Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹1,062 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹123 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Indo Count reported Q2 FY26 EBITDA of ₹123 crore (margin 11.4%, down ~90bps QoQ) and PAT of ₹39 crore, impacted by US tariff headwinds and product mix shifts. Core business volumes grew 7% QoQ to 25.2M meters, but margins remain under pressure due to temporary tariff-sharing with customers. New business (utility bedding + US brands) contributed 17% of revenue (run-rate ~$85M), up from 13% in Q1. Management reiterated FY28 guidance of $275M from these segments, supported by Tommy Hilfiger licensing and Wamsuta relaunch. The third US pillow facility (North Carolina) is delayed to late Q3/Q4 FY26. Key risk: sustained 50% US tariff could further compress margins and delay demand recovery.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated achieving $275M in annual revenue from utility bedding ($175M) and US brands ($100M) by FY28.
- The third US pillow facility (investment ~$15M, capacity 18M pillows) is delayed but expected to start in late Q3 or early Q4 FY26.
- Management expects core business EBITDA margins to normalize to 15-16% once tariff environment stabilizes.
- The 150-200bps EBITDA margin drag from new business investments is expected to be eliminated by Q4 FY26.
Risks flagged
- The 50% tariff imposed in August 2025 continues to pressure margins; management expects impact to persist until tariff structure stabilizes.
- Analyst raised concern that full tariff pass-through to consumers could reduce demand; management acknowledged fluid situation with no clear visibility beyond Q3.
- The third US facility is delayed from September to late Q3/early Q4 FY26, potentially impacting revenue contribution.
- Adverse product mix has persisted for 3-4 quarters; management expects it to stabilize but no clear timeline given.
Key quotes
- We are very pleased to announce the signing of a licensing agreement with the Tommy Hilfiger brand. This marks our sixth licensed brand with four added in the last two years.
- The tariff challenge persists in our core business. The 50% tariff imposed on India in late August 2025 has impacted India's export competitiveness in the US market.
- We expect margin pressure to continue until the end of this year.
Research modules