NSE: INDTERRAIN · BSE: 533329
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Multi-Brand Outlets (MBOs), Large Format Outlets (LFOs), Online channels, Company-owned stores (EBOs). Branded apparel retail, working capital-intensive, asset-light on manufacturing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 336 | 501 | 456 | 341 | 378 |
| EBITDA (ex other income) | 27 | 50 | 30 | (7) | 32 |
| margin % | 8.0 | 9.9 | 6.6 | (2.0) | 8.4 |
| Owners' profit | (13) | 7 | (15) | (43) | (5) |
| EPS, as reported (₹) | (0.54) | 1.62 | (3.37) | (9.48) | (0.98) |
| ROE % · ROCE % | (6.7) · 4.1 | 3.4 · 11.7 | (7.6) · 4.6 | (23.3) · (8.7) | (2.7) · 9.9 |
| Debt / equity (x) | 0.25 | 0.25 | 0.48 | 0.47 | 0.45 |
| Cash from operations | 22 | 6 | (14) | 19 | 19 |
| Capex | 0 | 0 | (1) | (3) | (2) |
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 | 86 | 97 | 90 | 69 | 101 | 101 | 107 | 82 |
| Profit before tax | (12) | (4) | (4) | (6) | 1 | 4 | 4 | 0 |
| Net profit | (22) | (3) | (2) | (6) | (0) | 3 | (1) | (1) |
| EPS (₹) | (4.92) | (0.75) | (0.48) | (1.22) | (0.08) | 0.51 | (0.18) | (0.16) |
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) | 312.7 | 16.2 | 37 of 37 | 0% |
| P/B | 0.8 | 1.5 | 8 of 35 | 79% |
| ROCE | 1.2 | 8.4 | 34 of 44 | 23% |
| ROE | (2.7) | 5.8 | 31 of 35 | 12% |
| Debt / Equity | 0.5 | 0.3 | 28 of 35 | 21% |
| EBITDA margin | 9.3 | 10.4 | 20 of 35 | 44% |
| Revenue growth | 18.8 | 7.9 | 15 of 37 | 61% |
| Profit growth | 86.6 | 6.8 | 6 of 37 | 86% |
| Market cap | 143 | 146 | 23 of 44 | 49% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · RTA compliance certificate submitted for Q2 FY27 | compliance | minimal | — | — |
| 7 Oct 2026 · Newspaper ad on special window for physical share transfer | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed ahead of Q2 FY27 results | compliance | minimal | — | — |
| 9 Sept 2026 · 17th AGM voting results: All 3 resolutions passed with required majority | board shareholder meetings | low | — | — |
| 9 Sept 2026 · Chairman outlines turnaround at 17th AGM; PBT up 108%, targets Rs 500 Cr by FY28 | investor communications | medium | — | — |
| 9 Sept 2026 · 17th AGM of Indian Terrain Fashions held on 9 Sep 2026 via video conferencing | board shareholder meetings | medium | — | — |
| 19 Aug 2026 · Newspaper publication of 17th AGM Notice and Annual Report dispatch | compliance | minimal | — | — |
| 18 Aug 2026 · Letter to Shareholders: 17th AGM and Annual Report FY 2025-26 | compliance | minimal | — | — |
| 18 Aug 2026 · Annual Report and AGM Notice for FY 2025-26 | board shareholder meetings | medium | — | — |
| 18 Aug 2026 · Indian Terrain Fashions 17th AGM notice, 9 Sept 2026 via video conferencing | board shareholder meetings | low | — | — |
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.