Interiors & More Ltd. (INM)
SME CapConsumer stocks · SME cap · NSE
Interiors & More Ltd. is India's first listed wedding décor solutions company, manufacturing and trading high-quality artificial flowers, plants, greens, and other event, wedding, home, and office décor items since 2012. It is one of India's largest wholesalers of artificial flowers and décor, with an extended portfolio including vases, lights, and furniture.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 72/100Rev +126% YoY · PAT +100% YoY · +177% QoQ · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹61 Cr | +125.9% | +177.3% |
| EBITDA | ₹16 Cr | +33.3% | +166.7% |
| Operating margin | 26.0% | -200 bps | +100 bps |
| PAT | ₹10 Cr | +100.0% | +233.3% |
| PAT margin | 16.4% | -312 bps | +275 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
H1 FY26 revenue grew 24.3% YoY to Rs. 223.1 Mn, driven by B2C segment and in-house manufacturing. However, EBITDA declined 6.5% YoY to Rs. 55.5 Mn, and PAT fell 25.5% YoY to Rs. 31.0 Mn, indicating significant margin pressure.
While revenue growth remains robust, the substantial contraction in EBITDA and PAT margins for H1 FY26 raises concerns about profitability and cost management. The shift towards B2C and increased in-house manufacturing are positive strategic moves, but their impact on the bottom line needs closer monitoring to justify the current valuation.
Revenue Breakup by Category H1FY26
Latest issuer-disclosed distribution across 4 reported categories.
Expanding B2C Segment
B2C revenue share jumped to 23% in H1 FY26, supported by a 418% YoY growth, showcasing strong consumer traction.
Increased In-house Manufacturing
In-house manufacturing contribution rose to 42%, enhancing control, quality, and margins.
Geographical Expansion
Opened 2 Franchise Outlets in Jaipur & Hyderabad, wholesale cum retail showroom in Pune, and an exclusive showroom in Dubai. A new franchise outlet is underway in Kolkata.
Product Portfolio Expansion
Added 1000+ products in the last 3 years, extending the portfolio to include vases, plants, planters, wedding props, lights, furniture, and LED candles.
Manufacturing Capacity Expansion
Annualized capacity for Moulding Products is set to increase from 1,062.5 Mn. Pcs to 2,437.5 Mn. Pcs by March 2026. Artificial Flowers capacity will rise from 23.6 Mn. Pcs to 52.7 Mn. Pcs.
Retail and Operational Capacity
Jaipur outlet expanded to ~10,500 sq. ft. and Delhi facilities to 3,600 sq. ft. A new ~2,000 sq. ft. Retail Showroom opened at Fort, Ballard Estate.
Economical Alternative
Artificial flowers are gaining popularity as a more economical alternative to real flowers, offering lifelike appearance and durability.
Increased Demand Across Sectors
Increased demand is observed across retail, event planning, hospitality, interior decoration, and wedding & events sectors.
Rising Disposable Incomes
Increasing disposable incomes are fueling growing demand in interior design and home décor, propelling industry growth.
Indian Wedding Industry Growth
The Indian wedding industry is the 2nd largest globally, with over 10 Mn weddings annually, driving demand for décor solutions.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
The company operates in the wedding and event décor sector, which is seasonal. Comparing half-yearly results year-over-year provides a more accurate assessment of performance trends by normalizing for seasonal variations.
Gross Profit
increasedH1 FY26 Gross Profit was Rs. 142.3 Mn, up from Rs. 117.9 Mn in H1 FY25.
Gross Profit Margin
declinedGross Profit Margin declined to 63.8% in H1 FY26 from 65.7% in H1 FY25.
B2C Revenue Share
increasedB2C revenue share jumped to 23% in H1 FY26, supported by 418% YoY growth.
In-house Manufacturing Contribution
increasedIn-house manufacturing contribution rose to 42% in H1 FY26.
Revenue Growth Target
Management is targeting a revenue growth rate of 30% - 40% in FY26 through strategic market expansion and product innovation.
Increased Own Manufactured Products
Company aims to enhance the proportion of own manufactured products in its revenue mix to around 95% in five years.
Store Expansion Strategy
Plans to open 10–15 new B2B stores PAN-India this year and target 10–20 B2C franchise outlets in the coming year.
Debt-Free by FY28
Company aims to gradually reduce borrowings and achieve a zero-debt status by FY28, strengthening capital efficiency.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth (FY26) | H1 FY26: 24.3% YoY | Achievement of the 30% - 40% revenue growth target for FY26. |
| EBITDA Margin | H1 FY26: 24.9% | Improvement in EBITDA margin from current levels, especially given the decline from H1 FY25 (33.0%). |
| In-house Manufacturing Contribution | H1 FY26: 42% | Progress towards the stated goal of ~95% contribution in five years. |
| Debt Reduction | H1 FY26 Total Borrowings: Rs. 502.3 Mn | Consistent reduction in borrowings towards the FY28 debt-free target. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
41NeutralMACD − · near 52W low
Technical chart
INMdaily · 1Y · AUTO-13.5%Daily technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 33.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 33 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 59 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 59 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 56.3%.
- Growth contributes 22/25 to the score.
Main drags
- Penalty bucket subtracts 2 points.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Valuation is weaker at 14/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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.
Score history
12 stored score snapshots. Latest stored move: +2 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 42nd percentile of the scored universe and 45th percentile within Consumer. Main check: cash conversion is weak at 43/100.
Healthy Trust Lite: Promoter holding is 69.5%. Key concern: Only 0 years of positive FCF.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Consumer: 45th pctile, median 66 · SME: 51st pctile, median 64
6 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
Trust positives
- ▸Promoter holding is 69.5%.
- ▸Promoter pledge is zero.
Trust risks
- ▸Only 0 years of positive FCF.
- ▸ROCE trend is -5.4%.
- ▸OPM spread across recent quarters is 28%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 15.30
- P/B
- 2.59
- EV/EBITDA
- 11.43
- Market Cap
- 207.00Cr
Profitability
- ROE
- 18.40%
- ROCE
- 17.30%
- ROA
- 9.21%
- Dividend Y
- 0.34%
Growth (CAGR)
- Revenue 5Y
- 49.78%
- EPS 5Y
- 32.64%
- Revenue 3Y
- 50.00%
- EPS 3Y
- 32.00%
Balance Sheet
- Debt/Equity
- 0.70
- Interest Coverage
- 10.50×
- Altman Z
- 3.60
- Book Value
- 57.20
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 7.00 Cr
- EPS TTM
- 9.68
Shareholding
- Promoter Hold
- 69.47%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 3%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable peers in Consumer — 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.