NSE: ICIL · BSE: 521016
INDO COUNT INDUSTRIES LTD
Makes home textiles — bed sheets, pillowcases, quilts and utility bedding — primarily for retailers and brands in the United States, with growing access to the European Union under a recent FTA. Manufacturing is split across Indian facilities (including a spinning mill in Kolhapur and a finishing plant at Bhilad, Gujarat) and three US greenfield pillow plants in North Carolina; the latest was commissioned in Q3 FY26 with 18 million pillows of annual capacity, taking total US pillow capacity to 31 million units a year. The product mix splits into a 'core' home-textile business and a 'new business' bucket of utility bedding and US brand operations (Wamsutta relaunched as a D2C brand in July 2025, plus a Tommy Hilfiger licence), which together scaled from USD 33 million in FY25 to USD 90 million in FY26 and were running at a USD 100 million annualised rate in Q3 FY26. Revenue in FY26 was ₹4,141 crore at an EBITDA margin of 11.14%, weighed down by US tariff volatility that swung from 10% to 50% and back during the year. Materials are the biggest input cost at 41.4% of revenue, followed by other operating expenses at 32.4% and employee costs at 12.5%. FY27 capex is guided at ₹125–150 crore, including an ₹85 crore expansion of the Kolhapur spinning facility that raises installed spindle count from 70,000 to 94,000. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Core home textiles, Utility bedding and US brands. Export-oriented home-textile manufacturer; asset-heavy with Indian and US production; exposed to US discretionary demand and tariff cycles
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,842 | 3,012 | 3,557 | 4,151 | 4,141 |
| EBITDA (ex other income) | 434 | 454 | 559 | 534 | 392 |
| margin % | 15.3 | 15.1 | 15.7 | 12.9 | 9.5 |
| Owners' profit | (27) | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 18.16 | 13.97 | 17.06 | 12.42 | 6.40 |
| ROE % · ROCE % | 22.5 · 30.2 | 15.4 · 20.0 | 16.2 · 21.8 | 10.8 · 15.5 | 5.4 · 9.8 |
| Debt / equity (x) | 0.82 | 0.47 | 0.44 | 0.53 | 0.46 |
| Cash from operations | (345) | 767 | 146 | 394 | 573 |
| Capex | 0 | 0 | (135) | (252) | (202) |
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 | 1,036 | 1,152 | 1,023 | 959 | 1,062 | 1,063 | 1,058 | 1,207 |
| Profit before tax | 111 | 100 | 16 | 49 | 52 | 33 | 30 | 84 |
| Net profit | 82 | 75 | 11 | 38 | 39 | 24 | 24 | 63 |
| EPS (₹) | 4.12 | 3.81 | 0.57 | 1.91 | 1.97 | 1.23 | 1.23 | 3.19 |
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. % |
|---|---|---|---|---|---|---|---|---|
| KPR MILL LTD. | 37,325 | 40.9 | 6.55 | 27.0 | 15.2 | 19.3 | 13.5 | 21.2 |
| WELSPUN LIVING LIMITED | 20,367 | 74.1 | 4.09 | 26.1 | 4.3 | 4.0 | 5.1 | 12.7 |
| VARDHMAN TEXTILES LIMITED | 14,669 | 17.0 | 1.39 | 11.3 | 7.1 | 7.4 | 10.0 | 20.4 |
| TRIDENT LIMITED | 10,870 | 27.4 | 2.28 | 13.4 | 7.9 | 8.6 | 8.1 | 17.7 |
| INDO COUNT INDUSTRIES LTD ◆ | 8,471 | 56.1 | 3.60 | 20.4 | 5.4 | 5.4 | 10.5 | 13.3 |
| GARWARE TECH FIBRES LTD | 7,310 | 35.3 | 5.40 | 22.9 | 14.7 | 18.7 | 8.1 | 20.5 |
| FILATEX INDIA LTD | 4,207 | 22.0 | 2.80 | 11.5 | 12.2 | 13.8 | — | 7.6 |
| SANATHAN TEXTILES LIMITED | 4,178 | 68.8 | 2.23 | 18.6 | 4.1 | 3.5 | — | 8.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 56.1 | 16.8 | 146 of 179 | 19% |
| P/B | 3.6 | 1.1 | 159 of 185 | 14% |
| ROCE | 5.4 | 4.3 | 99 of 215 | 54% |
| ROE | 5.4 | 4.7 | 83 of 188 | 56% |
| Debt / Equity | 0.5 | 0.4 | 101 of 188 | 47% |
| EBITDA margin | 13.3 | 9.8 | 66 of 198 | 67% |
| Revenue growth | 25.9 | 6.9 | 47 of 192 | 76% |
| Profit growth | 67.3 | 20.0 | 70 of 203 | 66% |
| Market cap | 8471 | 61 | 5 of 223 | 98% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Lhochhar Trust acquires Sandridge; Indo Count promoter holding unchanged at 31.31% | ownership changes | medium | — | — |
| 14 Oct 2026 · Indirect change in promoter holding via testamentary transmission; ICIL stake unchanged | ownership changes | high | — | — |
| 12 Oct 2026 · Routine compliance certificate on share dematerialisation filed | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closed from Oct 1 for Q2 FY27 results | compliance | minimal | — | — |
| 29 Sept 2026 · Indo Count schedules plant visit for analysts on October 5, 2026 | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Indo Count to attend Arihant Capital investor conference on Sep 28 | board shareholder meetings | low | — | — |
| 18 Sept 2026 · Bhilad Gujarat facility operations fully resumed from 17 Sept 2026 | capex operations | high | — | — |
| 26 Aug 2026 · Indo Count to attend Elara India Dialogue 2026 investor meet on Sept 2 | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Indo Count AGM 2026: All 6 resolutions passed, dividend of Rs 1.50 declared | board shareholder meetings | low | — | — |
| 25 Aug 2026 · 37th AGM proposes final dividend of Rs 1.50 per share | 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.