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Stock Analysis

Description

Indo Count Industries Limited is a global leader in the home textiles and bedding industry, specializing in the manufacturing and export of bed sheets, bed linen, and quilts. It is recognized as the largest global bed linen player.

Key Growth Triggers

Progress on the US manufacturing facility in North Carolina.
Securing the Tommy Hilfiger license for utility bedding, expanding its licensed portfolio.
Reaffirmation of the 'Indo Count 2.0' strategy aiming to achieve 2x revenue by 2028.
Positive traction from the Wamsutta brand relaunch in the US via D2C channels.
Continued growth in the Utility Bedding segment.

Order Book

Currently no data available for Order Book.

Key Red Flags

Recent financial results (Q1 & Q2 FY26) show a substantial year-on-year decline of approximately 51% in consolidated Profit After Tax.
Near-term headwinds persist due to US tariffs and incubation costs, impacting margins and volumes.

Key Dates To Watch

Board meeting scheduled for November 11, 2025, to approve Q2 & H1 FY26 results.
Trading window closure from October 1, 2025, for Q3 FY26 results and reopening 48 hours after board meeting confirmation.

Corporate Announcements

14th Apr 26

Impact Rating: 2

Indo Count Industries Limited has formally submitted a certificate confirming compliance with SEBI regulations regarding the dematerialisation of securities for the quarter ended March 31, 2026.

7th Apr 26

Impact Rating: 4

Indo Count Industries Limited will host a meeting with institutional investors and analysts on April 10, 2026, in Thane, Maharashtra, focusing solely on public information.

31st Mar 26

Impact Rating: 7

Indo Count Industries Limited is closing its trading window for designated persons and relatives from April 1, 2026. The closure will last until 48 hours after the Board Meeting to approve Q4 FY26 audited financial results.

18th Mar 26

Impact Rating: 8

Indo Count Industries Ltd announced the conclusion of a GST inspection on March 17, 2026. The company has rectified IGST discrepancies for the period from April 1, 2020, and will pay ₹12.81 crore as compensatory interest.

12th Mar 26

Impact Rating: 4

Indo Count Industries has informed exchanges on March 12th, 2026, that its Institutional Investors/Analyst Meetings planned for March 11th, 2026, have been cancelled due to 'some exigencies.'

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	K P R Mill Ltd	837.40	34.20	28645.18	0.60	218.03	6.36	1632.03	10.27	19.84	6696.50	18.81	837.53	218.03	5.35	13.49	0.06
2.	Trident	25.53	29.30	13004.86	1.96	90.93	9.30	1787.17	4.33	9.48	7025.49	13.73	443.85	90.93	2.82	5.01	0.35
3.	Vardhman Textile	417.50	14.34	12075.65	1.20	187.76	-4.99	2480.10	-0.89	10.83	9839.63	12.80	842.12	187.03	1.19	6.99	0.15
4.	Welspun Living	121.22	32.85	11602.85	1.40	14.86	-93.54	2440.91	-15.04	14.41	9836.99	9.91	353.18	12.98	2.41	6.51	0.56
5.	Alok Industries	15.55	–	7720.95	0.00	-217.63	20.32	858.24	-0.65	-4.76	3684.78	0.03	-750.79	-217.53	–	-12.86	–
6.	Garware Tech.	629.90	30.71	6262.12	1.27	31.94	-51.50	347.90	-17.28	24.68	1498.40	18.65	203.91	31.99	4.82	13.13	0.10
7.	Raymond Lifestyl	945.30	72.76	5766.12	0.00	75.19	-13.60	1832.40	7.27	2.87	6511.19	7.62	79.25	78.61	0.60	0.48	0.26
8.	Indo Count Inds.	254.90	32.02	5048.41	0.78	42.27	-49.10	827.96	-16.45	13.74	3435.52	9.97	157.66	42.27	2.23	6.62	0.38
–	Median: 104 Co.	129.96	20.06	403.65	0.0	5.45	13.29	129.71	2.61	8.61	454.23	8.34	15.66	5.36	1.57	3.1	0.47

Quarterly Results

Standalone figures in ₹ crores

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	790	531	687	676	960	696	1,001	906	991	1,009	865	733	828
Expenses	688	492	557	561	811	598	840	767	841	887	813	645	747
Operating Profit	102	39	130	115	149	97	162	139	150	122	52	88	81
Other Income	6	5	4	6	25	14	1	11	11	19	9	11	22
Profit before tax	76	13	106	91	139	77	124	109	112	90	12	54	57
Tax %	22%	29%	30%	26%	25%	26%	26%	28%	26%	26%	31%	26%	26%
Net Profit	59	9	74	67	104	56	92	79	83	67	8	40	42
EPS in Rs	2.98	0.47	3.73	3.39	5.27	2.85	4.66	3.99	4.19	3.38	0.41	2.03	2.13

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,410	1,616	2,001	1,990	1,709	1,813	1,965	2,515	2,806	2,784	3,332	3,772	3,436
Expenses	1,258	1,379	1,605	1,665	1,543	1,662	1,787	2,131	2,404	2,373	2,807	3,307	3,093
Operating Profit	152	237	396	325	167	151	178	384	402	411	526	465	343
Other Income	28	39	47	94	99	10	-44	36	136	33	44	48	61
Interest	49	63	52	39	33	34	37	27	42	58	66	107	102
Depreciation	19	15	29	31	30	33	41	40	40	63	72	83	89
Profit before tax	112	198	363	348	202	95	56	353	456	323	431	323	213
Net Profit	105	139	238	228	131	59	74	260	339	238	320	237	158
EPS in Rs	5.92	7.04	12.04	11.55	6.64	3.00	3.74	13.18	17.16	12.03	16.17	11.98	7.95
Dividend Payout %	0%	0%	3%	7%	12%	20%	16%	11%	12%	17%	14%	17%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	35	39	39	39	39	39	39	39	39	40	40	40	40
Reserves	234	361	574	787	899	921	933	1,235	1,537	1,725	2,008	2,197	2,223
Borrowings	407	333	340	267	371	309	348	546	1,214	853	936	1,062	868
Other Liabilities	264	420	329	346	335	283	338	426	300	365	510	398	512
Total Liabilities	941	1,153	1,283	1,440	1,644	1,552	1,659	2,247	3,090	2,983	3,493	3,696	3,643
Fixed Assets	318	360	455	499	511	544	547	535	627	1,069	1,309	1,334	1,336
Gross Block	577.89	643.92	764.29	830.46	868.48	929.67	972.90	977.73	1,108.82	1,596.46	1,898.20	1,993.73	–
Accumulated Depreciation	260.34	283.61	308.92	331.28	357.07	385.55	426.09	442.24	482.17	527.07	589.31	660.11	–
CWIP	0	14	11	12	24	16	6	8	23	174	35	47	33
Investments	19	19	19	20	20	71	25	192	12	154	143	186	207
Other Assets	604	760	798	909	1,090	920	1,081	1,512	2,428	1,585	2,007	2,129	2,068
Total Assets	941	1,153	1,283	1,440	1,644	1,552	1,659	2,247	3,090	2,983	3,493	3,696	3,643

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	45	242	175	182	9	227	101	23	-5	631	143	270
Cash from Investing Activity	5	-102	-111	-72	-51	-106	16	-196	-257	-452	-89	-207
Cash from Financing Activity	-46	-135	-64	-118	46	-115	-9	158	581	-460	-38	-64
Net Cash Flow	4	4	-0	-8	4	7	108	-15	319	-281	15	-0

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	43	47	60	67	69	55	48	76	61	63	61	76
Inventory Days	106	103	100	124	201	175	169	191	238	221	266	182
Days Payable	80	95	63	64	70	47	39	65	40	58	76	33
Cash Conversion Cycle	68	55	97	127	201	183	177	203	258	226	252	225
Working Capital Days	2	21	44	77	115	96	69	89	43	65	79	65
ROCE %	26%	41%	49%	38%	20%	10%	15%	24%	22%	14%	18%	14%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	58.74%	58.74%	58.74%	58.74%	58.74%	58.74%	58.74%	58.74%	58.74%	58.74%	58.74%	58.74%
FIIs	9.30%	9.28%	9.14%	10.24%	10.66%	10.74%	10.69%	10.69%	10.35%	10.12%	9.89%	9.98%
DIIs	0.02%	0.04%	0.02%	0.12%	0.79%	1.06%	2.16%	3.67%	4.57%	4.96%	5.15%	5.31%
Public	31.94%	31.93%	32.10%	30.88%	29.80%	29.45%	28.40%	26.89%	26.34%	26.18%	26.22%	25.95%