Financial Performance Highlights

Q4 FY26 Performance (YoY Comparison)

  • Operating Income: ₹6,215 Mn, up 13.2% YoY (from ₹5,491 Mn in Q4 FY25)
  • Gross Profit: ₹1,744 Mn, up 6.7% YoY (from ₹1,634 Mn)
  • Gross Profit Margin: 28.1% (down 169 bps from 29.8%)
  • Operating EBITDA: ₹577 Mn, up 2.0% YoY (from ₹565 Mn)
  • Operating EBITDA Margin: 9.3% (down 101 bps from 10.3%)
  • Profit After Tax (PAT): ₹326 Mn, up 11.4% YoY (from ₹292 Mn)
  • PAT Margin: 5.2% (down 8 bps from 5.3%)
  • Diluted EPS: ₹5.74, up 11.4% YoY (from ₹5.16)

Full Year FY26 Performance (YoY Comparison)

  • Operating Income: ₹18,810 Mn, up 10.0% YoY (from ₹17,105 Mn in FY25)
  • Gross Profit: ₹6,216 Mn, up 9.6% YoY (from ₹5,674 Mn)
  • Gross Profit Margin: 33.0% (down 12 bps from 33.2%)
  • Operating EBITDA: ₹1,997 Mn, up 9.3% YoY (from ₹1,827 Mn)
  • Operating EBITDA Margin: 10.6% (down 6 bps from 10.7%)
  • PAT: ₹1,074 Mn, up 18.0% YoY (from ₹910 Mn)
  • PAT Margin: 5.7% (up 39 bps from 5.3%)
  • Diluted EPS: ₹18.94, up 18.0% YoY (from ₹16.05)

Volume Growth

  • Q4 FY26 Volume Growth: 12.0% YoY
  • FY26 Annual Volume Growth: 9.8% YoY

Balance Sheet Position (as of 31-Mar-26)

  • Net Worth: ₹9,542 Mn (includes Non-Controlling Interest)
  • Long Term Borrowings: ₹338 Mn
  • Short Term Borrowings: ₹2,431 Mn
  • Net Debt: ₹2,768 Mn
  • Net Fixed Assets: ₹2,739 Mn
  • Sales/Capital Employed: 1.54
  • Cash Conversion Cycle: 154 days
  • Net Debt/Operating EBITDA: Not explicitly quantified but calculable from disclosed figures

Dividend Declaration

  • The Board has recommended a dividend of ₹3 per share for FY26
  • Dividend payout ratio: 15.8%
  • Subject to shareholder approval

Operational and Strategic Updates

Price Adjustment

  • Due to increase in cotton prices, the company undertook a calibrated price hike in early Q1 FY27 to mitigate input cost increase

Brand Performance

  • Premium brand Force NXT: Q4 value growth 16.0%, volume growth 24.3%; FY26 value growth 16.5%, volume growth 26.2%
  • Dollar Protect rain guard segment: Q4 volume growth 49.9%; FY26 volume growth 18.0%

Channel Performance

  • Quick commerce channel: Grew 437.0% YoY in FY26, expanding revenue contribution from 0.5% to 2.5%
  • Non-traditional channels: Grew 24.2% YoY in FY26

Project Lakshya Update

  • Commenced pilot run of Phase 2 to deepen presence in stronghold states and analyze competitive dynamics in non-dominant territories
  • 319 distributors enrolled in Project Lakshya as of March 2026
  • Lakshya distributors contributed 30.4% of total revenue in FY26
  • Program aims to transition from push model to replenishment-based demand-pull environment

Export Business

  • Export Revenue in FY26: ₹622 Million
  • Presence in 15 countries including UAE, Saudi Arabia, Nepal, Nigeria, and others

Proposed Merger of Promoter Group Companies

  • The company proposes to merge nine promoter group companies into Dollar Industries Limited
  • Companies involved: ADDS Projects Private Limited, Dindayal Texpro Private Limited, Amicable Properties Private Limited, Bhawani Yarns Private Limited, Dollar Brands Private Limited, Goldman Trading Private Limited, KPS Distributors Private Limited, PHPL Properties Private Limited, Zest Merchants Private Limited
  • Purpose: Streamline operations, align long-term goals, strengthen in-house production capacity, reduce intercompany transactions, avoid conflict of interest
  • Post-merger verticals: Brand Ownership & IP, Manufacturing & Job Work, Real Estate Leasing

Joint Venture Update

  • 51-49 JV with G.O.A.T Brands Lab Pte for Pepe Jeans Inner fashion Pvt. Ltd.
  • G.O.A.T Brands Lab Pte acquired 50% stake of Pepe and additional 2% nonvoting equity
  • Multi-brand distributor for men, women and kids' undergarments
  • Expected outcomes: Wider supply through D2C channels, inorganic growth opportunities, entry into super premium brands

Product Portfolio Expansion

  • Dollar Protect: Rainwear line including raincoats for men, women and kids
  • Dollar Woman: Newly launched lingerie line with varied range of products
  • Women's segment revenue contribution: 14.2% in FY26

Manufacturing Capacity

  • 4 manufacturing units: Kolkata, Tirupur, Ludhiana, Delhi
  • Captive elastic production: 2.5 million metres per month
  • Captive cutting capacity: 0.3 million pieces per day
  • Yarn production: 700 tonnes monthly output of Ne 20s to 40s single yarn
  • Knitting capacity: 300 tonnes monthly
  • Bleaching and dyeing: 400 tonnes monthly installed capacity

ESG Initiatives

Environmental

  • Solar Power: 8 MW total capacity, 100 lakh units/year generation in Tirupur
  • Wind Power: 4.95 MW capacity from four windmills, 70 lakh units generated annually
  • Zero Liquid Discharge: 1000 KL capacity with multiple evaporators, 100 tonnes daily production capacity of effluent treatment plant

Social

  • Employee engagement, women empowerment, skill development, and diversity & inclusion programs
  • Donations: ~₹12 million for educational purposes, ~₹3 million for medical facilities, ~₹0.6 million for water hut services, ₹1.2 million for various social causes

Governance

  • Diverse Board with 50% Independent Directors
  • Three Woman Independent Directors
  • 75% of Audit Committee members are Independent Directors

Capital Structure

  • Shares outstanding: 56,716,120
  • Market Cap: ₹1,263.92 Cr
  • Free-float: 27.52%
  • Free-float market cap: ₹347.86 Cr

Forward-looking Statements

  • The presentation contains forward-looking statements subject to known and unknown risks
  • Company assumes no obligation to update forward-looking statements
  • Contents are confidential and should not be distributed

Management Commentary

Management reported resilient financial performance with robust volume growth, focusing on operational efficiencies and market expansion. They remain optimistic about the growth trajectory with strong momentum in digital commerce channels and Project Lakshya Phase 2 implementation.