United Polyfab Gujarat Limited (NSE: UNITEDPOLY | BSE: 544756)
Source: United Polyfab Gujarat Limited Annual Report FY 2025-26 (Fiscal Year Ended March 31, 2026)
📋 Quick Facts: Company Snapshot
| Attribute | Disclosed Detail |
|---|---|
| Official Company Name | United Polyfab Gujarat Limited |
| Corporate Identity Number (CIN) | L18109GJ2010PLC062928 |
| ISIN | INE368U01029 |
| NSE Symbol & BSE Scrip Code | NSE: UNITEDPOLY | BSE: 544756 |
| Date of Incorporation / Founding Year | November 16, 2010 |
| Founders / Key Founding Figures | Mr. Gagan Nirmalkumar Mittal, Mr. Nirmalkumar Mangalchand Mittal, Mr. Ritesh Kamalkishore Hada |
| Registered Office & Corporate Headquarters | Survey No. 238, 239, Shahwadi, Opp. New Aarvee Denim, Narol-Surkhej Highway, Ahmedabad – 382405, Gujarat, India |
| Telephone & Investor Relations Contact | info@unitedpolyfab.com |
| Chairman / Managing Director & CEO | Mr. Gagan Nirmalkumar Mittal (Chairman and Managing Director) |
| Chief Financial Officer (CFO) & Company Secretary (CS) | Mr. Mahesh Shankerlal Gupta (CFO) & CS Vishakha Rawal (Company Secretary and Compliance Officer) |
| Promoter & Holding Group | Mittal Family Promoters |
| Industry / Sector Classification | Textiles / Spinning, Weaving & Fabric Manufacturing |
| Total Employees / Permanent & Contractual Workforce | 149 Permanent Employees on Rolls |
| Manufacturing Plants / Branches / Offices Count | Integrated manufacturing facilities located in Ahmedabad, Gujarat |
| Countries / States Served | Domestic markets across India and international export destinations |
| Statutory Auditors | M/s Rajiv Shah & Co., Chartered Accountants, Ahmedabad |
| Registrar and Share Transfer Agent (RTA) | Satellite Corporate Services Private Limited, Mumbai |
🏢 The Corporate Identity: United Polyfab Gujarat Limited Overview, Promoters & History
The Big Picture: Business Model & Core Value Proposition
United Polyfab Gujarat Limited (UPGL) operates as a vertically integrated textile manufacturing enterprise headquartered in Ahmedabad, Gujarat. The company’s core business model encompasses complete textile value chain operations spanning spinning, weaving, and fabric processing. By maintaining backward integration into yarn spinning alongside forward integration into gray, dyed, and denim fabrics, UPGL captures operational efficiencies and ensures strict quality control across all processing stages. Guided by its foundational corporate philosophy to produce the best and offer the right quality material at the right price, the company serves diverse domestic traders, garment manufacturers, and retail brands.
The Founders, Promoters & Their Legacy
The enterprise is spearheaded by seasoned industry leaders including Mr. Gagan Nirmalkumar Mittal, Mr. Nirmalkumar Mangalchand Mittal, and Mr. Ritesh Kamalkishore Hada, who bring decades of combined textile expertise. Their leadership oversees the day-to-day manufacturing operations, corporate governance, financial management, and strategic expansion. The promoter group maintains a substantial ownership stake, ensuring long-term alignment with the interests of public shareholders and institutional investors.
The Journey: Corporate History & Key Milestones
Incorporated on November 16, 2010, United Polyfab Gujarat Limited has steadily scaled its manufacturing capacities from localized textile trading and weaving into a prominent publicly listed corporate entity. Over its sixteen-year operational history, the company has expanded its spinning infrastructure to incorporate approximately 40,000 spindles, significantly boosting its monthly yarn output and strengthening its competitive standing within the Indian textile sector.
The Corporate Umbrella & Group Structure
UPGL operates alongside strategic group entities and subsidiaries that support its integrated manufacturing and processing ecosystem. The company exercises direct oversight over its wholly owned subsidiary, United Green Distilleries Private Limited, while engaging in synergistic business arrangements with associated promoter-led enterprises including United Polyfab Private Limited, United Techfab Limited, United Cotfab Limited, and Vinod Spinners Private Limited.
⚙️ The Business Engine: Segments, Brands, Products & Operations
The Core Divisions & Segment Revenue Breakdown
United Polyfab Gujarat Limited manages its operations primarily within the textile manufacturing sector, encompassing yarn spinning, weaving, and textile processing divisions. The company’s revenue streams are derived from the sale of cotton yarn, grey fabrics, dyed fabrics, and denim materials across domestic and international markets.
The Product & Service Catalog (with Operational KPIs & Order Book)
The company maintains a comprehensive product portfolio tailored to meet diverse industrial and consumer textile requirements. Key operating parameters include:
- Spinning Capacity: Operates an advanced backward-integrated spinning unit equipped with approximately 40,000 spindles.
- Yarn Production Volume: Generates an average monthly production output ranging between 900 to 1,100 tonnes of yarn.
- Yarn Count Range: Manufactures diverse yarn counts spanning from Ne 7/1 to Ne 40/1.
- Yarn Varieties: Includes 100% cotton carded, combed, combed compact, core-spun, Eli Twist, and doubling yarns suitable for both weaving and knitting applications.
- Fabric Portfolio: Produces high-quality grey fabrics, dyed fabrics, and denim materials leveraging state-of-the-art weaving looms.
Mapping the Domestic & Global Reach (India vs. Exports)
UPGL supplies its textile products extensively across domestic markets in India while actively participating in international trade channels. The company’s sales infrastructure caters to garment manufacturers, institutional buyers, and textile merchants nationwide.
The Brick & Mortar Footprint: Manufacturing Plants, R&D & Offices
The company’s primary manufacturing installations and registered corporate office are situated at Survey No. 238 and 239, Shahwadi, opposite New Aarvee Denim, Narol-Sarkhej Highway, Ahmedabad, Gujarat. These facilities house integrated spinning machinery, modern weaving looms, quality inspection units, and administrative headquarters.
📊 The Financial Health: The Numbers Simplified
Multi-Year Financial Highlights (₹ in Crores)
| Financial Parameter | FY 2025-26 | FY 2024-25 | Latest YoY (%) |
|---|---|---|---|
| Revenue from Operations (Sales) | 682.03 | 602.22 | +13.25% |
| Total Income | 682.83 | 603.22 | +13.20% |
| EBITDA | 53.99 | 44.83 | +20.43% |
| Profit Before Tax (PBT) | 30.28 | 21.25 | +42.49% |
| Profit After Tax (PAT) | 24.29 | 17.69 | +37.31% |
| Total Comprehensive Income | 24.51 | 17.70 | +38.47% |
Earnings, Expenses, & Take-Home Profits (Consolidated Profit & Loss)
| Particulars (₹ in Crores) | FY 2025-26 | FY 2024-25 | Latest YoY (%) |
|---|---|---|---|
| Revenue from Operations | 682.03 | 602.22 | +13.25% |
| Total Net Income | 682.83 | 603.22 | +13.20% |
| Operation and Admin Expenses | 652.55 | 581.97 | +12.13% |
| Profit Before Interest and Tax (PBIT) | 30.28 | 21.25 | +42.49% |
| Profit Before Tax (PBT) | 30.28 | 21.25 | +42.49% |
| Total Tax Expense | 5.99 | 3.56 | +68.26% |
| Profit After Tax (PAT) | 24.29 | 17.69 | +37.31% |
| Other Comprehensive Income (Net of Tax) | 0.22 | 0.00 | N/M |
| Total Comprehensive Income for the Year | 24.51 | 17.70 | +38.47% |
Assets, Borrowings, & Net Worth (Consolidated Balance Sheet)
| Balance Sheet Line Item (₹ in Crores) | FY 2025-26 | FY 2024-25 | Latest YoY (%) |
|---|
Cash Flow: Tracking the Money Movement
| Cash Flow Item (₹ in Crores) | FY 2025-26 | FY 2024-25 | Latest YoY (%) |
|---|
Key Financial Ratios & Performance Metrics
| Ratio / Financial Metric | FY 2025-26 | FY 2024-25 | Variance (%) | Latest YoY (%) |
|---|---|---|---|---|
| Return on Capital Employed (ROCE) | 16.38% | 14.35% | 14.10% | – |
| Return on Equity (ROE) | 18.31% | 18.19% | 0.67% | – |
| Current Ratio | 2.10 | 1.64 | 28.01% | +28.05% |
| Debt-to-Equity Ratio | 0.80 | 1.22 | -34.15% | -34.43% |
| Debt Service Coverage Ratio | 0.50 | 0.38 | 33.15% | +31.58% |
| Inventory Turnover Ratio | 10.73 | 14.80 | -27.51% | -27.50% |
| Receivables Turnover Ratio | 7.81 | 6.17 | 26.49% | +26.58% |
| Payable Turnover Ratio | 24.11 | 26.76 | -9.90% | -9.90% |
| Working Capital Turnover Ratio | 8.64 | 10.67 | -18.96% | -19.03% |
| Net Profit Ratio | 3.56% | 2.94% | 21.18% | – |
Funding the Future: CapEx, CWIP & R&D Spending
The company continues to direct capital investments toward modernizing machinery, upgrading plant infrastructure, and enhancing energy efficiency. Notably, capital investments of approximately ₹30 Crore+ were deployed toward renewable energy integration and energy conservation equipment during the review period.
👥 Power & Control: Corporate Governance, Leadership & Ownership
The Brain Trust: Board of Directors & Key Managerial Personnel (KMP)
| Name of Director / KMP | Designation / Role | DIN / Employee ID | Category |
|---|---|---|---|
| Mr. Gagan Nirmalkumar Mittal | Chairman and Managing Director | 00593377 | Executive Director (Promoter) |
| Mr. Ritesh Kamalkishore Hada | Non-Executive Director | 01919749 | Non-Executive Director |
| Mr. Nirmalkumar Mangalchand Mittal | Non-Executive Director | 01528758 | Non-Executive Director |
| Ms. Sejalben Shantilal Parmar | Independent Director | 07401639 | Independent Director (Up to Feb 2026) |
| Ms. Rashmi Kamlesh Otavani | Independent Director | 06976600 | Independent Director |
| Mr. Safalkumar Hasmukhbhai Patel | Independent Director | 08107710 | Independent Director |
| Mr. Mahesh Shankerlal Gupta | Chief Financial Officer (CFO) | KMP | Key Managerial Personnel |
| CS Vishakha Rawal | Company Secretary & Compliance Officer | KMP | Key Managerial Personnel |
Who Owns the Stock? Shareholding Pattern
| Category of Shareholder | Number of Shares | % of Total Shares |
|---|---|---|
| Promoters & Promoter Group | 11,82,14,420 | 51.50% |
| Bodies Corporate | 4,68,61,951 | 20.42% |
| Resident Individuals (Retail) | 3,74,90,381 | 16.33% |
| Foreign Institutional Investors (FII) | 1,38,65,482 | 6.04% |
| Other Bodies Corporate | 1,14,82,445 | 5.00% |
| Non-Resident Indians (NRI) | 15,98,325 | 0.70% |
| Clearing Members | 2,496 | 0.01% |
| Total | 22,95,15,500 | 100.00% |
🗺️ The Corporate Family Tree: Group Structure & Strategic Investments
Subsidiaries, Associates, & Joint Ventures (Form AOC-1)
| Name of Entity | Relationship | Country of Incorporation | % Shareholding |
|---|---|---|---|
| United Green Distilleries Private Limited | Wholly Owned Subsidiary | India | 100.00% |
🎯 The Strategic Outlook: Competitive Moats, Risks & Future Growth Plans
Competitive Advantages & Economic Moats
United Polyfab Gujarat Limited derives its primary competitive strengths from its vertically integrated manufacturing infrastructure, combining large-scale spinning capacities with advanced weaving lines. This integration allows the company to minimize intermediary costs, maintain stringent quality benchmarks, and fulfill high-volume orders with consistent turnaround times. Furthermore, the adoption of state-of-the-art machinery and investments in renewable energy infrastructure enhance long-term cost efficiencies.
What Could Go Wrong? Key Challenges & Business Risks
The company’s operating margins remain susceptible to volatility in raw material prices, particularly raw cotton, which is influenced by agricultural cycles, weather conditions, minimum support price (MSP) adjustments, and global trade dynamics. Additionally, macroeconomic headwinds, tariff fluctuations in international export destinations, and intensifying competition from both organized and unorganized sector participants present ongoing challenges.
The Next Chapter: Growth, Order Pipeline & CapEx Initiatives
UPGL’s strategic roadmap focuses on leveraging newly introduced state industrial incentives, such as the Gujarat Textile Policy 2024, which provides capital and power subsidies for modernization and capacity enhancement. By scaling up operational efficiencies, expanding non-U.S. export markets, and deepening relationships with large-scale retail brands, the company aims to sustain its growth momentum and drive stakeholder value.
The Verdict: Strategic Outlook & Conclusion
United Polyfab Gujarat Limited demonstrates resilient operational performance supported by disciplined financial management, top-line revenue expansion, and prudent capital allocation. With an established manufacturing footprint and proactive risk mitigation strategies, the company remains well-positioned to navigate industry headwinds and capture emerging opportunities across domestic and global textile markets.
Note: Financial ratios, margins, YoY growth percentages, and % revenue shares are calculated by IndianCompanies.in based on disclosed Ind AS financial statements.
Official Site: https://www.upgl.in