ECOLINE
Ecoline Exim financials
- Market cap
- ₹351 Cr
- Sector
- Capital Goods
- Calls analysed
- 1
ECOLINE Q2 FY26
What went well
- H1 FY26 Revenue at INR 143.84 crores, demonstrating 8-9% YoY growth.
- Strong current order book of INR 101.89 crores, supported by a 20% YoY growth in order inflow.
- Significant capacity expansion underway, targeting 65.5 million units by FY26 and 105 million units by FY28.
What to watch
- Working capital cycle has increased to 60 days due to shipping delays, requiring active management.
- Raw material costs constitute a significant 54% of revenue, posing a potential risk from price volatility, though managed through long-term agreements.
What Ecoline Exim Ltd does
Ecoline Exim Limited manufactures eco-friendly cotton bags (recycled, organic, fairtrade and conventional) and jute bags across five factories in Kolkata and Ahmedabad, exporting close to 100% of output to retailers across 35+ countries in Europe, the Americas and Asia-Pacific. It holds GOTS, GRS, OEKO-TEX, Fairtrade and ISO 9001 & 14001 certifications and has recently added polyester backpacks (jobwork/OEM for a domestic partner) and cotton towels (export) as new product lines.
Segments
- Cotton Bags
- Jute Bags
- Polyester Backpacks
- Cotton Towels
- Manufacturing plants
- 5 factories (Barasat, Badu Unit 1, Badu Unit 2, Taki Road - Kolkata; Ahmedabad)
- Total manufacturing area
- 3,17,500 sq. ft.
- Daily bag output
- 2,15,000 bags/day
- Total installed cutting capacity (FY25-26)
- ~84.85 million bags/year
- New capacity added (FY25-26)
- 22 million bags/year (Badu Unit IV: 12M, Taki Road Unit V: 10M)
- Export countries served
- 35+
Guidance record · Q2 FY26
what the last two calls moved 11 tracked 0 delivered 0 missed 11 open- FY26 Revenue open said Q2 FY26 Promised: INR 320 crores Q2 FY26: H1 FY26 revenue at INR 143.84 crores; guided to INR 320 crores for full year.
All 11 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
| Line item | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|
| Revenue | 131 | 138 | 139 | 139 |
| EBITDA | 16 | 11 | 15 | 9 |
| Net profit | 12 | 7 | 13 | 7 |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +19.2% 1Y
1Y: ₹140.5 on 30 Sept 2025 → ₹167.5. High ₹207.35 (23 Jun 2026), low ₹112 (5 May 2026).
How the price took the results
close before → close after
- Q2 FY26
- −1.4%
- 17 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY22 | FY23 | FY25 | FY26 |
|---|---|---|---|---|
| Equity capital | ₹1 Cr | ₹1 Cr | ₹21 Cr | ₹21 Cr |
| Reserves | ₹29 Cr | ₹47 Cr | ₹136 Cr | ₹144 Cr |
| Borrowings | ₹41 Cr | ₹42 Cr | ₹46 Cr | ₹60 Cr |
| Other liabilities | ₹20 Cr | ₹13 Cr | ₹20 Cr | ₹23 Cr |
| Total liabilities | ₹92 Cr | ₹103 Cr | ₹223 Cr | ₹247 Cr |
| Fixed assets | ₹16 Cr | ₹17 Cr | ₹13 Cr | ₹12 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹12 Cr |
| Investments | ₹2 Cr | ₹3 Cr | ₹15 Cr | ₹15 Cr |
| Other assets | ₹74 Cr | ₹82 Cr | ₹195 Cr | ₹208 Cr |
| Total assets | ₹92 Cr | ₹103 Cr | ₹223 Cr | ₹247 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Sep 2025, promoters added +0.99 pp while DIIs trimmed −0.55 pp. The shareholder count grew 48% to 546.
- Promoters
- 74.6%
- FIIs
- 1.3%
- DIIs
- 8.4%
- Public
- 15.7%
Since Sep 2025
- Promoters +0.99 pp
- DIIs −0.55 pp
- FIIs −0.29 pp
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Innovative Vision Fund AIF newly disclosed 1.28% held
- Hem Finlease Private Limited newly disclosed 1.17% held
- S.L Commercial Private Limited +0.98 pp 8.50% held
- Finavenue Capital Trust - Finavenue Growth Fund AIF +0.98 pp 2.05% held
- Carnelian AIF Category I Trust-Scheme 1 AIF +0.69 pp 3.14% held
The same filing shows 0 holders trimming and 5 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Ecoline Exim Ltd above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Saurabh Saraogi | 24.19% | unchanged |
| Sudarshan Saraogi | 16.91% | unchanged |
| S.L Commercial Private Limited | 8.50% | +0.98 pp |
| Shradha Saraogi | 7.78% | unchanged |
| Sudarshan Saraogi HUF | 6.32% | unchanged |
| Gunjal Saraogi | 6.29% | unchanged |
| Carnelian AIF Category I Trust-Scheme 1 AIF | 3.14% | +0.69 pp |
| Saurabh Saraogi HUF | 2.55% | unchanged |
| Finavenue Capital Trust - Finavenue Growth Fund AIF | 2.05% | +0.98 pp |
| Innovative Vision Fund AIF | 1.28% | newly disclosed |
| Hem Finlease Private Limited | 1.17% | newly disclosed |
| individual holding nominal share capital in excess of Rs. 2 lakhs. | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
- Growth the price implies
- 0.6% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
Learn to analyse Ecoline Exim Ltd
Guides on how to read this kind of business and the numbers that matter.