1. Trident Ltd

Trident Ltd. was incorporated in 1990 and is headquartered in Ludhiana, Punjab. Trident Group is USD 1 billion Indian business conglomerate and a paramount group of businesses. Trident Ltd. is a flagship company of Trident Group which is growing under the dynamic leadership of founder Chairman Mr. Rajinder Gupta. The company works with the vision of being inspired by the challenge and adding value to life and prosper globally. The company has transfigured itself from being a sole yarn manufacturer to the largest, integrated home textile manufacturers in the world. Apart from being in the Towel segment, it has built a world-class bed linen facility in Madhya Pradesh.

Today’s Price – Rs 6.85

Last Year’s Price – Rs 6.18

Market Capitalization – 3,500.92 crore

P/E Ratio – 10.22

Moving Average – Bullish

Debt Reduction


Declining Net Profit (YoY)
Rising dividend since the past five years Declining Net Cash-flows
Zero promoter pledge Fall in quarterly revenue and net profit (YoY)
Strong momentum Fall in TTM Net Profit


2. KPR Mills Ltd

KPR Mill Ltd. is one of the leading apparel manufacturing companies in India with mass production of yarn, knitted grey, and dyed. KPR manufactures combed, Grey Melange, carded, and compact yarn used for producing apparels of the world’s leading brands using modern machinery of international standards. The fabric division of the company is equipped with a high speed automatic circular knitting machines. The company is encouraged by the customer’s desire for innovative designs, create fashion trends for men, women, and children. Due to vertical integration of the manufacturing process the company is able to customize its product as per the client’s aspirations with consistent quality assurance.

Today’s Price – Rs 490.15

Last Year’s Price – Rs 610.05

Market Capitalization – 3,373.75 crore

P/E Ratio – 11.45

Moving Average – Bullish


Low Debt


Growing cost for long term projects


Zero Promoter Debt


Reducing quarterly Net Profit


Improving book value per share


Fall in TTM Net Profit


Increasing shareholding of FII/FPI


Reducing cash flows from operations


3. Himatsingka Group

Himatsingka Group, founded in 1985 is a vertically integrated home textile major with its presence across Asia, Europe, and North America. The group has manufacturing, retailing, and distribution of the home textile products as its focal point. The group is one of the largest capacities in the world producing drapery fabrics, bed linen products, and upholstery fabrics. With an employee size of 5000, the company continues to expand in the home textile ecosystem. It has its highest focus on customer satisfaction with efficient supply chain capabilities, design and product development, and world-class manufacturing processes.

Today’s Price – Rs 63.90

Last Year’s Price – Rs 159.10

Market Capitalization – 629.14 crore

P/E Ratio – 3.1

Moving Average – Bearish


Rising Dividends from the past five years


Decreased shareholdings of MFs


Improving book value per share


Reducing Net Profit (QoQ)


The stock gained more than 20% in a month


Inefficient use of shareholder’s funds


Zero Promoter Pledge


Fall in TTM Net Profit


4. Jindal Worldwide Ltd

Jindal Worldwide Ltd. is a flagship of Jindal Group based in Ahmedabad which founded in 1986 as Jindal Textiles Mills Private Ltd. Subsequently, in 1993 it was converted into an Ltd. company and was recognized as Jindal Textiles Mills Ltd. and presently it is known as Jindal Worldwide Ltd. Jindal is a leading exporter of textile goods like denim, bed linens, technic fabric exporting to countries such as Germany, Italy, UAE, France, USA, Saudi Arabia, etc. Jindal Textiles is a perfect blend of dreams and dedication. For the past 3 decades, the company is working on reinventing its product with a contemporary and unique design. Jindal has a government recognized export house which is amongst the largest manufacturing capacity in India.

Today’s Price – Rs 47.85

Last Year’s Price – Rs 67.95

Market Capitalization – 962.50 crore

P/E Ratio – 29.91

Moving Average – Bullish



The stock gained more than 20% in a month


Inefficient use of shareholder’s fund


Increase in shareholding by FII/FPI


The decline in annual net profit


Improving cash flows from operations


Decreasing Net cash Flows


Increasing revenue in every quarter


Declining book value per share since the past 2 years


5. Page Industries Ltd

Page Industries Ltd. popularly known as Jockey is located in Bangalore. India is an absolute licensee of Jockey International USA for the manufacturing, distribution, and marketing of Jockey brand in India, Sri Lanka, Bangladesh, Nepal, and UAE. Jockey is the flagship brand of the Page Industry and is a marketing leader innerwear category. The company is also a sole licensee of Speedo International Ltd. for the manufacturing, marketing, and distribution of the Speedo brand in India. Page Industries has a vision of being the leading swimwear brand in India in terms of both market share and profitability. Page Industries has its 18 exclusive brand stores in Delhi, Gurgaon, Mumbai, Noida, Bangalore, Chennai, Pune, and Ahmedabad with a presence in over 86 cities across the country.

Today’s Price – Rs 20,621.70

Last Year’s Price – Rs 20,400.10

Market Capitalization – 23,010.55 crore

P/E Ratio – 67.01

Moving Average – Bullish



Low Debt Company


The decline in Net Profit


Efficient use of shareholder’s funds


Declining Net Cash Flow


Improving ROA with effective utilization of Assets



Fall in TTM Net Profit


Zero Promoter Pledge


Declining Operating Profit Margin


6. Nitin Spinners Ltd

Nitin spinners was incorporated in 1992 and is headquartered in Bhilwara Rajasthan. The company is a leading manufacturer of cotton yarn and knitted fabrics and has widened its presence in more than 50 countries. The company was incepted as a response to a clear need for high-quality products in the textile industry. Nitin spinners are an ISO Certified and have a Government of India Recognised Export House. They are the renowned producers of 100% cotton yarn and fabrics. The company focuses on a strong R&D program for developing value-added products that collaborated with systematic processes and a robust distribution network.

Today’s Price – Rs 40.15

Last Year’s Price – Rs 70.85

Market Capitalization – 226 crore

P/E Ratio – 9.47

Moving Average – Neutral



Increasing Shareholdings of promoters


Declining quarterly Net Profits


Improving Cash Flows from Operations


Reducing ROA because of inefficient use of Assets


Improving Book value per share for the last 2 years



Declining operating profit margin


Increased shareholdings of FII/FPI


Growing cost YoY for long term projects


7. Bombay Rayon Fashion Ltd

Bombay Rayon fashion Ltd. was intercepted in 1986 by Mr. J. D. Agarwal. Bombay Rayon Fashions Ltd. is a vertically integrated textile company and is a leading manufacturer of fabrics, apparel, trims, and yarn. Apart from being the largest shirt manufacturer in India, the company has successfully entered as the multi-fiber manufacturing company producing Cotton, Polyester, Modal, Lycra, Wool, and various blends.

Today’s Price – Rs 8.65

Last Year’s Price – Rs 6.70

Market Capitalization – 279.38 crore

Moving Average – Bullish



Increasing Net Cash Flows


Declining RoCE with ineffective use on capital employed


The stock gained more than 20% in a month


Declining annual Net Profits


Price above short, medium, and long term moving average



Low Piotroski Score and low financials


Strong Cash Flows from operating activities


High Promoter Pledge


8. Future Lifestyle Fashion Ltd

Future lifestyle fashions Ltd. is a flagship brand of Future Group, an Indian conglomerate founded by Kishore Biyani and is headquartered in Mumbai. Future lifestyle fashion is a trendsetter for the Indian lifestyle fashion business with its collaboration with India’s popular retail destinations like Central, Brand Factory, Planet Sports, and other global fashion brands. The company aims to provide a perfect fusion of modern and traditional fashion with a team of professionals, fashion designers, and entrepreneurs. It has its presence across the key segments within the fashion industry from design to distribution. The company covers the entire spectrum of fashion categories including formal menswear, casual wear, sportswear, ethnic, denim, footwear, and accessories for men and women.

Today’s Price – Rs 155.30

Last Year’s Price – Rs 478.25

Market Capitalization – 3,137.60 crore

P/E Ratio – 24.77

Moving Average – Bullish



Improving RoE with effective use of shareholder’s fund



Decreased shareholdings by MFs


Growth in Net Profit with increasing Profit Margin



High Promoter Pledge


Improving ROA with effective utilization of company Assets



Declining quarterly Net Profit


Increasing shareholdings of FII/ FPI


Fall in TTM Net Profit



9. Garware Technical Fibres

Incorporated in 1976 the company is a multi-geographical technical textile company and renowned for providing innovative solutions for aquaculture cage nets, fishing nets, sports nets, safety nets, agriculture, and geosynthetics. The company has a global presence across 75 countries. The company works with the mission of providing innovative application focus solutions to enhance the value of global customers. The company has a strong R&D program recognized by the Department of Science and Technology. The research department of the company has multi-discipline experts in the field of polymers, chemicals, textile, and materials sciences.

Today’s Price – Rs 1,427.30

Last Year’s Price – Rs 1,232.90

Market Capitalization – 3,107.25 crore

P/E Ratio – 17.55

Moving Average – Bullish



MACD Crossover about signal line


Fall in TTM Net Profit


Zero Promoter Pledge


Declining Net Cash Flows


Price above short, medium, and long term moving averages



Decreased MF shareholding


Improving book value since the past 2 years


Fall in quarterly Revenue and Net Profit


10. Kewal Kiran Clothing Ltd

Kewal Kiran Clothing Ltd. was incorporated in 1981 and is headquartered in Mumbai. It is one of the India’s largest branded apparel manufacturer engaged in designing, manufacturing, and marketing of branded jeans and a wide range of western wear. The company has a diverse product based covering a wide portfolio of casual, formal, and semi-formal products. The company has its presence in 25 states of India. Killer, Lawman, Integriti, K-lounge, easies are the renowned brands of the company.

Today’s Price – Rs 738.25

Last Year’s Price – Rs 1143.70

Market Capitalization – 910.82 crore

P/E Ratio – 12.46

Moving Average – Bearish



Low Debt Company


Low Piotroski Score and company with low financials


Zero Promoter Pledge


MACD Crossover signal line


Improving Book Value per share


Decreased MF shareholding


Growth in Net Profit with increasing profit margins (QoQ)



Declining Net Cash Flows


Article Written By-

Naina Rupani, Management Trainee- TVC

FOSTIIMA Business School

[email protected]