Announcement • Jul 20
Sangam (India) Limited announced that it expects to receive INR 250.002 million in funding from Sangam E-Com Limited, Nidhi Mercantiles Ltd and other individual investors. Sangam (India) Limited announced a private placement to issue 1,800,000 Warrants convertible into equal number of Equity Shares at an issue price of INR 138.89 for the proceeds of INR 250,002,000 on preferential basis on July 18, 2026. Transaction involves participation of Shri Pranal Modani for 150,000 warrants, Shri Vinod Kumar Sodani for 150,000 warrants, Smt. Antima Soni for 100,000 warrants, Smt. Anjana Soni Thakur for 100,000 warrants, Smt. Krippie Soni for 200,000 warrants, returning investor, Sangam E-com Limited for 600,000 warrants and new investor, Nidhi Mercantiles Limited for 500,000 warrants. Transaction is approved by board of directors and is subject to approval of members of the Company and such regulatory/ statutory authorities as may be applicable. The warrants shall be convertible into equal number of equity shares on conversion. Warrant shall be convertible into equal number of equity shares within a period of 18 months from the date of allotment of warrant at exercise price of INR 416.67. Reported Earnings • Jul 19
First quarter 2027 earnings released: EPS: ₹8.16 (vs ₹0.42 in 1Q 2026) First quarter 2027 results: EPS: ₹8.16 (up from ₹0.42 in 1Q 2026). Revenue: ₹8.67b (up 9.8% from 1Q 2026). Net income: ₹410.2m (up ₹388.9m from 1Q 2026). Profit margin: 4.7% (up from 0.3% in 1Q 2026). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 13
Sangam (India) Limited to Report Q1, 2027 Results on Jul 18, 2026 Sangam (India) Limited announced that they will report Q1, 2027 results at 12:08 PM, Indian Standard Time on Jul 18, 2026 Upcoming Dividend • Jun 15
Upcoming dividend of ₹2.00 per share Eligible shareholders must have bought the stock before 22 June 2026. Payment date: 29 July 2026. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (0.6%). Reported Earnings • Jun 10
Full year 2026 earnings released: EPS: ₹16.44 (vs ₹6.33 in FY 2025) Full year 2026 results: EPS: ₹16.44 (up from ₹6.33 in FY 2025). Revenue: ₹32.3b (up 13% from FY 2025). Net income: ₹826.0m (up 160% from FY 2025). Profit margin: 2.6% (up from 1.1% in FY 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Board Change • May 14
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Non-Executive Independent Director Upendra Singh was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 23
Full year 2026 earnings released: EPS: ₹16.44 (vs ₹6.33 in FY 2025) Full year 2026 results: EPS: ₹16.44 (up from ₹6.33 in FY 2025). Revenue: ₹32.4b (up 14% from FY 2025). Net income: ₹826.0m (up 160% from FY 2025). Profit margin: 2.5% (up from 1.1% in FY 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹537, the stock trades at a trailing P/E ratio of 45.7x. Average trailing P/E is 18x in the Luxury industry in India. Total returns to shareholders of 102% over the past three years. Announcement • Apr 15
Sangam (India) Limited to Report Q4, 2026 Results on Apr 22, 2026 Sangam (India) Limited announced that they will report Q4, 2026 results on Apr 22, 2026 Reported Earnings • Jan 22
Third quarter 2026 earnings released: EPS: ₹4.87 (vs ₹0.49 in 3Q 2025) Third quarter 2026 results: EPS: ₹4.87 (up from ₹0.49 in 3Q 2025). Revenue: ₹7.75b (up 2.7% from 3Q 2025). Net income: ₹244.7m (up ₹220.2m from 3Q 2025). Profit margin: 3.2% (up from 0.3% in 3Q 2025). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Announcement • Jan 15
Sangam (India) Limited to Report Q3, 2026 Results on Jan 21, 2026 Sangam (India) Limited announced that they will report Q3, 2026 results on Jan 21, 2026 Reported Earnings • Nov 11
Second quarter 2026 earnings released: EPS: ₹4.60 (vs ₹1.10 in 2Q 2025) Second quarter 2026 results: EPS: ₹4.60 (up from ₹1.10 in 2Q 2025). Revenue: ₹7.85b (up 16% from 2Q 2025). Net income: ₹231.3m (up 317% from 2Q 2025). Profit margin: 2.9% (up from 0.8% in 2Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Announcement • Nov 03
Sangam (India) Limited to Report Q2, 2026 Results on Nov 10, 2025 Sangam (India) Limited announced that they will report Q2, 2026 results on Nov 10, 2025 Declared Dividend • Aug 29
Dividend of ₹2.00 announced Dividend of ₹2.00 is the same as last year. Ex-date: 12th September 2025 Payment date: 19th October 2025 Dividend yield will be 0.5%, which is higher than the industry average of 0.4%. Sustainability & Growth Dividend is well covered by both earnings (32% earnings payout ratio) and cash flows (9% cash payout ratio). The dividend has increased by an average of 2.9% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 3.9% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 02
First quarter 2026 earnings released: EPS: ₹0.42 (vs ₹2.84 in 1Q 2025) First quarter 2026 results: EPS: ₹0.42 (down from ₹2.84 in 1Q 2025). Revenue: ₹8.03b (up 16% from 1Q 2025). Net income: ₹21.3m (down 85% from 1Q 2025). Profit margin: 0.3% (down from 2.1% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Announcement • Jul 23
Sangam (India) Limited to Report Q1, 2026 Results on Aug 01, 2025 Sangam (India) Limited announced that they will report Q1, 2026 results on Aug 01, 2025 Reported Earnings • May 30
Full year 2025 earnings released: EPS: ₹7.65 (vs ₹8.21 in FY 2024) Full year 2025 results: EPS: ₹7.65 (down from ₹8.21 in FY 2024). Revenue: ₹28.7b (up 9.3% from FY 2024). Net income: ₹318.0m (down 22% from FY 2024). Profit margin: 1.1% (down from 1.6% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Announcement • May 22
Sangam (India) Limited to Report Q4, 2025 Results on May 29, 2025 Sangam (India) Limited announced that they will report Q4, 2025 results on May 29, 2025 New Risk • Mar 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 9.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.2% average weekly change). Profit margins are more than 30% lower than last year (1.3% net profit margin). Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ₹413, the stock trades at a trailing P/E ratio of 57.9x. Average trailing P/E is 23x in the Luxury industry in India. Total returns to shareholders of 56% over the past three years. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹348, the stock trades at a trailing P/E ratio of 48.8x. Average trailing P/E is 23x in the Luxury industry in India. Total returns to shareholders of 17% over the past three years. Reported Earnings • Feb 13
Third quarter 2025 earnings released: EPS: ₹0.49 (vs ₹0.77 in 3Q 2024) Third quarter 2025 results: EPS: ₹0.49 (down from ₹0.77 in 3Q 2024). Revenue: ₹7.51b (up 21% from 3Q 2024). Net income: ₹24.5m (down 36% from 3Q 2024). Profit margin: 0.3% (down from 0.6% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Feb 03
Sangam (India) Limited to Report Q3, 2025 Results on Feb 12, 2025 Sangam (India) Limited announced that they will report Q3, 2025 results on Feb 12, 2025 Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹435, the stock trades at a trailing P/E ratio of 58.4x. Average trailing P/E is 29x in the Luxury industry in India. Total returns to shareholders of 14% over the past three years. Reported Earnings • Oct 26
Second quarter 2025 earnings released: EPS: ₹1.10 (vs ₹2.13 in 2Q 2024) Second quarter 2025 results: EPS: ₹1.10 (down from ₹2.13 in 2Q 2024). Revenue: ₹6.77b (up 7.7% from 2Q 2024). Net income: ₹55.5m (down 48% from 2Q 2024). Profit margin: 0.8% (down from 1.7% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • Oct 21
Sangam (India) Limited Announces Reconstitution of the Committees Sangam (India) Limited announced that the Board of Directors of the Company has reconstituted the statutory committees and approved the same by resolution by circulation, which is considered as passed on dated 21st October, 2024. The Reconstitution of the Committees has been done due to vacancy on account of expiry of the second term of the Independent Directors Shri Achintya Karati and Shri T.K. Mukopadhyay on 23 September, 2024. The Board of Directors of the Company reconstituted the following committees with effect from 21 October, 2024:- Audit Committee: Shri Dinesh Chander Patwari - Chairman Non-Executive Independent Director Shri Upendra Prasad Singh - Member Non-Executive Independent Director; Shri Sudhir Maheshwari - Member Non-Executive Independent Director; Shri Anurag Soni - Member Managing Director & Executive Director; Nomination and Remuneration Committee: Shri Upendra Prasad Singh - Chairman Non-Executive Independent Director; Shri Dinesh Chander Patwari - Member Non-Executive Independent Director; Shri Ram Pal Soni - Member - Chairman & Executive Director. Risk Management Committee: Shri Anurag Soni: Chairman: Managing Director; Shri Vinod Kumar Sodani Member Executive Director; Shri Upendra Prasad Singh - Member - Non-Executive Independent Director; Smt. Irina Garg - Member - Non-Executive Independent Director; Shri Pranal Modani - Member CEO (Yarn & Denim Business) Stakeholders Relationship Committee: Shri Sudhir Maheshwari Chairman Non-Executive - Independent Director; Shri Dinesh Chander Patwari Member Non-Executive - Independent Director; Shri Ram Pal Soni- Member Chairman & Executive Director; Corporate Social Responsibility Committee: Shri Ram Pal Soni Chairman Chairman & Executive Director; Dr. S. N. Modani: Member: Executive Director; Smt. Irina Garg – Member - Non-Executive - Independent Director. Announcement • Oct 17
Sangam (India) Limited to Report Q2, 2025 Results on Oct 25, 2024 Sangam (India) Limited announced that they will report Q2, 2025 results at 4:00 PM, Indian Standard Time on Oct 25, 2024 Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹476, the stock trades at a trailing P/E ratio of 56.3x. Average trailing P/E is 31x in the Luxury industry in India. Total returns to shareholders of 190% over the past three years. Board Change • Sep 10
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Additional Non-Executive Independent Director Upendra Singh was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 02
Sangam (India) Limited, Annual General Meeting, Sep 23, 2024 Sangam (India) Limited, Annual General Meeting, Sep 23, 2024, at 16:00 Indian Standard Time. Declared Dividend • Sep 01
Dividend of ₹2.00 announced Dividend of ₹2.00 is the same as last year. Ex-date: 19th September 2024 Payment date: 23rd October 2024 Dividend yield will be 0.5%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (24% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 26% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹440, the stock trades at a trailing P/E ratio of 52.2x. Average trailing P/E is 29x in the Luxury industry in India. Total returns to shareholders of 238% over the past three years. Reported Earnings • Aug 13
First quarter 2025 earnings released: EPS: ₹2.84 (vs ₹2.57 in 1Q 2024) First quarter 2025 results: EPS: ₹2.84 (up from ₹2.57 in 1Q 2024). Revenue: ₹6.98b (up 3.1% from 1Q 2024). Net income: ₹142.8m (up 12% from 1Q 2024). Profit margin: 2.0% (up from 1.9% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 39% per year, which means it is well ahead of earnings. Announcement • Aug 09
Sangam (India) Limited Announces Executive Changes Sangam (India) Limited announce the resignation of Ms. Resham Maniyar as Compliance Officer of the Company with effect from 9th August, 2024, on account of ground of personal reason. The Company has appointed Mr. Arjun Agal (ICS! Membership No. A74400), the Company Secretary of the Company as the Compliance Officer with effect from August 10, 2024. Mr. Arjun Agal is a qualified Company Secretary and Chartered Accountant. He completed his graduation from M. D. S. University, Ajmer. He has a diverse professional background with expertise and 12 years of accomplished experience in Finance, Taxation, MIS, Treasury, EXIM, Audit Secretarial, etc. He has worked on various assignment related to compliance and corporate secretarial functions including Board processes and acquisitions under the Companies Act and the SEBI Regulations. He has been appointed as Company Secretary of Sangam (India) Limited with effect from July 31, 2024 and shall further also act as Compliance Officer with effect from August 10, 2024. Announcement • Aug 05
Sangam (India) Limited to Report Q1, 2025 Results on Aug 12, 2024 Sangam (India) Limited announced that they will report Q1, 2025 results at 4:00 PM, Indian Standard Time on Aug 12, 2024 Announcement • Jul 31
Sangam (India) Limited Appoints Arjun Agal as Company Secretary Effective July 31, 2024 Sangam (India) Limited at its board meeting held on 31st July, 2024, on recommendation of the Nomination & Remuneration Committee, has approved appointment of Shri. Arjun Agal as Company Secretary effective July 31, 2024. Mr. Arjun Agal is a qualified Company Secretary and Chartered Accountant. He completed his graduation from M. D. S. University, Ajmer. He has a diverse professional background with expertise and 12 years of accomplished experience in Finance, Taxation, MIS, Treasury, EXIM, Audit Secretarial, etc. He has worked on various assignment related to compliance and corporate secretarial functions including Board processes and acquisitions under the Companies Act and the SEBI Regulations. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹418, the stock trades at a trailing P/E ratio of 51.6x. Average trailing P/E is 27x in the Luxury industry in India. Total returns to shareholders of 292% over the past three years. Reported Earnings • May 12
Full year 2024 earnings released: EPS: ₹8.21 (vs ₹29.41 in FY 2023) Full year 2024 results: EPS: ₹8.21 (down from ₹29.41 in FY 2023). Revenue: ₹26.4b (down 2.6% from FY 2023). Net income: ₹408.2m (down 69% from FY 2023). Profit margin: 1.5% (down from 4.8% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 60% per year, which means it is well ahead of earnings. Announcement • May 11
Sangam (India) Limited Recommends Dividend for the Financial Year 2023-2024 Sangam (India) Limited at the Board of Directors meeting held on May 10, 2024, Recommended dividend @20% i.e INR 2/- per Equity Share for the Financial Year 2023-2024, subject to the approval of the members in the ensuing Annual General Meeting. Announcement • May 05
Sangam (India) Limited to Report Q4, 2024 Results on May 10, 2024 Sangam (India) Limited announced that they will report Q4, 2024 results on May 10, 2024 Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₹366, the stock trades at a trailing P/E ratio of 32.5x. Average trailing P/E is 27x in the Luxury industry in India. Total returns to shareholders of 354% over the past three years. Announcement • Feb 10
Sangam (India) Limited Announces Resignation of Mr. Anil Kumar Jain as Company Secretary & Compliance Officer Sangam (India) Limited announced resignation of Mr. Anil Kumar Jain as Company Secretary & Compliance Officer with effect from February 10, 2024. Reported Earnings • Feb 04
Third quarter 2024 earnings released: EPS: ₹0.77 (vs ₹3.99 in 3Q 2023) Third quarter 2024 results: EPS: ₹0.77 (down from ₹3.99 in 3Q 2023). Revenue: ₹6.24b (up 3.1% from 3Q 2023). Net income: ₹38.1m (down 78% from 3Q 2023). Profit margin: 0.6% (down from 2.9% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 96% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Feb 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. Independent Director Sudhir Maheshwari was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jan 26
Sangam (India) Limited to Report Q3, 2024 Results on Feb 03, 2024 Sangam (India) Limited announced that they will report Q3, 2024 results on Feb 03, 2024 Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₹454, the stock trades at a trailing P/E ratio of 32.1x. Average trailing P/E is 26x in the Luxury industry in India. Total returns to shareholders of 573% over the past three years. Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹377, the stock trades at a trailing P/E ratio of 26.6x. Average trailing P/E is 27x in the Luxury industry in India. Total returns to shareholders of 528% over the past three years. New Risk • Oct 27
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 12% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). High level of non-cash earnings (23% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.7% net profit margin). Shareholders have been diluted in the past year (3.3% increase in shares outstanding). Announcement • Oct 21
Sangam (India) Limited to Report Q2, 2024 Results on Oct 26, 2023 Sangam (India) Limited announced that they will report Q2, 2024 results on Oct 26, 2023 Announcement • Sep 23
Sangam (India) Limited Approves Dividend for the Year Ended 31St March, 2023 Sangam (India) Limited approved at its AGM held on 22nd September, 2023 Dividend of INR 2.00 per equity share for the year ended 31st March, 2023. Upcoming Dividend • Sep 08
Upcoming dividend of ₹2.00 per share at 0.6% yield Eligible shareholders must have bought the stock before 15 September 2023. Payment date: 22 October 2023. Payout ratio is a comfortable 6.8% but the company is not cash flow positive. Trailing yield: 0.6%. Lower than top quartile of Indian dividend payers (1.3%). In line with average of industry peers (0.5%). Announcement • Sep 01
Sangam (India) Limited, Annual General Meeting, Sep 22, 2023 Sangam (India) Limited, Annual General Meeting, Sep 22, 2023, at 16:00 Indian Standard Time. Agenda: To receive, consider and adopt the Audited Financial Statements (Standalone and Consolidated) of the Company for the financial year ended 31st March, 2023 together with the Reports of the Board and Auditors thereon; To declare a dividend of INR 2.00 per equity share for the year ended 31 March, 2023; to consider directorate reappointments; to approve the increase in borrowing limits of the Company under Section 180(1)(c) of the Companies Act, 2013; and to consider other matters. Reported Earnings • Aug 11
First quarter 2024 earnings released: EPS: ₹2.57 (vs ₹12.10 in 1Q 2023) First quarter 2024 results: EPS: ₹2.57 (down from ₹12.10 in 1Q 2023). Revenue: ₹6.79b (down 4.7% from 1Q 2023). Net income: ₹127.7m (down 76% from 1Q 2023). Profit margin: 1.9% (down from 7.4% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has increased by 89% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 09
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹388, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 23x in the Luxury industry in India. Total returns to shareholders of 725% over the past three years. Announcement • Aug 05
Sangam (India) Limited Announces Resignation of Jyoti Sharma as Independent Director Sangam (India) Limited informed that Smt. Jyoti Sharma submitted her resignation from the Board of the Company as an Independent Director with immediate effect. New Risk • Jun 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (89% net debt to equity). Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.6% average weekly change). Shareholders have been diluted in the past year (7.2% increase in shares outstanding). Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹277, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 20x in the Luxury industry in India. Total returns to shareholders of 534% over the past three years. Reported Earnings • Apr 30
Full year 2023 earnings released: EPS: ₹29.41 (vs ₹32.39 in FY 2022) Full year 2023 results: EPS: ₹29.41 (down from ₹32.39 in FY 2022). Revenue: ₹27.3b (up 12% from FY 2022). Net income: ₹1.31b (down 7.2% from FY 2022). Profit margin: 4.8% (down from 5.8% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 84% per year whereas the company’s share price has increased by 87% per year. Reported Earnings • Feb 15
Third quarter 2023 earnings released: EPS: ₹3.99 (vs ₹10.07 in 3Q 2022) Third quarter 2023 results: EPS: ₹3.99 (down from ₹10.07 in 3Q 2022). Revenue: ₹6.09b (down 6.3% from 3Q 2022). Net income: ₹175.5m (down 60% from 3Q 2022). Profit margin: 2.9% (down from 6.7% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 55% per year, which means it is significantly lagging earnings growth. Announcement • Feb 05
Sangam (India) Limited to Report Q3, 2023 Results on Feb 13, 2023 Sangam (India) Limited announced that they will report Q3, 2023 results on Feb 13, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: ₹6.95 (vs ₹6.88 in 2Q 2022) Second quarter 2023 results: EPS: ₹6.95 (up from ₹6.88 in 2Q 2022). Revenue: ₹7.09b (up 11% from 2Q 2022). Net income: ₹303.3m (up 1.5% from 2Q 2022). Profit margin: 4.3% (down from 4.7% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 78% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Second quarter 2023 earnings released: EPS: ₹6.95 (vs ₹6.88 in 2Q 2022) Second quarter 2023 results: EPS: ₹6.95 (up from ₹6.88 in 2Q 2022). Revenue: ₹7.12b (up 12% from 2Q 2022). Net income: ₹303.3m (up 1.5% from 2Q 2022). Profit margin: 4.3% (down from 4.7% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 80% per year, which means it is significantly lagging earnings growth. Announcement • Nov 12
Sangam (India) Limited Announces Expansion Project for Installation of 67 New Advance Technology Weaving Looms Sangam (India) Limited at its board meeting held on November 10, 2022 approved Expansion project for installation of 67 new advance technology weaving looms for manufacturing of fabrics at Weaving Unit, Village Atun, Chittorgarh Road, Bhilwara (Raj.). The estimated total cost of the Project will be INR 108.00 Crores, which proposed to be funded partly by term loan of INR 80.00 Crores and balance by internal accruals. The plant capacity shall be increased by finished fabrics 9.6 MM "million meters" of fabric per annum, this will increase the fabric production capacity by one third from existing 30.00 MM to 40.00 MM per annum. Announcement • Nov 03
Sangam (India) Limited to Report Q2, 2023 Results on Nov 10, 2022 Sangam (India) Limited announced that they will report Q2, 2023 results on Nov 10, 2022 Board Change • Oct 07
High number of new directors Independent Director Sudhir Maheshwari was the last director to join the board, commencing their role in 2022. Announcement • Oct 01
Sangam (India) Limited Approves Dividend for the Year Ended 31 March 2022 Sangam (India) Limited approved dividend of INR 2 per equity share for the year ended 31 March 2022 at its annual general meeting held on 29 September 2022. Announcement • Sep 30
Sangam (India) Limited Proposes to Declare Dividend for the Year Ended 31 March, 2022 Sangam (India) Limited at its AGM held on September 29, 2022 proposed to declare a Dividend of INR 2.00 per equity share for the year ended 31 March, 2022. Upcoming Dividend • Sep 14
Upcoming dividend of ₹2.00 per share Eligible shareholders must have bought the stock before 21 September 2022. Payment date: 29 October 2022. Payout ratio is a comfortable 4.9% but the company is not cash flow positive. Trailing yield: 0.6%. Lower than top quartile of Indian dividend payers (1.5%). In line with average of industry peers (0.7%). Announcement • Sep 08
Sangam (India) Limited, Annual General Meeting, Sep 29, 2022 Sangam (India) Limited, Annual General Meeting, Sep 29, 2022, at 16:00 Indian Standard Time. Agenda: To receive, consider and adopt the audited financial statements (standalone and consolidated) of the company for the financial year ended 31st March, 2022 together with the reports of the board and auditors thereon; to declare a dividend of INR 2.00 per equity share for the year ended 31st March, 2022; to appoint a Director in place of Mr. Ram Pal Soni (DIN: 00401439), who retires by rotation at this Annual General Meeting and being eligible, offers himself for re-appointment; to consider appointment of Statutory Auditor of the Company; and to consider other matters. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improved over the past week After last week's 20% share price gain to ₹313, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 13x in the Luxury industry in India. Total returns to shareholders of 811% over the past three years. Reported Earnings • Aug 03
First quarter 2023 earnings released: EPS: ₹12.10 (vs ₹3.19 in 1Q 2022) First quarter 2023 results: EPS: ₹12.10 (up from ₹3.19 in 1Q 2022). Revenue: ₹7.13b (up 74% from 1Q 2022). Net income: ₹525.3m (up 308% from 1Q 2022). Profit margin: 7.4% (up from 3.1% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 90% per year, which means it is significantly lagging earnings growth. Announcement • Jul 20
Sangam (India) Limited to Report Q1, 2023 Results on Jul 25, 2022 Sangam (India) Limited announced that they will report Q1, 2023 results on Jul 25, 2022 Reported Earnings • Jun 03
Full year 2022 earnings released: EPS: ₹32.23 (vs ₹1.04 in FY 2021) Full year 2022 results: EPS: ₹32.23 (up from ₹1.04 in FY 2021). Revenue: ₹24.4b (up 79% from FY 2021). Net income: ₹1.41b (up ₹1.36b from FY 2021). Profit margin: 5.8% (up from 0.3% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 71% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improved over the past week After last week's 24% share price gain to ₹306, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 13x in the Luxury industry in India. Total returns to shareholders of 426% over the past three years. Announcement • Jun 01
Sangam (India) Limited Recommends Dividend for the 2021-22 The board of directors of Sangam (India) Limited meeting held on May 30, 2022, recommended Dividend @20% i.e, INR 2/- per equity share for the financial year 2021-22 subject To Approve the members in the upcoming Annual General Meeting. Announcement • May 24
Sangam (India) Limited to Report Q4, 2022 Results on May 30, 2022 Sangam (India) Limited announced that they will report Q4, 2022 results on May 30, 2022 Valuation Update With 7 Day Price Move • May 10
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₹302, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 13x in the Luxury industry in India. Total returns to shareholders of 481% over the past three years. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improved over the past week After last week's 19% share price gain to ₹306, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 13x in the Luxury industry in India. Total returns to shareholders of 413% over the past three years. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₹289, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 12x in the Luxury industry in India. Total returns to shareholders of 446% over the past three years. Reported Earnings • Jan 23
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹10.07 (up from ₹1.88 in 3Q 2021). Revenue: ₹6.52b (up 48% from 3Q 2021). Net income: ₹437.4m (up 489% from 3Q 2021). Profit margin: 6.7% (up from 1.7% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 83% per year whereas the company’s share price has increased by 85% per year. Recent Insider Transactions • Jan 05
Executive Director recently sold ₹1.7m worth of stock On the 31st of December, Vinod Sodani sold around 5k shares on-market at roughly ₹347 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹311k more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 17% share price gain to ₹335, the stock trades at a trailing P/E ratio of 17.4x. Average trailing P/E is 13x in the Luxury industry in India. Total returns to shareholders of 363% over the past three years. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment improved over the past week After last week's 23% share price gain to ₹290, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 12x in the Luxury industry in India. Total returns to shareholders of 346% over the past three years. Valuation Update With 7 Day Price Move • Oct 30
Investor sentiment improved over the past week After last week's 18% share price gain to ₹283, the stock trades at a trailing P/E ratio of 14.7x. Average trailing P/E is 15x in the Luxury industry in India. Total returns to shareholders of 279% over the past three years. Reported Earnings • Oct 17
Second quarter 2022 earnings released: EPS ₹6.88 (vs ₹1.08 loss in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₹6.42b (up 106% from 2Q 2021). Net income: ₹298.7m (up ₹341.1m from 2Q 2021). Profit margin: 4.7% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment improved over the past week After last week's 16% share price gain to ₹202, the stock trades at a trailing P/E ratio of 17.7x. Average trailing P/E is 17x in the Luxury industry in India. Total returns to shareholders of 214% over the past three years. Recent Insider Transactions • Aug 06
Executive Director recently bought ₹1.4m worth of stock On the 3rd of August, Vinod Sodani bought around 10k shares on-market at roughly ₹142 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improved over the past week After last week's 19% share price gain to ₹150, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 21x in the Luxury industry in India. Total returns to shareholders of 73% over the past three years. Reported Earnings • Jul 23
First quarter 2022 earnings released: EPS ₹3.19 (vs ₹8.25 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹4.11b (up 278% from 1Q 2021). Net income: ₹128.9m (up ₹454.1m from 1Q 2021). Profit margin: 3.1% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Reported Earnings • May 08
Full year 2021 earnings released: EPS ₹1.04 (vs ₹3.37 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹13.7b (down 24% from FY 2020). Net income: ₹42.1m (down 68% from FY 2020). Profit margin: 0.3% (down from 0.7% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Announcement • May 06
Sangam (India) Limited Recommends Dividend for the 2020-21 Sangam (India) Limited recommended dividend 10% that, INR 1 per equity share for the financial year 2020-21 subject to approve the members in the upcoming Annual General Meeting.