VISHAL FABRICS LTD (VISHAL) share price
₹16.48 on NSE as of 2026-10-08. -3.79% on the day. market cap ₹408 Cr. P/E 11.4. 52-week range ₹15.11 to ₹30.23. Textiles.
Vishal Fabrics Q1 FY27: Revenue ₹379 Cr, PAT ₹7.05 Cr, and a GST Demand That Went to Zero
At a glance
Vishal Fabrics sells dyed yarn and denim fabric, and does job work on textiles for other firms. Denim, a solar roof, a warrant conversion and a tax demand that vanished — the quarter had all four.
Revenue in the three months to June 2026 was ₹379.09 crore, down 4.6% on a year earlier. The year-ago figure was ₹397.17 crore. Revenue was up 8.9% on the ₹348.15 crore of the three months to March 2026. Operating profit came in at ₹26.07 crore, an operating margin of 6.88%. Net profit was ₹7.05 crore, against ₹8.08 crore a year earlier.
The board approved the results on 6 August 2026 at Shanti Corporate House in Bopal. The meeting ran forty-five minutes.
The goods and services tax thread runs like this. A December 2025 order imposed a penalty of ₹24.27 crore for excess input tax credit. That credit is what a firm claims for tax already paid on its purchases. A rectification order in March 2026 revised the figure to ₹21.36 crore. An Ahmedabad appeal order in July 2026 set the demand at zero. Three numbers, one line item, seven months.
A SEBI final order dated 30 June 2026 penalised two promoters. Each was fined ₹5 lakh and restrained from the market for four years. The 41st annual general meeting went ahead on 11 August 2026. All four resolutions passed.
Promoter holding, the stake held by the founding family, stands at 55.05%. It was 69.00% as recently as the March 2025 quarter. Foreign institutional holding over the same stretch went from 3.21% to 24.55%. Borrowings have come down from ₹380.79 crore at FY24-end to ₹225.45 crore at FY26-end. Debtor days, the average wait for customers to pay, went from 129 to 148.
Introduction
Vishal Fabrics was incorporated in 1985 and belongs to the Ahmedabad-based Chiripal Group. It manufactures and sells textile products, mainly dyed yarn and denim fabric, and does job work on textiles. It holds ISO 9001:2015, ISO 14001:2015 and OEKO-TEX certifications.
The last two years read as a balance-sheet reorganisation more than an operating one. In FY 2024-25 the company issued 5,00,00,000 compulsorily convertible equity warrants by preferential issue. A warrant is a right to take a share later, paid for partly now. The allottees put down 25% upfront, which came to ₹38.25 crore. During FY 2025-26 they paid the balance 75%, and all five crore warrants converted into equity shares. Paid-up equity capital went from ₹104.77 crore at June 2025 to ₹123.81 crore at June 2026. An August 2025 announcement recorded the conversion of 2.25 crore warrants, raising ₹51.63 crore.
Per India Ratings, a credit-rating agency, ₹153 crore from the preferential allotment was applied over FY25 and FY26. The agency says ₹86.3 crore of it repaid unsecured loans. The balance of ₹66.7 crore went to working capital and vendor advances. India Ratings affirmed the rating at 'IND A-' in September 2025 and revised the outlook to stable from negative. A December 2025 disclosure recorded a further affirmation of IND A- and IND A2+, with a stable outlook.
The company also spent FY25 buying into its own supply chain. It raised its stake in Chiripal Textile Mills to 42.36% in March 2025. It acquired 192,000 shares in Quality Exim in the same month. It lifted its holding in Nandan Industries to 35.41% in April 2025, through a purchase of ₹6.5 crore. All three are now consolidated as associates from 1 April 2024.
On the ground, a new chief executive was appointed in February 2025. Umakant Sharma joined as marketing head and vice president on 25 March 2026. Rajneesh Garg resigned as general manager for marketing on 24 March 2026, citing personal reasons. Dipex Modi resigned as manager for accounts on 23 March 2026, transitioning within the Chiripal Group.
The shares were withdrawn from dealing on the NSE on 1 January 2024, leaving the BSE listing. A board approval for a direct NSE listing application, covering 19,76,10,003 equity shares, dates to August 2023.
Business model
Denim. Enormous quantities of it.
The company procures mainly grey fabric, then dyes, prints and finishes it to the client's specification. Grey fabric is woven cloth that has not yet been dyed or treated. Compositions run through cotton, cotton spandex, cotton poly and cotton modal, among others. The company describes itself as a premier supplier of stretch denim. The colour palette on offer is indigo, sulphur and "darkest deep colour" — the entire chromatic ambition of the world's jeans industry, stated in three words.
The product sheet lists finishes, weaves, blends and fabric types. Finishes include dyes, desize, mercerize and coating. Weaves include 3/1, jacquard, dobby and knits in rigid and stretch. Fabric types include denim bottoms, denim shirting and jogging fabric in two widths.
The Narol processing unit in Ahmedabad is installed at 1,200 lakh metres a year. Eight denim processing units sit in the Dholi Integrated Spinning Park near Ahmedabad. That park was installed at 800 lakh metres a year, since raised to 900 lakh metres. One more denim line accounts for the increase. In FY23 a 0.999 MV rooftop solar installation went up at Dholi. Per India Ratings, margins are expected to be supported by reduced power costs as the company sources from that captive plant. The power and fuel line in the accounts ran ₹15.57 crore in FY23 and ₹2.49 crore in FY26.
The customer list makes the business legible: Lee, Zara, Calvin Klein and Levi's are on it. Exports go to South Africa, Sri Lanka, Bangladesh and Thailand, among others. An Ahmedabad processor of ₹1,600 crore makes fabric that ends up under labels it does not own.
The FY23 revenue split was roughly 87% finished goods and 12% services. Other operating revenue made up the remaining 1%. Per India Ratings, denim fabric contributed around 95% of revenue in FY25, against 82% in FY23. The agency puts denim segment capacity utilisation at 68% in FY25. Management expects it to remain around 70% over the near-to-medium term.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for VISHAL FABRICS LTD.
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