Financial Performance - Q2 FY27
- Revenue from Operations: ₹625.87 crore, down 5.27% YoY from ₹660.68 crore in Q2 FY26
- Other Income: ₹6.12 crore
- Total Revenue: ₹632.00 crore, down 4.60% YoY from ₹662.49 crore
- Total Expenses: ₹583.66 crore
- EBITDA: ₹42.21 crore with EBITDA margin of 6.74%
- Depreciation & Amortization: ₹5.86 crore
- Finance Cost: ₹19.36 crore
- PBT: ₹23.12 crore
- Tax Expense: ₹12.47 crore
- PAT: ₹10.65 crore with PAT margin of 1.68%
- Diluted EPS: ₹0.12
Financial Performance - H1 FY27
- Revenue from Operations: ₹1,272.80 crore, down 3.22% YoY from ₹1,315.16 crore in H1 FY26
- EBITDA: ₹92.90 crore with EBITDA margin of 7.30%
- PAT: ₹29.77 crore with PAT margin of 2.32%
- Finance Cost: ₹38.02 crore, declined 18.81% YoY
Balance Sheet Position (as at September 30, 2026)
Assets:
- Total Assets: ₹3,486.19 crore
- Non-Current Assets: ₹1,069.31 crore (including PP&E: ₹218.08 crore, Other intangible assets: ₹692.65 crore)
- Current Assets: ₹2,416.88 crore (including Inventories: ₹1,084.34 crore, Trade receivables: ₹1,064.20 crore, Cash & cash equivalents: ₹70.33 crore)
Liabilities & Equity:
- Total Shareholder's Funds: ₹2,067.27 crore (Equity share Capital: ₹180.26 crore, Other equity: ₹1,887.01 crore)
- Non-Current Liabilities: ₹226.80 crore (Borrowings: ₹81.99 crore)
- Current Liabilities: ₹1,192.12 crore (Borrowings: ₹676.43 crore, Trade payables: ₹440.40 crore)
Management Commentary
Profitability was impacted by higher sea freight costs amid unfavorable conditions in the Gulf region affecting export shipments, along with increased raw material costs particularly yarn. The Company intends to pass on higher input costs through appropriate price revisions in coming periods.
The Company has built up inventory levels to support requirements of the upcoming quarter to ensure timely availability of stock and support uninterrupted order fulfillment.
Strategic Initiatives
Product Portfolio:
- Expanding presence across innerwear, leisurewear, outerwear and adjacent apparel categories
- Frenchie X represents premiumisation initiative in men's innerwear
- Strengthening children's wear portfolio through BRAT and Yuwa Series
- Expanding women's wear through Feelings brand and planned development of women's innerwear
Distribution Channels:
- Expanding presence across general trade, modern trade, e-commerce and quick-commerce platforms including Blinkit, Swiggy Instamart and Zepto
- Enhancing product accessibility and consumer touchpoints
Capital Structure Development
- The company allotted 84,75,000 convertible warrants at ₹22.50 per warrant in September 2026 to promoter and non-promoter investors
- This forms part of efforts to strengthen the capital base and support future business requirements
Cash Position
- Cash and cash equivalents stood at ₹70.33 crore as at September 30, 2026, compared to ₹7.51 crore as at March 31, 2026
Forward Focus
- Scaling established brands and developing emerging categories across men's, women's and children's wear
- Strengthening premium portfolio and expanding omnichannel presence
- Improving operational efficiencies and enhancing profitability