Upcoming Dividend • Aug 15
Upcoming dividend of ₹0.60 per share Eligible shareholders must have bought the stock before 20 August 2026. Payment date: 26 September 2026. Payout ratio is a comfortable 7.6% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of Indian dividend payers (1.4%). In line with average of industry peers (0.5%). Reported Earnings • Aug 03
Full year 2026 earnings released: EPS: ₹7.88 (vs ₹9.31 in FY 2025) Full year 2026 results: EPS: ₹7.88 (down from ₹9.31 in FY 2025). Revenue: ₹3.41b (up 5.5% from FY 2025). Net income: ₹102.1m (down 15% from FY 2025). Profit margin: 3.0% (down from 3.7% in FY 2025). 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 3% per year, which means it is significantly lagging earnings growth. Declared Dividend • Aug 01
Dividend of ₹0.60 announced Dividend of ₹0.60 is the same as last year. Ex-date: 20th August 2026 Payment date: 26th September 2026 Dividend yield will be 0.4%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (8% earnings payout ratio) and cash flows (2% cash payout ratio). The dividend has decreased over the past 86 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 92% to shift the payout ratio to a potentially unsustainable range, which is more than the 3.6% EPS decline seen over the last 5 years. Announcement • Jul 30
Shiva Texyarn Limited, Annual General Meeting, Aug 27, 2026 Shiva Texyarn Limited, Annual General Meeting, Aug 27, 2026, at 10:00 Indian Standard Time. Announcement • Jul 27
Shiva Texyarn Limited to Report Q1, 2027 Results on Aug 06, 2026 Shiva Texyarn Limited announced that they will report Q1, 2027 results on Aug 06, 2026 Board Change • Jul 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. 3 experienced directors. 4 highly experienced directors. Non-Executive Independent Director Jayaram Govindarajan was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 28
Full year 2026 earnings released: EPS: ₹7.88 (vs ₹9.31 in FY 2025) Full year 2026 results: EPS: ₹7.88 (down from ₹9.31 in FY 2025). Revenue: ₹3.46b (up 7.3% from FY 2025). Net income: ₹102.1m (down 15% from FY 2025). Profit margin: 2.9% (down from 3.7% in FY 2025). 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 9% per year, which means it is significantly lagging earnings growth. Announcement • May 14
Shiva Texyarn Limited to Report Q4, 2026 Results on May 27, 2026 Shiva Texyarn Limited announced that they will report Q4, 2026 results on May 27, 2026 Valuation Update With 7 Day Price Move • May 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹181, the stock trades at a trailing P/E ratio of 14.1x. Average trailing P/E is 18x in the Luxury industry in India. Total returns to shareholders of 49% over the past three years. Buy Or Sell Opportunity • Apr 06
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 26% to ₹135. The fair value is estimated to be ₹175, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.3% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Mar 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to ₹152. The fair value is estimated to be ₹191, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.3% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Feb 09
Third quarter 2026 earnings released: EPS: ₹1.26 (vs ₹1.36 in 3Q 2025) Third quarter 2026 results: EPS: ₹1.26 (down from ₹1.36 in 3Q 2025). Revenue: ₹764.2m (up 1.5% from 3Q 2025). Net income: ₹16.3m (down 7.8% from 3Q 2025). Profit margin: 2.1% (down from 2.3% in 3Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Jan 22
Shiva Texyarn Limited to Report Q3, 2026 Results on Feb 05, 2026 Shiva Texyarn Limited announced that they will report Q3, 2026 results on Feb 05, 2026 Reported Earnings • Nov 06
Second quarter 2026 earnings released: EPS: ₹4.49 (vs ₹2.13 in 2Q 2025) Second quarter 2026 results: EPS: ₹4.49 (up from ₹2.13 in 2Q 2025). Revenue: ₹1.06b (up 11% from 2Q 2025). Net income: ₹58.2m (up 110% from 2Q 2025). Profit margin: 5.5% (up from 2.9% in 2Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Oct 27
Shiva Texyarn Limited to Report Q2, 2026 Results on Nov 05, 2025 Shiva Texyarn Limited announced that they will report Q2, 2026 results at 9:15 AM, Indian Standard Time on Nov 05, 2025 Upcoming Dividend • Aug 07
Upcoming dividend of ₹0.60 per share Eligible shareholders must have bought the stock before 14 August 2025. Payment date: 20 September 2025. Payout ratio is a comfortable 6.4% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.3%). Lower than average of industry peers (0.6%). Reported Earnings • Jul 27
Full year 2025 earnings released: EPS: ₹9.31 (vs ₹8.31 loss in FY 2024) Full year 2025 results: EPS: ₹9.31 (up from ₹8.31 loss in FY 2024). Revenue: ₹3.23b (down 3.7% from FY 2024). Net income: ₹120.6m (up ₹228.3m from FY 2024). Profit margin: 3.7% (up from net loss in FY 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Jul 24
Shiva Texyarn Limited, Annual General Meeting, Aug 21, 2025 Shiva Texyarn Limited, Annual General Meeting, Aug 21, 2025, at 10:00 Indian Standard Time. Announcement • Jul 21
Shiva Texyarn Limited to Report Q1, 2026 Results on Aug 07, 2025 Shiva Texyarn Limited announced that they will report Q1, 2026 results on Aug 07, 2025 New Risk • May 28
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 0.3% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.6x net interest cover). Earnings have declined by 25% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₹2.71b market cap, or US$31.6m). Reported Earnings • May 23
Full year 2025 earnings released: EPS: ₹9.31 (vs ₹8.31 loss in FY 2024) Full year 2025 results: EPS: ₹9.31 (up from ₹8.31 loss in FY 2024). Revenue: ₹3.25b (down 3.1% from FY 2024). Net income: ₹120.6m (up ₹228.3m from FY 2024). Profit margin: 3.7% (up from net loss in FY 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • May 22
Shiva Texyarn Limited (BSE:511108) agreed to acquire 11.50% stake in Finecot Spinning Mills Private Limited for INR 0.35 million. Shiva Texyarn Limited (BSE:511108) agreed to acquire 11.50% stake in Finecot Spinning Mills Private Limited for INR 0.35 million on May 22, 2025. Under the terms of the transaction, Shiva Texyarn Limited (BSE:511108) will pay cash consideration of INR 0.345 million for the purchase of 3,450 equity shares of Finecot Spinning Mills Private Limited valued at INR 100 each.
Finecot Spinning Mills Private Limited reported a turnover of INR 56,464,093 for the year ended March 31, 2025.
The transaction is subject to approval of offer by acquirer board. The deal has been approved by the board. The expected completion of the transaction is May 22, 2025 to August 22, 2025. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹228, the stock trades at a trailing P/E ratio of 26.7x. Average trailing P/E is 24x in the Luxury industry in India. Total returns to shareholders of 21% over the past three years. Announcement • May 10
Shiva Texyarn Limited to Report Q4, 2025 Results on May 22, 2025 Shiva Texyarn Limited announced that they will report Q4, 2025 results on May 22, 2025 Reported Earnings • Feb 08
Third quarter 2025 earnings released: EPS: ₹1.36 (vs ₹5.71 loss in 3Q 2024) Third quarter 2025 results: EPS: ₹1.36 (up from ₹5.71 loss in 3Q 2024). Revenue: ₹754.4m (flat on 3Q 2024). Net income: ₹17.7m (up ₹91.8m from 3Q 2024). Profit margin: 2.3% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Jan 28
Shiva Texyarn Limited to Report Q3, 2025 Results on Feb 06, 2025 Shiva Texyarn Limited announced that they will report Q3, 2025 results on Feb 06, 2025 New Risk • Jan 20
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.7% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.7x net interest cover). Share price has been highly volatile over the past 3 months (9.7% average weekly change). Earnings have declined by 35% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₹3.04b market cap, or US$35.1m). Reported Earnings • Nov 12
Second quarter 2025 earnings released: EPS: ₹2.13 (vs ₹1.99 loss in 2Q 2024) Second quarter 2025 results: EPS: ₹2.13 (up from ₹1.99 loss in 2Q 2024). Revenue: ₹957.1m (down 3.1% from 2Q 2024). Net income: ₹27.7m (up ₹53.5m from 2Q 2024). Profit margin: 2.9% (up from net loss in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. New Risk • Nov 09
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 7.7% 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 Risks Interest payments are not well covered by earnings (0.3x net interest cover). Earnings have declined by 35% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Market cap is less than US$100m (₹3.47b market cap, or US$41.1m). Announcement • Oct 28
Shiva Texyarn Limited to Report Q2, 2025 Results on Nov 11, 2024 Shiva Texyarn Limited announced that they will report Q2, 2025 results on Nov 11, 2024 New Risk • Sep 21
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 7.8% 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 Risks Interest payments are not well covered by earnings (0.3x net interest cover). Earnings have declined by 35% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Market cap is less than US$100m (₹2.37b market cap, or US$28.4m). Announcement • Aug 21
Shiva Texyarn Limited Announces Appointment of Sri Jayaram Govindarajan as an Independent Director Shiva Texyarn Limited at its AGM held on August 21, 2024, approved appointment of Sri Jayaram Govindarajan as an independent director not liable to retire by rotation, for a period of five consecutive years effective from May 24, 2024. Announcement • Jul 31
Shiva Texyarn Limited to Report Q1, 2025 Results on Aug 09, 2024 Shiva Texyarn Limited announced that they will report Q1, 2025 results on Aug 09, 2024 Reported Earnings • Jul 30
Full year 2024 earnings released: ₹8.31 loss per share (vs ₹5.12 loss in FY 2023) Full year 2024 results: ₹8.31 loss per share (further deteriorated from ₹5.12 loss in FY 2023). Revenue: ₹3.35b (down 18% from FY 2023). Net loss: ₹107.7m (loss widened 62% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Announcement • Jul 25
Shiva Texyarn Limited, Annual General Meeting, Aug 21, 2024 Shiva Texyarn Limited, Annual General Meeting, Aug 21, 2024, at 10:00 Indian Standard Time. Reported Earnings • May 25
Full year 2024 earnings released: ₹8.31 loss per share (vs ₹5.12 loss in FY 2023) Full year 2024 results: ₹8.31 loss per share (further deteriorated from ₹5.12 loss in FY 2023). Revenue: ₹3.40b (down 17% from FY 2023). Net loss: ₹107.7m (loss widened 62% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. New Risk • Feb 12
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% 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 (19% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 26% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₹2.22b market cap, or US$26.7m). Reported Earnings • Feb 10
Third quarter 2024 earnings released: ₹5.71 loss per share (vs ₹7.22 loss in 3Q 2023) Third quarter 2024 results: ₹5.71 loss per share (improved from ₹7.22 loss in 3Q 2023). Revenue: ₹764.2m (down 19% from 3Q 2023). Net loss: ₹74.1m (loss narrowed 21% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. New Risk • Jan 29
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 8.8% 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 Earnings have declined by 19% per year over the past 5 years. Minor Risks High level of debt (77% net debt to equity). Share price has been volatile over the past 3 months (8.8% average weekly change). Market cap is less than US$100m (₹2.18b market cap, or US$26.2m). Announcement • Jan 25
Shiva Texyarn Limited to Report Q3, 2024 Results on Feb 09, 2024 Shiva Texyarn Limited announced that they will report Q3, 2024 results on Feb 09, 2024 Reported Earnings • Nov 12
Second quarter 2024 earnings released: ₹1.99 loss per share (vs ₹3.25 loss in 2Q 2023) Second quarter 2024 results: ₹1.99 loss per share (improved from ₹3.25 loss in 2Q 2023). Revenue: ₹992.0m (up 8.9% from 2Q 2023). Net loss: ₹25.9m (loss narrowed 39% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Announcement • Oct 28
Shiva Texyarn Limited to Report Q2, 2024 Results on Nov 09, 2023 Shiva Texyarn Limited announced that they will report Q2, 2024 results on Nov 09, 2023 Announcement • Sep 23
Shiva Texyarn Limited Approves Appointment of V Bhuvaneshwari as Non-Executive Independent Director Shiva Texyarn Limited at its AGM held on September 21, 2023, approved the appointment of Smt. V Bhuvaneshwari as a Non-Executive Independent Director of the Company. For a term of 5 consecutive years commencing from June 26, 2023 till June 25, 2028. Smt. V. Bhuvaneshwari B.Com, B.L., aged 61 years is a Senior Partner in Ramani & Shankar Advocates Coimbatore. She has over 36 years of experience exclusively in Corporate and Allied Laws including SEBl, NBFC and FEMA Regulations. Has a track record of structuring and papering many mega domestic and cross-border joint ventures, collaborations, acquisitions, holds Directorship in M/s. Precot Limited, M/s Elgi Rubber i Company Limited and M/s. Kovai Medical Center and I Hospital Limited. Sri. Kannapiran Mills Limited and also a Member in the Audit Committee and Nomination and Remuneration committees of those companies. Announcement • Aug 25
Shiva Texyarn Limited, Annual General Meeting, Sep 21, 2023 Shiva Texyarn Limited, Annual General Meeting, Sep 21, 2023, at 10:00 Indian Standard Time. Agenda: To receive, consider and adopt the Audited Financial Statements of the Company for the financial year ended 31 March, 2023, the reports of the Board of Directors and the Auditors thereon; to appoint a Director in the place of Smt. S Sujana Abirami who retires by rotation and being eligible, offers herself for re-appointment; to consider appointment of Smt. V Bhuvaneshwari as an Independent Director; and to consider ratification of remuneration payable to Sri M Nagarajan, Cost Auditor of the Company. New Risk • Aug 11
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 7.3% 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 Earnings have declined by 10% per year over the past 5 years. Minor Risks High level of debt (65% net debt to equity). Share price has been volatile over the past 3 months (7.3% average weekly change). Market cap is less than US$100m (₹1.80b market cap, or US$21.7m). Reported Earnings • Aug 11
First quarter 2024 earnings released: ₹4.62 loss per share (vs ₹0.47 profit in 1Q 2023) First quarter 2024 results: ₹4.62 loss per share (down from ₹0.47 profit in 1Q 2023). Revenue: ₹905.8m (down 29% from 1Q 2023). Net loss: ₹59.9m (down ₹66.0m from profit in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Announcement • Aug 01
Shiva Texyarn Limited to Report Q1, 2024 Results on Aug 10, 2023 Shiva Texyarn Limited announced that they will report Q1, 2024 results on Aug 10, 2023 Reported Earnings • May 27
Full year 2023 earnings released: ₹5.12 loss per share (vs ₹15.44 profit in FY 2022) Full year 2023 results: ₹5.12 loss per share (down from ₹15.44 profit in FY 2022). Revenue: ₹4.27b (down 11% from FY 2022). Net loss: ₹66.4m (down 133% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Announcement • May 26
Shiva Texyarn Limited Announces Not Recommend Dividend for the Financial Year 2022-2023 Shiva Texyarn Limited announced that at its board meeting held on 25 May 2023, the board of directors have not recommended any dividend for the financial year 2022-2023. Buying Opportunity • May 16
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ₹151, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Apr 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 9.5%. The fair value is estimated to be ₹153, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Mar 28
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 1.4%. The fair value is estimated to be ₹153, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Feb 14
Third quarter 2023 earnings released: ₹7.22 loss per share (vs ₹4.64 profit in 3Q 2022) Third quarter 2023 results: ₹7.22 loss per share (down from ₹4.64 profit in 3Q 2022). Revenue: ₹947.8m (down 37% from 3Q 2022). Net loss: ₹93.5m (down 256% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 10% per year. Announcement • Jan 31
Shiva Texyarn Limited to Report Q3, 2023 Results on Feb 11, 2023 Shiva Texyarn Limited announced that they will report Q3, 2023 results on Feb 11, 2023 Reported Earnings • Nov 18
Second quarter 2023 earnings released: ₹3.25 loss per share (vs ₹6.34 profit in 2Q 2022) Second quarter 2023 results: ₹3.25 loss per share (down from ₹6.34 profit in 2Q 2022). Revenue: ₹911.8m (down 20% from 2Q 2022). Net loss: ₹42.1m (down 151% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 4 highly experienced directors. Non-Executive Independent Director Arjunaraj Dhananjayan was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 26
Upcoming dividend of ₹1.40 per share Eligible shareholders must have bought the stock before 02 September 2022. Payment date: 11 October 2022. Payout ratio is a comfortable 12% but the company is not cash flow positive. Trailing yield: 0.9%. Lower than top quartile of Indian dividend payers (1.6%). Higher than average of industry peers (0.5%). Reported Earnings • Aug 10
First quarter 2023 earnings released: EPS: ₹0.47 (vs ₹3.78 in 1Q 2022) First quarter 2023 results: EPS: ₹0.47 (down from ₹3.78 in 1Q 2022). Revenue: ₹1.28b (up 49% from 1Q 2022). Net income: ₹6.08m (down 88% from 1Q 2022). Profit margin: 0.5% (down from 5.7% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₹154, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 12x in the Luxury industry in India. Total returns to shareholders of 20% over the past three years. Board Change • Jun 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 4 highly experienced directors. Non-Executive Independent Director Arjunaraj Dhananjayan was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 28
Full year 2022 earnings released: EPS: ₹15.44 (vs ₹9.47 in FY 2021) Full year 2022 results: EPS: ₹15.44 (up from ₹9.47 in FY 2021). Revenue: ₹4.77b (up 40% from FY 2021). Net income: ₹200.1m (up 63% from FY 2021). Profit margin: 4.2% (up from 3.6% 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 67% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 11
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹191, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 12x in the Luxury industry in India. Total returns to shareholders of 55% over the past three years. Reported Earnings • Feb 08
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹4.64 (up from ₹4.26 in 3Q 2021). Revenue: ₹1.50b (up 55% from 3Q 2021). Net income: ₹60.1m (up 8.8% from 3Q 2021). Profit margin: 4.0% (down from 5.7% in 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 25
Investor sentiment improved over the past week After last week's 18% share price gain to ₹290, the stock trades at a trailing P/E ratio of 15.7x. Average trailing P/E is 14x in the Luxury industry in India. Total returns to shareholders of 62% over the past three years. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improved over the past week After last week's 16% share price gain to ₹242, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 13x in the Luxury industry in India. Total returns to shareholders of 24% over the past three years. Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment improved over the past week After last week's 22% share price gain to ₹232, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 12x in the Luxury industry in India. Total returns to shareholders of 20% over the past three years. Reported Earnings • Nov 18
Second quarter 2022 earnings released: EPS ₹6.34 (vs ₹1.73 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₹1.15b (up 38% from 2Q 2021). Net income: ₹82.2m (up 267% from 2Q 2021). Profit margin: 7.2% (up from 2.7% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment improved over the past week After last week's 26% share price gain to ₹230, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 16x in the Luxury industry in India. Total returns to shareholders of 12% over the past three years. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improved over the past week After last week's 26% share price gain to ₹200, the stock trades at a trailing P/E ratio of 28x. Average trailing P/E is 17x in the Luxury industry in India. Total loss to shareholders of 56% over the past three years. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improved over the past week After last week's 25% share price gain to ₹163, the stock trades at a trailing P/E ratio of 21.7x. Average trailing P/E is 17x in the Luxury industry in India. Total loss to shareholders of 68% over the past three years. Is New 90 Day High Low • Jan 06
New 90-day high: ₹132 The company is up 52% from its price of ₹86.80 on 08 October 2020. The Indian market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 26% over the same period. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 17% share price gain to ₹132, the stock is trading at a trailing P/E ratio of 56.3x, up from the previous P/E ratio of 48.2x. This compares to an average P/E of 20x in the Luxury industry in India. Total return to shareholders over the past three years is a loss of 79%. Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment improved over the past week After last week's 28% share price gain to ₹112, the stock is trading at a trailing P/E ratio of 45.1x, up from the previous P/E ratio of 35.2x. This compares to an average P/E of 19x in the Luxury industry in India. Total returns to shareholders over the past year are 30%. Is New 90 Day High Low • Dec 16
New 90-day high: ₹102 The company is up 4.0% from its price of ₹98.00 on 17 September 2020. The Indian market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 21% over the same period. 
