Indian Terrain Fashions Limited (INDTERRAIN) AI Stock Analysis

• Market Cap: ₹1.70B
• Dividend Yield: N/A
• Average Volume (3M): 7.84K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.36
• Revenue Growth: -5.67%
• EPS Growth: 71.26%
• Country: IN
• Employees: 273
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Manufacturers
• EPS (TTM): -0.07
• Shares Outstanding: 50,667,366
• 10 Day Avg. Volume: 3,058
• 30 Day Avg. Volume: 7,842
• PEG Ratio: -0.02
• Price to Book (P/B): 0.77
• Price to Sales (P/S): 0.41
• P/FCF Ratio: -48.10
• 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: 48 Neutral
• Price Target: ₹31.00 ▼(-10.66% Downside)

The overall stock score reflects significant financial challenges, including declining revenues and negative profitability, which are the most impactful factors. Technical analysis shows mixed signals, with weak momentum but potential oversold conditions. Valuation is unattractive due to ongoing losses and lack of dividends.

Positive Factors

Multi-channel distribution

A diversified sales mix across exclusive brand outlets, multi-brand retailers and e-commerce reduces single-channel risk, sustains customer reach and supports steady revenue recovery opportunities over months by enabling omnichannel promotions and inventory flexing.

Established brand equity

Longstanding brand recognition and reputation for quality provide durable competitive advantage in apparel: supports customer loyalty, wholesale and retail partnerships, and pricing resilience, improving prospects for medium-term market share recovery and repeat sales.

Reasonable asset management

Stable asset management suggests efficient use of working capital and inventory relative to peers, enabling the company to extract value from existing stores and channels even while revenue is weak, which helps preserve operational capacity during restructuring.

Negative Factors

Declining revenue and losses

Sustained top-line contraction and net losses erode scale economics and brand investments, pressuring margins and limiting reinvestment. Over a multi-month horizon this weakens competitive positioning and increases the challenge of returning to consistent profitability.

Negative free cash flow

Inconsistent operating cash flow and negative FCF constrain the firm’s ability to fund store upkeep, inventory and marketing from operations, raising reliance on external financing and increasing liquidity risk that can impair strategic execution over the medium term.

Leverage and falling equity

Rising leverage and a shrinking equity base reduce financial flexibility, increase interest and covenant risk, and raise the probability of dilutive capital raises or cost-cutting that could harm long-term growth initiatives and operational stability.

Indian Terrain Fashions Limited Business Overview & Revenue Model

Company Description

Indian Terrain Fashions Limited manufactures and sells apparel in India. It offers shirts, T-shirts, sweaters, jackets, denims, sweatshirts, shorts, trousers, jeans, and joggers, as well as accessories comprising belts, wallets, and socks for men and boys. The company provides its products for men under the Indian Terrain brand name, as well as for boys between the ages of 4 and 16 years under the Indian Terrain BOY brand name. It sells its products through approximately 1,000 multi brand outlets, 400 large format stores, and 200 exclusive outlets, as well as through e-commerce platforms. The company was founded in 2000 and is based in Chennai, India.

How the Company Makes Money

Indian Terrain generates revenue primarily through the sale of its apparel products, which are distributed via various channels including branded retail stores, multi-brand outlets, and e-commerce platforms. The company operates a network of exclusive brand outlets that directly sell its products, contributing to a substantial portion of its revenue. Additionally, Indian Terrain leverages partnerships with online marketplaces to reach a broader consumer base. Key revenue streams include direct sales from retail outlets, e-commerce sales, and wholesale distribution to other retailers. The brand's marketing strategies and seasonal collections also play a significant role in driving sales, while maintaining a focus on customer loyalty and brand recognition.

Indian Terrain Fashions Limited Financial Statement Overview

Summary

Indian Terrain Fashions Limited faces significant financial challenges, with declining revenues, negative profitability, and liquidity issues. Operational inefficiencies and high leverage pose risks, although asset management remains reasonable.

Income Statement

The company has faced declining revenue and significant net losses in recent years, with a sharp decline in revenue from 2024 to 2025. Gross profit margin has decreased, and both EBIT and EBITDA margins have turned negative, indicating operational challenges and reduced profitability.

Balance Sheet

The balance sheet shows a moderate debt-to-equity ratio and a decreasing equity base. While total debt has decreased slightly, stockholders' equity has also fallen, reducing the equity ratio. The company's leverage is a potential risk, but asset management appears stable.

Cash Flow

Operating cash flow has been inconsistent, and free cash flow has turned negative in the most recent year. The free cash flow to net income ratio reflects the company's struggle to generate cash relative to its losses, posing liquidity concerns.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.41B	3.41B	4.56B	5.01B	3.36B	2.13B
Gross Profit	1.27B	883.90M	1.20B	1.46B	1.24B	729.40M
EBITDA	106.10M	-21.10M	339.90M	551.90M	341.80M	-101.20M
Net Income	-335.80M	-426.60M	-149.30M	70.90M	-22.00M	-307.50M
Balance Sheet
Total Assets	0.00	4.42B	5.22B	5.46B	4.73B	4.66B
Cash, Cash Equivalents and Short-Term Investments	439.80M	439.80M	92.40M	170.60M	213.80M	217.90M
Total Debt	0.00	1.17B	1.43B	1.09B	1.09B	1.14B
Total Liabilities	-1.83B	2.60B	3.26B	3.35B	2.76B	2.67B
Stockholders Equity	1.83B	1.83B	1.97B	2.12B	1.97B	1.98B
Cash Flow
Free Cash Flow	0.00	-29.10M	-146.90M	110.90M	211.50M	119.00M
Operating Cash Flow	0.00	3.30M	-140.50M	121.90M	224.80M	141.00M
Investing Cash Flow	0.00	62.10M	109.50M	184.00M	34.10M	48.80M
Financing Cash Flow	0.00	60.70M	29.90M	-331.10M	-232.30M	-197.60M

Indian Terrain Fashions Limited Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 34.70
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:INDTERRAIN, the sentiment is Neutral. The current price of 34.7 is above the 20-day moving average (MA) of 32.87, above the 50-day MA of 34.32, and below the 200-day MA of 36.38, indicating a neutral trend. The MACD of -0.45 indicates Negative momentum. The RSI at 51.26 is Neutral, neither overbought nor oversold. The STOCH value of 69.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:INDTERRAIN.

Indian Terrain Fashions Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SENCO	66 Neutral	₹50.38B	20.09	―	0.31%	20.18%	16.17%
V2RETAIL	62 Neutral	₹72.83B	69.42	―	―	65.91%	139.39%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
VIPIND	54 Neutral	₹53.38B	-27.23	―	―	-12.59%	-328.41%
INDTERRAIN	48 Neutral	₹1.70B	-12.61	―	―	-5.67%	71.26%
SHIVAMAUTO	47 Neutral	₹2.83B	-4.92	―	―	-11.18%	-22.17%

Indian Terrain Fashions Limited Corporate Events

Indian Terrain Reports No Requests Under Special Window for Physical Share Transfers

Indian Terrain Fashions Limited has reported to the stock exchanges that, during the special window period mandated by securities regulations for re-lodgment of transfer requests of physical shares, it did not receive any requests from July 2025 up to the close of business on 6 January 2026. With no applications submitted, there were consequently no approvals, rejections or processing timelines to report, indicating that shareholders have largely transitioned away from physical share transfers, with no immediate operational impact on the company’s share transfer processes during this period.

Indian Terrain Fashions Facilitates Share Transfer Requests

Indian Terrain Fashions Limited announced a newspaper publication regarding the re-lodgement of transfer requests for physical shares, as per SEBI regulations. This move is aimed at facilitating eligible shareholders and ensuring compliance with regulatory requirements, potentially impacting the company’s shareholder engagement and operational transparency.

Indian Terrain Fashions Mourns the Loss of Independent Director

Indian Terrain Fashions Limited has announced the unfortunate passing of Mr. P S Raghavan, an Independent Director of the company, on November 24, 2025. Mr. Raghavan’s death is considered a significant loss to the company, as he was an esteemed member of the Indian Foreign Service and held key positions in the Audit and Nomination and Remuneration Committees. The company has expressed deep condolences to his family and acknowledged the impact of his loss on its operations and governance.

Indian Terrain Fashions Releases Q2 FY’26 Financial Results

Indian Terrain Fashions Limited has released an investor presentation detailing its unaudited financial results for the quarter and half-year ending September 30, 2025. This announcement is crucial for stakeholders as it provides insights into the company’s financial health and performance, potentially impacting its market positioning and investor confidence.