Indian Terrain FY26 Revenue Up 11%, PBT Turns Positive

INDTERRAIN

Revenue from Operations: ₹377.67 crore (vs ₹340.60 crore) - 10.88% increase
Other Income: ₹4.14 crore (vs ₹4.76 crore)
Total Revenue: ₹381.81 crore (vs ₹345.36 crore)
EBITDA: ₹36.43 crore (vs ₹(2.11) crore loss) - Significant improvement
Depreciation & Amortization: ₹14.08 crore (vs ₹17.94 crore)
Finance Costs: ₹19.06 crore (vs ₹20.96 crore)
Profit Before Tax: ₹3.29 crore (vs ₹(41.01) crore loss) - Turnaround to profitability
Net Profit: ₹(4.91) crore (vs ₹(42.66) crore loss) - 88.49% improvement
EPS (Basic & Diluted): ₹(0.98) (vs ₹(9.48))
Total Comprehensive Income: ₹(5.20) crore (vs ₹(42.76) crore)

17th Annual General Meeting scheduled for Wednesday, 9th September 2026 at 11:00 AM IST
Meeting to be held through video conferencing/audio-visual means
Cut-off date for eligibility: 14th August 2026
Remote e-voting period: 4th September 2026 (9:00 AM) to 8th September 2026 (5:00 PM)
E-voting through CDSL platform

Ordinary Business:

1. Adoption of Audited Standalone Financial Statements for FY ended 31st March 2026

2. Reappointment of Mrs. Rama Rajagopal (DIN: 00003565) who retires by rotation

Special Business:

3. Continuation of appointment of Mrs. Rama Rajagopal as Non-Executive Non-Independent Director (Special Resolution required)

Share transfer books will remain closed from 3rd September 2026 to 9th September 2026 (both days inclusive)
No dividend declared for FY 2025-26
During FY 2025-26, 49,48,537 warrants were converted into equity shares (allotted on 27th May 2025)
Paid-up equity share capital increased to ₹10.13 crore (5,06,67,367 equity shares of ₹2 each)

Mr. P S Raghavan (Independent Director) demised on 24th November 2025
Mr. Suresh Jandhyala (DIN: 10664467) appointed as Additional Independent Director effective 21st April 2026
Mr. Venkatesh Rajagopal reappointed as Executive Chairman and Whole-time Director for 3 years from 8th August 2026
Mr. Charath Ram Narsimhan reappointed as Managing Director & CEO for 3 years from 8th August 2026

CRISIL rating: Long Term BBB- (downgraded from BBB/Stable) and Short Term A3 (downgraded from A3+) as on 13th June 2025
Rating reaffirmed as CRISIL BBB- and A3 on 16th March 2026

Central Excise demand: ₹0.52 crore (disputed)
Income Tax demands: ₹7.33 crore (AY 2022-23), ₹2.55 crore (AY 2023-24), ₹1.78 crore (AY 2024-25) - all disputed

Non-compliance with SEBI LODR Regulation 17(1) & 19(1)/(2) from 25th February 2026 to 31st March 2026 due to vacancy after demise of Independent Director
Fine of ₹4,54,300 levied by NSE for this violation
Compliance restored with appointment of new Independent Director on 21st April 2026

Revenue growth driven by improved performance across key growth channels and better channel mix
Profitability improvement through stronger gross margins, cost rationalization, inventory optimization
Working capital discipline improved cash conversion efficiency
Retail network optimization with 181 exclusive outlets across various formats
Focus on Theory of Constraints (ToC) management philosophy
Target to reach peak revenue of ₹500 crore by FY 2028 with better profitability

Preferential allotment of 49,48,537 warrants converted to equity shares during the year
Resulting dilution not quantified in disclosure
Promoter holding: Mr. Venkatesh Rajagopal (14.77%), Mrs. Rama Rajagopal (16.51%)