Indo Count Industries Ltd(ICIL)

NSE: ICILBSE: 521016

₹ 390.35-3.84%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 7,731 crWebsite: www.indocount.comUpdated: 24 Oct 2026

About

Indo Count Industries Ltd is an Indian manufacturer and exporter of bed linen (home textiles), present in 50+ countries, with a growing US utility-bedding manufacturing business and a licensed-brand portfolio in the US. Consolidated total income reached INR 4,211 crores in FY26, with new businesses (US utility bedding and US brands) contributing INR 792 crores. In Q1 FY27, the company recorded its highest-ever quarterly revenue of INR 1,224 crores.^[1][2]

Business segments

New business (US utility bedding + US brands) contributed INR 387 crores in Q1 FY27, ~32% of consolidated revenue, up from ~13% a year earlier.^[2]
Branded business overall (own, licensed and online brands) constituted ~20% of consolidated revenues in FY26.^[1]
India domestic business (Boutique Living & Layers brands) contributed 2.25% of revenues in Q3 FY26, with distribution across 2,000+ multi-brand outlets and large format stores.^[3]

Products and brands

US brand business carries four own/licensed brands - Wamsutta, Fieldcrest, Waverly and GAIAM - generating INR 125 crores in Q1 FY27.^[2]
Tommy Hilfiger was signed as the sixth licensed brand for utility-bedding products (pillows, mattress pads, down comforters, mattress protectors, pillow protectors, toppers) during FY26.^[1][4]
Wamsutta was relaunched with a digital-first D2C strategy in July 2025 and sold products in all 50 US states within ~45 days of launch.^[4]
Domestic retail reach stood at 3,000+ counters as of Q1 FY27.^[2]

Manufacturing operations

Core bed-linen manufacturing is based in India, with the Bhilad, Gujarat facility temporarily shut from 23 July 2026 due to flooding; partial resumption on 12 August 2026 with phased normalisation underway.^[2]
US utility-bedding operations span three facilities; total annual pillow capacity is 31 mn pillows after the Kernersville, North Carolina greenfield commenced commercial production in January 2026.^[3][1]
The North Carolina facility is the largest of the three US plants, with a capacity of 18 mn pillows annually and 1.5 mn quilts per annum.^[3][1]

Key operating numbers

Core bed-linen sales volume was 23 mn meters in Q1 FY27, up 12% QoQ from 20.5 mn meters in Q4 FY26, but down 3% YoY due to container availability constraints from the West Asia conflict.^[2]
FY26 full-year sales volume was 94.1 mn meters, down from 106.4 mn meters in FY25, driven by US tariff-related order volatility.^[1]
US utility-bedding facilities maintained 60 - 65% aggregate utilisation across all three plants in Q1 FY27, despite the North Carolina greenfield ramp-up.^[2]
New business revenue grew ~3x YoY and +44% QoQ to INR 387 crores in Q1 FY27; for full-year FY26 it was INR 792 crores, up ~12x since FY23.^[2][1]

Customers and distribution

The company exports to 50+ countries; non-US core business contributed ~30% of core business revenues in FY26.^[1][4]
India-UK FTA is live, restoring duty-free access for Indian exporters; management notes UK client interaction frequency has doubled and expects benefits to materialise over 12 - 18 months.^[2]
FTAs with Australia, Japan, New Zealand, the Middle East and EFTA are in force; an EU FTA is expected to open a large additional market on duty-free terms.^[2]
Non-US core business revenue is targeted to grow 20%+ in FY27, aided by the UK FTA and EU FTA pipeline.^[2][1]

Expansion and capex

FY27 capex is planned at INR 250 crores over 12 - 18 months: ETP/ZLD facility at Bhilad (INR 95 crores), maintenance capex (INR 70 crores), and spinning brownfield expansion of 24,000 spindles (INR 85 crores).^[2][1]
US utility-bedding revenue target is $175 mn by FY28 across all three facilities; US brand-business target is $100 mn by FY28; combined new-business target is $275 mn by FY28.^[2][1]
Consolidated revenue aspiration of ~INR 8,000 crores / ~$1 bn is targeted for calendar year 2028.^[2][1]

Recent developments

Bhilad, Gujarat plant was impacted by flooding from 23 July 2026; insurance claim for property, inventory and loss of profit was initiated; partial resumption from 12 August 2026.^[2]
India-UK FTA came into force, providing duty-free market access for Indian textile exporters; India-EU FTA concluded and is expected to provide duty-free access to European markets post-ratification.^[2][3]
North Carolina greenfield utility-bedding facility commenced commercial production in January 2026, adding 18 mn pillow capacity and bringing total US pillow capacity to 31 mn per annum.^[3][1]
Tommy Hilfiger licensing agreement for utility-bedding products was signed during FY26, taking the licensed-brand portfolio to six brands.^[1][4]
Raw-material cost increases were passed through to customers from Q2 FY27 onwards following concluded price negotiations.^[2]

Market Cap

₹7,731 Cr

High / Low

₹486 / 217

Stock P/E

51.2

Price / Book

3.3

Book Value

₹119

EPS

₹6.4

No. of Shares

19.81 Cr

ROCE

8.4%

ROE

5.5%

OPM

7.2%

Debt / Equity

0.46

Sales

₹4,141 Cr

Net Profit

₹127 Cr

Promoter holding

58.8%

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