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ICIL - Indo Count Inds.

📊 NSE: ICIL 🏢 Textiles - Cotton/Blended 📅 Last Updated: 12/14/2025 8:01

📢 Recent Corporate Announcements

Indo Count Industries Cancels Virtual Investor Meeting Scheduled for March 11

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 12 Mar 2026, 11:40 AM

Indo Count Industries Limited (ICIL) has informed the exchanges regarding the cancellation of its scheduled meeting with institutional investors and analysts. The virtual meeting was originally part of the Bharat Connect Conference organized by Arihant Capital Market Ltd on March 11, 2026. The company cited unspecified exigencies for the cancellation of this session. This update follows an earlier intimation regarding the event made on March 5, 2026.

Cancellation of virtual investor meeting originally scheduled for March 11, 2026, at 1:00 PM.
The event was the Bharat Connect Conference organized by Arihant Capital Market Ltd.
Company cited 'exigencies' as the reason for the cancellation of the session.
Disclosure made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 No action is required as this is a routine administrative update regarding a meeting cancellation. Investors should look for future announcements regarding rescheduled investor interactions.

Indo Count Industries Faces GST Inspection and Search at Maharashtra Premises

🔵 WATCH ⭐ 6/10

REGULATORY 📅 11 Mar 2026, 06:01 PM

The Commissioner of State Tax, Maharashtra, initiated a search and inspection at Indo Count Industries' premises on March 11, 2026, starting at 11:50 a.m. The action is being conducted under Section 67 of the Maharashtra GST Act, 2017, which typically involves inspection of goods or documents. While the company states there is currently no impact on business operations or financials, the search process is still ongoing. Investors should monitor for any subsequent findings or tax demand notices that may arise from this regulatory action.

Search initiated by Commissioner of State Tax, Maharashtra on March 11, 2026, at 11:50 a.m.
Action taken under Section 67 of the Maharashtra Goods and Services Tax Act, 2017.
Company reports no immediate quantifiable impact on financials or business operations.
Indo Count Industries is extending full cooperation to the authorities during the ongoing process.
Further disclosures will be made if any material developments occur following the inspection.

💡 Investors should remain cautious and monitor the company's subsequent filings for any potential tax liabilities or penalties. No immediate action is required as the financial impact is currently unquantified.

Indo Count Industries to Join Arihant Capital Investor Summit on March 11, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Mar 2026, 11:29 AM

Indo Count Industries Limited (ICIL) has scheduled a virtual meeting with institutional investors and analysts for March 11, 2026. The meeting is part of the 'Bharat Connect Conference March 2026' organized by Arihant Capital Market Ltd. The session is slated to begin at 01:00 PM and will focus on discussions regarding publicly available information. The company has explicitly stated that no unpublished price-sensitive information (UPSI) will be disclosed during the interaction.

Virtual meeting with investors scheduled for March 11, 2026, starting at 01:00 PM.
Participation in the Bharat Connect Conference organized by Arihant Capital Market Ltd.
Discussions will be strictly limited to publicly available information.
Compliance filing under Regulation 30(6) of SEBI (LODR) Regulations 2015.

💡 No immediate action is required as this is a routine investor relations event. Investors may monitor for any post-event presentations or transcripts for potential qualitative insights into the company's outlook.

Indo Count Q3 FY26: Net Debt Reduced by ₹215 Cr; New US Facility Commences Production

🔵 WATCH ⭐ 8/10

EARNINGS 📅 23 Feb 2026, 06:28 PM

Indo Count Industries reported a stable Q3 FY26 with total income of ₹1,074 crores, navigating a challenging 50% US tariff environment that pressured margins. The company successfully reduced its net debt by ₹215 crores since March 2025 and operationalized a new 18-million-unit pillow facility in North Carolina. New business segments, including utility bedding and branded portfolios, now contribute 20% of total revenue with an annualized run rate of $100 million. Management expects the recent India-US trade deal and EU FTA to significantly improve competitiveness and margins starting from Q1 FY27.

Total income for Q3 FY26 stood at ₹1,074 crores with sales volumes of 24.8 million meters.
Net debt reduced by ₹215 crores compared to March 2025 levels.
New US pillow facility adds 18 million units capacity, taking total utility bedding capacity to 31 million units.
New business revenue grew 16% sequentially to ₹210 crores, representing 20% of the total top line.
Adjusted EBITDA margin stood at 10.4% after a one-time ₹9.2 crore impact from the new Labor Code.

💡 Investors should focus on the scaling of the new US facility and the margin recovery expected in FY27 as tariff pressures subside. The company's aggressive debt reduction and expansion into high-margin utility bedding make it a strong candidate for long-term growth in the textile sector.

Indo Count Industries Releases Q3 & 9M FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 16 Feb 2026, 03:40 PM

Indo Count Industries Limited (ICIL) has officially released the audio recording of its Investors' Conference Call held on February 16, 2026. The call focused on the company's financial performance for the third quarter and nine months ended December 31, 2025 (Q3 & 9M FY26). This disclosure is a routine regulatory requirement under SEBI (LODR) Regulations to ensure transparency for all shareholders. Investors can now access the management's detailed commentary and Q&A session via the company's website.

Audio recording of the Q3 & 9M FY26 earnings call is now publicly available.
The conference call was conducted on February 16, 2026, at 12:00 p.m. IST.
Filing made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Recording provides management insights into the company's performance for the nine-month period of FY26.

💡 Investors should listen to the recording to understand management's outlook on global textile demand and margin guidance. This is particularly useful for assessing qualitative factors not fully captured in the numerical financial statements.

ICIL Q3 FY26: PAT Drops 65.5% YoY to Rs 24 Cr Amid US Tariff Pressures

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 13 Feb 2026, 04:05 PM

Indo Count Industries reported a challenging Q3 FY26 with PAT declining 65.5% YoY to Rs 24 crores, primarily due to the impact of U.S. tariffs and lower sales volumes. Revenue fell 8% YoY to Rs 1,074 crores, while adjusted EBITDA margins contracted by 348 bps to 10.4% owing to under-absorption of fixed costs. On a positive note, the 'New Business' segment (Utility bedding and USA brands) grew to 20% of total revenue, achieving a $100 million annualized run rate. The company also commenced operations at its new US greenfield pillow facility in January 2026 to mitigate future tariff uncertainties.

Consolidated Revenue declined 8% YoY to Rs 1,074 Crs; PAT fell sharply by 65.5% to Rs 24 Crs.
Adjusted EBITDA margin contracted to 10.4% from 13.9% YoY, reflecting the full-quarter impact of US tariffs.
New Business revenue reached Rs 210 Crs in Q3FY26, up 16% QoQ, now contributing 20% to the total revenue mix.
Sales volumes for the quarter stood at 24.8 Mn Mtrs, a decline of 10.5% compared to the previous year.
Commenced commercial operations of a new greenfield pillow manufacturing facility in the USA in January 2026.

💡 Investors should monitor the ramp-up of the new US manufacturing facility and the potential margin relief from the EU-FTA. While current earnings are under pressure from tariffs, the growth in the 'New Business' segment remains a key long-term recovery driver.

Indo Count Q3 FY26 PAT Drops 65% YoY to ₹24 Cr Amid US Tariff Impact; New Business Grows 16% QoQ

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 13 Feb 2026, 03:57 PM

Indo Count reported a challenging Q3 FY26 with consolidated revenue declining 8% YoY to ₹1,074 crore and PAT falling 65.5% to ₹24 crore, primarily due to the impact of US tariffs and lower volumes. However, the 'New Business' segment (Utility Bedding and USA Brands) showed resilience, contributing 20% to total revenue with a 16% QoQ growth. The company successfully commenced operations at its third US manufacturing facility in North Carolina in January 2026. Despite margin contraction to 10.4%, management remains optimistic about long-term growth driven by recent trade deals with the EU and USA.

Consolidated PAT fell 65.5% YoY to ₹24 crore, while Adjusted EBITDA margin contracted by 348 bps to 10.4%.
Sales volumes declined 10.5% YoY to 24.8 million meters, significantly impacted by the 50% US tariff regime.
New Business revenue reached ₹210 crore in Q3FY26, achieving an annualized run rate of approximately $100 million.
Commenced commercial operations of a new greenfield pillow manufacturing facility in North Carolina, USA, in January 2026.
S&P Global ESG score improved significantly to 78, placing the company in the top 3 percentile globally in its sector.

💡 Investors should monitor the ramp-up of the new US facility and the mitigation of tariff impacts through recently signed trade deals. While short-term profitability is under pressure, the diversification into value-added segments and branded business provides a long-term recovery thesis.

Indo Count Updates KMPs Authorized for SEBI Materiality Disclosures

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Feb 2026, 03:48 PM

Indo Count Industries Limited has updated its list of Key Managerial Personnel (KMP) authorized to determine the materiality of events for stock exchange disclosures. Effective February 13, 2026, four key officials including the Whole-time Director, Group CFO, CFO, and Company Secretary have been designated for this role. This update is in compliance with Regulation 30(5) of SEBI (LODR) Regulations, 2015. The move ensures clear communication channels between the company and regulatory bodies for timely information dissemination.

Authorized four KMPs to determine materiality of events under SEBI Regulation 30(5)
Effective date of the new authorization is February 13, 2026
Designated officials include Mr. Kamal Mitra (WTD), Mr. K. Muralidharan (Group CFO), Mr. Manish Bhatia (CFO), and Mr. Satnam Saini (CS)
Contact details for all authorized personnel have been provided for regulatory transparency

💡 No action is required as this is a routine administrative update. Investors should note the contact points for official company disclosures.

Indo Count Industries CEO Kailash Lalpuria Steps Down; Kamal Mitra Appointed as KMP

🔵 WATCH ⭐ 7/10

MANAGEMENT 📅 13 Feb 2026, 03:28 PM

Indo Count Industries Limited (ICIL) has announced the cessation of Mr. Kailash Lalpuria as Chief Executive Officer and Key Managerial Personnel effective February 13, 2026. The decision follows his prolonged absence due to health-related reasons and inability to discharge duties. To ensure continuity, the Board has designated Mr. Kamal Mitra, a Whole-time Director with over 40 years of industry experience, as a Key Managerial Personnel. The company noted that operations were already being effectively managed by the existing team during the CEO's absence.

Cessation of Mr. Kailash Lalpuria as CEO and KMP effective February 13, 2026, due to health reasons.
Appointment of Mr. Kamal Mitra, Whole-time Director, as Key Managerial Personnel (KMP).
Mr. Kamal Mitra has over 40 years of textile industry experience and has been with ICIL since October 2007.
Management confirmed that business responsibilities were already being handled by the existing team and new hires during the transition period.

💡 Investors should monitor for the formal appointment of a new CEO and watch for any impact on operational execution in upcoming quarterly results. The transition to a long-term internal veteran like Mr. Mitra suggests a focus on stability.

Indo Count Q3 Net Profit Drops 65% YoY to ₹24.43 Cr; Revenue Declines 7.7%

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 13 Feb 2026, 02:54 PM

Indo Count Industries reported a weak performance for Q3 FY26, with consolidated net profit plunging 65.5% YoY to ₹24.43 crore. Revenue from operations declined 7.7% YoY to ₹1,062.83 crore, remaining largely flat on a sequential basis. Profitability was severely impacted by a sharp rise in expenses relative to income, including a one-time employee benefit hit of ₹9.21 crore related to new Labour Code provisions. For the nine-month period, net profit has more than halved to ₹102.47 crore compared to ₹228.95 crore in the previous year.

Consolidated Net Profit fell 65.5% YoY to ₹24.43 crore in Q3 FY26 from ₹70.77 crore.
Revenue from operations decreased 7.7% YoY to ₹1,062.83 crore compared to ₹1,151.55 crore in Q3 FY25.
Employee benefit expenses included a ₹9.21 crore incremental impact due to the notification of new Labour Codes.
Nine-month FY26 consolidated net profit stands at ₹102.47 crore, a 55.2% decline from the previous year's ₹228.95 crore.
Basic EPS for the quarter dropped significantly to ₹1.23 from ₹3.57 in the corresponding quarter last year.

💡 The significant decline in both top-line and bottom-line performance suggests operational headwinds and margin pressure. Investors should exercise caution and wait for signs of demand recovery and margin stabilization before making new commitments.

ICIL Q3 FY26 Net Profit Plummets 65.5% YoY to ₹24.43 Crore; Revenue Down 7.7%

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 13 Feb 2026, 02:31 PM

Indo Count Industries Limited (ICIL) reported a weak performance for the quarter ended December 31, 2025, with consolidated net profit dropping significantly by 65.5% YoY to ₹24.43 crore. Revenue from operations declined 7.7% YoY to ₹1,062.83 crore, while profitability was further impacted by a ₹9.2 crore incremental cost related to new Labour Code assessments. The nine-month (9M FY26) performance also shows a sharp decline, with net profit falling to ₹102.47 crore from ₹228.95 crore in the previous year. Margins remain under pressure as total expenses stayed high relative to the lower revenue base.

Consolidated Revenue from Operations decreased 7.7% YoY to ₹1,062.83 crore in Q3 FY26.
Net Profit for the quarter fell 65.5% YoY to ₹24.43 crore compared to ₹70.77 crore in Q3 FY25.
Employee benefit expenses included a one-time impact of ₹9.2 crore due to the assessment of new Government Labour Codes.
9M FY26 consolidated net profit stands at ₹102.47 crore, a 55% decline from ₹228.95 crore in 9M FY25.
Basic and Diluted EPS for the quarter dropped to ₹1.23 from ₹3.57 in the corresponding quarter of the previous year.

💡 Investors should exercise caution as the company is witnessing a sharp contraction in profitability and stagnant revenue growth. It is recommended to monitor management's guidance on export demand and cost-control measures before considering further investment.

Indo Count CEO Kailash Lalpuria Vacates Office Due to Prolonged Absence

🔵 WATCH ⭐ 7/10

MANAGEMENT 📅 11 Feb 2026, 05:16 PM

Indo Count Industries Limited has announced the automatic vacation of office for Mr. Kailash R. Lalpuria, Executive Director & CEO, effective February 11, 2026. This action follows Section 167(1)(b) of the Companies Act, 2013, as he remained absent from all Board meetings for a continuous period of 12 months. The company cited health-related reasons for his prolonged absence. This formalizes a leadership gap that has effectively existed for the past year.

Mr. Kailash R. Lalpuria ceases to be Executive Director & CEO effective February 11, 2026.
Vacation of office triggered by 12 months of continuous absence from Board of Directors meetings.
Action taken under mandatory provisions of Section 167(1)(b) of the Companies Act, 2013.
The company stated the absence was due to health-related reasons.
The cessation is immediate as per the statutory requirements of the SEBI LODR Regulations.

💡 Investors should monitor the company's upcoming announcements regarding the appointment of a new CEO or interim leadership. Evaluate the company's operational performance over the last 12 months to see how it managed during the CEO's absence.

Indo Count Industries to Hold Q3 & 9M FY26 Earnings Call on February 16, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 11 Feb 2026, 11:26 AM

Indo Count Industries Limited (ICIL) has scheduled its earnings conference call for Monday, February 16, 2026, at 12:00 PM IST. The management team, including the Executive Vice Chairman and CFO, will discuss the financial and operational performance for the quarter and nine months ended December 31, 2025. This routine interaction allows investors to gain insights into the company's recent performance and future growth outlook. The call follows the official reporting of Q3 FY26 results.

Conference call scheduled for February 16, 2026, at 12:00 PM IST to discuss Q3 & 9M FY26 results.
Key participants include Executive Vice Chairman Mohit Jain and Group CFO K. Muralidharan.
The call will cover operational and financial performance for the period ending December 31, 2025.
International toll-free numbers provided for investors in the USA, UK, Hong Kong, and Singapore.
Pre-registration link and dial-in details have been shared for analyst and institutional participation.

💡 Investors should monitor the call for management commentary on export demand trends and raw material price volatility. Key focus areas should be the company's guidance on margins and volume growth in the home textile segment.

Indo Count Industries Clarifies Significant Price Movement; No Undisclosed Information

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Feb 2026, 11:04 AM

Indo Count Industries Limited (ICIL) has responded to a clarification request from the National Stock Exchange regarding a significant increase in its share price. The company stated that there is no unpublished price-sensitive information (UPSI) or pending events that require disclosure under SEBI Regulation 30. ICIL emphasized that the recent price volatility is purely market-driven and not linked to any internal corporate developments. The company reaffirmed its commitment to timely disclosures as per its materiality policy and regulatory guidelines.

Responded to NSE email dated February 5, 2026, regarding significant price movement in company securities.
Confirmed no impending information or unpublished price-sensitive information (UPSI) is due for disclosure.
Attributed the recent significant movement in equity share price to market-driven factors.
Reiterated strict adherence to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 As the company has clarified there is no new material information, investors should treat the recent price action as market-driven and avoid speculation. Monitor industry trends or technical indicators for further direction.

Indo Count Industries Clarifies No Undisclosed Information Behind Recent Trading Volume Surge

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Feb 2026, 11:02 AM

Indo Count Industries Limited (ICIL) has responded to clarification requests from the NSE and BSE regarding a significant increase in the trading volume of its shares. The company stated that there is no unpublished price-sensitive information (UPSI) or impending events that require disclosure under SEBI Regulation 30. Management clarified that the recent volume movement is entirely market-driven and not linked to any internal corporate developments. The company reaffirmed its commitment to timely and transparent disclosures as per regulatory guidelines.

Responded to NSE and BSE surveillance queries dated February 4 and 5, 2026, regarding volume movement.
Confirmed no undisclosed price-sensitive information exists that could impact share volume.
Attributed the significant increase in trading volume to market-driven factors rather than corporate events.
Reiterated strict adherence to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 Investors should view the recent volume spike as speculative or market-driven rather than fundamental. Focus on upcoming quarterly results and industry trends rather than short-term trading activity.

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💰 Financial Performance

Revenue Growth by Segment

Core Business (Bed Linen) revenue grew 12% QoQ in Q2 FY26, while New Businesses (Utility Bedding + USA Brand Business) recorded revenue of INR 181 Cr, representing a 40% QoQ growth. Core business share of revenue shifted from 98% in Q2 FY25 to 83% in Q2 FY26 as new segments scaled rapidly.

Geographic Revenue Split

The USA accounts for 61% of total revenue and approximately 70% of export revenue. The UK contributes 10% of exports, with the remaining 30% derived from Europe and other regions. The Indian domestic market currently represents a small share of 2.0-2.5% of total revenues.

Profitability Margins

Consolidated Operating Profit Margin (OPM) moderated to 12.9% in FY25 from 16.4% in FY24. In Q4 FY25, OPM significantly decreased to 8.5% from 15.1% YoY. PAT for FY25 was INR 246 Cr, a 27% decline from INR 337.93 Cr in FY24, driven by front-loaded operating costs and tariff uncertainties.

EBITDA Margin

Q2 FY26 EBITDA stood at INR 123 Cr. The company targets EBITDA margins of 15-16% for the pillow business and 17-18% for the branded segment. Current margins are impacted by a 150-200 basis point hit due to investments in US human talent and infrastructure, which are expected to break even by Q4 FY26.

Capital Expenditure

Total debt rose to INR 1,448.72 Cr in FY25 from INR 955.93 Cr in FY24, primarily to fund acquisitions and expansion in the US. This includes the acquisition of the Wamsutta brand, an 81% stake in Fluvitex Inc., and a 100% stake in Modern Home Textile Inc.

Credit Rating & Borrowing

Credit ratings are maintained at CARE AA- (Stable) and ICRA AA- (Stable), revised from Positive outlook. Interest coverage moderated to 4.53x in FY25 from 8.38x in FY24 due to increased debt and lower operating profits.

⚙️ Operational Drivers

Raw Materials

Primary raw materials include cotton, yarn, and fabric. Cotton costs are highly seasonal and represent a significant portion of the cost structure, though specific percentage of total cost is not disclosed.

Import Sources

ICIL sources special fibers and Egyptian/American cotton through imports to support its premium bed linen production.

Capacity Expansion

Current processing capacity is 153 million meters per annum. US utility bedding capacity includes 31 million pillows and 1.5 million quilts across facilities in Ohio, Arizona, and a new pillow unit in North Carolina.

Raw Material Costs

Raw material costs are vulnerable to volatility in cotton and yarn prices. ICIL manages this through an order-backed stocking policy, though inventory days remained high at 135 days in FY25 (down from 159 days in FY24).

Manufacturing Efficiency

Average working capital utilization was 70% for the 12 months ended July 2025. Two US facilities are currently operating at 60% utilization, with plans to scale to a $275 million revenue level to improve fixed cost absorption.

📈 Strategic Growth

Expected Growth Rate

12-15%

Growth Strategy

ICIL is executing a '2.0 growth journey' by scaling US-based manufacturing to bypass tariffs, leveraging the newly acquired Wamsutta brand, and expanding licensed portfolios like Tommy Hilfiger for utility bedding. The company is also targeting the UK market via the FTA and increasing its domestic Indian market presence.

Products & Services

Bed linens, comforters, quilts, pillowcases, duvet covers, and utility bedding (pillows and quilts).

Brand Portfolio

Wamsutta (owned), Tommy Hilfiger (licensed for utility bedding).

New Products/Services

Utility bedding and branded products now contribute 17% of revenue (INR 181 Cr in Q2 FY26), up from 2% a year prior.

Market Expansion

Targeting expansion in the UK (currently 10% of exports) and the Indian domestic market (targeting growth beyond the current 2.5% share).

Market Share & Ranking

ICIL is among the top 3 suppliers and exporters of bed linen from India and a leading supplier to the US market.

Strategic Alliances

License agreement with Tommy Hilfiger for the utility bedding portfolio.

🌍 External Factors

Industry Trends

The industry is shifting toward local-for-local manufacturing in the US to improve lead times and avoid trade barriers. ICIL is positioning itself as a brand-led manufacturer rather than a pure commodity exporter.

Competitive Landscape

Competes with other Indian textile giants and Chinese exporters. China currently faces lower reciprocal tariffs (15-30%) than India's potential 50%, creating a competitive pricing challenge.

Competitive Moat

Moat is based on 30+ years of promoter experience, deep integration with global big-box retailers, and specialized expertise in bed linen processing (printing/dyeing). This is sustainable due to the high reliability required by large retailers.

Macro Economic Sensitivity

Highly sensitive to US consumer discretionary spending and US-India trade relations. A slowdown in US demand directly impacts 61% of total revenue.

Consumer Behavior

Shift toward value-based products and utility bedding (pillows/quilts) over premium fashion bedding in the US market.

Geopolitical Risks

US tariff-related uncertainty is the primary geopolitical risk, potentially imposing a 50% duty on Indian textile exports.

⚖️ Regulatory & Governance

Industry Regulations

Operations are heavily impacted by US import tariffs and Indian government export policies. Pollution norms in Maharashtra and Gujarat manufacturing hubs also govern processing activities.

Environmental Compliance

Focus on sustainability across the value chain from procurement to packaging to meet global retailer ESG mandates.

Taxation Policy Impact

ICIL derives a significant portion of its profits from Government export incentive schemes; any reduction in these incentives would directly squeeze net margins.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the duration and impact of the 50% US tariff, which could permanently shift order volumes away from Indian facilities if US-based production does not scale quickly.

Geographic Concentration Risk

High concentration with 70% of exports and 61% of total revenue tied to the US market.

Third Party Dependencies

High dependency on top 5 customers for 47% of revenue, making the company vulnerable to client attrition or inventory policy changes by major retailers.