Alok Industries Limited (ALOKINDS) share price
₹7.36 on NSE as of 2026-09-11. -0.54% on the day. market cap ₹3,653 Cr. 52-week range ₹7.36 to ₹18.92. Textiles.
What the company does
AIL, formerly promoted by the Jiwrajka family, is one of the largest fully integrated textile players having a presence across the value chain - right from cotton spinning, polyster yarn, apparel fabrics, home textiles, and garments. The company has more than 10 manufacturing plants located over Dadra and Nagar Haveli (Silvassa), Gujarat, and Maharashtra. Pursuant to the order dated March 08, 2019, the National Company Law Tribunal (NCLT) approved the resolution plan, which was submitted jointly by JM Financial Asset Reconstruction Company Limited (JMFARC), JMFARC-Trust, and RIL. Post- CARE Ratings Limited 32, Titanium, Prahaladnagar Corporate Road, Satellite, Ahmedabad - 380 015 Phone: +91-79-4026 5656 CIN-L67190MH1993PLC071691 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sien (East), Mumbai - 400 022 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.
Filed by CARE Ratings, page 5.
Alok Industries Q1 FY27: A ₹993 Cr Quarter, a ₹57 Cr Operating Profit, and a ₹22,000 Cr Hole in the Reserves
At a glance
Alok Industries closed the quarter ended June 30, 2026 with revenue of ₹993.11 crore, up 6.5% from ₹932.49 crore a year earlier and up 1% from the ₹982.97 crore of the prior quarter. Operating profit came in at ₹57.11 crore, the highest quarterly operating figure across the last two years of data, against ₹19.93 crore in the same quarter last year and ₹3.51 crore in the quarter before.
Below the operating line, the arithmetic changes character. Net loss for the quarter was ₹138.25 crore, narrower than the ₹171.56 crore loss a year earlier and the ₹192.54 crore loss of the previous quarter. Finance costs of ₹150.91 crore and depreciation of ₹66.78 crore sit between the operating profit and the bottom line, and they are larger than the operating profit itself. The quarter also carried an exceptional gain of ₹17.20 crore from an insurance claim tied to tornado damage at the Silvassa spinning plants, per the company's filing.
EPS for the quarter was negative ₹0.28, against negative ₹0.35 a year earlier. Reserves stood at negative ₹22,024.32 crore as of March 2026, and accumulated losses reached ₹23,784.41 crore as of June 30, 2026, per the company. The market caps the business at ₹6,117 crore. One quarter of ₹57 crore operating profit; ₹26,106 crore of borrowings on the other side of the ledger. The rest of this entry walks through how those two numbers came to share a balance sheet.
Introduction
Alok Industries is a textile manufacturer spanning cotton and polyester, with operations across the value chain from yarn to fabric to home textiles and garments. It runs, per CARE Ratings, over ten manufacturing plants in Silvassa, Dadra and Nagar Haveli, Daman and Diu, and Gujarat, and it operates as a single reportable segment: "Textiles."
The company's present shape was set in March 2019, when the National Company Law Tribunal approved a resolution plan submitted jointly by JM Financial Asset Reconstruction Company and Reliance Industries. Alok was the only textile company on the list of twelve large stressed accounts flagged when the Insolvency and Bankruptcy Code framework was applied. Post-implementation, Reliance holds a 40.01% equity stake and JMFARC-Trust holds 34.99%, with Reliance managing operations through three nominee directors on the board.
Recent months have been busy at the entity level even where the plants weren't. In January 2026, CEO Harsh Bapna resigned to pursue other opportunities. In December 2025, subsidiary Alok Industries International sold its 100% stake in Mileta to CRESCON for EUR 558,825. In July 2026, the step-down UK subsidiary Grabal Alok (UK) Limited was dissolved; the company noted its contribution to FY26 consolidated turnover and net worth was Nil. The financial statements for this quarter were prepared on a going-concern basis, which the company grounds in its cash-flow projections and expectations of textile-industry growth.
The structural fact that colours everything else: since March 2024, Alok runs its polyester business on a job-work model for Reliance, converting Reliance-supplied raw materials for a margin rather than buying, making, and selling on its own account.
Business model
Alok makes cloth and the stuff cloth is made from. The Screener breakdown puts polyester at 61% of the mix, apparel fabric at 18%, home textiles at 12%, and cotton yarn at 9% — though the standalone segment data has been sliding around, with polyester yarn dropping from 61% of standalone sales in FY23 to roughly 30% by FY26 as the job-work switch changed how revenue gets counted.
That job-work switch is the whole personality of this business now. Before March 2024, Alok bought PTA and MEG, spun them into polyester yarn, and sold the yarn — full revenue, full raw-material risk, full working-capital drag. After March 2024, Reliance provides the PTA and MEG, Reliance takes the finished product, and Alok books only the conversion income plus a margin. The commodity-price coin-flip that used to land on Alok's P&L now lands on Reliance's. It is the corporate equivalent of agreeing to cook dinner if someone else buys the groceries and eats the meal — you keep the tip, you skip the volatility.
This is why revenue can shrink dramatically while the operating line behaves better: FY23 consolidated sales were ₹6,989 crore, FY26 were ₹3,715 crore, and yet the operating profit swung from negative ₹79 crore to positive ₹28 crore across the same span. Less revenue, less risk in it, per the mechanics of the model.
The rest of the portfolio is genuinely wide: woven and knitted fabric, garments, safety textiles, bed linen, terry towels, cotton and blended yarn, embroidery, and — a personal favourite line item from the product list — corrugated pallets and shopping bags. Domestic sales run around 80% of the mix. Exports made up 24% of revenue in FY25, per CARE, with the US the single largest export destination. Which becomes relevant the moment anyone says the word "tariff."
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Alok Industries Limited.
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