |
| EPS (₹) | 2.57 | 3.34 | 3.09 | -23.1% | -16.8% |
