1. At a Glance – Blink and You’ll Miss It (But Don’t)
₹55.3 crore market cap. Stock price ₹15.9. Down ~25% in three months and ~49% in one year. Quarterly revenue crashed -86% YoY like a Bollywood career after one bad Friday. Latest quarter PAT? -₹0.51 crore. EPS? -₹0.15.
Yet—drumroll please—ROCE shows 57% and ROE a spicy 60%. Confused? Good. You should be. This stock is the financial equivalent of a magic show where the rabbit appears once a year (Mar 2024), takes a bow, and disappears again.
Shekhawati Industries Ltd (formerly Shekhawati Poly Yarn Ltd) is a tiny textile job-work player that recently decided, “Yaar, textiles are tough—let’s also do real estate, interiors, EPC, plumbing, electricals, turnkey projects, and basically everything short of space travel.”
Debt is almost zero (₹0.09 crore). Promoters hold 64.1%. Client concentration? One customer = ~83% of revenue. That’s not diversification; that’s emotional dependency.
So the question: is this a lean, reborn microcap phoenix… or just a costume change with the same weak script? Let’s investigate, detective-style. 🕵️♂️
2. Introduction – From Yarn to Yard (Land Yard, Not Cotton Yard)
Shekhawati was incorporated in 1990, lived a long, tiring textile life, accumulated losses, saw net worth evaporate like water on Rajasthan roads—and then, in FY24, had a corporate awakening.
Step 1: Change the name.
Step 2: Change the object clause.
Step 3: Shift registered office from Dadra & Nagar Haveli to Maharashtra.
Step 4: Consolidate shares 10:1.
Step 5: Announce you’re now also a real estate developer, EPC contractor, interior designer, project manager, civil contractor, MEP provider, and possibly vastu consultant.
Classic microcap rebirth checklist ✔️
But jokes aside, the textile business itself has been struggling for years. Sales have collapsed from ₹303 crore in FY23 to ₹76.75 crore in FY24, and further down to ₹19.1 crore TTM. That’s not a slowdown—that’s a full stop.
The only reason FY24 looks profitable (PAT ₹153.99 crore) is because of ₹146+ crore of other income, largely linked to one-time settlement (OTS) of loans and asset sales. Strip that out, and the core business is still gasping for air.
So yes,
