Singer India Ltd
BSE 505729 (listed 1982) · NSE SINGERIND (listed 19 Mar 2026, no fresh issue) · Standalone accounts (no consolidation since Q1 FY21) · Data as of 13 Oct 2026, ~12:32 pm. Q2 FY27 results NOT yet out (due ~mid-Nov 2026).
₹76.5
CMP
Tickertape ₹76.41
₹476 Cr
Market cap
6,22,19,117 sh
91.4 / 55.2
52W H/L (₹)
Screener; alt high ₹94–95.7. ATH ₹134.4 (20 Oct 2023)
26.3x
P/E TTM
25.5x ex-exceptional
2.67x
P/B
BVPS ₹28.6
~₹423 Cr
EV
On Jun-26 cash ~₹58 Cr
Company overview
| Incorporated | 1977, Bombay, as Indian Sewing Machine Co Ltd (CIN L52109DL1977PLC025405). Singer brand in India since 1871 |
| HQ | ISID campus, Vasant Kunj, New Delhi (moved FY26 after 13 Jul 2025 office fire) |
| Sector | Consumer durables: sewing machines (81% FY26) + home appliances (19%) |
| Model | Brand licensee & trader: ~92% of product sales traded (₹512.3 Cr traded vs ₹42.8 Cr manufactured, FY26 AR) [Fact] |
| Brand owner | SINGER/MERRITT owned by Singer Sourcing Ltd LLC (SVP Worldwide, Platinum Equity). Not owned by Singer India |
| Promoter | Retail Holdings (India) B.V., Netherlands: 30.49%, nil pledge; ultimate owners not public [GAP] |
| Management | VC & MD Rakesh Khanna (since 5 Apr 2023, ex-Orient Electric); CFO Anuj Kumar Vasdev (from 1 Apr 2026); Chair Sunil Duggal (ID, ex-Vedanta CEO) |
| Employees | 369 (30 Jun 2026); 372 (AR FY26); 383 (Dec-25) |
| Facilities | Jammu assembly plant (SIDCO Bari Brahmana, Samba); Bhiwadi (Rajasthan) leased plant, pilot H2 FY27 |
| Rating / Auditor | CRISIL BBB-/Stable, A3 (reaffirmed 6 Feb 2026) / B S R & Co. LLP (KPMG network) |
| Index membership | Not Available: no index membership found in any input (micro-cap) |
| Coverage | No institutional sell-side coverage. FII 0.00%, DII 0.02%, MF nil |
What the company does (plain English)
Singer India sells Singer- and Merritt-branded sewing machines (cast-iron straight-stitch, artisan, zig-zag/electronic, embroidery, industrial) and Singer-branded small appliances (mixers, irons, fans, heaters, coolers) through 6,500+ dealers, 10,000+ retailers, e-commerce, defence canteens and government schemes. It does not own the brand: it licenses it from SVP Worldwide and pays a licence fee (₹10.67 Cr in FY26 per AR, market desk). Over 90% of what it sells is bought finished from contract manufacturers (largely China-linked), with limited assembly at Jammu. FY26 revenue jumped 29% to ₹557.3 Cr, largely on a one-off ₹202.7 Cr (incl. GST) PM Vishwakarma government order that was due to finish around Sep 2026.
Headline tension: core EBITDA margin of only 2.73% (₹15.2 Cr), one lumpy government order driving growth, loss-making appliances, weak 5-year cash conversion (OCF/PAT 0.64x) and an exiting foreign promoter, set against net cash, zero debt and real sewing momentum.
Quick verdict scorecard
Business
Weak
Rented brand, trader, 2.7% core margin
Management
Medium
Credible in sewing, not in appliances; opaque promoter
Financial
Medium
Net cash, no debt; poor cash conversion
Valuation
Expensive
26x TTM; ~60–100x ex-PMY [Est.]
Overall
Neutral
Watchlist; no position before Q2/Q3 FY27 prints
₹557.3 Cr
FY26 Revenue
+29.1% YoY
₹12.76 Cr
FY26 PAT
+72.7%; EPS ₹2.07
2.73%
Core EBITDA margin
₹15.2 Cr; reported 3.99% (₹22.2 Cr incl. OI)
7.6% / 9.7%
RoE / RoCE FY26
RoCE company-reported
| Latest quarter (₹ Cr) | Q1 FY26 | Q1 FY27 | YoY |
|---|---|---|---|
| Revenue | 92.10 | 144.55 | +56.9% |
| Sewing revenue | 66.43 | 115.04 | +73.2% |
| Appliances revenue | 25.67 | 29.51 | +15.0% |
| Core EBITDA (ex OI) | -3.74 | 3.60 (2.5%) | n.m. |
| Reported EBITDA (incl. OI) | -2.40 | 5.52 | n.m. ("+330%" headline on negative base) |
| PAT | -2.36 | 3.00 | n.m. |
| Cash & bank (period end) | n.a. | ~58 (vs 83 at Mar-26) | -₹25 Cr QoQ |
Data freshness: market data Screener/Tickertape 13 Oct 2026; financials to Q1 FY27 (board 12 Aug 2026); shareholding Jun-26 (Sep-26 SHP due ~21 Oct 2026).
Analyst Notes
[Analyst View] First-person read before the data tabs. Figures reconcile to Tabs 5, 6, 8 and 12.
What happened. After four flat years (₹425–460 Cr revenue FY22–FY25, core EBITDA margin 0.3–2.2%), Singer India printed a step-change: FY26 revenue ₹557.3 Cr (+29.1%), core EBITDA ₹15.2 Cr (2.73%), PAT ₹12.76 Cr (+72.7%), and Q1 FY27 revenue +56.9% to ₹144.55 Cr. The market is reading this as a heritage-brand turnaround under a professional MD. I read it as mostly one government order landing on a thin-margin trading business.
The order. The ₹202.7 Cr (incl. GST; ~₹181–193 Cr ex-GST) PM Vishwakarma order for 2,81,128 machines via Kendriya Bhandar aggregators was over 60% executed by May 2026 and targeted for completion by Sep 2026. Management has never disclosed its revenue share. My estimate is ₹85–125 Cr in FY26, about 15–22% of revenue [Est.]. The "about one-third of revenue" figure seen in some notes is the whole order's value over FY26 revenue: an upper bound, not a booking. Cast-iron sales up ~95% in Q1 FY27 say the order was still flowing. The 25% extension (~₹50 Cr) and the ~4 lakh-machine second tranche have not been awarded. Q3 and Q4 FY27 must therefore lap ₹161 Cr and ₹166 Cr quarters without it. That is a real revenue-cliff risk, and Q2 FY27 (due mid-Nov) is the last quarter with meaningful PMY supply.
The economics underneath. This is a licensed trader with a rented brand. About 92% of sales are traded goods; the SINGER mark belongs to SVP Worldwide, to which Singer paid a ₹10.67 Cr licence fee in FY26 (per FY26 AR, market desk), roughly 70% of core EBITDA. Another ₹11.5 Cr went to SVP in Nov 2025 for zig-zag manufacturing rights, and ₹14.3 Cr of import advances went to Singer Sourcing LLC in Q1 FY27. SVP's affiliate VSM put in only ₹4.49 Cr of equity. Net cash is flowing to the brand owner. Other income was 39% of FY26 pre-exceptional PBT; strip it out and FY24–FY25 were near operating break-even.
Appliances keep slipping. The segment lost ₹10.5 Cr in FY26 (-10% margin) and ₹2.91 Cr in Q1 FY27 even on +15% revenue. Break-even was guided for FY26, then FY27, and now "next year" (FY28): three deferrals. EPR costs (~₹1.2 Cr a quarter), the fan build-out and commodity inflation are structural rather than temporary.
Cash. Five-year OCF of ~₹26 Cr against PAT of ₹40.6 Cr (0.64x); five-year FCF ~₹12 Cr. Cash rose only because of the Feb-2023 ₹56.8 Cr preferential issue. Q1 FY27 absorbed ~₹32 Cr into inventory and advances, and cash fell from ₹83 Cr to ~₹58 Cr. Bhiwadi capex of up to ₹90 Cr over 3 years (company; Mint reported "over ₹100 Cr") is large relative to ₹15 Cr of core EBITDA, and management has said "if we need more funds, more funds will come".
Ownership. The promoter, Retail Holdings (India) B.V., is a divesting holdco that sold from ~74.7% (2017) to 30.49%, with undisclosed ultimate owners. On the May 2026 call the MD would "neither confirm nor deny" exit talk. SVP's affiliate is now on the register at ₹79.59, alongside the licence amendment. A control change, possibly towards SVP [INFERRED], is a live option and would be a catalyst; until then it is an overhang. There is no FII, MF or real DII money, and no broker coverage. Price discovery rests with retail and a handful of HNIs (Rekha Jhunjhunwala 6.83%, PGA 5.04%).
What tempers the bear case. Net cash, no debt, CRISIL upgrade trigger met (operating margin >2%). Sewing ex-government growth is real: trade >25%, e-commerce >55% in Q1 FY27. Usha, the leader, is distressed (CARE BB, negative net worth). The BIS IS 15449 standard, together with Singer's local zig-zag assembly, gives it a regulatory edge. Bhiwadi plus the SVP export option is genuine optionality.
Bottom line. At ₹76.5 the stock is 26x TTM earnings that are PMY-inflated. On my ex-PMY estimate it is ~60–100x [Est.]. I would not own it into the Q3 FY27 print unless a follow-on order or a control transaction appears.
Cross-desk reconciliation register
| # | Item | Figure used | Label | Alternative / note |
|---|---|---|---|---|
| 1 | PMY share of FY26 revenue | ₹85–125 Cr ≈ 15–22% of ₹557.3 Cr | [Est.] | Business desk ₹85–120 Cr (15–21%); narrative ₹120–130 Cr (~22%); "~1/3" = full order ₹181–193 Cr ex-GST ÷ revenue = upper bound only. Not disclosed by management |
| 2 | MD remuneration | FY26 actual total ₹5.23 Cr (41% of PAT, 65x median) per AR; base-pay ceiling up to ₹4.5 Cr p.a. for 5 Apr 2026–4 Apr 2028 | [Fact] both | Different measures: ₹5.23 Cr = FY26 paid total (market desk, AR); ₹4.5 Cr = base ceiling approved by special resolution, postal ballot Jul 2026 (25 Jul per governance, 27 Jul per narrative; 99.98%). H2 FY26 RPT: ₹3.01 Cr + ₹0.40 Cr ESOP. FY26 total above the new base cap implies variable pay/perquisites outside base [INFERRED] |
| 3 | Royalty / licence fee | ₹10.67 Cr FY26 (1.91% of revenue); ₹9.63 Cr FY25 | [Fact per FY26 AR, single desk] | Sourced to FY26 AR by market desk; business/governance could not read AR ("not disclosed since FY22"). Historic 1.0–1.3% of revenue (FY18–22) implies ₹5.6–7.2 Cr [Est.]. Market desk's reading of ₹22.3 Cr other forex spend as "largely royalty" does not tie to ₹10.67 Cr: unreconciled |
| 4 | Delhi HC challenge to PMY contract | Dismissed 13 Jan 2026 (intimated 14 Jan), "for lack of material basis" | [Fact] | Market desk doubted it and suggested conflation with BIS writ withdrawn 22 Jan 2026 (separate event, AR Note 42). Three desks plus Feb-26 call confirm dismissal |
| 5 | Bhiwadi capex | Up to ₹90 Cr over 3 years, phased, "not committing" (Q4 FY26 call) | [Fact] | Mint (Mar 2026) "over ₹100 Cr"; investor on Q1 FY27 call cited ~₹100 Cr, not confirmed |
| 6 | FY26 EBITDA | Reported ₹22.23 Cr / 3.99% (incl. ₹7.02 Cr OI, pre-exceptional); core ₹15.20 Cr / 2.73% | [Fact]/[Est.] core | ₹21.5 Cr post ₹0.73 Cr labour-code exceptional. Quarterly reported EBITDA uses pre-exceptional incl. OI (Q3 9.58 vs company 8.7 post-exc.; Q4 9.15 vs deck 9.3) |
| 7 | MarketsMojo | Algorithmic Buy/Hold flips (8 in ~6 months) | [Fact] | Not a brokerage. No institutional coverage exists |
| 8 | EV / EV-EBITDA | EV ~₹423 Cr (Jun-26 cash ~₹58 Cr); 14.0x reported, 18.8x core TTM | [Est.] | Market desk ~₹391 Cr on ~₹90 Cr cash incl. deposits = 17.4x; Mar-26 cash: 13.2x/17.7x |
| 9 | Cash Mar-26 | ₹83 Cr (deck) | [Fact] | ~₹90 Cr incl. non-current deposits (market desk); "₹100+ Cr" (investor on call) unreconciled |
| 10 | FY26 capex | ₹15.1 Cr (AR) | [Fact] | ~₹17 Cr Screener-derived (OCF−FCF). NCA jump includes ₹11.5–11.6 Cr SVP rights intangible + ~₹7 Cr long FDs |
| 11 | Import NOC end | Parallel run of old/new IS 15449 ended 12 Aug 2026 | [Fact] | Market desk: temporary NOCs expired 12 Feb 2026. Both reported |
| 12 | Sewing FY26 revenue | ₹452.5 Cr (deck; reconciles to total) | [Fact] | Directors' Report ₹450.29 Cr (sums to 555.07, not 557.33) |
| 13 | RHIB 42% stake sale | Dec 2020 | [Fact] | One summary said 2023: incorrect per PR Newswire |
| 14 | PMY deadline | PO delivery 30 Sep 2026 | [Fact] | Kendriya Bhandar head contract to June 2027 (Nov-25 call) |
Business Deep-Dive
Brand-licensed marketer, assembler and trader. Sources: company decks FY22–Q1 FY27, FY26 Directors' Report, CRISIL, customs data.
Sewing products (Singer & Merritt)
| Line | What it is | Data points |
|---|---|---|
| Straight-stitch cast-iron ("black") | Hand/treadle/motor single-stitch; mass market; Merritt = value brand | 68% of FY22 units; ₹40.1 Cr (24.9%) Q3 FY26; cast-iron +>50% FY26, +59% Q3, ~+95% Q1 FY27; price ₹4,000–5,000 |
| Artisan / tailor | Heavier-duty straight-stitch; core of govt skilling schemes | 20% of FY22 units; ₹32.1 Cr (19.9%) Q3 FY26 |
| Zig-zag / Auto Zig-Zag (AZZ), electronic | M3330, Heavy Duty 4423, FM1307/1310/1410/3323/3432/3532/4323, BLDC Elite | 12% of FY22 units; ₹21.4 Cr (13.3%) Q3 FY26; AZZ +31% 9M FY26, ~+30% FY26, >20% Q1 FY27; priced ≥2x mechanical, electrics from ~₹10,000 |
| Embroidery | SE9180/SE9185 (mySewnet), sourced from SVP | Within AZZ; drives AZZ margin |
| Husqvarna Viking & PFAFF | Premium European sewing/quilting; exclusive India licence (Nov 2024 launch) | Revenue not disclosed |
| Industrial | Lockstitch, overlock, flat-bed, aluminium die-cast flat-bed | 11–12% revenue (CRISIL FY24); ₹17.4 Cr (10.8%) Q3 FY26, +65–67% in Q3; +20% FY26; GM value +15% Q1 FY27 |
| Innovations | DSBB, SLBB straight-stitch; Tailor Mate (first plastic-body electric straight-stitch); Link machine; first Made-in-India aluminium heavy-duty zig-zag | CII Global Design Summit 2025 Best Innovation Award; innovative machines ~15% of household sales (Q4 FY26) |
| Accessories & spares | Presser feet, bobbins, needles, motors, stands, oil | ₹22.7 Cr (14.1%) Q3 FY26 |
| Services | 238 sewing providers (80 walk-in); 650+ Singer Sewing Skill Centres, 41K students trained; Live Assist (service cost -26.2% FY24; ~20% complaints resolved remotely) | Demand creation and lock-in |
Q3 FY26 category split from Multibagg summary; sub-lines sum 133.6 vs 133.0 deck.
Home appliances (Singer brand, 100% outsourced)
| Category | Products | Notes |
|---|---|---|
| Kitchen | Cheffy Mix mixers, food processors, Nutrio/Nutricool blenders, Nextchop, Airfrio air fryers, kettles, toasters, rice cookers, induction, gas stoves | FP/mixers 22.7% of FY22 appliance value |
| Garment care | Auro, ShaktiPress irons; Steaminator 8-bar steam generator | E-commerce success FY26 |
| Fans (from FY25) | BLDC (Gladia Deco, Elegance, Orbit Wide, Elite), induction (Aroma, Strom, Bliz, Glam, Era, Orbit), Brissa TPW, Farrata, exhaust (Venti X/Q, Fresho, Maxo Vent), Cloud X bladeless | 68-SKU plan (Aug-25); +14% FY26 (market) / +49% Q4 FY26 / >60% Q1 FY27; head hired from Orient (₹1.09 Cr pay) |
| Seasonal | Coolers, room heaters, geysers | Weather-hit in FY26 |
| Legacy large | Washing machines, refrigerators, ACs | 16.6%/2.5%/1.1% of FY22 appliance value; pruned FY23–24 |
FY22 appliance units 1,065,300; self-estimated 1–2% share per category. Appliance revenue fell from ₹147 Cr (FY23) to ₹104.8 Cr (FY26).
How they make it
- Asset-light: CRISIL says production is outsourced to contract manufacturers who give back-to-back warranties. Only ~10% of household machines are made at Jammu (Aug-25 call); manufacturing turnover was below the cost-audit threshold in FY26, but cost audit becomes applicable from FY27 (SKG & Co. appointed 24 Sep 2026).
- Jammu has assembled AZZ since FY26 under the Nov-2025 SVP licence; its BIS licence CM/L-9700010710 was revised to IS 15449-1:2024 on 6 Nov 2025.
- Bhiwadi 3-step plan: (1) assemble zig-zag from bought-in parts; (2) bring critical components in-house; (3) industrial machines and select appliances. This contradicts the Aug-25 statement "not getting into any manufacturing of appliances".
- Inputs: cast iron or aluminium die-cast, steel shafts and gears, hooks and bobbins, universal or BLDC motors, PCBs, ABS [Inference]. Appliances: copper, aluminium, steel, plastics, electronics.
- R&D: FY26 spend reported "Nil" (Annexure VI); product development ₹0.39 Cr; no patents.
Facilities
| Facility | Location | Use | Area / capacity |
|---|---|---|---|
| Jammu plant | SIDCO Bari Brahmana, Samba, J&K | Only owned assembly site; sewing + AZZ. Surplus land sold FY23 (₹7.24 Cr pre-tax gain) | Not disclosed. ValuePickr cites 2024 expansion 90k→630k machines for ~₹15 lakh [UNVERIFIED] |
| Bhiwadi (new) | Rajasthan | Leased FY26; pilot H2 FY27; zig-zag, then industrial and select appliances | 10,000+ units/month (~120k/yr [Est.]) vs FY22 zig-zag ~77k units [Est.]. Capex up to ₹90 Cr/3 yrs (Mint: >₹100 Cr) |
| Head office | ISID campus, Vasant Kunj, New Delhi | Corporate; leased [Inference] | ROU asset in FY26 |
| Retail | 21 stores (17 exclusive + 4 experience incl. Nehru Place, ET Award 2026) | Own retail | 23 in FY22 |
| Service | 446 points (208 appliance + 238 sewing, Mar-26); 450+ Jun-26; 7,000+ pin codes | Mostly franchised [Inference] | 370+ in Mar-24 |
| Warehousing | Not Available: not disclosed | ||
Certifications, IP, licences, exports
| Item | Detail |
|---|---|
| Certifications | ISO 9001:2015; BIS (IS 15449 revised); Great Place to Work (3rd year, Nov-25 to Nov-26) |
| Trademark | SINGER + cameo "S" owned by Singer Sourcing Ltd LLC (SVP). Licence via The Singer Company Ltd S.à r.l. and Singer Sourcing (agreements dated 10 Dec 2020, amended 12 Nov 2025) |
| Royalty | ₹10.67 Cr FY26 / ₹9.63 Cr FY25 (AR, market desk) [Fact, single desk]; 1.0–1.3% of revenue FY18–22 (FY22 deck); revised rate after amendment confidential |
| Manufacturing rights | ₹11.53 Cr capitalised "rights under licensing agreement", ~24.5 yrs amortisation left (AR); ₹11.6 Cr paid to SVP per Q4 call [Fact] |
| Licence scope | Make/outsource AZZ for India; exports only to the licensor; tenor and change-of-control clauses not disclosed [GAP] |
| Exports | 2% of FY22 mix; exports to SVP "2–3 years away" (Feb-26) |
| Forex (FY26 AR) | Imports ₹75.2 Cr finished goods (CIF) + ₹10.6 Cr RM/components (~21% of ₹407 Cr purchases); other forex spend ₹22.3 Cr |
Distribution footprint
| Channel | Share / scale | Detail |
|---|---|---|
| Trade (distributor-dealer-retailer) | 64% FY22 | 6,500+ dealers/distributors (Jun-26; AR 6,400+; 1,800 direct billing points Aug-25 vs 5,400+ incl. indirect); 10,000+ retailers; trade +>15% FY26, +>25% Q1 FY27 |
| E-commerce | 7% FY22, now higher (undisclosed) | Amazon-exclusive M3330; shop.singerindia.com; sewing e-com +35% FY25, +28–30% FY26, >55% Q1 FY27; appliance e-com +>200% FY26 |
| CSD/CPC canteens | 10% FY22 | 1,709 canteens |
| Institutional / govt | 9% FY22; non-PMY govt 10–12% now | PMY via Kendriya Bhandar; UP scheme (6,045 machines) |
| MFI / Modern trade / Own retail / Exports | 3% / 2% / 3% / 2% FY22 | Modern trade being cut in appliances |
Segment Analysis
Segment result = EBIT-type before unallocables; no segment EBITDA is reported.
| ₹ Cr | FY23 | FY24 | FY25 | FY26 | Q1 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|
| Sewing revenue | 313.0 | 308.24 | 319.29 | 452.5 | 66.43 | 115.04 |
| YoY | n.a. | -1.5% | +3.6% | +41.7% | +73.2% | |
| Sewing result | 33.3 | 37.06 | 34.03 | 52.4 | 4.74 | 13.14 |
| Sewing margin | 10.6% | 12.0% | 10.7% | 11.6% | 7.1% | 11.4% |
| Appliance revenue | 147.0 | 117.17 | 112.38 | 104.8 | 25.67 | 29.51 |
| YoY | n.a. | -20.3% | -4.1% | -6.8% | +15.0% | |
| Appliance result | -11.2 | -9.78 | -1.65 | -10.5 | -2.36 | -2.91 |
| Appliance margin | -7.6% | -8.3% | -1.5% | -10.0% | -9.2% | -9.9% |
| Total revenue | 460.3 | 425.4 | 431.7 | 557.3 | 92.10 | 144.55 |
| Total segment result | 22.1 | 27.3 | 32.4 | 41.9 | 2.38 | 10.23 |
FY26 deck figures used; Directors' Report gives 450.29/104.78 (~₹2.2 Cr gap, probably unallocated). Q1 FY27 deck 13.14/-2.91 vs press 12.74/-3.10.
| Quarterly ₹ Cr | Q3 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|
| Sewing revenue | 75.7 | 66.43 | 116.4 | 133.0 (+76%) | 136.8 | 115.04 |
| Sewing result | 8.1 | 4.74 | 13.6 | 16.6 | 17.4 | 13.14 |
| Appliance revenue | 29.8 | 25.67 | 21.5 | 28.1 (-6%) | 29.5 | 29.51 |
| Appliance result | -0.4 | -2.36 | -3.0 | -2.5 | -2.6 | -2.91 |
9M FY26: sewing 315.7 (+40%), appliances 75.3 (-12%), results 35.0 / -7.9 (vs 22.8 / -1.0). Q4 FY26 derived = FY26 − 9M. Financials desk implies Q4 sewing ~134.6 using DR total.
Segment results FY23–FY26 (₹ Cr)
Black = sewing result; red = appliances result
Sewing mix and channels
| Category (% sewing revenue) | Q2 FY26 | Q3 FY26 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Straight stitch | Black ~50% | 30% | Black ~55% | Black ~50% |
| Artisan | 24% | |||
| Zig-zag | ~25% | 16% | ~20% | ~20% |
| Industrial | Rest | 13% | ~28% | ~30% |
| Accessories | 17% |
| Growth driver | FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|
| Trade channel | >15% | +34% | ~+20% | >25% |
| E-commerce sewing | ~28–30% | +24% YTD | +50% | >55% |
| Zig-zag / AZZ | ~30% (>30%) | +22% | n.a. | >20% |
| Cast iron | >50% | +59% (+33% trade) | n.a. | ~95% |
| Industrial | >20% | +65% | +13% | "fairly damp"; GM +15% |
| Fans | +14% | +38% | +49% | >60% |
Estimating PMY within sewing [Est.]
| Method | FY26 PMY revenue | Basis |
|---|---|---|
| Order progress | ~₹110–120 Cr | >60% of ₹181–193 Cr ex-GST by 29 May 2026; likely includes Apr–May FY27 deliveries, so overstates FY26 |
| Channel build-up | ~₹85–95 Cr | FY22 weights on ₹319 Cr FY25 base: trade +15%, e-com +28% add ~₹40 Cr; ex-govt sewing ~₹360 Cr |
| Narrative desk | ~₹120–130 Cr | ~₹80 Cr residual at FY26-end |
| Range used in report | ₹85–125 Cr = 15–22% | Ex-govt sewing growth ~+4% to +14%; Q1 FY27 govt ~₹30–35 Cr (21–24% of quarter); residual for Q2 FY27 ~₹25–75 Cr |
Fastest grower: sewing (+41.7% FY26, +73% Q1 FY27), but roughly two-thirds or more of the ₹133 Cr FY26 increment is government supply. Under pressure: appliances. Revenue has fallen four years running (FY23–26 CAGR -10.7%), with losses from weather, blocked trade inventory, copper and aluminium inflation, EPR, the fan launch, and price-holding competitors. Management's focus: appliances to stay at 20–25% of the mix (walked back from "30% in two years"); industrial to reach 30% of sewing in 2–3 years; long-term EBITDA of 8–10% ("vision", no timeline). Segment gross margin: sewing 27.4%→29.5% and appliances 18.2%→25.0% (FY24→FY25).
Financials: P&L
Standalone, ₹ Cr. Company EBITDA includes other income; core = company EBITDA − other income.
| ₹ Cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 452.98 | 460.30 | 425.4 | 431.67 | 557.33 |
| YoY | +9.3% | +1.6% | -7.6% | +1.5% | +29.1% |
| Gross margin | 101.2 | 102.0 | 106.5 | 122.9 | 149.5 |
| GM % | 22.3% | 22.2% | 25.0% | 28.5% | 26.8% |
| Other income | 2.82 | 4.46 | 7.66 | 6.99 | 7.02 |
| Core EBITDA (ex OI) | 9.90 | 1.87 | 1.44 | 5.64 | 15.20 |
| Core margin | 2.19% | 0.41% | 0.34% | 1.31% | 2.73% |
| Reported EBITDA (incl. OI, pre-exc.) | 12.72 | 6.32 | 9.1 | 12.64 | 22.23 |
| Reported margin | 2.81% | 1.37% | 2.14% | 2.93% | 3.99% |
| D&A | 2.28 | 2.02 | 2.63 | 2.28 | 3.70 |
| EBIT | 10.44 | 4.30 | 6.47 | 10.35 | 18.52 |
| Finance cost | 0.76 | 0.59 | 0.34 | 0.31 | 0.46 |
| PBT pre-exceptional | 9.68 | 3.71 | 6.13 | 10.04 | 18.06 |
| Exceptional | – | +7.24 (Jammu land) | – | – | -0.73 (labour codes) |
| PBT | 9.68 | 10.96 | 6.13 | 10.04 | 17.33 |
| Tax | 2.01 | 2.64 | 1.63 | 2.64 | 4.57 |
| PAT | 7.67 | 8.32 | 4.50 | 7.39 | 12.76 |
| PAT margin | 1.69% | 1.81% | 1.06% | 1.71% | 2.29% |
| PAT pre-exceptional | 7.7 | 3.0 | 4.5 | 7.4 | 13.3 |
| ESOP charge (pre-tax) | – | – | 4.32 | 4.20 | 2.37 |
| PAT pre-ESOP & exc. (company memo) | 7.7 | 3.0 | 7.7 | 10.5 | 15.0 |
| EPS (₹) | 1.43 | 1.52 | 0.74 | 1.20 | 2.07 (dil. 2.06) |
| DPS (₹) | 1.00 | nil | nil | nil | 0.40 |
| OI % of pre-exc. PBT | 29% | 120% | 125% | 70% | 39% |
FY21 reference: revenue ₹414.5 Cr, EBITDA ₹20.8 Cr, PAT ₹10.6 Cr. CRISIL operating margins: 4.6% FY21, 2.4% FY22, ~0.6% FY23–24, 1.47% FY25; sewing 6.4–7.2% FY22–24. Screener nets exceptional items into OI.
Revenue FY22–FY26 (₹ Cr)
Margins: reported EBITDA vs core vs PAT (%)
Gold = reported EBITDA (incl. OI); black = core EBITDA; blue dashed = PAT
Last 9 quarters
| ₹ Cr | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 98.69 | 105.76 | 105.55 | 121.67 | 92.10 | 137.90 | 161.01 | 166.32 | 144.55 |
| YoY | -5.6% | +0.9% | +3.0% | +7.2% | -6.7% | +30.4% | +52.5% | +36.7% | +56.9% |
| QoQ | -13.0% | +7.2% | -0.2% | +15.3% | -24.3% | +49.7% | +16.8% | +3.3% | -13.1% |
| Core EBITDA | -0.03 | 0.71 | 0.81 | 4.14 | -3.74 | 4.26 | 7.76 | 6.92 | 3.60 |
| Core margin | 0.0% | 0.7% | 0.8% | 3.4% | -4.1% | 3.1% | 4.8% | 4.2% | 2.5% |
| Other income | 1.47 | 1.61 | 1.79 | 2.13 | 1.34 | 1.63 | 1.82 | 2.23 | 1.92 |
| Reported EBITDA | 1.44 | 2.32 | 2.60 | 6.27 | -2.40 | 5.89 | 9.58 | 9.15 | 5.52 |
| Exceptional | – | – | – | – | – | – | -0.91 | +0.18 | – |
| PBT | 0.75 | 1.67 | 1.98 | 5.63 | -3.24 | 5.22 | 7.31 | 8.04 | 4.04 |
| PAT | 0.56 | 1.27 | 1.51 | 4.05 | -2.36 | 3.83 | 5.39 | 5.90 | 3.00 |
| PAT YoY | +250% | +5% | +89% | +74% | n.m. | +202% | +257% | +46% | n.m. |
| PAT margin | 0.6% | 1.2% | 1.4% | 3.3% | -2.6% | 2.8% | 3.3% | 3.5% | 2.1% |
| EPS (₹) | 0.09 | 0.21 | 0.24 | 0.66 | -0.38 | 0.62 | 0.87 | 0.95 | 0.48 |
Reported EBITDA = pre-exceptional incl. OI. Company-stated: Q3 FY26 ₹8.7 Cr post-exceptional (₹9.6 Cr pre); Q4 FY26 deck ₹9.3 Cr. Q1 FY24 base: revenue 104.60, PAT 0.16.
Quarterly revenue (₹ Cr): Q3/Q4 FY26 are the H2 FY27 comparison base
Gross margin, one-offs and earnings quality
| Gross margin | Current | Prior year |
|---|---|---|
| Q3 FY26 | ₹42.5 Cr (26.4%) | ₹30.3 Cr (28.7%) |
| 9M FY26 | ₹106.7 Cr (27.3%) | ₹88.8 Cr (28.6%) |
| Q1 FY27 | ₹39.8 Cr (27.5%) | ₹26.2 Cr (28.4%) |
| Q1 FY27 SG&A % revenue | 25.0% (+₹6.3 Cr abs.) | 32.5% |
| One-time / non-operating item | Amount | Treatment |
|---|---|---|
| Jammu surplus land sale (FY23) | ₹7.24 Cr pre-tax / ₹5.33 Cr post-tax | Underlying FY23 PAT ₹3.0 Cr |
| Labour codes (Q3 FY26; Q4 write-back ~₹0.18 Cr) | -₹0.91 Cr; FY26 net -₹0.73 Cr | Exceptional |
| Other income (treasury) | ₹7.02 Cr FY26 = 39% of pre-exc. PBT | Excluded from core EBITDA |
| ESOP (non-cash) | ₹4.32 / 4.20 / 2.37 Cr FY24–26 | Company presents "PAT before ESOP" |
| EPR cost | ~₹1.2 Cr/qtr (~₹5 Cr/yr) | Recurring, appliances |
| Q1 FY26 loss | -₹2.36 Cr | Smaller govt bulk order, weak summer (CRISIL) |
Earnings quality: amber. Growth was organic but driven by a government order; it was volume-led (fixed-price PMY with no pass-through) rather than price-led. Gross margin % is diluting (26.8% vs 28.5%), likely from the PMY black-machine mix [Analyst inference; management cited commodity inflation, appliance mix and industrial price correction]. EBITDA expansion came from SG&A leverage. Over 5 years OCF was only 0.64x PAT (Tab 6). There was no inorganic growth.
Balance Sheet, Cash Flow & Ratios
| ₹ Cr (31 Mar) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net block | 8 | 9 | 8 | 12 | 29 |
| CWIP | 0 | 0 | 0 | 0 | 1 |
| Non-current assets (company) | 12 | 12 | 10 | 15 | 41 |
| Goodwill | nil | nil | nil | nil | nil |
| Investments (incl. sub in liquidation, ₹2.36 Cr FVTPL) | 2 | 2 | 2 | 2 | 2 |
| Inventory | 73 | 79 | 100 | 105 | 105 |
| Receivables | 50 | 40 | 35 | 45 | 39 |
| Cash & bank/FDs | 24 | 82 | 87 | 62 | 83 |
| Other current assets | 14 | 8 | 13 | 13 | 22 |
| Interest-bearing debt | nil | nil | nil | nil | nil |
| Lease liabilities (Screener "borrowings") | 3 | 2 | 2 | 1 | 5 (4.99) |
| Trade payables | 65 | 61 | 76 | 52 | 69 |
| Other current liabilities | 28 | 22 | 24 | 28 | 38 |
| Non-current liabilities | 3 | 2 | 1 | 2 | 5 |
| Equity capital | 10.74 | 12.24 | 12.24 | 12.33 | 12.44 |
| Reserves | 66 | 124 | 132 | 147 | 166 |
| Net worth | 77 | 136 | 145 | 159 | 178 |
| Total assets | 174 | 223 | 249 | 243 | 292 |
| Net cash | ~21 | ~80 | ~85 | ~61 | ~78 |
| BVPS (₹) | 14.3 | 22.2 | 23.7 | 25.8 | 28.6 |
FY26 NCA jump (15→41): ₹11.5–11.6 Cr SVP manufacturing-rights intangible, ~₹7 Cr long-dated YES Bank FDs, office ROU, Jammu AZZ tooling. Total assets 231.6→290.3 per Q1 FY27 deck. Warranty/e-waste provision ₹6.97 Cr (₹5.37 Cr); obsolescence provision ₹2.21 Cr; contingent liabilities ₹7.14 Cr (AR).
Cash & bank (₹ Cr)
FY23 step-up = ₹56.8 Cr preferential issue, not operations
PAT vs OCF (₹ Cr)
Gold = PAT; black/red = OCF. 5-yr OCF ₹26 Cr vs PAT ₹40.6 Cr
| ₹ Cr | FY22 | FY23 | FY24 | FY25 | FY26 | 5-yr |
|---|---|---|---|---|---|---|
| PAT | 7.67 | 8.32 | 4.50 | 7.39 | 12.76 | 40.6 |
| ESOP (non-cash) | – | – | 4.32 | 4.20 | 2.37 | 10.9 |
| OCF | 14 | -1 | 1 | -25 | 37 | 26 |
| CFI | 7 | -47 | 19 | 6 | -8 | |
| CFF | -4 | 49 | -2 | 1 | 3 | |
| Net cash flow | 16 | 2 | 19 | -18 | 32 | |
| Net capex (OCF−FCF) | ~1 | ~-9 (land inflow) | ~-1 | ~6 | ~17 (AR ₹15.1) | |
| FCF | 13 | 8 | 2 | -31 | 20 | 12 |
| Underlying FCF | 13 | ~-2 | ~1 | -31 | 20 | ~1 |
| OCF/PAT | 1.8x | n.m. | 0.2x | n.m. | 2.9x | 0.64x |
| FCF yield on ₹476 Cr | 2.7% | 1.7% | 0.4% | -6.5% | 4.2% |
PAT vs OCF divergence (flag). OCF was ~64% of PAT over 5 years (~50% of cash PAT; ~74% ex the FY23 land gain). The driver is inventory, which went from ₹73 Cr to ₹105 Cr on flat revenue (inventory days 76→124 in FY25). FY25 OCF was -₹25 Cr as payables fell ₹24 Cr. FY26 reversed this (OCF ₹37 Cr; PMY paid with an advance), but Q1 FY27 re-absorbed it: cash before working capital ₹4.35 Cr, ~₹32 Cr into working capital (₹14.3 Cr 30% advance to Singer Sourcing LLC for zig-zag imports ahead of the 12 Aug 2026 BIS cut-over, ~₹4 Cr industrial import advance, PMY and fan inventory), Q1 OCF ~-₹25 to -30 Cr [Est.]. Interim: H1 FY26 OCF ~₹20–21 Cr; Q3 ~₹13 Cr; Q4 ~₹4 Cr.
Working capital and ratios
| Days / ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| COGS (₹ Cr) | 351.8 | 358.3 | 318.9 | 308.8 | 407.8 |
| Debtor days | 40 | 32 | 30 | 38 | 26 |
| Inventory days | 76 | 80 | 115 | 124 | 94 |
| Creditor days | 67 | 62 | 87 | 62 | 62 |
| Cash conversion cycle | 49 | 50 | 58 | 101 | 58 |
| Screener WC days | 34 | 35 | 43 | 70 | 38 |
| Inventory turnover (x) | 4.59 | 4.73 | 3.57 | 3.00 | 3.88 |
| Receivables turnover (x) | 9.26 | 10.26 | 11.34 | 10.79 | 13.39 |
| Payables turnover (x) | 6.11 | 7.43 | 5.92 | 6.27 | 8.10 |
| Net capital turnover (x) | 6.72 | 3.66 | 3.14 | 2.98 | 3.93 |
| RoE | 10.3% | 7.8% (2.8% ex-land) | 3.2% | 4.9% | 7.6% |
| RoCE (company) | 13.1% | 3.13% | 4.44% | 6.45% | 9.73% |
| RoCE (Screener) | 14% | 4% | 4% | 7% | 11% |
| Interest cover (EBIT/fin. cost) | 13.7x | 7.3x | 19x | 33x | 40x |
| Current ratio | 1.72 | 2.51 | 2.36 | 2.81 | 2.33 |
| Asset turns | 2.60x | 2.06x | 1.71x | 1.78x | 1.91x |
| Fixed-asset turns | ~57x | ~51x | ~53x | ~36x | ~19x |
TTM RoE ~10.4%; cash-adjusted FY26 operating RoCE ~11–12% [Est.]; Screener 5-yr/3-yr RoE 5%. CRISIL: GCA ~163 days (FY23), ~200 (FY24), 170–200 (FY25); TOL/TNW 0.68x/0.52x; CRISIL interest cover 3.27x/4.35x/12.87x. Ratio slide uses rendered values (PDF text layer swaps FY25/FY26).
Debt, facilities and rating
| Facility (CRISIL, 6 Feb 2026) | Lender | ₹ Cr | Rating |
|---|---|---|---|
| Cash credit | YES Bank | 20.0 | BBB-/Stable |
| Cash credit | HSBC | 4.5 | BBB-/Stable |
| LC / BG | YES Bank | 10.0 | A3 |
| PCFC | YES Bank | 2.0 | BBB-/Stable |
| WCDL | YES Bank | 5.0 | BBB-/Stable |
| Proposed | – | 3.5 | BBB-/Stable |
| Total (unutilised 12m to Sep-25) | 45.0 |
| Date | Agency | Rating | Action |
|---|---|---|---|
| 14 Jan 2019 | ICRA | BBB (Stable)/A3+ on ₹44 Cr | Assigned; later withdrawn/migrated |
| Mar 2020–Aug 2022 | CRISIL | BBB range / A3+ | Outlook Positive→Stable |
| 15 May 2023 | CRISIL | BBB/Stable, A3+ | Reaffirmed |
| 22 Aug 2023 | CRISIL | BBB/Negative | Outlook cut (subdued margins) |
| 11 Nov 2024 | CRISIL | BBB-/Stable, A3 | Downgraded; FY24 op margin 0.57% |
| 23 Jan / 6 Feb 2026 | CRISIL | BBB-/Stable, A3 | Rating update, then reaffirmed (disclosed 9 Feb, 9 Apr 2026) |
Upgrade trigger: operating margin >2% sustained with net cash accrual >₹10 Cr (FY26 2.73% meets it [Analyst inference]). Downgrade: margin <0.4%, large debt-funded capex or dividend. CRISIL FY26 expectations vs actual: revenue >₹530 Cr vs ₹557 Cr; margin 2.5–3% vs 2.73%; net worth >₹170 Cr vs ₹178 Cr.
Equity dilution and share count
| Date | Event | Shares | Price ₹ | ₹ Cr | Shares after | Promoter % |
|---|---|---|---|---|---|---|
| to FY22 | – | – | – | – | 5,37,15,675 | 57.65 |
| 16 Aug 2022 | Promoter block sale (secondary) | 1,20,81,870 sold | ~53.5 | 64.25 | 5,37,15,675 | 35.31 |
| 4 Feb 2023 | Preferential (8 allottees) | 74,77,364 | 76.00 | 56.83 | 6,11,93,039 | 31.00 |
| 17 Oct 2024 | ESOP 2023 exercise | 4,62,500 | 55/75 | 2.67 | 6,16,55,539 | 30.76 |
| 29 Dec 2025 | Preferential to VSM Group AB | 5,63,578 | 79.59 | 4.49 | 6,22,19,117 | 30.49 |
Total +15.8% since Mar-22. No QIP, rights, warrants or buyback. Face value ₹2 (split 17 Jan 2018). FY10: 53,27,900 shares to Singer (India) B.V. incl. ECB conversion. Authorised ₹20 Cr. VSM proceeds: ₹437.58 lakh unutilised in FDs at Mar-26 (use by 31 Mar 2028); no deviation.
| Feb-2023 allottee (closes GAP flagged by 3 desks) | Shares | ₹ Cr | Status Jun-26 |
|---|---|---|---|
| IIFL Private Equity Fund – Series 2 (Cat II AIF) | 26,31,578 | 20.0 | Exited (inferred from DII→0 by Sep-24) |
| Rafique Malik Family Trust (Metro Brands family) | 13,15,789 | 10.0 | Held as Farah Malik Bhanji 2.11% (name inference) |
| Alpana S Dangi | 10,00,000 | 7.6 | Below 1% |
| PGA Securities Pvt Ltd | 9,21,052 | 7.0 | Total 31.39 lakh (5.04%) |
| Gauri Tandon | 6,57,894 | 5.0 | Total 13,57,894 (2.18%) |
| K. Raheja Pvt Ltd | 5,26,315 | 4.0 | Below 1% |
| Boon Investment & Trading | 3,94,736 | 3.0 | Below 1% |
| Neeru Dhanpal Jhaveri | 30,000 | 0.23 | Below 1% |
| Total | 74,77,364 | 56.83 | Net ₹55.99 Cr fully utilised; DAM Capital advised |
| ESOP 2023 | Options |
|---|---|
| Pool | 36,00,000 (5.8%) |
| Granted (cum.) | 34,75,000 (31.5L FY24, mostly MD; 1.25L FY25; 1L Q1 FY26; 1L Q2 FY26) |
| Vested | 21,06,250 |
| Exercised | 4,62,500 |
| Expired / lapsed | 62,500 / 62,500 |
| Outstanding | 29.25 lakh (4.7%, AR); 28.9–29.9 lakh range |
Balance-sheet risks: (1) cash down to ~₹58 Cr while Bhiwadi needs up to ₹90 Cr, so drawdown of the ₹45 Cr limits or fresh equity is possible ("more funds will come"); (2) 3–4 months of structural inventory, with BIS pre-stocking; (3) the Jun-26 balance sheet is not disclosed; (4) ESOP overhang ~4.7%; (5) USD payables ₹14.2 Cr (forward cover USD 12.7 m notional).
Management, Promoters & Governance
Promoter: Retail Holdings (India) B.V.
| Date | Event | Promoter % |
|---|---|---|
| Feb–Oct 2017 | Singer India B.V. drip-sold ~74.7%→60.8% (dozens of market sales at ₹232–289 pre-split) | 60.8 |
| Jul–Aug 2018; Mar 2020 | Further small sales | ~59.0 |
| Dec 2020 | Retail Holdings Asia B.V. sold ~42.4% of RHIB to unnamed "international private investor" (SVP licensee in France, Greece, E. Europe) for ~US$3.5 m | ~59 |
| 20 Dec 2021 | Remaining ~57.6% of RHIB sold to two unnamed UK PE investors (~US$5.0 m). Look-through: 24.3% / 19.1% / 14.2%, public 42.35%. No SAST trigger | 57.65 |
| Mar 2023 | Retail Holdings N.V. (Stephen Goodman ~25%) approved voluntary liquidation; Singer Asia liquidated ~2022–23 | – |
| 16 Aug 2022 | Block sale of 22.34% at ~₹53.5 (Khaitan, S&R advised) | 35.31 |
| Feb 2023 – Dec 2025 | Dilution only; 1,89,67,940 shares unchanged, nil pledge (Reg 31(4), Jun 2026) | 30.49 |
Promoter holding % (2017→Dec 2025)
Overhang and control path. Ultimate owners of RHIB are not publicly identified [GAP]; pull the SBO/BEN-2 filing. On the 29 May 2026 call, investor Amrut Kalantri cited talk of a promoter exit. MD: "I cannot either confirm or deny anything... these matters are confidential." This is a non-denial. A GuruFocus summary of the Q4 call flagged "uncertainty about the future involvement" of RHIB. No SAST, open offer or reclassification was found as of 13 Oct 2026. Given PE-held RHIB and SVP's affiliate VSM on the register next to the licence amendment, a control change towards SVP is plausible [INFERRED].
Board (8 members; 3 IDs = 37.5%, chair is ID)
| Name | Role | Since | Background |
|---|---|---|---|
| Sunil Duggal | Chairperson, ID | 23 May 2024 | Ex-WTD & CEO Vedanta (2020–23), ex-CEO Hindustan Zinc; DuPont advisor; boards: Godawari Power, Western Carriers, TMI, FIMI |
| Rakesh Khanna | Exec VC & MD | 5 Apr 2023 (term to 4 Apr 2028) | BE, MBA; MD & CEO Orient Electric ~8 yrs; Sony, Hitachi, Wipro, Eureka Forbes; age 63 |
| Gavin John Walker | NED-NI (promoter) | 18 Aug 2008 | Bio "President & CEO Singer Asia" (likely stale); ex-CEO Profun; absent 2026 AGM |
| Kalliopi Tsiagka | NED-NI (promoter), woman director | 3 Feb 2021 | Greek corporate/M&A lawyer; absent 2026 AGM |
| Hetal M. Gandhi | NED-NI | 24 Aug 2022 | MD Tano India Advisors; boards Allcargo, Shilpa Medicare, Chalet, Syrma SGS, Acutaas; ESOP cost ₹6.63 lakh H2 FY26 |
| Maneesh Mansingka | NED-NI | 24 Aug 2022 | MD Shree Shubham Logistics; Jaykay Enterprises (Singhania) board; ESOP cost ₹6.63 lakh |
| Rajesh Relan | ID | 23 Mar 2023 | Ex-MD & CEO PNB MetLife; Jaykay Enterprises ID; insurance risk advisory firm |
| Hemant Sachdev | ID | 17 Dec 2024 | HBS; Chogori India Retail (Columbia); Metropolis promoter group |
| Date | Board / KMP change |
|---|---|
| 24 Aug 2022 | Gandhi, Mansingka join a week after block sale (investor-linked [INFERRED]; "TIA Advisors LLP" possible name-match to Tano India Advisors) |
| 5 Apr 2023 | Khanna appointed (10% upper circuit); Rajeev Bajaj (37 yrs, MD 13 yrs) exits 30 Apr 2023 to advisory role |
| Oct–Nov 2023 | CS Rickee Bisla, Legal Head Garima Mehta, IT Head Santosh Yadav resign; Rupinder Kaur CS from 10 Oct 2023 |
| 14 Aug 2024 | Chairman & ID P.N. Sharma resigns, no reason disclosed [GAP] |
| 11 Nov 2024 | IDs Deepak Sabharwal, Madhu Vij retire (no woman ID since) |
| 11 Nov–17 Dec 2024 | Board 7, IDs 2 = 28.6% < one-third. Governance [INFERRED] breach, corroborated by BSE ₹2.83 lakh board-composition penalty (Dec-24 qtr, AR) and Apr-2025 Reg 17(1) intimation |
| 18 Sep 2025 / 1 Apr 2026 | Anuj Vasdev CFO-designate, then CFO; S.C. Nagpal retires |
MD pay (reconciled)
| Measure | ₹ Cr | Source / note |
|---|---|---|
| FY26 total remuneration (actual) | 5.23 | FY26 AR (market desk): 41% of PAT; ~48% incl. ₹0.96 Cr ESOP; 65x median |
| H2 FY26 RPT remuneration + ESOP | 3.01 + 0.40 | Reg 23(9) filing |
| Base-pay ceiling 5 Apr 2026–4 Apr 2028 | up to 4.50 p.a. | Special resolution, postal ballot Jul 2026 (25/27 Jul); likely Schedule V [verify] |
| Options | 16 lakh granted 10 Jul 2023 | ~2.6% equity; market desk cites 12 lakh at ₹55 + others |
Vote: promoter 100%, public institutions 4.70 lakh shares 100%, public non-institutions 56.75 of 56.80 lakh (99.92%), on only ~13% turnout.
Shareholding
| % | Sep-23 | Mar-24 | Jun-24 | Sep-24 | Dec-24 | Jun-25 | Sep-25 | Dec-25 | Mar-26 | Jun-26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 31.00 | 31.00 | 31.00 | 31.00 | 30.76 | 30.76 | 30.76 | 30.76 | 30.49 | 30.49 |
| FII | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| DII | 4.30 | 3.17 | 2.58 | 0.00 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Govt | 0.77 | 0.77 | 0.77 | 0.77 | 0.76 | 0.76 | 0.76 | 0.76 | 0.76 | 0.76 |
| Public | 63.93 | 65.08 | 65.67 | 68.23 | 68.45 | 68.45 | 68.46 | 68.46 | 68.74 | 68.74 |
| Holders | 23,990 | 26,068 | 25,799 | 25,927 | 25,646 | 24,801 | 23,680 | 23,320 | 22,570 | 22,462 |
Mar-22: promoter 57.65, DII 0.93, public 40.54, 16,911 holders. Company deck pie (Jun-26): retail 47.12, promoter 30.49, "institutions" 20.16 (bodies corporate, not DII), foreign 1.49, directors 0.74. Trendlyne/IIFL "DII 0.8%" folds in govt 0.76%.
| Holder (Jun-26) | % | Shares | Entry | Note |
|---|---|---|---|---|
| Retail Holdings (India) B.V. | 30.49 | 1,89,67,940 | Legacy | Divesting holdco |
| Rekha Jhunjhunwala (Rare) | 6.83 | 42,50,000 | ₹53.50 (+43%) | RJ's "last bet"; unchanged since 2022 |
| PGA Securities (Singhania-linked) | 5.04 | 31,38,549 | ₹53.5/₹76 | ~2.3 lakh trimmed [INFERRED]; one aggregator tags "promoter" |
| Gauri Tandon | 2.18 | 13,57,894 | ₹53.5/₹76 | Fully held |
| Farah Malik Bhanji | 2.11 | 13,15,789 | ₹76 | Malik trust shares |
| Vashulinga Finance | 1.44 | 8,94,417 | ? | |
| Pivotal Business Managers LLP | 1.21 | 7,50,000 | ₹53.50 | |
| Tanvi Jignesh Mehta | 1.20 | 7,46,109 | ? | |
| Siddharath Bindra | 1.17 | 7,25,000 | ₹53.50? | Sentiment desk: Illingworth's 7.25 lakh moved to Bindra [inference]; governance SAST log shows Illingworth sold to zero 2023–24. Both shown |
| Veena Kumari Tandon | 1.13 | 7,00,000 | ₹53.50 | |
| VSM Group AB (SVP affiliate) | ~0.91 | 5,63,578 | ₹79.59 (-4%) | Lock-in to 9 Aug 2026; non-promoter |
| Bulk/block & SAST | Party | Side | Qty | ₹ |
|---|---|---|---|---|
| 12 Jan 2024 | Magnum Health & Safety | Buy | 5,00,000 | 117.89 |
| Feb–Jun 2024; Sep 2023 | Illingworth Advisors LLP | Sell | 1.0L; 6.25L | ~94–112 |
| 4 Sep 2023 | Insurexcellence Advisors | Sell | 33,000 | |
| 16 Aug 2022 | RHIB (promoter) | Sell | 1,20,00,000+ | 53.54 |
| 16 Aug 2022 | Rare Investments | Buy | 42,50,000 | 53.50 |
| 16 Aug 2022 | PGA Securities | Buy | 24,50,000 | 53.50 |
| 16 Aug 2022 | Pivotal / Illingworth / G. Tandon / V. Tandon | Buy | 7.5L / 7.25L / 7L / 7L | 53.50 |
| 16 Aug 2022 | TIA Advisors / Insurexcellence | Buy | 5.45L each | 53.50 |
| 16 Aug 2022 | Authum / Seven Hills | Buy | 5,68,997 / 4,00,000 | 68.85 / 60.67 |
| 27 Oct 2021 | Sekhar Shyam | Sell | 4,00,000 | 76.89 |
Insurexcellence and Illingworth filed under the insider code ("Other"). Links to any director (e.g. Relan's insurance advisory) are [UNVERIFIED]. No promoter/director open-market trades since Aug 2022. Porinju Veliyath bought ~6.25 lakh (1.02%) in Q2 FY24 and cut below 1% in Q3 FY24.
Related parties, auditors, subsidiary
| H2 FY26 RPT (₹ lakh) | Nature | Amount |
|---|---|---|
| Rakesh Khanna | Remuneration / ESOP | 301.47 / 40.00 |
| S.C. Nagpal | Remuneration / ESOP | 36.48 / 12.95 |
| Rupinder Kaur | Remuneration | 8.21 |
| Hetal Gandhi | ESOP / reimbursement | 6.63 / 0.44 |
| Maneesh Mansingka | ESOP | 6.63 |
| Relan / Duggal / Sachdev | Sitting fees + reimb. | 5.21 / 5.77 / 3.90 |
| Total | 427.63 |
No trading, royalty or loan RPTs; AOC-2 NIL. SVP/Singer Sourcing are not related parties, so royalty (₹10.67 Cr), the ₹11.5 Cr rights payment and the ₹14.3 Cr advances sit outside audit-committee RPT scrutiny. Inconsistency: the DR says no director holds convertibles, yet NED-NIs book ESOP cost. Clarify.
| Role | Firm | Notes |
|---|---|---|
| Statutory | B S R & Co. LLP (partner Kanika Kohli) | Since 2017; 2nd term to 49th AGM (2027), rotation due. FY26: unmodified, no EoM, KAM revenue recognition; Rule 11(g) audit-trail modification (ERP migration, missing SOC reports, backup) |
| Secretarial | H.O. Gulati & Co. | FY26–30, clean |
| Internal | O.P. Bagla & Co. | Since FY24 |
| Cost | SKG & Co. | FY27, newly applicable |
| Q2 FY26 limited review | BSR | Emphasis of matter on BIS zig-zag NOCs (sentiment desk) |
Subsidiary: Brand Trading (India) Pvt Ltd, in voluntary liquidation since 13 Nov 2019 (operations stopped Jan 2020); still pending after 6+ yrs. No associates, JVs, cross-holdings or acquisitions. Legacy BIFR scheme: SC 17 Mar 2023 and Delhi HC 3 Jan 2024 rulings in Singer's favour.
Litigation and compliance
| Item | Detail |
|---|---|
| FIR 0048/2025 | Sahnewal PS, Ludhiana, 8 Mar 2025, against CFO Nagpal and VP Prashant Aggarwal; discharged by JMFC 22 Sep 2025, disclosed 11–12 Nov 2025. Nature undisclosed; timeliness of Mar-25 disclosure [UNVERIFIED] (narrative says intimated) |
| Tax (CARO) | ~₹1.40 Cr disputed: IT ₹89.23 lakh (AY 2005-06, Bombay HC); Rajasthan GST ₹19.30 + ₹6.25 lakh; legacy VAT/CST ~₹25 lakh; CGST Jaipur ₹8.51 lakh (Jan 2024) |
| BSE penalties (AR) | ₹2.17 + ₹0.57 lakh (NRC, FY23–24); ₹0.06 lakh (late RPT, FY25); ₹2.83 lakh (board composition, Dec-24 qtr) |
| "Inadvertent" non-compliances | Jan 2023 Reg 19; FY24 one; FY25 two; FY26 one |
| SEBI | None against company; 2009 Valuenotes.com orders were against third parties |
| Whistle-blower / POSH | FY24 1/1 resolved; FY25–26 nil |
Red flags: opaque, divesting promoter; investor-linked NED-NIs and Jaykay/PGA links; ESOPs to NED-NIs; MD pay ~41% of PAT; FIR with limited disclosure; recurring LODR lapses and the Dec-24 independence breach; rented brand with confidential terms; PMY concentration; 6-year liquidation; auditor rotation 2027; no woman ID.
Positives: nil pledge ever; debt-free; clean BSR opinions; RPTs limited to pay; credible MD and ex-Vedanta chair; orderly CFO succession; no deviation on proceeds; immaterial tax disputes.
Supply Chain
↑ Upstream: what Singer India depends on
| Input | Source / dependence | Evidence |
|---|---|---|
| Finished sewing machines | Contract makers; China dominates zig-zag, electronic and industrial; Ludhiana likely for cast-iron [Inference] | CRISIL; DR (>90% traded); Volza |
| Premium zig-zag, embroidery, HV/PFAFF | Singer Sourcing LLC / SVP (China and Vietnam network [Inference]) | ₹14.3 Cr advance Q1 FY27 (30% advance, 70% at B/L) |
| Spare parts | e.g. Hongyu (Taizhou) Electromechanical: hoods, covers, dials, bobbins (Nov 2023) | ImportGenius (historic) |
| Small appliances | Ningbo Kaibo, Global Electrical HK, Ningbo Chaochao, Zhongshan Haotong, Galanz (2019–20); vendor change in FY25 | ImportGenius (historic) |
| Fans | Not disclosed; likely Indian makers under BIS/QCO [Inference] | – |
| Commodities | Copper, aluminium, steel/cast iron, plastics, electronics | Inflation cited Q3/Q4 FY26, Q1 FY27 |
| Brand / IP | SVP: single, non-substitutable; ₹10.67 Cr fee FY26 | CRISIL; AR |
| BIS-licensed vendors | One vendor's licence (CM/L-41000049170) cancelled 8 Aug 2023, which halted zig-zag imports | AR Note 42 |
Direct imports ~₹86 Cr (~21% of purchases) plus indirect China exposure through domestic OEMs. ~63% of India's HS 8452 imports come from China (CY24). Supplier concentration is not disclosed; payables ₹69 Cr (8.1x turnover).
| Channel | Cost pass-through | Evidence |
|---|---|---|
| Sewing trade & e-com | Good | "passing on the cost to the market" (Q4 FY26, Q1 FY27 decks) |
| Appliances | Weak | GM -100/-340/-120 bp in successive quarters |
| Government (PMY) | None | Fixed price: "We have to absorb it" (May-26) |
↓ Downstream: who depends on Singer India
| Item | Detail |
|---|---|
| PMY order | 2 POs dated 21 Jul 2025 (intimated 22 Jul) from Kendriya Bhandar aggregators Equipzone India Pvt Ltd and Antaric Merchandising LLP: 2,81,128 sewing machines/tailor tool kits, ₹202.70 Cr incl. GST (~₹7,200/unit); ±25% quantity; monthly allocation; advance payment; fixed price; largest order in company history |
| Scheme | PM Vishwakarma (MSME ministry): ₹15,000 toolkit e-voucher; tender ~8 lakh kits, tranche 1 ~4 lakh, Singer (via L1 Kendriya Bhandar) ~70%; GeM/NSIC route |
| Concentration | Govt of India via PMY ≈15–22% of FY26 revenue [Est.]; ~21–24% of Q1 FY27 [Est.]. Top-5/10 not disclosed; otherwise granular |
| Other institutional | Non-PMY govt 10–12% of revenue; market ~₹100–150 Cr/yr, Singer share ~₹30–40 Cr |
| End-users | Households; tailors and artisans (often rural women); MSME garment units (export-cycle exposed; US tariffs hit Q2 FY26); appliance buyers |
| Stickiness | 5–15-yr replacement; brand, 446 service points, spares, skill-centre funnel. Govt is tender-based, not sticky |
Value-chain map
| Raw / components | Converters | Singer India | Route to market | End-user |
|---|---|---|---|---|
| Cast iron, Al die-cast, steel, motors, PCBs, ABS, copper | Chinese/Asian contract makers; Singer Sourcing/SVP; appliance ODMs | Licensee-marketer: QC, BIS, warranty, service, pricing; Jammu assembly; Bhiwadi (H2 FY27); pays royalty to SVP | 6,500+ dealers, 10,000+ retailers, e-com, 1,709 canteens, Kendriya Bhandar/PMY, MFI, 21 stores | Households, tailors, MSME garment units, scheme beneficiaries |
| Where pricing power sits | Power |
|---|---|
| SVP (brand owner) | Strongest owns marks, royalty, premium SKUs, manufacturing licence |
| Singer in sewing | Moderate #2 branded; result margin 10.6–12% |
| Singer in appliances | Weak 1–2% share; -10% to -1.5% margins |
| Government buyer | Strong buyer L1, fixed price |
| Contract makers | Limited except SVP sourcing |
| Dealers / marketplaces | Moderate scheme-dependent (dealer incentive payable ₹7.94 Cr) |
Competitive Position
| Arena | Rivals | Singer position |
|---|---|---|
| Household straight-stitch | Usha (Janome), regional/Ludhiana, unorganised (~55%) | Strong #2; #1 in welfare tenders; Usha:Singer ~2:1 among organised |
| Zig-zag/electronic | Usha Janome (>65% of auto zig-zag claim), Brother, Bernina, private labels | "Clearly No. 1" on e-commerce (company) |
| Industrial (largest by value) | Jack, Juki, Brother, Typical, Zoje, Siruba, Bruce | Niche |
| Appliances/fans | Bajaj, Crompton-Butterfly, Havells, Orient, Usha, TTK, Stove Kraft, Philips, Atomberg | Sub-scale, loss-making |
| Company | Rev FY26 | Growth | EBITDA% | PAT% | RoE | P/E | EV/EBITDA | Moat |
|---|---|---|---|---|---|---|---|---|
| Singer India | 557.3 | +29.1% | 2.7% core | 2.3% | 7.6% | 26.3x | 18.8x core TTM (17.4x on ~₹90 Cr cash) | Rented brand; service network |
| Usha International (unlisted) | 2,556 | -3.5% | -0.7% | -2.1% | NM | n.a. | n.a. | Owned brand, leader; CARE BB (9 Sep 2026) |
| Bajaj Electricals | 4,461 | -7.6% | 3.1% | -2.0% | -5.5% | NM | ~17.5x | Owned brand, distribution |
| Butterfly Gandhimathi | 943 | +9.0% | 8.6% | 4.9% | 13.2% | 20.6x | ~10.6x | Own mfg; Crompton channel |
| Stove Kraft | 1,605 | +10.8% | 9.8% | 2.6% | 8.6% | 54.4x | ~15.1x | Low-cost in-house mfg |
| TTK Prestige | 2,974 | +9.5% | 9.3% | 5.3% | 8.1% | 37.2x | ~22.1x | Premium kitchen brand |
| Janome (JPY m) | 38,968 | +7.2% | 4.9% OP | n.a. | n.a. | n.a. | n.a. | Sewing tech; Usha partner |
| Jack Technology (RMB m) | 6,587 | +8.1% | n.a. | 13.0% | n.a. | n.a. | n.a. | Global #1 industrial; India plant planned |
| JUKI (JPY m) | 88,761 | -6.7% | 3.0% OP | 1.6% | n.a. | n.a. | n.a. | Premium industrial; restatement |
| Brother (JPY bn) | 893.5 | +5.3% | 8.7% OP | 7.6% | n.a. | n.a. | n.a. | Diversified |
Peer P/E on TTM PAT (Butterfly ₹48 Cr, Stove Kraft ₹49 Cr, TTK ₹190 Cr); peer EVs exclude cash, so slightly overstated. Singer EV/FY26 core EBITDA ~28x (Jun cash) / ~25.7x (~₹90 Cr cash).
| Peer | Singer stronger | Singer weaker |
|---|---|---|
| Usha | Net cash vs negative net worth and ₹103 Cr net debt; profitable sewing; e-com and premium execution; won PMY | Usha owns its brand (no royalty), has ~4.6x the revenue and the Janome tie-up; distress-driven discounting is a threat |
| Bajaj | Sewing focus, clean BS | 8x revenue, owned brand, appliance scale |
| Butterfly | National reach | 8.6% margin, own mfg |
| Stove Kraft | Asset-light | 15x Singer's appliance revenue; in-house cost |
| TTK | n/a | Premium owned brand, pricing power |
| Jack/Juki/Brother | Service network, tender access | No proprietary tech; Jack 13% net margin |
Market size and share
| Estimate | Value | Note |
|---|---|---|
| Company (Aug-25) | ~₹3,000 Cr: domestic ₹1,300 (black ~1,100, zig-zag ~240) + industrial ₹1,700; growth ~4% | "Internal estimate" |
| Company (May-26) | ₹3,000 Cr: industrial ~55% (₹1,650), straight-stitch ₹700, artisan ₹350, zig-zag ₹250; 4–6% growth | Likely a floor: HS 8452 imports ~₹2,949 Cr FY25 |
| Volume | ~36 lakh units FY21 (Usha); ~41 lakh (31 household+artisan, 10 industrial) per CEO; IndexBox 1.3 m household (2024) | Definitions conflict |
| IMARC / Straits | USD 242.3 m (2025)→356.3 m 2034 / USD 543 m industrial | IMARC too low |
| Singer share | ~15% by value (upper bound, incl. PMY) [Est.]; company FY22 claim 38% of branded, 22% of total (643k units ≈16–18% [Est.]) | Usha: "market leader" (CARE) |
| Jack | 22.7% of India sewing machinery (H1 2021) | Apparel Resources |
Industry drivers and policy
| Policy / driver | Status | Impact |
|---|---|---|
| Sewing Machines QCO 2021 (S.O. 1239(E)), IS 15449-1:2024 | In force; parallel run ended 12 Aug 2026 (NOCs expired 12 Feb 2026 per market desk); BIS writ withdrawn 22 Jan 2026 | Barrier favouring Singer's local assembly |
| Kitchen QCO 2018; Household appliances safety QCO (19 Mar 2026) | In force | Certification cost |
| Omnibus machinery QCO | Rescinded 14 Jan 2026 (S.O. 239(E)); sentiment desk dates textile-machinery removal 28 Jan 2026 | Mild negative for local industrial |
| QCO rollback trend | Nov 2025–Jun 2026 | Moat dilution risk |
| BEE fan star labelling | Since 1 Jan 2023, revised | Inventory/pricing disruption |
| E-waste EPR (2022, Mar-24 floor pricing; Havells et al. challenge) | In force, litigated | ~₹1.2 Cr/qtr cost |
| GST 12%→5% on sewing machines | From 22 Sep 2025 | Positive for mass segment |
| PM Vishwakarma, state free-machine schemes, Make in India | Ongoing | Main lumpy volume driver |
| PLI textiles, PM MITRA (7 parks), Cotton Mission, India–EU/UK FTAs; textile exports ₹3.16 lakh Cr FY26 | Ongoing | Industrial demand (mostly Jack/Juki) |
| Four Labour Codes (21 Nov 2025) | In force | ₹0.73 Cr exceptional |
| No PLI for sewing/small appliances | – | No incentive |
| Porter force | Intensity | Rationale |
|---|---|---|
| Rivalry | High | Distressed Usha, unorganised, Chinese imports (avg price -28.7% to USD 16/unit), private labels |
| New entrants | Medium | D2C, Chinese OEMs; BIS/service deter |
| Substitutes | Medium | Ready-mades, tailoring services |
| Buyer power | High | GeM L1, marketplaces, dealer schemes |
| Supplier power | High | Licensor controls brand and rights |
Moat: narrow and rented (2/5). Brand equity is real (175-year heritage, rural recall) but owned by SVP. The licence fee consumes most operating profit; exports are allowed only to the licensor. Pricing power is low: core EBITDA has ranged 0.4–4.5% over 10 years. The only defensible assets the company owns are its service network and tender incumbency.
Risks & Red Flags
Overall risk rating: MEDIUM-HIGH.
| # | Risk | Category | Severity | Explanation | Mitigant |
|---|---|---|---|---|---|
| 1 | PMY revenue cliff | Business | High | Order ₹181–193 Cr ex-GST; FY26 booking ₹85–125 Cr (15–22%) [Est.]; PO date 30 Sep 2026 passed; no tranche 2 or 25% extension as of 13 Oct 2026; H2 FY27 base ₹161/166 Cr | Trade +>25%, e-com +>55%; tender incumbency; head contract to Jun 2027 |
| 2 | Licensor dependence (SVP) | Business/Gov. | High | Fee ₹10.67 Cr ≈70% of core EBITDA (AR, single desk); terms, tenure, change of control undisclosed; outside RPT scrutiny | ₹11.53 Cr right over 24.5 yrs implies long tenure; VSM stake |
| 3 | Govt concentration, low margin | Business | High | GM -170 bp FY26; L1 pricing; aggregator payment risk | Advance terms; receivables fell |
| 4 | PMY litigation | Legal | Low | Delhi HC dismissed 13 Jan 2026 (market desk doubted; see Tab 2) | No stay ever |
| 5 | Appliance losses | Execution | High | -₹10.5 Cr FY26, -₹2.91 Cr Q1 FY27; break-even deferred 3 times (now FY28) | SKU pruning, fans growth, e-com |
| 6 | Earnings quality (OI, ESOP) | Financial | Med | OI 39% of PBT; ESOP ₹2.37 Cr | Cash real, no debt |
| 7 | Thin margin structure | Business | Med | Royalty, freight ₹14.4 Cr, advertising ₹9.3 Cr largely fixed | Premiumisation, SG&A leverage |
| 8 | Distressed Usha discounting | Business | Med | CARE BB; ₹80–90 Cr asset monetisation planned | Share-gain opportunity |
| 9 | Chinese imports, Jack India plant | Macro | Med | 63% of imports from China; omnibus QCO rescinded | Household BIS QCO |
| 10 | BIS/QCO compliance | Regulatory | Med | 2023 vendor licence cancellation; any lapse halts supply; QCO dilution | Own Jammu licence revised Nov 2025 |
| 11 | Bhiwadi capex & funding | Execution/Fin. | Med | Up to ₹90 Cr/3 yrs (company; Mint >₹100 Cr) vs core EBITDA ₹15 Cr; cash ~₹58 Cr; equity raise signalled | Phased, leased; undrawn ₹45 Cr lines |
| 12 | Key person and pay | Governance | Med | MD FY26 ₹5.23 Cr (41% PAT); base cap ₹4.5 Cr p.a. to 2028; new CFO | NRC, IDs |
| 13 | Promoter exit overhang | Governance | High | Divesting RHIB, opaque owners, "cannot confirm or deny" | Possible open offer (upside) |
| 14 | Dilution | Financial | Low–Med | +15.8% shares since FY22; ESOP 4.7%; M&A "more funds will come" | Vesting over 4 yrs |
| 15 | Audit-trail control modification | Governance | Low–Med | Rule 11(g); KAM revenue cut-off | Clean opinion and IFC |
| 16 | Listing compliance lapses | Governance | Low | BSE penalties ~₹5.6 lakh; yearly "inadvertent" lapses | Board reconstituted |
| 17 | FX | Macro | Med | ~₹86 Cr imports + ₹22 Cr forex spend; INR 94.35/USD (Mar-26) | USD 12.7 m forwards |
| 18 | Commodities | Macro | Med | Steel, copper, aluminium; PMY fixed price | Price increases |
| 19 | Working capital / obsolescence | Financial | Low–Med | Inventory ₹105 Cr; Q1 FY27 +₹32 Cr | Turns 3.88x |
| 20 | Contingent / tax | Legal | Low | ₹7.14 Cr contingent; ₹1.40 Cr disputed | Small vs ₹178 Cr NW |
| 21 | ESG / EPR | ESG | Low–Med | EPR floor pricing; CSR ₹0.23 Cr | 95% beneficiary usage |
| 22 | Operational disruption | Execution | Low | Office fire 13 Jul 2025; single J&K plant | Asset-light |
| 23 | Technology obsolescence | Business | Low–Med | R&D "Nil" | SVP R&D access |
| 24 | Liquidity / no institutions | Market | Med | FII 0, MF 0; ~55% in ~11 hands; 20% circuits | NSE listing Mar 2026 |
| Checklist | Status |
|---|---|
| Rising debt | No (zero borrowings; leases ₹4.99 Cr) |
| Margin deterioration | Partial: GM 28.5%→26.8%; appliances -1.5%→-10% |
| Auditor concerns | Minor (audit trail) |
| Related-party abuse | Low on disclosed RPTs; material SVP flows sit outside RPT scope |
| Promoter selling | Yes (historic, 2017–2022) |
| Dilution | Yes |
| Customer concentration | Yes (PMY) |
| Key-person | Medium |
Concall Highlights & Guidance
First-ever call 11 Aug 2025; quarterly since, hosted by Emkay Global. Only retail investors asked questions.
| Call | Tone | Highlights | Revealing Q&A |
|---|---|---|---|
| Q1 FY26 · 11 Aug 2025 (Khanna, Nagpal) | Defensive on quarter | "Highly unusual quarter"; sewing -4%, zig-zag +38%; appliances -14%; PMY 2.8 lakh machines "200-plus crores", 70% of scheme, sub judice, no stay, "advance for us", margins "marginally less"; Delhi office fire; BIS issue; fans head Sunil Singh, 68 SKUs; ~10% household made in Jammu | Dhwanil Desai: sewing stuck ~₹300 Cr ±20 for 7–8 yrs, why appliances? Viraj: "margins have been extremely thin" (MD). In-house PMY share "sensitive" |
| Q2 FY26 · 13 Nov 2025 | Confident | Revenue +30%; sewing +45%; appliances -17%, GM -340 bp, ~₹5.5 Cr loss per half; H1 OCF ~₹21 Cr; SVP licence amendment (royalty "confidential"); VSM preferential; PMY by June 2027 | PMY supply undisclosed |
| Q3 FY26 · 13 Feb 2026 | Expansive | Revenue +53%; EBITDA ₹8.7 Cr (9.6 adj.); trade +34%, industrial +65%; HC dismissal; cash ₹96.13 Cr; govt ex-PMY 10–12%; tranche 2 "likely to come"; FY27 "double digit"; no dividend | Harshit "50-50?": no split; "cost prices have moved up tremendously... margin pressure" |
| Q4 FY26 · 29 May 2026 (Khanna, Vasdev) | Confident, evasive on promoter | FY26 ₹557 Cr; Bhiwadi leased; capex "can go as high as ₹90 Cr... not committing"; PMY >60%, rest "before the beginning of the second half" ("revised estimate"); appliances to stay at 20–25% of mix; ₹11.6 Cr rights intangible; ₹0.40 dividend | Kalantri: promoter exit ("cannot confirm or deny"); ~₹80 Cr idle cash, special dividend ask; "exploring opportunities" |
| Q1 FY27 · 13 Aug 2026 | Cautious | Revenue +56.9%; cast iron ~+95%; PMY "by end of the quarter we aim to complete the entire thing"; 25% clause ~₹50 Cr; balance "competitively sensitive"; EPR ₹1.2 Cr; Bhiwadi pilot H2 FY27 10,000+/month; 7 Made-in-India models; "cautious... asset-light before acquisitions"; cash ~₹58 Cr | Investor cites ~₹100 Cr factory, "₹100+ Cr" cash; "if we need more funds, more funds will come" |
Guidance vs outcome
| Date | Guidance | Outcome | Verdict |
|---|---|---|---|
| Aug-25 | Q1 drop transitory | FY26 +29%, PAT +73% | Delivered |
| Aug-25 | Double-digit growth this year and next | +29%; Q1 FY27 +57% | Beat (PMY) |
| Aug-25 | Appliances break-even within FY26 | ~₹5.5 Cr loss per half | Missed |
| Feb-26 | Appliances break-even FY27 ("We have to") | Q1 FY27 loss widened; now FY28 | 3rd deferral |
| Aug-25 | LT EBITDA 8–10% | 3.9% reported / 2.7% core | Far off |
| Aug-25 | No margin compression from new categories | Appliance GM -100/-340/-120 bp | Contradicted |
| Aug-25 | Appliances 30% of mix in 2 yrs | 20–25% | Walked back |
| Aug-25 | No appliance manufacturing | Bhiwadi to assemble appliances | Contradiction |
| Feb-26 | PMY by June 2026 | Slipped to Sep-26 target | ~1 qtr delay |
| Aug-25 | Tranche 2 after tranche 1 | Not awarded | Pending |
| Nov-25 | Plant in 6–12 months | Bhiwadi leased; H2 FY27 | On track |
| Feb-26 | No dividend | ₹0.40 in May | Reversal |
Pattern. Management is credible on the sewing top line, not credible on appliances, and opaque on PMY economics, royalty and promoter intent. Recurring themes: zig-zag as "the future", industrial (push for BIS on industrial machines), value over price-led selling, Live Assist, Make in India, fans. Related-party-like cash flows ran to the SVP group: +₹4.49 Cr VSM equity in, against -₹11.6 Cr rights and -₹14.3 Cr advances out.
Growth, Outlook & Valuation
Order book and visibility
| Parameter | Detail |
|---|---|
| Conventional order book | None (B2C sell-through) |
| Only contracted backlog | PMY ₹202.70 Cr incl. GST; >60% done by 29 May 2026; ~₹80 Cr residual at FY26-end [Est.]; completion targeted Sep-26; residual disclosure withheld |
| Options | 25% extension ~₹50 Cr; tranche 2 ~4 lakh machines (extension or re-tender); combined ~₹300 Cr follow-on floated ("it will come when it will come"); zig-zag/industrial schemes "in discussion" |
| H2 FY27 base | Q3 FY26 ₹161.0 Cr (sewing 133.0); Q4 FY26 ₹166.3 Cr (sewing 136.8). Q3 FY27 is first quarter with little or no PMY |
Expansion, catalysts and guidance
| Item | Detail | Timing |
|---|---|---|
| Bhiwadi plant | Phase 1 assembly, 2 components, 3 industrial/appliances; 10,000+/month; up to ₹90 Cr (Mint >₹100 Cr) | Pilot H2 FY27 |
| SVP exports | Option under Nov-25 licence | 2–3 years |
| Q2 FY27 results | Last PMY-heavy quarter; Sep SHP | ~mid-Nov 2026; SHP ~21 Oct |
| CRISIL review | Upgrade to BBB plausible [Analyst inference] | Next review |
| Promoter action / open offer | Non-denial | Unknown |
| Auditor rotation | BSR term ends | 2027 AGM |
| Guidance | FY27 "double-digit" growth; appliances EBIT break-even FY28; industrial 30% of sewing in 2–3 yrs; EBITDA 8–10% long-term vision | – |
| Consensus FY27/FY28 | Not Available: no estimates (Trendlyne, Stockopedia, Tickertape) | – |
Street coverage
| Date | Source | Action | Reason |
|---|---|---|---|
| Sep 2012 | Ajcon Global | Buy ₹141 (pre-split) | Only broker call ever; stale |
| Feb 2026 | Emkay Global | Hosts calls; no report | Not coverage |
| 30 Apr 2026 | MarketsMojo (algorithmic) | Buy | P/B 2.8, PEG ~0.4 |
| 2 Sep 2026 | MarketsMojo (algorithmic) | Hold | Technical cooling |
| 13 Sep 2026 | MarketsMojo (algorithmic) | Hold | – |
| 22 Sep 2026 | MarketsMojo (algorithmic) | Buy | – |
| 30 Sep 2026 | MarketsMojo (algorithmic) | Hold | – |
| 5 Oct 2026 | MarketsMojo (algorithmic) | Valuation "very attractive" | PEG 0.08 |
| 6–7 Oct 2026 | MarketsMojo (algorithmic) | Buy (score 74) | Technicals; H1 sales +45.4% to ₹310.9 Cr, PAT ₹8.77 Cr (as stated) |
| 12 Oct 2026 | MarketsMojo (algorithmic) | Hold | Technicals softened; micro-cap |
| 2026 | Trendlyne user poll | 78.26% Buy (69 votes) | Retail crowd |
Valuation
| Metric (13 Oct 2026) | Value | Alternate |
|---|---|---|
| Market cap | ₹476 Cr | |
| EV | ~₹423 Cr (Jun-26 cash) | ~₹398 Cr Mar-26 cash; ~₹391 Cr market desk |
| TTM revenue / PAT | ₹609.8 Cr / ₹18.12 Cr | EPS ₹2.91 |
| P/E TTM | 26.3x | 25.5x ex-exc.; 37.0x FY26; ex-cash ~23x |
| P/B | 2.67x | 3-yr avg ~3.2–3.5x |
| EV/EBITDA TTM | 14.0x reported / 18.8x core | 13.2x/17.7x Mar-26 cash; ~28x FY26 core |
| EV/Sales | 0.69x | |
| Dividend yield | 0.52% | ₹0.40, ~19.5% payout, ₹2.49 Cr |
| FCF yield | 4.2% (FY26) | Negative on Q1 FY27 |
| Date | Price ₹ | Mcap ₹ Cr | Trailing PAT | P/E | P/B |
|---|---|---|---|---|---|
| Feb-2023 | 76.0 | ~465 | 8.3 | ~56x (155x underlying) | 3.4x |
| Oct-2023 | 113–134 | 700–820 | ~4.5 | 155–180x | 5.0–5.9x |
| 26 Apr 2024 | 88.7 | 543 | 4.50 | 121x | 3.7x |
| 13 Dec 2024 | 82.05 | 506 | 5.67 | 89x | 3.3x |
| 23 Jul 2025 | 71.21 | ~439 | 4.47 | 98x | 2.8x |
| 31 Dec 2025 | ~68 | 424 | 10.91 | 39x | 2.5x |
| 25 Mar 2026 | 68.34 | ~425 | 12.76 | 33x | 2.4x |
| 30 Jun 2026 | ~70.6 | 439 | 18.12 | 24x | 2.5x |
| 13 Oct 2026 | 76.5 | 476 | 18.12 | 26.3x | 2.67x |
3-yr P/E avg ~75–90x (median ~64x), distorted by FY24–25 EPS. Returns: Tickertape 1y -10.8%, 3y -32.7%, 5y +14.7%; MarketsMojo 1y -15.6% (Sensex -10.7%), YTD +8.6%. Dividends: FY17 ₹3.50 (₹10 FV), FY18 0.75, FY19 ~0.80 (derived), FY20 nil, FY21 1.00, FY22 1.00, FY23–25 nil, FY26 0.40. No buyback ever.
Normalised earnings and scenarios [Analyst View, illustrative; not price targets]
| Ex-PMY check (FY26) | Low PMY | High PMY |
|---|---|---|
| PMY revenue [Est.] | 85 | 125 |
| PMY EBIT at 8–10% [Est.] | ~7 | ~12 |
| Ex-PMY PBT (from ₹18.06 Cr) | ~11 | ~6 |
| Ex-PMY PAT (~25% tax) | ~8 | ~4.5 |
| Implied P/E at ₹476 Cr | ~60x | ~105x |
| FY28 scenario | Revenue | Core margin | PAT | Multiple | Value/share |
|---|---|---|---|---|---|
| Bear: no PMY follow-on, appliances still losing | ~480 | 1.5% | ~8 | 35x | ~₹45 |
| Base: partial replacement, appliances near break-even | ~560 | 2.5–3% | ~13 | 30x | ~₹63 |
| Bull: tranche 2 + Bhiwadi + appliances profitable | ~700 | 4.5% | ~28 | 25x | ~₹112 |
Per-share on 6.22 Cr shares; excludes takeover/open-offer optionality and further dilution.
Price action and sentiment
| Period | Price | Driver |
|---|---|---|
| Aug 2022 | ₹53.5→84.5 (+47%, 2 days) | Block sale; RJ buy |
| Apr 2023 | +10% UC | Khanna appointed |
| Oct 2023–Jan 2024 | Peak ₹123–134 | Porinju disclosure marked top |
| 2024–Jan 2026 | Slide to ~₹65 | Weak FY24–25, BIS disruption |
| Jul–Aug 2025 | Jump | PMY order |
| 19 Mar 2026 | NSE open ₹74.75, close ~₹70.4 (-7.9%) | Market sell-off |
| Spring 2026 | 52W low ₹55.21 | Market drawdown |
| 12 Aug 2026 | +20% UC to ₹91.30 (one source ₹87.04) | Q1 FY27 |
| Aug–Sep 2026 | High ₹91.4 (Screener) / ~94–95.7 | Momentum |
| 13 Oct 2026 | ₹76.5 (~18–20% off high) | No catalyst; post-PMY doubt |
Media and forums: "Jhunjhunwala stock" framing dominates (DSIJ, Benzinga, Business Today). Whalesbook was sceptical ("largely driven by government orders"); LNPR Capital (X) bullish; Arthneeti scored Q1 FY27 3/5. The ValuePickr thread (103 posts) has been silent since 29 Sep 2024. Bull points there: brand recall, debt-free. Bear points: "trading company", ~96% traded in FY23, royalty, promoter "leaking tank". No Reddit threads.
Final Verdict
Business quality
Weak
Rented brand; ~92% traded; 2.7% core margin; moat 2/5
Management
Medium
Sewing delivery good; appliance guidance slipped 3x; promoter opaque
Financial
Medium
No debt, net cash; OCF/PAT 0.64x over 5 yrs
Valuation
Expensive
26.3x TTM; ~60–105x ex-PMY [Est.]
Overall
Neutral
Watchlist; no position at CMP
Bull case
- Sewing ex-government is growing in the low teens (trade >25%, e-com >55% in Q1 FY27), and distressed Usha cedes share.
- BIS IS 15449 plus Jammu/Bhiwadi local zig-zag gives a compliance edge and an SVP export option; PMY tranche 2 or the 25% extension refills H2.
- Control transaction: a divesting RHIB and SVP's VSM on the register could produce an open offer [INFERRED]; net cash ~12–17% of market cap.
Bear case
- PMY cliff: Q3/Q4 FY27 lap ₹161/166 Cr quarters with no replacement order disclosed.
- Rented economics: ~70% of core EBITDA goes to SVP as licence fee, plus rights payments and advances; appliances lose ~₹10 Cr a year.
- Cash burn: Bhiwadi up to ₹90 Cr against ~₹58 Cr cash and weak conversion leads to dilution ("more funds will come").
Base case (12–18 months): Q2 FY27 is strong, as the last PMY quarter. Q3–Q4 FY27 revenue falls YoY or stays flat. FY27 growth is low double-digit only if early quarters carry the year. Appliances still lose money, Bhiwadi pilot starts, the CRISIL upgrade is possible, and the stock range-trades ₹55–90 until a follow-on order or promoter action.
5 things to remember
- The brand belongs to SVP: fee ₹10.67 Cr FY26 (AR).
- Core EBITDA ₹15.2 Cr (2.73%); reported ₹22.2 Cr includes ₹7 Cr of treasury income.
- PMY ≈15–22% of FY26 revenue [Est.]; due to complete around Sep 2026.
- 5-year OCF ₹26 Cr vs PAT ₹40.6 Cr; Jun-26 cash ~₹58 Cr.
- Promoter 30.49%, owners undisclosed, exit "neither confirmed nor denied"; zero FII/MF.
5 questions before investing
- How much FY26 and Q1–Q2 FY27 revenue was PMY, and is tranche 2 coming?
- What are the royalty rate, licence tenor and change-of-control terms with SVP?
- Who ultimately owns RHIB, and is a sale to SVP being negotiated?
- How will Bhiwadi be funded, and is equity planned?
- What makes appliances break even in FY28 after three misses?
[Analyst View] Singer India is a licensed trader whose FY26 inflection was bought with a one-off government order. It sits on a thin, royalty-burdened margin structure and is priced as if that order recurs. The balance sheet and the possible control transaction limit the downside but do not justify the price. Neutral: stay on the watchlist and revisit after the Q3 FY27 print or any SAST/open-offer filing.
Sources
Merged and de-duplicated from all six research inputs. All accessed 13 Oct 2026 unless noted.
Company filings, presentations, reports
Q1 FY27 deck: singerindia.com/.../2026/08/Investor-presentation.pdf
Q4 FY26 deck: .../2026/05/Investor-Presentation-Q4-and-FY-25-26.pdf
Q3 FY26 deck: .../2026/02/Investor-Presentation.pdf
Q2 FY26 deck: .../2025/11/Investor-Presentation-Q2-25-26.pdf
Q4 FY25 deck: .../2025/05/Investor-Presentation-Q4-and-24-25.pdf
Q4 FY24 deck: .../2024/05/Investor-Presentation-March-2024.pdf
Mar 2022 deck: .../2022/11/Investor-presentation-March-2022.pdf
Annual Report FY26: company site · NSE (15 Jul 2026)
Investor pages: financials · annual reports · investor calls · intimations · profile · board · RPT policy · skill centres
PMY Reg 30 intimation 22 Jul 2025: Intimation-220725.pdf
Board outcome 12 Nov 2025: 20251112192203280.pdf
Preferential outcome 4 Feb 2023: Outcome-of-Board-Meeting-4.2.2023.pdf
ESOP allotment 17 Oct 2024: 20241017120745325.pdf
PFAFF/Viking launch: shop.singerindia.com press release
Concall transcripts and summaries
Q1 FY26 (11 Aug 2025): Intimation-of-Transcript.pdf
Q2 FY26 (13 Nov 2025, image scan): 20251120121554060.pdf
Q3 FY26 (13 Feb 2026): Intimation_transcript-investor-call_signed.pdf
Q4 FY26 (29 May 2026): Intimation-4.pdf
Q1 FY27 (13 Aug 2026): BSE via BS · NSE
Exchange filings
BSE: VSM allotment 29 Dec 2025 · BSE: Feb-2023 preferential · NSE: CRISIL intimation 9 Apr 2026 · NSE: deviation statement May 2026 · NSE listing press release
Credit ratings
CRISIL 6 Feb 2026 · CRISIL 11 Nov 2024 · CRISIL 22 Aug 2023 · CRISIL 30 Aug 2022 · ICRA Jan 2019 · CARE Usha 9 Sep 2026
Financial databases
Screener 505729 · Screener SINGERIND · Tickertape · Equitymaster · BS company page · Simply Wall St · Trendlyne SAST · Trendlyne insider (SINGERIND) · Trendlyne bulk/block · Trendlyne holding · Trendlyne research · MarketsMojo holding · IIFL holding · IIFL board meetings · Upstox · Value Research · Stockopedia · Anand Rathi · Bajaj Finserv · MarketScreener · Smallcase · Peers: Bajaj · Butterfly · Stove Kraft · TTK
News and media
BS block deal · BS Jhunjhunwala · BS Khanna · Business Today bulk · Business Today UC · Outlook Business · DSIJ PMY · DSIJ Porinju · Benzinga · Benzinga Q2 · Whalesbook govt orders · Whalesbook Q3 · Whalesbook FY26 · Whalesbook CFO · BW Retail · Mint/FVBB · CB Insights (Mint) · Multibagg FY26 · Multibagg Q3 · Multibagg Q4 · Sahi Q1 · Sahi Q4 · Machine Maker · MarketScreener PMY · GoodReturns NSE debut · Groww · HRNXT · Muthoot · Equitybulls · BoardStewardship · MoneyWorks4Me · The Hawk · Daily Excelsior · F2F Khanna · F2F Usha · BS Usha · BW Legal · SCC Online · Legal Era
Ownership, parent, people
PRN Dec 2020 · PRN Dec 2021 · PRN 2021 results · PRN H1 2022 · Alluvial · Sunil Duggal · VSM Group · Platinum/SVP · PGA Securities · Jaykay board · Singer brand guidelines · SEBI 2009 · Indian Kanoon 2004
Industry, trade, regulatory
IMARC · Straits · IndexBox · busy.in HSN · Ximpex · Ximpex China · ImportGenius importer · ImportGenius Singer Sourcing · Volza · Jack India plant · Jack share · Jack 2025 · JUKI FY25 · JUKI correction · Janome · Envalith · Brother · Sewing QCO · Enviliance · BIS compendium · Mundhra QCO 2026 · Elitas · Kitchen QCO · CEEW · Prayas · Law.asia · Newslaundry · GST 5% · News on AIR · PIB · PM Vishwakarma voucher
Forums and social
Gaps not retrievable: Q1 FY27 transcript text, FY26 AR notes for business/governance desks (BSE 403, NSE timeout), Jun-26 balance sheet, RHIB beneficial owners, licence tenor, Jammu capacity, Q2 FY27 results.