Indo Count Industries Limited (ICIL) AI Stock Analysis

• Market Cap: ₹51.97B
• Dividend Yield: 0.74%
• Average Volume (3M): 43.91K
• Price to Earnings (P/E): 46.2
• Beta (1Y): 2.00
• Revenue Growth: 10.86%
• EPS Growth: -47.15%
• Country: IN
• Employees: 3,626
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Apparel - Manufacturers
• EPS (TTM): 1.20
• 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: ₹400.00
• Price Target Upside: 34.03% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 10.1
• Revenue Forecast (FY): ₹41.53B

• Rating: 67 Neutral
• Price Target: ₹285.00 ▼(-4.51% Downside)
• Action: Reiterated Date: 02/04/26
• Date: Action: Reiterated 02/04/26

The score is primarily supported by steady financial performance (strong growth and improved cash generation, with stable balance sheet metrics), and a generally positive technical trend (price above major moving averages). This is offset by weaker valuation (high P/E and low dividend yield) and mixed momentum signals (negative MACD).

Positive Factors

Revenue Growth

A 26.9% revenue expansion indicates durable demand and improving order volumes for a primarily export-oriented home textiles business. Sustained top-line growth supports scale benefits, enhances bargaining power with suppliers, and provides capacity to invest in product development and distribution over the medium term.

High Gross Margin

A 42.2% gross margin reflects strong production efficiency or value-added product mix in bedding textiles. Persistently high gross margins provide structural headroom to absorb input cost swings and fund design, marketing or customer-specific capabilities that sustain competitiveness in international retail channels over multiple quarters.

Improved Cash Generation

Very strong FCF growth (220.6%) and operating cash to net income >1 indicate improved working capital management and cash conversion. Enhanced cash generation increases financial flexibility to repay debt, fund capex, or support strategic initiatives, reducing reliance on external financing over the medium term.

Negative Factors

Moderate Financial Leverage

A D/E of 0.64 represents moderate leverage that raises fixed interest obligations and reduces balance sheet flexibility. In a cyclical and input-cost-sensitive textile industry, sustained leverage limits the company's ability to absorb demand shocks or pursue large strategic investments without increasing financial risk or refinancing needs.

Operating Margin Pressure

A trend of falling EBIT margins signals persistent cost or pricing pressure at the operating level. For a manufacturer exposed to commodity inputs and competitive export markets, continued margin compression can erode ability to fund growth initiatives, weaken return metrics, and force focus on cost reduction rather than strategic expansion.

Limited Free Cash Relative to Income

An FCF/Net Income ratio of 0.14 shows only a small portion of reported earnings converts to discretionary cash. This limits the firm's capacity for sustained dividends, aggressive debt paydown, or reinvestment without relying on working capital cycles or external financing, constraining long-term capital allocation options.

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

Financials are solid overall: strong revenue growth (26.9%) and improved cash generation (free cash flow growth 220.6%) support the score. Profitability is moderate (net margin 5.9%) and operating margin pressure (declining EBIT margin trend) limits upside. Balance sheet is stable with a solid equity base (equity ratio 53.4%) but moderate leverage (D/E 0.64) adds some risk.

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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 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: Positive

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 293.53, above the 50-day MA of 271.93, and above the 200-day MA of 278.98, indicating a bearish trend. The MACD of -0.89 indicates Positive momentum. The RSI at 41.59 is Neutral, neither overbought nor oversold. The STOCH value of 16.65 is Positive, 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	69 Neutral	₹90.30B	22.27	―	1.18%	8.84%	41.74%
ICIL	67 Neutral	₹51.97B	46.22	―	0.74%	10.86%	-47.15%
PGIL	66 Neutral	₹68.94B	26.15	―	0.77%	24.93%	20.57%
GOKEX	65 Neutral	₹47.35B	39.85	―	―	22.27%	7.09%
SANGAMIND	63 Neutral	₹22.49B	37.95	―	0.45%	13.88%	-0.56%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
KITEX	59 Neutral	₹33.91B	78.98	―	0.27%	20.41%	-6.50%

Indo Count Industries Limited Corporate Events

Indo Count Schedules Q3 and Nine-Month FY26 Earnings Call With Investors

Indo Count Industries Limited has scheduled an investors’ conference call to discuss its financial and operational performance for the quarter and nine months ended 31 December 2025. The earnings call is set for Monday, 16 February 2026 at 12:00 p.m. IST and will feature senior management, including the executive vice chairman and chief financial officers.

The call underscores the company’s ongoing engagement with investors and analysts by providing detailed updates on quarterly and year-to-date results. This outreach is likely aimed at maintaining transparency, reinforcing market confidence, and offering stakeholders insight into Indo Count’s operational trajectory and strategic priorities for the remainder of the financial year.

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.