Sangam India Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Sangam India Ltd filed with BSE on 27 Apr 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Sangam India reported FY26 revenue crossing Rs 3,200 crore with PAT more than doubling to Rs 83 crore, and management said every quarter of the year showed sequential improvement in revenue, EBITDA and PAT. In Q4 alone the company reported Rs 880 crore revenue, Rs 98 crore EBITDA and Rs 33 crore PAT. Management described improvements in working capital cycle, renewable energy sourcing, and backward integration into recycled polyester fiber during the quarter.
3 statements from this call are not shown because their supporting quotes could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue: INR3200 crores (FY26)
p. 3
“We've crossed INR3200 crores in revenue.”
Anurag Soni, page 3 of the filed PDF · View the filing
PAT: INR83 crores (FY26)
p. 3
“We more than doubled our PAT to INR83 crores.”
Anurag Soni, page 3 of the filed PDF · View the filing
Revenue: INR880 crores (Q4 FY26)
p. 3
“To put that in perspective, in Q4 alone we delivered INR880 crores in revenue, an EBITDA of INR98 crores, and a PAT of INR33 crores.”
Anurag Soni, page 3 of the filed PDF · View the filing
EBITDA: INR98 crores (Q4 FY26)
p. 3
“To put that in perspective, in Q4 alone we delivered INR880 crores in revenue, an EBITDA of INR98 crores, and a PAT of INR33 crores.”
Anurag Soni, page 3 of the filed PDF · View the filing
PAT: INR33 crores (Q4 FY26)
p. 3
“To put that in perspective, in Q4 alone we delivered INR880 crores in revenue, an EBITDA of INR98 crores, and a PAT of INR33 crores.”
Anurag Soni, page 3 of the filed PDF · View the filing
Treasury: roughly INR200 crores
p. 3
“We are carrying roughly INR200 crores in treasury.”
Anurag Soni, page 3 of the filed PDF · View the filing
Working capital cycle: improved from 80 days to 55 days (FY26)
p. 3
“Our working capital cycle improved dramatically from 80 days to 55 days in a single year.”
Anurag Soni, page 3 of the filed PDF · View the filing
Net debt to equity ratio: about 1.1x
p. 3
“We are maintaining a net debt to equity ratio of about 1.1x, ensuring a prudent and stable capital structure.”
Anurag Soni, page 3 of the filed PDF · View the filing
In-house recycled polyester fiber share: approximately 50%
p. 4
“We are now meeting approximately 50% of our polyester fiber requirement through in-house recycled production, processing close to 40,000 metric tons of plastic waste annually.”
Anurag Soni, page 4 of the filed PDF · View the filing
Renewable energy share of power needs: 10%, 15% (current)
p. 5
“currently we are about 10%, 15% of our needs are coming from renewable.”
Anurag Soni, page 5 of the filed PDF · View the filing
Garment segment capacity utilization: almost 50%
p. 5
“We are almost at 50% now.”
Anurag Soni, page 5 of the filed PDF · View the filing
C9 brand share of garment business: 40% to 45%
p. 10
“about 40% to 45% of the garment business is contributed by the C9 brand and the balance is contributed by contract manufacturing.”
Anurag Soni, page 10 of the filed PDF · View the filing
Yarn capacity utilization: 95%
p. 8
“Yes, that is correct.”
Anurag Soni, page 8 of the filed PDF · View the filing
Order book: 50 to 70 days
p. 15
“so across our segments and divisions, I would say that our order book is anywhere between 50 to 70 days.”
Anurag Soni, page 15 of the filed PDF · View the filing
Export share on FOB basis: at least two-third or more
p. 15
“I think about majority, at least two-third or maybe even more of our exports are on FOB basis.”
Anurag Soni, page 15 of the filed PDF · View the filing
Cotton yarn revenue share: around 25%
p. 17
“it will be a number around 25% of the total revenue comes from the cotton yarn business.”
Anurag Soni, page 17 of the filed PDF · View the filing
Yarn revenue share: about 50%
p. 17
“about 50% of our revenue comes from the yarn business.”
Anurag Soni, page 17 of the filed PDF · View the filing
Reliance-sourced polyester fiber share: probably 5%
p. 12
“So probably 5% of our polyester fiber actually comes from Reliance.”
Anurag Soni, page 12 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
PAT growth — double PAT again · FY27
stated as an aspiration by Anurag Soni
p. 4
“Last year, we doubled our PAT. We aspire to do that again in FY '27. I use the word aspire deliberately, and I mean it in that way.”
Anurag Soni, page 4 of the filed PDF · View the filing
Renewable energy share of power — 70% plus · about a year, June next year
stated conditionally by Anurag Soni
p. 5
“Probably I think in a year's time, let's say June next year is when we expect that about 70% plus of our power will be renewable.”
Anurag Soni, page 5 of the filed PDF · View the filing
EBITDA benefit from renewable energy — INR50 to INR60 crores annually · four to five quarters from now
stated conditionally by Anurag Soni
p. 5
“I think the cumulative benefits to the EBITDA once everything is commissioned would be about INR50 to INR60 crores annually.”
Anurag Soni, page 5 of the filed PDF · View the filing
Margin — Q1 FY27
stated conditionally by Anurag Soni
p. 10
“But yes, I think we should be able to maintain or better our margins from the March quarter for sure.”
Anurag Soni, page 10 of the filed PDF · View the filing
In-house fibre/fabric production control — 75%, 80%
stated as an aspiration by Anurag Soni
p. 11
“So we'll probably want to increase that maybe take that to 75%, 80% in-house production levels.”
Anurag Soni, page 11 of the filed PDF · View the filing
Renewable energy capex committed — about INR200 crores
stated firmly by Anurag Soni
p. 13
“So, about INR200 crores is something we've already committed on the renewable side.”
Anurag Soni, page 13 of the filed PDF · View the filing
New capex benefits timing — next financial year
stated firmly by Anurag Soni
p. 9
“So any kind of capex that we undertake, any kind of financial benefits will not come in the coming financial year.”
Anurag Soni, page 9 of the filed PDF · View the filing
Blended margins, revenue, ROCE — blended margins of more than 13%, top line of approximately INR4500 crores, ROCE inching towards 20% · FY29
stated as an aspiration by Anurag Soni
p. 12
“So, if we are better than before every quarter, we'll probably be at numbers indicated by you, I think maybe at that levels or even better than that.”
Anurag Soni, page 12 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said currently about 10-15% of power is renewable, expected to reach 70%+ in about a year with an EBITDA benefit of INR50-60 crores annually once fully commissioned.
Answered by Anurag Soni
Asked by Rehan Syed: What percentage of power will be renewable by FY27 and what is the EBITDA impact?
p. 5
“So for all benefits to kick in, it will take about four to five quarters from now.”
Anurag Soni, page 5 of the filed PDF · View the filing
Management said there were some export shipment delays and higher freight costs but no material impact on the business, with a decent quarter overall.
Answered by Anurag Soni
Asked by Saransh Gupta: How is the PV yarn segment performing amid shipment disturbances?
p. 7
“However, it's not a material impact on the overall business since that volume is not very high in the region where disturbances are there.”
Anurag Soni, page 7 of the filed PDF · View the filing
Management denied that the quarter's PAT was driven by inventory gains, noting the order book reflects pre-war pricing.
Answered by Anurag Soni
Asked by Athar Syed: Was the PAT growth driven by one-time inventory gains from the war-related price increase?
p. 8
“So no, I would not agree that the current quarter PAT is driven by any kind of one-time inventory gains.”
Anurag Soni, page 8 of the filed PDF · View the filing
Management said top-line growth would be similar to the prior year's trajectory but not abnormal given already-high capacity utilization.
Answered by Anurag Soni
Asked by Rahil S: What revenue growth is being targeted alongside the PAT doubling aspiration for FY27?
p. 9
“So top line, I think growth will be similar to what we did last year.”
Anurag Soni, page 9 of the filed PDF · View the filing
Management said there is no pricing premium domestically for ESG-based products, though it may help sales.
Answered by Anurag Soni
Asked by Madhur Rathi: Is there a realization premium for yarns made from recycled raw material?
p. 17
“No, I would not say that there is any kind of premium that comes on that. It is probably a good-to-have ESG initiative on that front.”
Anurag Soni, page 17 of the filed PDF · View the filing
Risks flagged
Export shipment delays and increased freight costs due to regional disturbances
p. 6
“I think 10% or 15% of our exports might have been delayed in March on the shipment side and some costs, the freights have also increased.”
Anurag Soni, page 6 of the filed PDF · View the filing
Elevated debtor days compared to two years ago
p. 17
“I think our debtor numbers are still elevated in terms of number of days compared to two years ago.”
Anurag Soni, page 17 of the filed PDF · View the filing
Uncertainty around near-term margin visibility due to global uncertainties
p. 10
“very difficult to say anything because with so many uncertainties around in the world.”
Anurag Soni, page 10 of the filed PDF · View the filing
Freight cost increases on old export orders not yet passed through
p. 15
“So maybe some orders, some old orders, we'll have to bear some losses on the freights.”
Anurag Soni, page 15 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.