WEAVING NEW DREAMS

From near-stagnation to spirited revival, Mafatlal Industries has rewritten its 120-year-old story through agility and foresight. What changed everything?

- By Ashish Sinha

IT’S NOT often that a 120-year-old company manages to feel as fresh as a startup, yet as grounded as a legacy brand. Mafatlal Industries, once synonymous with classic cotton textiles, is today scripting a narrative of resilience and renewal that blends tradition with transformation.

The company's CEO, M. B. Raghunath, says the metamorphosis didn't happen overnight. “The turning points in Mafatlal Industries’ recent journey can be traced to a few decisive shifts,” he recalls. “The first was our transition to an asset-light business model with a perfect blend of B2C, B2B, and B2G engagement.”

That single strategic pivot set the stage for Mafatlal’s comeback. By shedding the weight of asset-heavy infrastructure, the company found its agility — a quality not often associated with century-old institutions. The focus shifted to what Mafatlal did best: product design, marketing, and institutional fulfilment.

Modern Makeover

The transformation began four years ago. The management’s decision to diversify beyond textiles opened new frontiers in health and hygiene, consumer durables, and digital infrastructure. “We aligned ourselves with evolving consumer needs and India’s broader development priorities,” Raghunath explains.

This wasn’t diversification for the sake of it. It was done with a purpose, a bet on India’s emerging needs rather than fading markets. The result? A remarkable financial turnaround.

Mafatlal closed FY 2024-25 with revenues of Rs 2,845.3 crore, growing a sharp 33 per cent year-on-year, and a profit after tax of Rs 98.1 crore. The key? Delivering large institutional orders, particularly in uniforms and hygiene products, alongside strong traction in consumer durables.

Equally impressive was the company’s foray into digital infrastructure. Mafatlal’s Pieflow Tech Solutions now supports projects for education digitalisation.

Resilience is Key