Sumeet Industries acquires polyester chips plant from Nakoda Ltd

Following a period of intensive debt restructuring, Sumeet Industries (SIL) was recently declared the successful bidder for the Phase-3 polyester chips manufacturing plant from Nakoda Ltd through a Rs 23.47 crore slump sale under the Corporate Insolvency Resolution Process. Finalized in March 2026, this acquisition integrates a 400-ton-per-day production facility into Sumeet’s Surat-based ecosystem, effectively increasing its annual polyester chip capacity by 146,000 tons.

The timing of this expansion aligns with a broader resurgence in the Indian man-made fiber sector, where polyester filament yarn demand is projected to reach $3.06 billion by 2030. Management has indicated this backward integration is essential for stabilizing raw material costs for its downstream Partially Oriented Yarn (POY) and Fully Drawn Yarn (FDY) lines. Despite a 90.7 per cent Y-o-Y decline in net profit for Q3 FY26 - attributed to limited working capital and volatile input costs - the company maintains a high operational utilization rate of over 95 per cent.

To capitalize on its increased scale, Sumeet is implementing a 14-megawatt captive solar project to reduce energy overheads by 25 per cent. Industry analysts suggest, by securing upstream chip production, the company is better positioned to navigate the fragmented apparel market, which remains pressured by global sourcing realignments. The transition is supported by a proposed Rs 200 crore rights issue intended to fortify the balance sheet and fund additional machinery upgrades.

Sumeet Industries is a Surat-based integrated manufacturer specializing in PET chips and polyester yarns including POY and FDY. Serving domestic and export apparel markets, the company is currently expanding its value-added product portfolio. Under the Eagle Group’s leadership post-2024 restructuring, it focuses on sustainable manufacturing and aggressive debt resolution.