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Indian Card Clothing Company Limited (INDIANCARD)

₹189.84 +0.36% last close, 16 Oct

📊 NSE: INDIANCARD 🏢 Textiles - Products 📢 Latest filing: 24 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Indian Card's revenue was ₹9.8 Cr (+1.3% year on year, -13.0% on the previous quarter), and net profit ₹4.6 Cr (+99.3% year on year); the operating margin was -31.0%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹9.8	+1.3%	-13.0%
Operating profit	₹-3.0	loss widened	loss narrowed
Net profit	₹4.6	+99.3%	from loss
EPS (₹)	7.68	+99.5%	from loss
Operating margin	-31.0%	—	—

Full quarterly financials → Results calendar →

INDIANCARD delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 65.71% of the INDIANCARD shares traded on NSE were taken to delivery, against the stock's own 20-session average of 73.15%. That is close to its usual level. Turnover was only ₹1 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal.

65.71%Delivery, 16 Oct

73.15%Own 20-session average

0.3×Volume vs its average

₹189.84NSE close · +0.36%

Delivery in the last 5 sessions: 72.0% · 56.1% · 69.1% · 86.9% · 65.7%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Indian Card Clothing Shareholders Approve FY26 Accounts and Re-appointment of Director

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Sep 2026, 07:23 PM

Indian Card Clothing Company Limited held its 72nd Annual General Meeting on September 24, 2026, where shareholders approved all three proposed ordinary resolutions. Out of 59,41,120 total shares, 40,22,924 votes were polled (67.71% turnout), dominated by promoter participation of 40,00,166 shares. Resolutions adopting FY26 standalone and consolidated financial statements passed with 99.97% approval, alongside the re-appointment of director Mehul K. Trivedi.

Overall voter turnout stood at 67.7132% with 40,22,924 votes polled out of 59,41,120 shares
Adoption of FY26 Standalone and Consolidated Financial Statements approved with 99.9733% votes in favour (40,21,849 votes)
Re-appointment of Director Mehul K. Trivedi approved with 99.9732% favourable votes (40,21,845 votes)
Promoter category participated with 100% of their 40,00,166 shares voting in favour

💡 Track the upcoming Q2 FY27 results to gauge whether operating losses in the core card clothing manufacturing segment are narrowing.

Indian Card Clothing Schedules 72nd AGM for Sept 24, 2026; Issues Annual Report Web-Link

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Sep 2026, 08:27 PM

Indian Card Clothing Company Limited has issued a statutory intimation to shareholders whose email addresses are not registered with the company or RTAs. The notice provides the web-link to access the Annual Report for FY 2025-26 and the Notice convening the 72nd Annual General Meeting (AGM). The 72nd AGM is scheduled to be held on Thursday, September 24, 2026, at 2:00 PM IST via Video Conferencing. No physical copies of the Annual Report are being dispatched except on specific shareholder request.

72nd Annual General Meeting scheduled for Thursday, September 24, 2026, at 2:00 p.m. IST
Meeting to be conducted electronically through Video Conferencing (VC) / Other Audio Visual Means (OAVM)
Compliance notice issued pursuant to amended Regulation 36(1)(b) of SEBI LODR Regulations
Covers the Annual Report and financials for Financial Year 2025-26

💡 Shareholders may review the FY26 integrated Annual Report on the company's website and participate in the remote e-voting and virtual AGM on September 24, 2026.

Indian Card Clothing Schedules 72nd AGM for September 24, 2026; Cut-Off Date September 17

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Sep 2026, 11:00 PM

Indian Card Clothing Company Limited has issued the notice for its 72nd Annual General Meeting (AGM) scheduled for September 24, 2026, via Video Conferencing. The record/cut-off date for e-voting eligibility is set for September 17, 2026, with share transfer books closed from September 18 to September 24, 2026. Key agenda items include the adoption of FY26 audited standalone and consolidated financial statements and the reappointment of director Mr. Mehul K. Trivedi, who retires by rotation.

72nd AGM scheduled for Thursday, September 24, 2026, at 2:00 PM IST via Video Conferencing
E-voting cut-off date fixed for Thursday, September 17, 2026
Book closure period runs from Friday, September 18, 2026, to Thursday, September 24, 2026 (both days inclusive)
Ordinary business includes adoption of FY26 financials and re-appointment of retiring director Mr. Mehul K. Trivedi

💡 Shareholders seeking to vote should ensure their shareholdings are updated by the cut-off date of September 17, 2026, and monitor AGM voting results following the meeting.

Director Jyoteendra M. Kothary Resigns Effective September 1, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 01 Sep 2026, 11:08 PM

Jyoteendra M. Kothary has resigned from his role as Non-Independent Non-Executive Director of Indian Card Clothing Company Limited effective September 1, 2026. In his resignation letter dated August 24, 2026, he cited advancing age and recurring health issues as reasons for stepping down. Given the non-executive capacity of the role, the departure does not affect daily manufacturing or business operations of the ₹127 Cr market cap firm.

Jyoteendra M. Kothary (DIN: 00015254) resigned as Non-Independent Non-Executive Director
Resignation effective from September 1, 2026
Departure cited as due to advancing age and recurring health issues

💡 Track subsequent board appointments to ensure ongoing compliance with governance and board composition norms.

Indian Card Clothing: Non-Executive Director Jyoteendra M. Kothary Resigns Effective Sept 1, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 01 Sep 2026, 10:48 PM

The Indian Card Clothing Company Limited announced the resignation of Mr. Jyoteendra Mansukhlal Kothary from his role as Non-Executive Non-Independent Director, effective September 1, 2026. In his resignation letter dated August 24, 2026, Mr. Kothary cited advancing age and recurring health issues as the primary reasons for stepping down. The departure is an ordinary board change with no operational disruptions reported. The company maintains a market cap of Rs 127 Cr and reported FY26 revenue of Rs 41.40 Cr.

Resignation of Non-Executive Non-Independent Director Jyoteendra Mansukhlal Kothary effective September 1, 2026
Resignation letter submitted on August 24, 2026, citing advancing age and recurring health issues
Company reported TTM revenue of Rs 42 Cr and market capitalization of Rs 127 Cr

💡 Track subsequent board appointments to monitor ongoing governance and board composition compliance under SEBI LODR regulations.

CFO Steps Down to Non-Exec Role; Board Clears £250k UK Unit Infusion & ₹13.2 Cr Asset Sale

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 14 Aug 2026, 06:58 PM

The Indian Card Clothing Company announced that Mr. Sanjeevkumar Karkamkar has resigned as Executive Director and CFO effective September 1, 2026, transitioning to a Non-Independent Non-Executive Director role. The Board approved an equity infusion of up to £250,000 (approx. ₹2.7 Cr) into its UK-based subsidiary Garnett Wire Ltd, which reported FY26 turnover of £826,760 and profit of £27,497. Additionally, the company completed the sale of its Amar Business Zone commercial property in July 2026 for ₹13.20 Cr. Operationally, the core card clothing division logged segment losses of ₹3.12 Cr for the quarter amid broader textile industry headwinds.

CFO and Executive Director Sanjeevkumar Karkamkar to step down effective September 1, 2026, while continuing as Non-Executive Director
Approved cash subscription of £250,000 in ordinary shares of UK subsidiary Garnett Wire Ltd to expand international presence
Garnett Wire Ltd recorded FY26 turnover of £826,760 and net profit of £27,497
Completed sale of commercial property at Amar Business Zone in July 2026 for ₹13.20 Cr

💡 Track the appointment of a replacement CFO/KMP and monitor whether ongoing non-core real estate monetisation can offset operating losses in the core card clothing business.

Indian Card Clothing Reports Q1 PBT of ₹5.63 Cr; Approves £250k UK Infusion, CFO Steps Down

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 14 Aug 2026, 06:50 PM

Indian Card Clothing announced its Q1 financial results with consolidated revenue of ₹19.84 Cr and Profit Before Tax of ₹5.63 Cr, driven by ₹9.11 Cr profit in the Realty segment while the core Card Clothing segment incurred a loss of ₹3.12 Cr. The Board approved a further equity investment of £250,000 into UK subsidiary Garnett Wire Ltd. to expand international reach. In leadership changes, Executive Director & CFO Sanjeevkumar Karkamkar has resigned effective September 1, 2026, transitioning to a Non-Executive Director role. Additionally, the company completed the sale of its commercial property at Amar Business Zone in July 2026 for ₹13.20 Cr.

Consolidated Q1 segment revenue reached ₹19.84 Cr (₹1,983.57 lakhs) with Profit Before Tax of ₹5.63 Cr (₹562.94 lakhs).
Card Clothing division posted a segment loss before interest and tax of ₹3.12 Cr, offset by Realty segment profit of ₹9.11 Cr.
Approved cash equity investment of up to £250,000 in UK wholly-owned subsidiary Garnett Wire Ltd. (FY26 turnover: £826,760).
Completed sale of Amar Business Zone commercial property in July 2026 for a consideration of ₹13.20 Cr (₹1,320 lakhs).
Executive Director & CFO Sanjeevkumar Karkamkar resigned effective September 1, 2026; will continue as Non-Executive Director.

💡 Monitor the appointment of the new Chief Financial Officer and track operational recovery in the core Card Clothing business, which management anticipates by the end of FY 2026-27.

Indian Card Clothing Q1 PBT Up at Rs 5.63 Cr; Property Sold for Rs 13.2 Cr; CFO Resigns

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 14 Aug 2026, 06:29 PM

Indian Card Clothing reported consolidated Q1 FY27 revenue from operations of Rs 19.84 Cr, up 18% YoY from Rs 16.81 Cr, with Profit Before Tax rising to Rs 5.63 Cr compared to Rs 2.87 Cr in Q1 FY26. Earnings were driven primarily by the Realty division (PBIT of Rs 9.11 Cr), whereas the core Card Clothing segment continued to generate an operating loss of Rs 3.12 Cr. The company also announced the completion of a commercial property sale at Amar Business Zone in July 2026 for Rs 13.20 Cr (~8.5% of market cap). In addition, the Board approved a £250,000 equity infusion in UK subsidiary Garnett Wire Ltd, and Executive Director & CFO Sanjeevkumar Karkamkar resigned effective September 1, 2026, transitioning to a Non-Executive Director.

Consolidated Q1 FY27 revenue grew 18% YoY to Rs 19.84 Cr (1,983.57 lakhs) with PBT at Rs 5.63 Cr (562.94 lakhs).
Core Card Clothing division logged segment loss of Rs 3.12 Cr on Rs 9.92 Cr revenue, offset by Realty PBIT of Rs 9.11 Cr on Rs 9.91 Cr revenue.
Completed sale of commercial property at Amar Business Zone in July 2026 for Rs 13.20 Cr (1,320 lakhs).
Approved further equity investment of £250,000 in UK subsidiary Garnett Wire Ltd (FY26 revenue of £826,760, PAT £27,497).
Executive Director & CFO Sanjeevkumar Karkamkar resigned effective September 1, 2026; will remain Non-Executive Director.

💡 Track the appointment of the successor CFO and observe whether the Rs 13.20 Cr property sale proceeds flow into balance sheet cash or investments in Q2 FY27.

Regulation 74(5) Compliance: Indian Card Clothing Submits Q1 FY27 Demat Certificate

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Jul 2026, 04:38 PM

Indian Card Clothing Company Limited has filed its quarterly compliance certificate under SEBI (Depositories and Participants) Regulations, 2018. The document, issued by KFin Technologies, confirms that physical share certificates received for dematerialization during the quarter ended June 30, 2026, were processed correctly. The Registrar and Transfer Agent (RTA) verified, mutilated, and cancelled the certificates within the mandated 15-day period. This is a standard administrative filing with no impact on the company's financial health or core operations.

Compliance certificate issued for the quarter ended June 30, 2026
RTA KFin Technologies confirmed processing of demat requests within 15 days
Physical certificates were mutilated and cancelled after due verification
Names of depositories substituted in the registered owner records as per SEBI norms

💡 No action is required as this is a routine regulatory filing. Investors should monitor the company's core manufacturing performance and asset monetization strategy in the next quarterly earnings report.

Rs 13.20 Cr Sale of Commercial Property in Pune

🟢 POSITIVE ⭐ 7/10

OTHER 📅 03 Jul 2026, 07:57 PM

Indian Card Clothing has executed a deed of assignment for the sale of a 9,600 sq. ft. commercial unit in Baner, Pune, for Rs 13.20 Cr. This transaction is significant as it represents approximately 32% of the company's TTM revenue of Rs 41 Cr. The sale is part of a broader strategy to monetize non-core real estate assets to support a loss-making manufacturing division and fund diversification into financial services. The transaction was completed with a third-party buyer on July 3, 2026.

Sale of commercial unit B-801 in Amar Business Zone, Pune, for Rs 13.20 Cr
Total built-up area involved is approximately 9,600 sq. ft.
Transaction value accounts for ~32% of the company's TTM revenue of Rs 41 Cr
Deed of Assignment registered on July 3, 2026, with Balaji Constro Realtech LLP
Proceeds support the company's ongoing strategy of non-core asset monetization

💡 Investors should monitor the Q2 FY27 results to quantify the exact profit/gain from this sale and observe if the proceeds are reinvested into the core textile business or the new financial services vertical.

Indian Card Clothing to Close Trading Window from July 1 for Q1 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Jun 2026, 03:14 PM

Indian Card Clothing Company Limited has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations. This closure is mandatory for the preparation and declaration of financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the results are officially announced to the exchanges. The specific date for the board meeting to approve these results will be communicated at a later date.

Trading window closure effective from July 1, 2026
Closure pertains to financial results for the quarter ended June 30, 2026
Window will reopen 48 hours after the declaration of financial results
Complies with SEBI (Prohibition of Insider Trading) Regulations, 2015

💡 This is a routine regulatory announcement with no impact on company fundamentals. Investors should monitor for the future announcement of the board meeting date to review the quarterly earnings.

Indian Card Clothing Q4 FY26 Revenue Dips 7%, Reports Net Loss of ₹3.61 Crore

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 29 May 2026, 02:57 PM

Indian Card Clothing reported a weak performance for Q4 FY26, swinging to a standalone net loss of ₹3.61 crore compared to a profit of ₹17.07 crore in the same quarter last year. Revenue from operations declined by 7% YoY to ₹8.22 crore. For the full year FY26, net profit plummeted to ₹4.20 crore from ₹91.85 crore in FY25, largely due to the absence of a massive one-time exceptional gain of ₹76.14 crore recorded in the previous year. Operating margins were further pressured by a significant drop in 'Other Income' and persistent high employee costs.

Q4 FY26 revenue from operations fell 7.1% YoY to ₹822.53 Lakhs from ₹885.42 Lakhs.
Company reported a standalone net loss of ₹361.66 Lakhs in Q4 FY26 vs a profit of ₹1,706.64 Lakhs in Q4 FY25.
Full-year FY26 net profit stood at ₹420.42 Lakhs, down 95.4% from ₹9,184.72 Lakhs in FY25.
Other income for the full year dropped to ₹2,213.97 Lakhs from ₹4,386.85 Lakhs in the previous year.
Annual Earnings Per Share (EPS) crashed to ₹7.08 from ₹154.60 in the prior year.

💡 Investors should exercise caution as the core business revenue is stagnant and the company has swung into a quarterly loss. The high profit in the previous year was an outlier due to exceptional items, and the current valuation must be reassessed based on normalized earnings.

Indian Card Clothing Submits Regulation 74(5) Compliance Certificate for Q4 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Apr 2026, 04:09 PM

Indian Card Clothing Company Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFin Technologies Limited, confirms that all security certificates received for dematerialization during the quarter ended March 31, 2026, were processed correctly. The Registrar and Transfer Agent (RTA) verified that certificates were mutilated and cancelled, with the depositories' names substituted in the records within the mandated 15-day period. This is a standard administrative filing ensuring the integrity of shareholding records.

Compliance certificate issued by RTA KFin Technologies Limited for the quarter ended March 31, 2026.
Confirmation that security certificates received for dematerialization were mutilated and cancelled after verification.
Depository names were updated in the register of owners within 15 days of document receipt.
The filing adheres to the requirements of Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.

💡 No action is required from investors as this is a routine regulatory filing confirming the company's administrative compliance with SEBI norms.

Indian Card Clothing to Close Trading Window from April 1 for FY26 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Mar 2026, 04:19 PM

Indian Card Clothing Company Limited has announced the closure of its trading window starting April 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations. The closure is ahead of the declaration of financial results for the quarter and year ending March 31, 2026. The window will remain shut until 48 hours after the results are officially announced. The specific date for the board meeting to approve these results will be communicated at a later time.

Trading window closure effective from start of working hours on April 1, 2026.
Closure is related to the financial results for the quarter and year ended March 31, 2026.
Window will reopen 48 hours after the board meeting and result declaration.
Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015.
Board meeting date for result approval to be announced in due course.

💡 This is a routine regulatory filing and does not impact the company's fundamentals. Investors should wait for the announcement of the board meeting date to assess the upcoming financial performance.

Indian Card Clothing Reports Q3 FY26 Revenue of ₹9.39 Cr; Breaks Even with Marginal Loss

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 11 Feb 2026, 06:16 PM

Indian Card Clothing reported a flat revenue of ₹9.39 crore for Q3 FY26 compared to ₹9.44 crore in the same quarter last year. The company posted a marginal net loss of ₹0.08 lakhs, a significant decline from the ₹4.90 crore profit in the previous quarter, primarily due to a 64% drop in other income. The 9-month profit of ₹7.82 crore is significantly lower than the previous year's ₹74.78 crore, which was heavily inflated by one-time gains from property sales. Management remains cautious, citing headwinds in the textile industry but expects a recovery within 9 to 12 months.

Revenue from operations stood at ₹938.94 lakhs, showing a slight decline from ₹943.98 lakhs YoY.
Net profit plummeted to a marginal loss of ₹0.08 lakhs from a profit of ₹489.61 lakhs in the preceding quarter.
Other income decreased by 63.8% QoQ to ₹411.03 lakhs, significantly impacting the bottom line.
9-month FY26 net profit of ₹7.82 crore is down 89.5% compared to ₹74.78 crore in 9M FY25, which included ₹65.7 crore in exceptional gains.
Management expects the textile industry to recover from global geopolitical headwinds in the next 9 to 12 months.

💡 Investors should exercise caution as the company's core operations are currently struggling to maintain profitability without the support of exceptional asset sales. The stock's performance will likely remain subdued until the anticipated recovery in the textile sector materializes over the next year.

View All INDIANCARD Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated Net Profit Before Tax fell 88.2% YoY to INR 949.87 Lakhs in H1 FY25 from INR 8,049.32 Lakhs in H1 FY24, primarily due to the absence of exceptional asset sale gains. The card clothing division previously reported an 11% YoY increase in operating income to INR 51.28 Cr in FY20.

Geographic Revenue Split

Higher exports were a key driver for an 11% YoY increase in operating income in FY20; specific regional percentage splits for H1 FY25 were not disclosed in the available documents.

Profitability Margins

Operating Profit Margin improved to 74.43% in FY25 from 64.78% in FY24. Net Profit Margin reached 255% in FY25 compared to 16.06% in FY24, heavily influenced by one-time profits from the sale of land and buildings.

EBITDA Margin

Operating Profit Margin increased by 9.65 percentage points YoY to 74.43% in FY25, driven by profit on asset sales and fair value gains on investments.

Credit Rating & Borrowing

Credit rating indicates a weak financial risk profile due to continued operating losses in the card clothing division. Interest paid in H1 FY25 was INR 64.15 Lakhs on a significantly reduced debt base (Debt-Equity ratio of 0.04).

⚙️ Operational Drivers

Manufacturing Efficiency

Operating losses in the card clothing division were substantially reduced by lowering overheads that were previously not covered by sufficient revenues.

📈 Strategic Growth

Growth Strategy

The company is executing a strategy of monetizing non-core real estate assets (INR 66.41 Cr profit in H1 FY24) and diversifying into financial services, evidenced by a INR 10 Cr equity investment in CFM Asset Reconstruction Private Limited (CFMARC) approved in October 2025.

Products & Services

Card clothing for textile spinning machinery.

Brand Portfolio

The Indian Card Clothing Company Limited.

Strategic Alliances

Equity investment of INR 10 Cr in CFM Asset Reconstruction Private Limited (CFMARC) to leverage opportunities in the asset reconstruction sector.

🌍 External Factors

Industry Trends

The card clothing industry is facing high overhead pressures; the company is responding by reducing employee costs and shifting focus toward exports, which grew 11% in FY20.

Competitive Moat

Niche expertise in card clothing manufacturing provides a specialized market position; however, sustainability depends on successful cost restructuring and diversification into financial investments.

⚖️ Regulatory & Governance

Regulatory analysis not yet available for this company.

⚠️ Risk Analysis

Key Uncertainties

Sustainability of net profits which were primarily driven by a 255% net profit margin in FY25 due to one-time asset sales (INR 66.41 Cr) rather than core manufacturing performance.

Credit & Counterparty Risk

Trade receivables increased to INR 1,045.32 Lakhs in H1 FY25 from INR 844.88 Lakhs in FY24, a 23.7% rise, indicating potential working capital pressure.