Thomas Scott India Ltd(THOMASCOTT)

NSE: THOMASCOTTBSE: 533941

₹ 274.25-4.09%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 407 crWebsite: www.thomasscott.orgUpdated: 24 Oct 2026

About

Thomas Scott (India) Ltd makes and sells apparel. It sells its own Thomas Scott brand and licensed international brands such as Nautica, FCUK and Kenneth Cole, mainly online, and also does contract manufacturing for other brands. Revenue from operations was Rs 254.89 Cr in FY26, and 93% of FY26 revenue came from online sales. The company runs four in-house plants with a capacity of 140,000 units a month.^[1][2][3]

Business segments

Own brand Thomas Scott: revenue of INR 245 Mn in Q1 FY27, up 34% YoY.^[3]
Licensed and other brands: INR 377 Mn in Q1 FY27 (+14% YoY), and Rs. 148 crores in FY26 (+53% YoY).^[3][2]
Contract manufacturing (B2B): INR 36 Mn in Q1 FY27 (+33% YoY), and Rs. 15 crores in FY26 (+91% YoY).^[3][2]
Revenue mix: 94% B2C in Q1 FY27; 94% B2C / 6% B2B in FY26.^[3][2]

Products and brands

Licensed international brands include Nautica, French Connection, FCUK and Kenneth Cole, which the company runs as exclusive marketplace operators (as of FY26).^[2]
Category mix in Q1 FY27: men's apparel 79% of revenue, women's apparel 13%.^[3]
The company had 35,800+ SKUs in Q1 FY27, up from 31,206 cumulative SKUs launched in 9M FY26.^[3][4]
The company entered footwear in Q4 FY26 through manufacturing partners and also launched new womenswear styles. Both new categories carry premium brands only.^[2]
Winter wear (jackets, sweaters and sweatshirts) made up about 15-20% of Q3 FY26 revenue, and as much as 35% in December 2025.^[4]
thread.ai and catalog.ai, the company's GenAI tools, were in active pilot for internal use in Q1 FY27.^[3]

Manufacturing and operations

The company has four in-house plants with a combined capacity of 140,000 units a month, all fully occupied as of Q1 FY27.^[3]
Extra demand is met through job-work at third-party plants. The target mix is about 50% in-house, 35-40% job-work and 5% traded goods.^[3]
Capacity is being added step by step at the Solapur plant, which was expected in Q2 FY26 to grow about 20% over the following six months.^[2][5]
A fire at the Gurgaon handbag facility in Q2 FY26 stopped production for about a month. The facility is now fully running again.^[5]

Key operating numbers

Fulfilment cost was INR 19 per unit in Q1 FY27, the same as in FY26.^[3][2]
Customer return rate was about 20-21% in FY26, down from about 20-23% in FY25.^[2]
Working capital days were 172 in FY26.^[2]
Material cost fell to 52% of total expenses in FY26, from 58% in FY25.^[2]
Return to origin (RTO) rate was 6%-9% in Q3 FY26.^[4]

Customers and distribution

Sales channel mix in FY26 was 93% online and 7% offline.^[2]
Wholesale orders from marketplace seller aggregators made up about 40% of Thomas Scott brand revenue in Q1 FY27.^[3]
Contract manufacturing clients include Raymond, Max, Being Human and Red Tape (as of FY26).^[2]
Partner platforms include Myntra, Ajio and Namshi (Q3 FY26). The company also sells through quick commerce via Myntra M-Now and ran a pilot with BigBasket.^[4][5]
The company had six exclusive stores in Bangalore as of Q2 FY26. Management describes offline retail as a pilot.^[5][3]
The company's own website increased its share of sales in the months before Q1 FY27.^[3]

Expansion plans

The Dockers brand licence has been signed. Management expects it to contribute to the licensed brands segment over the coming quarters (said in Q1 FY27).^[3]
Management expects women's wear revenue to reach 2x-3x its current level within about one year (said in Q1 FY27).^[3]
A quick commerce strategy is to be developed over the next 6-9 months (said in Q1 FY27).^[3]
More fulfilment centres are planned so that inventory can be held closer to customers in different regions (said in Q4 FY26).^[2]

Recent developments

28 Sep 2026: The company signed a licence with F21 IPCO LLC (Authentic Brands Group) to be the exclusive Forever 21 licensee in India, Nepal and Bangladesh. The term is 5 years, with an option to extend by 5 more.^[6]
25 Nov 2025: A fire at the Bhiwandi warehouse destroyed inventory carried at about INR 21.85 crores. Insurance covers the loss except about INR 31.22 lakhs.^[4]

Market Cap

₹407 Cr

High / Low

₹474 / 226

Stock P/E

19.7

Price / Book

3.0

Book Value

₹94

EPS

₹13.2

No. of Shares

1.47 Cr

ROCE

20.5%

ROE

15.9%

OPM

12.2%

Debt / Equity

0.34

Sales

₹255 Cr

Net Profit

₹19 Cr

Promoter holding

51.7%

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