Financial Performance - Q2 FY27

  • Revenue from operations: ₹106.59 Cr, up 5.6% YoY from ₹100.96 Cr
  • Gross margin: ₹43.52 Cr (40.8% of revenue), improved from 40.3% in Q2 FY26
  • Operating EBITDA: ₹9.58 Cr (9.0% margin), up from ₹8.51 Cr (8.4% margin)
  • Profit Before Tax: ₹2.92 Cr (2.74% margin), improved from ₹1.15 Cr (1.14% margin)
  • Profit After Tax: ₹5.09 Cr (4.77% margin), versus loss of ₹0.39 Cr in Q2 FY26
  • Employee cost: ₹6.62 Cr
  • Selling expenses: ₹16.45 Cr
  • Other expenses: ₹10.88 Cr
  • Depreciation: ₹2.82 Cr
  • Finance cost: ₹4.66 Cr
  • Other income: ₹0.83 Cr

Financial Performance - H1 FY27

  • Revenue from operations: ₹188.33 Cr, up 11.0% YoY from ₹169.74 Cr
  • Gross margin: ₹77.01 Cr (40.89% of revenue), improved from 39.77% in H1 FY26
  • Operating EBITDA: ₹15.66 Cr (8.31% margin), up from ₹9.52 Cr (5.61% margin)
  • Profit Before Tax: ₹3.06 Cr (1.63% margin), versus loss of ₹4.89 Cr in H1 FY26
  • Profit After Tax: ₹4.26 Cr (2.26% margin), versus loss of ₹6.58 Cr in H1 FY26
  • Employee cost: ₹12.81 Cr
  • Selling expenses: ₹28.20 Cr
  • Other expenses: ₹20.35 Cr
  • Depreciation: ₹5.74 Cr
  • Finance cost: ₹9.17 Cr
  • Other income: ₹2.32 Cr

Channel Performance - Q2 FY27

  • Retail - Exclusive Outlets: ₹44.09 Cr (+12.1% YoY), 41.4% of revenue
  • Multi-Brand Outlets: ₹37.99 Cr (+11.5% YoY)
  • Large Format Outlets: ₹20.43 Cr (+183.8% YoY), 19.2% of revenue
  • Online: ₹(2.77) Cr (negative due to returns exceeding fresh billing)
  • Others: ₹6.84 Cr (+30.0% YoY)

Channel Performance - H1 FY27

  • Retail - Exclusive Outlets: ₹84.99 Cr (+9.9% YoY)
  • Multi-Brand Outlets: ₹50.73 Cr (+1.4% YoY)
  • Large Format Outlets: ₹35.16 Cr (+93.4% YoY)
  • Online: ₹7.99 Cr (-50.0% YoY)
  • Others: ₹9.46 Cr (+14.9% YoY)

Category Performance - Q2 FY27

Revenue split by category: Shirts (46.8%), T-Shirts (23.1%), Trousers (12.8%), Denim (9.8%), Sweaters (4.8%), Jackets (2.7%)

Working Capital Position

As of September 30, 2026:

  • Gross working capital: 300 days (improved from 326 days in Sep'25)
  • Receivables: 233 days
  • Inventory: 67 days (improved from 79 days in Sep'25)
  • Trade payables: 66 days
  • Net working capital: 235 days (improved from 258 days in Sep'25)
  • Rolling twelve-month revenue: ₹396 Cr (up from ₹356 Cr in Sep'25)

Store Network

As of September 30, 2026:

  • 172 exclusive stores
  • 311 Large Format Outlet counters
  • 815 Multi-Brand Outlet doors
  • Store formats: COCO (Company Owned, Company Operated), COFO (Company Owned, Franchisee Operated), FOFO (Franchisee Owned, Franchisee Operated)

Key Initiatives

  • Relaunch of web store (indianterrain.com) on September 14, 2026 with enhanced features
  • New concept shop-in-shops rolled out in large format stores
  • Festive Edit campaign launched for festive and wedding season
  • "The Corduroy Studio" and "Jacquard Edit" marketing campaigns

Management Commentary

MD & CEO Charath Ram Narsimhan stated priorities will continue to be "profitable growth, inventory optimisation, receivables management and cost discipline." The company aims to capitalize on festive and wedding season opportunities through improved product availability and sharper merchandise planning.

Market Outlook

Company expects steady consumer demand to sustain, with festive sales momentum indicating improving consumer sentiment. However, a milder winter season and uncertainties from West Asia conflict may impact winter wear sales.

Strategic Priorities for H2 FY27

  • Festive & wedding season execution
  • Continued focus on channel productivity
  • Retail network & omni-channel optimization
  • Operational & working capital efficiencies