NSE: DOLLAR · BSE: 541403
DOLLAR INDUSTRIES LIMITED
Manufactures and sells branded innerwear and apparel in India across price tiers. The economy segment, serving Tier 2/3 and rural markets, made up 47% of Q4 FY26 revenue, while premium offerings include Force NXT (super premium) and Dollar Protect (rain guard). Distribution runs through general trade retailers via Project Lakshya activation, plus non-traditional channels (modern trade, e-commerce, quick commerce), with quick commerce revenue growing 437% year-on-year and now contributing 2.5% of revenue. The company also runs a D2C joint venture called G.O.A.T, which generated ₹49 crore in FY26 revenue (+45% YoY) at a 10% PAT margin. Production runs out of 4 manufacturing plants, with the business spread across 28 Indian states and 15 export countries. Cotton and yarn are the key input, accounting for 45.7% of revenue, and management took a 4-6% price hike in Q1 FY27 after a two-year gap to recover a 169 bps gross-margin compression. FY26 revenue was ₹1,881 crore, operating EBITDA ₹200 crore at a 10.6% margin, and PAT ₹107 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Economy segment innerwear (47%), Premium and super-premium innerwear (Force NXT, Dollar Protect), D2C brand G.O.A.T (joint venture), Quick commerce and non-traditional channels (3%). Branded innerwear and garments business with multi-tier pricing, distribution-heavy general trade model, and rising D2C and quick commerce exposure.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,350 | 1,394 | 1,572 | 1,710 | 1,881 |
| EBITDA (ex other income) | 220 | 98 | 159 | 184 | 202 |
| margin % | 16.3 | 7.0 | 10.1 | 10.8 | 10.7 |
| Owners' profit | 0 | 53 | 90 | 91 | 107 |
| EPS, as reported (₹) | 25.93 | 9.26 | 15.90 | 16.05 | 18.94 |
| ROE % · ROCE % | 21.9 · 30.7 | 7.4 · 11.7 | 11.7 · 17.0 | 10.7 · 16.7 | 11.2 · 16.5 |
| Debt / equity (x) | 0.31 | 0.23 | 0.39 | 0.38 | 0.29 |
| Cash from operations | 0 | 141 | (26) | 74 | 139 |
| Capex | (58) | (55) | (78) | (56) | (43) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 447 | 381 | 549 | 399 | 472 | 388 | 622 | 405 |
| Profit before tax | 34 | 27 | 41 | 28 | 46 | 25 | 43 | 35 |
| Net profit | 26 | 20 | 30 | 22 | 35 | 18 | 33 | 26 |
| EPS (₹) | 4.67 | 3.52 | 5.16 | 3.76 | 6.20 | 3.24 | 5.74 | 4.59 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PAGE INDUSTRIES LTD | 37,812 | 50.0 | 25.16 | — | 50.8 | 58.6 | — | 21.1 |
| ARVIND LIMITED | 13,369 | 32.3 | 3.23 | 14.1 | 10.3 | 11.9 | 12.9 | 9.4 |
| PEARL GLOBAL IND LIMITED | 5,588 | 18.0 | 3.89 | 11.2 | 18.8 | 16.8 | 27.5 | 11.2 |
| GOKALDAS EXPORTS LTD. | 4,744 | 46.0 | 2.20 | 12.9 | 4.6 | 6.0 | 26.9 | 12.1 |
| LUX INDUSTRIES LIMITED | 3,496 | 32.8 | 1.92 | 19.4 | 5.8 | 7.3 | 8.4 | 8.2 |
| SBC EXPORTS LIMITED | 3,114 | 76.9 | 38.83 | 70.5 | 31.5 | 28.3 | — | 13.9 |
| KEWAL KIRAN CLOTHING LTD | 2,631 | 17.8 | 2.35 | 9.6 | 13.6 | 16.6 | 32.0 | 24.0 |
| KITEX GARMENTS LTD | 2,250 | — | 1.82 | 34.0 | (1.1) | 0.3 | 7.9 | 11.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.9 | 16.2 | 17 of 37 | 56% |
| P/B | 1.5 | 1.5 | 19 of 35 | 47% |
| ROCE | 14.1 | 8.4 | 13 of 44 | 72% |
| ROE | 11.2 | 5.8 | 11 of 35 | 71% |
| Debt / Equity | 0.3 | 0.3 | 16 of 35 | 56% |
| EBITDA margin | 12.3 | 10.4 | 13 of 35 | 65% |
| Revenue growth | 1.4 | 7.9 | 23 of 37 | 39% |
| Profit growth | 20.4 | 6.8 | 15 of 37 | 61% |
| Market cap | 1449 | 146 | 11 of 44 | 77% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · Routine RTA compliance certificate for Q2 FY27 filed with exchanges | compliance | minimal | — | — |
| 9 Oct 2026 · Newspaper notice on special window for physical share demat - 5th reminder | compliance | minimal | — | — |
| 24 Sept 2026 · Dollar Industries Trading Window Closes Oct 1 Ahead of Q2 Results | compliance | minimal | — | — |
| 16 Sept 2026 · Dollar Industries to attend Bharat Connect Conference on 29 Sep 2026 | board shareholder meetings | low | — | — |
| 17 Aug 2026 · Dollar Industries Q1 FY27 earnings call transcript filed with exchanges | investor communications | medium | — | — |
| 11 Aug 2026 · Earnings call recording for Q1 FY27 now available on website | investor communications | low | — | — |
| 11 Aug 2026 · Dollar Industries publishes Q1 FY27 results in newspapers | compliance | minimal | — | — |
| 10 Aug 2026 · Q1 FY27 earnings call: PAT up 22% YoY, margins expand across the board | investor communications | medium | — | — |
| 10 Aug 2026 · Q1 FY27: PAT up 22.1% YoY to Rs 2,602 lacs; margins expand | compliance | low | — | — |
| 10 Aug 2026 · Dollar Industries Q1 FY27: PAT up 24.6% YoY on flat revenue, margins improve | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.