NSE: IRISDOREME
IRIS CLOTHINGS LIMITED
Designs, manufactures and sells branded kidswear under the DOREME label, transitioning in FY26 from a contract garment maker to a branded apparel player. Sales run through a B2B distributor network across 26 states, a small base of exclusive brand outlets, a direct-to-consumer website launched in Q4 FY26, and quick-commerce tie-ups including BigBasket in four cities. The range covers woven garments and infant wear, with an in-house Japanese embroidery facility commissioned and a newborn gift-set line launched in 2026. The company is acquiring a 51% stake in Infinia Lifestyle, an athleisure brand that posted turnover of about ₹30.31 cr in FY26, for a combined cash and share-swap consideration of ₹57.12 cr, marking entry into men's and women's athleisure alongside kidswear. A 2 lakh sq ft greenfield plant in Vasundhara is being planned at ₹50 cr capex to support growth, targeted to be operational by end-FY28. The biggest cost is materials at 32.1% of revenue in FY26, followed by employees at 13.4%; capex ran at 8.8% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Branded kidswear (DOREME), Newborn gift sets, Athleisure (Infinia, post-acquisition). Branded apparel with in-house manufacturing transitioning from contract garment making to multi-channel branded retail.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 112 | 113 | 122 | 146 | 191 |
| EBITDA (ex other income) | 21 | 19 | 26 | 28 | 29 |
| margin % | 19.1 | 17.2 | 21.6 | 19.1 | 15.3 |
| Owners' profit | 10 | 8 | 12 | 13 | 16 |
| EPS, as reported (₹) | 6.22 | 5.06 | 1.50 | 1.61 | 0.85 |
| ROE % · ROCE % | — · — | 14.5 · 22.6 | 17.7 · 26.1 | 15.9 · 23.5 | 11.4 · 16.1 |
| Debt / equity (x) | — | 0.50 | 0.50 | 0.46 | 0.14 |
| Cash from operations | 1 | 1 | 2 | 3 | (7) |
| Capex | (5) | (2) | (3) | (1) | (17) |
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 | 41 | 33 | 40 | 37 | 44 | 49 | 60 | 47 |
| Profit before tax | 5 | 3 | 6 | 4 | 5 | 4 | 9 | 5 |
| Net profit | 4 | 2 | 4 | 3 | 4 | 3 | 6 | 4 |
| EPS (₹) | 0.47 | 0.29 | 0.55 | 0.14 | 0.44 | 0.16 | 0.34 | 0.21 |
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) | 48.7 | 16.2 | 32 of 37 | 14% |
| P/B | 7.5 | 1.5 | 33 of 35 | 6% |
| ROCE | 14.4 | 8.4 | 11 of 44 | 77% |
| ROE | 11.4 | 5.8 | 10 of 35 | 74% |
| Debt / Equity | 0.1 | 0.3 | 9 of 35 | 77% |
| EBITDA margin | 17.1 | 10.4 | 8 of 35 | 79% |
| Revenue growth | 26.3 | 7.9 | 8 of 37 | 81% |
| Profit growth | 52.5 | 6.8 | 9 of 37 | 78% |
| Market cap | 1066 | 146 | 12 of 44 | 74% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Recording Link Submitted to the Exchange | investor communications | low | — | — |
| 28 Oct 2026 · Iris Clothings submits copy of newspaper publication | compliance | minimal | — | — |
| 28 Oct 2026 · Iris reports strong FY27 growth and outlines Vision 2030 expansion | investor communications | medium | — | — |
| 27 Oct 2026 · IRIS presents Vision 2030 retail expansion after strong first-half FY27 growth | investor communications | medium | — | — |
| 27 Oct 2026 · Q2 FY27 income rises 40.3% as strategic expansion advances | compliance | low | — | — |
| 27 Oct 2026 · Q2 revenue rises 40%, profit grows 23%, but cash flow stays negative | results | high | — | — |
| 27 Oct 2026 · September 2026 results: sales and profit rise, but cash outflow widens | results | high | — | — |
| 23 Oct 2026 · Iris Clothings schedules Q2 and H1 FY27 earnings call | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Routine compliance filing - Regulation 74(5) certificate for Sept 2026 quarter | compliance | minimal | — | — |
| 24 Sept 2026 · Trading window closed from Oct 1 till Q2 FY26 results declaration | compliance | minimal | — | — |
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.