Date: August 24, 2026

Company Overview

Monte Carlo Fashions Limited was incorporated in 2008 and is led by Mr. J. L. Oswal who has more than 50 years of experience in the textiles and apparels business. The company is one of the leading apparel brands in India in woolen and cotton category across men, women and kids wear and also has a presence in home textiles. The company has two state-of-the-art integrated manufacturing facilities in Ludhiana, Punjab with a strong in-house design team of 26+ who design around 900 SKU's each month. Products are sold through a pan-India network of EBO's, MBO's, National Chain Stores and major E-Commerce platforms like Amazon, Flipkart, Myntra.

Key Management Personnel

  • Shri Jawahar Lal Oswal (Chairman & MD) - More than 51 years of experience in textile and woollen industry. Awarded 'Udyog Ratna Award' and 'LMA -Sat Paul Mittal Life Time Achievement Award'.
  • Sh. Dinesh Gogna (Director) - More than 36 years of experience in Corporate Finance and Taxation. Bachelor's Degree in Law.
  • Shri Sandeep Jain (Executive Director) - More than 22 years of experience in administration. Bachelor's in Pharmacy, Diploma in Export Management.
  • Shri Rishabh Oswal (Executive Director) - Part of third generation of Oswal family. BA Hons in Management Studies from University of Nottingham, UK and Executive MBA from Indian School of Business, Hyderabad.

Product Segments

Segment sales percentage breakup for FY26:

  • Cotton: 55% (Shirts, T-shirts, trousers, tracksuits, jackets, sweatshirts, shorts, track pants and denims)
  • Woolen: 28% (Sweaters, pullovers, thermals, coats, blazers, cardigans and woolen accessories)
  • Home Textile: 10% (Mink blankets, bedsheets and quilts)
  • Kids: 6% (Sweaters, cardigans, Tshirts, shirts, sweat-shirts and bottoms)
  • Footwear sales amounted to ₹196 Mn in FY26

Brands Portfolio

The company operates multiple brands including:

  • Monte Carlo (Mid Premium/Premium) - Woollen, Cotton, Home Textile
  • Luxuria (Mid Premium/Premium) - Cash Wool Sweaters, Blazers, Coats, Cotton Shirts
  • Denim (Mid Premium/Premium) - Denim Trouser (Jeans) and Shirts
  • Alpha (Women Wear) - Sweaters, Cardigans, Shirts, T-Shirts
  • Tweens (Kids Wear 7-13 Years) - Sweaters, Cardigans, Sweatshirts, Shirt, T-Shirts
  • Cloak & Decker (Men's Wear) - Sweaters, Cardigans, Cotton
  • Rock It (Sports Wear) - Tank, Polo, T-Shirt, Shorts, Track Pants

Historical Consolidated Financial Performance

Income Statement (₹ Mn)

| Particulars | FY24 | FY25 | FY26 | Q1-FY27 |

| Revenue from operations | 10,619 | 11,004 | 12,759 | 1,490 |

| Operating Expenses | 9,200 | 9,139 | 10,487 | 1,619 |

| Operating EBITDA | 1,419 | 1,865 | 2,272 | (129) |

| Operating EBITDA Margins (%) | 13.36% | 16.95% | 17.81% | (8.66)% |

| Other Income | 275 | 352 | 362 | 104 |

| Depreciation | 512 | 602 | 656 | 169 |

| Finance Cost | 375 | 476 | 506 | 123 |

| PBT | 807 | 1,139 | 1,472 | (317) |

| Tax | 208 | 327 | 351 | (83) |

| Profit after Tax | 599 | 812 | 1,121 | (234) |

| PAT Margins (%) | 5.64% | 7.38% | 8.79% | (15.70)% |

| Diluted EPS (₹) | 28.91 | 39.15 | 54.05 | (11.30) |

Balance Sheet (₹ Mn)

| Assets | FY24 | FY25 | FY26 |

| Property, Plant & Equipment | 1,786 | 1,831 | 1,686 |

| Right-of-use Assets | 1,470 | 2,020 | 2,177 |

| Capital Work in progress | 1 | 3 | 236 |

| Investments | 1,046 | 1,078 | 1,390 |

| Inventories | 4,346 | 5,032 | 5,709 |

| Trade Receivables | 3,701 | 4,162 | 4,991 |

| Total Assets | 15,161 | 17,155 | 19,205 |

| Liabilities & Equity | FY24 | FY25 | FY26 |

| Share Capital | 207 | 207 | 207 |

| Other Equity | 7,741 | 8,133 | 8,851 |

| Total Equity | 7,948 | 8,340 | 9,059 |

| Lease Liability | 1,285 | 1,782 | 1,916 |

| Borrowings | 2,170 | 2,869 | 3,291 |

| Total Liabilities | 7,213 | 8,815 | 10,146 |

Capital Market Information

As on June 2026:

  • Face Value: ₹10.00
  • CMP: ₹554.50
  • 52 Week H/L: ₹865.00/465.00
  • Market Cap: ₹11,495.93 Mn
  • No. of Share outstanding: 20.73 Mn
  • Avg. Trading Volume: 46.34 ('000)

Shareholding Pattern (30th June, 2026): Not specified in detail

Industry Overview

  • Indian T&A industry valued at USD 194 Bn in FY26, including USD 37 Bn in exports
  • India apparel market valued at USD 115 Bn in FY26, projected to reach USD 180 Bn by 2031 (9.4% CAGR)
  • Per capita income projected to rise from USD 2,812.62 in FY26 to USD 4,000 by FY30
  • India's home textile market estimated at USD 11.91 Bn in 2026, projected to reach USD 16.76 Bn by 2031 (7.08% CAGR)
  • India's kids wear market valued at USD 11.1 Bn in 2025, projected to reach USD 17.4 Bn by 2034 (4.90% CAGR)
  • India's online fashion retail market projected to grow at ~21.1% CAGR between 2026 and 2030

Future Growth Strategies

  • Penetrate New Markets: Explore new pockets through deeper penetration in existing markets
  • Diversify revenue mix: Further diversify product basket including summer wear, blankets, quilts, athleisure, ultra premium clothing
  • Expand Customer Base: Enhance customer base in western and southern India by increasing number of EBO's and MBO's

Investor Relations Contact

Mr. Anuj Sonpal, Valorem Advisors

Tel: +91-22-35075100