Gajanand International IPO: A Hidden Gem or a Foolish Gamble?

Gajanand International Introduction

Gajanand International Limited, originally established as Gajanand Cottex Private Limited in 2009, is a prominent player in the cotton industry. The company specializes in producing sustainable and contamination-free cotton, including Mech1 and Shankar6 varieties

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Brief about Gajanand International

Summary of the business of Gajanand International

We are in cotton and textile industry where we take kapas as raw material and process Indian Cotton Fiber Quality Standards by minimizing Trash and Moisture, Improving the Cotton Grade Standard and Cotton Packing Standard, and Providing Logistic Support to Ensure Timely Delivery.

Gajanand International History

Gajanand International Company was incorporated as a private limited company in the name “Gajanand Cottex Private Limited” pursuant to a certificate of incorporation dated June 15, 2009 issued by the RoC in accordance with provisions of the Companies Act, 1956. The name of our Company was subsequently changed to ‘Gajanand International Private Limited” and fresh certificate of incorporation was issued by the RoC dated May 26, 2023, thereafter upon conversion into a public company, pursuant to a shareholders’ resolution dated May 27, 2023, the name of the company finally changed to ‘Gajanand International Limited’ and fresh Certificate of Incorporation was issued by the RoC dated June 01, 2023

Gajanand International Promoters & Board of Directors

• The Promoters of Gajanand International Company are Mr. Ashok Bhagvanbhai Monsara, Mrs. Truptiben Monsara and Mr. Ashish Dhirajlal Monsara.

Gajanand International Board of directors

Gajanand International Share Holding pattern

Gajanand International Strength

• Good track record;
• Government support Textile industry
• Leveraging the experience of our Promoters;
• Experienced management team and a motivated and efficient work force;
• Cordial relations with our consumers;
• Quality assurance and control.

Gajanand International Strategies

• Improving operational efficiencies
• Expand geographical reach
• Strengthening our brand
• Training our employees

Industry Outlook

TEXTILE INDUSTRY IN INDIA

The Indian textile and apparel industry is expected to grow at 10% CAGR from 2019-20 to reach US$ 190 billion by 2025-26. India has a 4.6% share of the global trade in textiles and apparel. Moreover, India is the world’s 3rd largest exporter of Textiles and Apparel.

The Indian Technical Textile market has a huge potential of a 10% growth rate, increased
penetration level of 9-10% and is the 5th largest technical textiles market in the world. India’s sportech industry is estimated around US$ 1.17 million in 2022-23.

The Indian Medical Textiles market for drapes and gowns is around US$ 9.71 million in 2022 and is expected to grow at 15% to reach US$ 22.45 million by 2027.

The Indian composites market is expected to reach an estimated value of US$ 1.9 billion by 2026 with a CAGR of 16.3% from 2021 to 2026 and the Indian consumption of composite materials will touch 7,68,200 tonnes in 2027.

India is the world’s largest producer of cotton. Estimated production stood at 343.4 lakh bales during the cotton season 2022-23. India’s demand for domestic consumption of cotton is estimated to be 5.29 million metric tonnes in 2022-23. Domestic consumption for the 2021-22 cotton season was estimated to be 338 lakh bales. Cotton production in India is projected to reach 7.2 million tonnes (~43 million bales of 170 kg each) by 2030, driven by increasing demand from consumers. In FY23, exports of readymade garments (RMG) including accessories stood at US$ 16.2 billion. It is expected to surpass US$ 30 billion by 2027, with an estimated 4.6-4.9% share globally.

In 2022-23, the production of fibre in India stood at 2.15 million tonnes. While for yarn, the production stood at 5,185 million kgs during the same period. Natural fibres are regarded as the backbone of the Indian textile industry, which is expected to grow from US$ 138 billion to US$ 195 billion by 2025.

India’s textile and apparel exports (including handicrafts) stood at US$ 36.68 billion in 2022-23. During April-November (2022-23), the total exports of textiles stood at US$ 23.1 billion. India’s textile and apparel exports to the US, its single largest market, stood at 27% of the total export value in FY22. Exports of readymade garments including cotton accessories stood at US$ 6.19 billion in FY22.

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Exports for 247 technical textile items stood at Rs. 5,946 crore (US$ 715.48 million) between April-June (2023-24).

India’s textiles industry has around 4.5 crore employed workers including 35.22 lakh handloom workers across the country.

Raw cotton and man-made fibre production increasing

• India is the world’s largest producer of cotton. Estimated production stood at 343.4 lakh bales during cotton season 2022-23.
• Natural fibres are regarded as the backbone of the Indian textile industry, which is expected to grow from US$138 billion to US$195 billion by 2025.
• The cotton production in 2022-23 is estimated to be 341.91 lakh bales (LB) with 80.25 LB in Maharashtra, 0.065 LB in Uttar Pradesh and 15.19 LB in Madhya Pradesh.
• India’s demand for domestic consumption of cotton is estimated to be 5.29 million metric tonnes in 2022-23.
• Cotton and fibres are the two major segments in this category. Production of man-made fibre has also been on an upward trend.
• In 2022-23, the production of fibre in India stood at 2.15 million tonnes.

TECHNICAL TEXTILE INDUSTRY – A NEW ARENA OF GROWTH

• Technical textiles have been grouped into 12 categories: Agrotech, Meditech, Mobiltech, Packtech, Sportech, Buildtech, Clothtech, Hometech, Protech, Geotech, Oekotech and Indutech.
• Technical textile industries’ major service offerings include thermal protection and blood-absorbing materials, seatbelts and adhesive tapes. Healthcare and infrastructure sectors are two major drivers of the technical textile industry.
• The Government has assigned 207 Harmonized System Nomenclature (HSN) to promote India’s technical textile industry. As of November 2021, 377 technical textile products were developed according to the Bureau of Indian Standards (BIS).
• Under National Technical Textile Mission (NTTM), 74 research proposals valuing US$ 28.27 million (Rs. 232 crore) have been approved in the category of speciality fibre and technical textile. 31 new HSN codes have been developed in this space.
• In 2022-23, the Sardar Vallabhbhai Patel International School of Textiles and Management (SVPISTM) is planning to offer B.Sc. And MBA courses in technical textiles.
• The Indian government has notified a uniform GST rate of 12% on manmade fabrics (MMF), MMF yarns, MMF fabrics and apparel, which came into effect on January 1, 2022.
• In November 2021, Minister of Textiles, Commerce and Industry, Consumer Affairs & Food and Public Distribution, Mr. Piyush Goyal, stated the desire to target a 3-5 times increase in the export of technical textiles worth US$ 10 billion over the next three years.
• The Indian Technical Textile market has a huge potential of a 10% growth rate, increased penetration level of 9-10% and the 5th largest technical textiles market in the world.
• India’s sportech industry is estimated around US$ 1.17 million in 2022-23.
• The Government of India has earmarked a corpus of Rs. 1,000 crore (US$ 127.72 million) dedicated to research and development of the technical textiles sector.
• Government introduced six additional courses for technical textiles in its skill development programme called Samarth.
• Exports for 247 technical textile items stood at Rs. 5,946 crore (US$ 715.48 million) between April-June (2023-24).

Technical Textile Industry in India

The textile sector contributes significantly to the output of the manufacturing sector and is the 2nd largest employer in India. The industry has recently advanced up the value chain and expanded into technical textiles. The government is actively encouraging research and innovation in technical textiles to boost exports and the sector’s worldwide competitiveness.

Technical textiles are textile goods whose primary focus is on technical performance and functionality. These goods are used in a variety of industries, including construction, agriculture, aerospace, automotive, healthcare, protective gear, and home care. Technical textiles outperform conventional textiles, which are primarily concerned with aesthetics.

Natural and synthetic fibres,s including Nomex, Kevlar, Spandex, and Twaron, are used in the production of technical textiles. These fibres, which have increased functional qualities such as higher tenacity, superior insulation, and improved thermal resistance, are employed in a variety of industries and applications.

Segments

• Indutech
  • Textiles for chemical and electrical applications, as well as textiles for mechanical engineering. Industrial brushes, paper-making textiles, filtration products, computer printer ribbons, printed circuit boards, composites, ropes & cordages, coated abrasives, AGM glass battery separators, bolting cloth, cigarette filter nods, drive belts, and conveyor belts are all examples of industrial textiles.
• Mobiltech
  • Nylon tyre cord fabrics, seat cover fabric/upholstery, seat belts, cabin filters, tufted carpet, helmets, insulation felts, automotive interior carpets, sun visors/sun blinds, headliners, airbags, seat belt webbing, car body covers, airline disposables, aircraft webbings and others are examples of technical textiles used in transportation.
• Sportech
  • Tents, swimwear, footwear components, sports netting, sleeping bags, hot air balloons, parachute textiles, artificial grass, sports composites, and other items are examples of Sports textiles.
• Buildtech
  • Textiles used in construction include concrete reinforcement, façade foundation systems, interior construction, insulation, proofing materials, air conditioning, noise prevention, visual protection, sun protection, and building safety. For example, architectural membranes, floor & wall coverings, scaffolding nets, awnings & canopies, HDPE tarpaulins, signages, and more.
• Hometech
  • Interior decoration and furniture, carpeting, sun protection, cushion materials, fireproofing, floor and wall coverings, textile reinforced structures/fittings, furniture fabrics, fibrefill, stuffed toys, blinds, mattress and pillow components, carpet backing cloth, mosquito nets, hoover cleaner filters and others are examples of textiles used in a domestic environment.
• Meditech
  • These are often used in bandages and sutures (wound stitching). Surgical dressings, contact lenses, artificial implants, infant diapers, incontinence diapers, sanitary napkins, surgical sutures, surgical disposables, and other items are all examples of medical textiles. Surgical gowns and drapes are also covered in medical fabrics.
• Clothtech
  • Technical textiles are used in a variety of clothing applications, such as zip fasteners, umbrella material, sewing threads, interlinings, labels, elastic narrow fabrics, and shoelaces.
• Agrotech
  • Agro textiles are textiles used in agriculture. Anti-hail/bird nets, finishing nets, crop covers, mulch mats, shade nets, etc are all examples of agrotech.
• Protech
  • Protection against heat and radiation for firefighter clothing, molten metals for welders, bulletproof jackets, etc., is achieved by the use of technical fabrics with high-performance fibres. High-altitude clothes, ballistic protection clothing, fire retardant clothing, high visibility clothing, and industrial gloves are protective textiles.
• Packtech
  • Packaging textiles include leno bags, wrapping cloth, jute hessian and sacks, soft luggage, tea bag filter paper, woven sacks, and others.
• Oekotech or echotech (Environmentally friendly textiles)
  • Technical textiles are used in environmental engineering and landfill waste management (geosynthetic products to secure landfills against leakage of municipal or hazardous waste), or in secondary protection in the chemical and oil industries (ground covers and around process tanks as secondary containment for tank leaks).
• Geotech
  • These are utilised in embankment reinforcement or construction projects. Geotextile fabrics are permeable and are employed with soils with the ability to separate, filter, protect, or drain. Civil engineering, earth and road construction, dam engineering, soil sealing, and drainage systems are some of the applications. Glass, polypropylene, and acrylic fibres are synthetic fibres that are used to prevent cracking in concrete, plastic, and other building materials.

GOVERNMENT’S INITIATIVE

The Indian government has come up with several export promotion policies for the textiles sector. It has also allowed 100% FDI in the sector under the automatic route.

Other initiatives taken by the Government of India are:

Minister of Textiles, Commerce and Industry, Consumer Affairs & Food and Public Distribution, Mr. Piyush Goyal also discussed the roadmap to achieve the target of US$ 250 billion in textiles production and US$ 100 billion in exports by 2030.

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• In July 2023, 43 new implementing partners were empanelled under the SAMARTH scheme and an additional target of training around 75,000 beneficiaries has been allocated.
• 1,83,844 beneficiaries trained across 1,880 centres under Samarth.
• In June 2023, the Government approved R&D projects worth US$ 7.4 million (Rs. 61.09 crore) in the textile sector.
• In February 2023, the union government approved
• 1,000 acres for setting up a textile park in Lucknow.
• In February 2023, according to the Union Budget 2023-24, the total allocation for the textile sector was Rs. 4,389.24 crore (US$ 536.4 million). Out of this, Rs. 900 crore (US$ 109.99 million) is for Amended Technology Upgradation Fund Scheme (ATUFS), Rs. 450 crore (US$ 54.99 million) for National Technical Textiles Mission, and Rs. 60 crore (US$ 7.33 million) for Integrated Processing Development Scheme.
• In December 2022, a total of 44 R&D projects were started, and 23 of them were successfully completed. 9777 people were trained in a variety of activities relating to the silk industry.
• In December 2022, a total of US$ 75.74 million (Rs. 621.41 crore) in subsidies was distributed in 3,159 cases under the Amended Technology Upgradation Fund Scheme, with special campaigns held in significant clusters to settle backlog cases.
• In December 2022, a total of 73,919 people (SC: 18,194, ST: 8,877, and Women: 64,352) have received training, out of which 38,823 have received placement under SAMARTH.
• The establishment of 7 (seven) PM Mega Integrated Textile Region and Apparel (PM MITRA) Parks with a total investment of US$ 541.82 million (Rs. 4,445 crore) for the years up to 2027–28 was approved by the government.
• In the academic year 2022–23, the opening of a new campus of the National Institute of Fashion Technology (NIFT) in Daman. Moreover, new campus buildings are being constructed in Bhopal and Srinagar.
• Under the National Technical Textile Mission (NTTM), 74 research projects for speciality fibre and technical textiles valued at US$ 28.27 million (Rs. 232 crore) were approved. 31 new HSN codes have been developed in this space.
• In November 2022, Tamil Nadu Chief Minister Mr. M. K. Stalin announced the establishment of a “Textile City” in Chennai as part of Tamil Nadu’s strategy to become a major participant in the global textile industry. Additionally, the state will build a 1,500-acre textile park in the Virudhunagar district, for which SIPCOT will buy land.
• In June 2022, Minister of Textiles, Commerce and Industry, Consumer Affairs & Food and Public Distribution, Mr. Piyush Goyal, stated that the Indian government wants to establish 75 textile hubs, similar to Tiruppur, which will greatly increase employment opportunities while promoting the export of textile products and ensuring the use of sustainable technology.
• In June 2022, Amazon India signed a MoU with the Manipur Handloom & Handicrafts Development Corporation Limited (MHHDCL), a Government of Manipur entity, to encourage the development of weavers and artisans throughout the state.
• In June 2022, the Kerala government announced that it would provide free training to 1,975 candidates under the SAMARTH scheme of the textile industry.
• The Sustainable Textiles for Sustainable Development (SusTex) project by the United Nations Climate Change entity enhances the employment and working circumstances of textile artisans while promoting the sustainable production and use of environmentally friendly textiles.
• In May 2022, Minister of Micro, Small and Medium Enterprises, Mr. Narayan Rane, inaugurated the Center of Excellence for Khadi (CoEK) at NIFT, Delhi. In order to produce innovative fabrics and apparel that will meet the needs of both domestic and foreign consumers, the CoEK will seek to introduce the newest designs and adopt procedures that adhere to international standards.
• In April 2022, Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Mr. Piyush Goyal, said that new Economic Cooperation and Trade Agreements with Australia and the UAE would open infinite opportunities for textiles and handloom. Indian textile exports to Australia and the UAE would now face zero duties, and he expressed confidence that soon Europe, Canada, the UK and GCC countries would also welcome Indian textile exports at zero duty.
• In March 2022, the Tamil Nadu government included a Sustainable Cotton Cultivation Mission in its agriculture budget by allocating US$ 1.86 million (Rs 15.32 crore) to enhance the yield of organic cotton
• In March 2022, the Ministry of Textiles, in collaboration with the Confederation of Indian Industries (CII), organized a day-long International Conference on Technical Textiles with the theme: Creating the Winning Leap in Technical Textiles.
• The Khadi and Village Industries Commission (KVIC) achieved turnover of Rs. 1.15 lakh crore (US$ 14.68 billion) in FY22, a growth of 20.54% YoY, and more than any Indian FMCG company managed in FY22.
• The Government of India has earmarked a corpus of Rs. 1,000 crore (US$ 127.72 million) dedicated for research and development of the technical textiles sector.
• In March 2022, the Bihar government submitted a proposal to the Ministry of Textiles to set up a mega hub under the PM Mitra Mega Textile Park.
• In March 2022, Tamil Nadu Chief Minister Mr. MK Stalin announced that the State Industries Promotion Corporation of Tamil Nadu Ltd (SIPCOT) will set up a mega textile park in the Virudhunagar district.
• Under the Union Budget 2022-23, the total allocation for the textile sector was Rs. 12,382 crore (US$ 1.62 billion). Out of this, Rs.133.83 crore (US$ 17.5 million) is for the Textile Cluster Development Scheme, Rs. 100 crore (US$ 13.07 million) for the National Technical Textiles Mission, and Rs. 15 crore (US$ 1.96 million) each for PM Mega Integrated Textile Region and Apparel parks scheme and the PLI Scheme.
• For export of handloom products globally, the Handloom Export Promotion Council (HEPC) is participating in various international fairs/events with handloom exporters/weavers to sell their handloom products in the international markets under NHDP.
• The Ministry of Textiles has also been implementing the Handloom Marketing Assistance (HMA), a component of National Handloom Development Programme (NHDP) all across India. HMA provides a marketing platform to the handloom weavers/agencies to sell their products directly to the consumers and develop and promote the marketing channel through organizing expos/events in domestic as well as export markets.
• In November 2021, Minister of Textiles, Commerce and Industry, Consumer Affairs & Food and Public Distribution, Mr. Piyush Goyal, stated the desire to target a 3-5 times increase in the export of technical textiles worth US$ 10 billion over the next three years.
• The Indian government has notified uniform goods and services tax rate at 12% on man-made fabrics (MMF), MMF yarns, MMF fabrics and apparel, which came into effect from January 1, 2022.
• Minister of Textiles, Commerce and Industry, Consumer Affairs & Food and Public Distribution, Mr. Piyush Goyal, announced a mega handloom cluster in Manipur and a handloom and handicraft village at Moirang in Bishnupur. The mega cluster will be set up at an estimated cost of Rs. 30 crore (US$ 4.03 million) under the National Handloom Development Programme (NHDP).

The future of the Indian textiles industry looks promising, buoyed by strong domestic consumption as well as export demand. India is working on various major initiatives to boost its technical textile industry. Owing to the pandemic, the demand for technical textiles in the form of PPE suits and equipment is on the rise. The government is supporting the sector through funding and machinery sponsoring.

Top players in the sector are achieving sustainability in their products by manufacturing textiles that use natural recyclable materials.

With consumerism and disposable income on the rise, the retail sector has experienced a rapid growth in the past decade with the entry of several international players like Marks & Spencer, Guess and Next into the Indian market. The growth in textiles will be driven by growing household income, increasing population and increasing demand by sectors like housing, hospitality, healthcare, etc.

The technical textiles market for automotive textiles is projected to increase to US$ 3.7 billion by 2027, from US$ 2.4 billion in 2020. Similarly, the industrial textiles market is likely to increase at an 8% CAGR from US$ 2 billion in 2020 to US$ 3.3 billion in 2027. The overall Indian textiles market is expected to be worth more than US$ 209 billion by 2029.

COTTON INDUSTRY AND EXPORTS

In FY23, exports of cotton yarn were valued at US$ 2.75 billion, that of cotton fabrics and made-ups were US$ 6.81 billion. India is the largest producer of cotton globally. It is a crop that holds significant importance for the Indian economy and the livelihood of Indian cotton farmers. Cotton grows over 13.06 million hectares in India compared to 33.1 million hectares globally. The Indian cotton industry provides livelihood to about 60 million people in the country.

India’s total production of cotton in the year 2022-23 (as per provisional data) was 34.3 million bales (bales of 170
kg each) and in 2021-22, it stood at 31.1 million bales. The Central Zone (which comprises states like Gujarat, Maharashtra, and Madhya Pradesh) was the biggest producer of cotton in India in 2022-23, with Gujarat being the highest producer of the Central Zone, contributing 9.49 million bales (bales of 170 kg each). Saurashtra constitutes about 70% of Gujarat’s cotton production, with farmers in Amreli – the state’s largest cotton district
– playing a key role. Yavatamal, Buldhana, Akola Amravati Nagpur Washim, and Wardha are the districts of Vidarbha which are Maharashtra’s major cotton-producing areas.

The Southern Zone (which comprises states like Telangana, Andhra Pradesh, Karnataka, and Tamil Nadu) is the second biggest producer of cotton, producing about 28.5% of the nation’s cotton, with Telangana producing the largest in the Southern Zone and the third largest in the country, contributing 5.31 million bales (bales of 170 kg each). The cotton textiles industry is the second largest employer in the country after agriculture, while also sustaining the livelihoods of an estimated 6.5 million cotton farmers and driving a large export market.

Export Trend – Total Product

In 2022, India stood as the third-highest exporter of raw cotton globally, accounting for about 11% of the total global exports. The value of the exports amounted to US$
5.66 billion in 2022-23, US$ 10.78 billion in 2021-22, US$
6.3 billion in the year 2020-21, and US$ 2.1 billion during April-June 2023. It amounted to 1.25% and 2.55% of India’s total exports in 2022-23 and 2021-22, respectively. As per the Cotton Corporation of India, India’s total cotton exports were 3.0 million bales in 2022-23.

The Government of India along with the Export Promotion Council has set a long-term target of US$ 100 billion for textiles industry exports by 2025-26 and growing productivity from the current level of around 450 Kg lint per hectare to at least 800-900 Kg lint per hectare. The focus continues to adopt the latest innovative technologies
and global best farming practices to enhance productivity and achieve sustainable quality cotton output. To achieve these goals, the emphasis remains to motivate cotton farmers through awareness meetings, timely advisories and transfer of technology from the lab to the field in the most effective manner by using natural methods and adopting modern scientific farm practices.

Export by Country

In 2022-23, India exported cotton to over 158 countries throughout the world. Bangladesh, Sri Lanka, and China were India’s major cotton importers in FY23. Collectively, the three nations accounted for 45% of India’s total exports. Despite the COVID-19 pandemic, the export of cotton and cotton yarn from India has not stopped. Sri Lanka was the second largest importer of cotton from India after Bangladesh together accounting for over 40% of cotton imports from India. China and Egypt were among the largest importers of cotton from India making over 9% of the total cotton exports.

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In terms of cotton yarn exports, about 275 million kg of cotton yarn was exported from India to China out of the total exports of 980 million kg during the year 2020-21.
China was the largest importer of yarn from India
followed by Bangladesh which imported 225 million kg of cotton yarn. Vietnam and Peru are among the key export destinations for India’s cotton yarn with exports of 56 million kg and 53 million kg in 2020-21, respectively.

Governing Body-Cotton Corporation of India (CCI)

The Cotton Corporation of India was established in July 1970 under the administrative control of the Ministry of Textiles, the Government of India as a Public Sector Undertaking under the Companies Act 1956. Initially, CCI served as a canalizing agency for cotton imports and raw cotton purchases in order to provide required pricing support to enterprising planters and to procure raw cotton for textile mills. CCI’s role now however is to stabilize prices by enforcing price support measures whenever the market prices fall below the government decided price supports. CCI also conducts commercial purchasing operations to meet the domestic textile industry’s raw material requirements, particularly during the lean season.

Bharat Tex 2024 will contribute significantly to the growth of Textile Sector in India: Shri Piyush Goyal Shri Goyal reviews progress of Bharat Tex 2024 with textile Export Promotion Councils and officers of Ministry of Textiles

The Union Minister for Textiles, Consumer Affairs, Food and Public Distribution and Commerce and Industry, Shri Piyush Goyal took review meeting of the steering committee in view of the upcoming mega textiles event- Bharat Tex 2024.

While interacting with textile Export Promotion Councils (EPC) representatives, officers and others, Shri Goyal said, “The success of Bharat Tex is contingent on the meticulous planning and execution by the Core Committee and Steering Committee. Your dedication and strategic vision are instrumental in positioning Bharat Tex as a global textile showcase, and I am confident that the event will contribute significantly to the growth of the textile sector in India”.

The Union Minister also shared his vision and new ideas for branding and promoting Bharat Tex 2024 and said that the event should be widely inclusive. He recommended that an online Directory of all the participating exhibitors could be prepared which will become the encyclopaedia of all textile players.

Bharat Tex is scheduled from 26th to 29th Feb, 2024 at Bharat Mandapam and Yashobhoomi in New Delhi. Bharat Tex 2024 is a global textile mega event organized by 11 Textile EPCs and supported by the Ministry of Textiles.

The Committee provided a detailed update on the status of international and domestic participation. It was highlighted that there is massive interest by the domestic industry in participating in the event. It was informed that several successful roadshows and investor roundtables have been conducted in India and globally and multiple rounds of interactions have been successfully concluded with Foreign Embassies in India and Indian Missions Abroad for evincing international interest and participation in the event. Uttar Pradesh is participating in Bharat Tex as the Partner State and Madhya Pradesh as the Focus State.

Aditya Birla Group and Reliance Industries Ltd. are participating as Platinum and Gold partners respectively. Arvind Ltd., Indorama Ventures, Trident Group, and Welspun are partnering as Silver partners. Chargeurs PCC (France), Shahi Exports, Pearl Global and WGSN have been announced as Associate Partner, Sustainability Partner, fashion partner and Trend Partner, respectively. Shri Goyal appreciated the efforts of the Councils and expressed his gratitude to sponsors and partners.

Ms Rachna Shah, Secretary, Ministry of Textiles was present along with senior officials from the Ministry including Shri Rohit Kansal, Additional Secretary, and Smt. Shubhra, Trade Advisor and representatives from EPCs. The supporting partners namely Invest India. FICCI KPMG, Messe Frankfurt, India were also present during the discussion.

The Ministry of Textiles under National Technical Textiles Mission (NTTM) is organizing a hackathon titled “Fostering Innovations in Technical Textiles –Hackathon for unleashing creativity in technical textiles” under “BHARAT TEX 2024” scheduled to be held on 26-29 Feb, 2024.

The primary goal of the hackathon is to create a platform that brings together students, researchers, entrepreneurs, and industry professionals. This platform aims to raise awareness, stimulate innovation, encourage collaboration, and address real-world challenges in the field of technical textiles. National Technical Textiles Mission (NTTM), Ministry of Textiles, Government of India shall be the sponsor and partner for the hackathon.

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The textiles industry is undergoing a revolutionary shift, integrating advanced materials and innovations into traditional textiles, giving rise to the dynamic field of Technical Textiles. Recognizing the transformative potential of this sector, NTTM is a flagship scheme of Government of India. NTTM primarily focusses on research, development, and innovation (RD &I) along with education, skill, and market promotion for the technical textiles. NTTM has funded several projects in the form of ideation, prototype grants along with applied projects of national importance. Ministry of Textiles wants to show case the progress and achievements of prominent projects in the “BHARAT TEX 2024”.

By participating in the hackathon, aspirants will have the opportunity to enhance their knowledge, build valuable connections, gain recognition for their contributions, and work on practical applications within the realm of technical textiles. The event seeks to foster an environment where participants can not only learn but also actively contribute to finding solutions for the challenges faced by the technical textiles industry.

The hackathon will consist of 3 phases namely Ideation Phase; Development Phase & Presentation and Judging Phase with 10 thematic areas: Smart Textiles; Sustainable Textile; Medical Textile; Protective Textiles; Composites; Functional Fabrics; Development of Specialty Fibres and high-performance fibers; Development of Indigenous Machinery/Equipment/Instruments; Integration of Technical Textiles with applied sciences and Engineering and any other areas in the domain of technical textiles.

Gajanand International Business Data

Gajanand International Verticals

• MECH1 COTTON
• SHANKAR6 COTTON
• DCH 32
• KHOL

Gajanand International Product wise break-up

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Gajanand International Revenue contribution from Geography presence

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Gajanand International Customer dependency

• top 5 customers contributed 86.5%, 85%, 98% and 84.4% of our total revenue from operations for the Stub period ended Novemeber 30, 2023, for the year ended March 31, 2023, for the year ended March 31, 2022 and for the year ended March 31, 2021. Any loss of business from one or more of them may adversely affect our revenues and profitability.

Gajanand International Capacity Utilisation

Gajanand International Peer companies comparison

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Gajanand International SWOT ANALYSIS

• STRENGTHS
  • Installed Capacity of 37,500 MT / Annum
  • Location advantage
  • Increasing Business scalability and captive consumption
• WEAKNESSES
  • Seasonal availability of our product and raw material consumption
  • Dependency on the suppliers for the availability of products
• OPPORTUNITIES
  • Potential growth
  • Increasing demands domestically and internationally
  • Government initiatives for the growth of textile industry
• THREATS
  • Increasing Market competition
  • Fluctuations in Market Trends/ Demands

Business risk factors

• Gajanand International business is subject to seasonal volatility which contributes to fluctuations in our results of operations andfinancial condition.
• Gajanand International top 5 customers contributed 86.5%, 85%, 98% and 84.4% of our total revenue from operations for the Stub period ended Novemeber 30, 2023, for the year ended March 31, 2023, for the year ended March 31, 2022 and for the year ended March 31, 2021. Any loss of business from one or more of them may adversely affect our revenues and profitability.
• Gajanand International existing manufacturing operation is geographically located at one place. Hence, we may face the risk of geographical non-diversification of manufacturing facilities.

Gajanand International Financials

Gajanand International Key Financial Ratios

Gajanand International Key Performance Indicators

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Gajanand International Assets & Liabilities

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Gajanand International Profit & Loss

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Gajanand International Cash Flow

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Gajanand International Capital structure

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IPO Details

Gajanand International IPO Details

Object of the issue

Litigation involved in Gajanand International

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