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Revenue
₹1,063 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹102 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Indo Count delivered a stable Q3 FY26 with total income of ₹1,774 crore, broadly flat sequentially, despite a full quarter of 50% US tariffs. Core business volumes held at 24.8 million meters as the company absorbed tariff costs and offered customer discounts, compressing EBITDA margin to 9.5% (adjusted 10.4%). New business revenue doubled YoY to ₹210 crore, now 20% of topline, driven by utility bedding and branded portfolio. PAT fell to ₹24 crore due to margin pressure and ₹9.2 crore labor code impact. Management expects margin recovery from Q1 FY27 as tariff discounts reverse and new business incubation costs (150-200bps) end by March 2026. The EU FTA and US trade deal provide structural tailwinds, but near-term demand visibility remains low. Key risk: US consumer spending may stay muted as retail prices rise, delaying volume recovery.
Colored figures show movement against the previous available record.
Guidance to track
- Management reaffirmed the target for new business (utility bedding + brands) to reach $275 million by FY28, with current run rate at $100 million.
- The 150-200 bps margin impact from new business incubation is expected to be fully absorbed by end of March 2026.
- Management guided for maintenance and balancing capex of ₹125-150 crore in FY27, with no major new investments planned.
- Long-term aspiration to double revenue by FY28, supported by core business recovery, new business scale-up, and trade deal tailwinds.
Risks flagged
- Retail prices have increased due to tariffs, and consumer discretionary spending could stay subdued for 2-3 quarters, delaying volume recovery.
- The EU FTA requires ratification by 27 member states, which may take 2-4 quarters, pushing back revenue benefits.
- Bangladesh received duty-free access using US cotton; if fine print allows broader benefits, it may pressure Indian exporters.
- Management declined to quantify tariff discount reversals or provide a timeline for returning to 15-16% EBITDA margins, citing dynamic negotiations.
Key quotes
- Tariff uncertainty has meaningfully eased. With these trade developments, India is moving towards a more competitive position relative to other exporting countries.
- Our objective is to get back to 15-16% EBITDA margin. We've been consistently saying that's our goal.
- The new business contributed 20% to our total topline in Q3 FY26. On a sequential basis, it grew by 16% to 210 crores, achieving an annualized run rate near of nearly $100 million.
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