AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 26 Aug - Indo Count Industries to attend Ashwamedh–Elara India Dialogue 2026 on 2 September 2026 in Mumbai.
Source: Bse
Indo Count Industries Limited (ICIL)
Micro CapTextiles stocks · Micro cap · NSE
Indo Count Industries Ltd. (ICIL) is a global home textile bed linen company, transforming into a value-added home solutions player with growing brand presence. It offers a comprehensive product portfolio including bed sheets, fashion bedding, utility bedding, and institutional bedding, with manufacturing operations in India and the USA, exporting to over 50 countries.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result12 Aug, 02:40 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Textiles P/E 42.1 (n=11)
Technical timing lens
Trend score and candlestick chart
61BullishSMA20 +2.2% / mo · MACD −
Stock trend: 61
Sector RS: —
Textiles FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but exact sector-index confirmation is unavailable. View sector evidence
Technical chart
ICILD candles · FIT view+61.0%Latest close ₹423.80 on 2026-10-19
Bar
-4.8%
RSI
44
MACD hist
-3.34
52W pos
77%
2026-10-19O ₹444.95H ₹446.90L ₹418.50C ₹423.80Vol 4.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ICILNifty 500
- ICIL
- +8.0%
- Nifty 500
- -5.6%
- Vs Nifty 500
- +13.6 pp
Chart stats
19 Oct 2026- From 52W high
- -12.8%
- 52W range position
- 77%
- ATR (14)
- 5.3%
- Volume vs 20D
- 0.90x
- Avg traded value
- ₹22 Cr
- 20D price channel
- ₹418.5 - ₹486
₹486
₹216.9 - ₹486
₹22.4
Latest completed session
20-session average
61.1% annualized volatility
No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED22
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent77
Revenue +25.9% · PAT +61.5% YoY
Technical
Bullish61
Price trend and sector-relative-strength timing.
Valuation
Legacy model-1597.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence65
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 77/100Rev +26% YoY · PAT +62% YoY · +14% QoQ · operating leverage · margin compression
Filed 12 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,207 Cr | +25.9% | +14.1% |
| EBITDA | ₹143 Cr | +28.8% | +66.3% |
| Operating margin | 12.0% | +0 bps | +400 bps |
| PAT | ₹63 Cr | +61.5% | +162.5% |
| PAT margin | 5.2% | +115 bps | +295 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 57.90
- P/B
- 3.71
- EV/EBITDA
- 17.06
- Market Cap
- 8740.00Cr
Profitability
- ROE
- 5.52%
- ROCE
- 8.19%
- ROA
- 3.36%
- Dividend Y
- 0.34%
Growth (CAGR)
- Revenue 5Y
- 10.00%
- EPS 5Y
- -13.00%
- Revenue 3Y
- 11.00%
- EPS 3Y
- -23.00%
Balance Sheet
- Debt/Equity
- 0.57
- Interest Coverage
- 3.12×
- Altman Z
- 4.66
- Book Value
- 119.00
Cash Flow
- FCF Yield
- 4.07%
- FCF Positive Y
- 8/5
- OCF
- 573.00 Cr
- EPS TTM
- 7.61
Shareholding
- Promoter Hold
- 58.74%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 83%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 4,390+6.0% vs prev
Net Profit
₹ CrLatest: 338+22.0% vs prev
Return on Equity
%Latest: 14.8-4.1% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 44. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~2.1% over last month) — short-term momentum positive.
- RSI(14) at 44 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 13% off 52W high · 95% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
88
RS percentile
Stage 2 UptrendEstablished S2
1M return
-5.3%
3M return
+8.0%
6M return
+54.4%
1Y return
+48.0%
RS 1D
-2
RS 20D
-2
Sector rank
#7
Industry rank
#37
Stage evidence
- Price is 15.4% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +7.5%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
01 Jun 2026
S2 age
99 trading sessions
Sector
weakening
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 162.31-2.91%
RS vs Nifty 500162
Valuation & peers
U-Score 22 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 22 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth4/25
Quality0/20
Balance Sheet6/15
Cash Flow7/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
22
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
22/100 · legacy band OVERVALUED
Positive drivers
- FCF yield is supportive at 4.1%.
- Piotroski is strong at 7/9.
- Cash flow contributes 7/10 to the score.
Main drags
- Fair-value margin of safety is negative at -1597.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
57.9
PB
3.7
EV/EBITDA
17.1
ROE
5.5%
ROCE
8.2%
FCF Yield
4.1%
Debt/Equity
0.6
MoS
-1597.9%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
22
Previous: 22
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-1597.9%
Previous: -1597.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
22
22
22
22
20
20
20
20
22
22
22
22
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹142.74
-196.9% MoS
Growth-justified P/E
3.3
Growth-justified Value
₹24.96
-1597.9% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Textiles — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
WELSPUNLIV
Large
Welspun Living Limited
Textiles
match 74
24
73.8
4.5%
-2636%
OVERVALUED
FAZE3Q
Small
Faze Three Limited
Textiles
match 65
21
34.3
6.4%
-305%
OVERVALUED
HIMATSEIDE
Small
Himatsingka Seide Limited
Textiles
match 62
57
14.5
3.0%
+60%
FAIR VALUE
BELLACASA
Small
Bella Casa Fashion & Retail Limited
Textiles
match 62
54
17.6
12.7%
+47%
FAIR VALUE
GOKEX
Micro
Gokaldas Exports Limited
Textiles
match 62
27
51.0
3.1%
-13%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-09T07:25:31.796Z
Management commentary snapshot
FY26 revenue flat YoY, but Q4 shows sequential recovery in income and EBITDA; new businesses scale significantly, offsetting core business decline amidst US tariffs.
The company's strategic transformation into a diversified home solutions player with a focus on new businesses and brands is progressing, despite FY26 profitability being impacted by US tariffs and incubation costs. Management's FY27 targets and long-term revenue doubling goal suggest continued execution on this strategy, with a shift towards asset sweating and debt reduction.
Current business mix
Revenue by Business Vertical (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Core Business (Bed Linen)81.0%
New Businesses (Utility Bedding + USA Brand Business)19.0%
Growth engines
New Businesses Scaling
New businesses scaled from USD 33 million in FY25 to USD 90 million in FY26, targeting USD 275 million by 2028.
Brand-led Diversification
Relaunched Wamsutta brand and signed Tommy Hilfiger for Utility Bedding, expanding licensed brand portfolio to 6 brands.
Product Portfolio Expansion
Expanded product portfolio with curtains, towels, bath rugs, blankets, and utility bedding, diversifying revenue streams.
USA Manufacturing Footprint
Commencement of greenfield manufacturing facility in North Carolina, enhancing customer proximity and supply chain responsiveness.
Capacity and execution
North Carolina Greenfield Facility
Successfully commissioned, more than doubling annual manufacturing capacity to 31 Mn pillows and 1.5 Mn quilts p.a.
Spinning Capacity Expansion
Brownfield capacity expansion of 24,000 spindles + Modernization, budgeted Rs. 85 Crs for FY27e, to be completed in next 12-18 months.
Effluent Treatment Plant (ETP) at Bhilad
Budgeted Rs. 95 Crs for FY27e.
Tailwinds
India's Global Textile Position
India is consolidating its position in the global textile market due to strong cotton production, upgraded technology, and skilled labor pool.
Favorable Trade Agreements
Free trade agreements with Australia, New Zealand, Japan, EU, UK, and ongoing negotiation with USA are expected to create a favorable long-term environment for Indian textile exporters.
E-commerce Growth in US
USA e-commerce sales penetration reached 25.0% of total retail sales in Q4 2025, the highest since 1999.
Strong ESG Commitment
Achieved S&P Global ESG Score of 78 out of 100 for 2025, ranking in the top 3 percentile globally within the Textile, Apparel & Luxury Goods industry.
Headwinds
West Asia Conflict
The ongoing West Asia conflict is impacting the global economy, and its potential impact will need to be closely monitored.
US Tariff Situation
Business remained subdued and highly volatile due to evolving implications of US tariff situation, with levels moving from 10% to 25% to 50% and subsequently to 10%.
Risk radar
Fluctuations in Earnings
Future business prospects and profitability are subject to risks and uncertainties, and actual results could materially differ from forward-looking statements.
Competition
The company faces competition from both domestic and international players.
Government Policies and Regulations
Risks include government policies and actions, regulations, interest, and other fiscal costs generally prevailing in the economy.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
QoQ comparison is relevant for Q4 FY26 to observe sequential momentum and recovery in income and EBITDA, driven by new businesses and absorption of incubation costs. YoY comparison for FY26 is necessary to understand the full-year impact of US tariffs and initial investments on overall profitability, despite management noting Q4 YoY non-comparability due to tariff changes.
Sector KPIs management disclosed
Volume (Mn Mtrs)
FY26: 94.1 Mn Mtrs (vs 106.4 Mn Mtrs in FY25); Q4 FY26: 20.5 Mn Mtrs (vs 24.8 Mn Mtrs in Q3 FY26).
Total Income (Rs. Crs)
FY26: 4,211 Crs (vs 4,191 Crs in FY25); Q4 FY26: 1,088 Crs (vs 1,074 Crs in Q3 FY26).
EBITDA Margin (%)
FY26: 11.0% (vs 13.8% in FY25); Q4 FY26: 10.7% (vs 9.5% in Q3 FY26).
New Businesses Revenue (USD Mn)
FY26: 90 Mn (vs 33 Mn in FY25).
Management forward view
FY27 Revenue and Margin Targets
Targeting ~30%+ revenue growth in FY27 to reach ~₹5,500 Crs revenue with ~13% EBITDA margin.
Revenue Doubling Goal
On track to double revenue by 2028 over the FY25 base, with Brands & Utility Bedding segments contributing ~$275M.
Focus on Asset Sweating
Focus will shift toward sweating assets, improving operating leverage, strengthening cash flows, and reducing debt after front-loaded investments.
Improving Earnings Quality
Improving earnings quality with higher contribution of Utility Bedding and Branded segments.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 Total Income | Rs. 4,211 Crs (FY26) | ~Rs. 5,500 Crs |
| FY27 EBITDA Margin | 11.0% (FY26) | ~13% |
| New Businesses Revenue | USD 90 Mn (FY26) | Progress towards USD 275 Mn by 2028 |
| USA Utility Bedding Utilization | ~65% for existing 2 facilities | Ramp-up of North Carolina facility and overall utilization improvement |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
65Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 45th percentile of the scored universe and 33rd percentile within Textiles. Main check: financial discipline is weak at 30/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
144 docs text-extracted · 58 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
45th percentile
overall median 67 · Textiles: 33rd pctile, median 70 · Micro: 27th pctile, median 73
Evidence depth
Financial-only
144 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
30
weak · capital discipline
Results
53
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 58.7%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 4%.
- ▸8 years of positive FCF.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROE is low at 5.5%.
- ▸ROCE trend is -5.1%.
- ▸Revenue CAGR is 11% but EPS CAGR is -23%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Indo Count Industries Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Sep - Indo Count Industries to attend Arihant Capital Bharat Connect virtual investor meeting on 28 September 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Strikes /Lockouts / Disturbances 18 Sep - Bhilad, Gujarat facility resumed regular operations from 17 September 2026 after flood-related disruption.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 24 Jun - Head- Accounts & Finance Bijay Agarwal resigned, effective 22 September 2026 after notice period.
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Company Ir
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Strikes /Lockouts / Disturbances 12 Aug - Operations partially resumed at Bhilad, Gujarat facility on 12 August 2026 after disruption.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Management 12 Aug - Indo Count elevates Pankaj Saxena as President-Retail and senior management personnel effective 12 August 2026.
Source: Bse
Investor presentation
Announcement under Regulation 30 (LODR)-Investor Presentation 12 Aug
Source: Bse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Bse
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 12 Aug - Indo Count reported Q1 FY27 results: revenue Rs 1,224 crore, EBITDA Rs 160 crore, PAT Rs 63 crore.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.