Gangotri Textiles Limited
1. Introduction
Gangotri Textiles Limited (GANGOTRI) lists on BSE and NSE, incorporated on 26th July 1989 in Coimbatore, Tamil Nadu. Face value Rs. 5/share. Promoted by the Manoj Kumar Tibrewal family, it built vertically integrated textiles - spinning, weaving, processing, garments across Tamil Nadu and Maharashtra plants. Sold garments as Tibre brand.
Peak FY14–15: Rs. 74–81 crore revenue, Rs. 445+ crore debt. Losses, lender pressure, e-auction asset sales left zero revenue since FY19, Rs. 330.89 crore frozen debt, Rs. 15 crore assets, Rs. 342–343 crore losses. Initiated CIRP at NCLT; still files quarters - latest Q3 FY26 (Dec 2025) on Jan 30, 2026. Report uses Screener.in, BSE data for FY22–24.
2. Company Overview
Background and History
Started as waste-cotton recycler; grew multi-unit in Coimbatore area. Unit I (open-end spinning) at Palladam 1993. Unit II (Sri Dwarka) at Avinashi 1995. Unit III sick acquisition Kolhapur MH 1997–98. Unit IV 16,800-spindle ring spin Udumalpet 2000. Unit V garment processing Perundurai SIPCOT 2001. Captive power 2004; windmills too.
Collapse - FY14 to FY19
Revenue slid Rs. 81 crore (FY14), 74 (FY15), 26 (FY16), 0.57 (FY17). Huge impairments drove Rs. 54, 46, 39 crore net losses-Rs. 28-30 crore interest, Rs. 17-23 crore depreciation each year. Lenders e-auctioned all assets, recovered Rs. 191.05 crore; Rs. 330.89 crore debt balance frozen FY19–25. Fixed assets crashed Rs. 194 crore (FY14) to Rs. 0.02 crore (FY17+).
Post-Asset-Sale Status
Post FY19 zero revenue, zero interest (lenders not chasing cash post-sale), zero dep (no assets). The Supreme Court Nov 2025 upheld Rs. 6.51 crore tax penalty. Rs. 8.33 crore contingent liabilities (Screener). CIRP started at NCLT; quarterly filings continue. Q3 FY26 loss just Rs. 5.60 lakh-bare compliance costs.
3. Promoter Introduction
Promoter holding steady at 24.53% since FY16 through Dec 2025. Data notes 74.8% of that pledged-major red flag. Effective free stake just 6.3%. Key figures:
Name | Designation | Note |
|---|---|---|
Manoj Kumar Tibrewal | Chairman & MD / Promoter | Founder; Tibrewal family; Coimbatore base |
N. Venkatesan | Promoter | Promoter group |
M.V. Suryaprabha | Promoter | Family member |
S. Sivashanmugam | Promoter | Promoter group |
74.8% promoter stake | Pledged to lenders | Can be sold anytime |
Table 1: Promoters and Directors
Tibrewal economic control gutted by pledges. Lender sale could slash holding more. 6.77% DII, 68.69% public (11,700+ holders).
4. Financial Statement Analysis
4.1 Income Statement (FY22–FY24)
Zero revenue FY22–24 (since FY19). Expenses tiny: Rs. 0.09, 0.07, 0.07 crore-pure compliance. Other income Rs. 0.06 crore FY22 only. Net losses Rs. 0.03, 0.86 (tax adj.), 0.07 crore. No interest, debt, dividends.
Particulars (Rs. Crore) | FY22 | FY23 | FY24 |
|---|---|---|---|
Revenue (Sales) | 0.00 | 0.00 | 0.00 |
Total Expenses | 0.09 | 0.07 | 0.07 |
Operating Loss | -0.09 | -0.07 | -0.07 |
Other Income | 0.06 | 0.00 | 0.00 |
Interest | 0.00 | 0.00 | 0.00 |
Net Loss | -0.03 | -0.86 | -0.07 |
EPS (Rs.) | -0.01 | -0.26 | -0.02 |
Table 2: Income Statement - FY22 to FY24
4.2 Balance Sheet (FY22–FY24)
Assets flat Rs. 15.17-15.96 crore. Equity Rs. 16.31 crore vs. reserves -342.49 to -343.43 crore (21x losses). Net worth ~Rs. -326 crore-insolvent. Borrowings locked Rs. 330.89 crore FY19+. Fixed assets Rs. 0.02 crore post-sale. Rs. 15.01 crore investments static-likely sub/associate at cost.
Particulars (Rs. Crore) | FY22 | FY23 | FY24 |
|---|---|---|---|
Equity Capital | 16.31 | 16.31 | 16.31 |
Reserves (accum. loss) | -342.49 | -343.35 | -343.43 |
Borrowings (frozen) | 330.89 | 330.89 | 330.89 |
Other Liabilities | 11.25 | 11.32 | 11.41 |
Total Assets | 15.96 | 15.17 | 15.18 |
Fixed Assets | 0.02 | 0.02 | 0.02 |
Investments | 15.01 | 15.01 | 15.01 |
Book Value/Share (Rs.) | ~ -99.7 | ~ -100 | ~ -100 |
Table 3: Balance Sheet Summary - FY22 to FY24 (Source: Screener.in)
Borrowings frozen at Rs. 330.89 Cr since FY19
4.3 Cash Flow
Ops cash -0.03 to -0.07 crore (admin). Investing minor negative. Financing +0.08–0.10 crore covers gaps. Net zero change-total stasis.
Cash Flow (Rs. Crore) | FY22 | FY23 | FY24 |
|---|---|---|---|
Operating | -0.03 | -0.08 | -0.07 |
Investing | -0.07 | -0.01 | -0.01 |
Financing | 0.10 | 0.08 | 0.08 |
Net Change | 0.00 | 0.00 | 0.00 |
Table 4: Cash Flow Summary - FY22 to FY24
4.4 Key Ratios
Ratio | FY22 | FY23 | FY24 | Observation |
|---|---|---|---|---|
ROCE % | -0.64% | -1.64% | -1.84% | No productive capital |
Revenue (Rs. Cr) | 0.00 | 0.00 | 0.00 | Zero since FY19 |
Net Loss (Rs. Cr) | -0.03 | -0.86 | -0.07 | FY23 tax hit |
EPS (Rs.) | -0.01 | -0.26 | -0.02 | Tiny |
Promoter Holding | 24.53% | 24.53% | 24.53% | 74.8% pledged |
Book Value/Share | ~ -100 | ~ -100 | ~ -100 | Negative |
Frozen Borrowings | 330.89 | 330.89 | 330.89 | Static since FY19 |
Table 5: Key Financial Ratios - FY22 to FY24
5. Key Insights and Interpretation
Rs. 330.89 Crore Frozen Debt
Core issue: Rs. 330.89 crore borrowings static since FY19. Lenders grabbed Rs. 191.05 crore from asset e-auctions; shortfall lingers unpaid/unrestructured. Debt:assets ratio ~22:1 vs. Rs. 15 crore assets-extreme overhang.
Pledged Promoter Stake Risk
74.8% of 24.53% promoter hold pledged. Invocation/sale could tank control further. At Rs. 0.61/share, Rs. 1.99 crore mcap, even small dump pressures price. Screener flags as a live threat.
CIRP and Tax Hit
CIRP underway at NCLT. Supreme Court Nov 2025 confirmed Rs. 6.51 crore tax penalty. Eats ~43% of Rs. 15 crore assets (mostly Rs. 15.01 crore investments). Rs. 8.33 crore contingents pile on.
Listing Survival
No revenue/assets/ops, yet files quarters amid CIRP. Q3 FY26 loss Rs. 5.60 lakh.
6. Conclusion
Ex-textile powerhouse gutted: all ops assets e-auctioned. FY22–24: zero revenue, Rs. 0.07–0.09 crore expenses, micro losses. Balance sheet wrecked-Rs. 330.89 crore frozen debt (FY19 lock), Rs. 342–343 crore losses, Rs. 15 crore assets (investments dominant). Book ~Rs. -100/share (FV Rs. 5).
CIRP active, 74.8% promoter pledge on 24.53% stake, Rs. 6.51 crore SC tax upheld, Rs. 8.33 crore contingents. Rs. 0.61/share mcap bets on CIRP lottery-no fundamentals left. Business is extinct.
Sources:
- Screener
- BSE