T.C Terrytex IPO

About T.C. Terrytex IPO

The T.C. Terrytex IPO opens on TBA and closes on TBA. The allotment of shares will take place on TBA. The credit of shares to the demat account will take place on TBA. The initiation of refunds will take place on TBA. The listing of shares will take place on TBA.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include [TBA] shares aggregating up to ₹170 crores. The offer for sale portion includes 67,50,000 shares of ₹10 aggregating up to ₹[TBA] crores. The total number of shares and aggregate amount are yet to be finalised.

T.C. Terrytex IPO’s price band is set at TBA to TBA per share. The lot size for an application is TBA. The minimum amount of investment required by a retail investor is ₹TBA (TBA shares) (based on upper price). The minimum lot size investment for HNI is TBA.

T.C. Terrytex operates in the cotton based home textile segment of the textile industry and is engaged in the manufacture and export of terry towel products which are supplied primarily to international markets. In addition, the company undertakes the sale and processing of dyed yarn, primarily in the domestic market.

Objectives of T.C. Terrytex IPO

• Repayment and/or prepayment, in part or full of certain of their outstanding borrowings availed by the company.
  
• General corporate purposes.
  

Industry Outlook

The Indian textile industry has a strong presence across the entire value chain, spanning from natural and man-made fibers to apparel and home furnishings. The production trends of terry towels in India are influenced by several key factors that shape both domestic output and global competitiveness. Export market dynamics play a crucial role, with India being a major supplier in the global terry towel market. Additionally, sustainability initiatives have gained momentum, as manufacturers increasingly incorporate eco-friendly practices such as using sustainable fibers like hemp and recycled cotton blends to align with global consumer preferences for environmentally responsible products. Technological advancements have further propelled growth, with investments in modern shuttle looms and digital innovations enhancing production efficiency and product quality to meet evolving market demands. However, global competition and trade policies present challenges, as India faces stiff competition from textile- producing nations like China, Pakistan, and Turkey.

The cotton yarn industry, a key component of the textile value chain, has shown fluctuating trends in both production and apparent consumption over the period, reflecting changing market dynamics, raw material availability, and demand conditions.

About T.C. Terrytex

T.C. Terrytex operates in the cotton based home textile segment of the textile industry and is engaged in the manufacture and export of terry towel products which are supplied primarily to international markets. In addition, the company undertakes the sale and processing of dyed yarn, primarily in the domestic market.

The company has a product portfolio that includes dobby (piece dyed) towels, jacquard towels and a comprehensive product range from terry towels & toweling products such as face & hand towels and bath towels. They focus on delivering textiles that meet industry standards in terms of durability and performance. In addition to finished towels, they are also involved in the sale of dyed yarn in the domestic market, ensuring their business presence in this segment.The company supplies its products to customers located in domestic and international markets. They primarily operate as a business-to-business (B2B) supplier and cater to customers requiring bulk quantities and customised specifications, including private labelling and branding.

Strengths of T.C. Terrytex

• Fast sampling due to specialized machines.
• Ability to manufacture small order lots on time.
• Dedicated design team for developing quality products.
• Timely delivery of goods while meeting quality standards.
• Experienced management team and promoters with a qualified workforce.
• Long standing association with leading consumer brands.
• Healthy financial performance.
• Strong presence in the Australia, US and UK markets.
• Vertically integrated producer with strategically located operations.

Risks of T.C. Terrytex

• Their top ten customers contribute a significant portion to the revenue of the company.
• They depend on third-party suppliers and logistics service providers and do not have long-term supply agreements.
• Any downgrade or adverse revision in their credit ratings, or in the sovereign credit ratings of India or other jurisdictions in which they operate, may have an adverse effect on their business.
• They derive a significant portion of their revenues from export.
• There have been delays in payment of statutory dues by the company.
• Any disruption in their manufacturing facility, equipment or information technology systems could adversely affect their operations.
• The company has not entered into any long-term contracts with any of its customers and they typically operate on the basis of purchase orders.
• They have selected providers of their heavy semi-automated machinery which have inbuilt technical support services for the maintenance and smooth functioning of their equipment and machineries.

(1) Financial information of T.C. Terrytex is derived from the Restated Financial Statements As certified by J Mandal & Co LLP pursuant to their certificate dated March 30, 2026. (2) Source: Annual report of the peer companies for Financial Year 2025 submitted to stock exchanges. #Source for Listed Industry Peer information included above: https://www.nseindia.com/

Notes: 1. All the financial information for listed industry peers mentioned above is sourced from the audited financial statements of the relevant companies for Fiscal 2025, as available on the websites of the Stock Exchanges and the respective company website.

2. P/E figures for the peers are computed based on closing market price as on March 27, 2026 on https://www.screener.in/

3. Net asset value per share= Net worth as restated / Number of Equity Shares as at year end.

4. “Net worth” means the aggregate value of the paid-up share capital and all reserves created out of the profits as per the restated balance sheet excluding non-controlling interest 5. Revenue= Revenue from Operations

Anchor Investor Bidding Date: TBA

Registrar: Skyline Financial Services Private limited
Book Running Lead Managers: Sobhagya Capital options Private Limited

T.C. Terrytex Business Model

The company earns its revenue through manufacturing and export of terry towel products. They also undertake the sale and processing of dyed yarn, primarily in the domestic market.

T.C. Terrytex Growth Trajectory

T.C. Terrytex’s Total Income for FY25 was ₹674.087 crores, whereas in FY24 and FY23 it was ₹657.154 crores and ₹544.525 crores, respectively.

The Profit After Tax for FY25 was ₹17.001 crores, whereas in FY24 and FY23 it was ₹13.440 crores and ₹9.028 crores, respectively.

Their EBITDA for FY25 was ₹59.041 crores, whereas in FY24 and FY23 it was ₹50.363 crores and ₹45.237 crores, respectively.

T.C. Terrytex Market Position

In each of the last three fiscals, the company has exported to more than 25 countries with majority of the export sales being sourced from Australia, United States of America, Canada, United Kingdom and Germany.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹674.087 crores, ₹17.001 crores, and ₹59.041 crores, respectively.

How to apply for T.C. Terrytex IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.