Sangam’s recent results were misleading

Textiles is a commodity business, but not entirely for all manufacturers in the supply chain. Look at Sangam India. Sangam makes dyed polyester viscose yarn (PVY), which is sold to textile manufacturers like Reliance, Grasim, Siyaram, etc. It also uses the yarn to make fabrics, but right now 70% of its revenues come from selling PVY. Sangam exports...