Indo Count Industries (521016) Q2 24/25 earnings summary

Executive summary

• Version 2.0 strategy targets sustainable growth through utility bedding, premium and branded products, and stronger omni-channel capabilities.

• H1 results reflected supply-chain delays and investment costs; U.S. acquisitions and brand-building are expected to support growth from FY26.

Financial highlights

• H1 total income rose 12% YoY to ₹1,995 Cr from ₹1,780 Cr.

• Consolidated revenue from operations was ₹1,035.85 Cr in Q2 FY25 versus ₹1,008.96 Cr YoY, and ₹1,977.28 Cr in H1 versus ₹1,750.39 Cr.

• Q2 total income was ₹1,045 Cr; EBITDA was ₹166 Cr, down 12% YoY, with a 15.9% margin versus 18.3%.

• H1 EBITDA was ₹320 Cr versus ₹319 Cr, with a 16.0% margin; upfront growth-related costs reduced H1 EBITDA margin by 150 bps.

• Consolidated PAT was ₹81.54 Cr in Q2 versus ₹114.18 Cr, and ₹159.34 Cr in H1 versus ₹187.92 Cr; EPS was ₹4.12 and ₹8.05, respectively.

Outlook and guidance

• FY25 volume guidance remains 110–115 million meters; management said the lower end was achievable.

• FY25 EBITDA margin guidance was revised to 15%–16%; returns from upfront utility-business costs are expected over 12–18 months, with FY26 margin guidance expected by year-end.

• Branded sales target is US$100 million over three years, with contributions beginning in Q4 FY25 and ramping up in FY26–FY27.

• Modern Home Textiles utilization is expected to rise from 35% to 75% in FY26; revenue at 75% utilization was indicated at ₹350–400 Cr next year.

• Indian capacity of 153 million meters is expected to be utilized by March 2027; expansion review is expected after FY26 as utilization approaches 144–145 million meters.