Key Metrics of Kusumgar Limited
About Kusumgar Limited
Sectors
Company details
- Registered office
- 101, Manjushree, V.m. Road Corner Of N.s.road No.5 Jvpd Scheme,vile Parle(w), Mumbai, In-mh, 400056
- Listed
- NSE: KUSUMGAR · ₹552.25
Operational Areas of Kusumgar Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 02 Apr 2026 | CARE | Reaffirmed | A | A1 | Stable | ₹41.6 Cr | View |
| 20 Mar 2025 | CARE | Upgraded (from A-) | A | A1 | Stable | ₹41.6 Cr | View |
| 02 Apr 2024 | CARE | Revised | A- | — | Positive | ₹41.6 Cr | View |
| 24 Mar 2023 | CARE | Reaffirmed | A- | A2+ | Stable | ₹41.6 Cr | View |
| 05 Apr 2022 | CARE | Revised (from BBB+) | A- | A2+ | Stable | ₹41.6 Cr | View |
| 05 Apr 2021 | CARE | Reaffirmed | BBB+ | A2 | Stable | ₹41.6 Cr | View |
| 30 Mar 2020 | CARE | Reaffirmed | BBB+ | A2 | Stable | ₹83.1 Cr | View |
| 13 Sep 2019 | CARE | Revised | BBB+ | A2 | Stable | ₹86.5 Cr | View |
Credit strengths (CARE, Apr 2026)
+ Diversified and value-added product portfolio supporting healthy return ratios
Over the years, KL has introduced different product lines to reduce its dependence on defence orders which earlier contributed over 50% to the total revenue. KL’s sales reflect a healthy diversity based on end-use application with industrial textiles and defence each contributing 30-40% of revenue in the last three years followed by 10-15% each from outdoor/work wear and speciality textiles in FY25. With recent entry in manufacturing finished products of specialty textiles such as parachutes and
+ Comfortable leverage and debt coverage indicators
KL’s capital structure moderated in FY25 due to elevated debt levels, primarily driven by borrowings for capexand higher reliance on working capital borrowings following the reduction in free liquidity post payment of ~₹108 crore towards acquisition of a subsidiary in FY26. Consequently, overall gearing increased to 1.17x as on March 31, 2026, weaker than CareEdge Ratings’ negative rating sensitivity. However, with healthy accruals from business and fresh equity raise of ₹127 crore, the net wort
+ Experienced promoters in technical textile industry
The company was incorporated in 1990 by Yogesh Kusumgar, who has over four decades of experience in the technical textile industry and is currently managed by his son, Siddharth Kusumgar (Managing Director). Promoters are ably supported by professional management to run daily operations. Experienced promoters and management are expected to aid in profitably scaling up business in the coming years.
Credit challenges
− Working capital intensive nature of operations
KL’s operations remain working capital intensive as reflected in average operating cycle of 100-120 days over the last three years owing to high inventory holding requirements. As against extended credit period in the range of 60-90 days to its customers, the company receives credit period of ~30 days from its suppliers. The gross current assets also remained moderate at ~175 days over the last three years. Average working capital utilisation stood at ~86% for 12-months ending in December 2025.
− Susceptibility to fluctuation in raw materials prices and fluctuation in foreign exchange rates
The company’s major raw materials used are specialty nylon/polyester yarns; all being derivative of crude oil are continuously affected by movement in crude oil prices. While the company is largely able to pass on raw material price volatility to its c ustomers, substantial price volatility could have a transient impact on KL’s margins. The company imports 40% -50% of its raw material requirement, where it gets better credit term of up to 90 days and balance through key domestic players, where i
Could lead to an upgrade
• Growth in the scale of operations above ₹1,000 crore while maintaining PBILDT margin above 25% on a sustained basis. • Improvement in overall gearing below 0.25x on a sustained basis.
Could lead to a downgrade
• Decline in scale of operations below ₹500 crore and PBILDT margin below 20% on a sustained basis. • Deterioration in overall gearing above 1x on a sustained basis. • Significant time or cost overrun in the ongoing capex.
Agency-reported financials (CARE, 02 Apr 2026)
| Metric | March 31, 2024 | March 31, 2025 |
|---|---|---|
| Total operating income | ₹472 Cr | ₹782 Cr |
| PBILDT* | ₹124 Cr | ₹192 Cr |
| Profit after tax (PAT) | ₹81.14 Cr | ₹112 Cr |
| Overall gearing (x) | 0.48× | 1.17× |
| Interest coverage (x) | 19.78× | 13.09× |
| Revenue growth (YoY) | — | 65.6% |
| PAT margin | 17.2% | 14.3% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term bank facilities | Working capital & bank lines | — | ₹18.1 Cr | — | A (Stable) | Reaffirmed | CARE |
| Long-term Short-term bank facilities | Working capital & bank lines | — | ₹23.5 Cr | — | A / A1 (Stable) | Reaffirmed | CARE |
CARE ratings on record (checked 26 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| LT/ST | ₹23.5 Cr | CARE A; Stable / CARE A1 |
| Term Loan | ₹18.1 Cr | CARE A; Stable |
Lenders
| Fund-based - LT | Term Loan | HDFC Bank Ltd. |
| Fund-based/Non-fund-based | LT/ST | Citi Bank |
| Fund-based/Non-fund-based | LT/ST | HDFC Bank Ltd. |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2024-25
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 66% |
| Information on file | 56% · missing: Audited financial statements (last 18 months), Debt obligations and repayment schedule, Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 62% chance the next rating action is stable or better
- Current rating A (investment grade)
- Interest coverage 13.09×
- Working-capital limits 86% utilised on average
Rated limits by facility
Timeline
From the report
CareEdge Ratings notes that KL has raised fresh equity of ₹127 crore in 9MFY26 through issuance of compulsorily convertible preference shares to private equity investors which has strengthened its net worth base and liquidity buffer.
From the report
Average working capital utilisation stood at ~86% for 12-months ending in December 2025.
From the report
The average utilisation of fund-based working capital limits stood at 86% in the 12 months ending December 202 5 and the company had free cash and liquid investments of ₹37.6 crore as on March 31, 2025, indicating adequate liquidity buffer .
From the report
The average utilisation of fund-based working capital limits stood at 86% in the 12 months ending December 202 5 and the company had free cash and liquid investments of ₹37.6 crore as on March 31, 2025, indicating adequate liquidity buffer .
From the report
The current ratio stood at 1. 17x and free cash and bank balance of ₹35 crore as on March 31, 2025.
From the report
CARE Ratings also notes the acquisition of Engineered Coated Fabrics Private Limited (ECFPL), an entity erstwhile owned by KL’s promoters and engaged in fabric coating job work for KL, for a cash consideration of ₹110 crore in Dec-2024, funded by internal cash reserves.
From the report
Average working capital utilisation stood at ~50% for 12-months ending in December 2024.
From the report
Its average utilisation of fund-based working capital limits stood at 50% for 12 months ending December 2024 providing adequate liquidity buffer.
From the report
The current ratio stood at 1.40x and free cash and bank balance of ₹141.50 crore as on March 31, 2024 (mainly due to a sizeable customer advance received close to year-end).
From the report
KCPL has availed term loans worth ₹45 crore in current fiscal year to fund its capacity expansion.
From the report
Average working capital utilisation stood at around 51% for 12-month period ending in February 2024.
From the report
Liquidity: Strong KCPL’s liquidity profile is considered strong on account of unencumbered fixed deposits (FDs) worth ₹125 crore and free cash and bank balance of ₹13 crore as on March 15, 2024.
From the report
The company expects healthy gross cash accruals (GCA) above ₹90 crore against minimal scheduled debt repayments of less than ₹15 crore for FY24 and FY25.
From the report
Press Release Press Release Average working capital utilisation stood at 10% for 12-month period ending in December 2022.
From the report
Liquidity: Adequate KCPL’s liquidity profile is marked adequate with cash and bank balance of ₹3.48 crore and healthy current ratio at 2.49x as on March 31, 2022.
From the report
KCPL’s average maximum working capital utilisation remains low at around 10% for 12-month period ending in December 2022.
From the report
Average working capital utilization stood at 6% for 12-month period ending in Jan-22.
From the report
Liquidity: Adequate KCPL’s liquidity profile is marked with modest cash and bank balance of Rs.2.18 crore and healthy current ratio at 2.52x as on March 31, 2021.
From the report
KCPL’s average working capital utilization remains low at ~6% for 12-month period ending in Jan-22.
From the report
Thus, providing sufficient headroom for meeting incremental working capital needs from existing line of credit. for FY22, KCPL has term loan repayment of Rs.6.64 crore against expected cash accruals of Rs.34 crore.
From the report
KCPL’s average working capital utilization remained at 31% for 12 months ending December 2020. 2 CARE Ratings Limited Press Release Customer concentration and Supplier risk KCPL’s top 10 customers accounted for nearly 49% for total sales in FY20 as against 61% for total sales in FY19, resulting in declining the customer concentration risk.
From the report
Liquidity: Adequate KCPL’s liquidity profile is marked by modest cash and bank balance of Rs.3.72 crore and current ratio at 2.21x as on March 31, 2020.
From the report
The company has a cash and bank balance of Rs.0.54 crore and mutual funds of Rs.10 crore as on Feb 28, 2021.
From the report
Further, KCPL’s average maximum working capital utilization remains moderate at 31% for 12-month period ending in December, 2020, thus providing adequate headroom for liquidity.
From the report
It has term loan repayment of Rs.7.60 crore against expected cash accruals of Rs. 32.69 crore for FY22.
From the report
PAT margin continues to show downtrend and deteriorated by 248 basis points to 5.01% primarily on account of increased interest cost due to term loan of Rs.15 crore availed and increased depreciation on account of capacity expansion in FY18.
From the report
KCPL’s average working capital utilization remained at 55% in FY19 and at 41% for 10M-FY20.
From the report
Liquidity: Adequate 2 CARE Ratings Limited Press Release KCPL’s liquidity profile is marked by modest cash and bank balance of Rs. 0.13 crore and current ratio at 2.25x as on March 31, 2019.
From the report
Further, KCPL’s average maximum working capital utilization remains moderate at 48% for 12-month period ending in February, 2020, thus providing adequate headroom for liquidity.
From the report
KCPL has term loan repayment of Rs. 4.58 crore and Rs. 4.70 crore against expected cash accruals of Rs. 14.20 crore and Rs. 18.68 crore for FY20 and FY21 respectively.
From the report
PAT margins deteriorated from 7.48% in FY18 to 4.98% in FY19 (Prov) primarily on account of decline in PBILDT and increased interest cost due to term loan availed for capacity expansion.
From the report
Average working capital utilization of fund-based facility is around 15% for the 12 months trailing July, 2019.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Kusumgar Limited
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Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.