Iris Clothings Ltd(IRISDOREME)

NSE: IRISDOREME

₹ 53.4-6.38%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,058 crNext results: 27 Oct 2026Website: www.irisclothings.in/Updated: 24 Oct 2026

About

Iris Clothings Ltd manufactures and trades readymade garments for children under the Doreme brand, operating as a single integrated segment across 13 manufacturing units. The company reported ₹190.87 crores in FY26 revenue, growing 30.5% year-on-year, with installed capacity of 40,000 pieces per day. It distributes across 26 states in India through 220 distributors and 7 company-owned stores, with a nascent direct-to-consumer channel.^[1][2][3][4]

Business segments

Single segment: manufacturing and trading of readymade garments for children under the Doreme brand, with FY26 revenue of ₹190.8 crores.^[5][2]
Disney-licensed products contribute 3 - 4% of FY26 revenue, carrying a 12% royalty rate; FAMA approval obtained, which also opens export opportunities.^[6]

Products and brands

Core portfolio is knit casualwear and athleisure for children; the company introduced woven products (pants, sets, night suits) as a new category in FY26.^[2]
Infant wear contributes ~12% of revenue as of Q3 FY26 and is a targeted growth category.^[3]
Travel coord-sets using premium imported fabric were launched in Q2 FY26 and received strong market response.^[6]
Newborn gift set range launched in Q1 FY27 across retail stores, digital platforms and quick commerce, entering the gifting category.^[4]
Company renews approximately 90% of designs annually; new innerwear line and enhanced sportswear collection are planned additions.^[5]

Manufacturing operations

Operates 13 manufacturing units; installed capacity stood at 40,000 pieces per day as of Q3 FY26, up from 34,000 pieces per day in Q2 FY26 following ₹10 crore capex.^[3][6]
An in-house embroidery facility with Japanese machinery was commissioned in Q1 FY27, completing full vertical integration for garment manufacturing.^[4]
Employee strength stood at 1,401 as of March 31, 2025.^[5]

Key operating metrics

EBITDA margin was 17.1% in Q1 FY27, recovering from 15.4% in FY26 (vs 19.3% in FY25); FY26 compression was driven by new competitive product categories and a large distributor event.^[4][2]
Distributor count rose from 202 in Q2 FY26 to 208 in Q3 FY26 to 216 in Q4 FY26 and 220 in Q1 FY27, across 26 states.^[6][3][2][4]
E-commerce (D2C + marketplace) was approximately 5% of revenue in FY26; D2C platform launched in Q4 FY26 was processing ~300 orders per day in early ramp.^[4][2]

Customers and distribution

West India (Maharashtra, Gujarat, Rajasthan, Punjab) contributes ~40% of revenue as of Q1 FY27; Uttar Pradesh and Northeast India (Assam, Mizoram) are identified as next growth regions.^[4]
Most revenue growth comes from long-tenured distributors (7 - 10 year relationships) growing their own revenue, supplemented by geographic expansion.^[4]
Operates 7 exclusive brand outlets (EBOs), all in East India, contributing approximately 1% of FY26 revenue; all 7 have turned profitable.^[2][3]
Export revenue is targeted at 4 - 5% of FY26 total; international presence spans UAE, Middle East, Saudi Arabia and Portugal.^[6][5]

Expansion and capex

Greenfield manufacturing facility of 200,000 sq ft is planned in West Bengal at ~₹50 crores capex; land acquisition to close in FY27 with commercial operations targeted by end of FY28.^[2][4]
The greenfield plant is expected to ultimately support ₹500 crores in total company revenue at full utilisation.^[2]
EBO expansion targets 100 COCO stores by FY30, using a cluster model with Hyderabad, Bangalore and Chennai as priority cities for the next couple of years; 8 - 10 new EBOs are planned for FY27.^[4][2]
Distributor network targeted to reach 300 by FY30, up from 220 as of Q1 FY27.^[5][4]

Recent developments

Board approved acquisition of a 51% stake in Infinia, an athleisure brand targeting ~₹40 crores revenue in FY26 at 7 - 8% margins, to be funded via internal accruals; subject to shareholder and regulatory approvals as of Q1 FY27.^[4]
D2C website launched in Q4 FY26; quick commerce expanded to BigBasket across 4 cities for the newborn gift set range in Q1 FY27.^[4]
ERP system migrated from Tally to SAP Business One in Q2 FY26.^[6]
Iris Clothings participated in the Saudi Fashion & Tex Expo in September 2026 to expand Doreme's international presence in the Middle East and Africa.^[7]
Rights issue of ₹47.5 crores completed in April 2025 (1,35,95,105 equity shares at ₹35 each); bonus shares issued 1:1 in July 2025 (9,51,65,735 equity shares of ₹2 each).^[5]
Debt-to-equity ratio fell to 0.14x in FY26 from 0.5x in FY25, with no long-term debt on books as of FY26.^[2]

Market Cap

₹1,058 Cr

High / Low

₹68 / 26

Stock P/E

69.0

Price / Book

8.5

EPS

₹0.8

No. of Shares

19.03 Cr

OPM

13.0%

Sales

₹191 Cr

Net Profit

₹16 Cr

Promoter holding

58.8%

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