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Interiors & More Limited (INM)

📊 NSE: INM 🏢 Furniture, Home Furnishing 📢 Latest filing: 16 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (H2 FY26)

In its latest reported quarter, H2 FY26, Interiors & More's revenue was ₹61.0 Cr (+48.8% year on year, +173.4% on the previous half-year), and net profit ₹10.0 Cr (+25.0% year on year); the operating margin was 26.2%.

H2 FY26 (₹ Cr)	Value	YoY vs H2 FY25	vs prev. half
Revenue	₹61.0	+48.8%	+173.4%
Operating profit	₹16.0	+33.3%	+188.4%
Net profit	₹10.0	+25.0%	+222.7%
EPS (₹)	7.46	+33.7%	+236.8%
Operating margin	26.2%	—	—

EPS restated for the 1:1 bonus of Dec 2025: H1 FY26 ₹4.43 to ₹2.21.

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Interiors & More Appoints Manish Saraf as Head of Sales & Marketing

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 16 Sep 2026, 05:21 PM

Interiors & More Limited has appointed Mr. Manish Saraf as Head - Sales & Marketing and Senior Management Personnel, effective September 16, 2026. Saraf brings over 25 years of experience in business development, sales, and operations across Indian and overseas markets, including the Gulf and Africa. This aligns with the company's stated strategy to scale international operations via its UAE subsidiary and expand domestic retail footprint. Financial metrics remain steady, with the company clocking ₹142 Cr in TTM revenue and ₹25 Cr in PAT.

Appointment of Mr. Manish Saraf as Head - Sales & Marketing effective September 16, 2026
Appointee possesses over 25+ years of experience in sales, marketing, and market-entry strategies
Track record includes establishing distributor networks across Gulf and African markets
Board meeting approving the appointment was held on September 16, 2026, from 04:30 PM to 05:00 PM

💡 Track whether new leadership accelerates revenue expansion in upcoming quarterly updates, especially across international segments.

Interiors & More Allots 15.54 Lakh Warrants at Rs 179 Each, Raising Rs 27.8 Cr Overall

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 08 Sep 2026, 03:31 PM

Interiors & More Limited has approved the allotment of 15,54,000 warrants at an issue price of Rs 179 per warrant (including a Rs 169 premium) on a preferential basis. The total issue size stands at approximately Rs 27.82 crore, which represents about 17.4% of the company's current market cap of Rs 160 crore. At allotment, 25% upfront subscription money totaling Rs 6.95 crore was collected from promoters and public investors. Promoters Manish Mohan Tibrewal and Rajiv Jhunjhunwala were allotted 3,88,200 and 3,88,800 warrants respectively, accounting for 50% of the total issue.

Allotment of 15,54,000 convertible warrants of face value Rs 10 at an issue price of Rs 179 per warrant
Total issue value of ~Rs 27.82 crore, with 25% upfront subscription (~Rs 6.95 crore) received
Promoter group allotted 7,77,000 warrants (50% of issue), investing ~Rs 3.48 crore upfront
Public allottees include Gretex Corporate Services, Signageus Value Advisors, and individual investors for 7,77,000 warrants

💡 Track the deployment of the newly raised funds towards retail/franchise expansion and monitor the timing of full warrant conversion into equity over the statutory 18-month window.

INM Dispatches Annual Report FY26 Web Link; 14th AGM Scheduled for Sept 24, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Sep 2026, 10:30 PM

Interiors & More Limited has issued a letter pursuant to Regulation 36(1)(b) of SEBI LODR to shareholders without registered email addresses, providing access links to the FY26 Annual Report. The company announced that its 14th Annual General Meeting (AGM) will be held on Thursday, September 24, 2026, at 2:00 PM IST via Video Conferencing/OAVM. Shareholders holding physical or demat shares have been advised to update their email records with the RTA (Bigshare Services Pvt. Ltd) or Depository Participants.

14th Annual General Meeting scheduled for September 24, 2026, at 2:00 PM IST via VC/OAVM
Notice and Annual Report for FY25-26 made available on company website (https://www.inm.net.in/annual-report)
Letter dispatched under Regulation 36(1)(b) to shareholders without registered email addresses
Shareholders advised to update email details with RTA Bigshare Services Pvt. Ltd via Form ISR-1 for physical folios

💡 Shareholders can access the FY26 Annual Report to review detailed full-year audited financials, business performance, and AGM voting resolutions ahead of the September 24, 2026 meeting.

Interiors & More Schedules 14th AGM on September 24, 2026; Issues FY26 Annual Report Web-Link

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Sep 2026, 09:18 PM

Interiors & More Limited has dispatched a web-link notice for its FY 2025-26 Annual Report to shareholders without registered email addresses, pursuant to Regulation 36(1)(b) of SEBI LODR Regulations. The company's 14th Annual General Meeting is scheduled to be held on Thursday, September 24, 2026, at 2:00 PM IST via Video Conferencing. The filing is a standard compliance requirement regarding shareholder communication and AGM scheduling.

14th Annual General Meeting scheduled for September 24, 2026, at 2:00 PM IST via VC/OAVM
Annual Report for FY 2025-26 made accessible via company and exchange portals
Sent communication pursuant to SEBI Listing Regulation 36(1)(b) for unregistered email folios

💡 Track shareholder voting resolutions and management commentary on franchise expansion during the AGM on September 24, 2026.

Interiors & More Schedules 14th AGM for Sept 24, 2026; E-Voting Cut-off Sept 17

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Sep 2026, 09:17 PM

Interiors & More Limited has issued the notice for its 14th Annual General Meeting (AGM) along with its Annual Report for FY 2025-26. The meeting will be conducted via Video Conferencing on Thursday, September 24, 2026, at 2:00 PM IST. The cut-off date for determining shareholder e-voting eligibility is September 17, 2026, with remote e-voting running from September 21 to September 23, 2026. The register of members and share transfer books will remain closed from September 18 to September 24, 2026.

14th Annual General Meeting scheduled for Thursday, September 24, 2026, at 2:00 PM IST via VC/OAVM
Cut-off date for remote e-voting eligibility set as Thursday, September 17, 2026
Remote e-voting window opens September 21, 2026 (9:00 AM) and closes September 23, 2026 (5:00 PM IST)
Book closure period scheduled from September 18, 2026 to September 24, 2026
Annual Report FY26 highlights an active standing inventory of 9530+ SKUs and promoter holding of 69.47% as of March 31, 2026

💡 Eligible shareholders wishing to vote on ordinary and special resolutions should ensure shareholding by the cut-off date of September 17, 2026, and cast votes during the remote e-voting window.

INM Opens 4,620 Sq. Ft. Second Franchise Outlet in Hyderabad, Telangana

🟢 POSITIVE ⭐ 5/10

EXPANSION 📅 01 Sep 2026, 04:19 PM

Interiors and More Limited (INM) has commenced operations of a new franchise outlet under the 'INM' brand on September 01, 2026, in Shamshabad, Hyderabad. The new retail location spans an area of 4,620 sq. ft. and marks the company's second franchise store in the city. The move is part of INM's ongoing strategy to expand its domestic retail presence through an asset-light franchise model. Specific financial metrics, revenue expectations, and setup costs for the store were not disclosed.

Commenced operations of a new franchise outlet on September 01, 2026
Store covers a retail area of 4,620 sq. ft. in Shamshabad, Telangana
Marks the second 'INM' franchise outlet in Hyderabad to date

💡 Track the pace of store rollouts and franchise-driven revenue contributions in upcoming quarterly/half-yearly results.

Interiors & More Sets Sept 17 Record Date for Re 0.50 Dividend; Re-Appoints ED Rajat Singhal

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 31 Aug 2026, 04:47 PM

Interiors & More Limited's Board has approved the re-appointment of Mr. Rajat Vijendra Singhal as Executive Director for a 3-year term from July 04, 2027, to July 03, 2030, subject to shareholder approval. The Board also fixed September 17, 2026, as the record date for determining eligibility for the recommended final dividend of Re. 0.50 per equity share (5.0% on Rs. 10 face value) for FY 2025-26. Furthermore, the 14th Annual General Meeting has been scheduled for September 24, 2026.

Fixed September 17, 2026, as the record date for a final dividend of Re. 0.50 per share (5.0% on Rs. 10 face value)
Re-appointed Executive Director Rajat Singhal for a 3-year term effective July 04, 2027, to July 03, 2030
Scheduled 14th Annual General Meeting for September 24, 2026
Dividend will be dispatched/credited within 30 days of shareholder approval at the AGM

💡 Investors seeking dividend eligibility must hold shares before the September 17, 2026 record date; monitor voting outcomes at the September 24, 2026 AGM.

Interiors & More Sets Sept 17 Record Date for Re 0.50 Final Dividend; Reappoints ED

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 31 Aug 2026, 03:56 PM

Interiors & More Limited has fixed September 17, 2026, as the record date for determining shareholder eligibility for its final dividend of Re. 0.50 per share (5% on face value of Rs. 10) for FY 2025-26. The dividend was previously recommended on May 26, 2026, and is subject to shareholder approval at the 14th AGM on September 24, 2026. If approved, the dividend will be credited within 30 days of declaration. The board also approved the re-appointment of Executive Director Mr. Rajat Singhal for a 3-year term starting July 4, 2027.

Record date for final dividend fixed as September 17, 2026
Final dividend recommended at Re. 0.50 per equity share (5.0% on Rs. 10 face value)
14th Annual General Meeting scheduled for September 24, 2026 via VC/OAVM
Re-appointment of Executive Director Mr. Rajat Singhal approved for 3 years effective July 4, 2027

💡 Track the AGM proceedings on September 24, 2026, for shareholder approval of the dividend and re-appointment resolutions.

INM Sets Sept 17 Record Date for Re 0.50/Share Final Dividend; Schedules AGM for Sept 24

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 31 Aug 2026, 03:41 PM

Interiors & More Limited announced that its Board has fixed September 17, 2026, as the record date for determining shareholder eligibility for a final dividend of Re. 0.50 per share (5% on face value of Rs 10) for FY26. The 14th Annual General Meeting is scheduled for September 24, 2026, where the dividend and the re-appointment of Executive Director Mr. Rajat Singhal for a 3-year term starting July 4, 2027, will be put up for shareholder approval. Approved dividends will be disbursed within 30 days of the AGM declaration.

Fixed September 17, 2026 as the record date for the recommended final dividend of Re. 0.50 per share (5.0% on Rs 10 FV) for FY 2025-26
14th Annual General Meeting scheduled for September 24, 2026 via video conferencing
Approved re-appointment of Mr. Rajat Vijendra Singhal as Executive Director for 3 years starting July 04, 2027
Dividend payout to be completed within 30 days of shareholder approval at the AGM

💡 Track the ex-dividend date prior to the September 17, 2026 record date for dividend eligibility, and monitor shareholder voting results from the AGM on September 24, 2026.

INM receives NSE nod for 15.54L convertible warrants at Rs 179/sh to raise Rs 27.8 Cr

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 28 Aug 2026, 03:40 PM

Interiors & More Limited has secured in-principle approval from the National Stock Exchange (NSE) for the issuance and allotment of 15,54,000 fully convertible warrants on a preferential basis. The warrants are priced at Rs 179 each (face value Rs 10), aggregating to a potential capital infusion of ~Rs 27.82 Cr. The issue is allocated across Promoter and Public categories, and the issue price of Rs 179 is set at a ~13.2% premium to the current market price of Rs 158.1. The total fundraise represents ~16.3% of the company's Rs 171 Cr market cap and ~36.1% of its net worth.

Received NSE in-principle approval dated August 27, 2026, for 15,54,000 fully convertible warrants
Issue price fixed at Rs 179 per warrant (face value Rs 10 each)
Total potential fundraise of ~Rs 27.82 Cr to Promoter and Public categories
Issue price of Rs 179 represents a ~13.2% premium over the market price of Rs 158.1

💡 Track the formal allotment dates, upfront receipt of the 25% warrant subscription amount, and the subsequent conversion timeline into equity shares.

INM Shareholders Unanimously Approve Issuance of Up to 15.54 Lakh Convertible Warrants

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 14 Aug 2026, 10:27 PM

Interiors & More Limited (INM) shareholders have unanimously approved the issuance of up to 15,54,000 fully convertible warrants on a preferential basis to promoter and public categories at the EGM held on August 14, 2026. The special resolution received 100% affirmative votes out of 1,17,20,100 total votes polled (83.77% overall voting turnout). Upon full conversion, this fundraise would expand the company's equity base by ~11.1% on existing 1,39,90,800 shares.

Special resolution for issuing up to 15,54,000 fully convertible warrants approved with 100% votes in favour.
Total 1,17,20,100 votes polled out of 1,39,90,800 total equity shares, representing an 83.77% turnout.
100% participation from promoter group (97,18,800 votes) and unanimous approval from institutional (3,92,400 votes) and non-institutional public shareholders (16,08,900 votes).
Potential equity dilution of ~11.1% against current outstanding equity share base of 1.40 crore shares.

💡 Track subsequent exchange filings regarding warrant issue pricing, allotment dates, upfront 25% cash inflow, and end-use of proceeds for business expansion.

EGM Held to Approve Preferential Issue of Up to 15.54 Lakh Convertible Warrants

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 14 Aug 2026, 06:18 PM

Interiors & More Limited conducted its 1st Extraordinary General Meeting on August 14, 2026, to seek shareholder approval for issuing up to 15,54,000 fully convertible warrants. The proposed issuance is on a preferential basis to both promoter and public category entities. The company indicated that official voting results and the scrutinizer's report will be declared separately.

Special resolution proposed for issuance of up to 15,54,000 fully convertible warrants on a preferential basis.
Warrant allocation targeted at entities belonging to both 'promoter' and 'public' categories.
Remote e-voting concluded on August 13, 2026, at 05:00 PM IST ahead of the EGM on August 14, 2026.
Final scrutinizer voting results and outcome to be notified separately to stock exchanges.

💡 Track the upcoming disclosure of voting results, issue pricing per warrant, and conversion terms to assess the exact capital infusion and dilution impact.

15.54 Lakh Warrants: INM Clarifies EGM Notice Following NSE Observations

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 13 Aug 2026, 04:41 PM

Interiors & More Limited (INM) has provided clarifications to its EGM notice regarding the proposed preferential issue of 15,54,000 warrants. The update follows observations from the NSE on August 12, 2026, requiring specific language on legal compliance and fund deployment. The company confirmed that unutilized funds will be parked in scheduled commercial banks or money market mutual funds. This procedural step is essential for the company to proceed with the capital raise, which represents a potential equity dilution of approximately 14.6% based on current share estimates.

Proposed preferential issue of 15,54,000 warrants to be allotted within 15 days of shareholder approval.
Clarified that fund deployment schedules and revisions will strictly adhere to applicable laws.
Unutilized proceeds to be deposited in RBI-scheduled commercial banks or creditworthy money market instruments.
Provided direct access links to the PCS Compliance Certificate and the Valuation Report dated July 17, 2026.
Response issued within 24 hours of the NSE observation letter dated August 12, 2026.

💡 Investors should review the valuation report (dated July 17, 2026) via the provided link to understand the warrant pricing and monitor the EGM results for approval of the issuance.

Resignation of 1 Senior Management Personnel (HR Manager) effective August 10, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 11 Aug 2026, 02:42 PM

Interiors & More Limited (INM) has announced the resignation of Mr. Sameer B. Gawade, who held the position of HR Manager and was designated as Senior Management Personnel (SMP). The resignation was tendered on July 09, 2026, and became effective at the close of business on August 10, 2026. The departure is attributed to the individual pursuing better career opportunities, with no other material reasons cited. Given the company's small-cap status (₹179 Cr market cap), this is a routine administrative change in the management layer.

Resignation of HR Manager effective from close of business on August 10, 2026.
Resignation notice was originally submitted on July 09, 2026.
Company reported TTM Revenue of ₹142 Cr and TTM PAT of ₹25 Cr.
Market capitalization stands at ₹179 Cr with a P/E of 7.1.

💡 Investors should monitor for the appointment of a new HR head to ensure continuity in the company's stated strategy of domestic and international retail expansion.

View All INM Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The UAE subsidiary, Interiors & More Limited LLC-SP, reported a turnover of 2,604,811 AED for FY25, while the domestic subsidiary INM House Pvt Ltd contributed 0% to the total revenue as it remained non-operational since incorporation.

Geographic Revenue Split

Revenue is split between international operations in the UAE (100% of subsidiary turnover from Interiors & More Limited LLC-SP) and domestic operations in India, with a new franchise expansion targeting the Eastern region (Kolkata).

Profitability Margins

The UAE subsidiary achieved a Net Profit margin of 27.83% (Profit After Tax of 724,988 AED on turnover of 2,604,811 AED). The domestic subsidiary INM House Pvt Ltd reported a net loss of INR 13,600.

EBITDA Margin

Not disclosed in available documents; however, the UAE subsidiary's Profit Before Tax margin stood at 27.83% (724,988 AED), indicating high core profitability in international decor markets.

Capital Expenditure

Historical CapEx includes the acquisition of two subsidiaries in 2023: Interiors & More Limited LLC-SP (August 2023) and INM House Pvt Ltd (November 2023). Specific INR Cr values for FY25 expansion were not disclosed.

Credit Rating & Borrowing

The company has sanctioned working capital limits exceeding INR 5 Cr from banks and financial institutions, secured against current assets. Specific interest rate percentages were not disclosed.

⚙️ Operational Drivers

Raw Materials

Specific raw material names like synthetic fabrics, plastics, or ceramics for artificial flowers and decor are not explicitly listed, but inventory is categorized by class with no discrepancies exceeding 10%.

Capacity Expansion

Expansion is currently focused on the retail footprint rather than manufacturing units, specifically the opening of a new franchise outlet in Kolkata on December 15, 2025, through an MOU with Interiors & Flowers LLP.

Logistics & Distribution

The company is expanding its distribution through a franchise model to increase market coverage and brand recognition in the Eastern region of India.

📈 Strategic Growth

Growth Strategy

Growth will be achieved through a dual-track strategy: international scaling via the UAE subsidiary (which is already profitable) and domestic retail expansion via franchise MOUs, such as the Brabourne Road outlet in Kolkata, to leverage local partner networks without heavy capital outlay.

Products & Services

The company sells interior decor products, artificial flowers, and related lifestyle accessories under the 'INM' brand.

Brand Portfolio

INM (Interiors & More).

New Products/Services

The company is launching new franchise-led retail services, with the first major Eastern region outlet set to open in December 2025.

Market Expansion

Targeting the Eastern region of India (Kolkata) via franchise agreements and maintaining a presence in the Middle East (UAE) through a wholly-owned subsidiary.

Strategic Alliances

Entered into an MOU with Interiors & Flowers LLP on December 12, 2025, for a franchise outlet in Kolkata.

🌍 External Factors

Industry Trends

The industry is shifting toward branded retail and franchise-led distribution to capture regional demand. INM is positioning itself by transitioning from a private limited structure to a public entity with expanded market coverage.

Competitive Landscape

The company competes in the fragmented interior decor and artificial flower market against both unorganized local players and organized lifestyle brands.

Competitive Moat

The company's moat is built on its 'INM' brand recognition and its ability to maintain high-quality internal financial controls, which provides a basis for scaling through franchises while maintaining asset security.

Macro Economic Sensitivity

The business is sensitive to the performance of the Indian and international economies, as demand for interior styling is closely linked to real estate growth and disposable income levels.

Consumer Behavior

Increasing consumer preference for branded interior solutions in Tier 1 cities like Kolkata is driving the company's franchise expansion strategy.

Geopolitical Risks

Operations in the UAE subject the company to Middle Eastern regulatory changes and trade policies.

⚖️ Regulatory & Governance

Industry Regulations

Complies with the Companies Act 2013, SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, and SEBI (Prohibition of Insider Trading) Regulations 2015.

Environmental Compliance

The company maintains a Health, Safety and Environment (HSE) policy to comply with legal requirements for a safe work environment.

Taxation Policy Impact

The UAE subsidiary reported 0 AED in tax provision for FY25, while the Indian entity follows the Companies Act 2013 and relevant Income Tax rules.

Legal Contingencies

The company reported 0 pending litigations in its financial statements as of March 31, 2025.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the successful integration and performance of new franchise outlets, which could impact brand reputation if standards are not met.

Geographic Concentration Risk

High concentration in the UAE for international revenue (100% of foreign turnover) and a new concentration risk in the Eastern Indian market (Kolkata).