Ashutosh Fibre: China made up 21.8% of FY26 revenue

Ashutosh Fibre generated Rs 25.5893 crore from China in FY26, the financial year ended March 31, 2026, equal to 21.80% of revenue from operations. China also represented 55.92% of Rs 45.7585 crore in export revenue, making it Ashutosh Fibre’s largest disclosed overseas market.

How much FY26 revenue did China account for at Ashutosh Fibre?

China accounted for Rs 25.5893 crore, or 21.80%, of Ashutosh Fibre’s Rs 117.3714 crore revenue from operations in FY26. The country was the largest individual overseas market in the geographical-sales disclosure, ahead of Germany at Rs 7.5537 crore and Hungary at Rs 7.3043 crore. Revenue from operations includes sales of manufactured and traded yarn, job-work charges and other operating revenue.

China’s weight was larger within exports than within overall operating revenue. China sales of Rs 25.5893 crore equalled 55.92% of Ashutosh Fibre’s Rs 45.7585 crore export revenue in FY26, calculated from the disclosed country and export totals. Export revenue was 38.99% of operating revenue, while domestic revenue, including job-work services, was Rs 69.4214 crore or 59.15%.

The disclosed figures mean that export revenue depends materially on sales in China. Ashutosh Fibre manufactures specialised technical yarns, including para-aramid yarn, which has high strength and heat resistance, meta-aramid yarn, which provides flame retardancy, and polypropylene and modacrylic-based yarns. Continued sales at the FY26 level would depend on customer demand, the company’s ability to supply these products and conditions in its export markets.

How did China’s share of Ashutosh Fibre revenue change?

China sales increased to Rs 25.5893 crore in FY26 from Rs 22.5265 crore in FY25, but remained below Rs 28.0477 crore in FY24. China’s share of revenue from operations moved from 25.53% in FY24 to 19.75% in FY25 and then to 21.80% in FY26. The FY26 share was therefore 2.05 percentage points above FY25 but 3.73 percentage points below FY24.

Export revenue followed a different pattern over the same three years. Ashutosh Fibre reported Rs 47.8949 crore of exports in FY24, Rs 43.3915 crore in FY25 and Rs 45.7585 crore in FY26. The Rs 2.3670 crore increase in FY26 export revenue was cited by the company as a primary contributor to the Rs 3.3374 crore increase in revenue from operations to Rs 117.3714 crore.

China represented more than half of Ashutosh Fibre’s exports in all three disclosed years. Based on the reported country and export totals, China accounted for 58.56% of exports in FY24, 51.91% in FY25 and 55.92% in FY26. China’s Rs 3.0628 crore sales increase in FY26 exceeded the Rs 2.3670 crore increase in total exports, indicating that reduced or discontinued sales in some other destinations offset part of the gain.

Which export markets changed besides China in FY26?

Hungary became a larger destination, while Russia recorded no sales in FY26. Hungary sales rose from Rs 3.2213 crore in FY24 to Rs 5.7152 crore in FY25 and Rs 7.3043 crore in FY26, when the country accounted for 6.22% of revenue from operations. Russia recorded Rs 3.7787 crore in FY24 and Rs 2.9997 crore in FY25, followed by nil in FY26.

Germany remained the second-largest disclosed foreign market despite a small decline. Germany sales were Rs 9.3871 crore in FY24, Rs 7.7463 crore in FY25 and Rs 7.5537 crore in FY26, equal to 6.44% of FY26 operating revenue. Brazil sales declined to Rs 2.7377 crore from Rs 3.2244 crore, while Ashutosh Fibre reported Rs 84.89 lakh of sales in South Africa in FY26 after reporting no sales there in FY24 or FY25.

China, Germany and Hungary together produced Rs 40.4473 crore of FY26 sales, equal to 88.40% of total export revenue. This concentration shows that changes in demand across three markets can affect the export total. Ashutosh Fibre identifies general economic and business conditions in its markets, government-policy changes, customer demand and global distress from pandemic, war or other causes as factors that may affect results and cash flows.

What role did domestic sales play in Ashutosh Fibre’s FY26 mix?

Domestic revenue remained larger than exports in FY26 but declined slightly from FY25. Ashutosh Fibre recorded domestic revenue of Rs 69.4214 crore in FY26, compared with Rs 69.7183 crore in FY25 and Rs 60.9823 crore in FY24. The FY26 domestic figure includes job-work services, under which customers provide raw materials and Ashutosh Fibre undertakes processing or manufacturing work for a charge.

Gujarat was Ashutosh Fibre’s largest disclosed domestic market at Rs 34.1988 crore, or 29.14% of FY26 revenue from operations. Uttar Pradesh increased to Rs 9.0845 crore from Rs 3.4183 crore in FY25, whereas Punjab fell to Rs 7.2569 crore from Rs 10.5305 crore. Gujarat alone generated more sales than Germany or Hungary, although it was below China’s Rs 25.5893 crore only when comparing individual foreign countries.

The geographical-sales tables total Rs 115.1799 crore in FY26, or 98.13% of the Rs 117.3714 crore revenue from operations in the financial key performance indicators. Ashutosh Fibre separately reported Rs 2.1915 crore of other operating revenue in FY26, including net foreign-exchange fluctuations and other operating revenues. The country and state figures therefore describe disclosed geographical sales rather than every component of operating revenue.

How did export growth fit Ashutosh Fibre’s FY26 results?

Ashutosh Fibre’s total income rose to Rs 117.4317 crore in FY26 from Rs 114.9740 crore in FY25, while profit after tax increased to Rs 16.0423 crore from Rs 8.5092 crore. The company attributed the operating-revenue increase to higher export sales, higher other operating revenue and higher job-work income, citing market demand and pricing. Other income declined to Rs 6.03 lakh in FY26 from Rs 94 lakh in FY25.

Cost of materials consumed fell to Rs 64.6757 crore in FY26 from Rs 69.7359 crore in FY25, while power and fuel expense declined to Rs 6.3323 crore from Rs 8.9351 crore. Ashutosh Fibre attributed the lower power and fuel expense to use of solar power and improved power management. Earnings before finance costs, tax, depreciation and amortisation, known as EBITDA, increased to Rs 31.0715 crore from Rs 17.8358 crore, and the EBITDA margin rose to 26.47% from 15.64%.

Combined actual production increased to 4,275 metric tonnes in FY26 from 3,900 metric tonnes in FY25, while combined capacity utilisation rose to 89.52% from 81.68%. Installed capacity was 4,775 metric tonnes in both years, following an additional 250 metric tonnes per annum capacity effective April 21, 2024. Ashutosh Fibre states that raw-material availability and prices, customer demand, industry growth and manufacturing efficiency can affect its operations, margins and cash flows.

Conclusion

Ashutosh Fibre’s FY26 geographical-sales data show that China was the central market within an export business contributing 38.99% of operating revenue. China accounted for 21.80% of total operating revenue and 55.92% of exports, while Germany and Hungary together added Rs 14.8580 crore of foreign sales. The country mix makes export performance sensitive to movements in a small group of markets.

The next disclosed matters to watch are whether China sales remain near Rs 25.5893 crore, whether Hungary continues its rise after reaching Rs 7.3043 crore and whether Russia resumes sales after recording nil in FY26. Ashutosh Fibre has also disclosed customer demand, raw-material availability and prices, policy changes and global disruptions as unresolved factors that could affect future results.