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Faze Three Ltd. Investor Presentation 2026
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Investor Presentation
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F A Z E
L I M I T E D
May 25, 2026
To,
| BSE Limited Department of Corporate Services, P. J. Towers, Dalal Street, Mumbai – 400 001.
Scrip Code: 530079 | National Stock Exchange of India Limited Listing Compliance Department, Exchange Plaza, Plot No. C/ 1, G Block, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051.
Symbol: FAZE3Q |
| --- | --- |
Dear Sir/Ma’am,
Sub: Submission of Investor Presentation of the Company on the Audited Financial Results (Standalone and Consolidated) of the Company for the Quarter and Financial Year ended March 31, 2026
Ref: Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Please find enclosed herewith the Company’s presentation on the Audited Financial Results (Standalone and Consolidated) of the Company for the Quarter and Financial Year ended March 31, 2026.
You are requested to kindly take the same on record and bring it to the notice of your constituents.
Thanking you,
Yours Sincerely,
For Faze Three Limited
SANJAY ANAND
Digitally signed by
SANJAY ANAND
Date: 2026.05.25
08:37:41 +05'30'
SANJAY ANAND
Whole-time Director
DIN: 01367853
FAZE THREE LIMITED
(CIN: L99999DN1985PLC000197)
Regd. Office: Survey 380/1, Khanvel Silvassa Road, Dapada, Silvassa – 396 230, UT of D&NH
Corporate Office: 63/64, 6th Floor, Wing C, Mittal Court, Nariman Point, Mumbai - 400021.
Tel. : 91 (22) 43514444, 66604600 * Fax : 91 (22) 24936811 * E-mail : [email protected] * Website : www.fazethree.com
Investor Presentation
Financial Results — Quarter & Year Ended March 31, 2026
May 23, 2026
F A Z E
Why Faze Three
INR 933 Cr
FY26 Revenue
+33% YoY
INR 1,650+ Cr
Installed Revenue Capacity (all units). Additional Capex planned in FY 27 to scale higher with new categories added given gestation period of 1-1.5 years ~55% avg utilisation
INR 360+ Cr
Capex from Internal
Accruals since FY20
Major capex concluding FY27
Operating Leverage Ahead
55% average utilisation across INR 1,650+ Cr capacity. Revenue can nearly double without significant new capex. Major capex cycle concluding FY27.
Blue-Chip Customer Base
Walmart, Target, TJMax group, Action, Costco, Williams Sonoma, Pottery Barn, JYSK, Sainsbury's, etc. — Top 15 customers with 20+ year relationships. Built-in demand pipeline.
Cash Flow Inflection
With capex concluding, 40-50% of CFO available for debt reduction, dividends or growth. Net Debt/EBIDTA at 2.59x, manageable with rising earnings.
China+1 Structural Tailwind
CNYINR up 21% in 13 months. 10% tariff differential. Top retailers actively diversifying 15-20% out of China within 2-3 years. India is the primary beneficiary.
Vertically Integrated Moat, Order backed manufacturing
Yarn to finished product capability across Cotton and MMF. 8 factory locations. Replacement cost INR 800+ Cr — significant barrier for new entrants Company undertakes 100% Order backed manufacturing only
PLI & Trade Deal Catalysts
Applied for PLI for MMF, approval expected Q1/Q2 FY27. US-India, EU & UK trade deals in place. Tariff refunds to boost retail demand H2 CY27.
Est. 1985 • Listed 1995 • CARE A (Stable) / A1 • Home & Technical Textiles • Order-backed manufacturing
F A Z E
Company at a Glance
Operations
- Engaged in manufacturing of Technical & Home Textiles products
- Direct exports to large retailers in USA, UK & EUR — over 90% export revenue
- 8 factory locations: Silvassa (2), Vapi (1), Panipat (4), Aurangabad (1)
- Office + Showroom in New York, USA (Faze3 USA LLC)
- Equal capabilities across Cotton & Polyester/MMF products
- Order-backed manufacturing only; ~85% FOB; turnaround 60-120 days
- Globally mandated infrastructure and operations standards
Market & Customer Profile
- Strong 20+ year relationships with Top 15 customers
- Top 12 customers contribute ~80% of revenue
- No single customer exceeds 15% of revenue
- Most customers procure multiple products across factories
- Customer appetite at least 10x current volumes — huge unfulfilled demand
Product Categories
- Floor coverings: Bathmats, Rugs — Rubber backed
- Performance & Outdoor Home Textiles (micro polyester, cushions)
- Top of Bed, Blankets, Curtains, Accessories
- Handloom: Accent Rugs, Throws, Power-loom rugs
- Vertically integrated: Yarn to Finished Product
- Inhouse Design, Development & Innovation capability
Competitive Edge
- Multiple product lines (unique vs peers)
- China cost + tariff arbitrage neutralised
- Adequate room for all Indian peers
- Most peers in only 1 product category
Management: Founder/Promoters + Professional CXOs • CARE Rated A (Stable) / A1 (Sept 2025) • Factory replacement value > INR 800 Crs
F A Z E
S E M I T R O
Our Valued Customers
| Walmart® | TARGET | HMOX® | ACTION | JYSK® | Sainsbury's | DOLLAR GENERAL |
|---|---|---|---|---|---|---|
| Ruggable | WILLIAMS SONOMA | |||||
| 04.11.2014 | RUSTA | PREFERRED | LANDS' END® | Dunelm | ASDA | |
| Marshalls | Argos | west elm | pottery barn kids | next | HomeGoods | Bant's, Bitterly* |
| Garnet Hill | ||||||
| FRONTGATE | sam's club | Dillard's | ||||
| The Style of Your Life. | DKNY | |||||
| DIONNA KARIAN NEW YORK | C. J. DIX | Loblaws | DESTORATION | |||
| HARDWARE | ||||||
| COSTCO | ||||||
| WHOLESALE | MYER | |||||
| MY STORE | PRIMARK® | JCPenney | MIGROS | M&S | freedom | |
| VOSSSEN | AQUANOVA | spirella® | Kas |
F A Z E
LIMITEH
Product Portfolio
www.fazethree.com
F A Z E
Market Opportunity
China +1 Acceleration
CNYINR moved from 11.65 to 14.10 (+21%) in 13 months — major cost advantage for India. Top retailers targeting 15-20% diversification from China within 2-3 years. 25%+ differential for EUR/GBP buyers. Combined with 10% tariff differential, this is the strongest tailwind in a decade.
India preferred diversifier under China+1
Commitments from large retailers like Walmart to source $ 30Bn by 2030. Most retailers prefer India as country diversification option versus China
Worlds largest democracy & politically stable large economy
Labour costs tailwind versus peers like China
India's MMF Opportunity
India leads in cotton home textiles but MMF (Floor coverings, Rugs, Outdoor, Performance textiles, TOB, Curtains) is dominated by China. India's MMF exports potential is estimated at 20x current levels. PLI for MMF will build the optimum supply chain.
As India consumes more Oil over the years the RM availability for downstream industries will drive economy of scale and pricing parity with global markets
Trade Deals in Place
US-India bilateral deal: tariffs at max 18%. Currently 10% post SC judgment. FTA with EU and UK are additional positives. Tariff refunds expected to boost retail demand H2 CY27 as retailers pass on savings. Full effect visible over 1-2 years.
Supplier Landscape
Other supplier countries (Turkey, Egypt, Pakistan, Bangladesh) face structural challenges — currency instability, infrastructure gaps, quality issues — driving customer preference towards India. Brownfield expansion is the key to capturing demand.
Supply chain opportunity
With significant scale of operations / business coming to Indian Companies, the Retailers would prefer to establish supply chain for moving larger value businesses across Textile Trade from hereon eg: Foxconn to India
Post energy crises caused by West Asia, Supply Chains will again reroute and tilt in favor of India given the stability and neutrality
F A Z E
Capitalizing on the Global Opportunity
INR 360+ Crs invested from internal accruals since FY20
- INR 25+ Cr invested in Rooftop Solar 3.5 MW (captive), PNG clean energy for processing & Li-ion Electric MHE — ESG focus
- CARE credit rating reaffirmed A(Stable)/A1 (Sept 2025). Factory replacement value >INR 800 Crs — significant entry barrier
- Focus on reducing costs, being innovative and most competitive manufacturer while maintaining budgeted net profit margins
- Strong domestic supplier partnerships with upfront payment terms securing quality and timely supplies from best in business
- Company's current planned capex expected to conclude in FY27. At least 40-50% of CFO available for alternative uses ahead
FA72E
Management Outlook — FY27 & Beyond
Q4FY26: Highest-ever quarterly Revenue (280 Cr) & EBIDTA (37 Cr) • FY26 Revenue +33% YoY despite tariff disruption Apr '25 – Feb '26 and significant uncertainty
Growth Trajectory
High volume growth momentum expected to continue in FY27/FY28 alongside inflation-related pricing growth (akin to FY22/23 cycle). Revenue growth expected higher than past CAGR trajectory. Strong long-term customer relationships and company's resilience/flexibility proved in yet another stress test.
Margin Recovery
EBIDTA margin rebounded to 13.25% in Q4FY26 vs 9.15% in Q3FY26 — driven by operating leverage at higher revenue, unwinding of tariff impacts, better USDINR, and improving trade deal sentiment. Margins should continue improving as revenue scales.
PLI & Capex
PLI application for MMF filed under amended scheme based on capex eligibility over last 4 years. Approval expected Q1/Q2 FY27. Planned annual capex ~INR 75 Crs in FY27 for additional new product capabilities by Q1FY28. Major capex cycle concluding FY27 — freeing 40-50% of CFO for alternative uses.
Tariff Landscape
All US tariffs at 10% post SC judgment. S 301 may settle at max 18% (bilaterally agreed) — already absorbed. Tariffs on China at 20% (10% + 10% Fentanyl). Tariff refunds expected to boost demand in H2 CY27 as retailers pass savings to consumers.
Input Cost Watch for H1FY27: US-Iran war has pushed Cotton, Polyester, chemicals, fuel, packaging, and logistics costs 25-35% higher from pre-war levels, only partially offset by USDINR realization. Company actively requesting reprice/upcharges with customers. Business momentum largely unaffected; customer feedback remains positive.
PAZ E LIMITED
P&L Summary — Quarterly
Consolidated • INR Crs
| Particulars | Q4 FY26 | Q3 FY26 | Q4 FY25 | YTD FY26 | YTD FY25 | FY26 vs FY25 | Q4 vs Q4 |
|---|---|---|---|---|---|---|---|
| Total Income | 280.4 | 229.3 | 218.2 | 932.8 | 701.7 | 33% | 28% |
| EBIDTA | 37.16 | 20.99 | 32.23 | 92.24 | 92.22 | 0.02% | 15% |
| EBIDTA margin % | 13.25% | 9.15% | 14.77% | 9.89% | 13.14% | ||
| Depreciation | 7.96 | 7.90 | 6.86 | 30.7 | 25.0 | ||
| Finance Cost | 6.06 | 4.65 | 4.08 | 19.5 | 14.5 | ||
| PBT | 23.1 | 8.4 | 21.3 | 42.0 | 52.6 | -20% | 9% |
| PAT | 19.6 | 6.4 | 17.4 | 33.6 | 40.7 | -17% | 13% |
| PAT margin % | 7.0% | 2.8% | 8.0% | 3.60% | 5.79% | ||
| Cash Profit | 27.6 | 14.3 | 24.3 | 64.4 | 65.7 | -2% | 14% |
| Cash Profit margin % | 9.8% | 6.2% | 11.1% | 6.90% | 9.36% |
Q4FY26 Revenue & EBIDTA were the highest-ever quarterly figures for the company.
EBIDTA margin rebounded closer to normal expected levels owing to unwinding of tariff impacts (after mid-Feb 2026), USDINR rates, and EU/USA trade deals improving sentiment since Jan 2026.
Revenue YOY growth of 33% was aided by share of CIF compared to last year to the extent of 7-8%.
F A Z E
P&L Summary — Annual
Consolidated • INR Crs
| Particulars | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Total Income | 932.8 | 701.7 | 572.3 | 563.8 | 511.4 | 326.7 | 306.3 |
| Growth % | 32.9% | 22.6% | 11.9% | 10.2% | 56.5% | 6.7% | 13.3% |
| EBIDTA | 92.27 | 92.23 | 94.27 | 99.93 | 86.6 | 47.9 | 37.8 |
| EBIDTA margin % | 9.89% | 13.14% | 16.47% | 17.73% | 16.93% | 14.67% | 12.32% |
| Depreciation | 30.7 | 25.0 | 20.6 | 14.5 | 10.2 | 8.8 | 8.0 |
| Finance Cost | 19.5 | 14.6 | 11.3 | 7.8 | 5.0 | 3.8 | 8.6 |
| PBT | 42.1 | 52.7 | 62.4 | 77.6 | 71.4 | 35.3 | 21.2 |
| PAT | 33.6 | 40.7 | 46.6 | 58.3 | 51.1 | 25.0 | 18.1 |
| PAT margin % | 3.60% | 5.79% | 8.15% | 10.34% | 9.99% | 7.7% | 5.9% |
| Cash Profit | 64.3 | 65.7 | 67.2 | 72.8 | 61.3 | 33.8 | 26.1 |
| Cash Profit margin % | 6.9% | 9.4% | 11.7% | 12.9% | 12.0% | 10.4% | 8.5% |
| EPS (INR) | 13.8 | 16.7 | 19.2 | 24.0 | 21.0 | 10.3 | 7.5 |
| EPS growth % | -17.4% | -12.8% | -20.0% | 14.2% | 104.2% | 38.0% | 20.5% |
| Cash EPS | 26.5 | 27.0 | 27.7 | 29.9 | 25.2 | 13.9 | 10.7 |
| Cash EPS growth % | -2.1% | -2.3% | -7.6% | 18.8% | 81.0% | 29.7% | 28.8% |
The company expects Revenue CAGR to continue ahead. FY27/FY28 will see higher growth from volume + inflation impulse. EBIDTA margins should improve as operating leverage kicks in at higher revenue levels post resolution of West Asia crises (widely expected May/June 2026). FY26 EBIDTA was impacted owing to impact related to Trade tariffs from April 25 to Feb 26).
6-Year CAGR
Revenue 20%
EBIDTA 16%
EPS 11%
Cash EPS 16%
F A Z E L I M I T E N
Balance Sheet Summary – Annual
Consolidated • INR Crs
| Particulars | Mar 31, 2026 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 |
|---|---|---|---|---|---|---|---|
| Networth^ | 452.3 | 420.0 | 380.6 | 334.6 | 278.3 | 226.1 | 201.5 |
| Non-Current liabilities | 47.6 | 9.9 | 8.7 | 6.8 | 5.3 | 1.7 | 2.6 |
| ST Borrowings (Net)* | 175.3 | 160.7 | 74.0 | 44.3 | 77.1 | 48.9 | 37.2 |
| Current liabilities | 107.5 | 69.7 | 39.4 | 33.1 | 38.7 | 28.4 | 16.7 |
| Total Liabilities | 782.7 | 660.3 | 502.6 | 418.8 | 399.3 | 305.1 | 258.0 |
| Net Fixed Assets^ | 366.8 | 299.3 | 240.5 | 208.4 | 157.1 | 132.9 | 125.4 |
| Non-Current Assets | 48.5 | 24.5 | 18.4 | 9.3 | 15.6 | 7.4 | 12.4 |
| Current Assets (Excl Cash)* | 367.4 | 336.5 | 243.7 | 201.1 | 226.7 | 164.8 | 120.2 |
| Total Assets | 782.7 | 660.3 | 502.6 | 418.8 | 399.3 | 305.1 | 258.0 |
| Core Capital Employed#^ | 623.6 | 538.9 | 407.2 | 329.3 | 304.3 | 221.7 | 186.0 |
| *Cash & Cash Eq / Liquid Invst | 30.9 | 19.6 | 82.6 | 116.28 | 80.58 | 42.46 | 16.29 |
^ includes INR 51.63 of Land Revaluation Reserve • # Core capital employed excludes revaluation of INR 51.63 and Current Liabilities • *Excludes Cash and Cash Equivalents and unsecured payables financing included in current liabilities
F A Z E
Key Ratios Summary
Consolidated
| Return Ratios | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| ROE^ | 8% | 11% | 14% | 21% | 23% | 15% | 10% | 13% |
| Core ROCE #^ | 11% | 14% | 20% | 27% | 29% | 19% | 13% | 15% |
| Operating Ratios | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
| Current Ratio | 3.4 | 4.8 | 6.2 | 6.1 | 5.9 | 5.8 | 7.2 | 7.2 |
| Fixed Asset Turnover | 3.0 | 2.8 | 3.1 | 3.7 | 5.1 | 4.2 | 3.8 | 4.1 |
| Total Asset Turnover | 1.3 | 1.2 | 1.3 | 1.6 | 1.5 | 1.3 | 1.3 | 1.4 |
| Inventory days | 78 | 112 | 96 | 61 | 96 | 88 | 88 | 98 |
| Debtor days | 45 | 48 | 49 | 64 | 59 | 78 | 60 | 62 |
| Payable days | 24 | 23 | 15 | 12 | 18 | 17 | 10 | 13 |
| Cash Conversion Cycle | 99 | 137 | 130 | 113 | 137 | 149 | 138 | 147 |
| Solvency Ratios | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
| Outside Liab / Equity | 0.71 | 0.55 | 0.30 | 0.23 | 0.42 | 0.34 | 0.27 | 0.34 |
| Net Debt / Equity | 0.48 | 0.38 | 0.19 | 0.13 | 0.28 | 0.22 | 0.18 | 0.25 |
| Net Debt / EBIDTA | 2.33 | 1.74 | 0.78 | 0.44 | 0.89 | 1.02 | 1.25 | 1.48 |
| Interest Coverage | 3.16 | 4.62 | 6.55 | 10.90 | 15.31 | 10.37 | 3.64 | 3.65 |
^INR 51.63 Crs Land Revaluation Reserve excluded for ROE & Core ROCE. Revenue, EBIDTA and PAT considered. #Average Core Capital Employed for Core ROCE. Interest coverage on gross finance cost.
F A Z E L I M I T E M
Cash Flow Summary
Consolidated • INR Crs
| Particulars | Mar-26 | Mar-25 | Mar-24 | Mar-23 | Mar-22 | Mar-21 | Mar-20 | Cumul. 2020-26 |
|---|---|---|---|---|---|---|---|---|
| PAT + Depn + non-cash adj | 64.3 | 65.7 | 67.2 | 72.8 | 61.3 | 33.8 | 26.1 | 391.2 |
| Working capital changes | 6.9 | -61.3 | -34.5 | 21.6 | -48.0 | -34.0 | 0.8 | -148.4 |
| CF from Operations | 71.2 | 4.4 | 32.7 | 94.4 | 13.3 | -0.1 | 27.0 | 282.0 |
| CF Investing & Fixed assets | -98.3 | -83.8 | -52.7 | -65.9 | -34.4 | -16.3 | -12.4 | -363.7 |
| CF Non-Current Assets | 13.7 | -6.1 | -9.1 | 6.3 | -8.2 | 5.0 | -3.2 | -1.6 |
| CF Borrowings/financing | 14.6 | 86.7 | 29.7 | -32.8 | 28.2 | 11.7 | -9.5 | 128.6 |
| CF Dividend | -1.2 | -1.5 | -2.7 | |||||
| CF change for year | 1.3 | 1.3 | 0.6 | 2.0 | -2.2 | -1.2 | 1.9 | 3.6 |
Capital Allocation — Looking Ahead
INR 363.7 Cr of cumulative CFO invested in capex over 6 years — building INR 1,650+ Cr revenue capacity from INR 306 Cr base.
Major capex cycle expected to conclude in FY27. This would make at least 40-50% of CFO available for alternative uses — debt reduction, working capital optimisation, or shareholder returns.
ESG investments: INR 25+ Cr in Rooftop Solar 3.5 MW, PNG clean energy, Li-ion Electric MHE. Additional ESG capex committed in FY27.
Strong domestic supplier partnerships with upfront payment terms securing quality and timely supplies from best-in-class vendors.
Thank you
Faze Three Group
Awards & Recognition
Winner of D&B "Business Enterprises of Tomorrow 2025" — Best Global Business (Mid-Corporate). CARE Rating reaffirmed A(Stable)/A1 (Sept 2025).
Akram Sati
[email protected] | 022 43514444
Corporate office: 63, C Wing, Mittal Court, Nariman Point, Mumbai 400021
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F A Z E L I M I T E M
Disclaimer
The information contained in this presentation is provided by Faze Three Limited (the "Company"), although care has been taken to ensure that the information in this presentation is accurate, and that the opinions expressed are fair and reasonable, the information is subject to change without notice, its accuracy, fairness or completeness is not guaranteed and has not been independently verified and no express or implied warranty is made thereto. You must make your own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigation as you may consider necessary or appropriate for such purpose. Neither the Company nor any of its directors assume any responsibility or liability for, the accuracy or completeness of, or any errors or omissions in, any information or opinions contained herein. Neither the Company nor any of its directors, officers, employees or affiliates nor any other person accepts any liability (in negligence, or otherwise) whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. The statements contained in this document speak only as at the date as of which they are made, and the Company expressly disclaims any obligation or undertaking to supplement, amend or disseminate any updates or revisions to any statements contained herein to reflect any change in events, conditions or circumstances on which any such statements are based. This document is for informational purposes and does not constitute or form part of a prospectus, a statement in lieu of a prospectus, an offering circular, offering memorandum, an advertisement, and should not be construed as an offer to sell or issue or the solicitation of an offer or an offer document to buy or acquire or sell securities of the Company or any of its subsidiaries or affiliates. No part of this document should be considered as a recommendation that any investor should subscribe to or purchase securities of the Company. This presentation contains statements of future expectations and other forward-looking statements which involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and actual results may differ. You are cautioned not to place undue reliance on these forward looking statements. The Company does not assume any responsibility to amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events, or otherwise.
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