Fiscal 2024 has proven to be both rewarding and challenging for Himatsingka Seide Limited, as the company faced global macroeconomic headwinds while consolidating its operations. Despite these difficulties, the company demonstrated remarkable resilience, driven by its strong business fundamentals, integrated manufacturing platforms, and commitment to innovation. Executive Vice Chairman and Managing Director, Mr. Shrikant Himatsingka, reflects on the year’s triumphs and challenges, and outlines the company’s strategic roadmap for continued growth and sustainability in the global textile industry.
Reflecting on the fiscal year, Mr. Himatsingka acknowledged the hurdles posed by geopolitical uncertainties and a volatile demand environment. “FY 24 brought its share of challenges,” he remarked. “But we stayed resilient, thanks to our team’s unwavering commitment and strong fundamentals, allowing us to navigate through dynamic market conditions.” Himatsingka remains optimistic as demand normalizes and raw material prices stabilize, providing a favorable backdrop for growth.
The company’s integrated manufacturing capabilities, along with its robust intellectual property portfolio and industry-leading innovation pipeline, continue to form the bedrock of its resilience and competitiveness.
Strengthening Capacity Utilization
Himatsingka operates four cutting-edge, vertically integrated manufacturing plants across two campuses in Karnataka, India. These global-scale facilities are equipped to produce a diverse range of products with industry-leading efficiency and compliance. “Our plants are truly next-generation,” stated Mr. Himatsingka, “designed to harness Industry 4.0 capabilities that combine scale, intelligence, and flexibility—key pillars for the future of manufacturing.”
FY 24 saw an increase in capacity utilization across all plants, especially the new terry towel facility, which continues to grow in efficiency. “We are proud of our strong operational performance, which paves the way for broader product capabilities,” added Mr. Himatsingka.
Expanding Global Reach
Himatsingka’s strength lies in its expansive brand and private label portfolio. With well-established cotton brands like Pimacott®, Gizacott®, HomeGrown Cotton®, and Organicott®, the company continues to lead the traceable cotton space. “Our Track & Trace Technology is unparalleled in the industry and helps secure transparency in global cotton supply chains,” highlighted Mr. Himatsingka.
The company also boasts a robust retail portfolio, including brands such as Himeya, Atmosphere, Liv, Bellora, Tommy Hilfiger, and Highland Park, all of which are positioned for continued market share growth. Himatsingka plans to expand its presence in India, aiming to reach ₹1,000 crores in revenue from the domestic market within the next five years. “Our Indian market strategy is crucial for broadening our revenue base and adding value,” remarked Mr. Himatsingka.
Despite a challenging global landscape, Himatsingka reported improved operating performance in FY 24. Consolidated revenues grew by 4% to ₹2,862.58 crores, and consolidated EBITDA saw a substantial 78.40% increase, reaching ₹617.33 crores. “This growth was driven by a stable demand environment, enhanced capacity utilization, and the easing of supply chain costs,” noted Mr. Himatsingka. The company remains focused on further optimizing operations and reducing debt in FY 25.
Priorities for FY 25 and Beyond
Looking forward, Mr. Himatsingka emphasized the importance of transformation to align with the evolving market landscape. “We must sow the seeds of transformation to recalibrate and reorient our operations for the future,” he asserted. With an eye on maximizing asset and capacity utilization, the company is expanding its geographical presence and adding new clients to de-risk and diversify global revenue streams.
Furthermore, Himatsingka is committed to maintaining high standards of Environmental, Social, and Governance (ESG) responsibility. “ESG will remain central to our operating philosophy as we seek to de-leverage our balance sheet and optimize capital efficiency in FY 25,” said Mr. Himatsingka. By combining best-in-class innovation, flexibility, and global client networks, Himatsingka is poised to continue its leadership in the home textiles sector.
As Himatsingka Seide Limited looks toward FY 25 and beyond, the company’s resilience, innovation, and commitment to excellence will drive its continued success. “We are confident that our scale-oriented platforms, coupled with our industry know-how and client-centric approach, will sustain our growth trajectory and position us to seize larger opportunities,” concluded Mr. Himatsingka. Himatsingka’s future is bright, with a relentless pursuit of perfection guiding its path forward.
Himatsingka is a vertically integrated global textile leader, specializing in the design, development, manufacturing, and distribution of a diverse range of textile products. With four advanced manufacturing facilities, the company boasts some of the largest installed capacities in the world for bedding products, bath products, and cotton yarn.
Backed by a robust portfolio of global brands and strong private label partnerships, Himatsingka’s distribution capabilities are both deep and expansive.
Key Highlights:
- World’s Largest Cotton Spinning Plant under One Roof
Capacity: 211,584 spindles - One of the Largest Integrated Sheeting Plants for Bedding Products
Capacity: 61 MMPA (Million Meters per Annum) - Among the Largest Integrated Terry Towel Plants for Bath Products
Capacity: 25,000 TPA (Tonnes per Annum) - Extensive Portfolio in the Home Textile Space
8 Global Brands - Global Leader in Cotton Track and Trace Solutions
Patented and licensed DNA tagging for cotton traceability - Global Sales and Warehousing Network
Presence in North America, Europe, and India
