Superhouse Ltd

Financial snapshot

• Standalone revenue from operations: ₹53,945.25 Lakhs (YoY ₹50,490.78).
• Consolidated revenue from operations: ₹67,676.38 Lakhs (YoY ₹66,499.47).
• Standalone total income: ₹53,376.46 Lakhs (YoY ₹51,702.10).
• Consolidated total income: ₹68,298.97 Lakhs (YoY ₹67,714.75).
• Standalone PBT: ₹1,833.52 Lakhs; Consolidated PAT: ₹724.51 Lakhs.
• Standalone PAT: ₹1,220.72 Lakhs; Consolidated PAT: ₹59.16 Lakhs.
• Standalone EPS: ₹11.07; Consolidated EPS: ₹2.87.
• Dividend per share ₹0.80; total dividend ₹88.20 Lakhs.
• Impairment on WOS: ₹402.50 Lakhs (Exceptional Item).
• CFO: Standalone ₹4,632.52 Lakhs; Consolidated ₹5,273.19 Lakhs.
• Borrowings: Standalone ₹11,483.01 Lakhs; Consolidated ₹18,052.15 Lakhs.
• Net debt: Standalone ₹10,028.22 Lakhs; Consolidated ₹16,307.88 Lakhs.
• Debt-equity: Standalone 0.25x; Consolidated 0.35x.
• Capex (Consolidated): ₹1,881.98 Lakhs.
• Credit rating: ACUITE A- (Long-term), A2+ (Short-term).
• CSR expenditure ₹40.06 Lakhs; CSR obligation ₹37.85 Lakhs; carry-forward ₹2.21 Lakhs.

Segment performance FY2025-26

• Leather & Leather Products revenue ₹44,480.20 Lakhs.
• Textile Garments revenue ₹8,896.26 Lakhs.
• Leather segment PBT before tax & financing ₹1,637.17 Lakhs; Textile ₹196.35 Lakhs.
• Total PBT before tax & financing ₹1,833.52 Lakhs; after finance ₹1,427.65 Lakhs.
• Exceptional items: Leather ₹-402.50 Lakhs; Textile ₹0 Lakhs.
• Consolidated PAT ₹59.16 Lakhs; previous year ₹765.62 Lakhs.
• Domestic India revenue ₹19,079.21 Lakhs; Outside India ₹49,219.76 Lakhs.
• Exports revenue ₹47,329.11 Lakhs; Export incentives ₹2,318.94 Lakhs; Job work ₹7.26 Lakhs.
• Not dependent on any single customer (no 10%+ revenue from one customer).

Geography & exports

• Geographic split: Domestic India ₹19,079.21 Lakhs; Outside India ₹49,219.76 Lakhs.
• Export revenue forms major portion of total; comprehensive export incentives earned.
• No single customer accounted for 10%+ revenue; diversified customer base.

Capital structure & liquidity

• Standalone borrowings ₹11,483.01 Lakhs; Net debt ₹10,028.22 Lakhs; Debt/equity 0.25x.
• Consolidated borrowings ₹18,052.15 Lakhs; Net debt ₹16,307.88 Lakhs; Debt/equity 0.35x.
• Cash & cash equivalents: Standalone ₹1,454.79 Lakhs; Consolidated ₹1,744.27 Lakhs.
• Credit rating: ACUITE A- (Long-term), A2+ (Short-term).
• Consolidated capex ₹1,881.98 Lakhs; CFO robust across Standalone and Consolidated.

Governance & compliance

• Board: ten Directors as of 31 Mar 2026; committees reconstituted July 11, 2025.
• Independent Directors meet at least twice a year; two meetings held in year.
• Secretarial audit by Banthia & Co; no qualifications.
• Statutory auditors Kapoor Tandon & Co; 5-year term; no disqualification.
• IEPF compliance and CSR governance as per Companies Act.

CSR & ESG

• CSR focus: Education, Health Care, Environment Sustainability.
• Total CSR spend ₹40.06 Lakhs; required ₹37.85 Lakhs; excess ₹2.21 Lakhs carried forward.
• Two percent of average net profit for CSR obligations disclosed; ongoing projects summarized.
• CSR committee chaired by MD with independent directors; policy disclosed on website.

Subsidiaries & associates

• Seven subsidiaries including UK, Spain, UAE; USA wound-up; four associates (Unnao Tanneries, Steven, Knowledgehouse, Amin).
• Significant impairment: Linea De Seguridad SLU WOS impairment recognised.
• Subsidiaries monitored quarterly; policy for material subsidiaries published online.

Outlook & risks

• Outlook: India leather sector target US$50bn by 2030; FTAs to improve market access.
• Strategy: branded expansion, premium segments, export diversification, and manufacturing excellence.
• Risks: inflation, currency volatility, geopolitical tensions, and raw material price fluctuations.

Financial Highlights

• Standalone revenue from operations: Rs 50,490.78 L, down from Rs 52,060.69 L.
• Standalone PAT: Rs 1,341.33 L, up from Rs 792.57 L.
• Consolidated revenue from operations: Rs 66,499.47 L, broadly flat vs Rs 66,530.95 L.
• Consolidated PAT: Rs 765.62 L, down from Rs 1,172.58 L.
• Standalone EPS: Rs 12.17; Consolidated EPS: Rs 8.48.
• Final dividend per equity share Rs 0.80; subject to AGM.
• Export turnover FY2024-25: Rs 32,893.74 L.
• Borrowings: Rs 21,118.30 L; Net debt Rs 13,060.89 L; Debt/Equity 0.33.
• Brand Silver Street gaining traction in UK/Europe.

Operations & Segments

• Leather revenue Rs 60,081.51 L; Textile Rs 7,633.24 L; total Rs 67,714.75 L.
• 22 manufacturing units; exports to 50+ countries.
• Silver Street brand traction in UK/Europe.
• Major export markets: USA 21.65%, Germany 11.24%, UK 9.07%.
• Domestic sales via Allen Cooper and Double Duty brands.
• Growth focus: sports/kids footwear; expanding domestic e-commerce.
• R&D centers with CAD-CAM and 3D design.

Capital & Liquidity

• Standalone net debt 13,060.89 L; Debt/Equity 0.33.
• Consolidated net debt 19,739.92 L; Debt/Equity 0.43.
• Cash & cash equivalents Rs 1,378.38 L; liquidity adequate.
• AGM date 30 Sep 2025; dividend Rs 0.80 per share.
• Export turnover and liquidity driven by overseas sales.

Governance & Board

• Board met seven times during FY2024-25.
• Independent directors Dr Harmeet Singh and Girish Chandra Srivastava appointed for 5 years.
• Gautam Banthia appointed as Secretarial Auditor for 2025-30.
• Spain subsidiary Linea de Seguridad stock audit qualification noted; management says no impact.

Audit & Compliance

• Spain subsidiary Linea de Seguridad: stock verification qualification noted; no impact per management.
• IEPF: unclaimed dividends transferred; 52,705 shares moved to IEPF.
• Internal controls: adequate; no material weakness observed.

CSR & ESG

• CSR spend Rs 49.89 L; focus Education, Healthcare, Environment.
• CSR policy available on company website.
• CSR committee oversight and annual CSR report.

Outlook & Risks

• Macro headwinds: inflation, raw materials, freight, currency fluctuations.
• India-UK Free Trade Agreement could unlock tariffs and boost leather exports.
• Silver Street expansion and e-commerce growth to sustain momentum.

Financial results and WOS disposal

• Unaudited standalone and consolidated Q1 FY2026 results approved for quarter ended 30 June 2026.
• Board approved disposal or liquidation of MIS LA Compagnie Francaise De Protection SARL (100% WOS).
• Impairment of investment in Linea De Seguridad SLU recognised: Rs 402.50 Lacs.
• Disposal or liquidation to be completed by 31 March 2027, subject to regulatory approvals.
• No buyer identified as of disclosure; related-party provisions to be considered if applicable.
• WOS is non-material; rationale: ceased operations in France to streamline group.
• Consolidated results include seven subsidiaries' interim results not reviewed; not material to the Group.
• Results to be published on the company website and stock exchange portals.

Instruments and ratings

• Cash Credit (Rs 18 Cr): ACUITE A-; Negative; Reaffirmed.
• Term Loan (Rs 6.83 Cr): ACUITE A-; Negative; Reaffirmed.
• FBN/FBP/FBD/PSFC/FBE (Rs 42 Cr): ACUITE A-; Negative; Reaffirmed.
• Bank Guarantee (BLR) (Rs 10 Cr): ACUITE A2+; Short-term; Reaffirmed.
• PC/PCFC (Rs 83 Cr): ACUITE A-; Negative; Reaffirmed.
• Letter of Credit (Rs 33 Cr): ACUITE A2+; Short-term; Reaffirmed.
• Stand By Gold Card (Rs 16 Cr): ACUITE A-; Negative; Reaffirmed.
• Derivative Exposure (Rs 7 Cr): ACUITE A2+; Short-term; Reaffirmed.
• Proposed LT Facility (Rs 0.27 Cr): ACUITE A-; Negative; Reaffirmed.
• Working Capital TL (Rs 2.90 Cr): ACUITE A-; Negative; Reaffirmed.
• Working Capital TL (Rs 12.00 Cr): ACUITE A-; Negative; Assigned.
• Total facilities rated: Rs 231 Cr.

Summary and outlook

• Outlook: Negative for long-term ratings; Short-term ratings reaffirmed.
• Material change: One WC TL (Rs 12 Cr) assigned; others reaffirmed.

Agency

• Rating agency: ACUITE Ratings and Research Limited.

Rationale

• Rationale not disclosed in this excerpt.

Filing Status

• Audited Consolidated results for Q4FY25 not submitted due to non-receipt from subsidiaries.
• Standalone results submitted; board will fix date to consider and approve Consolidated results.

Certification details

• The securities in the certificate have been listed on the stock exchange where listed.
• Physical certificates for dematerialisation were mutilated and cancelled; depository named as registered owner within 15 days.

Key dates and governance

• Board approved Standalone and Consolidated Audited Financial Statements for FY ended 31 March 2026.
• Record Date fixed at 15 September 2026 for entitlement to final dividend, if declared.
• Register of Members and Share Transfer Books closed from 16 September 2026 to 30 September 2026.
• 46th AGM scheduled; exact date not disclosed in the filing.
• Final dividend, if approved, to be credited/dispatched between 3 October and 6 October 2026.
• Company is a Government of India recognized Export Trading House.