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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Credit Rating (CRISIL)
CARE D
Rates the company's debt-servicing ability — not the quality or value of its shares.
Rated: 10 Nov 2025
View Full ReportValuation
Financials (FY2021)
Source: CRISILInvestment Thesis
Blue Blends (India) Limited is under CIRP insolvency proceedings. Listed (NSE: BLUEBLENDS) but equity value near nil. Denim and yarn manufacturer with multiple plants.
Pros
Cons
Business Segments
Denim Fabric Manufacturing
Composite Denim Mill with 18 million meters/year capacity; weaving of denim and blended fabrics.
Yarn Processing
Texturising, twisting, crimping, coning, sizing and dyeing of yarn at multiple locations.
Merchant Exports
Export of textile products; merchant export activities.
Revenue Model
Blue Blends (India) Limited generates revenue through the sale of woven denim fabric, textured yarn, and dyed fabric to garment manufacturers, fabric traders, and apparel companies. Revenue is volume-driven and subject to commodity-level pricing dynamics in the textile market.
Detailed Analysis
Growth Plans
Modernisation of manufacturing capacity (if capital can be raised) to improve productivity
India's growing denim apparel market providing volume demand
Potential corporate action (merger, liquidation, revival plan) to unlock value for shareholders
Industry Tailwinds
Modernisation of manufacturing capacity (if capital can be raised) to improve productivity
Recent Developments
India's denim fabric market continues to grow, driven by rising demand for denim apparel in domestic and export markets. However, small-scale manufacturers face margin pressure from cheaper imports and larger competitors.
2024-01Comparable Companies
ARVIND · ~8,000 Cr
Frequently Asked Questions
About Blue Blends India
Blue Blends (India) Limited is a Mumbai-based textile company incorporated on 16 February 1981, primarily engaged in the manufacturing of denim fabrics. The company began denim manufacturing operations in 1995, establishing itself as a domestic producer in India's growing denim market. Registered at the Registrar of Companies, Mumbai, the company's registered office is at JBF House, 2nd Floor, Old Post Office Lane, Kalbadevi Road, Mumbai 400002 — the historic commercial textile district of Mumbai. The company has an authorised share capital of ₹53.5 crore and a paid-up capital of approximately ₹21.65 crore, indicating a mid-sized textile manufacturer. India's denim fabric market has grown substantially since the 1990s, driven by rising denim consumption across Indian retail, garment exports, and fast fashion brands. The JBF House address connects Blue Blends (India) to the JBF Industries group — a large Gujarat-based polyester and PET manufacturing conglomerate. This association with the JBF ecosystem potentially provides raw material supply synergies for polyester-cotton blended denim manufacturing. Denim fabric manufacturing requires capital-intensive weaving and dyeing infrastructure. The company produces denim for the domestic market and potentially exports to garment manufacturers. Current active signatories include Anand Chandulal Arya, Janardan Joshi, and Chintan Bharatbhai Doshi, indicating continued management engagement. However, Blue Blends is not prominently in the public eye, and detailed financial information is not readily available in public databases. The company's 44-year operating history and maintained active status suggest an ongoing if modest manufacturing enterprise.
Key Milestones
Incorporated December 16, 1981 in Mumbai, Maharashtra (CIN: L17120MH1981PLC023900)
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
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India's growing denim apparel market providing volume demand
Potential corporate action (merger, liquidation, revival plan) to unlock value for shareholders
Industry Headwinds
Financial distress leading to potential winding up or insolvency
Continued margin compression from competition and commodity pricing
Inability to invest in equipment upgrades without external capital
Limited public financial disclosure — revenue and profitability not independently verifiable
Source: Company Financial Filings
Large denim players (Arvind, Aarvee Denims) have much greater scale
Source: AlphaHub Research
Company reported a net loss of ₹10.18 Cr (FY2021) — may signal structural profitability challenges
Source: Financial data
Interest coverage ratio of -423.28x (FY2021) — EBIT does not fully cover interest expenses; risk of debt default
Source: Financial data
CRISIL rating of CARE D — sub-investment grade; indicates elevated credit risk
Source: CRISIL
The extremely low share price of ₹0.50 — below face value — is a strong signal of accumulated losses, insolvency risk, or near-dormant operations.
With only 9 weaving looms and 12 texturising machines, the company is far too small to compete with modern, automated large-scale denim manufacturers.
Arvind Limited, KG Denim, and Raymond UCO Denim operate at vastly greater scale with modern machinery, creating insurmountable competitive disadvantages for small operators.
Denim fabric is a commodity product; pricing is determined by market forces and cannot be significantly influenced by a small manufacturer.
Older manufacturing equipment (looms and texturising machines) may be less efficient than modern automated machines, resulting in higher per-unit costs.
Unlisted
Unlisted (JV)
NSE: BLUEBLENDS, ISIN: INE113O01014; composite Denim Mill 18M metres/year capacity
Plants at Murbad, Silvassa, Palghar, Daman, Panoli — multi-location textile manufacturer
Entered Corporate Insolvency Resolution Process (CIRP); registered at JBF House, Kalbadevi Road, Mumbai 400002