Overview

Detailed Summary

Dollar Industries Limited is an Indian vertically integrated apparel company manufacturing and retailing innerwear, athleisure, thermals and rainwear across multi‑brand portfolios including Dollar Man, Dollar Woman, Dollar Always and Force NXT, operating four manufacturing facilities and a captive spinning, knitting and processing value chain with annual garment capacity near 300 million pieces and ~15% market share.
For Q3 FY26 the company adopted a margin‑first stance: revenue rose modestly by 2.0% to ₹3,884 million while gross margin expanded 91 bps to 36.5%, reflecting disciplined sourcing, product‑mix improvement and cost control; management reaffirmed FY26 revenue guidance of ~11–12% and indicated stabilized EBITDA margins around 11.5–12.0% as growth is sequenced behind profitability.
Premiumisation is a clear growth lever: Force NXT delivered strong momentum (Q3 value growth 26.5%, volume growth 48.1%), supporting ASP uplift and margin expansion; Dollar’s brand overhaul, celebrity ambassadors and JV with G.O.A.T target further premium and D2C traction, positioning the company to capture higher‑margin segments while retaining a broad mass portfolio.
Project Lakshya and digitisation are reshaping go‑to‑market execution: 318 enrolled distributors contributed 32% of 9M FY26 revenue, ARS/DMS and SAP S/4 implementation aim to convert the push model into replenishment‑led demand pull, improve inventory turns and distributor working capital, and provide last‑mile data for targeted assortment and better cash conversion.
Capital and ESG profile is pragmatic: significant backward integration (spindles, yarn, captive elastic), limited near‑term capex, steady dividend policy and captive renewable generation (8 MW solar plus 4.95 MW wind) reduce operating cost volatility and support incremental margin improvement while management focuses on free cash flow and debt reduction.

Sector: Textiles & Apparels
Industry: Garments & Apparels
Market Cap: 1,912 Cr
Volatility: Moderate Risk
P/E Ratio: 15.1
Industry P/E: 28.6
PEG Ratio: 0.5
P/B Ratio: 2.1
52W High: 430.00
52W Low: 220.60

Sales CAGR

1Y: 8.79%
3Y: 7.81%
5Y: 11.71%
10Y: 8.29%

Profit CAGR

1Y: 0.93%
3Y: -14.76%
5Y: 8.73%
10Y: 14.67%

ROE

TTM: 11.80%
3Y: 10.03%
5Y: 13.12%
10Y: 14.33%

ROCE

TTM: 13.75%
3Y: 14.79%
5Y: 18.79%
10Y: 21.52%

Technicals

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Peers

Consumer Discretionary Textiles Textiles & Apparels Garments & Apparels

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
KKCL		477.00	2,936 Cr	21.07	3.20	0.42	15.19	19.37	9.53
CANTABIL		228.40	2,027 Cr	21.47	4.95	0.41	19.13	15.07	8.30
SPAL		778.15	1,959 Cr	17.41	2.18	0.00	12.32	14.42	7.43
DOLLAR		278.10	1,912 Cr	15.15	2.13	0.89	11.80	13.75	6.84
SBC		30.52	1,588 Cr	48.44	22.51	0.00	31.90	11.27	8.75
RUPA		135.85	1,247 Cr	20.65	1.23	1.91	7.34	9.63	4.43
MONTECARLO		534.00	1,124 Cr	11.45	1.35	3.69	10.36	10.43	4.95
Median: 7 Co.	—	278.10	1,912 Cr	20.65	2.18	0.42	12.32	13.75	7.43

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	413	332	500	334	447	381	549	399	472	388
Expenses	371	299	443	298	398	339	493	356	412	350
Operating Profit	42	33	57	36	49	42	57	43	60	39
OPM %	10.12	9.84	11.43	10.67	10.95	10.93	10.29	10.75	12.78	10.00
Other Income	-0.16	1.10	2.03	1.05	1.41	2.28	2.12	1.41	1.95	1.71
Interest	3.89	4.87	6.26	6.72	7.14	7.35	6.94	6.46	6.10	6.10
Depreciation	4.27	6.17	6.65	8.42	9.00	9.45	11	9.47	9.88	9.48
Profit Before Tax	33	23	46	22	34	27	41	28	46	25
Tax %	25.58	21.69	27.40	25.60	22.78	26.35	27.21	23.17	24.89	29.77
Net Profit	25	18	34	16	26	20	30	22	35	18
EPS in Rs	4.38	3.12	5.83	2.70	4.67	3.52	5.16	3.76	6.20	3.24

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	926	1,029	967	1,037	1,343	1,394	1,572	1,710	1,776
Expenses	802	893	863	899	1,123	1,296	1,414	1,528	1,586
Operating Profit	124	136	105	138	220	98	159	183	190
OPM %	13.38	13.19	10.81	13.32	16.37	7.05	10.09	10.68	10.70
Other Income	1.62	0.58	2.60	1.52	4.67	-0.76	2.85	6.87	7.22
Interest	18	16	15	8.79	9.62	14	18	28	28
Depreciation	12	11	14	15	17	18	21	38	39
Profit Before Tax	95	109	78	115	198	66	122	124	131
Tax %	33.32	32.71	26.18	26.03	25.81	20.08	24.94	25.53	24.99
Net Profit	64	74	57	85	147	52	91	92	98
EPS in Rs	—	—	10.12	15.04	25.93	9.26	15.89	16.05	18.36
Dividend Payout %	13.88	13.10	16.82	15.96	11.57	32.40	18.87	18.69	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	11	11	11	11	11	11	11	11
Reserves	341	404	449	525	660	696	770	845
Borrowings	170	211	208	124	206	175	321	344
Other Liabilities	151	181	151	176	234	191	244	276
Total Liabilities	673	808	820	837	1,111	1,073	1,347	1,476
Fixed Assets	68	70	74	85	91	97	230	274
CWIP	2.13	2.03	14	15	52	88	17	0.63
Investments	3.37	5.84	6.50	4.56	5.40	1.70	0.10	1.64
Other Assets	599	730	725	733	963	887	1,099	1,200
Total Assets	673	808	820	837	1,111	1,073	1,347	1,476

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-31	0.84	53	132	0.34	136	-26	74
Cash from Investing Activity	-11	-16	-25	-22	-62	-58	-80	-54
Cash from Financing Activity	51	16	-43	-109	55	-79	108	-22
Net Cash Flow	9.35	1.38	-15	1.08	-6.76	-0.03	1.95	-1.79

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	73.09%	73.09%	73.09%	72.21%	72.21%	72.21%	72.21%	72.21%	72.21%	72.21%	72.21%	72.48%
FIIs	0.49%	0.33%	0.48%	2.08%	2.01%	1.98%	2.01%	1.86%	1.83%	4.29%	4.36%	4.98%
DIIs	0.50%	0.57%	0.58%	0.55%	0.78%	0.71%	0.95%	1.55%	1.48%	0.99%	1.21%	0.97%
Public	25.92%	26.01%	25.84%	25.16%	24.99%	25.11%	24.84%	24.38%	24.48%	22.51%	22.22%	21.58%
Total Shareholders	27,288	25,853	25,356	23,227	26,278	27,255	28,082	28,207	28,173	26,434	26,342	26,095

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Available on Pro Plan