THOMASCOTT - Thomas Scott
📢 Recent Corporate Announcements
Thomas Scott (India) Limited conducted an Extraordinary General Meeting (EGM) on March 12, 2026, to seek shareholder approval for three key resolutions. The agenda included approving material related party transactions with Bang Overseas Limited and Vedanta Creations Limited. Additionally, a special resolution was proposed to increase the investment limits for Non-Resident Indians (NRI) and Overseas Citizens of India (OCI). A total of 50 shareholders participated in the meeting, and final voting results are expected within two working days.
- Approval sought for Material Related Party Transactions with Bang Overseas Limited and Vedanta Creations Limited via ordinary resolutions.
- Proposed Special Resolution to increase investment limits for Non-Resident Indians (NRI) and Overseas Citizens of India (OCI).
- A total of 50 shareholders attended the meeting via Video Conferencing, comprising 29 from the Promoter Group and 21 from the Public.
- Remote e-voting was conducted between March 9 and March 11, 2026, prior to the EGM.
- Final voting results and the Scrutinizer's report will be disclosed within two working days of the meeting's conclusion.
Thomas Scott (India) Limited reported robust financial performance for Q3 FY26, with revenue from operations growing 46% YoY to ₹66.25 crore. Net profit for the quarter surged 65% YoY to ₹4.97 crore, even as the company navigated a significant fire incident at its Bhiwandi warehouse in November 2025. The company has written off inventory worth ₹21.86 crore, which is recognized as an insurance receivable, and an exceptional loss of ₹31.22 lakhs for property damage. Notably, the nine-month revenue of ₹177.08 crore has already exceeded the total revenue for the entire previous financial year.
- Revenue from operations increased 46% YoY to ₹66.25 crore in Q3 FY26 compared to ₹45.40 crore in Q3 FY25.
- Net Profit (PAT) grew by 65% YoY to ₹4.97 crore from ₹3.00 crore in the corresponding quarter last year.
- 9M FY26 revenue reached ₹177.08 crore, surpassing the full-year FY25 revenue of ₹161.03 crore.
- A fire at the Bhiwandi warehouse led to an inventory write-off of ₹21.86 crore, currently filed as an insurance claim.
- The Board has authorized the management to fix the date for an upcoming Extra Ordinary General Meeting (EGM).
Thomas Scott (India) Limited has convened an Extra-Ordinary General Meeting (EGM) for March 12, 2026, to seek shareholder approval for significant corporate actions. The agenda includes approving material related party transactions (RPTs) totaling ₹300 Crores with Bang Overseas Limited and Vedanta Creations Limited. Additionally, the company proposes a special resolution to increase the investment limit for Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) from 10% to 24% of the paid-up equity capital. These moves are aimed at scaling business operations through group entities and broadening the potential investor base.
- Proposed Material Related Party Transaction with Bang Overseas Limited for up to ₹200 Crores for raw materials and finished goods.
- Proposed Material Related Party Transaction with Vedanta Creations Limited for up to ₹100 Crores for goods and services.
- Special resolution to increase the NRI/OCI investment limit from 10% to 24% of the company's paid-up equity share capital.
- EGM scheduled for March 12, 2026, with a remote e-voting period from March 09 to March 11, 2026.
- The cut-off date to determine eligibility for voting and attending the EGM is March 05, 2026.
Thomas Scott (India) Limited has officially released the audio recording of its Q3 and 9M FY 2025-26 earnings conference call held on February 16, 2026. The recording provides insights into the company's performance for the nine-month period ending December 2025. Investors can access the audio via the provided link on the company's investor relations page. A formal written transcript is expected to be filed with the exchanges shortly to provide further clarity on management commentary.
- Earnings call for Q3 and 9M FY 2025-26 successfully conducted on February 16, 2026
- Audio recording made available on the company website as per SEBI LODR regulations
- Written transcript of the investor interaction to be released in due course
- Disclosure ensures transparency and equal access to information for all shareholders
Thomas Scott (India) Limited has released the audio recording of its earnings conference call for the third quarter and nine months ended December 31, 2025. The call was held on February 16, 2026, providing a platform for management to discuss the company's financial performance and future outlook. This disclosure is in compliance with SEBI Listing Obligations and Disclosure Requirements. A written transcript of the session is expected to be filed with the stock exchanges and uploaded to the company's website shortly.
- Earnings call for Q3 and 9M FY 2025-26 was conducted on February 16, 2026.
- Audio recording is now publicly accessible via the company's official website.
- Compliance maintained with Regulation 30 and 46 of SEBI LODR Regulations.
- Management to provide a written transcript of the investor conference in due course.
Thomas Scott (India) Limited has successfully transitioned from a traditional manufacturer to a tech-enabled B2C fashion retailer, with B2C revenue now accounting for 94% of the total mix. The company reported a robust 3-year revenue CAGR of 71% and a PAT CAGR of 177%, with 9M-FY26 operational income reaching INR 1,771 Mn. Leveraging a 'high-width low-depth' inventory strategy, the firm operates 4 manufacturing plants and 4 fulfillment centers. The company is also integrating GenAI tools like thread.ai and catalog.ai to optimize trend forecasting and e-commerce operations.
- Achieved a 3-year Revenue CAGR of 71% and a PAT CAGR of 177% as of 9M-FY26.
- B2C segment revenue (Own and Licensed brands) surged to 94% of total revenue in 9M-FY26.
- Licensed brands revenue grew from INR 150 Mn in FY23 to INR 996 Mn in 9M-FY26.
- Maintains a manufacturing capacity of 140,000 units per month with a 16.47% ROCE.
- Developing proprietary GenAI tools, thread.ai and catalog.ai, for data-driven design and automated cataloging.
Thomas Scott (India) Limited has approved its unaudited financial results for the quarter and nine months ended December 31, 2025, during its board meeting on February 14, 2026. While the specific financial figures were not detailed in the cover letter, the board confirmed the issuance of a Limited Review Report by statutory auditors M/s. Bharat Gupta & Co. Additionally, the company has authorized management to finalize the details for an upcoming Extra Ordinary General Meeting (EGM). The meeting was conducted efficiently, lasting approximately 70 minutes.
- Board approved un-audited financial results for the quarter and nine months ended December 31, 2025.
- Statutory auditors M/s. Bharat Gupta & Co. issued a Limited Review Report on the financial statements.
- Authorization granted to Managing Director Brijgopal Bang to fix the date and mode for an Extra Ordinary General Meeting (EGM).
- The board meeting commenced at 3:00 PM and concluded at 4:10 PM on February 14, 2026.
Thomas Scott (India) Limited has announced its earnings conference call scheduled for Monday, February 16, 2026, at 12:00 PM IST. The management will discuss the company's financial performance for the third quarter and nine-month period of FY26. The call will feature Mr. Vedant Bang, Managing Director (E-commerce), providing insights into the company's digital growth and operational results. Audio recordings and transcripts will be made available on the company's investor relations website following the event.
- Earnings conference call scheduled for February 16, 2026, at 12:00 PM IST.
- Discussion to focus on Q3 and 9M-FY26 financial results.
- Management representation by Mr. Vedant Bang, Managing Director (E-commerce).
- Universal dial-in numbers provided: +91 22 6280 1341 and +91 22 7115 8242.
- Investor kit and registration links provided via Valorem Advisors.
Thomas Scott (India) Limited has responded to NSE's clarification request regarding discrepancies in its Q2 FY26 financial filings, citing clerical errors in the XBRL and PDF submissions. Despite the administrative lapses, the company reported strong financial growth for the quarter ended September 30, 2025, with revenue increasing 40% YoY to ₹56.93 crore. Net profit for the quarter surged 66.3% YoY to ₹4.71 crore, up from ₹2.83 crore in the previous year. The company has now submitted corrected filings and implemented internal checks to prevent future reporting errors.
- Revenue from operations grew 40% YoY to ₹5,693.31 Lacs in Q2 FY26.
- Net Profit (PAT) increased by 66.3% YoY to ₹471.55 Lacs for the quarter.
- Half-yearly (H1 FY26) revenue reached ₹11,082.21 Lacs compared to ₹6,801.44 Lacs in H1 FY25.
- Earnings Per Share (EPS) improved to ₹3.21 for the quarter from ₹2.58 in the same period last year.
- Company clarified that the initial XBRL filing error was an unintentional oversight and has been rectified.
Thomas Scott (India) Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period ended December 31, 2025. The certificate, issued by KFin Technologies Limited, confirms that the company has processed all dematerialization and rematerialization requests in accordance with regulatory standards. This filing is a mandatory procedural requirement for all listed entities to ensure transparency in shareholding records. It indicates that the company's registrar is maintaining accurate records with both NSDL and CDSL.
- Submission of SEBI Regulation 74(5) certificate for the quarter ending December 31, 2025.
- Confirmation of compliance provided by Registrar and Share Transfer Agent, KFin Technologies Limited.
- Verification that security details were furnished to BSE and NSE where the company's shares are listed.
- Ensures proper processing and reporting of dematerialization and rematerialization requests during the period.
Thomas Scott (India) Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI insider trading regulations. This closure is ahead of the declaration of the company's financial results for the third quarter and nine months ending December 31, 2025. The window will remain closed until 48 hours after the results are officially released to the stock exchanges. This is a standard regulatory procedure affecting designated persons and their immediate relatives.
- Trading window closure begins on January 1, 2026, for all designated persons.
- The closure pertains to the financial results for the quarter and nine months ending December 31, 2025.
- The window will reopen 48 hours after the official declaration of the financial results.
- The specific date for the Board Meeting to approve results will be announced in due course.
Thomas Scott (India) Limited has announced a virtual group meeting with analysts and institutional investors scheduled for January 06, 2026. The meeting is organized by Valorem Advisors and will take place from 04:00 p.m. to 05:00 p.m. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be discussed, and the interaction will focus on publicly available data. This event is part of the company's regular investor relations activities to maintain transparency with the market.
- Virtual group meeting scheduled for January 06, 2026, from 04:00 p.m. to 05:00 p.m.
- The meeting is being organized by Valorem Advisors for institutional investors and analysts.
- Management representatives will participate to discuss information already in the public domain.
- The company confirmed that no unpublished price sensitive information will be shared during the session.
Financial Performance
Revenue Growth by Segment
The Own Brand (Thomas Scott) segment grew 77% YoY to INR 22 Cr in Q2 FY26. Licensed and other brands grew 23% YoY to INR 33 Cr. Total revenue for Q2 FY26 was INR 57 Cr, up 40% YoY, while H1 FY26 revenue reached INR 111 Cr, a 63% YoY increase.
Profitability Margins
PAT margins for Q2 FY26 stood at 8.26%, a significant improvement from the previous year. For H1 FY26, PAT margins improved to 7.4% with a net profit of INR 8 Cr, representing a 95% YoY increase. Profitability is driven by operating leverage and improved price realization.
EBITDA Margin
EBITDA margin for Q2 FY26 was 14.94% (INR 8.5 Cr), up 93% YoY. H1 FY26 EBITDA margin was 13.09% (INR 15 Cr), a 101% YoY increase. The margin expansion is attributed to scale, a digital model, and a shift toward premiumization.
Capital Expenditure
Management stated the business is not CAPEX-driven but OPEX-driven. Specific historical or planned INR values for CAPEX were not disclosed, though continuous operational spending is maintained.
Operational Drivers
Raw Materials
Textiles and fabrics represent the primary raw material cost, though specific percentage breakdowns per material were not disclosed.
Capacity Expansion
Current capacity is not specified in units; however, the company is scaling its digital model and B2B contract manufacturing business to meet high double-digit growth targets.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but management noted that rising labor and transportation costs are key operational risks.
Manufacturing Efficiency
Efficiency is driven by scale and a digital-first model; however, specific capacity utilization percentages were not provided.
Logistics & Distribution
Not disclosed as a specific percentage, but high transportation costs are identified as a primary threat to the company's cost structure.
Strategic Growth
Expected Growth Rate
20%+
Growth Strategy
The company aims to achieve high double-digit growth by chasing a premiumization trend, expanding its own brand 'Thomas Scott' (which grew 77% in Q2), and leveraging its digital model. They are also focusing on B2B contract manufacturing and maintaining steady traction in licensed brands through partner platforms.
Products & Services
Apparel and clothing (shirts, trousers, etc.) sold under the Thomas Scott brand, licensed brands, and B2B contract manufacturing services.
Brand Portfolio
Thomas Scott
Market Expansion
The company is focusing on scaling its direct-to-consumer franchise and digital model to reach more customers, though specific new regions were not named.
Strategic Alliances
The company supports licensed brands through key partner platforms, contributing INR 33 Cr in Q2 FY26 revenue.
External Factors
Industry Trends
The industry is seeing a shift toward premiumization and digital-first D2C models. The textile business remains cyclical on the supply side, requiring large capital expenditures for capacity expansion across the industry.
Competitive Landscape
The company competes in the branded apparel and contract manufacturing space, facing competition from both established licensed brands and other B2B manufacturers.
Competitive Moat
The company's moat is built on its growing direct-to-consumer franchise (Thomas Scott brand) and its digital model which provides operating leverage. This is sustainable as long as the company maintains its 77% growth trajectory in its own-brand segment.
Macro Economic Sensitivity
Highly sensitive to consumer sentiment and GST regulations; a GST rate cut was a primary driver for the strong demand recovery in Q2 FY26.
Consumer Behavior
Shift toward 'price insensitivity' during festive periods and a general trend toward premium branded apparel.
Regulatory & Governance
Industry Regulations
Operations are subject to the Companies Act, 2013 and Ind AS accounting standards. The textile industry is also sensitive to labor laws given its labor-intensive nature.
Taxation Policy Impact
The company is significantly impacted by GST rates; a recent GST rate cut directly boosted consumer uptake and demand recovery in late 2025.
Legal Contingencies
The company reported zero pending litigations as of March 31, 2025. There are no long-term or derivative contracts with material foreseeable losses.
Risk Analysis
Key Uncertainties
Rising labor costs and a shortage of skilled labor pose a risk to the labor-intensive production model. High transportation costs could impact margins by increasing the cost of goods sold.
Third Party Dependencies
The company relies on key partner platforms for its licensed brand segment, which accounts for INR 33 Cr (approx. 58%) of Q2 revenue.
Technology Obsolescence Risk
The company is mitigating technology risk by transitioning to a digital model to gain scale and efficiency.
Credit & Counterparty Risk
Trade receivables stood at INR 71.5 Cr as of the reporting period, representing a significant portion of current assets that requires monitoring for collection efficiency.