Fashion
Ashwin Chandran takes charge as new CITI chairman
Ashwin Chandran has taken over as the new chairman of the Confederation of Indian Textile Industry (CITI) starting September 18, 2025. Chandran takes over the chairmanship from Rakesh Mehra whose term ended on September 18 following the conclusion of CITI’s 67th AGM which was held during the day.
Dinesh Nolkha would become the new deputy chairman of CITI and Shreyaskar Chaudhary will take over as the new vice chairman of CITI.
A distinguished textile industry leader, Chandran is chairman & managing director of Precot Limited, one of the leading cotton mills in India which operates units in Tamil Nadu, Kerala, Andhra Pradesh and Karnataka. A former chairman of the Southern India Mills Association (SIMA), he is also a member of the Cotton Textiles Export Promotion Council (TEXPROCIL). Chandran holds a BSc (Hons) degree in Textile Technology of UMIST, UK, and, also, a Post Graduate degree in Management from the University of Illinois, US.
An eminent presence in the textile sector, Nolkha is chairman & managing director of the Bhilwara-based Nitin Spinners Ltd, one of the leading manufacturers of cotton yarn, blended yarn, knitted fabrics and finished woven fabrics. Nolkha is a former president of the Mewar Chamber of Commerce and Industry and has also been chairman of the Northern India Textile Research Association (NITRA). Nolkha is a Fellow Member of the Institute of Chartered Accountants of India and The Institute of Cost & Management Accountants of India.
A noted personality in the sphere of sustainability, Chaudhary is managing director of the Madhya Pradesh-based Pratibha Syntex Limited which is committed to transforming the textile industry through innovation, ethical practices, and a strong focus on environmental stewardship. Pratibha Syntex is India’s first Apparel Manufacturing Fair Trade Certified factory. The company is also India’s first ZDHC Certified Apparel Manufacturer. Chaudhary has a background in Textile Technology from UMIST, UK.
Underlining the priorities of his CITI Chairmanship, Ashwin Chandran said there was an immediate priority and a longer-term one.
The new CITI chairman said the pressing priority was to work closely with all stakeholders, including the government, to address the grave challenge which has been posed to the Indian textile and apparel sector through the United States (the single-largest market for India’s textile and apparel exports) imposing a 50 per cent tariff on Indian products with effect from August 27, 2025.
The longer-term focus would be on futureproofing India’s textile and apparel sector – the bulk of which is made up of MSMEs – to improve the global competitiveness of local textile and apparel companies. Greater emphasis would be laid on innovation, sustainability, capacity building (including through skill development), and knowledge sharing so that Indian textile and apparel enterprises can grow the size of their businesses both within India and overseas, and get to a position where they can derive the fullest benefits from the free trade agreements (FTAs) already signed by India and those on the anvil.
“CITI remains fully committed to be an important contributor to the Viksit Bharat mission,” Chandran said in a release.
India aims to create a $250 billion domestic textile industry by 2030. The country is also aspiring to more than double textile and apparel exports to $100 billion by 2030.
Ashwin Chandran, CMD of Precot Ltd, has taken over as chairman of CITI from Rakesh Mehra at its 67th AGM.
Dinesh Nolkha (Nitin Spinners) becomes deputy chairman and Shreyaskar Chaudhary (Pratibha Syntex) vice chairman.
Chandran’s priorities include tackling the US 50 per cent tariff on Indian textiles and driving long-term competitiveness through innovation and sustainability.
Fibre2Fashion News Desk (HU)
The increase was driven primarily by higher reinvested earnings and intra-company loans, indicating continued engagement by existing investors with Bangladesh.
Reinvested earnings rose by 318.25 per cent, from $103.79 million in 2024 to $434.10 million in 2025, while intra-company loans increased by 25.68 per cent, from $621.96 million to $781.68 million.
Bangladesh’s net FDI inflows increased by 39.36 per cent last year to $1,770.42 million compared with $1,270.39 million in 2024, the Bangladesh Bank said.
The increase was driven primarily by higher reinvested earnings and intra-company loans.
Reinvested earnings rose by 318.25 per cent, from $103.79 million in 2024 to $434.10 million in 2025, while intra-company loans rose by 25.68 per cent.
Equity capital remained broadly stable, rising by 1.84 per cent, from $544.64 million to $554.64 million in 2025, a release from Bangladesh Investment Development Authority said.
Greenfield project announcements declined by 16 per cent in 2025.
Fibre2Fashion News Desk (DS)
The company’s adjusted EBITDA, excluding Employee Stock Option Plan (ESOP) expenses, rose around 14 per cent YoY to ₹468 crore, while EBITDA margin improved by 20 basis points to around 9.3 per cent. Excluding the reciprocal tariff impact of around ₹36 crore and incremental losses of around ₹13 crore in Bihar and Guatemala, adjusted EBITDA margin stood at around 10.3 per cent.
Pallab Banerjee, managing director, Pearl Global Industries, said: “FY26 marked the company’s second consecutive year of double-digit growth and improved profitability. This performance further solidifies the position of Pearl Global’s diversified operating model and disciplined execution across geographies.”
Pearl Global Industries has reported its highest-ever FY26 revenue of ₹5,025 crore (~$523.93 million), up 11.5 per cent YoY, driven by volume growth and value-added products.
PAT rose 17 per cent to ₹270 crore (~$28.15 million), while Q4 revenue hit ₹1,314 crore (~$137 million).
The company shipped 78.1 million pieces.
Its net worth stands at ₹1,438 crore (~$149.93 million).
He said that geopolitical shifts and Gulf conflicts could lead to energy cost escalation, affecting raw material and logistics costs. However, the company remains prepared to manage these headwinds, supported by its diversified manufacturing base, strong order book, and broad market presence.
The profit after tax (PAT) increased 17 per cent YoY to ₹270 crore (~$28.15 million), the company said in a press release.
On a standalone basis, FY26 revenue stood at ₹1,081 crore, while adjusted EBITDA was ₹67 crore, with EBITDA margin improving by 60 basis points to 6.2 per cent, mainly due to cost restructuring. Standalone PAT rose to ₹69 crore from ₹55 crore in the previous year.
The company’s net worth stood at ₹1,438 crore (~$149.93 million) as of March 31, 2026, compared with ₹1,146 crore a year earlier.
“In FY26, Group delivered another year of resilient performance against a complex geopolitical backdrop. Group achieved, among others, two major milestones this year: revenue crossed INR 5,000 crore mark and installed capacity surpassed 100 million pieces per annum,” said Pulkit Seth, vice-chairman and non-executive director, PGIL.
Seth added that the global apparel industry faced tariff-related disruptions during FY26, with the company’s India operations impacted by tariffs and penal duties imposed by the US. However, he added that Pearl Global leveraged its diversified, multi-country manufacturing presence to mitigate these challenges and deliver double-digit growth.
For the fourth quarter (Q4) of FY26, PGIL posted its highest-ever quarterly revenue of ₹1,314 crore (~$137 million), up 6.9 per cent YoY. Adjusted EBITDA rose 13.7 per cent to ₹135 crore, with margin at 10.3 per cent, the highest EBITDA margin recorded by the company in any quarter. PAT for the quarter stood at ₹81 crore, up 24.6 per cent YoY, PGIL said in a press release.
Standalone revenue during the quarter stood at ₹304 crore, adjusted EBITDA at ₹24 crore, and PAT at ₹14 crore.
PGIL shipped its highest-ever volumes in Q4 FY26 and FY26, at 22 million pieces and 78.1 million pieces respectively. Its annual installed capacity crossed 100 million pieces, reaching around 101 million pieces.
The ongoing capex in Bangladesh is expected to be completed by the first half of FY27 and will add around 6-7 million pieces of capacity during the year.
Fibre2Fashion News Desk (SG)
PTA prices recorded notable declines across key Asian benchmarks, tracking crude oil weakness rooted in evolving geopolitical signals. The correction was broad-based, spanning China, Southeast Asia, and South Korea, while India**;s CIF price held steady reflecting the lag in import contract structures and limited spot availability in the domestic market on the day.
The *** per cent Polyester Yarn market witnessed a slightly negative trend during the assessed period, with mild price corrections observed across both yarn grades in the Asia Free on Board (FOB) China market. Prices for **s (*** per cent polyester yarn) declined from around $*.***/kg to nearly $*.***/kg, registering a decrease of approximately *.** per cent.
Bangladesh net FDI inflows up 39.36% in 2025
US weighs drone threat from Cuba: report
India’s Pearl Global’s FY26 revenue crosses $521 mn milestone
-
Entertainment5 days agoConan O’Brien hat tricks as Oscar host
-
Tech1 week agoCould Contact-Tracing Apps Help With the Hantavirus? Not Really
-
Tech1 week agoI Tried the Best Captioning Smart Glasses, and Only One Leads the Pack
-
Fashion5 days agoItaly’s Zegna Group’s Q1 growth boosted by strong organic performance
-
Sports1 week agoBobby Cox, legendary Atlanta Braves manager who led 1995 World Series champions, dead at 84
-
Entertainment1 week agoMartin Short: Facing tragedy with joy
-
Entertainment1 week agoTom Brady gets back at Kevin Hart during Netflix roast
-
Entertainment1 week agoMartha Stewart: How to make an omelet