IND TERRAIN FASHIONS LTD

Sells branded garments and apparel under the Indian Terrain brand, distributing through company-owned stores, multi-brand outlets (MBOs), large format outlets (LFOs), and online marketplaces. The MBO channel has been the key growth engine, with the company adding 40 new MBO customers in Q1 FY27 and securing SS27 order bookings up 15 to 20%, while shifting weight away from company-owned retail after rationalizing the network from 208 to 181 stores. Online sales surged via the outright model on Flipkart, reaching Rs 10.76 crore in Q1 FY27 — about 13% of that quarter's revenue — up from Rs 0.89 crore a year earlier. Full-year FY26 revenue stood at Rs 377.67 crore at a gross margin of 42.18%. The cost structure is typical of branded apparel retail, with employee cost at 6.2% of revenue and other operating expenses at 27.8% of revenue, while depreciation at 3.7% reflects the smaller store footprint. Working capital tightened, with gross working capital days falling from 329 to 311 in FY26 and further to 294 in Q1 FY27.