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Elevated receivables and working capital strain
View Risks →Thomas Scott Ltd — Q3 FY26
Thomas Scott delivered a strong Q3 FY26 with revenue of ₹56 crore (+46% YoY) and PAT of ₹5 crore (+67% YoY), despite a warehouse fire that management estimates cost 15-20% of potential revenue.
bullish
high
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2-Minute Summary
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Thomas Scott delivered a strong Q3 FY26 with revenue of ₹56 crore (+46% YoY) and PAT of ₹5 crore (+67% YoY), despite a warehouse fire that management estimates cost 15-20% of potential revenue. The own brand Thomas Scott grew 91% YoY to ₹27 crore, while licensed brands rose 18% and contract manufacturing surged 113%. Management highlighted a test-and-scale model with low inventory risk and a focus on the mass-premium online segment (ASP ₹800-1,200). Guidance includes maintaining EBITDA margins of 12-15% and targeting long-term receivable days of ~60. Key risks include elevated receivables (71 crore, ~100 days) and potential insurance claim delays. The company remains optimistic about Q4 demand, driven by festive season and winterwear traction.
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Own brand Thomas Scott revenue
₹27 Cr
+91% YoY
Own brand revenue grew 91% YoY to ₹27 crore, reflecting strong D2C franchise and assortment planning.
Winterwear contribution in December
35%
N/A
Winterwear contributed 35% of revenue in December, indicating successful category expansion.
Customer return rate
~20%
N/A
Customer returns are ~20%, lower than industry average of 28-30%, driven by superior quality.
RTO rate
6-9%
N/A
Return-to-origin rate is 6-9%, below industry 10-20%, due to localized inventory and fast delivery.
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Guidance and risk preview
Management targets EBITDA margins between 12-15% at any point, with potential improvement as scale increases.
Trade receivables rose to ₹71 crore (~100 days), driven by revenue concentration in month-end and B2B2C models.
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