1) Overview of Business:

Borana Weaves Limited is a textile manufacturer headquartered in Surat, Gujarat, with a primary focus on producing unbleached synthetic grey fabric. This grey fabric acts as a foundational material widely used in further processing such as dyeing, printing, and finishing across several industries including fashion apparel, traditional textiles, technical textiles, home décor, and interior design.

In addition to grey fabric, the company also manufactures polyester textured yarn (PTY Yarn), further diversifying its product portfolio within the synthetic textile segment.

Operations commenced in 2020, with commercial production at its first manufacturing unit (Unit 1) starting in 2021. As of December 31, 2024, the company operates three manufacturing facilities in Surat, Gujarat.

2) Revenue Breakup:

The company's business remains largely fabric-centric, with the revenue breakup as of December 2024 being:

• Grey Fabric: 84.24%
• Yarn: 14.33%
• Other Products: 1.43%

3) Capacity Utilization

The company has consistently expanded its capacity while improving utilization over the years. Capacity utilization stood at 79.62% in December 2024, marginally higher than 79.51% in FY 2022–23. In earlier years, utilization was 83.78% in FY 2021–22 and 56.93% in FY 2020–21.

As of December 2024, the total employee strength stood at 666, compared to 793 in March 2024.

4) Customer Base and Revenue Concentration

The company’s customer base is predominantly located in Gujarat, contributing 98.36% of total operational revenue as of December 2024.
The number of active customers has increased over time:

• FY 2021–22: 65
• FY 2022–23: 177
• FY 2023–24: 170
• December 2024: 204

The top 10 customers contributed 40.27% of revenue in December 2024 (vs. 36.87% in March 2024), while the top 1 customer accounted for 8.34% (vs. 8.21% in March 2024), indicating moderate concentration risk.

5) Raw Material Procurement

The company primarily uses polyester oriented yarn (POY Yarn) as a raw material for both grey fabric and PTY Yarn.
A notable shift toward domestic sourcing has been observed:

• 100% raw material procurement was from Indian suppliers in December 2024
• Compared to 52.82% domestic and 47.18% imports (mainly from China and Singapore) in FY 2023–24

6) Machinery and Technology

The company operates with advanced textile manufacturing machinery to ensure quality and efficiency. As of December 31, 2024, it had:

• 700 Water Jet Looms – offering significant advantages over traditional power looms for synthetic fabric production
• 15 Texturizing Machines
• 6 Warping Machines
• 10 Folding Machines

The adoption of water jet looms underlines the company’s focus on modern, efficient, and high-output manufacturing methods tailored for synthetic fabrics.