Overview

Detailed Summary

Indo Count Industries Limited is a vertically integrated global home textile manufacturer focused on top-of-bed products, operating manufacturing in India and the U.S., owning and licensing multiple consumer brands, and selling into 50+ countries; the company makes bed linen, pillows, quilts and related home textile products under both B2B and B2C channels.
Q3 FY'26 performance showed resilience: total income of INR1,074 crore, EBITDA INR102 crore (adjusted INR112 crore) and PAT INR24 crore, with volumes steady at 24.8 million meters despite full-quarter 50% U.S. tariff headwinds; management reports net debt reduced by INR215 crore versus March 2025, supporting financial stability.
Indo Count is aggressively scaling new U.S. onshore manufacturing and branded businesses: the third U.S. pillow facility is operational, total U.S. pillow capacity is 31 million units, new business delivered a near USD100 million annualized run-rate and contributed 20% of Q3 revenues, underpinning management’s USD175 million new-business contribution thesis.
Trade policy developments are strategically significant: India–EU FTA duty-free access for textiles and a U.S. trade deal materially improve competitive positioning and reduce tariff uncertainty, enabling Indo Count to pursue accelerated geographic diversification into Europe and other FTAs while expecting improved customer confidence and margin normalization from FY'27 onward.
ESG and operational improvements are tangible: S&P Global ESG score rose sharply to 78 from 45 over two years, placing Indo Count in the top three percentile globally among textile peers, while ongoing capex includes ZLD initiatives and targeted maintenance capex with FY'27 capex guidance around INR125–150 crore for the company.

Sector: Textiles & Apparels
Industry: Other Textile Products
Market Cap: 4,656 Cr
Volatility: High Risk
P/E Ratio: 41.4
Industry P/E: 25.2
PEG Ratio: 0.8
P/B Ratio: 2.0
52W High: 350.70
52W Low: 210.70

Sales CAGR

1Y: 16.71%
3Y: 10.36%
5Y: 13.93%
10Y: 7.30%

Profit CAGR

1Y: -27.20%
3Y: -11.20%
5Y: 26.32%
10Y: -0.02%

ROE

TTM: 6.93%
3Y: 13.97%
5Y: 16.26%
10Y: 16.43%

ROCE

TTM: 9.59%
3Y: 18.80%
5Y: 21.69%
10Y: 22.71%

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Consumer Discretionary Textiles Textiles & Apparels Other Textile Products

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ALOKINDS	13.05	6,480 Cr	-10.28	0.00	0.00	3.84	-3.48	-9.43
GARFIBRES	610.00	6,053 Cr	28.49	4.66	0.25	15.70	20.05	11.31
ICIL	235.00	4,656 Cr	41.45	2.02	0.85	6.93	9.59	2.68
RAYMONDLSL	748.40	4,581 Cr	85.53	0.47	0.00	0.77	2.82	0.37
SANATHAN	384.65	3,269 Cr	32.68	1.77	0.00	7.48	6.72	2.44
SIYSIL	485.00	2,202 Cr	10.73	1.63	2.47	15.45	17.23	9.42
BOMDYEING	104.35	2,155 Cr	124.23	0.91	1.15	2.52	3.59	0.59
Median: 7 Co.	384.65	4,581 Cr	32.68	1.63	0.25	6.93	6.72	2.44

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	1,009	713	1,093	941	1,036	1,152	1,023	959	1,062	1,063
Expenses	844	609	928	796	878	1,002	941	849	958	972
Operating Profit	165	104	165	145	157	149	82	110	104	91
OPM %	16.31	14.60	15.12	15.41	15.20	12.97	8.01	11.48	9.76	8.56
Other Income	25	14	0.24	8.54	8.94	16	5.97	8.61	19	11
Interest	18	18	20	21	30	36	36	31	32	30
Depreciation	20	22	22	25	25	30	36	38	39	39
Profit Before Tax	151	79	124	108	111	100	16	49	52	34
Tax %	24.30	26.14	25.76	27.70	26.40	24.20	28.30	23.36	25.03	27.07
Net Profit	114	58	92	78	82	75	11	38	39	24
EPS in Rs	5.77	2.93	4.64	3.93	4.12	3.81	0.56	1.91	1.97	1.23

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,153	1,859	1,934	2,080	2,519	2,842	3,012	3,557	4,151	4,169
Expenses	1,829	1,696	1,778	1,897	2,143	2,408	2,557	2,998	3,618	3,670
Operating Profit	323	163	156	183	377	434	454	559	534	499
OPM %	15.03	8.74	8.05	8.81	14.95	15.27	15.08	15.72	12.86	11.96
Other Income	105	100	10	-44	34	140	31	44	40	40
Interest	42	35	36	39	28	47	62	70	123	133
Depreciation	33	33	35	43	43	41	65	83	117	130
Profit Before Tax	353	194	95	57	340	486	359	450	334	275
Tax %	34.30	35.54	37.25	-28.97	26.65	26.22	22.81	24.96	26.25	25.16
Net Profit	232	125	60	73	249	359	277	338	246	206
EPS in Rs	—	—	3.05	3.72	12.66	18.08	13.95	17.06	12.42	5.67
Dividend Payout %	6.80	12.54	19.67	16.04	11.81	11.04	14.32	12.90	16.10	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	39	39	39	39	39	39	39	40	40	40
Reserves	591	807	917	935	947	1,245	1,551	1,753	2,049	2,238
Borrowings	394	304	371	314	329	577	1,319	876	956	1,449
Other Liabilities	368	374	372	336	381	433	352	379	524	533
Total Liabilities	1,392	1,524	1,699	1,625	1,696	2,296	3,262	3,048	3,569	4,260
Fixed Assets	484	533	543	574	575	561	631	1,110	1,355	1,890
CWIP	11	12	24	16	5.86	7.72	24	183	35	50
Investments	0.00	0.00	0.10	46	0.10	167	1.50	143	133	135
Other Assets	898	979	1,132	988	1,115	1,560	2,606	1,611	2,046	2,185
Total Assets	1,392	1,524	1,699	1,625	1,696	2,296	3,262	3,048	3,569	4,260

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	153	216	42	215	140	-20	-37	755	146	394
Cash from Investing Activity	-113	-78	-52	-101	16	-189	-258	-474	-98	-485
Cash from Financing Activity	-61	-148	17	-106	-40	185	646	-574	-47	105
Net Cash Flow	-21	-9.94	6.65	7.55	116	-23	352	-293	0.90	14

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 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	9.29%	9.14%	10.25%	10.66%	10.74%	10.69%	10.69%	10.35%	10.11%	9.89%	9.99%	9.86%
DIIs	0.05%	0.02%	0.13%	0.79%	1.07%	2.16%	3.67%	4.57%	4.96%	5.15%	5.31%	6.03%
Public	31.92%	32.09%	30.88%	29.80%	29.45%	28.40%	26.89%	26.34%	26.19%	26.22%	25.96%	25.37%
Total Shareholders	67,263	61,537	61,813	67,626	73,384	69,110	77,053	74,189	73,380	77,264	78,854	76,462

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Documents

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Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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