1. preface 

Angel filaments Limited was incorporated on 14 February 2014 as a Private Limited Company at Rajkot, Gujarat, and latterly converted to a Public Limited company on 11 December 2017. 

 Listed on BSE- SME platform( Code 541006); its manufacturing installation is at Survey No. 100/1, Kalavad- Ranuja Road, Village Haripar, Jamnagar District, Gujarat — near to the cotton-rich belts of Saurashtra. 

 India's cotton yarn sector is a crucial import earner, contributing significantly to the broader cloth frugality, which accounts for roughly 2.3% of GDP and roughly 12% of total wares exports. 

 Government support through the EPCG scheme, 2 interest subvention on term loans from the Ministry of fabrics, and 7 interest subvention from the Gujarat State Government give a structural cost advantage to registered units like Angel filaments. 

This report evaluates Angel filaments Limited's fiscal performance across FY 2022- 23, FY 2023- 24, and FY 2024- 25 to give stakeholders a data- driven assessment of the company's fiscal health, strengths, pitfalls, and investment outlook. 

2. Company Overview 

 Innovated 2014; Unit 1 commissioned first( 19,584 spindles); Unit 2( 20,064 spindles) added to expand capacity; both units produce 100 cotton ring- spun, slate, single yarn. 

 Business model Raw cotton carried locally from Saurashtra and Maharashtra cotton- growing belts, converted into decoration carded, trolled, and compact cotton yarns for domestic needlewomen and sewers. 

Also trades in cotton waste, a by- product of yarn manufacturing, as a secondary profit line. 

 Products 100 Cotton Yarn — Carded, trolled, and Compact( Combed Compact) — in counts NE 20s to NE 50s, designed for knitting and weaving operations. 

3. protagonist/ Author preface

Mr. Rameshbhai J. Ranipa — Chairman and Executive Director 

 launching protagonist and president of Angel filaments Limited; led the company from objectification in 2014 through BSE- SME table, bringing deep roots in the Gujarat cloth trading and manufacturing ecosystem. 

 Responsible for all strategic opinions including point selection at Jamnagar, capacity expansion from Unit 1 to Unit 2, and securing EPCG and government subvention enrollments that reduced capex costs. 

Other Promoters and Board Members 

 Core protagonist group includes Jitendra Gopalbhai Raiyani, Pankaj Becharbhai Bhimani, Rohankumar Jitendra Raiyani, Hiteshkumar Chhaganbhai Chaniyara, Chandrakant Bhimjibhai Gopani, Rutvikkumar Prabhudas Bhensdadiya, Jyoti Jashvantray Kataria — a broad,multi-family protagonist base. 

 Ms. Reena Kanabar — Company Secretary and Compliance Officer, responsible for BSE- SME nonsupervisory forms and shareholder dispatches. 

 Independent Directors Hiteshkumar C. Chaniyara and others give Board- position governance oversight. 

4. Financial Statement Analysis 

All numbers standalone, Rs. Crore. Source BSE India, Screener.in. Note Angel filaments reports on a half-monthly base as a BSE- SME listed reality. 

4.1 Income Statement Analysis

profit grew explosively from Rs. 121 Cr in FY23 to Rs. 201 Cr in FY25 — a 66 increase over two times — driven by Unit 2 ramping up capacity and strengthening demand for fine cotton yarn. 

 The company returned to profitability from a net loss of Rs. 6 Cr in FY23 to a net profit of Rs. 1.84 Cr in FY25 — a clear positive curve driven by operating influence from advanced volumes. 

4.2 Balance Sheet Analysis

•  Net worth bettered from roughly Rs. 22 Cr in FY23 to Rs. 29.7 Cr in FY25, backed by retained gains; book value per share rose to Rs. 11.9, slightly below the current request price of Rs. 13.2. 
•  Borrowings declined precipitously — from roughly Rs. 65 Cr to roughly Rs. 45 Cr — reflecting steady debt prepayment funded by perfecting operating cash overflows. 

4.3 Cash Flow Statement Analysis

Operating cash overflows turned positive in FY24 and FY25, reflecting the profitability recovery and bettered debtor collection( days down from 25.4 to 19.7). 

Backing exoduses in FY24 – FY25 reflect loan disbursements; the shift from financing inrushes( FY23 borrowings) to exoduses( FY24 – 25 disbursements) marks a healthy deleveraging curve. 

4.4 Key Financial Ratios

ROCE bettered to 8.76 in FY25, and ROE to 6.80 — both meaningful reclamations from the loss- making position in FY23, attesting genuine functional reversal. 

P/ E contraction from roughly 21x to 9.38 x reflects the requested earnings overhead as profitability normalised; stock still trades near book value( P/ B 1.11 x). 

5. crucial perceptivity and Interpretation 

Strengths 

profit grew 66% in two times and the company swung from a Rs. 6 Cr loss in FY23 to a Rs. 1.84 Cr profit in FY25 — strong directional instigation. 

EPCG scheme enrollment , 2 central and 7 state interest subventions give meaningful structural cost savings that lower peers may warrant. 

Debtor days enhancement from 25.4 to 19.7 days and working capital cycle reduction from 27.9 to 19.0 days reflect tensing functional controls. 

sins 

 28.7% of protagonist shares pledged if lenders bring pledges during request downturns, it could spark forced selling and destabilise the stock and operation. 

Net periphery of 0.92 and OPM of 4 give minimum bumper against raw cotton price harpoons or demand wimpiness — a structural point of commodity cotton spinning. 

 Despite returning to profitability, no tip has been declared; limits appeal to income- acquainted investors. 

threat Factors 

 Raw Cotton Price threat Cotton procurement is concentrated in Saurashtra and Maharashtra belts; adverse thunderstorms, import policy changes, or MSP hikes can fleetly compress perimeters. 

protagonist Pledge Risk 28.7 pledge exposure is an ongoing governance concern; lender- touched off deals could beget significant stock price volatility. 

 Contingent Liability threat Rs. 10.40 Cr in contingent arrears, if crystallised, would represent roughly 35 of FY25 net worth — a material implicit impact. 

unborn Outlook 

 profit of Rs. 201 Cr in FY25 and continued half-monthly instigation in H1 FY26( Rs. 110 Cr) suggest the company is on track for a fourth successive half- time of profit growth, potentially reaching Rs. 210 – 220 Cr in FY26. 

 Sustained debt reduction and perfecting ROCE( 8.76) may support an implicit migration from BSE- SME to the main BSE board, significantly perfecting liquidity and investor visibility. 

6. Conclusion 

 Angel filaments Limited has executed a genuine functional reversal. profit grew 66 over two times, the company returned to profitability in FY24 and bettered PAT to Rs. 1.84 Cr in FY25, debtor days bettered significantly, and debt is on a declining line. ROCE of 8.76 and ROE of 6.80 confirm that returns on capital are beginning to normalise. The balance distance is solvent, and government subvention benefits give a structural cost edge for the Jamnagar installation. 

Suitable for Small- cap, growth- acquainted investors with forbearance for SME platform illiquidity, willing to hold for 2 – 3 times as functional scaling continues. 

7. Data Source 

• BSE India (bseindia.com) — Annual reports, quarterly results, corporate filings
• NSE India (nseindia.com) — Stock data, exchange disclosures
• Screener.in — P&L, balance sheet, ratios, shareholding data