Chennai, June 03: Meenakshi India Limited (MIL), a leading apparel manufacturer specialising in premium bottom wear and outerwear for global brands, announced its audited financial results for the financial year ended March 31, 2026.
For Q4 FY26, the Company reported Revenue from Operations of Rs 45.72 crore as against Rs 61.09 crore in Q4 FY25. Operational EBITDA stood at Rs 7.55 crore compared to Rs 14.85 crore in the corresponding quarter last year. Profit After Tax was Rs 4.52 crore versus Rs 26.16 crore in Q4 FY25, while Earnings Per Share stood at Rs 4.02.
During FY26, the Company reported Revenue from Operations of Rs 150.76 crore as compared to Rs 166.33 crore in FY25. Operational EBITDA stood at Rs 10.20 crore against Rs 29.51 crore in the previous year, while Profit After Tax was Rs 10.46 crore compared to Rs 39.10 crore in FY25. Earnings Per Share for FY26 stood at Rs 9.30.
Key Financial Performance:
|
Particulars |
Q4FY26 |
Q4FY25 |
Growth (YoY) |
FY26 |
FY25 |
Growth (YoY) |
|
Revenue from Operations (In Rs crore) |
45.72 |
61.09 |
-25.16% |
150.76 |
166.33 |
-9.36% |
|
Operational EBITDA (In Rs crore) |
7.56 |
14.85 |
-49.09% |
10.20 |
29.51 |
-65.44% |
|
PAT (In Rs crore) |
4.52 |
26.16 |
-82.72% |
10.46 |
39.10 |
-73.25% |
|
EPS (In Rs) |
4.02 |
23.25 |
-82.71% |
9.30 |
34.75 |
-73.24% |
Commenting on the performance, Mr. Shubhang Goenka, Wholetime Director, Meenakshi India Limited, said: “The Company’s PAT declined in FY26 mainly because FY25 included a one-time exceptional gain of ₹12.5 crore from the sale of plantation land, which inflated FY25 revenue and PAT. FY26 profitability was further affected by US tariff uncertainty reducing demand, increased customer price concessions, a higher mix of lower‑margin domestic sales to offset lost export volume and utilise capacity, and foreign‑exchange hedging losses (we hedge almost 50% of exposure). Despite these headwinds, the Company outperformed most peers due to strong operational efficiency and cost management.
The outlook is positive, the UK FTA and EU FTA are near implementation and the US FTA is in advanced talks, prompting stronger customer responses. Formerly cautious US buyers have resumed orders with signs of increased volumes, and discussions with new European buyers are advanced. With a typical 4–5 month lead time, the benefits of these positive developments should appear in the final quarter of this fiscal year, while new customer orders will strengthen the next fiscal year.”
Expansion Plans
As part of its long-term growth strategy, Meenakshi India is undertaking a phased capacity expansion programme to strengthen its manufacturing capabilities and support future growth. The Company currently operates three state-of-the-art manufacturing facilities in Salem, Tamil Nadu, with an installed capacity of approximately 18 lakh units per annum, catering to several leading international apparel brands.
To meet the demand from our expanding customer base, we plan to expand our manufacturing footprint both domestically and in other geographies such as Nepal, Vietnam, and Sri Lanka through a phased investment approach, primarily funded through internal accruals. In line with our policy of derisking our manufacturing operations across multiple geographies, the Company has recently signed a Memorandum of Understanding (MOU) with partners in Sri Lanka to carry out contract manufacturing activities.
This enhanced manufacturing footprint will not only help offset geopolitical risks but also support the acquisition of new business across global markets.
Commitment to Sustainability
Sustainability remains a core pillar of Meenakshi India’s business strategy. Approximately 50% of the Company’s energy requirements are met through solar power generation. The Company has also implemented advanced water recycling systems, including Effluent Treatment Plants (ETP) and Sewage Treatment Plants (STP), to minimise environmental impact and promote responsible manufacturing practices. The Company remains committed to adhering to global sustainability standards and maintaining certifications from leading international accreditation bodies.
Outlook
India’s position as a top cotton and yarn producer, abundant skilled labour, government support, and strong raw‑material traceability make it a preferred garment-sourcing destination. The UK FTA and EU FTA create a significant moment and is a defining moment in the history of the Indian Apparel industry, which creates a pricing level playing field with global competitors. Combined with our quality, operational efficiency, sustainability and expanding footprint, we are well placed to capture growing demand and enhance shareholder value as a preferred partner for international brands.
We will strengthen customer relationships, improve operational efficiency, and expand manufacturing geographically. Our long-term fundamentals remain strong, and our commitment to quality, sustainability, and operational excellence positions us to capitalise on global apparel opportunities.”