---
title: "Garden Silk Mills Pvt Ltd (GARDENSILK) — Share Price, Financials & Analysis"
symbol: "GARDENSILK"
company: "Garden Silk Mills Pvt Ltd"
canonical: "https://tapetide.com/stocks/GARDENSILK"
generated_at: "2026-10-13T11:01:17.486Z"
---

# Garden Silk Mills Pvt Ltd (GARDENSILK)

Canonical page: https://tapetide.com/stocks/GARDENSILK

## Company

- **Stock Type:** EQUITY
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** gardenvareli.com

## About

Garden Silk Mills is one of Indias leading man-made fibre-based textile companies. It is a vertically integrated manufacturer of a wide range of Polyester Chips, Polyester Filament Yarns (PFY), Preparatory Yarns, Woven (Grey) Fabric as well as Dyed and Printed Sarees and Dress Materials.

## Latest Price

## Key Insights

### Weaknesses

- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 1.96% over past five years.
- Contingent liabilities of Rs.98.0 Cr.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | -68% | — | -10% |
| revenue growth | -40% | 6% | 2% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Dec 2017 | Mar 2018 | Jun 2018 | Sep 2018 | Dec 2018 | Mar 2019 | Jun 2019 | Sep 2019 | Dec 2019 | Mar 2020 | Jun 2020 | Sep 2020 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 843 | 780 | 918 | 923 | 778 | 868 | 811 | 740 | 732 | 583 | 127 | 469 |
| Expenses | 784 | 738 | 865 | 886 | 763 | 812 | 781 | 717 | 723 | 587 | 149 | 471 |
| Operating Profit | 59 | 43 | 52 | 37 | 16 | 55 | 30 | 23 | 9 | -4 | -22 | -2 |
| OPM % | 7 | 5 | 6 | 4 | 2 | 6 | 3.7 | 3.2 | 1.2 | -0.6 | -17 | -0.5 |
| Other Income | 1 | 2 | 1 | 16 | 1 | 2 | 1 | 1 | 0 | 1 | 1 | 1 |
| Interest | 45 | 48 | 49 | 50 | 54 | 50 | 49 | 48 | 52 | 53 | 51 | 0 |
| Depreciation | 16 | 18 | 17 | 17 | 16 | 16 | 17 | 16 | 17 | 18 | 15 | 15 |
| Profit before tax | -2 | -21 | -12 | -13 | -55 | -9 | -36 | -40 | -59 | -73 | -87 | -16 |
| Tax % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Profit | -2 | -21 | -12 | -13 | -55 | -9 | -36 | -40 | -59 | -73 | -87 | -16 |
| EPS in Rs | -0.48 | -5.05 | -2.94 | -3.2 | -12.97 | -2.22 | -8.5 | -9.48 | -14.04 | -17.31 | -20.62 | -3.8 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 3506 | 3697 | 3039 | 2611 | 2348 | 2435 | 3033 | 3488 | 2877 | 1911 |
| Expenses | 3406 | 3612 | 2987 | 2500 | 2255 | 2290 | 2858 | 3317 | 2819 | 1930 |
| Operating Profit | 101 | 85 | 52 | 110 | 93 | 145 | 175 | 171 | 58 | -19 |
| OPM % | 2.9 | 2.3 | 1.7 | 4.2 | 4 | 6 | 6 | 4.9 | 2 | -1 |
| Other Income | 21 | 13 | 15 | 6 | 10 | 10 | 5 | 16 | 4 | 4 |
| Interest | 154 | 156 | 158 | 183 | 177 | 174 | 189 | 204 | 202 | 156 |
| Depreciation | 86 | 94 | 92 | 76 | 67 | 64 | 81 | 73 | 67 | 64 |
| Profit before tax | -118 | -151 | -184 | -143 | -141 | -83 | -89 | -90 | -208 | -235 |
| Tax % | -33 | -33 | -21 | 0 | 0 | 0 | 0 | 0 | 0 | — |
| Net Profit | -79 | -101 | -144 | -143 | -141 | -83 | -89 | -90 | -208 | -235 |
| EPS in Rs | — | — | -35.99 | -33.92 | -33.41 | -19.82 | -21.14 | -21.33 | -49.33 | -55.77 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 38 | 38 | 38 | 40 | 42 | 42 | 42 | 42 | 42 | 42 |
| Reserves | 532 | 453 | 366 | 218 | 73 | -68 | -164 | -253 | -345 | -558 |
| Borrowings | 1298 | 1322 | 1329 | 1355 | 1172 | 1123 | 1304 | 1502 | 778 | 1927 |
| Other Liabilities | 507 | 494 | 514 | 414 | 681 | 713 | 669 | 683 | 1245 | 231 |
| Total Liabilities | 2375 | 2307 | 2248 | 2028 | 1968 | 1810 | 1851 | 1974 | 1720 | 1641 |
| Fixed Assets | 993 | 1322 | 1264 | 1242 | 1191 | 1148 | 1094 | 1030 | 968 | 909 |
| CWIP | 275 | 73 | 87 | 47 | 32 | 31 | 31 | 15 | 6 | 7 |
| Investments | 46 | 14 | 14 | 14 | 14 | 14 | 11 | 11 | 4 | 2 |
| Other Assets | 1060 | 898 | 884 | 726 | 731 | 617 | 715 | 917 | 741 | 723 |
| Total Assets | 2375 | 2307 | 2248 | 2028 | 1968 | 1810 | 1851 | 1974 | 1720 | 1641 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 69 | 279 | 175 | 118 | 382 | 205 | -294 | 175 | 131 | 218 |
| Cash from Investing Activity | -241 | -126 | -36 | 6 | 0 | 12 | -4 | 0 | 0 | -6 |
| Cash from Financing Activity | 158 | -138 | -144 | -124 | -369 | -236 | 323 | -126 | -136 | -164 |
| Net Cash Flow | -14 | 15 | -5 | 0 | 13 | -19 | 25 | 49 | -5 | 48 |
| Free Cash Flow | -192 | 88 | 143 | 111 | 387 | 210 | -303 | 173 | 130 | 213 |
| CFO/OP | 33 | 282 | 202 | 224 | 344 | 219 | -203 | 100 | 77 | 374 |

### Ratios

| Item | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 17 | 15 | 20 | 18 | 15 | 23 | 23 | 25 | 11 | 9 |
| Inventory Days | 91 | 64 | 54 | 48 | 59 | 62 | 82 | 69 | 57 | 46 |
| Days Payable | 45 | 44 | 52 | 54 | 59 | 53 | 56 | 59 | 33 | 24 |
| Cash Conversion Cycle | 63 | 35 | 22 | 12 | 15 | 33 | 49 | 35 | 35 | 32 |
| Working Capital Days | 62 | 39 | 30 | 27 | 40 | 45 | -7 | 13 | -62 | 33 |
| ROCE % | 13 | 1 | 0 | -2 | 3 | 3 | 8 | 8 | 13 | -1 |

## Shareholding Pattern

### annual

| Category | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Dec 2020 |
| --- | --- | --- | --- | --- | --- |
| Promoters | 57.75% | 57.64% | 57.63% | 57.63% | 57.63% |
| FIIs | 0.04% | 0.02% | 0.02% | 0.02% | 0.02% |
| DIIs | 0.03% | 0.11% | 0.03% | 0.03% | 0.03% |
| Public | 42.18% | 42.23% | 42.32% | 42.32% | 42.32% |
| No. of Shareholders | 73315 | 54099 | 53186 | 52286 | 51842 |

### Quarterly

| Category | Mar 2018 | Jun 2018 | Sep 2018 | Dec 2018 | Mar 2019 | Jun 2019 | Sep 2019 | Dec 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Dec 2020 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 57.64% | 57.64% | 57.64% | 57.64% | 57.63% | 57.63% | 57.63% | 57.63% | 57.63% | 57.63% | 57.63% | 57.63% |
| FIIs | 0.02% | 0.02% | 0.02% | 0.2% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% |
| DIIs | 0.11% | 0.06% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.09% | 0.03% | 0.03% | 0.03% | 0.03% |
| Public | 42.23% | 42.29% | 42.31% | 42.13% | 42.32% | 42.32% | 42.32% | 42.26% | 42.32% | 42.32% | 42.32% | 42.32% |
| No. of Shareholders | 54099 | 53649 | 53407 | 53421 | 53186 | 52790 | 52571 | 52601 | 52286 | 52230 | 52163 | 51842 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 4 / 3 / 12

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 44.57 | Sell |
| EMA (10) | 44.16 | Sell |
| SMA (20) | 46.98 | Sell |
| EMA (20) | 46.22 | Sell |
| SMA (50) | 49.99 | Sell |
| EMA (50) | 49.17 | Sell |
| SMA (100) | 51.7 | Sell |
| EMA (100) | 52.14 | Sell |
| SMA (200) | 58.85 | Sell |
| EMA (200) | 56.31 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 26.57 | Buy |
| MACD (12,26,9) | -2.36 | Sell |
| Stochastic (14,3,3) | 17.74 | Buy |
| ADX (14) | 26.1 | Buy |
| Williams %R (14) | -67.53 | Neutral |
| ATR (14) | 3.11 | High Volatility |
| ROC (12) | -19.6 | Sell |
| Stoch RSI (14) | 0 | Buy |
| UO (7,14,28) | 57.33 | Neutral |

## Filings & Documents

### Annual Reports

| Date | Document |
| --- | --- |
| 2020 | [Annual Report 2020](https://www.bseindia.com/bseplus/AnnualReport/500155/67609500155.pdf) |
| Mar 2019 | [Annual Report 2019](https://www.bseindia.com/bseplus/AnnualReport/500155/5001550319.pdf) |
| Mar 2018 | [Annual Report 2018](https://www.bseindia.com/bseplus/AnnualReport/500155/5001550318.pdf) |
| Mar 2017 | [Annual Report 2017](https://www.bseindia.com/bseplus/AnnualReport/500155/5001550317.pdf) |
| Mar 2016 | [Annual Report 2016](https://www.bseindia.com/bseplus/AnnualReport/500155/5001550316.pdf) |
| Mar 2015 | [Annual Report 2015](https://www.bseindia.com/bseplus/AnnualReport/500155/5001550315.pdf) |
| Mar 2014 | [Annual Report 2014](https://www.bseindia.com/bseplus/AnnualReport/500155/5001550314.pdf) |
| Mar 2013 | [Annual Report 2013](https://www.bseindia.com/bseplus/AnnualReport/500155/5001550313.pdf) |
| Mar 2012 | [Annual Report 2012](https://www.bseindia.com/bseplus/AnnualReport/500155/5001550312.pdf) |
| 2012 | [Annual Report 2012](https://archives.nseindia.com/annual_reports/AR_GARDENSILK_2011_2012_17092012103820.zip) |

### Credit Rating Reports

| Date | Document |
| --- | --- |
| 2026-03-25 | Credit rating update — India Ratings |
| 2024-08-07 | Credit rating update — India Ratings |
| 2023-09-12 | Credit rating update — India Ratings |
| 2021-03-24 | Credit rating update — ICRA |
| 2020-10-14 | Credit rating update — CARE Ratings |
| 2020-07-28 | Credit rating update — CARE Ratings |

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Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-10-13T11:01:17.486Z.