Thomas Scott (India) Limited (THOMASCOTT)
₹273.15 -1.57% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Thomas Scott's revenue was ₹65.8 Cr (+22.1% year on year, -15.4% on the previous quarter), and net profit ₹5.4 Cr (+56.9% year on year); the operating margin was 13.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹65.8 | +22.1% | -15.4% |
| Operating profit | ₹8.6 | +40.1% | -22.4% |
| Net profit | ₹5.4 | +56.9% | -9.7% |
| EPS (₹) | 3.71 | +48.4% | -9.5% |
| Operating margin | 13.0% | — | — |
THOMASCOTT delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 60.87% of the THOMASCOTT shares traded on NSE were taken to delivery, against the stock's own 20-session average of 55.36%. That is close to its usual level. Turnover was only ₹65 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal. It closed at a price band (circuit) on 1 session in about the last 20.
Delivery in the last 5 sessions: 49.2% · 54.5% · 53.3% · 51.6% · 60.9%
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
Thomas Scott (India) Limited announced the voting results and Scrutinizer's Report for its 16th Annual General Meeting held on September 29, 2026. Shareholders approved all agenda items with the requisite majority, including the adoption of FY26 financial statements (99.98% votes in favor). Material related party transactions with Bang Overseas Limited and Vedanta Creations Limited were approved with 85.82% and 84.53% majority, respectively. Additionally, the reappointment of Mr. Vedant Bang as Managing Director was approved with 98.30% votes in favor.
- Adoption of FY26 financial statements passed with 99.98% votes in favor (5,162,179 votes)
- Reappointment of Mr. Vedant Bang as Managing Director approved with 98.30% votes in favor
- Material related party transaction with Bang Overseas Limited approved with 85.82% votes in favor and 14.18% against
- Material related party transaction with Vedanta Creations Limited approved with 84.53% votes in favor and 15.47% against
- A total of 48 shareholders attended the AGM in person or via proxy
Thomas Scott (India) Limited has entered into a long-term licensing agreement with F21 IPCO LLC (a subsidiary of Authentic Brands Group) as the exclusive licensee for the Forever 21 brand across India, Nepal, and Bangladesh. The initial agreement spans 5 years with an option to extend for another 5 years, covering design, manufacturing, distribution, retail, and e-commerce. TSIL has also been appointed as a Global Designated Supplier to manufacture and supply products for Forever 21's international partner network. The commercial arrangement involves royalty payments on net sales in licensed regions and wholesale margins on global supplies, expanding beyond TSIL's FY26 consolidated revenue base of ₹254.9 crore.
- Exclusive license granted for 5 years with an option to extend for another 5 years across India, Nepal, and Bangladesh
- Appointed Global Designated Supplier to export and supply Forever 21 goods to international partner networks
- Licensing covers apparel, bags, footwear, swimwear, and accessories across omnichannel distribution
- Company reported FY26 consolidated revenue of ₹254.9 crore, representing 58.3% YoY growth, supported by 4 factories and 4 fulfilment centres
- Counterparty parent entity Authentic Brands Group drives over $38 billion in annual systemwide sales worldwide
Thomas Scott (India) Limited has issued a notice for its 16th Annual General Meeting scheduled for September 29, 2026. Key special resolutions include shareholder approval for material related party transactions of up to Rs 200 crore with Bang Overseas Limited and Rs 100 crore with Vedanta Creations Limited for raw materials, finished goods, and services over a 1-year tenure. The combined Rs 300 crore transaction limit is substantial compared to the company's TTM revenue of Rs 111 crore. Additionally, the company seeks to reappoint Mr. Vedant Bang as Managing Director of the E-commerce segment for 3 years at a proposed remuneration of up to Rs 12 lakh per month.
- 16th AGM scheduled on September 29, 2026, with remote e-voting from September 25 to September 28, 2026.
- Proposed related party transactions worth Rs 200 crore with Bang Overseas Limited for 1 year.
- Proposed related party transactions worth Rs 100 crore with Vedanta Creations Limited for 1 year.
- Reappointment of Mr. Vedant Bang as MD (E-commerce) for 3 years w.e.f. October 1, 2026, with salary up to Rs 12,00,000 per month.
Thomas Scott (India) Limited has allotted 91,575 equity shares of face value ₹10 at a premium of ₹320 per share (issue price ₹330 per share) upon conversion of warrants on a preferential basis. The allotment was made to a non-promoter investor, Mrs. Leena Bharat Shah, resulting in a total capital raise of approximately ₹3.02 crore. Post-allotment, the company's paid-up equity share capital increased from ₹14.76 crore (1,47,61,955 shares) to ₹14.85 crore (1,48,53,530 shares). The equity dilution from this conversion is minimal at approximately 0.62%.
- Allotted 91,575 equity shares upon 1:1 conversion of convertible warrants
- Issue price set at ₹330 per share (₹10 face value + ₹320 premium)
- Total capital raised in this tranche is approximately ₹3.02 crore
- Paid-up equity shares expanded from 1,47,61,955 to 1,48,53,530 shares
- Allotment made to non-promoter holder Mrs. Leena Bharat Shah
Thomas Scott (India) Limited has scheduled a virtual group meeting with analysts and investors on Monday, August 31, 2026, from 4:00 PM to 5:00 PM IST. The meeting is being organized by Valorem Advisors. The company confirmed that no unpublished price sensitive information (UPSI) will be discussed and conversations will remain based on publicly available data.
- Virtual group investor meeting scheduled for August 31, 2026
- Meeting duration set from 04:00 p.m. to 05:00 p.m. IST
- Event organized by Valorem Advisors
- Company confirmed no Unpublished Price Sensitive Information (UPSI) will be shared
Thomas Scott (India) Limited released the transcript for its Q1 FY2026-27 earnings conference call. Revenue from operations increased 22% YoY to ₹66 crore, while EBITDA grew 43% YoY to ₹9 crore with an EBITDA margin of 13.07%. The company noted that its manufacturing capacity remains fully occupied (~50% in-house, ~35-40% contract labor facilities, ~5% traded) with a focus on fast 15-45 day turnarounds from design to market. Wholesale/aggregator sales now account for approximately 40% of Thomas Scott brand revenue as the company protects price realizations over volume discounts.
- Q1 FY27 revenue from operations grew 22% YoY to ₹66 crore
- EBITDA grew 43% YoY to ₹9 crore, yielding an EBITDA margin of 13.07%
- Wholesale/aggregator channel now accounts for ~40% of Thomas Scott brand revenue
- Operates a portfolio of 15+ brands and 35,800+ SKUs with full internal manufacturing utilization
- Target turnaround speed from mind-to-market maintained at 15 to 45 days
Thomas Scott (India) Limited has allotted 91,575 equity shares of face value Rs 10 each at a premium of Rs 320 per share (total price Rs 330 per share) pursuant to the conversion of warrants on a preferential basis. The allotment was made to non-promoter Mr. Viren Raichand Shah, representing a total issue value of approximately Rs 3.02 Cr. Post-allotment, the company's paid-up equity share capital increased marginally from 1,46,70,380 shares (Rs 14.67 Cr) to 1,47,61,955 shares (Rs 14.76 Cr), resulting in an equity dilution of ~0.62%.
- Allotted 91,575 equity shares of Rs 10 face value at a premium of Rs 320 per share upon warrant conversion.
- Warrant conversion brings in an aggregate consideration of ~Rs 3.02 Cr.
- Allotment made to non-promoter investor Mr. Viren Raichand Shah.
- Total paid-up share count increased from 1,46,70,380 to 1,47,61,955 shares (~0.62% dilution).
Thomas Scott (India) Limited has submitted the audio recording link for its Q1 FY 2026-27 earnings conference call held on August 17, 2026, at 12:00 PM IST. The filing complies with Regulations 30 and 46 of SEBI LODR, hosting the audio file directly on the company website. No financial metrics or operational updates were included in the intimation itself. Investors can access the management discussion regarding business performance via the disclosed URL.
- Earnings call held on August 17, 2026, at 12:00 PM (IST)
- Audio recording uploaded to company website under thomasscott.org
- Filing made pursuant to SEBI LODR Regulations 30 and 46
- Pertains to financial performance of Q1 FY 2026-27
Thomas Scott (India) Limited released its investor presentation for Q1 FY27, reporting net operational income of INR 658 Mn (₹65.8 Cr) alongside an EBITDA of INR 86 Mn (13.07% margin) and PAT of INR 54 Mn (8.21% margin). The company continues its strategic pivot toward a digital-first D2C apparel model, with B2C channels accounting for 94% of quarterly revenue compared to 6% from B2B. Current operational infrastructure includes 4 manufacturing facilities with a combined capacity of 140,000 units per month and 4 fulfillment centers capable of handling 15,000 pieces per day. Additionally, the company is pilot-testing Generative AI tools (thread.ai and catalog.ai) to optimize catalog management and trend forecasting.
- Q1 FY27 net revenue reached INR 658 Mn (₹65.8 Cr) with EBITDA margin steady at 13.07%
- Q1 FY27 PAT reported at INR 54 Mn (₹5.4 Cr), achieving a PAT margin of 8.21%
- B2C segment contributed 94% of total Q1 revenue, driven by online marketplaces and 5 retail EBOs
- Total manufacturing capacity stands at 140k units/month (60k shirts, 60k bottoms, 20k bags)
Thomas Scott (India) Limited released its Q1 FY27 investor presentation, highlighting operational revenue of ₹65.8 Cr (INR 658 Mn) with an EBITDA margin of 13.07%. The business has shifted heavily towards B2C channels, accounting for 94% of Q1 FY27 revenue, driven by licensed brands (₹37.7 Cr) and its own brand (₹24.5 Cr). The company operates 4 manufacturing plants with a monthly capacity of 140,000 units and 4 fulfilment centers processing up to 15,000 pieces per day. Over the past 3 years, the company delivered a 60% revenue CAGR and an 88% PAT CAGR.
- Q1 FY27 operational revenue reached ₹65.8 Cr (INR 658 Mn) with an EBITDA margin of 13.07%
- B2C segment dominates with 94% revenue share in Q1 FY27, while B2B contract manufacturing contributed 6% (₹3.6 Cr)
- Monthly manufacturing capacity stands at 140,000 pieces across 4 plants (60k shirts, 60k bottoms, 20k bags)
- Pan-India fulfilment network operates 4 centers with a daily capacity of 15,000 pieces and unit fulfilment cost of ₹19
Thomas Scott (India) Limited reported a 56.9% YoY increase in standalone net profit to ₹5.44 crore (₹543.80 lacs) for the quarter ended June 30, 2026, compared to ₹3.47 crore (₹346.59 lacs) in the previous year's corresponding quarter. Revenue from operations grew 22.1% YoY to ₹65.82 crore (₹6,581.84 lacs) from ₹53.89 crore in Q1 FY26. Sequentially, top-line performance softened by 15.4% from ₹77.81 crore in Q4 FY26, leading to a 9.6% decline in net profit from ₹6.02 crore. Diluted EPS for the quarter reached ₹3.71 compared to ₹2.50 in Q1 FY26.
- Revenue from operations grew 22.13% YoY to ₹6,581.84 lacs (₹65.82 cr) vs ₹5,388.90 lacs in Q1 FY26
- Net profit surged 56.90% YoY to ₹543.80 lacs (₹5.44 cr) compared to ₹346.59 lacs in Q1 FY26
- Quarterly EPS improved to ₹3.71 from ₹2.50 in the year-ago period
- Sequentially, revenue dropped 15.41% from ₹7,781.03 lacs in Q4 FY26, and PAT declined 9.60% from ₹601.54 lacs
- 16th Annual General Meeting fixed for September 29, 2026, with book closure from September 23 to September 29, 2026
Thomas Scott (India) Limited has scheduled its Q1 FY2026-27 earnings conference call for August 17, 2026, at 12:00 PM IST. The management, represented by Mr. Vedant Bang (MD - E-commerce), will discuss the company's financial performance for the quarter ended June 2026. This follows a fiscal year (FY26) where the company achieved a TTM revenue of Rs 111 crore and a PAT of Rs 8.18 crore. Investors will likely seek updates on the 77% growth previously reported in the 'Thomas Scott' brand and the progress of their digital-first D2C strategy.
- Earnings conference call scheduled for August 17, 2026, at 12:00 PM IST
- Management discussion to focus on Q1-FY 2026-27 earnings performance
- Universal dial-in numbers provided: +91 22 6280 1341 and +91 22 7115 8242
- Company currently maintains a TTM revenue of Rs 111 crore and a market cap of Rs 498 crore
Thomas Scott (India) Limited has entered into a significant 5-year exclusive licensing and Global Designated Supplier agreement with ABG-Dockers LLC for the Dockers® brand. The company will manage the entire value chain—design, manufacturing, and distribution—across India, Nepal, and Bangladesh. Additionally, as a Global Designated Supplier, Thomas Scott can now manufacture for Dockers' international partner network, creating a new B2B export stream. Given the company's TTM revenue of Rs 111 Cr, this partnership with a brand under Authentic Brands Group (which sees $36B+ annual systemwide sales) represents a major scale-up opportunity.
- Exclusive 5-year licensing agreement with an option to extend for another 5 years
- Territorial rights cover India, Nepal, and Bangladesh for design, retail, and e-commerce
- Appointed as Global Designated Supplier (GDS) to manufacture for Dockers' international network
- Counterparty parent, Authentic Brands Group, manages a portfolio with >$36 billion in annual retail sales
- Dual revenue model: Royalty-based retail sales and margin-based B2B manufacturing supply
Thomas Scott (India) Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFIN Technologies Limited (the Registrar and Share Transfer Agent), confirms that share dematerialization and rematerialization requests for the quarter ended June 30, 2026, have been processed and reported to the exchanges. This is a standard administrative filing required for all listed companies to ensure the integrity of electronic shareholding records. It has no impact on the company's financial performance or business operations.
- Compliance certificate for the quarter ended June 30, 2026, has been submitted.
- Certificate issued by Registrar and Share Transfer Agent, KFIN Technologies Limited, on July 01, 2026.
- Confirmation that details of dematerialized securities have been furnished to both BSE and NSE.
- The company maintains a TTM revenue of ₹111 Cr and a PAT of ₹8 Cr as per recent financial context.
Thomas Scott (India) Limited has scheduled a virtual group meeting with analysts and institutional investors for July 06, 2026, from 04:00 p.m. to 05:00 p.m. The meeting, organized by Valorem Advisors, will focus on information already in the public domain. The company currently operates with a TTM revenue of Rs 111 Cr and a PAT of Rs 8 Cr, maintaining a 13.1% operating margin. This interaction is part of the company's routine investor relations efforts to discuss its growth strategy, including its 20%+ growth target and digital D2C model.
- Virtual group meeting scheduled for July 06, 2026, between 04:00 p.m. and 05:00 p.m.
- Meeting organized by Valorem Advisors to discuss non-UPSI public information.
- Company reported TTM revenue of Rs 111 Cr and TTM EPS of Rs 5.71.
- Promoter holding stands at 52.32% as of March 2026.
- Company is targeting 20%+ growth by leveraging its 'Thomas Scott' brand and digital model.
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.
