Maral Overseas Limited, incorporated in 1991, is part of the prestigious LNJ Bhilwara Group and stands as one of India's largest vertically integrated textile companies. The company was originally incorporated in 1989 and is headquartered in Noida, India. It is a vertically integrated textile company that manufactures cotton yarn, knitted fabrics, processed fabrics, and ready-made garments, with a presence throughout the textile value chain.
The company is an export-oriented unit, making it a significant player in India's textile export industry. This export-led company is part of the $750 million LNJ Bhilwara Group, whose leadership in the textile business is complemented by high-technology sectors of graphite electrodes and power generation. Set up in 1991 at Maral Sarovar, it is an $80 million (₹350 crore) composite company today.
As of Feb 10, 2025, the market capitalization of Maral Overseas Ltd stood at ₹307.33 Crore. It is classified as a Small Cap company by Value Research.
The latest annual figures show Revenue of ₹1,047 Crore and a Profit of -₹24.2 Crore. For the quarter ending March 2025 (Q4 FY25), Revenue was ₹274.70 Crore with a Net Profit of ₹0.23 Crore. This represents a quarterly net loss of ₹0.23 Crore, which is a significant improvement from a loss of ₹5.88 Crore in March 2024.
Maral Overseas reported an audited loss for FY25. The company appointed internal, cost, and secretarial auditors for FY26, indicating continued focus on financial management.
- P/B Ratio: 2.82 times (as of 10-Jun-2025), which is a 42% premium to its peers' median range of 1.99 times.
- P/E Ratio: Not available as TTM earnings are negative.
- Return on Equity: Low at -12.3% over the last 3 years.
- Sales Growth: Delivered a poor sales growth of 9.15% over the past five years.
- TTM Profit After Tax: ₹-24 Crore, indicating the company is currently loss-making.
The Company operates five ultra-modern manufacturing units producing 1,700 tonnes of grey yarn, 250 tonnes of dyed yarn, 700 tonnes of knitted fabric, and 8,50,000 pieces of garments every month. The Maral Sarovar plant, backed by captive power units, is located in Central India's cotton heartland, with garment factories situated in Noida and Faridabad.
The company has continuously expanded its operations. A new garment manufacturing unit was set up in Faridabad, commencing operations in December 2021. During 2021-22, a Spinning Unit with 18,864 spindles for producing Melange Yarn was established at its Sarovar Plant. Additionally, a new garment manufacturing unit was set up in Noida with 300 sewing machines, involving a capital outlay of ₹7.68 Crore.
Maral Overseas operates across three primary segments: Yarn, Fabrics, and Garments.
- Yarn: The company manufactures a range of blended yarns used in various textile applications such as knitting, weaving, towels, sweaters, socks, home furnishing, denim, and protective workwear. Its yarn products include compact yarn, slub yarn, core-spun yarn, eli twist yarn, zero twist yarn, and synthetic blends, among others. The portfolio also features single, double, dyed, cotton, polyester/cotton blended, viscose, modal, lyocell, bamboo, acrylic, nylon, and various specialty yarns (Giza, Pima/Supima, Organic, Recycled).
- Fabrics: The company offers cotton fabrics in various knits (single jersey, rib, interlock, piquet) and other structures (honeycombs, fleece, plaited, engineered stripes). It also provides spandex fabrics and fabrics made from special fibers and yarns like bamboo, soya, organic cotton, modal, lyocell, and features special finishes.
- Garments: Maral Overseas provides a range of garments including active and casual wear, sleepwear for men and women, fair trade garments, and soft toys for infants and kids, along with various home accessories.
Promoter Holding: Promoter holding in Maral Overseas Ltd increased to 74.95% as of December 2024, from 74.95% as of March 2024.
Pledged Shares: Promoters have pledged 48.0% of their holding, which investors should consider.
Leadership: The Chairman and Managing Director of the company is Shekhar Agarwal, indicating consolidated leadership at the top management level.
Financial Challenges: Potential investors should be aware of several financial challenges, including a low interest coverage ratio, which suggests difficulties in servicing debt obligations. The company is currently loss-making, with a TTM profit after tax of ₹-24 Crore.
Industry Dynamics: Despite being a well-established, vertically integrated player with strong group backing, the company's recent financial performance has been challenging. The textile industry's inherent cyclical nature, raw material price volatility, and global market dynamics continue to impact profitability.
Strategic Position: The company's strategic position as a vertically integrated manufacturer with an export focus provides competitive advantages. However, investors must carefully consider the current financial performance and industry outlook. Recent capacity expansions and modernization efforts signal management's commitment to long-term growth, although immediate financial returns remain under pressure.
