Indo Count Industries Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Indo Count Industries Ltd filed with BSE on 20 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Indo Count reported its highest ever quarterly revenue in Q1 FY27, with total income of Rs 1,224 crores, up 13% sequentially and 27% year-on-year, driven by core business volume growth and continued scale-up of the new business. EBITDA rose 38% sequentially to Rs 160 crores with margin expanding 241 bps to 13.1%, while PAT grew to Rs 63 crores from Rs 24 crores in the prior quarter. Management described core business volumes recovering after tariff-related disruption in the prior year, alongside a temporary flood-related disruption at the Bhilad facility beginning 23rd July 2026.
Numbers mentioned
Total income: INR1,224 crores (Q1 FY27)
p. 5
“Total income for Q1 FY27 stood at INR1,224 crores compared to INR1,088 crores in the previous quarter, registering a 13% growth, driven by higher volumes in the core businesses and continued scale-up of new businesses.”
Manish Bhatia, page 5 of the filed PDF · View the filing
EBITDA: INR160 crores (Q1 FY27)
p. 5
“EBITDA for Q1 FY27 stood at INR160 crores compared to INR116 crores in the previous quarter, registering a 38% quarter-on-quarter growth driven by improved operating leverage as utilization level increased across both the core and new businesses.”
Manish Bhatia, page 5 of the filed PDF · View the filing
EBITDA margin: 13.1% (Q1 FY27)
p. 5
“EBITDA margin improved by 241 bps to 13.1% from 10.7% in Q4 FY26.”
Manish Bhatia, page 5 of the filed PDF · View the filing
PAT: INR63 crores (Q1 FY27)
p. 6
“PAT for Q1 FY27 stood at INR63 crores compared to INR24 crores in the previous quarter, representing a 2.5x sequential increase driven by improved operating efficiency, lower finance costs and the absence of the one-off IGST refund related expense incurred in the previous quarter.”
Manish Bhatia, page 6 of the filed PDF · View the filing
PAT margin: 5.2% (Q1 FY27)
p. 6
“PAT margin expanded by 294 bps to 5.2% from 2.2% in Q4 FY26.”
Manish Bhatia, page 6 of the filed PDF · View the filing
EPS: INR3.19 per share (Q1 FY27)
p. 6
“EPS for Q1 FY27 stood at INR3.19 per share.”
Manish Bhatia, page 6 of the filed PDF · View the filing
Sales volume: 23 million meters (Q1 FY27)
p. 5
“Sales volume for Q1 FY27 stood at 23 million meters compared to 20.5 million meters in the previous quarter, reflecting a 12% quarter-on-quarter growth, supported by an improvement in overall demand as the uncertainty surrounding U.S. tariffs eased.”
Manish Bhatia, page 5 of the filed PDF · View the filing
Core business revenue: INR837 crores (Q1 FY27)
p. 4
“Core business revenue stood at INR837 crores in Q1 FY27, up 4% sequentially.”
Mohit Jain, page 4 of the filed PDF · View the filing
New business revenue: INR387 crores (Q1 FY27)
p. 5
“Coming to our new business comprising utility bedding and the U.S.A. brand business, momentum continued to strengthen with Q1 FY27 revenue reaching INR387 crores.”
Mohit Jain, page 5 of the filed PDF · View the filing
Non-U.S. core business contribution: approximately 30% (Q1 FY27)
p. 4
“Our non-U.S. core business contributed to approximately 30% during the quarter.”
Mohit Jain, page 4 of the filed PDF · View the filing
Bed linen realization: INR357 a meter (Q1 FY27)
p. 8
“my second question is on the bed linen realization was approximately INR357 a meter, which I see on a Y-o-Y basis was just higher by 1.5%”
Bhavin Chheda, page 8 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
FY27 revenue — INR5,500 crores · FY27
stated firmly by Mohit Jain
p. 3
“Our performance for Q1 is in line with our stated guidance for the year of INR5,500 crores with approximately 13% EBITDA margins.”
Mohit Jain, page 3 of the filed PDF · View the filing
FY27 EBITDA margin — approximately 13% · FY27
stated firmly by Mohit Jain
p. 3
“Our performance for Q1 is in line with our stated guidance for the year of INR5,500 crores with approximately 13% EBITDA margins.”
Mohit Jain, page 3 of the filed PDF · View the filing
Core business volume — 105 million to 110 million meters · FY27
stated firmly by Mohit Jain
p. 4
“We remain confident of delivering our FY27 volume guidance of 105 million to 110 million meters and core business revenue of approximately INR4,000 crores.”
Mohit Jain, page 4 of the filed PDF · View the filing
Non-U.S. revenue growth — 20% plus · FY27
stated firmly by Mohit Jain
p. 4
“we expect strong traction from non-U.S. markets going forward and anticipate revenues from non-U.S. markets to grow by 20% plus in FY27.”
Mohit Jain, page 4 of the filed PDF · View the filing
New business revenue — INR1,500 crores · FY27
stated firmly by Mohit Jain
p. 5
“We remain firmly on track to achieve our FY27 business revenue target of INR1,500 crores.”
Mohit Jain, page 5 of the filed PDF · View the filing
New business ambition — USD275 million · 2028
stated as an aspiration by Mohit Jain
p. 5
“we remain committed to our INR8,000 crores revenue aspiration by CY2028, supported by continued core business growth and our USD275 million new business ambition.”
Mohit Jain, page 5 of the filed PDF · View the filing
Group revenue aspiration — INR8,000 crores · CY2028
stated as an aspiration by Mohit Jain
p. 5
“we remain committed to our INR8,000 crores revenue aspiration by CY2028, supported by continued core business growth and our USD275 million new business ambition.”
Mohit Jain, page 5 of the filed PDF · View the filing
Consolidated EBITDA margin — 13% · FY27
stated as an aspiration by Mohit Jain
p. 10
“our endeavor is to maintain our 13% blended margin on a consolidated basis.”
Mohit Jain, page 10 of the filed PDF · View the filing
Branded/licensing business revenue — USD100 million · next three years
stated as an aspiration by Mohit Jain
p. 10
“So our endeavor is to do around USD100 million over the last next three years in that business.”
Mohit Jain, page 10 of the filed PDF · View the filing
Long-term margin target — 15 to 16%
stated as an aspiration by Mohit Jain
p. 14
“for long-term, you can say right now, our target is to stabilize at 15 to 16% margins as a company as a whole.”
Mohit Jain, page 14 of the filed PDF · View the filing
Interest cost — INR120 crores · FY27
stated firmly by Mohit Jain
p. 13
“our interest cost, we are at a INR30 crores run rate per quarter, so we are at INR120 crores, not INR70 crores.”
Mohit Jain, page 13 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the facility is fully insured and they are confident of making up lost ground over the next couple of quarters
Answered by Mohit Jain
Asked by Abhishek: What is the impact of the Bhilad plant disruption on volumes and shipping schedules
p. 6
“On the Bhilad facility, let me tell you that we are fully insured. It's only increasing our scale of operations in every department out there.”
Mohit Jain, page 6 of the filed PDF · View the filing
Management expects both core and utility bedding to reach around 15% margins long-term, with brands slightly higher
Answered by Mohit Jain
Asked by Raman KV: What is the margin difference between core bed linen and new utility bedding/branded businesses
p. 14
“So for long-term, you can say right now, our target is to stabilize at 15 to 16% margins as a company as a whole.”
Mohit Jain, page 14 of the filed PDF · View the filing
Management said they do not expect material financial benefit given most exports are FOB and it is premature to quantify any amount
Answered by Mohit Jain
Asked by Bhavin Chheda: Is Indo Count expecting any tariff refund from the U.S. government
p. 8
“we do not expect any material financial benefit from the potential U.S. tariff refund, Bhavin. Nearly 80% of our exports are on FOB basis where the tariff is borne by the importer.”
Mohit Jain, page 8 of the filed PDF · View the filing
Management attributed it to product mix impact in Q1 and said price increase conversations with customers have concluded, with benefits flowing from Q2
Answered by Mohit Jain
Asked by Bhavin Chheda: Why did rupee realization not rise despite rupee depreciation and lower tariffs
p. 8
“So we have seen an impact on product mix in first quarter. But as I've mentioned that look at our realizations on a yearly basis. So on a yearly basis, we'll be absolutely fine.”
Mohit Jain, page 8 of the filed PDF · View the filing
Management said it would not guide precisely quarter to quarter but reaffirmed the full-year 13% blended margin endeavor
Answered by Mohit Jain
Asked by Kaustubh Pawaskar: Should standalone margins decline in Q2/Q3 given the Bhilad disruption and cost pressures
p. 10
“our endeavor is to maintain our 13% blended margin on a consolidated basis. So look at it from that perspective, some quarter here and there a little bit does not matter.”
Mohit Jain, page 10 of the filed PDF · View the filing
Management said utilization is expected to stabilize around 60-65% for the full year, similar to Q1 levels
Answered by Mohit Jain
Asked by Shradha Agrawal: How should utility bedding utilization ramp over the next few quarters
p. 11
“So for utility bedding for this year, our endeavor is to be at 60 to 65% utilization.”
Mohit Jain, page 11 of the filed PDF · View the filing
Management said India remains competitively placed even at higher tariffs and did not lose customers, with neighboring countries at similar tariff levels
Answered by Mohit Jain
Asked by Saransh Gupta: How is Indo Count positioned versus peers given improving U.S. tariff rates for India
p. 13
“Even at 50% tariff, we, as a company, did not lose a single order or a single customer. So now with at 10%, India as a country is extremely competitively placed.”
Mohit Jain, page 13 of the filed PDF · View the filing
Management said there is no fixed ceiling and the current target is 15-16% margins, to be recalibrated over time
Answered by Mohit Jain
Asked by Pranav Malhotra: Is 15% margin a ceiling for the company long term
p. 14
“No, Pranav, we don't have any ceiling in our mind. I mean we have to take one step at a time.”
Mohit Jain, page 14 of the filed PDF · View the filing
Risks flagged
Container availability constraints due to the West Asia conflict impacted volume throughput
p. 4
“Volume throughput was impacted by container availability constraints arising from the West Asia conflict.”
Mohit Jain, page 4 of the filed PDF · View the filing
Bhilad facility disrupted by heavy rainfall and flooding
p. 5
“Our Bhilad, Gujarat manufacturing facility was temporarily impacted by heavy rainfall and flooding from 23rd July 2026.”
Mohit Jain, page 5 of the filed PDF · View the filing
Higher employee costs from new facility commencement partially offset EBITDA gains
p. 5
“The strong performance was partially offset by higher employee costs, primarily due to the commencement of the operations at the Greenfield facility and the continued ramp-up across other facilities.”
Manish Bhatia, page 5 of the filed PDF · View the filing
Container issue affecting shipments continues
p. 8
“The container issue continues.”
Mohit Jain, page 8 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.