Game Changers Texfab operates through six deemed manufacturing units, allowing it to leverage external production capacities while maintaining control over quality. This asset-light approach minimises capital expenditure and provides flexibility and scalability in manufacturing operations.
The company claims to have established strategic partnerships with two international firms to source and supply high-quality technical fabrics. These collaborations enable it to cater to the growing domestic demand for advanced textiles and expand its product portfolio.
According to the company, it leverages technology-enabled solutions, including visual fabric search, size recommendation, and virtual try-on tools. These integrations aim to enhance customer experience by providing realistic previews of fit and appearance.
Game Changers Texfab claims to have onboarded experienced designers with over five years of expertise to create exclusive collections. This initiative supports the company’s efforts to offer diversified and unique designs within the textile segment.
The company claims to have partnered with digital commerce platform IndiaMART to strengthen its online visibility and customer reach. This collaboration helps sustain consistent customer traffic and supports sales growth through an established marketplace.
According to the company, partnerships with boutique designers enable access to innovative, trend-oriented designs. These collaborations allow the company to regularly introduce fresh collections while offering designers broader market exposure.
The company has witnessed a consistent increase in profit after tax (PAT). It increased from Rs 0.53 crore in FY23 to Rs 4.27 crore in FY24 and Rs 12.06 crore in FY25.
The top five customers accounted for Rs 11.59 crore (48.09 percent) of the company’s total sales for the period ended June 30, 2025; Rs 54.45 crore (47.12 percent) in FY25; Rs 62.16 crore (63.53 percent) in FY24; and Rs 36.26 crore (36.08 percent) in FY23. Furthermore, the company does not have any long-term contracts with these customers and operates based on purchase orders. Hence, failure to retain these key customers or a loss of business from them could adversely affect the company’s business and financial standing.
The top five suppliers accounted for Rs 13.05 crore (74.96 percent) of the company’s total purchases for the period ended June 30, 2025; Rs 40.94 crore (42.25 percent) in FY25; Rs 41.28 crore (43.59 percent) in FY24; and Rs 33.51 crore (34.77 percent) in FY23. Any disruption in supplies from one or more of these vendors could hurt the company’s business and finances.
Game Changers Texfab’s business is subject to seasonal fluctuations, particularly in segments such as fashion, apparel, and home textiles. Demand typically rises during festivals, holidays, or specific weather conditions and declines during off-peak periods, impacting production volumes and revenue. If the company is unable to effectively manage inventory and operations during these fluctuations, it could adversely affect the company’s financial performance.
The company reported negative cash flow from operating activities amounting to Rs 2.92 crore for the period ended June 30, 2025, and Rs 1.83 crore in FY23. Additionally, negative cash flow from investing activities amounted to Rs 0.61 crore for the period ended June 30, 2025, Rs 1.57 crore in FY25, Rs 0.66 crore in FY24, and Rs 0.04 crore in FY23. Furthermore, negative cash flow from financing activities stood at Rs 1.70 crore in FY25 and Rs 1.83 crore in FY24. Continued negative cash flows in the future could impact the company’s ability to meet working capital needs, repay loans, and fund future growth, thereby adversely impacting its financial condition and operations.
The company derives a significant portion of its revenue from Haryana. It accounted for Rs 18.34 crore (76.13 percent) of the company’s total revenue for the period ended June 30, 2025; Rs 84.07 crore (72.75 percent) in FY25; Rs 65.22 crore (66.66 percent) in FY24; and Rs 59.52 crore (59.23 percent) in FY23. This strong dependence on a single region makes the company vulnerable to various risks, including economic shifts, rising competition, or demographic changes in Haryana, any of which could materially affect its revenue and overall financial performance.
The company, its promoters, and directors are involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could hurt the company’s business prospects.
Game Changers’ revenue from online sales remains low compared to its offline sales. Online sales contributed Rs 0.27 crore (1.14 percent) of total fabric sales for the period ended June 30, 2025; Rs 0.91 crore (0.80 percent) in FY25; Rs 1.42 crore (1.47 percent) in FY24; and Rs 0.45 crore (0.45 percent) in FY23. The company continues to rely heavily on traditional channels such as direct relationships and local networks for its customer base. In an increasingly digital-driven market, the limited online presence could restrict the company’s reach, reduce engagement with new customers, and adversely impact long-term growth and financial performance.
Game Changers Texfab is exposed to the risk of delays and defaults in customer payments, which can increase working capital requirements and reduce profitability. As of June 30, 2025, the company’s trade receivables stood at Rs 26.15 crore. Any delay or default in payment collection could hurt the company’s cash flow, operational efficiency, and overall financial condition.
Game Changers imports outdoor and PVC fabrics from international suppliers and has exclusive distributorship agreements with two Chinese companies — Haining Hongliang Chemical Fiber Company and Suzhou Pinzheng Textile Garment Company Limited. Since a portion of its expenses is denominated in Chinese Yuan, any depreciation of the Indian Rupee against the Yuan or other foreign currencies could increase operational costs and reduce profitability. Additionally, any restriction or embargo on imports from these countries could adversely impact the company’s sourcing, business operations, and financial condition.
As of June 30, 2025, the company had financial indebtedness of Rs 9.88 crore. Any failure to service or repay these loans can hurt the company’s operations and financial position.