Investor Presentation for the quarter and financial year ended 31st March 2026
INDTERRAIN · price
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Indian Terrain Fashions reported a strong turnaround in FY'26 with Q4 revenue up 19% YoY to Rs 106.53 Cr and full-year revenue growing 11% to Rs 377.7 Cr. The company swung from EBITDA loss of Rs 2.1 Cr in FY'25 to profit of Rs 36.4 Cr in FY'26, while PBT turned positive at Rs 2.7 Cr vs a loss of Rs 41 Cr previously. Gross margins expanded 115 bps in Q4 and over 440 bps for the full year. The MBO (multi-brand outlet) channel emerged as the key growth engine with 61% YoY growth in Q4, supported by deeper distributor penetration. Online sales also surged due to expansion of the outright model business with Flipkart. Working capital efficiency improved with GWC days reducing from 329 to 311. The company rationalized its store network from 208 to 181 stores while improving channel productivity. Management credited the TOC (Transformation Operating Change) program for this turnaround, noting a shift from chasing scale to building a healthier, more sustainable business.
The company has successfully reversed two years of losses and demonstrated operational discipline through margin expansion and working capital improvement. The shift to an asset-light, MBO-focused distribution model and improved online profitability signal a sustainable turnaround, though shareholders should note PAT remained negative due to tax expenses despite operational profits.