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Indian Terrain Fashions Limited (INDTERRAIN)

₹29.27 +0.34% last close, 16 Oct

📊 NSE: INDTERRAIN 🏢 Textiles - Products 📢 Latest filing: 08 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Indian Terrain's revenue was ₹81.7 Cr (+18.8% year on year, -23.3% on the previous quarter), and net profit ₹-0.8 Cr (a smaller loss than a year earlier); the operating margin was 7.4%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹81.7	+18.8%	-23.3%
Operating profit	₹6.1	+502.0%	-43.7%
Net profit	₹-0.8	loss narrowed	loss narrowed
EPS (₹)	-0.16	loss narrowed	loss narrowed
Operating margin	7.4%	—	—

Full quarterly financials → Results calendar →

INDTERRAIN delivery percentage

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

On Fri, 16 Oct 2026, 85.68% of the INDTERRAIN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 79.04%. That is close to its usual level. Turnover was only ₹4 lakh, so a handful of trades can move this figure. Volume was 0.5 times its average, well below normal.

85.68%Delivery, 16 Oct

79.04%Own 20-session average

0.5×Volume vs its average

₹29.27NSE close · +0.34%

Delivery in the last 5 sessions: 85.5% · 95.5% · 80.2% · 85.9% · 85.7%

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 Terrain Submits Demat Compliance Certificate for Q2 Ended September 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 08 Oct 2026, 05:56 PM

Indian Terrain Fashions Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited confirms the processing, cancellation, and substitution of dematerialised share certificates within prescribed timelines. This is a standard quarterly administrative filing with no financial or operational impact.

Compliance certificate under Regulation 74(5) submitted for the quarter ended September 30, 2026
Issued by RTA MUFG Intime India Private Limited dated October 3, 2026
Confirmed that securities received for dematerialisation were processed and listed on stock exchanges within prescribed timelines

💡 No action required. Investors should track upcoming Q2 FY27 earnings announcements for operational and financial performance updates.

Indian Terrain AGM Approves FY26 Financials and Director Continuation

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Sep 2026, 07:04 PM

Indian Terrain Fashions Limited concluded its 17th Annual General Meeting on September 9, 2026, passing all three listed resolutions with requisite majorities. Shareholders approved the audited standalone financial statements for FY26, where Resolution 1 received 99.9987% votes in favor. Furthermore, the reappointment and continuation of Mrs. Rama Rajagopal as Non-Executive and Non-Independent Director were approved by shareholders. Total voting participation stood at 34.42% for the financial statement adoption out of 21,217 shareholders on record.

All 3 resolutions passed with requisite majority at the 17th AGM held on September 9, 2026
Adoption of FY26 Standalone Financial Statements approved with 99.9987% favorable votes (1,74,38,157 votes)
Continuation of Mrs. Rama Rajagopal as Non-Executive Director passed with 99.4195% votes in favor
Total shareholder count on the cut-off date (September 2, 2026) was 21,217

💡 Track the upcoming Q2 FY27 earnings for operational turnaround, gross margin preservation, and traction in core menswear apparel.

Indian Terrain Targets ₹500 Cr Revenue by FY28; Outlines Turnaround Strategy at 17th AGM

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Sep 2026, 02:55 PM

Indian Terrain Fashions shared its Chairman's speech at the 17th AGM, outlining a roadmap to regain peak revenue of ₹500 crore by FY28 (compared to TTM revenue of ₹391 crore). The Chairman reported that for FY26, total Comprehensive Income increased by 88% and Profit Before Tax turned positive with a 108% improvement, driven by operational restructuring under the Theory of Constraints. Expansion plans will prioritize cautious retail growth, e-commerce, and distribution depth rather than aggressive footprint addition. The company aims for profitable growth and improved cash flows after past restructuring.

Revenue target set to reach peak level of Rs. 500 Crore by FY28 (vs ₹391 Cr TTM revenue)
Total Comprehensive Income reported up 88% for the financial year ended March 31, 2026
Profit Before Tax turned positive, marking a 108% improvement for FY26
Turnaround strategy anchored around Theory of Constraints (ToC) framework, recognized by TOCICO

💡 Track quarterly revenue progress toward the ₹500 crore FY28 target along with operating margin improvements in upcoming quarterly results.

Indian Terrain Concludes 17th AGM; 58 Members Holding 1.76 Cr Shares Attend via VC

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Sep 2026, 02:52 PM

Indian Terrain Fashions Limited conducted its 17th Annual General Meeting on September 9, 2026, through video conferencing. A total of 58 members representing 1,76,30,724 equity shares attended the meeting. The agenda included the adoption of FY26 standalone audited financial statements and resolutions regarding the reappointment and continuation of Mrs. Rama Rajagopal as Non-Executive and Non-Independent Director. Scrutinizer voting results are expected within two working days.

17th Annual General Meeting concluded on September 9, 2026 (11:00 AM to 11:38 AM IST)
58 members holding 1,76,30,724 equity shares participated via Video Conferencing
Remote e-voting was open from September 4, 2026 (9:00 AM) to September 8, 2026 (5:00 PM)
Resolutions placed for adoption of FY26 accounts and reappointment of Director Mrs. Rama Rajagopal

💡 Track the final voting results to be disclosed within two working days to confirm the formal passage of all ordinary and special resolutions.

Indian Terrain Schedules 17th AGM for Sep 9, 2026; Issues FY26 Annual Report Notice

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 18 Aug 2026, 08:55 PM

Indian Terrain Fashions Limited has issued a statutory notice under Regulation 36(1)(b) of SEBI LODR to shareholders without registered emails, providing website access paths for its FY2025-26 Annual Report. The company's 17th Annual General Meeting is scheduled to be held on September 9, 2026, at 11:00 AM IST via video conferencing. The cut-off date for determining voting rights is September 2, 2026, with remote e-voting open from September 4 to September 8, 2026.

17th AGM scheduled for Wednesday, 9th September 2026 at 11:00 AM IST via VC/OAVM
Cut-off date for e-voting eligibility fixed as Wednesday, 2nd September 2026
Remote e-voting window active from Friday, 4th September 2026 to Tuesday, 8th September 2026
Shareholder record cut-off for dispatch of physical notices was 14th August 2026

💡 Shareholders holding physical shares should ensure KYC updation with the RTA and cast e-votes between September 4 and September 8, 2026.

Indian Terrain Convenes 17th AGM on September 09, 2026; E-Voting Cut-Off Sept 02

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 18 Aug 2026, 08:50 PM

Indian Terrain Fashions Limited has issued notice for its 17th Annual General Meeting (AGM), scheduled for September 09, 2026, via video conferencing. The cut-off date for determining shareholder voting eligibility is September 02, 2026, with remote e-voting running from September 04 to September 08, 2026. Key agenda items include adopting the FY26 financial statements and approving the continuation of Mrs. Rama Rajagopal (age 71) as Non-Executive Non-Independent Director via special resolution.

17th Annual General Meeting scheduled for September 09, 2026 at 11:00 AM IST via Video Conference
Shareholder eligibility cut-off date for e-voting set for September 02, 2026
Remote e-voting open from September 04, 2026 (09:00 AM IST) to September 08, 2026 (05:00 PM IST)
Special Resolution proposed for continuation of Mrs. Rama Rajagopal (DIN: 00003565, aged 71) as Non-Executive Director

💡 Eligible shareholders as of September 02, 2026 can cast votes electronically via CDSL before 5:00 PM on September 08, 2026.

18.8% Revenue Growth and PBT Turnaround to ₹0.14 Cr in Q1 FY'27

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 01 Aug 2026, 09:22 PM

Indian Terrain Fashions reported a revenue of ₹81.74 Cr for Q1 FY'27, an 18.8% increase YoY. The company achieved a significant operational turnaround, reporting a Profit Before Tax (PBT) of ₹0.14 Cr compared to a loss of ₹6.04 Cr in the same quarter last year. EBITDA surged by 233.5% to ₹7.57 Cr, while Gross Margins expanded by 193 bps to 41.0%. Although the company remains marginally loss-making at the PAT level (₹-0.83 Cr), this represents an 86.6% improvement YoY.

Revenue from operations increased 18.8% YoY to ₹81.74 Cr.
EBITDA grew 233.5% YoY to ₹7.57 Cr, with margins improving significantly.
Profit Before Tax turned positive at ₹0.14 Cr vs a loss of ₹6.04 Cr in Q1 FY'26.
Gross Working Capital Days improved to 294 days from 327 days in the previous year.
Exclusive store count stands at 176 as of June 2026, reflecting a rationalized retail footprint.

💡 Investors should monitor if the company can maintain PBT positivity and transition to a positive Net Profit (PAT) in upcoming quarters. The reduction in working capital days is a positive sign for liquidity management.

18.8% Revenue Growth and Return to Positive PBT in Q1 FY'27

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 01 Aug 2026, 08:22 PM

Indian Terrain Fashions reported a strong Q1 FY'27 with revenue growing 18.8% YoY to ₹81.74 Cr. The company achieved a significant turnaround at the Profit Before Tax (PBT) level, posting ₹0.14 Cr compared to a loss of ₹6.04 Cr in the same quarter last year. This was driven by a 193 bps expansion in gross margins to 41.0% and a 233.5% surge in EBITDA to ₹7.57 Cr. Operational efficiency improved as inventory days dropped from 81 to 65, and gross working capital days reduced by 33 days YoY.

Revenue from operations increased 18.8% YoY to ₹81.74 Cr, representing ~21.6% of TTM revenue.
Turned around from a PBT loss of ₹6.04 Cr in Q1 FY'26 to a positive PBT of ₹0.14 Cr.
Gross margin expanded by 193 basis points to 41.0% through disciplined merchandising and channel optimization.
Inventory levels improved significantly, reducing from 81 days to 65 days YoY.
Forward visibility strengthened with SS'27 roadshow order bookings reported up 15-20%.

💡 Watch for the company's ability to translate positive PBT into consistent Net Profit (PAT) in the upcoming festive quarters and monitor the impact of rising freight costs on margins.

18.8% Revenue Growth and Return to Positive PBT in Q1 FY'27

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 01 Aug 2026, 06:42 PM

Indian Terrain Fashions reported a turnaround in operational performance for Q1 FY'27, with revenue growing 18.8% YoY to ₹81.74 Cr. The company achieved a positive Profit Before Tax (PBT) of ₹0.14 Cr, a significant recovery from a ₹6.04 Cr loss in the same quarter last year. Gross margins expanded by 193 bps to 41.0%, supported by disciplined merchandising and channel optimization. Efficiency gains were also visible in the working capital cycle, with gross working capital days reducing by 33 days YoY to 294 days.

Revenue from operations increased 18.8% YoY to ₹81.74 Cr.
EBITDA surged 233.5% YoY to ₹7.57 Cr with a 9.26% margin.
Gross margin expanded by 193 basis points to reach 41.0%.
Gross working capital days reduced by 33 days YoY to 294 days.
Forward visibility improved with roadshow order bookings up by 15-20%.

💡 Monitor the company's ability to maintain positive PBT through the upcoming festive season and track the impact of rising freight and raw material costs on margins.

₹81.74 Cr Q1 Revenue: Indian Terrain Narrows Net Loss to ₹0.83 Cr, PBT Turns Positive

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 01 Aug 2026, 10:59 AM

Indian Terrain Fashions reported a 18.8% YoY increase in revenue to ₹81.74 Cr for Q1 FY27. The company achieved a turnaround at the operational level with a Profit Before Tax (PBT) of ₹0.14 Cr, compared to a loss of ₹6.04 Cr in the same quarter last year. However, due to a deferred tax charge of ₹0.97 Cr, the company reported a net loss of ₹0.83 Cr, which is still a significant improvement from the ₹6.19 Cr loss in Q1 FY26. Finance costs remain a heavy burden at ₹4.51 Cr, nearly equal to the company's employee and depreciation costs combined.

Revenue from operations increased 18.8% YoY to ₹81.74 Cr from ₹68.78 Cr.
Net loss narrowed by 86.6% YoY to ₹0.83 Cr from ₹6.19 Cr.
Profit Before Tax (PBT) turned positive at ₹0.14 Cr vs a loss of ₹6.04 Cr in the year-ago period.
Finance costs remained high at ₹4.51 Cr, representing 5.5% of quarterly revenue.
The 17th Annual General Meeting (AGM) is scheduled for September 10, 2026.

💡 Watch for the company's ability to sustain positive PBT in the coming quarters and whether the exit from the boys' wear segment leads to better inventory management and reduced debtor days.

Indian Terrain Fashions Submits Quarterly Share Dematerialization Certificate for June 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Jul 2026, 12:21 PM

Indian Terrain Fashions Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that for the quarter ended June 30, 2026, all share certificates received for dematerialization were processed, cancelled, and the records updated within prescribed timelines. This certificate was issued by the company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited. This is a standard administrative filing with no impact on the company's financial performance or business operations.

Compliance certificate issued for the quarter ended June 30, 2026
Registrar MUFG Intime India Private Limited confirmed processing of dematerialization requests
Securities comprised in the certificates are listed on the stock exchanges where earlier securities were listed
Confirmation that the name of depositories has been substituted in the register of members as the registered owner

💡 This is a routine regulatory filing. Investors should monitor the company's upcoming quarterly financial results for insights into operational performance.

Indian Terrain Fashions Announces Trading Window Closure from June 30, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Jun 2026, 02:03 PM

Indian Terrain Fashions Limited has announced that its trading window for dealing in company securities will be closed starting from the quarter ending June 30, 2026. This action is taken in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, to ensure no insider trading occurs before the release of financial results. The window will remain shut until 48 hours after the declaration of the un-audited financial results for the said quarter. The company will announce the specific date of the Board Meeting for result approval in a separate future communication.

Trading window closure commences from the end of the quarter on June 30, 2026.
Restriction applies to all Promoters, Directors, Designated Persons, and their immediate relatives.
The window will reopen 48 hours after the official declaration of Q1 FY 2026-27 un-audited financial results.
Notification is issued pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 No immediate action is required as this is a standard regulatory procedure; investors should monitor for the upcoming board meeting date to assess the company's quarterly performance.

Indian Terrain Re-appoints MD & CEO and Chairman; Appoints New Independent Director

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 29 May 2026, 10:56 PM

Indian Terrain Fashions Limited has received shareholder approval for the re-appointment of its top leadership, ensuring management continuity for the next three years. Mr. Charath Ram Narsimhan has been re-appointed as MD & CEO, and Mr. Venkatesh Rajagopal as Executive Chairman, both effective from August 8, 2026. Additionally, the company has appointed Mr. J Suresh, a former Chief Commissioner of Income Tax, as an Independent Director for a five-year term. These appointments include revisions in remuneration for the executive roles, reflecting the board's confidence in the current leadership's strategic direction.

Re-appointment of Mr. Charath Ram Narsimhan as MD & CEO for a 3-year term starting August 8, 2026
Re-appointment of Mr. Venkatesh Rajagopal as Executive Chairman for a 3-year term with revised remuneration
Appointment of Mr. J Suresh as Independent Director for a 5-year term effective April 21, 2026
Shareholder approval secured via postal ballot with results declared on May 29, 2026
Leadership team brings over 30 years of experience in garment industries and regulatory administration

💡 Investors should take confidence in the leadership stability and the addition of high-level regulatory expertise to the board. Monitor future financial statements to assess the impact of revised executive remuneration on operating margins.

Indian Terrain Shareholders Approve Re-appointment of MD & CEO and Chairman for 3-Year Terms

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 29 May 2026, 10:53 PM

Shareholders of Indian Terrain Fashions Limited have approved the re-appointment of key leadership through a postal ballot process. Mr. Venkatesh Rajagopal has been re-appointed as Executive Chairman and Mr. Charath Ram Narsimhan as MD & CEO, both for three-year terms starting August 8, 2026. Additionally, Mr. J Suresh has been appointed as an Independent Director for a five-year term effective April 21, 2026. These approvals include revisions in remuneration for the top executive roles, ensuring leadership continuity for the company.

Re-appointment of Mr. Venkatesh Rajagopal as Executive Chairman for 3 years starting August 8, 2026
Re-appointment of Mr. Charath Ram Narsimhan as MD & CEO for 3 years starting August 8, 2026
Appointment of Mr. J Suresh as Independent Director for a 5-year term effective April 21, 2026
All resolutions passed with requisite majority via remote e-voting ending May 28, 2026
Re-appointments include revisions in remuneration for both the Executive Chairman and MD & CEO

💡 Investors should view this as a positive sign of leadership stability and continuity. Monitor future financial results to ensure that the revised executive remuneration remains aligned with the company's growth and profitability.

Indian Terrain Shareholders Approve Re-appointment of Chairman and MD via Postal Ballot

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 29 May 2026, 10:32 PM

Indian Terrain Fashions Limited (INDTERRAIN) has announced the successful passage of three key special resolutions via postal ballot. Shareholders approved the appointment of Mr. J Suresh as an Independent Director and the re-appointment of both the Executive Chairman, Mr. Venkatesh Rajagopal, and the MD & CEO, Mr. Charath Ram Narsimhan. The voting results showed strong overall support, with each resolution receiving over 99.8% of the total votes cast. This ensures leadership continuity for the company for the upcoming term.

Mr. J Suresh appointed as Non-Executive Independent Director with 99.84% votes in favor.
Mr. Venkatesh Rajagopal re-appointed as Executive Chairman with 99.84% support from voting shareholders.
Mr. Charath Ram Narsimhan re-appointed as MD & CEO with 99.83% total votes in favor.
Public non-institutional shareholders showed a notable 23.34% dissent regarding the MD & CEO's re-appointment.
Total of 21,605 shareholders were eligible to vote as of the April 24, 2026 cut-off date.

💡 The re-appointment of the core leadership team provides stability; investors should monitor if this continuity translates into improved financial performance and address the minor dissent among public shareholders.

View All INDTERRAIN Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Revenue for FY 2024-25 degrew by 25.31% to INR 340.60 Cr. However, Q2 FY'26 showed a rebound with 17.6% YoY growth to INR 100.96 Cr. EBO (Exclusive Brand Outlet) revenue contributes over 50% of total revenue. MBO (Multi-Brand Outlet) recorded a strong turnaround in Q2 FY'26, while LFO (Large Format Store) revenue declined due to strategic exits from low-margin formats like Reliance and Pantaloons.

Geographic Revenue Split

The company has a wide presence across India with 234 stores as of June 2024, though operations are mostly dominated in the Southern region.

Profitability Margins

Gross margin improved to 40.3% in Q2 FY'26 from 37.4% YoY. Operating Profit Margin for FY 2024-25 was -0.62% compared to 7.45% in FY 2023-24. PAT margin for Q2 FY'26 was -0.44%, a significant improvement from -25.42% in Q2 FY'25.

EBITDA Margin

Operating EBITDA margin stood at 9.3% (INR 9.39 Cr) in Q2 FY'26, compared to -2.57% (INR -2.2 Cr) in Q2 FY'25, reflecting early operating leverage and tighter cost control.

Capital Expenditure

Not disclosed in available documents, though ongoing renovations for EBO and EFO stores are mentioned as part of the strategy to enhance customer experience.

Credit Rating & Borrowing

Crisil reaffirmed the long-term rating at 'Crisil BBB-' and short-term rating at 'Crisil A3' with a Negative outlook. Finance costs for FY 2024-25 were INR 20.96 Cr, a slight decrease of 3.89% YoY.

⚙️ Operational Drivers

Raw Materials

Apparel fabrics and textiles (specific raw materials like cotton or synthetic blends are not named, but COGS represented 59.7% of revenue in Q2 FY'26).

Capacity Expansion

Current store count is 234 as of June 2024. The company is focusing on store productivity and renovations rather than rapid unit expansion.

Raw Material Costs

Cost of goods sold was INR 60.30 Cr in Q2 FY'26, representing 59.7% of revenue. Procurement strategies include sourcing efficiencies to drive gross margin expansion.

Manufacturing Efficiency

Not disclosed in available documents; however, the company exited the boys wear segment to improve overall operational focus.

Logistics & Distribution

Selling expenses were INR 15.14 Cr in Q2 FY'26, representing approximately 15% of revenue.

📈 Strategic Growth

Expected Growth Rate

17.60%

Growth Strategy

Growth is targeted through a sharper product mix, disciplined discounting, and channel optimization. This includes transitioning to an outright business model with Flipkart for online sales and focusing on high-productivity EBOs while exiting low-margin LFO partnerships.

Products & Services

Readymade garments for men, including shirts, trousers, and casual wear.

Brand Portfolio

Indian Terrain

New Products/Services

The company recently closed its boys wear segment to focus on the core men's apparel business.

Market Expansion

Focusing on improving store productivity and secondary offtake in the MBO channel, which has emerged as a key growth driver.

Strategic Alliances

Strategic transition to an outright business model with Flipkart since August 2025 to improve online profitability.

🌍 External Factors

Industry Trends

The apparel industry is seeing a shift toward channel optimization and e-commerce profitability. ITFL is positioning itself by exiting low-margin physical formats and adopting outright models for online sales.

Competitive Landscape

Vulnerable to intense competition from other national and international apparel brands and rapid changes in fashion trends.

Competitive Moat

Moat is built on a 30-year promoter legacy in the apparel industry and a strong brand presence with 234 stores. Sustainability depends on maintaining brand relevance amidst changing fashion trends.

Macro Economic Sensitivity

Highly sensitive to consumer discretionary spending and festive-led demand; Q2 FY'26 growth was specifically supported by festive demand.

Consumer Behavior

Shift toward festive-led demand and improved sell-through in the MBO channel.

⚖️ Regulatory & Governance

Industry Regulations

Compliant with SEBI Listing Obligations and Disclosure Requirements (LODR) and relevant corporate laws. The company maintains an Insider Trading Code and a Risk Management Policy.