Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>In this insight, we focus on the textile industry dynamics in India, Bangladesh, and Vietnam, particularly focusing on the "Bangladesh Plus One" sourcing strategy.</li>
<li>Textile stocks have surged significantly, with an average increase of 13% in one month and 50% year-to-date, driven by investment narratives.</li>
<li>Despite optimism in India, Bangladesh and Vietnam maintain competitive advantages, particularly in labor costs and export-oriented policies, affecting India's market share.</li>
</ul>


In this insight, we focus on the textile industry dynamics in India, Bangladesh, and Vietnam, particularly focusing on the "Bangladesh Plus One" sourcing strategy.
Textile stocks have surged significantly, with an average increase of 13% in one month and 50% year-to-date, driven by investment narratives.
Despite optimism in India, Bangladesh and Vietnam maintain competitive advantages, particularly in labor costs and export-oriented policies, affecting India's market share.


India Textiles | Bangladesh Plus One Déjà Vu

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/raymond-lifestyle-limited" target="_blank" data-smartkarma-citation="entities:43905:1" rel="noopener">Raymond Lifestyle (RAYMONDL IN)</a> recently demerged from Raymond Limited.  Since Raymond Limited was part of various indexes, Raymond Lifestyle was not. Index Fund selling led to a correction.</li>
<li>The correction made Raymond Lifestyle a special situation value bet.</li>
<li>The cherry on the cake is strong management guidance and a foray into the untapped non branded and unorganized apparel segment</li>
</ul>



Raymond Lifestyle (RAYMONDL IN) recently demerged from Raymond Limited.  Since Raymond Limited was part of various indexes, Raymond Lifestyle was not. Index Fund selling led to a correction.
The correction made Raymond Lifestyle a special situation value bet.
The cherry on the cake is strong management guidance and a foray into the untapped non branded and unorganized apparel segment


Raymond Lifestyle: A Value Play in Ethnic Wear with Special Situation Potential

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Thematic (Sector/Industry)

<ul>
<li>The Indian textile industry is poised for robust growth due to  confluence of factors, including the "China+1" strategy, instability in competing markets like Bangladesh and Vietnam, and supportive government initiatives.</li>
<li>This has led to India gaining market share in key export destinations, particularly in apparel exports to the US and the UK.</li>
<li>Furthermore, Indian textile companies anticipate improved demand and margins, driven by factors like the end of the global inventory destocking cycle and the stabilization of cotton and yarn prices.</li>
</ul>


The Indian textile industry is poised for robust growth due to  confluence of factors, including the "China+1" strategy, instability in competing markets like Bangladesh and Vietnam, and supportive government initiatives.
This has led to India gaining market share in key export destinations, particularly in apparel exports to the US and the UK.
Furthermore, Indian textile companies anticipate improved demand and margins, driven by factors like the end of the global inventory destocking cycle and the stabilization of cotton and yarn prices.


Indian Textile Sector: Is It the End of Global Inventory Destocking?

<ul>
<li>Tiruppur’s knitwear exports rebounded with 13% growth in FY25 (April-August), signaling recovery after an 11% decline in FY24.</li>
<li>Factories started operating at 95% capacity utilization vs 60-70% earlier.</li>
<li>Bangladesh crisis and upcoming UK FTA giving huge business to indian textile exporter.   </li>
</ul>


Tiruppur’s knitwear exports rebounded with 13% growth in FY25 (April-August), signaling recovery after an 11% decline in FY24.
Factories started operating at 95% capacity utilization vs 60-70% earlier.
Bangladesh crisis and upcoming UK FTA giving huge business to indian textile exporter.   


The Resurgence of Indian Textile Exports: Tiruppur Leads the Way

<ul>
<li>Bangladesh, India's <strong>2nd largest trading partner</strong> in Asia is under a political crisis leading to instability and uncertainty. </li>
<li>Companies impacted by Bangladesh Crisis in India across sectors and across market caps listed below. </li>
<li>There might be short-term impact, but in long run, there would not be much impact as overall exposure is not that much.</li>
</ul>


Bangladesh, India's 2nd largest trading partner in Asia is under a political crisis leading to instability and uncertainty. 
Companies impacted by Bangladesh Crisis in India across sectors and across market caps listed below. 
There might be short-term impact, but in long run, there would not be much impact as overall exposure is not that much.


Bangladesh Chaos: Impact on Indian Companies

India

Gokaldas Exports Limited designs, manufactures, and sells a range of garments for men, women, and children.  The Company caters to the needs of several international fashion brands and retailers.

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Gokaldas Exports (GEXP IN)

India Textiles | Bangladesh Plus One Déjà Vu

Textile industry dynamics in India, Bangladesh, and Vietnam show Bangladesh and Vietnam's competitive advantages impacting India's market share.

Pranav Bhavsar

Raymond Lifestyle: A Value Play in Ethnic Wear with Special Situation Potential

Raymond Lifestyle demerged from Raymond Limited, correction due to Index Fund selling created special value bet with strong management guidance...

Nimish Maheshwari

Indian Textile Sector: Is It the End of Global Inventory Destocking?

Indian textile industry set for strong growth with China+1 strategy, instability in competing markets, and government support leading to market...

Sudarshan Bhandari

The Resurgence of Indian Textile Exports: Tiruppur Leads the Way

Tiruppur's knitwear exports bounce back with 13% growth in FY25, driven by increased capacity utilization and opportunities from Bangladesh crisis...

Nimish Maheshwari

Bangladesh Chaos: Impact on Indian Companies

Political crisis in Bangladesh is causing instability, impacting India's 2nd largest trading partner in Asia. Companies may see short-term...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India Textiles | Bangladesh Plus One Déjà Vu

​Textile industry dynamics in India, Bangladesh, and Vietnam show Bangladesh and Vietnam's competitive advantages impacting India's market share.

Pranav Bhavsar

Raymond Lifestyle: A Value Play in Ethnic Wear with Special Situation Potential

​Raymond Lifestyle demerged from Raymond Limited, correction due to Index Fund selling created special value bet with strong management guidance...

Nimish Maheshwari

Indian Textile Sector: Is It the End of Global Inventory Destocking?

​Indian textile industry set for strong growth with China+1 strategy, instability in competing markets, and government support leading to market...

Sudarshan Bhandari

The Resurgence of Indian Textile Exports: Tiruppur Leads the Way

​Tiruppur's knitwear exports bounce back with 13% growth in FY25, driven by increased capacity utilization and opportunities from Bangladesh crisis...

Nimish Maheshwari

Bangladesh Chaos: Impact on Indian Companies

​Political crisis in Bangladesh is causing instability, impacting India's 2nd largest trading partner in Asia. Companies may see short-term...

Sudarshan Bhandari

Textile industry dynamics in India, Bangladesh, and Vietnam show Bangladesh and Vietnam's competitive advantages impacting India's market share.

Raymond Lifestyle demerged from Raymond Limited, correction due to Index Fund selling created special value bet with strong management guidance...

Indian textile industry set for strong growth with China+1 strategy, instability in competing markets, and government support leading to market...

Tiruppur's knitwear exports bounce back with 13% growth in FY25, driven by increased capacity utilization and opportunities from Bangladesh crisis...

Political crisis in Bangladesh is causing instability, impacting India's 2nd largest trading partner in Asia. Companies may see short-term...