Zodiac Clothing Company Limited (ZODIACLOTH)

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Zodiac Clothing Company Limited (ZODIACLOTH) · mywealthgrid

About

Zodiac Clothing Company Limited manufactures garments and apparel, operating as a small-cap enterprise with ₹207.9 Cr market capitalisation in the consumer discretionary sector. Recent performance has been pressured by persistent operating losses and declining quarterly revenues, from ₹41–44 Cr in late 2025 to ₹33 Cr in mid-2026.

Face value: ₹10

Market cap

₹183 Cr

P/E

—

P/B

1.0×

Dividend yield

ROE

-18.1%

ROCE

-10%

Debt / equity

0.27

OPM

-7.9%

EPS (TTM)

₹-12.6

Book value

₹66.3

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Consistent unprofitability across all recent quarters: net losses range from ₹4.2 Cr to ₹11.8 Cr with ROE of -18.08%; researcher should verify if operational turnaround is evident in latest results (2026-08-12)

Negative operating margins in 7 of 8 recent quarters (averaging -7.87%, ranging -17.89% to 1.11%); most recent quarter at -5.68%, indicating persistent cost structure challenges

Declining revenue trend: quarterly sales fell from ₹41–44 Cr range (Dec 2025–Mar 2026) to ₹33 Cr (Jun 2026); researcher should verify if driven by demand weakness, market share loss, or seasonal factors

Complete absence of institutional investor participation (FII 0%, DII 0%); researcher should verify whether this reflects limited analyst coverage or structural concerns about the company's viability

Generated analysis · source review pending

Growth drivers

Operating margin recovery: Mar 2026 achieved 1.11% OPM; if sustained at current ₹33–44 Cr revenue levels, profitability would resume; researcher should verify what drove Mar quarter and whether improvements are structural

Revenue stabilization combined with cost control: operating margin variance (-17.89% to 1.11%) alongside revenue fluctuation (₹36–44 Cr) suggests execution inconsistency; researcher should identify root causes and assess if permanent improvements are underway

Balance sheet capacity: conservative D/E of 0.27 provides financial flexibility for strategic investment once cash generation resumes; researcher should assess management's capital allocation priorities and working capital sustainability

Generated analysis · source review pending

2,527 historical price candles were omitted because the exchange source has not been verified.

₹66.7-2.2%1Y

Quick read

rule-based

Pros

+High promoter holding of 72.9% with no pledge

Cons

−Low return on equity of -16.1% (3-yr avg)
−Weak interest coverage of -2.3×

Research score

Structured signal from quality, growth, valuation and momentum.

39/100

Business quality: 17
Growth: 0
Valuation: 100

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Page Industries LimitedPAGEINDPAGEIND	₹41,059 Cr	₹41,071 Cr	₹5,351 Cr	₹1,147 Cr	22%	₹756 Cr	14.6%	65.7%	52.5%	138
Arvind LimitedARVINDARVIND	₹13,997 Cr	₹15,438 Cr	₹9,798 Cr	₹1,067 Cr	10.8%	₹414 Cr	4.6%	16.2%	10.6%	73
Pearl Global Industries LimitedPGILPGIL	₹5,835 Cr	₹6,522 Cr	₹5,325 Cr	₹515 Cr	9.2%	₹310 Cr	5.4%	24.9%	21.2%	55
Gokaldas Exports LimitedGOKEXGOKEX	₹5,049 Cr	₹6,026 Cr	₹4,185 Cr	₹371 Cr	8.9%	₹103 Cr	2.5%	9.9%	4.7%	155
Lux Industries LimitedLUXINDLUXIND	₹3,287 Cr	₹3,867 Cr	₹2,933 Cr	₹187 Cr	6.1%	₹102 Cr	3.6%	10%	5.8%	263
Kewal Kiran Clothing LimitedKKCLKKCL	₹2,930 Cr	₹2,978 Cr	₹1,258 Cr	₹250 Cr	19.6%	₹148 Cr	12.6%	18.9%	16.1%	201
Sbc Exports LimitedSBCSBC	₹2,788 Cr	₹3,015 Cr	₹452 Cr	₹41 Cr	8.3%	₹40 Cr	6.3%	44.4%	37.2%	143
S. P. Apparels LimitedSPALSPAL	₹2,348 Cr	₹2,749 Cr	₹1,576 Cr	₹226 Cr	13.8%	₹105 Cr	6.4%	18.9%	11.2%	156
Kitex Garments LimitedKITEXKITEX	₹2,328 Cr	₹3,527 Cr	₹629 Cr	₹4 Cr	4.3%	₹-50 Cr	-2%	1.4%	-1.3%	173
Cantabil Retail India LimitedCANTABILCANTABIL	₹1,878 Cr	₹1,878 Cr	₹873 Cr	₹275 Cr	31%	₹97 Cr	11.2%	19.6%	22%	337
Dollar Industries LimitedDOLLARDOLLAR	₹1,543 Cr	₹1,820 Cr	₹1,887 Cr	₹205 Cr	10.6%	₹112 Cr	5.7%	17.1%	11.9%	236
Monte Carlo Fashions LimitedMONTECARLOMONTECARLO	₹1,082 Cr	₹1,411 Cr	₹1,286 Cr	₹220 Cr	17.8%	₹105 Cr	8.8%	17.5%	12.9%	384

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	282	238	216	191	100	127	175	146	174	162
COGS	118	99	74	68	43	55	80	62	75	61
Gross profit	165	139	141	122	57	71	95	84	100	100
	176	163	155	115	82	90	103	103	121	113
	-11	-24	-14	7	-25	-18	-8	-19	-21	-13
OPM %	-4%	-10%	-6.3%	3.7%	-24.7%	-14.6%	-4.3%	-13.3%	-12.2%	-7.9%
Depreciation	12	11	11	35	23	19	18	19	20	24
Interest	3	3	4	14	9	6	7	7	8	10
	22	12	4	12	27	27	48	9	13	13
Profit before tax	-4	-26	-25	-30	-30	-16	16	-36	-36	-34
Tax	0	-3	2	-1	-0	-0	-0	0	1	1
Tax %	3.3%	-10.5%	7%	-3.6%	-1.3%	-0.6%	-2.6%	0.3%	3%	3.7%
	-4	-23	-27	-29	-29	-16	16	-36	-37	-35
PAT margin %	-1.6%	-9.9%	-12.4%	-15.2%	-29.4%	-12.9%	9.1%	-25%	-21.3%	-21.7%
EPS (₹)	-2.2	-12	-13.1	-13.1	-13	-6.6	6.4	-14	-14.3	-13.3
EPS adjusted (₹)	-2.2	-12	-12.6	-12.9	-11.9	-6.6	6.2	-14	-14.3	-12.8
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	20	20	21	22	25	25	26	26	26	27
Reserves	291	268	283	237	231	222	253	220	180	155
	72	65	62	60	44	47	37	40	46	48
	63	58	43	128	85	69	65	96	98	112
Total equity & liabilities	445	411	409	447	385	363	381	382	350	342
	134	127	121	114	101	94	109	128	133	140
CWIP	5	3	3	2	1	3	4	6	1	—
Investments	85	56	54	28	48	62	91	75	49	49
	221	225	232	302	235	204	177	173	167	153
Total assets	445	411	409	447	385	363	381	382	350	342

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	65.5%	64.2%	56.7%	56.2%	54.5%	57.6%	57.2%	62.2%
EBITDA margin %	-6.3%	3.7%	-24.7%	-14.6%	-4.3%	-13.3%	-12.2%	-7.9%
EBIT margin %	-11.2%	-14.8%	-48.1%	-29.2%	-14.4%	-26.4%	-23.8%	-22.6%
PAT margin %	-12.4%	-15.2%	-29.4%	-12.9%	9.1%	-25%	-21.3%	-21.7%
Working capital
Receivable days	39	33	65	62	52	53	44	43
Inventory days	428	471	648	456	273	353	320	368
Payable days	109	122	196	187	107	202	187	240
NWC days	358	383	517	331	217	204	177	170
Leverage
Current ratio	—	—	1.89	1.49	2.06	1.49	1.23	1.1
Debt to EBITDA	—	8.37	—	—	—	—	—	—
Debt to equity	0.2	0.23	0.17	0.19	0.13	0.16	0.22	0.27
Interest coverage	-4.1	-1.2	-2.3	-1.7	-2.4	-4.4	-3.5	-2.3
Asset turnover	0.53	0.43	0.26	0.35	0.46	0.38	0.5	0.47
Return ratios
Return on assets %	-6.6%	-6.5%	-7.6%	-4.5%	4.2%	-9.5%	-10.6%	-10.2%
Return on capital employed %	—	—	-6.9%	-3.6%	-5.7%	-10%	-10.6%	-10%
Return on equity %	-8.8%	-11.2%	-11.5%	-6.6%	5.7%	-14.8%	-18.1%	-19.3%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	71.4%	71.4%	71.4%	71.4%	71.4%	71.4%	71.4%	71.4%	71.4%	71.4%	72.93%	72.93%
FII	0%	0%	0.01%	0.02%	0%	0%	0%	0%	0%	0%	0%	0%
DII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	28.6%	28.6%	28.59%	28.58%	28.6%	28.6%	28.6%	28.6%	28.6%	28.6%	27.07%	27.07%
No. of shareholders	—	—	—	—	—	—	—	—	10,778	10,603	10,437	10,277

Promoter holding up 1.53 percentage points since Sep 2023.

4 deals · 25 Jun 2024 – 25 Jun 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
25 Jun 2024	YUGA STOCKS AND COMMODITIES PRIVATE LIMITED .	Bulk	NSE	Sell	1,50,000	₹177.36	₹2.66 Cr
25 Jun 2024	YUGA STOCKS AND COMMODITIES PRIVATE LIMITED .	Bulk	NSE	Buy	1,50,000	₹177.09	₹2.66 Cr
25 Jun 2024	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	1,49,107	₹172.58	₹2.57 Cr
25 Jun 2024	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	1,49,107	₹172.31	₹2.57 Cr

1–4 of 4

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. SALMAN YUSUF NOORANIExecutive Director-Chairperson related to Promoter-MD
Mr. VAMAN MADHAV APTENon-Executive - Independent Director
Mr. SUBRAMANIAM RAMACHANDRAN IYERNon-Executive - Non Independent Director
B MahabalaChief Financial Officer
Mr. NAUSHAD DARIUS FORBESNon-Executive - Independent Director
Mr. DILIP JAYANTILAL THAKKARNon-Executive - Independent Director
Mr. AHMAD JAVEDNon-Executive - Independent Director
Mrs. DJENA SUNAVALANon-Executive - Independent Director
Mr. MOHAMED AWAIS JEHANGIR NOORANIExecutive Director
Mr. ADNAN SALMAN NOORANIExecutive Director
Mr. MOHAMAD MUSAED ABU NASR NOORANINon-Executive - Non Independent Director

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Zodiac Clothing Company Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

17 announcementsExport CSV

2 Jul 2026, 12:54 pmCompany Update

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	65.5%	64.2%	56.7%	56.2%	54.5%	57.6%	57.2%	62.2%
EBITDA margin %	-6.3%	3.7%	-24.7%	-14.6%	-4.3%	-13.3%	-12.2%	-7.9%
EBIT margin %	-11.2%	-14.8%	-48.1%	-29.2%	-14.4%	-26.4%	-23.8%	-22.6%
PAT margin %	-12.4%	-15.2%	-29.4%	-12.9%	9.1%	-25%	-21.3%	-21.7%
Working capital
Receivable days	39	33	65	62	52	53	44	43
Inventory days	428	471	648	456	273	353	320	368
Payable days	109	122	196	187	107	202	187	240
NWC days	358	383	517	331	217	204	177	170
Leverage
Current ratio	—	—	1.89	1.49	2.06	1.49	1.23	1.1
Debt to EBITDA	—	8.37	—	—	—	—	—	—
Debt to equity	0.2	0.23	0.17	0.19	0.13	0.16	0.22	0.27
Interest coverage	-4.1	-1.2	-2.3	-1.7	-2.4	-4.4	-3.5	-2.3
Asset turnover	0.53	0.43	0.26	0.35	0.46	0.38	0.5	0.47
Return ratios
Return on assets %	-6.6%	-6.5%	-7.6%	-4.5%	4.2%	-9.5%	-10.6%	-10.2%
Return on capital employed %	—	—	-6.9%	-3.6%	-5.7%	-10%	-10.6%	-10%
Return on equity %	-8.8%	-11.2%	-11.5%	-6.6%	5.7%	-14.8%	-18.1%	-19.3%

Date	Category	Subject	Filing
2 Jul 2026, 12:54 pm	Company Update Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018	Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018	PDF

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	3	-37	-27	11	-7	-5	1	-5	-9	9
	16	34	-8	33	8	7	16	17	29	-4
	-17	1	35	-36	-2	-10	-15	-15	-20	-7
Net cash flow	2	-1	-1	7	-0	-8	2	-3	-0	-1
Free cash flow	-8	-40	-33	6	-8	-9	-4	-18	-13	5
CFO / Operating profit %	—	—	—	149.9%	—	—	—	—	—	—

Zodiac Clothing Company Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

16

1

2

Compounded sales growth

Return on equity

Zodiac Clothing Company Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Not in the F&O segment

No fund holdings on record

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Dividends16

Board meetings1

Bonus issues2

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Return on equity

16

1

2