Garments & Apparels industry

61 companies · ₹93,643 cr · 21 with AI deep dives · Q2FY27 report

Cotton and yarn inflation outruns price hikes as discounting rivals stop brands passing on costs

Turning upmargin troughed at 11.8% and has risen for 3 quarters to 12.1%, on positive revenue growth

Revenue YoY: +15.4%
EBITDA margin: 12.1%; +10bps YoY
Price, 1 year: -21.2%; 29% of names up
P/E vs own 5y: +11.5%; 30.1x now

Exhibit 1The quarter in numbers

constant panel of 15 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	9,164 cr	9,720 cr	-5.7%	7,944 cr	+15.4%	9,720 cr	-5.7%
EBITDA margin	12.1%	12.6%	-50bps	12.0%	+10bps	14.8%	-270bps

Revenue

Jun 26: 9,164 cr

Exhibit 4Screen

P/E below the sub-industry median of 30.06x, 5y ROCE above its median of 12.62%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (25 of 62)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Page Industries Ltd	₹37,545 cr	49.7x	31.8x	65.9%	22.0%	+7.9%	Unlock
Arvind Ltd	₹13,078 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-09-30

headwindCotton/yarn inflation squeezing gross margins; pass-through partial and lagged11 managements

Voiced by PAGEIND, ARVIND, KKCL, LUXIND, CANTABIL, DOLLAR, IRISDOREME, MONTECARLO, RUPA, KARNIKA and SSDL. Price hikes vary: Page took 2.2% weighted, Dollar 4-5%, and Monte Carlo…

PAGEIND (Q1FY27): “the price increase that we have taken does not completely absorb the input cost.”

headwind3 managements mixed4 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 37 companies

1-30

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Vishal Fabrics Ltd	₹396 cr	11.4x	5.5x	10.3%	7.0%	-4.6%	Unlock