Whalesbook
IPO ka main motive: Debt kam karna
TC Terrytex ne SEBI ke paas apna Draft Red Herring Prospectus daal diya hai, matlab public market mein entry ka pehla step. Is IPO se main target hai company ki finances ko strong banana, khaas kar ke outstanding borrowings ko kam karke. Ye company fresh issue se lagbhag ₹170 crore judane ka plan kar rahi hai. Iske alawa, investor Ashis Living bhi 67.5 lakh shares Offer for Sale (OFS) ke through bechega. Fresh issue se milne wale paise mein se ₹120 crore tak ka use loan chukane mein hoga. December 2025 tak company par ₹170.9 crore ka loan tha. Company ka interest coverage ratio around 2.2-2.5 times raha hai, jo moderate hai, par future mein iske improve hone ki umeed hai.
Company karti kya hai?
Ye company mainly business-to-business (B2B) model par kaam karti hai aur cotton-based home textiles banati hai. Terry towels export ke liye banaye jaate hain, khaas kar ke US aur Australia jaise countries mein, jahan se company ki 50-60% revenue aati hai. Domestic market mein ye dyed yarn bhi bechti aur process karti hai. Punjab ke Dera Bassi mein inka manufacturing unit hai, jo terry towels ke liye 9,349.90 MTPA aur dyed yarn ke liye 5,845 MTPA capacity rakhta hai.
Financials par ek nazar
September 2025 tak ke 6 mahine mein, TC Terrytex ne ₹324.5 crore ka revenue aur ₹7.8 crore ka profit report kiya tha. March 2025 ko khatam hue fiscal year (FY25) mein revenue ₹673.5 crore raha, jo FY24 ke ₹654.4 crore se thoda zyada hai. Profit mein achhi growth dikhi hai, jo FY25 mein ₹17 crore raha, jo FY24 ke ₹13.4 crore se 26.5% zyada hai. FY25 ke provisional financials ke hisaab se operating margin bhi badh kar 8.4%-8.5% ho gaya tha. EBITDA margin 8.1% aur PAT margin 2.13% tha FY24 mein.
IPO ke liye market challenges
Is IPO mein Ashis Living ka Offer for Sale (OFS) bhi hai aur ₹15 crore tak ka pre-IPO round bhi ho sakta hai. Par sachai ye hai ki current IPO market kaafi volatile hai. Is saal list hui lagbhag 66% companies apne issue price se neeche trade kar rahi hain. Isliye, investors ab naye listings ko lekar kaafi cautious hain aur valuations dena mushkil ho raha hai.
Investors ke liye risks
- Debt: IPO debt kam karne ke liye hai, par company ka ₹170.9 crore ka loan FY25 ke ₹17 crore profit ke comparison mein kaafi bada hai. Loan ki regular repayment se cash flow par pressure aa sakta hai.
- Export reliance: US aur Australia par zyada nirbhar hone se geopolitical risks, currency fluctuations aur trade policy changes ka asar pad sakta hai.
- Competition & Costs: Textile industry cotton prices ke fluctuations se bahut affect hoti hai. Global competition bhi zabardast hai aur sustainability norms ko poora karne ke liye bhi kharcha badh sakta hai.
- Market Reception: Jab 2/3rd IPOs apne issue price se neeche hain, toh TC Terrytex ko achha valuation milna tough hoga. Investors discount mang sakte hain.