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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 A
Rates the company's debt-servicing ability — not the quality or value of its shares.
Rated: 30 Dec 2025
View Full ReportValuation
Financials (FY2025)
Source: CRISILInvestment Thesis
Mewar Polytex is a legacy Rajasthan textile company operating in the unlisted space after delisting from exchanges. While the Indian textile sector has structural tailwinds, the company's small scale, delisted status, and limited disclosures make it a highly speculative investment suited only for investors with high risk tolerance and access to direct company information.
Pros
Cons
Business Segments
Polyester Yarn & Fabric
Manufacturing of polyester and synthetic yarn for textile weaving and knitting industry
Trading & Exports
Sale and export of textile raw materials and finished goods
Revenue Model
Mewar Polytex generates revenue from the manufacture and sale of polyester yarn and synthetic fabrics to domestic textile mills and garment manufacturers. The company may also engage in limited trading of textile inputs. Revenue is driven by polyester pricing, which is linked to crude oil derivative prices.
Detailed Analysis
Growth Plans
India's PLI scheme for textiles could benefit domestic synthetic textile manufacturers
Relisting or merger with a larger textile group could unlock value
Government anti-dumping duties on Chinese polyester imports could improve margins
Industry Tailwinds
India's PLI scheme for textiles could benefit domestic synthetic textile manufacturers
Recent Developments
Mewar Polytex shares continued to see intermittent OTC transactions, with investors seeking exposure to the Rajasthan textile sector.
2022-01Annual return and financial statement filings with the Ministry of Corporate Affairs confirmed the company remains a going concern.
2023-09Comparable Companies
INDORAMA · ~₹900 Cr
Frequently Asked Questions
About Mewar Polytex
Mewar Polytex Limited is a Rajasthan-based textile manufacturer specialising in polyester and synthetic textile products. The 'Polytex' in its name indicates operations in polyester texturising, twisting, or weaving — converting synthetic filament yarn into finished textile materials. Rajasthan is a significant textile manufacturing state in India, with a strong tradition in both natural (cotton, wool) and synthetic textile production. Polyester textile manufacturers in India produce yarns, fabrics, and technical textiles used across apparel, home furnishings, and industrial applications. India's synthetic textiles industry is one of the largest globally, with Surat (Gujarat) and parts of Rajasthan being major production hubs. Mewar Polytex likely operates texturising machines or weaving units producing polyester yarn or fabric sold to garment manufacturers, fabric traders, or for direct retail distribution. Rajasthan's textile sector includes both traditional handloom products and modern synthetic textile manufacturing. Limited public data is available for Mewar Polytex Limited. The company competes in a highly fragmented synthetic textiles market.
Key Milestones
1987: Incorporated as Mewar Polytex Limited in Rajasthan
1990s: Listed on regional stock exchanges as part of textile sector boom
Common questions about unlisted shares
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You enquire
Takes 2 minutes
We source & quote
Typically within 1 business day
You accept the allocation
Quote valid for 3 days
You transfer the funds
Pay within 2 days of accepting
Shares reach your demat
Usually credited within 2–3 business days
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.
Relisting or merger with a larger textile group could unlock value
Government anti-dumping duties on Chinese polyester imports could improve margins
Industry Headwinds
Continued import competition from cheaper Asian producers
Rising input costs (PTA, MEG) eroding margins
Prolonged delisted status discouraging institutional interest
Key Strengths
Experienced promoters
Established track record of operations and operational synergies amongst the group
Established presence of US-based JV partner of HPPL
Sustained growth in sales volume along with improvement in profitability
Comfortable capital structure and debt coverage indicators
Key Weaknesses
On-going large sized debt-funded capex
Downward Factors
Moderation in group’s scale of operations to below ₹600 crore with PBILDT margin below 10%, on sustained basis
Moderation in overall gearing above 0.85x or TD/PBILDT above 2.50x on sustained basis
Any major elongation in operating cycle adversely impacting the liquidity profile of the group
The company's delisted status creates significant illiquidity and makes exit from the investment difficult.
Source: Media Reports / Public Records
Limited public information makes it difficult to assess current production capacity utilisation and financial health.
Source: Media Reports / Public Records
Cheap polyester yarn imports from China and Southeast Asia have historically pressured domestic manufacturers.
Source: Media Reports / Public Records
Polyester yarn production depends on crude oil-derived inputs (PTA and MEG), making margins sensitive to oil price movements.
Source: Company Financial Filings
As a family-run company, governance and succession planning are key concerns for minority shareholders.
Source: AlphaHub Research
On-going large sized debt-funded capex
Source: Media Reports / Public Records
The company's delisted status creates significant illiquidity and makes exit from the investment difficult.
Limited public information makes it difficult to assess current production capacity utilisation and financial health.
Cheap polyester yarn imports from China and Southeast Asia have historically pressured domestic manufacturers.
Polyester yarn production depends on crude oil-derived inputs (PTA and MEG), making margins sensitive to oil price movements.
As a family-run company, governance and succession planning are key concerns for minority shareholders.
RAJSPINN · ~₹200 Cr
PASUPATAC · ~₹250 Cr
2000s: Faced competitive pressures from imports and large organised players
2010s: Delisted from stock exchanges; shares moved to unlisted OTC market
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