Banswara Syntex Limited has announced key changes in its senior management personnel, specifically in the human resources department. The company's Board of Directors, acting on recommendations from the Nomination and Remuneration Committee, passed a resolution by circulation on March 30, 2026, approving both a resignation and a new appointment in senior management roles.

Senior Management Transition Details

The board has taken note of the resignation of Mr. Marazban Velati from his position as Chief Human Resources Officer, effective from close of business hours on March 31, 2026. In his resignation letter dated February 1, 2026, Mr. Velati expressed his intention to explore career opportunities outside the company while acknowledging the support and opportunities he received during his tenure.

New Appointment in Human Resources

Simultaneously, the board approved the appointment of Mr. Indrajeet Sunil Sukate as Head of Corporate Human Resources, effective from April 1, 2026, under the category of Senior Management Personnel. This appointment ensures continuity in the company's human resources leadership.

Professional Background of New Appointee

Mr. Indrajeet Sunil Sukate brings extensive experience to his new role, having worked with several manufacturing companies including Kabra Extrusiontechnik Ltd, IG Petrochemicals Ltd, Shera PL, and Indo Amines Ltd. His educational qualifications include a Master's in Human Resource Management from Jamnalal Bajaj Institute, Mumbai, and a PG Diploma in Human Resource Management from Welingkar's Institute of Management Studies, Mumbai.

His professional expertise encompasses:

• Developing HR strategies to support organization's global strategic plan and business requirements
• Leadership development and potential identification
• Culture and transformation projects with positive impact on P&L
• Extensive experience in HR/IR functions across manufacturing sector

Regulatory Compliance

The company has made this disclosure in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015, regarding changes in Senior Management Personnel. All required details under Regulation 30(6) read with Para A (7) of Part A of Schedule III have been provided to the stock exchanges. The changes reflect the company's commitment to maintaining strong leadership in human resources while ensuring smooth transitions in senior management roles.

Banswara Syntex Limited has delivered impressive financial results for Q3FY26, demonstrating robust operational performance across its diversified textile business segments. The company reported significant growth in profitability and maintained steady revenue performance despite challenging market conditions.

Financial Performance Highlights

The company's financial performance for Q3FY26 showcased strong profitability improvements with enhanced operational efficiency across all business divisions.

The company achieved an EBITDA margin of 12.2% in Q3FY26 compared to 10.7% in Q3FY25, while PAT margin improved to 3.9% from 3.0% in the corresponding previous quarter.

Division-wise Performance Analysis

Banswara Syntex's three core business divisions demonstrated varied performance patterns, with the garment division leading growth momentum.

The yarn division maintained steady performance with 48 lakh kgs sales volume and improved realizations from value-added products. The fabric division recorded stable operations at Rs 150 crore revenue with 59 lakh meters sales volume, focusing on wool blended and stretch fabrics. The garment division showed promising growth with 4% YoY revenue increase, driven by higher-realization products including jackets and suits.

Operational Efficiency and Strategic Focus

The company demonstrated improved operational discipline through enhanced product mix optimization and cost management initiatives. Jackets and suits contributed approximately 14% of volumes and 26% of garment revenue during Q3FY26, compared to 7% of volumes and 16% of revenue in Q2FY26, reflecting successful shift towards premium products.

Regional performance showed diversification benefits, with improved traction in the U.S. and Far East markets offsetting softness in select international regions. The company maintained focus on export-led growth supported by strong domestic and international brand relationships.

Balance Sheet and Capital Structure

The company's balance sheet reflects ongoing expansion investments with net debt increasing by Rs 39.03 crore to Rs 495.19 crore as of December 31, 2025, primarily due to capex and working capital requirements. The debt-equity ratio stood at 0.9x for 9MFY26, maintaining reasonable leverage levels.

The company has invested over Rs 917 crore towards expansion and modernization between FY2010 and December 2025, demonstrating long-term commitment to capacity enhancement and technological upgradation.