Sri Vishnu Shankar Mill Ltd
Rajapalayam cotton-yarn spinner of the Ramco Group — two mills, 13.35 MW of captive windmills and export customers in Portugal and the US — carrying ₹270 Cr of debt and three straight years of losses on a tiny 15-lakh-share capital base.
Market cap
₹63.75 Cr
0.15 Cr shares
P/E ratio
Loss making
Sector average 18
Book value
₹79.40
P/B 5.35
1-year return
+34.43%
52w ₹314 – ₹425
Currently 100% of the way through its 52-week range.
Indicative price history
1Y change
+34.43% ₹316 → ₹425
52-week band in this window: ₹312.38 – ₹432.63. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Audited FY25: revenue ₹288.16 Cr (+15%), EBITDA ₹12.56 Cr, net loss ₹19.51 Cr; equity ₹11.91 Cr against borrowings ₹270.28 Cr.
- Ramco Group mill chaired by P.R. Venketrama Raja; Rajapalayam Mills in the promoter group and ₹150 Cr related-party limits with group companies.
- 15,00,000 shares of ₹10 (paid-up ₹1.50 Cr); at ₹425 the market value is about ₹64 Cr, 5.4x book, versus ₹314-315 on Planify/wwipl.
- 13.35 MW captive windmills met 51% of power needs; CRISIL BB+/Negative since April 2025.
About Sri Vishnu Shankar Mill
Sri Vishnu Shankar Mill Limited (SVSM) is a cotton-yarn spinning company of the Rajapalayam-based Ramco Group, the family group behind The Ramco Cements, Ramco Industries, Rajapalayam Mills and The Ramaraju Surgical Cotton Mills. It runs two spinning units in Tamil Nadu — Unit I on P.A.C. Ramasamy Raja Salai in Rajapalaiyam and Unit II at Subramaniapuram village near Srivilliputhur — producing cotton yarn for domestic weavers and for export, including merchant exports. The FY25 directors' report thanks overseas customers in the United States and Portugal (Lameirinho Industria Textil SA and Somelos Tecidos SA) for repeat business. A wind-mill division with 13.35 MW of installed capacity supplies about half of the mills' power (51% in FY25) and earned ₹16.13 Cr of captive-power value in the year; the company has also contracted 4 MW of group-captive solar power to offset rising TNEB tariffs.
The company was incorporated in 1981 (CIN U17301TN1981PLC008677, RoC Chennai) and remains closely held: paid-up capital is just ₹1.50 Cr, made up of 15,00,000 equity shares of ₹10, and there has been no change in the share count for years. It is a public limited company that is not listed on any exchange; shares are held in demat under ISIN INE365Z01016 and change hands through unlisted-share dealers. The board is chaired by P.R. Venketrama Raja (DIN 00331406), chairman of The Ramco Cements, and the managing director is Sharadha Deepa (DIN 00383799), re-appointed for five years from 1 April 2023. Rajapalayam Mills Limited is a member of the promoter group, and SVSM in turn holds small stakes in The Ramco Cements (30,94,200 shares, 1.31%), Rajapalayam Mills (0.41%) and The Ramaraju Surgical Cotton Mills (0.06%), which it accounts for as associates.
Audited FY25 (year to 31 March 2025, separate financials): revenue from operations ₹288.16 Cr (FY24: ₹251.55 Cr), other income ₹3.63 Cr, EBITDA ₹12.56 Cr (FY24: ₹0.76 Cr), finance cost ₹22.17 Cr, depreciation ₹14.51 Cr, loss before tax ₹24.17 Cr and loss after a ₹4.66 Cr deferred-tax credit of ₹19.51 Cr (FY24: loss ₹26.32 Cr). EPS was a negative ₹130 per share. The balance sheet at 31 March 2025 shows total equity of only ₹11.91 Cr (down from ₹31.42 Cr) against borrowings of ₹270.28 Cr (₹118.50 Cr long-term, ₹151.78 Cr short-term, including ₹23.58 Cr of loans from related parties drawn in FY25) and property, plant and equipment of ₹158.89 Cr. Operating cash flow was a positive ₹17.36 Cr. Management attributes the losses to a sharp fall in yarn prices relative to cotton, Red Sea freight disruption on exports and higher power tariffs. No dividend has been recommended for FY25. CRISIL cut its ratings on the company's bank facilities to BB+/Negative/A4+ in April 2025 after moving the outlook to Negative in October 2024.
At the UnlistedZone indicative rate of ₹425 a share (2 August 2026; lot 50) the 15 lakh shares are worth about ₹64 Cr — roughly 5.4 times book value of ₹794 per share, with no earnings to support a P/E and enterprise value of about ₹334 Cr, or 27 times FY25 EBITDA. Other dealers quote lower: Planify ₹314 (2 August 2026, lot 500) and wwipl ₹315 (March 2026, lot 100). The quote is therefore a thin, negotiable Ramco-family scrip rather than a valuation anchored in earnings; the investment case rests on a cotton-cycle recovery, continued group support (Rajapalayam Mills and Ramco Industries have approved related-party limits of up to ₹150 Cr each with SVSM) and the embedded value of the Ramco Cements stake, worth roughly ₹30 Cr at current prices.
Verification status (10 Oct 2026): identity, CIN, registered office, capital, share count, directors and DINs, FY25 and FY24 income statement, balance sheet and cash-flow figures are from the audited FY2024-25 annual report (44th annual report, auditors M.S. Jagannathan & N. Krishnaswami, signed 29 May 2025; AGM 29 August 2025). The incorporation day/month, headcount and the promoter-versus-public shareholding split are estimates — the annual report confirms the promoter group (Ramco family and Rajapalayam Mills) but does not give percentages. The rate is UnlistedZone's indicative price; confirm lot and settlement with the dealer.
Where the revenue comes from
- Cotton yarn — domestic65%
Yarn sales to Indian weavers and traders, including stock-in-trade purchases (estimate)
- Cotton yarn — exports30%
Direct and merchant exports, chiefly to Portugal and the US (estimate)
- Wind power (captive) and other5%
13.35 MW windmill division, ₹16.13 Cr of captive power value in FY25; mostly netted against power cost (estimate)
Products & services
Cotton yarn
Combed and carded cotton yarn in a range of counts for weaving and knitting, sold domestically and exported.
Merchant exports
Trading of yarn and cotton purchased as stock-in-trade (₹32.56 Cr of purchases in FY25) alongside own production.
Captive wind power
13.35 MW of windmills generating 201 lakh units in FY25, wheeled to the mills under captive arrangements.
What works
- • Part of the Ramco Group: chaired by P.R. Venketrama Raja, with Rajapalayam Mills in the promoter group and related-party credit lines of up to ₹150 Cr each approved by Rajapalayam Mills and Ramco Industries — group support has kept a highly leveraged mill funded.
- • Captive power: 13.35 MW of windmills met 51% of FY25 power needs (₹16.13 Cr of captive value) and a 4 MW group-captive solar contract has been added to blunt TNEB tariff increases.
- • Export relationships with Portuguese and US textile buyers sustained volumes through the Red Sea disruption; revenue still grew 15% to ₹288 Cr in FY25 and EBITDA recovered to ₹12.6 Cr from near zero.
- • Audited, fully disclosed accounts — a rarity among unlisted mills — plus hidden value in listed associate stakes (1.31% of The Ramco Cements, 0.41% of Rajapalayam Mills) carried at just ₹0.73 Cr.
What to watch
- • Three years of losses have cut equity to ₹11.9 Cr against ₹270 Cr of borrowings (debt-equity of about 23x); finance cost of ₹22 Cr exceeds EBITDA, and CRISIL rates the bank facilities BB+ with a Negative outlook.
- • Commodity squeeze: yarn prices fell faster than cotton in FY24-25, and the mill is fully exposed to the cotton-yarn spread, power tariffs and export freight.
- • At ₹425 the shares trade at about 5.4x a shrinking book value with no earnings; two other dealers quote ₹314-315, so a buyer at UnlistedZone's rate may be paying a 35% premium in an illiquid 15-lakh-share scrip.
- • No dividend since the losses began, no listing plan, and a related-party-funded balance sheet whose terms (₹23.6 Cr of group loans in FY25) depend on continued family support.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| Sri Vishnu Shankar MillThis page | ₹425.00 | ₹63.75 Cr | — | 5.35 | +14.55% |
| Sree Akkamamba | ₹174.00 | ₹29.6 Cr | — | 0.71 | -3.01% |
| Garg Acrylics | ₹383.00 | ₹407.13 Cr | 33.10 | 1.04 | +4.94% |
Latest reported year: FY25 ending 31 Mar 2025.