Date: May 28, 2026

Financial Results (Consolidated)

Income Statement Highlights (₹ Mn)

| Particulars | Q4 FY26 | Q4 FY25 | YoY (%) | Q3 FY26 | FY26 | FY25 | YoY (%) |

| Revenue from Operations | 715.36 | 649.08 | 10.21% | 507.76 | 2,538.29 | 2,368.87 | 7.15% |

| EBITDA | 68.21 | 57.46 | 18.71% | 36.75 | 228.89 | 166.48 | 37.48% |

| EBITDA Margin % | 9.54% | 8.85% | - | 7.24% | 9.02% | 7.03% | - |

| PAT | 44.23 | 24.19 | 82.84% | 9.27 | 98.10 | 54.56 | 79.80% |

| PAT Margin % | 6.17% | 3.69% | - | 1.81% | 3.85% | 2.29% | - |

| Diluted EPS | 0.48 | 0.27 | - | 0.10 | 1.07 | 0.62 | - |

Balance Sheet Highlights (₹ Mn as of March 31)

| Particulars | FY26 | FY25 |

| Total Assets | 3,282.53 | 3,293.82 |

| Shareholder's Funds | 1,943.70 | 1,845.59 |

| Equity Share Capital | 180.26 | 180.26 |

| Other Equity | 1,763.44 | 1,665.33 |

| Inventories | 954.90 | 924.40 |

| Trade Receivables | 957.54 | 986.11 |

| Cash & Cash Equivalents | 7.45 | 7.07 |

| Borrowings (Current + Non-current) | 658.03 | 777.01 |

Cash Flow Statement (₹ Mn)

| Particulars | FY26 | FY25 |

| Cash flow from operating activities | 202.30 | (373.61) |

| Cash flow from investing activities | 17.51 | 39.48 |

| Cash flow from financing activities | (219.43) | 338.21 |

Management Messages

Chairman's Message (Sunil Pathare)

  • FY26 described as a transformational year with strengthened business fundamentals
  • Revenue growth driven by premiumization initiatives, operational efficiencies, and market penetration
  • EBITDA margins improved to 9.54% from better product mix and cost management
  • Cash flow from operations positive at ₹20.20 Mn
  • India Ratings upgraded long-term bank loan rating to 'IND BBB-' (Stable) from 'IND BB+', short-term to 'IND A3' from 'IND A4+'
  • Women's innerwear segment identified as significant growth opportunity (currently 9% of business)
  • Plan to launch expanded women's innerwear range in H1 FY27
  • Board approved raising ~₹47.70 Crores through preferential warrant issuance to promoters and non-promoters
  • Funds to be used for working capital, premiumization, women's innerwear expansion, distribution reach, and brand-building

Deputy Managing Director's Message (Kapil J. Pathare)

  • Focus on operational execution, market presence, and distribution network expansion
  • Shift in consumer preferences toward premium, comfort-focused innerwear
  • Growing popularity of youth-centric categories (Frenchie X)
  • Women's innerwear expansion through product development and regional execution strategies
  • Operational efficiency improvements across manufacturing, supply chain, and distribution
  • Preferential fundraise to support working capital and expansion plans

Growth Catalysts & Strategic Initiatives

Women's Innerwear Expansion

  • Targeting ₹24,000 Cr market opportunity
  • Aiming to grow contribution from 9% to 20%+ by FY27
  • "Mass-premium" positioning strategy
  • Plan to launch expanded range in H1 FY27

Premiumization Strategy

  • Shift toward mid-premium products (70% of mix)
  • Higher ASPs and stronger margins compared to industry average
  • Frenchie-X brand targeting youth segment (18-30 years) with modal-based premium innerwear

Distribution Expansion

  • Expanding outlet footprint with focus on Tier 2/3 towns
  • Scaling modern trade and e-commerce (targeting 40% of total revenues by FY27)
  • Geographic expansion in North & East India

Product Portfolio Expansion

  • Broadening portfolio with nightwear, loungewear, shapewear, and sports innerwear
  • Strengthening "Feelings" in women's wear, consolidating "Frenchie" and "Brat" brands

Future Roadmap

Medium-Term Vision (3 years)

  • Aim to double revenue

Long-Term Vision

  • To be present in every Indian wardrobe and expand globally

Post-FY27 Focus

  • International expansion (South Asia, Middle East, Africa)
  • Innovation in sustainable fabrics (bamboo, organic cotton)
  • Grow Feelings, Brat, and Rivolta into lifestyle-led brands
  • Digital scale-up to drive 20-25% of revenue from D2C by FY30

Corporate Developments

Fundraising

  • Approved raising ~₹47.70 Crores through preferential warrant issuance
  • Promoter infusion of ~₹20.25 Crores

Credit Rating Upgrade

  • India Ratings upgraded long-term rating to 'IND BBB-' (Stable) from 'IND BB+'
  • Short-term rating upgraded to 'IND A3' from 'IND A4+'

Manufacturing & Facilities

  • Factory located at Thingallur, Tamil Nadu
  • Warehouses at Kon, Maharashtra
  • IT software infrastructure in place

Market Context

Women's Innerwear Market

  • India market valued at USD 3 Billion
  • Projected to reach USD 1.69 billion by 2030 (CAGR 10.2% from 2022)
  • ~60% unorganized segment by volume
  • Key growth drivers: rising disposable incomes, urbanization, body positivity awareness
  • Distribution evolving with online and D2C channels growing rapidly