Active Clothing Co Limited (ACTIVE) share price
₹97.47 on BSE as of 2026-10-07. -1.91% on the day. market cap ₹151 Cr. P/E 15.0. 52-week range ₹86.72 to ₹147.29. Textiles.
Active Clothing Co FY26: A ₹316 Cr Sweater-Maker, an 18.92% Profit Bump, and a Credit Rating That Stopped Answering the Phone
At a glance
Active Clothing Co makes readymade garments in Punjab for global brands, and distributes them inside India. Revenue for the year to March 2026 was ₹316 crore. Net profit came to ₹10.05 crore, up 18.92% on the year before. The year to March 2025 produced ₹8.45 crore. Over the five years to March 2026, sales have compounded at 34% a year. Profit has compounded at 178% a year over the same span. The starting point for that was a profit of ₹0.06 crore in the year to March 2021. The market pays about ₹19 for every ₹1 of yearly profit. For the wider industry the figure is nearer ₹25.
Underneath the headline, the arithmetic gets more textured. Borrowings stand at ₹126 crore. Net worth, the shareholders' own money in the business, is ₹93 crore. Receivables are bills raised on customers that have not yet been paid. Active's have swollen to ₹115 crore, more than a third of a year's sales. Two credit-rating agencies cover the company's ₹102 crore of bank facilities. In November 2025 one of them downgraded the company. The same agency moved it to "Issuer Not Cooperating", a label used when a company stops supplying the information a rating needs. That agency reported that Active had stopped sending it.
Growth so far has been funded with borrowed money and with sales not yet collected. The company has stated a revenue target of ₹500 crore within three years.
Introduction
Active Clothing Co was incorporated in 2002. The Mehra family had already run the business as a partnership since 1997. The company listed on the BSE in March 2018. It sits in Mohali, Punjab, and manufactures readymade garments for global brands. It also distributes those brands domestically. Making clothes is the older half of the business, and the manufacturing relationship with Levi's runs back 22 years. The range it builds now covers sweaters, jackets, T-shirts and shoe uppers.
The year to March 2026 was a busy administrative one. The board approved a preferential issue of 20 lakh convertible warrants, to raise ₹23 crore. A preferential issue sells new securities to a chosen list of buyers rather than to the market. A warrant is a right to take up a share later. Promoters, the family group that controls the company, were among the allottees.
The company announced NUEMO, a multi-brand retail platform. It said the platform targets an extra ₹200 crore to ₹250 crore of sales within four years. It signed a partnership with Ningbo Cixing of China to build a smart factory. That plant is described as "Knit to Shape" and is to hold 600 machines.
The company also fielded two separate GST matters during the year. GST is the national tax on sales of goods and services. One of the two matters went to the High Court.
So four large things were set in motion inside twelve months: a fundraise, a retail platform, a factory partnership and two tax disputes. A company can be busy in a great many directions at once, and this one was. The profit base underneath all of it was ₹10.05 crore for the year to March 2026.
Business model
Active describes itself as a design-to-shelf manufacturer. In practice it runs the whole chain in one place. It forecasts trends, makes samples, knits and sews. It also prints, embroiders, washes and ships. The work sits in an integrated facility at Fatehgarh Sahib, Punjab. A 500 KW rooftop solar array there covers about half the plant's power.
The product list reads like a wardrobe inventory. Flat-knitted sweaters come off 352 computerised machines supplied by Shima Seiki, Stoll and Kauo Heng. Jackets have more than 500 machines of their own. Circular-knitted T-shirts and sweatshirts are the third line. The fourth is shoe uppers, the stitched top half of a shoe, for brands including Adidas.
Installed capacity runs to 24 lakh sweaters and 10 lakh T-shirts a year. It also covers 5 lakh jackets and 7.5 lakh shoe uppers. Each line runs at close to 75% of that capacity.
The customer roster is the real asset. The 22-year manufacturing relationship with Levi's anchors it. Tchibo, Bestseller, Skechers and Nike also buy from the plant. Arvind Fashions is a customer as well. Domestically, Active is the largest marketing partner Levi's has across Chandigarh, Punjab, Jammu and Kashmir, and Himachal Pradesh. It runs more than 200 multi-brand outlets and seven exclusive stores.
The spending side is machines and the buildings around them. The 600-machine Knit to Shape plant with Ningbo Cixing is the next instalment of that.
The model's tell is in the margin structure. This is contract manufacturing for premium brands. Active makes the garment, and the brand takes leftover stock back. Margins are fixed year-on-year under those arrangements. The return of unsold stock leaves inventory risk with the brand. The fixed margin leaves pricing power there too. Operating margin, the profit left from sales before interest and tax, runs near 9%.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Active Clothing Co Limited.
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