ANNUAL REPORT

Indian Textile &

Apparel Industry
2022
Content

• Global Industry Overview

• Indian Industry Overview
• Indian Industry Structure and Supply Scenario

• Wazir Textile Index (WTI)

• Leading Indian Companies

DISCLAIMER
This document is a copyright of Wazir Advisors Private Limited, India. No part of this publication may be reproduced, stored in, or introduced into a retrieval system, or transmitted
in any form or by any means (electronic, mechanical, photocopying, recording or otherwise), without the prior written permission of Wazir Advisors. We have made every effort to
ensure the accuracy of information presented in this document. However, neither Wazir Advisors nor any of its office bearers or employees can be held responsible for any financial
consequences arising out of the use of information provided herein. In case of any discrepancy, error, etc., same may please be brought to the notice of Wazir Advisors for
appropriate corrections.

2
Global Industry Overview
Global Apparel Market
Values in US$ bn.
The global apparel CAGR Projected CAGR
Region 2019 2020 2021 2025 (P)
market shrunk from 2019-21 2019-25
US$ 1.6 trillion in
2019 to US$ 1.3 EU-27 264 219 211 -11% 1% 280
trillion in 2020
(decline of 22%). United States 235 176 257 5% 2% 265
However, in 2021, the
China 184 166 188 1% 11% 340
market recovered by
approx. 16% to reach
Japan 101 81 78 -12% 0.5% 105
US$ 1.5 trillion.
India 78 55 72 -4% 10% 135
The market is
expected to become Brazil 48 34 39 -10% 4% 60
approx. US$ 2 trillion
in 2025, growing at a Canada 25 20 22 -6% 7% 37
CAGR of 4% from
2019. RoW 690 517 600 -7% 2% 780

World 1625 1269 1467 -5% 4% 2,002

Data Source - Published data and Wazir Analysis 4

Global Textile and Apparel Trade
Values in US$ bn.
In 2020, the global
textile and apparel 3%
CAGR
trade was US$ 774
bn., which was 8% -8%
lower compared to 1000
3%
2019 due to impact of CAGR 70
839 60
COVID. It is expected 776
66 774
to reach US$ 1 trillion 52
Share
51 14%
by 2025 growing at a 641 50 113
49 6%
CAGR of 3% from 42
43 600
2019.
482
444
348 416 54%
Apparel was the
largest traded
category with a 54% 129 148 160 180
124 16%
share, followed by 27 29 26 6% 30
52 53 53 44 60
fabrics with a share of 29 4%
16%. 2010 2015 2019 2020 2025 (P)
Fiber Yarn Fabric Apparel Home Textiles Other Total

Data Source – UN Comtrade and Wazir Analysis 5

Leading Textile and Apparel Exporters
Values in US$ bn.
China was the largest Exports (2020)
exporter in 2020 with Rank Country Share (%)
Textile Apparel Total
a global trade share of
approx. 38%. 1 China 161.4 132.5 293.9 38%
2 Vietnam 10.1 30.3 40.4 5%
Vietnam was 2nd
3 Germany 14.2 22.6 36.7 5%
largest T&A exporter
while Bangladesh was 4 Bangladesh 4.3 31.5 35.7 5%
the 2nd largest apparel 5 Italy 10.0 20.4 30.4 4%
exporter in 2020.
6 India 17.4 12.2 29.6 4%
India is the 6th largest 7 Turkey 12.1 15.0 27.0 3%
exporter with US$
29.6 bn. exports. 8 USA 18.7 4.1 22.8 3%
9 Netherlands 5.2 11.1 16.2 2%
10 Spain 4.2 11.6 15.8 2%
ROW 101.2 124.5 225.8 29%
Total 358.6 415.8 774.4

Data Source – UN Comtrade 6

Category-wise Leading Exporters

China was the leading 2020 Share % (Values in US$ bn.)

T&A exporter of
USA 30% (6.0)
manmade staple fibre, Natural
Natural Fibres BRAZIL 16% (3.3)
MMF spun yarn and Fibre
INDIA 10% (1.9)
MMF filament yarn in
2020, with a market Manmade CHINA 17% (1.6)
ManFibre
Staple Made
share of 17%, 36% Staple Fibre
REP. OF KOREA 12% (1.1)
and 35%, respectively. USA 10% (0.9)

Spun Yarn INDIA 23% (2.7)

USA was the leading Spun Yarn-
22% (2.6)
Natural
Natural
VIETNAM
exporter of natural CHINA 12% (1.4)
fibres with a share of
30% while India was CHINA 36% (3.1)
SpunYarn
Spun Yarn-
the largest exporter of Manmade
Man Made
INDONESIA 9% (0.8)
natural spun yarn with INDIA 6% (0.6)
a share 23%.
CHINA 35% (6.5)
Filament
FilamentYarn
Yarn- USA 6% (1.0)
Manmade
Man Made REP. OF KOREA 5% (0.9)

Data Source – UN Comtrade 7

Category-wise Leading Exporters

China was the leading 2020 Share % (Values in US$ bn.)

exporter of fabrics CHINA 46% (42.9)
(both knitted and Woven
Woven Fabric ITALY 5% (4.6)
woven), apparel and Fabric
GERMANY 5% (4.5)
home textiles in 2020.
In apparel category, Knitted CHINA 56% (17.6)
Bangladesh & FabricFabric
Knitted REP. OF KOREA 7% (2.1)
Vietnam are TAIWAN 6% (1.9)
competing closely as
2nd & 3rd largest CHINA 32% ( 132.5)
exporters. Apparel BANGLADESH 8% (31.5)
Apparel
VIETNAM 7% (30.3)

CHINA 38% (18.6)

Home
Home Textile INDIA 11% (5.2)
Textiles
TURKEY 8% (4.1)

Data Source – UN Comtrade 8

Key Industry Happenings

• US ban on import of cotton products from China’s Xinjiang region on account of human rights violation caused a major shake-up
in the global textile supply chain. The region accounts for four-fifths of China's domestic cotton production and about one-fifth
of the world's cotton production.

• Cotton prices registered unprecedented growth in 2021. The Cotlook A index started the year around 77 and peaked at approx.
120 in Nov., an increase of 55%. Prices of all other major fibres also increased in the range of 35-45% in 2021.

• All year long, the industry suffered immensely from global container shortage resulting in unprecedented increase in vessel
shipping costs.

• Ethiopia, which was poised to be leading African garment exporter, was suspended from AGOA which provided it duty-free
access to US market. In 2020, Ethiopia’s total apparel exports were US$ 135 mn. out of which >70% were to the US.

• Sustainability remained a key theme with emergence of several low impact materials & technologies and business models
around circularity.

9
Indian Industry Overview
India’s Domestic Textile and Apparel Market
Values in US$ bn.
Indian domestic textile
and apparel market is
estimated to be US$
99 bn. in 2021-22 1 0% 190
CAGR
which has recovered 30%
13
30% from 2020-21.
-25% 42
The market is 9 %
CAGR
expected to grow at
10% CAGR from 2019- 106
99 Share
20 to reach US$ 190 8
8 8%
bn. by 2025-26. 20 80
19 19%
7
18 135
50
4
11 78 72 73%
55
35

2010-11 2019-20 2020-21 2021-22 (Est) 2025-26(P)

Apparel Technical Textiles Home Textiles Total

Data Source - Wazir Analysis 11

India’s Textile and Apparel Exports
Values in US$ bn.
India’s T&A exports
were US$ 31 bn. in 1 1%
CAGR
2020-21 and are
estimated to be US$ 60
40 bn. in 2021-22, a 28% 3

growth of approx. 3 % 10
CAGR -9%
28%.
40 Share
The exports are 34 2.1 5%
expected to reach US$ 2 31 6.9 25
29 17%
60 bn. in 2025-26, 1 5 1.7
growing at a CAGR of 4 5.7
37%
14.3
11% from 2021-22.
12 16 8
12.3
5.2 13%
4 4.1 10
5 7.4 18%
4 4.4
4
4 2 2.7 3.8 10% 4
2010-11 2019-20 2020-21 2021-22(Est) 2025-26(P)
Fiber Yarn Fabric Apparel Home Textiles Others Total

Data Source - DGCI&S and Wazir Analysis 12

India’s Textile and Apparel Imports
Values in US$ bn.
India’s T&A imports
were US$ 5.9 bn. in 1 0%
CAGR
2020-21 and are
estimated to be US$
8.2 bn. in 2021-22, 27% 12.0
still lower than the 7 % 1.5
CAGR -31%
pre-COVID imports of
US$ 8.6 bn. in 2019- 2.0
8.6 8.2
20. 0.8
Share
21% 1.5
1.5 1.7
The imports are 5.9 11%
0.9
expected to grow at a 1.1 0.8 0.2 2% 2.5
0.2
CAGR of 10% from 4.1 0.9 2.2
0.3 2.3 27%
2021-22 to reach US$ 0.2 0.2 2.0
1.7
12 bn. In 2025-26. 1.6 0.5 1.7
21%
0.3 1.3
2.4 2.5
1.5 1.1 1.5 18%

2010-11 2019-20 2020-21 2021-22 (Est) 2025-26(P)

Fiber Yarn Fabric Apparel Home Textiles Others Total

Data Source - DGCI&S and Wazir Analysis 13

India’s Position in Global Trade

India is the leading

exporter of natural
spun yarn (mainly
cotton based).
India’s Category-
In several categories, wise Global Position

it features among the

top 5 global exporters Fibre Yarn Fabric Apparel Home Textiles
US$ 2.3 bn US$ 4.2 bn US$ 4.1 bn US$ 12.2 bn US$ 5.2 bn
– natural fibre, MMF 4th // 8% 2nd // 10% 6th // 3% 7th // 3% 2nd // 11%
spun yarn, filament
yarn, woven fabric Natural Manmade Spun Filament Knit Woven Knit Woven
US$ 1.9 bn US$ 0.4 bn US$ 3.3 bn US$ 1 bn US$ 0.4 bn US$ 3.6 bn US$ 6.1 bn US$ 6.1 bn
and home textiles. 3rd // 10% 9th // 4% 2nd // 16% 5th // 4% 10th // 1% 4th // 4% 8th // 3% 8th // 3%

MMF staple fibres, Natural Manmade

US$ 2.7 bn US$ 0.6 bn
knitted fabric and 1st // 23% 3rd // 12%
apparel are the Key
categories where Category
India lags in global 2020 Exports value
Global rank // Global trade share
rankings

Data Source – UN Comtrade 14

Key Industry Happenings

• Major capacity additions in short staple spinning segment were declared in 2021. It is estimated that India will add approx. 3.5
to 4 million spindles in next couple of years.

• Anti dumping duty on Viscose Staple Fibres was revoked, which used to be in the range of US$ 0.103 to 0.512 per kg. This is
expected to enhance price competitiveness of Indian industry.

• 10% customs duty was levied on cotton fibre imports making imported cotton expensive. India’s imports are mainly of ELS
variety which is not sufficiently available in the country.

• Government extended Scheme of Rebate of State and Central Taxes and Levies (RoSCTL) up to March 2024 allowing garment
exporters to continue getting rebate on central and state taxes on their outward shipments.

• Two flagship schemes were declared by Ministry of Textiles, Government of India:

Ø Pradhan Mantri Mega Integrated Textile Region and Apparel (PM-MITRA) Parks with an aim to support establishment of 7
world class, mega textile parks
Ø Production-linked incentive (PLI) scheme focused at encouraging large scale projects in manmade and Technical Textile
segments

15
Indian Textile Structure & Supply Scenario
Staple Fibre Production
Values in mn. kg.
Total production of Production
staple fibre in India Fibre Share 2019-20 (%) CAGR
2015-16 2019-20
was 9734 mn. kg. in
2019-20. Cotton 5865 6205* 64% 1%

Silk 29 36* 0.4% 6%

Staple fibre
production in India Wool 47 45 0.5% -1%
has grown at a
Others 1690 1683 17% -0.1%
marginal
PictureCAGR of 2%.
Natural Fibre 7631 7969 82% 1%
Cotton is the most
Viscose Staple Fibre 342 578 6% 14%
important staple fibre
with a share of Polyester Staple Fibre 894 1085 11% 5%
approx. 64%.
Acrylic Staple Fibre 107 98 1% -2%

Others 5 4 0.04% -5%

Manmade Fibre 1348 1765 18% 7%

Data for 2020-21 is yet to be
reported. Total Fibre 8979 9734 2%
*Data for FY2021-22: Cotton – 6120 mn. kg. and Silk – 34 mn. kg.

Data Source – Cotton Corporation of India, Central Silk Board and Ministry of Textiles, Govt. of India 17
Staple Fibre Exports
Values in US$ mn.
India exported staple Exports
fibre worth US$ 2.7 Fibre Share 2020-21 (%) CAGR
2015-16 2020-21
bn. in 2020-21.
Cotton 1939 1897 71% -0.4%
Cotton is the largest
Silk 14 21 1% 8%
staple fibre being
exported with a share Wool 49 10 0.4% -27%
of 71% in 2020-21
Others 206 385 14% 13%
(compared to 56% in
2019-20). Natural Fibre 2208 2313 86% 1%

Viscose Staple Fibre 274 114 4% -16%

The exports of viscose
staple fibre has Polyester Staple Fibre 197 233 9% 3%
declined in last 5
Acrylic Staple Fibre 54 14 1% -23%
years despite higher
production indicating Others 16 12 0.4% -5%
high domestic
Manmade Fibre 540 373 14% -7%
demand
Total Fibre 2748 2686 -0.5%

Data Source - DGCI&S 18

Staple Fibre Imports
Values in US$ mn.
India imported fibre Imports
worth US$ 1 bn. in Fibre Share 2020-21 (%) CAGR
2015-16 2020-21
2020-21, which has
declined at a CAGR of Cotton 394 386 36% -0.4%
4% since 2015-16.
Silk 159 78 7% -13%

From 2015-16 to Wool 324 145 14% -15%

2020-21, the imports
Others 86 88 8% 0.5%
of natural fibre
declined while that of Natural Fibre 963 697 65% -6%
manmade staple fibre Viscose Staple Fibre 73 93 9% 5%
increased marginally.
Polyester Staple Fibre 113 87 8% -5%

Acrylic Staple Fibre 71 61 6% -3%

Others 95 119 11% 5%

Manmade Fibre 351 361 35% 1%

Total Fibre 1,314 1,058 -4%

Data Source - DGCI&S 19

Yarn Production
Values in mn. kg.
India’s total spun yarn Production
production was 5,713 Yarn Share 2019-20 (%) CAGR
million kg in 2019- 20. 2015-16 2019-20

Polyester Filament
Cotton Spun Yarn 4,138 3,996 70% -1%
Yarn (PFY) production
has grown at a CAGR
of 5% since 2015-16
Blended & 100% non-
1,527 1,663 30% 2%
cotton spun yarn

Spun Yarn 5,665 5,713 100% 0.2%

Polyester Filament Yarn 3,205 3,934 5%

Data for 2020-21 is yet to be
reported.

Data Source - Ministry of Textiles, Govt. of India and Wazir Analysis 20

Yarn Exports
Values in US$ mn.
In 2020-21, India’s Exports
total yarn exports Fibre Share 2020-21 (%) CAGR
2015-16 2020-21
stood at US$ 4,329
mn. Cotton spun yarn 3572 2807 65% -5%

Exports of spun yarn Manmade spun yarn 671 598 14% -2%
have declined at a Other spun yarn
122 97 2% -5%
CAGR of 4% since (Silk, Jute)
2015-16 while that of Spun Yarn 4366 3501 81% -4%
filament yarn declined
at 8%. Viscose filament yarn 52 25 1% -14%

Polyester filament yarn 914 730 17% -4%

Nylon filament yarn 10 21 0.5% 16%

Others 309 51 1% -30%

Manmade Filament Yarn 1285 827 19% -8%

Total Yarn 5651 4329 -5%

Data Source - DGCI&S 21

Yarn Imports
Values in US$ mn.
India imported US$ Imports
1,254 mn. worth of Fibre Share 2020-21 (%) CAGR
2015-16 2020-21
yarn in 2020-21.
Cotton spun yarn 42 17 1% -17%
Compared to 2015-16
the import profile in Manmade spun yarn 177 395 31% 17%
2020-21 is Other spun yarn
239 93 7% -17%
substantially different (Silk, Jute)
with very high growth Spun Yarn 459 505 40% 2%
in certain categories
(manmade spun yarn, Viscose filament yarn 58 141 11% 19%
VFY and PFY) and very
high decline in others Polyester filament yarn 127 261 21% 16%
(cotton and nylon)
Nylon filament yarn 76 41 3% -12%

Others 322 306 24% -1%

Manmade Filament Yarn 583 749 60% 5%

Total Yarn 1042 1254 4%

Data Source - DGCI&S 22

Fabric Production
Values in mn. sq. m.
Total fabric Production
Fabric Share 2019-20 (%) CAGR
production in 2019-20 2015-16 2019-20
was 76,288 mn. sq. m.
which has grown at a
CAGR of 4% since Mill Sector 2,315 2,022 3% -3%
2015-16.

Mill sector occupied

3% share. Its output
has declined at a
CAGR of 3% since Decentralized Sector 62,269 74,266 97% 5%
2015-16.

Grand Total
64,584 76,288 4%
(Excl. Khadi, Wool & Silk)
Data for 2020-21 is yet to be
reported.

Data Source – Ministry of Textiles, Govt. of India 23

Fabric Exports
Values in US$ mn.
India exported fabric Exports
Fabric Share 2020-21 (%) CAGR
worth US$ 4 bn. in 2015-16 2020-21
2020-21 which has
declined at 3% CAGR Cotton Woven 1750 1613 39% -2%
since 2015-16.

Woven fabric Synthetic Woven 2088 1192 29% -11%

comprised 88% of the
total fabric
exports in 2020-21. Other Woven 713 816 20% 3%

However, exports of
knitted fabric has Woven Fabric 4551 3623 88% -4%
grown at 15% CAGR
since 2015-16. Knitted Fabric 240 482 12% 15%

Total Fabric 4791 4106 -3%

Data Source - DGCI&S 24

Fabric Imports
Values in US$ mn.
India imported fabric Imports
in year 2020-21 worth Fabric Share 2020-21 (%) CAGR
2015-16 2020-21
US$ 1,703 mn. which
has decreased at 2% Cotton Woven 163 107 6% -8%
CAGR since 2015-16.

Imports of total Synthetic Woven 712 627 37% -3%

woven fabric has
decreased at 4%
CAGR since 2015-16. Other Woven 630 484 28% -5%

Imports of knitted
fabric have increased Woven Fabric 1505 1218 72% -4%
at 4% CAGR since
2015-16. Knitted Fabric 394 485 28% 4%

Total Fabric 1899 1703 -2%

Data Source - DGCI&S 25

Garments & Made-ups Production

Garment production Production

in India was estimated Fabric Y-o-Y Change
to be 16 bn. pcs in 2019-20 2020-21
2020-21, while made-
ups production as Garments (Mn. pieces) 22,000 16,000 -27%
approx. 2.2 bn. pieces.
The values have
declined by 27% and
8%, respectively over Made-ups (Mn. kg.) 2,400 2,200 -8%
the last year.

Data Source - Wazir Analysis 26

Garments & Made-ups Exports
Values in US$ mn.
India exported Exports
Category Share 2020-21 (%) CAGR
garments worth US$ 2015-16 2020-21
12,290 mn. in year
2020-21, declining at Cotton Garments 8,359 6,510 53% -5%
a CAGR of 6% since
2015-16.
Synthetic Garments 3,994 2,524 21% -9%
Made-ups exports, on
the contrary, grew at
a 3% CAGR in the Other Garments 4,637 3,256 26% -7%
same period to reach
US$ 7,444 mn.
Garments 16,990 12,290 100% -6%

Made-ups 6,494 7,444 3%

Grand Total 23,484 19,734 -3%

Data Source - DGCI&S 27

Garments & Made-ups Imports
Values in US$ mn.
India imported US$ Imports
Category Share 2020-21 (%) CAGR
881 mn. worth of 2015-16 2020-21
garments and US$
967 mn. worth of Cotton Garments 239 308 35% 5%
made ups in 2020-21.

Imports of synthetic Synthetic Garments 150 243 28% 10%

garments has
increased at 10%
CAGR since 2015-16. Other Garments 191 330 37% 12%

Garments 580 881 9%

Made-ups 881 967 2%

Grand Total 1461 1848 6%

Data Source - DGCI&S 28

Domestic Market Size of Technical Textiles
Values in US$ mn.
8%
There has been a -12%
significant growth in
Indian technical 20
textiles market at a %
19
CAGR of 10% from AG R 10 17.6
C
2005-06 to 2019-20.

Impact of COVID
caused a decline of 11
approx. 12% in the
market size 2020-21.
India’s focus on
meditech products 5
(masks, coveralls, etc.)
prevented industry
from a major decline.

2005-06 2015-16 2019-20 2020-21 (Est) 2021-22 (Est)

Data Source - Wazir Estimates Based on Published Data 29

Technical Textiles Exports
Values in US$ mn.
India’s exports of
Technical Textiles in
2020-21 was approx.
US$ 2,370 mn., which %
CAGR 9 2,423 2,370
has grown at a CAGR
of 9% since 2015-16
1,978

India’s exports of 1,718 1,719

Technical Textiles 1,528
1,388
during Apr. to Oct
2021 was US$ 1,719
mn.

2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 (Apr-Oct)

Data Source - DGCI&S and Wazir Analysis 30

Technical Textiles Imports
Values in US$ mn.
India’s imports of
technical textiles have
grown at a CAGR of
10% between 2015- 0% -23%
CAGR 1
16 to 2018-19. -18%
2,209
2,105
Since then, they have
declined continuously 1,655 1,672 1,703
and reached US$
1,395
1,395 mn. in 2020-21.
1,141
India’s imports of
Technical Textiles
during Apr to Nov.
2021 was US$ 1,141
mn.

2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2020-21 (Apr-Nov)

Data Source - DGCI&S and Wazir Analysis 31

Wazir Textile Index (WTI)
List of Companies Included in WTI

Top listed textile S. No. Company Name Annual Sales* - FY21 (Rs. Crore)
companies in terms of
sales turnover in FY21 1 Welspun India 5,956
have been included in
2 Vardhman Textile Ltd. 5,788
WTI (Refer adjoining
table). 3 Arvind Ltd. 4,529

4 Trident Group 4,519

5 KPR Mills Ltd. 2,954

6 Indo Count Ind. Ltd. 2,515

7 RSWM Ltd. 2,326

8 Filatex India Ltd. 2,227

* Annual Sales constitute
9 Nahar Spinning Mills 2,112
total operating income.
Standalone financials
10 Indorama Ind. Ltd. 2,023
have been considered.
Note: Companies that have shown significant negative deviation in numbers or those which have not yet reported the financials have not been included.
Data Source – Money Control 33
Wazir Textile Index (WTI) – H1 FY22

The Textile Index has

seen a phenomenal
recovery in Sales and
EBITDA in H1 FY22 and WTI Sales WTI EBITDA
has grown over the
pre-Covid levels of H1 158.1
152.7
FY20. 123.3 110.2
110.6 109.7 120.0 100 94.7
100 92.4
In H1 FY22, overall 84.9 75.7
sales has seen a 49.6
considerable growth
of 25% when
compared to H1 FY20. Base H1 H1 H1 H1 H1 H1 Base H1 H1 H1 H1 H1 H1
Year FY17 FY18 FY19 FY20 FY21 FY22 Year FY17 FY18 FY19 FY20 FY21 FY22
The overall EBITDA in (H1 (H1
H1 FY22 improved FY16) FY16)
significantly by 67%
when compared to the
EBITDA seen in H1
FY20.

34
Wazir Textile Index (WTI) – H1 FY22

Raw Material cost and

manpower cost has
seen a subsequent
growth of 17% and WTI Cost
6% when compared
to H1 FY20. 155 149 145
140
125 132 127 131 125
115 119 119 114 120
109
100 100 100 103
90 89

RM Cost Employee Cost Other Cost*

Base Year (H1 FY16) H1 FY17 H1 FY18 H1 FY19 H1 FY20 H1 FY21 H1 FY22

35
Half yearly Analysis for Selected Top Players
Growth %
Half Yearly Sales Trend – H1 FY22 (Rs. Crore)
10% 16% -3% 9% 13% 20% 10% 10% 31% 22%

4,181
3,513 3,520 3,329
2,896 3,111 3,140
2,498 2,626
2,304
1,663
1,879 1,819 1,695 1,664 1,581 1,643
1,427 1,461 1,398 1,377
1,216
1,013 1,029 928 750 1,104
770 653 590

Welspun Vardhman Arvind Trident KPR Mills Indo Count RSWM Filatex Nahar Spg. Indorama
H1 FY20 H1 FY21 H1 FY22

Half Yearly EBITDA Margin Trend – H1 FY22

26% 25% 27% 24%

22% 21% 20%
18% 20%
17% 15% 18% 15% 16% 16% 14%
10% 10% 11%
6% 6% 6% 8% 5%
3% 2% 1% 0%

-4%
-9%
Welspun Vardhman Arvind Trident KPR Mills Indo Count RSWM Filatex Nahar Spg. Indorama

H1 FY20 H1 FY21 H1 FY22 36

Half yearly Analysis - Major Expenses as % of Sales
Raw Material Cost - % of Sales
80% 78% 74% 77% 76% 74%
64% 65%
50% 51% 55% 52% 60% 46% 51% 49% 51% 45% 44% 43%
59% 57% 51% 54% 51% 50% 57% 59% 54% 51%
H1 FY20
H1 FY21
Welspun Vardhman Arvind Trident KPR Mills Indo Count RSWM Filatex Nahar Spg. Indorama H1 FY22

Employee Cost - % of Sales

11%
16%
11% 13% 11% 14% 15% 12% 13% 17% 12% 12% 10% H1 FY20
9% 11% 8% 9% 11% 8% 10% 8%
6% 6% 6% 3% 4% 2% 4% 7% 3%
H1 FY21
Welspun Vardhman Arvind Trident KPR Mills Indo Count RSWM Filatex Nahar Spg. Indorama H1 FY22

Other Costs - % of Sales

26% 24% 29% 29% 27% 27% 28% 25% 27% 23% 26%
25% 22% 25% 22%
19% 20% 20% 20% 22% 24%
15% 17% 18%
8% 8% 10% 10% 10% 11% H1 FY20
H1 FY21
Welspun Vardhman Arvind Trident KPR Mills Indo Count RSWM Filatex Nahar Spg. Indorama H1 FY22

37
Consolidated Analysis for Selected Top Players

On consolidated level,
sales have grown at a
CAGR of 11% in H1
FY22 since H1 FY20. Consolidated Sales – Rs. Crore Average EBITDA %

Consolidated EBITDA
margin increased by 11% 5.0 p.p.
5.0 percentage points
for the selected top
17.0%
companies during this
period. 24,024
19,400 12.0%

13,352 8.0%

Sales H1 FY20 H1 FY21 H1 FY22

H1 FY20 H1 FY21 H1 FY22

38
Consolidated Analysis for Selected Top Players

Average RM cost
decreased by 4.0
percentage points in
H1 FY22 as compared
to H1 FY20
Average RM Cost - Average Employee Cost Average Other Expenses -
Average employee % of Sales - % of Sales % of Sales
cost decreased by 1.0
percentage points in 59% 59%
55%
H1 FY22 as compared
23%
to H1 FY20. 20% 20%
11.0%
9.0%
Other expenses in H1 8.0%
FY22 has stayed in the
levels of H1 FY20.

H1 FY20 H1 FY21 H1 FY22 H1 FY20 H1 FY21 H1 FY22 H1 FY20 H1 FY21 H1 FY22

39
Leading Indian Companies
Leading Indian T&A Companies
Values in US$ mn.
S.No. Company Name Products Headquarters 2021 Sales (US$ mn)
1 Reliance Industries Ltd Polyester chips, fibre and filament, fabrics Mumbai, Maharashtra 2,400*
2 Grasim Industries Ltd Viscose staple fibre and filament and fabrics Mumbai, Maharashtra 1,651
3 SRF Ltd. Technical textiles Gurgaon, Haryana 932
4 Welspun India Home textiles Mumbai, Maharashtra 794
5 Vardhman Textiles Fibre, yarn, fabrics, Apparel Ludhiana, Punjab 772
6 Arvind Ltd Fabrics, apparel Ahmedabad, Gujarat 604
7 Trident Group Yarn, home textiles Ludhiana, Punjab 603
8 Alok Industries Ltd Yarn, fabrics, Apparel, Home textiles Mumbai, Maharashtra 498
9 KPR Mill Yarn, fabrics, apparel Coimbatore, Tamil Nadu 394
10 Page Industries Innerwear, leisurewear & socks Bangalore, Karnataka 378
11 Indo Count Industries Ltd. Home textiles Mumbai, Maharashtra 335
12 RSWM Ltd. Yarn, fabrics Noida, Delhi NCR 310
13 Filatex India Polyester chips, Yarns, fabrics, specialty products New Delhi 297
14 JBF Industries Ltd. Polyester chips, yarn Mumbai, Maharashtra 294
15 Nahar Spinning Mills Ltd. Yarn Ludhiana, Punjab 281
16 Indo Rama Synthetics Polyester chips, polyester fibre, polyester yarn Gurgaon, Haryana 270
17 DCM Shriram Ltd. Yarn New Delhi 261
18 Lux Industries Innerwear, apparel Kolkata, West Bengal 258
19 Garden Silk Mills Polyester chips, yarn, fabrics Mumbai, Maharashtra 255
20 Sutlej Textiles and Industries Ltd. Yarn, home textiles Mumbai, Maharashtra 248
Conversion Rate: US$ 1 = Rs. 75 *Estimated
Data Source – Money Control, Only public listed companies have been considered 41
Leading Indian T&A Companies
Values in US$ mn.
S.No. Company Name Products Headquarters 2021 Sales (US$ mn)
21 Bombay Dyeing & Manufacturing Company Ltd Polyester chips, fibre, Yarn, home textile Mumbai, Maharashtra 235
22 Raymond Ltd. Fabrics, apparel Mumbai, Maharashtra 234
23 Jindal Worldwide Ltd Fabrics, home textiles Ahmedabad, Gujarat 228
24 Himatsingka Seide Ltd Yarn, home textiles Bangalore, Karnataka 224
25 Nitin Spinners Yarn, fabrics Rajasthan, Bhilwara 217
26 Nahar Industrial Enterprises Ltd Fabrics, apparel Ludhiana, Punjab 189
27 Sangam India Yarn, fabrics, Seamless Garment Mumbai, Maharashtra 180
28 Sportking India Yarn, fabrics, apparel Ludhiana, Punjab 174
29 Rupa and Company Innerwear, apparel Kolkata, West Bengal 168
30 Century Enka Yarn, fabrics Mumbai, Maharashtra 163
31 Gokaldas Export Apparel Bangalore, Karnataka 161
32 Loyal Textiles Mills Ltd. Yarn, fabrics, apparel, home textiles Chennai, Tamil Nadu 150
33 Nandan Denim Yarn, fabrics, Apparel Ahmedabad, Gujarat 145
34 Siyaram Silk Mills Yarn, fabrics, Apparel, home furnishing Mumbai, Maharashtra 145
35 Dollar Industries Innerwear Kolkata, West Bengal 138
36 Garware Technical Fibres Yarn, Thread & Coated Fabrics Pune, Maharashtra 136
37 Vishal Fabrics Yarn, Fabrics Ahmedabad, Gujarat 129
38 AYM Syntex Yarn, Fabrics, Apparel, Home textile Mumbai, Maharashtra 126
39 Bannari Amman Spinning Yarn, fabrics, apparel Coimbatore, Tamil Nadu 115
40 Banswara Syntex Ltd Yarn, fabrics, apparel Mumbai, Maharashtra 105
Conversion Rate: US$ 1 = Rs. 75

Data Source – Money Control, Only public listed companies have been considered 42
About Wazir Advisors

Wazir’s services for the textile sector clients covers Our services span the entire breadth of textile
complete business cycle, including strategy formulation, manufacturing value chain – from fibre to finished
implementation, forming alliances and joint ventures, goods. We cover the following segments:
investments, market understanding, sector analysis, due • Fibres and Filaments
diligence, etc.
• Yarns
Our experience with leading Indian and international
companies, public sector organizations, Government • Fabrics
departments, international development agencies, trade • Garments
bodies, etc. has helped us to develop a deep understanding
of global textile sector dynamics and right connect with the • Made-ups
people who matter.
• Technical Textiles
Our consulting team possesses experience across the key
functions of operations, sourcing, projects and marketing in • Textile Machinery and Equipment
the sector. The team members have executed strategy and • Handlooms and Handicrafts
implementation assignments in key textile and apparel
manufacturing countries. • Personal Protective Equipment (PPE)
Wazir leverages its body of knowledge, contacts and
combined expertise of its team to deliver value to clients.
Our Expertise
Strategy
• Wazir delivers practical, implementable
strategies for clients to meet their
objectives.
• Be it corporate strategy intending to
enhance profitability or new market
opportunity identification or sector
growth strategy to support MSMRs, we
are geared to advise our clients
efficiently and effectively.
• Corporate Strategy
• Market Opportunity Assessment
• Market Entry Strategy
• Location Analysis
• Business Performance Enhancement
• Product Diversification
• Marketing and Distribution Strategy
• Sector Mapping and Growth Strategy
• Policy Formulation Support
• Government Scheme Evaluation
Implementation
• Wazir provides implementation services
to textile and apparel sector entities to
convert the plans into reality.
• Whether it is to manage a Govt.
schemes or to improve productivity in
apparel factories or to identify the most
suitable technology; we have in-house
competence to cover all the critical
elements of implementation.
• Benchmarking and Gap Study
• Process Re-engineering
• Productivity and Profitability
Improvement
• Management Contract
• Project Management and Monitoring
• Supply Chain Optimization
• Feasibility and Techno Economic
Viability (TEV) Study
• Cluster & Industrial Park Development
Alliances
• Partnerships and collaborations are
ways to achieve accelerated growth,
expand market reach and attain
technical advancement.
• Realizing the importance and need of
inter-organization alliances in textile
and apparel sector, Wazir has
developed broad range of services to
support companies and organizations
looking for inorganic growth globally.
• Company Due-diligence
• Joint Venture
• Marketing Tie-up
• Technology Transfer
• M&A Execution
• Strategic and Financial Funding
Contact Us

Prashant Agarwal
prashant@wazir.in | +91 9871195008
linkedin.com/in/WazirAdvisors

Surender Jain
surender@wazir.in | +91 7042101333 twitter.com/WazirAdvisors

Sanjay Arora
sanjay@wazir.in | +91 9971110566

Varun Vaid
varun@wazir.in | +91 9899985979
linkedin.com/in/Wastra
B. Prakash
prakash@wazir.in | +91 9810866927 twitter.com/WastraByWazir

Wazir Advisors Private Limited, 3rd Floor, Building No.115, Sector 44, Gurugram – 122 002, Haryana, India