Investor Presentation for Q4 & FY 26.
ICIL · price
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Indo Count Industries reported FY26 total income of Rs 4,211 Crs, broadly flat YoY, but EBITDA fell 20% to Rs 461 Crs (11% margin vs 13.8% prior year) and PAT dropped 49% to Rs 127 Crs due to US tariff disruptions, product mix headwinds, and initial incubation costs for new businesses. Q4 saw a recovery in EBITDA to Rs 116 Crs (10.7%) from Q3's 9.5% on better product mix and exchange rates. The company navigated the tariff volatility (which moved from 10% to 50% and back to 10%) without losing any customers or orders. New businesses scaled from USD 33 Mn in FY25 to USD 90 Mn in FY26, now at an annualized run rate of over USD 100 Mn. The US greenfield facility in North Carolina (31 Mn pillows/1.5 Mn quilts capacity) is ramping up, and the Wamsutta brand was relaunched as D2C in July 2025, with Tommy Hilfiger licensed for utility bedding.
The stock faced earnings pressure from US tariffs and new business ramp-up costs, but management is guiding for ~30% revenue growth to ~Rs 5,500 Crs with ~13% EBITDA margin in FY27, implying a 200 bps margin improvement driven by operating leverage in new units and higher contribution from branded/utility bedding segments.