Indo Count Industries Limited (ICIL) AI Stock Analysis

• Market Cap: ₹46.75B
• Dividend Yield: 0.74%
• Average Volume (3M): 43.91K
• Price to Earnings (P/E): 28.6
• Beta (1Y): 1.88
• Revenue Growth: 10.86%
• EPS Growth: -47.15%
• Country: IN
• Employees: 3,626
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Apparel - Manufacturers
• EPS (TTM): 2.00
• Shares Outstanding: 198,054,340
• 10 Day Avg. Volume: 15,379
• 30 Day Avg. Volume: 43,915
• PEG Ratio: -0.79
• Price to Book (P/B): 2.33
• Price to Sales (P/S): 1.28
• P/FCF Ratio: 154.44
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 63 Neutral
• Price Target: ₹251.00 ▼(-15.90% Downside)

The score is driven primarily by solid financial performance—strong revenue growth and improved cash generation—tempered by operating margin pressure and moderate leverage. Technicals are supportive on trend (price above major moving averages) but weakened by negative MACD. Valuation is the largest drag due to the high P/E and low dividend yield.

Positive Factors

Strong revenue growth

Sustained 26.9% revenue growth indicates durable demand for the company’s home-textile products in export markets. Over 2–6 months this supports scale benefits, stronger purchasing leverage, and more predictable order flows that can fund capacity and product development.

High gross margin

A 42.2% gross margin signals structural production efficiency and pricing power in manufacturing and finishing. This margin buffer helps absorb raw-material and input volatility over time and preserves operating profitability if the company maintains cost controls and product mix quality.

Material improvement in cash generation

A 220.6% jump in FCF and OCF/NI >1 show materially improved conversion of earnings into cash. Durable cash conversion enhances financial flexibility for capex, working capital and deleveraging, reducing reliance on external financing and supporting long-term operational investments.

Negative Factors

Declining operating (EBIT) margin trend

A sustained decline in EBIT margin signals structural pressure on operating profitability from rising costs or weakening pricing power. Over months this erodes the company’s ability to self-fund growth and cushions against shocks, making cost discipline and mix improvement critical.

Moderate financial leverage

A D/E of 0.64 represents meaningful leverage that increases interest and refinancing risk if conditions tighten. Over a multi-month horizon this limits strategic flexibility, pressures free cash flow if margins soften, and constrains the firm’s capacity for opportunistic investments.

Modest net profitability and earnings volatility

A 5.9% net margin combined with a sharp negative EPS growth rate highlights vulnerability in translating revenue into stable earnings. Structurally, this limits retained earnings for reinvestment and makes returns sensitive to input costs and order variability across selling seasons.

Indo Count Industries Limited Business Overview & Revenue Model

Company Description

Indo Count Industries Limited manufactures and sells home textile products in India. The company offers bed sheets; fashion bedding products, such as matching and complementary sheets, comforters, duvet covers, quilts, pillows, shams, and skirts; utility bedding products; institutional bedding products, which include matching sheets, comforters, duvet covers, quilts, pillows, shams, euro-shams, and skirts; and bedding products, such as flat sheets, printed bed sheets, fitted sheets, and bed skirt/valance. It operates showrooms in the United Kingdom and the United States. The company sells its products under the Boutique Living, Haven, Revival, Pure Collection, Linen Closet, Simply-put, Whole Comfort, Purity Home, The Cotton Exchange, Color sense, Kids Corner, True Grip, Heirlooms of India, Atlas, Wholistic, SleepRx, and Layers brands through multi brand outlets, large format stores, and e-commerce platform. It exports its products to approximately 54 countries. The company was incorporated in 1988 and is headquartered in Mumbai, India.

How the Company Makes Money

Indo Count Industries Limited generates revenue through multiple streams, primarily by manufacturing and selling a diverse range of textile products. The company’s core revenue comes from its home textiles segment, where it supplies bed linens and other related products to major retailers and brands worldwide. Additionally, ICIL benefits from its strategic partnerships with leading global brands and retailers, which help expand its market reach and drive sales volume. The company also engages in fabric manufacturing for apparel and other sectors, contributing to its overall earnings. By leveraging economies of scale and efficient production processes, Indo Count Industries optimizes its profitability while meeting the growing demand in both domestic and international markets.

Indo Count Industries Limited Financial Statement Overview

Summary

Strong revenue growth (26.9%) and solid gross margin (42.2%) support fundamentals, and cash generation improved sharply (FCF growth 220.6%, OCF/NI 1.16). Offsetting this are moderate profitability (net margin 5.9%) and signs of operating margin pressure (declining EBIT margin trend), plus moderate leverage (D/E 0.64).

Income Statement

Indo Count Industries Limited shows a steady revenue growth trajectory with a Revenue Growth Rate of 26.9% in the latest year. The Gross Profit Margin stands at 42.2%, indicating strong production efficiency, though it slightly decreased from the previous year. The Net Profit Margin is at 5.9%, reflecting moderate profitability. EBIT and EBITDA Margins are 10.1% and 13.8%, respectively, showing robust operational efficiency. However, the declining EBIT margin over the years indicates pressure on operating profits.

Balance Sheet

The company's financial leverage is noticeable, with a Debt-to-Equity Ratio of 0.64, signaling moderate financial risk due to debt levels. Return on Equity stands at 10.8%, which is healthy but slightly declining, reflecting potential challenges in generating returns for shareholders. The Equity Ratio of 53.4% indicates a solid equity base, providing a stable financial foundation.

Cash Flow

The Free Cash Flow Growth Rate is strong at 220.6%, highlighting significant improvements in cash-generating ability. The Operating Cash Flow to Net Income Ratio is 1.16, indicating efficient conversion of net income into cash. The Free Cash Flow to Net Income Ratio of 0.14 reflects cautious cash management, though it suggests limited free cash flow compared to net income.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	41.69B	41.51B	32.71B	27.82B	28.42B	23.49B
Gross Profit	20.98B	17.53B	15.01B	5.23B	14.82B	8.95B
EBITDA	5.38B	5.73B	5.98B	4.77B	5.74B	4.02B
Net Income	2.06B	2.46B	3.38B	2.77B	3.59B	2.51B
Balance Sheet
Total Assets	0.00	42.60B	35.69B	30.48B	32.64B	22.96B
Cash, Cash Equivalents and Short-Term Investments	2.41B	2.52B	2.28B	2.37B	4.02B	2.90B
Total Debt	0.00	14.49B	9.56B	8.76B	13.19B	5.77B
Total Liabilities	-22.78B	19.82B	14.80B	12.55B	16.71B	10.05B
Stockholders Equity	22.78B	22.78B	20.89B	17.93B	15.87B	12.85B
Cash Flow
Free Cash Flow	0.00	343.91M	107.27M	4.13B	-4.89B	-555.39M
Operating Cash Flow	0.00	2.86B	1.46B	7.55B	-371.23M	-197.02M
Investing Cash Flow	0.00	-4.97B	-975.46M	-4.74B	-2.58B	-1.89B
Financing Cash Flow	0.00	2.25B	-473.51M	-5.74B	6.46B	1.85B

Indo Count Industries Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 298.45
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ICIL, the sentiment is Negative. The current price of 298.45 is above the 20-day moving average (MA) of 248.78, above the 50-day MA of 274.59, and above the 200-day MA of 280.15, indicating a bearish trend. The MACD of -12.77 indicates Positive momentum. The RSI at 40.59 is Neutral, neither overbought nor oversold. The STOCH value of 27.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ICIL.

Indo Count Industries Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ARVIND	73 Outperform	₹82.03B	20.23	―	1.18%	8.84%	41.74%
PGIL	66 Neutral	₹71.87B	26.97	―	0.77%	24.93%	20.57%
SANGAMIND	64 Neutral	₹22.95B	38.73	―	0.45%	13.88%	-0.56%
ICIL	63 Neutral	₹46.75B	28.60	―	0.74%	10.86%	-47.15%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
KITEX	59 Neutral	₹34.12B	36.55	―	0.27%	20.41%	-6.50%
GOKEX	57 Neutral	₹40.33B	25.88	―	―	22.27%	7.09%

Indo Count Industries Limited Corporate Events

Indo Count Files SEBI Dematerialisation Compliance Certificate for Q3 FY2025-26

Indo Count Industries Limited has notified the stock exchanges that, for the quarter ended 31 December 2025, it has received a compliance certificate from its registrar and share transfer agent, MUFG Intime India Private Limited, under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate confirms that all securities lodged for dematerialisation during the quarter were duly processed, either accepted or rejected, appropriately listed, and that corresponding physical certificates were verified, cancelled, mutilated, and replaced in the company’s register of members with the depositories as registered owners within prescribed timelines, underscoring Indo Count’s adherence to regulatory norms and the integrity of its share dematerialisation and record-keeping processes.