Sybly Industries Limited
1. Introduction
Sybly Industries Limited (SYBLY), BSE-listed, incorporated May 1988 as Sybly Spinning Mills Pvt Ltd. Went public in the year 1995; renamed in Jan 2001. HQ Ghaziabad, UP.
Manufactured polyester,cotton,blended yarns (single, cabled & plied) for knitting or weaving and fabric trading. Production from Oct 1989 at 240 tpa mercerized cotton; scaled to 6,600 tpa. Peak FY15–16: Rs. 69–83 crore revenue.
Scheme of Arrangement transferred financial assets/liabilities to Space Incubatrics Technologies Ltd. Promoters dropped 58.02% to 0% (Sep 2024). Pivots to biomass processing/bio-fuel production. Revenue near-zero FY24 as textiles ended. Report covers FY22–24.
2. Company Overview
Background and History
Founded in Ghaziabad textile hub, multi-product yarns such as greige, fibre-dyed single/two-ply from cotton, viscose, poly/blends. Industrial yarns for handloom, tire cord, carpets, bags, shoes, garments. Equity Rs. 41 crore to FY17; cut to Rs. 9 crore in restructuring.
Decline - FY18 Onwards
Revenue plunged, Rs. 83 crore (FY15), 36 (FY18), 18 (FY20), 10 (FY22), 1 (FY23), zero FY24. Hit by headwinds, yarn competition, restructuring. Fixed assets Rs. 9 crore (FY22), 4 (FY23), 0 (FY24), plant sold or depreciated.
Scheme of Arrangement - Transfer to Space Incubatrics Technologies
Pivotal: all financials shifted to Space Incubatrics Technologies Ltd. Promoter holding, 58.02% (to FY24), 7.66% (Jun 2024), 0% (Sep 2024). FY25 quarters swung: Rs. 22.43 crore Q3 sales, -Rs. 22.43 crore Q4, likely transfer derecognition. Now targets biomass/bio-fuels (coal/transport replacement).
3. Promoter Introduction
Promoter holding held 58.02% FY22–Mar 2024; crashed to 7.66% Jun 2024, 0% Sep 2024 via Scheme. No promoters Dec 2025; 100% public. FY24 BSE key pre-exit:
Name | Designation | Note |
|---|---|---|
Sanjay Garg | MD / Promoter | Led restructuring; family out post-Scheme |
Promoter Group (Garg Family) | 58.02% (to Mar 2024) | Fully exited Sep 2024 |
Space Incubatrics Tech Ltd | Scheme Transferee | Took assets/liabilities |
Current Board | Post-Scheme Mgmt | BSE sparse post-2024 |
Table 1: Promoters and Management
Zero promoters sparks governance flags, but structured Scheme exit, not sneaky sales. Financials shifted to Space Incubatrics; CRISIL ratings Jan 31, 2026 active.
4. Financial Statement Analysis
4.1 Income Statement (FY22–FY24)
Revenue faded Rs. 10 crore (FY22), 1 (FY23), 0 (FY24). Net profit Rs. 1 crore FY22 (other income boost), losses Rs. 2 crore FY23, Rs. 4 crore FY24. Other income flipped +2, -1, -4 crore (restructuring adjustments). OPM -6%, -129%, -2,450% (tiny base extreme). No dividends; interest tapered.
Particulars (Rs. Crore) | FY22 | FY23 | FY24 |
|---|---|---|---|
Revenue (Sales) | 10 | 1 | 0 |
Total Expenses | 10 | 2 | 1 |
Operating Loss | -1 | -1 | -0 |
OPM % | -6% | -129% | -2450% |
Other Income | 2 | -1 | -4 |
Interest | 1 | 1 | 0 |
Net Profit/(Loss) | 1 | -2 | -4 |
EPS (Rs.) | 1.20 | -2.42 | -3.84 |
Table 2: Income Statement — FY22 to FY24
4.2 Balance Sheet for the period FY22–FY24
Total assets contracted Rs. 20 crore (FY22), 14 (FY23), 7 (FY24) textile wind-down and Scheme transfers. Equity capital steady Rs. 9 crore (post prior cut from Rs. 41 crore). Reserves slid 0, -4, -8 crore on losses. Borrowings eased Rs. 7 to 6 crore (partial paydown). Fixed assets erased: Rs. 9 to 4 to 0 crore, plant fully out. Book value positive but thinning: ~Rs. 9.9 to 5.5 to 1.1/share.
Particulars (Rs. Crore) | FY22 | FY23 | FY24 |
|---|---|---|---|
Equity Capital | 9 | 9 | 9 |
Reserves | 0 | -4 | -8 |
Borrowings | 7 | 7 | 6 |
Other Liabilities | 4 | 1 | 0 |
Total Assets | 20 | 14 | 7 |
Fixed Assets | 9 | 4 | 0 |
Book Value/Share (Rs.) | ~9.9 | ~5.5 | ~1.1 |
Table 3: Balance Sheet Summary - FY22 to FY24
4.3 Cash Flow
Ops cash +Rs. 2 crore FY22 (receivables), -5 FY23 (final textile WC), -2 FY24. Financing -4 FY22 (debt pay), mixed after. FY25 +12 crore investing from Scheme. Net change zero balanced bleed.
Cash Flow (Rs. Crore) | FY22 | FY23 | FY24 |
|---|---|---|---|
Operating | 2 | -5 | -2 |
Investing | 2 | 3 | 3 |
Financing | -4 | 2 | -1 |
Net Change | 0 | 0 | 0 |
Table 4: Cash Flow Summary - FY22 to FY24
4.4 Key Ratios
Ratio | FY22 | FY23 | FY24 | Observation |
|---|---|---|---|---|
ROCE % | -5% | -9% | -6% | No productive use |
OPM % | -6% | -129% | -2,450% | Zero-rev extreme |
Debtor Days | 237 | 2,745 | 33,945 | Frozen receivables |
Cash Conv. Cycle | 190 | 2,460 | 33,945 | No ops cycle |
EPS (Rs.) | 1.20 | -2.42 | -3.84 | Negative turn |
Promoter Holding | 58.02% | 58.02% | 58.02% to 0% | Scheme exit |
Book Value/Share | ~9.9 | ~5.5 | ~1.1 | Declining positive |
Table 5: Key Financial Ratios - FY22 to FY24
5. Key Insights and Interpretation
Debtor Days of 33,945 in FY24
33,945 debtor days equals ~93 years of FY24 revenue in stuck receivables, legacy from textile days, uncollectible at zero-sales level. Not active WC issue; old customer balances likely shifted or written off in Scheme.
Scheme of Arrangement Impact
Financial assets/liabilities dump to Space Incubatrics Technologies Ltd defines recent path. Shows as: promoters 58.02% to 0%, FY25 quarter swings (+/- Rs. 22.43 crore sales), FY25 +12 crore investing inflow, borrowings Rs. 6 to 18 crore then steady. Pure accounting, not ops.
Biomass/Bio-Fuel Pivot - Unproven
Plans biomass processing, coal-replacement bio-fuels for transport. Total departure from yarns. Zero revenue FY22–24 or FY26 Q1–Q2. Intent only, no proof. Success needs capital, approvals, execution, unverifiable now.
Book Value Remains Positive
Unlike distressed peers, book value holds at Rs. 3.15/share. FY22–24: ~Rs. 9.9 to 1.1/share decline. Scheme offloaded bulk liabilities to Space Incubatrics, left lean positive sheet. CRISIL rating Jan 2026 signals credit watch.
6. Conclusion
Ex-yarn maker Sybly Industries shuttered textiles via Scheme to Space Incubatrics Technologies Ltd. FY22–24: revenue Rs. 10 crore→zero, profit Rs. 1 crore→Rs. 4 crore loss, fixed assets erased. Promoters (58.02%) exited fully Sep 2024.
No ops, promoters, plant, or sales. Biomass/bio-fuel pivot planned, no revenue yet. Thin positive book Rs. 3.15/share; CRISIL tracks. Rs. 1.79/share, Rs. 1.64 crore mcap bets on bio-fuel speculation, not substance.
Sources:
- Screener
- BSE