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US consumer demand may remain muted
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Indo Count Industries Limited — Q3 FY26
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.
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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.
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Sales Volume
24.8M meters
Flat QoQ
Volume held steady despite full quarter of 50% US tariff, indicating resilient demand.
New Business Revenue
₹210 crore
+16% QoQ
New business (utility bedding + brands) grew 16% sequentially, now 20% of total revenue.
New Business Annualized Run Rate
$100M
+100% YoY
New business achieved $100M annualized run rate, doubling from prior year.
US Pillow Capacity
31M pillows
+18M from new facility
Third US facility (18M pillows) commissioned Jan 2026, total capacity now 31M pillows.
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Guidance and risk preview
Management reaffirmed the target for new business (utility bedding + brands) to reach $275 million by FY28, with current run rate at $100 million.
Retail prices have increased due to tariffs, and consumer discretionary spending could stay subdued for 2-3 quarters, delaying volume recovery.
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