Varvee Global Limited (formerly Aarvee Denims and Exports Limited) has released the transcript of its Analyst/Investor Meet held on December 18, 2025. The company, under new management since July 2025, is strategically pivoting from denim manufacturing to the non-denim segment. Chairman and Managing Director, Mr. Jaimin Kailash Gupta, highlighted that the acquisition of Aarvee Denims in September 2024 was a strategic move. While the denim capacity was 35 million meters, the non-denim segment, which includes shorts, cotton pants, and formal trousers, offers greater expansion potential. The transition requires minimal capex, primarily machinery adjustments, leveraging the existing composite production process. The company is focusing on job work initially to ramp up capacity utilization. For Q2 2025, Varvee Global reported ₹28 crore in revenue with a remarkable 50% EBITDA margin, attributed to the job work model where raw material costs are borne by the customer. This strong EBITDA-to-PAT conversion is further bolstered by the company being debt-free, minimal depreciation costs, and no immediate tax impact due to carry-forward losses. The strategic reset involves several key moves: eliminating bank liabilities, shifting product focus to non-denim, implementing ERP integration for real-time production data, and improving purchasing terms. The conversion to non-denim is estimated to require approximately ₹10 crore in capex, which will be funded by selling underutilized machinery. Looking ahead, Varvee Global aims to make the factory 100% operational in non-denim production within the next 2-3 quarters, targeting a turnover of ₹200 crore through job work. The company envisions evolving into an enterprise with multiple verticals beyond textiles, such as infrastructure or renewable energy, over the next five years, funded by internal accruals generated from the textile business. The customer base is diversified with around 25-30 customers, and no single customer contributes more than 15% of sales. For revenues up to ₹100 crore, working capital requirements are estimated at ₹15-20 crore, with potential banking facilities for higher turnovers. The management team, led by Mr. Gupta, includes experienced professionals overseeing production, finance, and operations.