Swaraj Suiting September revenue rises 72% to Rs 219.52 crore

Swaraj Suiting Limited reported standalone revenue from operations of Rs 219.52 crore for the quarter ended September 30, 2026, up 72% from Rs 127.38 crore a year earlier, while profit from continuing operations rose 94% to Rs 17.29 crore. The reported business is a single Textiles operating segment.

How did Swaraj Suiting perform in the September quarter?

Swaraj Suiting recorded Rs 219.52 crore of revenue from operations in the September 2026 quarter, an increase of Rs 92.14 crore from the September 2025 quarter. Revenue also rose from Rs 183.37 crore in the June 2026 quarter, making the September period the larger of the two quarters reported for the half year ended September 30, 2026.

Total revenue, including other income, was Rs 221.44 crore in the September quarter, compared with Rs 128.06 crore a year earlier and Rs 185.59 crore in the June quarter. Other income was Rs 1.92 crore, higher than Rs 0.67 crore in September 2025 but below Rs 2.23 crore in June 2026, so the sequential increase in total revenue came from operations rather than other income.

Swaraj Suiting’s profit before tax increased to Rs 27.28 crore in the September 2026 quarter from Rs 12.20 crore in the prior-year quarter. It was also above Rs 20.79 crore in the June 2026 quarter, while total income after other comprehensive income was Rs 17.19 crore, compared with Rs 8.89 crore a year earlier.

What drove Swaraj Suiting’s higher September-quarter profit?

Swaraj Suiting’s profit from continuing operations was Rs 17.29 crore after current tax of Rs 8.38 crore and deferred tax of Rs 1.62 crore in the September 2026 quarter. The corresponding profit was Rs 8.89 crore in September 2025, while the June 2026 quarter delivered Rs 16.22 crore, reflecting a higher pre-tax result in September.

Total expenses rose to Rs 194.16 crore from Rs 115.85 crore a year earlier as cost of materials consumed more than doubled to Rs 162.92 crore from Rs 71.49 crore. Other expenses increased to Rs 20.96 crore from Rs 13.73 crore and employee benefit expense rose to Rs 9.57 crore from Rs 7.82 crore.

Purchases of stock-in-trade declined to Rs 14.44 crore in the September quarter from Rs 56.54 crore in the prior-year quarter. Changes in inventories were a Rs 29.56 crore credit to expenses, compared with a Rs 50.23 crore credit a year earlier, meaning that this expense reduction was smaller despite the increase in operating revenue.

Financial costs fell to Rs 9.74 crore from Rs 10.28 crore in the year-earlier quarter, while depreciation and amortisation decreased to Rs 6.10 crore from Rs 6.22 crore. These two cost lines moved lower even as revenue from operations increased by Rs 92.14 crore year on year.

How did Swaraj Suiting’s half-year results compare with last year?

Swaraj Suiting reported revenue from operations of Rs 402.89 crore for the half year ended September 30, 2026, compared with Rs 204.17 crore in the corresponding previous half year. Total revenue rose to Rs 407.04 crore from Rs 205.53 crore, while profit before tax increased to Rs 48.07 crore from Rs 23.67 crore.

Profit from continuing operations for the six months was Rs 33.51 crore, against Rs 17.02 crore in the corresponding period of 2025. Total income was Rs 33.45 crore, because other comprehensive income was a loss of Rs 5.39 lakh in the latest half year; the comparable prior-year half reported no other comprehensive income amount.

Cost of materials consumed rose to Rs 245.01 crore from Rs 124.56 crore in the half-year comparison, whereas purchases of stock-in-trade fell to Rs 43.66 crore from Rs 65.69 crore. The inventory-change credit was Rs 21.53 crore, below the Rs 68.87 crore credit recorded in the corresponding previous half year.

Finance costs increased to Rs 21.19 crore from Rs 19.48 crore for the six-month period, and employee benefit expense rose to Rs 18.58 crore from Rs 13.78 crore. Basic earnings per share were Rs 12.69 against Rs 7.73, while diluted earnings per share were Rs 10.60 against Rs 7.73.

Swaraj Suiting said it excluded other comprehensive income from the numerator used to calculate earnings per share under Indian Accounting Standard 33, Earnings Per Share. The company also restated previous-period earnings-per-share figures to maintain comparability with the September 2026 reporting period.

What changed in Swaraj Suiting’s balance sheet and cash flow?

Swaraj Suiting’s total assets stood at Rs 964.15 crore at September 30, 2026, up from Rs 855.56 crore at March 31, 2026. Property, plant and equipment increased to Rs 313.13 crore from Rs 288.19 crore, while capital work in progress rose to Rs 61.19 crore from Rs 45.71 crore.

Trade receivables increased to Rs 173.64 crore at September 30 from Rs 123.95 crore at the March 2026 year-end. Inventories were nearly unchanged at Rs 235.44 crore, compared with Rs 235.77 crore, and cash and cash equivalents declined to Rs 7.73 crore from Rs 10.58 crore.

Long-term borrowings increased to Rs 208.26 crore from Rs 185.78 crore, while short-term borrowings rose to Rs 134.46 crore from Rs 115.76 crore. Trade payables due to others were Rs 182.79 crore, compared with Rs 162.75 crore at March 31, while other equity increased to Rs 312.85 crore from Rs 280.13 crore.

Net cash generated from operating activities was Rs 40.59 crore for the half year ended September 30, 2026, compared with an outflow of Rs 16.59 crore for the year ended March 31, 2026. Investing activities used Rs 66.38 crore, including Rs 69.01 crore for purchases of tangible assets, while financing activities generated Rs 22.94 crore and cash declined by Rs 2.85 crore overall.

Conclusion

Swaraj Suiting’s September-quarter growth translated into higher profit before tax and a 94% rise in profit from continuing operations. Revenue from operations increased 72% to Rs 219.52 crore, while first-half revenue reached Rs 402.89 crore and first-half continuing-operations profit was Rs 33.51 crore. Materials consumption, employee costs and other expenses rose with activity, while stock-in-trade purchases declined.

The next reported period will show whether the Rs 49.69 crore increase in trade receivables since March 31, 2026 is converted into operating cash. It will also provide an update on capital work in progress, which rose Rs 15.48 crore to Rs 61.19 crore at September 30, 2026, alongside the company’s tangible-asset purchases of Rs 69.01 crore in the half year.