Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
KPR Mill Ltd.
NSE: KPRMILLConsumer CyclicalTextile Manufacturing
- Last close
- ₹1,024.60
- Day change
- +₹0.90 (+0.09%)vs
- Market cap
- ₹38,404 crIndian rupees
- Research updated
- 1 report
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About KPR Mill
KPR Mill Ltd. is an influential player in the textile manufacturing industry, recognized for its comprehensive production capabilities that encompass yarn, fabric, and garments. The company plays a pivotal role in the supply chain by providing fully integrated services from processing raw cotton into finished textiles, thereby catering to a global market. Headquartered in India, KPR Mill Ltd. has established itself as a key contributor to the textile export sector, bolstered by state-of-the-art production facilities and a strong commitment to quality. With its expansive product range that covers various segments such as knitted fabric, cotton yarn, and a variety of apparel, KPR Mill Ltd. positively impacts fashion, apparel, and retail industries worldwide. Its presence strengthens the textile sector's contribution to the economy while continually adapting to technological advancements to maintain efficiency and sustainability in production processes. This enables KPR Mill Ltd. to remain a significant force in global textile markets, reflecting its dedication to innovation and excellence.
- Sector
- Consumer Cyclical
- Industry
- Textile Manufacturing
- Listing
- NSE: KPRMILL
- Next results
- Chief executive
- Mr. P. Nataraj
- Employees
- 20,308
- Headquarters
- Coimbatore, India
- ISIN
- INE930H01031
- Website
- kprmilllimited.com
Public research · Report of
Business model & financial foundation
KPR Mill (NSE: KPRMILL), Textiles and apparels; integrated yarn, fabric and knitted garments with sugar, ethanol and co-generation subsidiaries: revenue of ₹6,650 crore in FY26 (+4.1% on FY25), an EBITDA margin of 21.1%, net profit of ₹866.5 crore and net cash of ₹834.8 crore.
- Revenue, FY26 (₹ crore)
- 6,650
- consolidated
- Revenue growth, FY26
- +4.1%
- on FY25
- Net profit, FY26 (₹ crore)
- 866.5
- to owners
- Return on equity, FY26
- 16.2%
- on average equity
- Net debt, FY26 (₹ crore)
- -834.8
- Net debt, company liquidity definition
- Market capitalisation (₹ crore)
- 38,410
- at the close of 14 Oct 2026
Company profile
K.P.R. Mill is a Coimbatore-based integrated textile manufacturer spanning yarn, knitted fabric, processing and knitted garments, with exports to international brands. Wholly owned subsidiaries add sugar, ethanol, co-generation power, a garment facility and Audi car dealerships. Consolidated FY26 revenue from operations was Rs6,650.37 crore and PAT Rs866.50 crore.
| Item | Value |
|---|---|
| Legal name | K.P.R. Mill Limited |
| Exchange and ticker | NSE: KPRMILL; BSE: 532889 |
| ISIN | INE930H01031 |
| CIN | L17111TZ2003PLC010518 |
| Sector | Consumer discretionary |
| Industry | Textiles and apparels; integrated yarn, fabric and knitted garments with sugar, ethanol and co-generation subsidiaries |
| Headquarters | Coimbatore, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP |
| Market capitalisation | ₹38,410 crore (14 Oct 2026) |
| Shares outstanding | 34.18 crore shares (FY26) |
| Price | ₹1,088 (close, 14 Oct 2026) |
| 52-week range | ₹796.1 - ₹1,334 (to 14 Oct 2026) |
| Website | https://www.kprmilllimited.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| K.P.R. Sugar Mill Limited | 100% | Sugar 10,000 TCD, ethanol 250 KLPD and 40 MW co-generation in Karnataka |
| KPR Sugar and Apparels Limited | 100% | Sugar 10,000 TCD, ethanol 250 KLPD, 50 MW co-generation and 64m-piece garment facility |
| Jahnvi Motor Private Limited | 100% | Audi dealerships in Madurai and Coimbatore; FY26 sold 101 cars |
| Quantum Knits Private Limited | 100% | Garment business consolidated for management; FY26 AOC-1 revenue Rs0.06 crore |
| Galaxy Knits Limited | 100% | Not yet commenced operations |
| KPR Exports PLC, Ethiopia | 100% | Apparel unit closure in progress after civil disturbance; no FY26 revenue |
Six 100% subsidiaries consolidated in FY26; no associate or JV recorded. FY24 related-party list included KPR Mill Pte Singapore; FY24 AR says strike-off application filed; final removal date not verified.
Business model
K.P.R. Mill Limited (NSE KPRMILL,BSE532889) sells integrated yarn/fabric/garments; six wholly owned subsidiaries add sugar, ethanol, co-generation, a garment factory and a small Audi dealership. Consolidated Ind AS basis, INR crore and crore shares; year ends March. Fibre-to-fashion and captive green power economise lead time and purchased electricity. External yarn volumes exclude internal consumption: cannot equate sales/capacity with plant utilisation. Sugar contributes diversification but cane/weather and administered ethanol pricing are not controlled. FY26 operating revenue6650.37,owners PAT866.50,company EBITDA1401.20 includes133.92 other income; operating EBITDA1267.28 excludes it.
| Segment | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Textile | 5,435 | 81.7% | 952.0 | 90.5% |
| Sugar | 1,173 | 17.6% | 95.9 | 9.1% |
| Others | 83.5 | 1.3% | 3.79 | 0.4% |
| Inter segment revenue eliminations | -41.4 | -0.6% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Gokaldas Exports (GOKEX) | Largest listed Indian garment exporter; US-heavy mix tests tariff sensitivity against KPR's Europe-led book |
| S.P. Apparels (SPAL) | Tiruppur knitwear exporter to UK/Europe, same cluster and customer type as KPR's garment arm |
| Kitex Garments (KITEX) | Knitwear (infant) exporter, US-focused; garment margin and tariff comparator |
| Arvind (ARVIND) | Integrated fabric-to-garment group; vertical integration comparator |
| Vardhman Textiles (VTL) | Large integrated spinner; benchmark for cotton-yarn spread cycle that drives KPR's yarn/fabric line |
| Welspun Living (WELSPUNLIV) | Cotton textile exporter with US/EU exposure; cotton cost and export demand comparator |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 4,675 | 5,960 | 6,060 | 6,388 | 6,650 |
| Cost of revenue (vendor classification) * | 2,686 | 4,065 | 3,926 | 4,205 | 4,319 |
| Other operating costs (vendor classification) * | 574.9 | 293.9 | 291.9 | 259.3 | 270.6 |
| EBITDA (vendor classification) * | 1,306 | 1,296 | 1,270 | 1,288 | 1,363 |
| Operating EBIT excluding other income | 1,165 | 1,155 | 1,048 | 1,038 | 1,052 |
| Finance costs | 23.3 | 70.6 | 74.4 | 49.8 | 51.6 |
| Profit before tax | 1,142 | 1,084 | 1,040 | 1,063 | 1,134 |
| Total income tax expense | 299.7 | 270.1 | 235.0 | 247.7 | 267.5 |
| Profit after tax before associates and minorities | 841.8 | 814.1 | 805.4 | 815.1 | 866.5 |
| Diluted EPS (₹) | 24.47 | 23.81 | 23.56 | 23.85 | 25.35 |
| Materials, traded goods and inventory movement | 3,607 | 3,890 | 4,040 | ||
| Employee benefits expense | 600.6 | 671.9 | 783.0 | ||
| Other expenses | 615.2 | 580.2 | 560.1 | ||
| Company EBITDA including other income | 1,304 | 1,320 | 1,401 | ||
| Operating EBITDA excluding other income | 1,237 | 1,246 | 1,267 | ||
| Other income | 67.3 | 74.4 | 133.9 | ||
| Depreciation and amortisation | 189.2 | 207.9 | 215.6 | ||
| Exceptional items signed contribution to PBT | 0.00 | 0.00 | 0.00 | ||
| Minority interest adjustment | 0.00 | 0.00 | 0.00 | ||
| Share of profit or loss of associates | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to owners | 805.4 | 815.1 | 866.5 | ||
| Other operating sales and operating incentives residual | 449.7 | 356.9 | 351.4 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 3,187 | 3,707 | 4,358 | 5,002 | 5,698 |
| Borrowings, current plus non-current | 1,185 | 1,348 | 1,158 | 466.0 | 596.1 |
| Cash and cash equivalents | 121.3 | 108.6 | 75.1 | 114.5 | 63.9 |
| Trade receivables | 480.2 | 625.4 | 669.3 | 586.2 | 639.9 |
| Inventories | 1,289 | 1,898 | 1,905 | 1,869 | 1,844 |
| Trade payables | 282.1 | 336.1 | 115.0 | 218.1 | 232.6 |
| Property, plant and equipment, net | 234.6 | 2,305 | 2,428 | 2,459 | 2,395 |
| Capital work in progress | 115.3 | 86.7 | 117.5 | 40.4 | 63.1 |
| Total assets | 4,868 | 5,598 | 5,864 | 5,962 | 6,833 |
| Net debt, company liquidity definition | 708.1 | 1,108 | 947.4 | -114.8 | -834.8 |
| Current investments, mainly mutual funds | 32.0 | 262.6 | 62.6 | ||
| Bank balances other than cash | 103.9 | 203.6 | 1,304 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities, after income taxes paid | 176.8 | 80.7 | 677.9 | 1,401 | 1,108 |
| Capital expenditure incl. capital advances (outflow negative) | 5.71 | 28.4 | -323.5 | -168.7 | -314.8 |
| Free cash flow (vendor definition) * | -398.1 | -80.3 | 354.5 | 1,233 | 793.0 |
| Dividends paid (outflow negative) | -5.16 | -73.5 | -153.8 | -170.9 | -170.9 |
| CFO less capex | 354.5 | 1,233 | 793.0 | ||
| Income taxes paid in operating cash flow (outflow negative) | -198.7 | -239.1 | -253.2 | ||
| Cash generated from operations before income tax paid | 876.7 | 1,640 | 1,361 | ||
| Net cash from investing activities | -294.1 | -450.0 | -1,068 | ||
| Net cash from financing activities | -417.3 | -911.9 | -90.2 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 34.40 | 34.20 | 34.18 | 34.18 | 34.18 |
| Cash conversion CFO divided by reported PAT (x) | 0.84x | 1.72x | 1.28x | ||
| Three-year cumulative CFO/PAT FY24-FY26 (x) | 1.28x | ||||
| Receivable growth minus operating revenue growth (%) | -17.8% | 5.1% | |||
| Quantified contingent liabilities/equity (%) | 1.8% |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,480 | 1,529 | 1,769 | 1,766 | 1,632 | 1,467 | 1,785 | 1,936 |
| Cost of revenue (vendor classification) * | 914.1 | 897.3 | 1,091 | 1,132 | 818.3 | 1,090 | 1,148 | |
| Other operating costs (vendor classification) * | 127.4 | 156.4 | 161.9 | 135.9 | 156.4 | 146.7 | 169.1 | |
| EBITDA (vendor classification) * | 335.9 | 318.2 | 343.8 | 346.2 | 328.0 | 388.8 | 409.6 | |
| Operating EBIT excluding other income | 244.6 | 249.2 | 280.6 | 257.0 | 260.4 | 240.3 | 294.0 | 318.4 |
| Finance costs | 13.0 | 9.35 | 11.0 | 13.9 | 12.2 | 10.8 | 14.7 | 14.5 |
| Profit before tax | 271.1 | 255.9 | 280.7 | 279.1 | 272.1 | 263.0 | 319.8 | 338.6 |
| Total income tax expense | 66.1 | 53.6 | 76.2 | 66.4 | 54.1 | 54.4 | 92.6 | 80.0 |
| Profit after tax before associates and minorities | 205.0 | 202.3 | 204.6 | 212.7 | 218.0 | 208.6 | 227.2 | 258.5 |
| Diluted EPS not annualised (₹) | 6.00 | 5.92 | 5.98 | 6.22 | 6.38 | 6.10 | 6.65 | 7.56 |
| Materials, traded goods and inventory movement | 914.1 | 897.3 | 1,091 | 1,132 | 986.7 | 818.3 | 1,090 | 1,148 |
| Employee benefits expense | 142.1 | 173.3 | 183.7 | 188.6 | 196.3 | 198.3 | 200.0 | 243.7 |
| Other expenses | 127.4 | 156.4 | 161.9 | 135.9 | 134.9 | 156.4 | 146.7 | 169.1 |
| Company EBITDA including other income | 335.9 | 318.2 | 343.8 | 346.2 | 338.2 | 328.0 | 388.8 | 409.6 |
| Operating EBITDA excluding other income | 296.4 | 302.2 | 332.7 | 310.3 | 314.2 | 294.5 | 348.3 | 374.8 |
| Other income | 39.4 | 16.0 | 11.2 | 36.0 | 23.9 | 33.5 | 40.5 | 34.7 |
| Depreciation and amortisation | 51.8 | 53.0 | 52.1 | 53.2 | 53.8 | 54.2 | 54.3 | 56.5 |
| Exceptional items signed contribution to PBT | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Minority interest adjustment | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of profit or loss of associates | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to owners | 205.0 | 202.3 | 204.6 | 212.7 | 218.0 | 208.6 | 227.2 | 258.5 |
| Other operating sales and operating incentives residual | 67.0 | 92.2 | 122.0 | 76.3 | 79.0 | 97.4 | 98.7 | 102.5 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 36.5% | 27.5% | 1.7% | 5.4% | 4.1% |
| EBITDA margin | 21.5% | 20.7% | 21.1% | ||
| Net margin | 13.3% | 12.8% | 13.0% | ||
| Return on equity | 20.0% | 17.4% | 16.2% | ||
| Return on capital employed | 31.6% | 24.5% | 19.8% | 18.9% | 17.9% |
| Return on assets | 14.1% | 13.8% | 13.5% | ||
| Net debt (₹ crore) | 708.1 | 1,108 | 947.4 | -114.8 | -834.8 |
| Net debt / EBITDA | 0.73x | -0.09x | -0.60x | ||
| Interest cover | 50.0x | 16.4x | 14.1x | 20.9x | 20.4x |
| Asset turnover | 1.15x | 1.14x | 1.06x | 1.08x | 1.04x |
| Receivable days | 37 | 38 | 40 | 33 | 35 |
| Inventory days (on revenue) | 101 | 116 | 115 | 107 | 101 |
| Payable days (on revenue) | 22 | 21 | 7 | 12 | 13 |
| Cash conversion | 0.84x | 1.72x | 1.28x | ||
| Capex intensity | 0.1% | 0.5% | 5.3% | 2.6% | 4.7% |
| Free cash flow (₹ crore) | 171.0 | 52.3 | 354.5 | 1,233 | 793.0 |
| Dividend payout | 19.1% | 21.0% | 19.7% | ||
| EPS, diluted (₹) | 24.47 | 23.81 | 23.56 | 23.85 | 25.35 |
| Book value per share (₹) | 92.63 | 108.4 | 127.5 | 146.3 | 166.7 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Company EBITDA including other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt, company liquidity definition; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Company EBITDA including other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 25 Oct 2026.
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