Key Metrics of Spunweb Nonwoven
About Spunweb Nonwoven
Company details
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.
Sign in to continue See plans & pricingFiling compliance
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 | ICRA | Assigned | BBB- | — | Stable | ₹0 | View |
Credit strengths (ICRA, Apr 2026)
+ Established manufacturing presence with long-standing relationships with customers
The Group commenced operations in 2015 and has two manufacturing units located at Wankaner, Gujarat.
+ Customised product offerings for multiple industries
The Group is one of the largest spunbond non-woven fabric manufacturers in India, with a combined installed capacity of 39,140 MTPA as of December 2025.
Credit challenges
− Working capital-intensive nature of operations
The Group's operations are capital intensive, with net working capital to operating income (NWC/OI) remaining in the range of 20–45% over last three years.
Could lead to an upgrade
The ratings could be upgraded if there is a healthy and sustained increase in the Group’s scale of operations and profitability, together with an improvement in its
Could lead to a downgrade
Pressure on the ratings may emerge, if there is sustained pressure on the company’s operating performance or any large debt-funded capex, which would adversely impact the
Agency-reported financials (ICRA, 02 Apr 2026)
| Metric | FY2024 | FY2025 | H1 FY2026 |
|---|---|---|---|
| Operating income | ₹181 Cr | ₹266 Cr | ₹137 Cr |
| PAT | ₹9.50 Cr | ₹14.80 Cr | ₹10.70 Cr |
| OPBDIT/OI | 16.3% | 15.6% | 17.6% |
| PAT/OI | 5.2% | 5.6% | 7.8% |
| Total outside liabilities/Tangible net worth (times) | 2.90× | 3.00× | 1.30× |
| Total debt/OPBDIT (times) | 2.50× | 2.20× | 2.00× |
| Interest coverage (times) | 3.80× | 4.10× | 5.20× |
| Revenue growth (YoY) | — | 46.6% | — |
| EBITDA (margin × income) | ₹29.55 Cr | ₹41.45 Cr | ₹24.11 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹73.88 Cr | ₹91.19 Cr | ₹48.22 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹7.78 Cr | ₹10.11 Cr | ₹4.64 Cr |
Borrowings & rated debt
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Issuer | Other | — | ₹0 | — | BBB- (Stable) | Assigned | ICRA |
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) | 54% |
| Information on file | 44% · missing: Audited financial statements (last 18 months), Annual results history (3+ years), Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 51% chance the next rating action is stable or better
- Current rating BBB- (investment grade)
- Interest coverage 5.2×
- Working-capital limits 88.2% utilised on average
Rated limits by facility
Timeline
From the report
The ratings also consider the improvement in its capital structure aided by recent funds raised through IPO done for Rs. 55.1 crore in July 2025 (net of issue expenses).
From the report
The Group through SNL had raised Rs. 55.1 crore (net proceeds) in July 2025 by listing its shares on the Emerge platform of the National Stock Exchange.
From the report
The average utilisation of fund -based limits stood at 88.2% of the sanctioned limit (of Rs. 38.5 crore) over the last 12 months ending February 2026.
From the report
The average utilisation of fund -based limits stood at 88.2% of the sanctioned limit (of Rs. 38.5 crore) over the last 12 months ending February 2026.
From the report
Against these sources of cash, the entity has repayment obligations of Rs. 22.1 crore (incl . promoter loan repayment of Rs. 13.7 crore) in FY2026 and Rs. 11.9 crore in FY2027.
From the report
Subsequently, it got listed on the Emerge platform of the National Stock Exchange on July 21, 2025, and raised Rs. 60.9 crore through an IPO (net of issue expenses, the entity raised Rs. 55.1 crore).
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.
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.