Thomas Scott (India) Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Thomas Scott (India) Ltd filed with BSE on 06 Jun 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
Thomas Scott India reported Q4 FY26 revenue of Rs. 78 crores, up 63% year-on-year, with EBITDA of Rs. 11 crores and PAT of Rs. 6 crores, marking the tenth consecutive quarter of revenue growth. For FY26, revenue reached Rs. 255 crores, up 58% year-on-year, with EBITDA of Rs. 33 crores and PAT of Rs. 19 crores. Management discussed a large fire-related insurance claim receivable, growth in licensed and other brands, entry into footwear, and a shift toward wholesale/B2B sales for the Thomas Scott brand.
Numbers mentioned
Revenue from operations: Rs. 78 crores (Q4 FY26)
p. 4
“revenue from operations for Q4-fy26 stood at Rs. 78 crores, registering a strong growth of 63% year-on-year”
Vedant Bang, page 4 of the filed PDF · View the filing
EBITDA: Rs. 11 crores (Q4 FY26)
p. 4
“EBITDA for the quarter stood at Rs. 11 crores, reflecting 67% year-on-year, while EBITDA margins stood at 14.14%”
Vedant Bang, page 4 of the filed PDF · View the filing
Profit after tax: Rs. 6 crores (Q4 FY26)
p. 4
“Profit after tax for”
Vedant Bang, page 4 of the filed PDF · View the filing
PAT margin: 7.71% (Q4 FY26)
p. 5
“the quarter stood at Rs. 6 crores, representing a growth of 43% year-on-year, while PAT margins stood at 7.71%”
Vedant Bang, page 5 of the filed PDF · View the filing
Revenue from operations: Rs. 255 crores (FY26)
p. 5
“For the Financial Year 2026, revenue from operations stood at Rs. 255 crores, reflecting a robust growth of 58% year-on-year”
Vedant Bang, page 5 of the filed PDF · View the filing
EBITDA: Rs. 33 crores (FY26)
p. 5
“EBITDA increased by 72% year-on-year to Rs. 33 crores, with EBITDA margins expanding by 105 basis points to 13.1%”
Vedant Bang, page 5 of the filed PDF · View the filing
Profit after tax: Rs. 19 crores (FY26)
p. 5
“Profit after tax for FY26 stood at Rs. 19 crores, registering a growth of 51% year-on-year, while PAT margins for the year stood at 7.57%”
Vedant Bang, page 5 of the filed PDF · View the filing
Thomas Scott brand revenue: Rs. 91 crores (FY26)
p. 5
“Our own brand, Thomas Scott, recorded revenue of Rs. 91 crores during FY26, growing by 62% year-on-year”
Vedant Bang, page 5 of the filed PDF · View the filing
Licensed and other brands revenue: Rs. 148 crores (FY26)
p. 5
“The licensed and other brand segments reported revenues of Rs. 148 crores, representing a growth of 53% year-on-year”
Vedant Bang, page 5 of the filed PDF · View the filing
Contract manufacturing revenue: Rs. 15 crores (FY26)
p. 5
“Our contract manufacturing business also delivered a strong performance, supporting revenues of Rs. 15 crores during FY26, a growth of 91% year-on-year”
Vedant Bang, page 5 of the filed PDF · View the filing
ROCE: 22.31% (FY26)
p. 5
“Our ROCE stands at 22.31%”
Vedant Bang, page 5 of the filed PDF · View the filing
3-year revenue CAGR: 60% (3 years)
p. 5
“Our revenue has compounded 60% over 3 years”
Vedant Bang, page 5 of the filed PDF · View the filing
3-year EBITDA growth rate: 88% (3 years)
p. 5
“Our EBITDA has grown at 88% over the same period”
Vedant Bang, page 5 of the filed PDF · View the filing
Long-term loans: Rs. 1.48 crores (FY26)
p. 11
“our long-term loans have actually decreased year-on-year from Rs. 2.42 crores to Rs. 1.48 crores”
Vedant Bang, page 11 of the filed PDF · View the filing
Short-term borrowing drawdown: Rs. 45 crores (as of 31st March)
p. 11
“Short-term borrowing is the part where it is around Rs. 45 crores, which was the drawdown as of 31st March”
Vedant Bang, page 11 of the filed PDF · View the filing
Insurance claim receivable: Rs. 22 crores
p. 6
“the other current assets comprise of an insurance claim receivable from a previous fire incident that occurred last year to the tune of about 22 crores approximately”
Vedant Bang, page 6 of the filed PDF · View the filing
Online sales mix: 93% (FY26)
p. 13
“Online is about 93%, offline is 7%”
Vedant Bang, page 13 of the filed PDF · View the filing
Store revenue contribution: 7% (FY26)
p. 13
“So, from our store, we have done close to about 7% of our Thomas Scott brand revenue.”
Vedant Bang, page 13 of the filed PDF · View the filing
Material cost as % of total expenses: 52% (March 2026)
p. 21
“58% in March 2025 was our material cost. It has come down to 52% in March 2026 of the total expenses, I am saying.”
Vedant Bang, page 21 of the filed PDF · View the filing
Exceptional item related to fire: Rs. 1.06 crores (Q4 FY26)
p. 22
“Totally, we have booked close to Rs. 1.06 crores in this quarter relating to the same fire incident.”
Vedant Bang, page 22 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.
Revenue growth — FY27
stated as an aspiration by Vedant Bang
p. 22
“So, we are working to make the top line growth continue the same as last year. So, we are working to increase our revenue growth in that fashion.”
Vedant Bang, page 22 of the filed PDF · View the filing
EBITDA margin
stated conditionally by Vedant Bang
p. 22
“So far as we are focused on growth, our EBITDA margins will remain at the current level that we are working on.”
Vedant Bang, page 22 of the filed PDF · View the filing
Debt to equity ratio — 0.2
stated conditionally by Vedant Bang
p. 9
“As we receive the recoverable from the insurance company within the next few quarters, that will essentially offset those short-term borrowings as well and then it will come down to a 0.2 kind of level.”
Vedant Bang, page 9 of the filed PDF · View the filing
Manufacturing capacity expansion
stated firmly by Vedant Bang
p. 14
“There are continuous expansion plans in our own capacity, especially in Sholapur.”
Vedant Bang, page 14 of the filed PDF · View the filing
Store expansion
stated conditionally by Vedant Bang
p. 12
“So, as and when that happens, a new store would also get opened.”
Vedant Bang, page 12 of the filed PDF · View the filing
Operating cash flow
stated conditionally by Vedant Bang
p. 10
“It is during those times that the cash flow from operations would start becoming positive.”
Vedant Bang, page 10 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 increase was mainly an insurance claim receivable from a fire incident, plus deposits and advances.
Answered by Vedant Bang
Asked by Ankush Agarwal: What explains the large increase in other current assets from about 7 crores to 46 crores?
p. 6
“the other current assets comprise of an insurance claim receivable from a previous fire incident that occurred last year to the tune of about 22 crores approximately”
Vedant Bang, page 6 of the filed PDF · View the filing
Management explained this reflects a shift to wholesale/outright sales at lower recorded revenue but similar EBITDA margins, not a volume decline.
Answered by Vedant Bang
Asked by Murtaza: Why did the own brand appear to dip QoQ while licensed brands grew faster?
p. 7
“even when we sell on an outright channel rather than selling to the final consumer, the final bottom line margin that we make at an EBITDA level or at a contribution margin level remains the same”
Vedant Bang, page 7 of the filed PDF · View the filing
Management said the tools would remain for internal use, with possible disclosures around H1, and no plan currently for a SaaS business.
Answered by Vedant Bang
Asked by Murtaza: Is thread.ai/catalog.ai planned to become a third-party SaaS product?
p. 8
“We are not yet prepared to have SaaS as a business and we want to focus on our core business model at the moment while we continue to benefit from the fruits of what we have developed.”
Vedant Bang, page 8 of the filed PDF · View the filing
Management said most liabilities are working capital loans, with long-term loans declining and short-term borrowing partly tied to the insurance receivable.
Answered by Vedant Bang
Asked by Ankur Gulati: What are the repayment terms and split of debt between term loan and working capital loan?
p. 11
“our long-term loans have actually decreased year-on-year from Rs. 2.42 crores to Rs. 1.48 crores”
Vedant Bang, page 11 of the filed PDF · View the filing
Management described the first incident as minor and the second as major but said all staff remained safe and fire audits/NOCs are in place.
Answered by Vedant Bang
Asked by Siddharth: Why have there been two fire incidents and what about safety protocols?
p. 14
“We do take our fire safety standards very seriously. And we have regular fire audit and fire NOCs from local authorities.”
Vedant Bang, page 14 of the filed PDF · View the filing
Management attributed this to sales concentration in the last month of the quarter and customer returns sitting in receivables, saying receivable days have actually improved.
Answered by Vedant Bang
Asked by Siddharth: Why are receivables growing faster than profit growth?
p. 15
“more than 70-75% of our sales are actually coming in the last month of the quarter”
Vedant Bang, page 15 of the filed PDF · View the filing
Management said this reflects premiumization of the license/other brand portfolio raising average selling prices, reducing material cost as a percentage of expenses.
Answered by Vedant Bang
Asked by Ishan Modi: Why has cost of material consumed decreased even as sales grew 60%?
p. 21
“there is about 16% lesser contribution of the cost of material consumed, which is explained by 16% improvement in the overall selling price owing to premiumization”
Vedant Bang, page 21 of the filed PDF · View the filing
Management said it could not disclose brand-specific numbers but noted the international brand portfolio, naming Nautica, French Connection, FCUK and Kenneth Cole, is driving it.
Answered by Vedant Bang
Asked by Ishan Modi: Which brands are driving the premiumization?
p. 21
“Our international brands that we support that we are operators for include brands like Nautica, French Connection, FCUK and Kenneth Cole.”
Vedant Bang, page 21 of the filed PDF · View the filing
Risks flagged
Raw material price escalation due to geopolitical conflict
p. 9
“there is a general industry wide supply issues caused by raw material price escalations owing to the West Asia war”
Vedant Bang, page 9 of the filed PDF · View the filing
Fire incidents affecting facilities and inventory
p. 14
“the second incident was a major incident. Without delving into the specifics, because it is subject to insurance claim, that incident was unfortunate and beyond anyone's control.”
Vedant Bang, page 14 of the filed PDF · View the filing
Customer returns embedded in receivables
p. 18
“customer returns of any quarter is 20% of the gross sales normally in e-commerce”
Vedant Bang, page 18 of the filed PDF · View the filing
Working capital funded by short-term borrowing without further capital infusion limiting positive operating cash flow
p. 10
“So far as we keep continuing this growth without any further infusion of capital, it is not easy to have positive operating cash flows.”
Vedant Bang, page 10 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.