Maris Spinners Limited
Introduction
Maris Spinners Limited is a textile manufacturing company located in India and deals with production of good quality yarn. The company also invests in renewable energy (wind and solar) to be used as captive consumption.
Industry Overview
The Indian textile industry:
It is one of the biggest sources of GDP and job creation.
India is the 2nd largest textile and cotton manufacturer in the world.
Good export demand and increasing domestic consumption.
Growth drivers:
Rising fashion demand
Technological advancements
Sustainability trends
Nevertheless, the industry has some challenges:
Problems with availability of raw materials.
Cotton and yarn volatility of prices.
Purpose of Analysis
To measure the financial performance and business strength.
To know the potential and risk of growth.
In order to determine the investment attractiveness.
Company Overview
Background and History
Established in 1979
Headquartered in Chennai
Listed on BSE (Scrip Code: 531503)
Business Model
Mainline business: Production of cotton yarn.
Revenue from:
Selling yarn in the local market.
Captive renewable power energy saving.
Cost drivers:
Raw materials (cotton)
Power & labor
Key Products / Services
Cotton thin (different counts and qualities)
Green power to internal consumption.
Market Position
Mid-sized spinning mill
The domestic textile market is the leading agenda.
Competitor to other Indian spinning mills.
Introduction Promoter / Founder.
Key Leadership
T. Raghuraman is the Managing Director.
The promoter group is well established in the textile industry.
Professional Background
The experience of the leadership team in the spinning industry is vast.
Technical directors possess over 30 years experience in fabrics.
Role in Company Growth
Strategic decisions are:
Creation of more spinning capacity.
Innovation in renewable energy.
Operational restructuring
Financial Statement
Profit and Loss
Particulars | Mar-23 | Mar-24 | Mar-25 |
Sales | 146.80 | 160.65 | 169.01 |
Gross Profit | 1.16 | 7.15 | 20.84 |
EBITDA | -4.75 | 1.72 | 15.32 |
Depreciation | 5.43 | 5.90 | 6.67 |
Interest | 5.51 | 9.09 | 10.30 |
Earnings Before Tax | -15.69 | -13.27 | -1.65 |
Net Profit | -10.86 | -9.13 | -1.26 |
Balance Sheet
Particulars | Mar-23 | Mar-24 | Mar-25 |
Equity Share Capital | 7.92 | 7.92 | 7.92 |
Reserves | 22.40 | 13.41 | 11.91 |
Total Equity | 30.32 | 21.33 | 19.83 |
Borrowings | 63.28 | 81.41 | 78.79 |
Other Liabilities | 36.44 | 30.84 | 31.37 |
Total Liabilities | 130.04 | 133.58 | 129.99 |
Fixed Assets | 65.71 | 67.86 | 61.64 |
Current Assets | 45.50 | 42.72 | 41.04 |
Total Assets | 130.04 | 133.58 | 129.99 |
Cash Flow Statement
Particulars | Mar-23 | Mar-24 | Mar-25 |
Cash Flow from Operating Activities | 1,843 | 973 | 2,931 |
Cash Flow from Investing Activities | 433 | 915 | -1,507 |
Cash Flow from Financing Activities | -2,254 | -2,244 | -1,034 |
Net Cash Flow | 22 | -356 | 390 |
Ratio Analysis
Ratio / Metric | Mar-23 | Mar-24 | Mar-25 |
Sales (₹ Cr) | 146.80 | 160.65 | 169.01 |
Net Profit (₹ Cr) | -10.86 | -9.13 | -1.26 |
Gross Profit (₹ Cr) | 1.16 | 7.15 | 20.84 |
Current Assets (₹ Cr) | 45.50 | 42.72 | 41.04 |
Current Liabilities (₹ Cr)* | 36.44 | 30.84 | 31.37 |
Borrowings (₹ Cr) | 63.28 | 81.41 | 78.79 |
Equity (₹ Cr) | 30.32 | 21.33 | 19.83 |
Interest (₹ Cr) | 5.51 | 9.09 | 10.30 |
Total Assets (₹ Cr) | 130.04 | 133.58 | 129.99 |
Strengths
✔ 45+ year history and brand recognition.
✔ Qualified management team.
✔ Visa-vita renewable energy saves money.
✔ Mature position in domestic yarn market.
Weaknesses
❌ Unending loss performance.
FY 2024-25 Net Loss: ₹149.63 lakhs
❌ extreme reliance on cotton prices.
❌ Low level of international diversification.
Risk Factors
Warning Sign: Volatility of price of raw material (cotton)
Caution: Demand variability in the textile industry.
⚠ Competition from:
Large textile companies
International suppliers
Future Outlook
Long-term growth of the industry is good.
Export expansion
Sustainable textile demand
Challenges:
Profitability improvement
Cost control
Final Review of Financial Wellbeing.
Revenue increased to ₹17,868.99 lakhs
Direct loss decreased since it was in the previous year.
Never as profitable as it could be.
Investment / Performance Perspective.
Short term: Risky (because of losses).
🔹 Long-term: Potential if:
Profitability improves
The situation in the industry becomes stable.