Leisure Products industry

6 companies · ₹523 cr · Q1FY27 report

RAC summer surge and jewellery SSSG coexist with a sector-wide margin squeeze from West Asia commodity shock

Mid cyclemargin range-bound near 9.2%

Revenue YoY: +3.7%
EBITDA margin: 9.2%; +340bps YoY
Price, 1 year: -25.4%; 25% of names up
P/E vs own 5y: +68.8%; 31.9x now

Exhibit 1The quarter in numbers

constant panel of 4 companies above ₹500 cr

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

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	111 cr	131 cr	-15.3%	107 cr	+3.7%	131 cr	-15.3%
EBITDA margin	9.2%	4.9%	+430bps	5.8%	+340bps	12.2%	-300bps

Revenue

Jun 26: 111 cr
Mar 26: 131 cr
QoQ: -15.3%
Jun 25: 107 cr
YoY: +3.7%
Peak: 131 cr
vs peak: -15.3%

EBITDA margin

Jun 26: 9.2%
Mar 26: 4.9%
QoQ: +430bps
Jun 25: 5.8%
YoY: +340bps
Peak: 12.2%
vs peak: -300bps

Breadth: 75% of 4 companies grew revenue year on year (was 50% a quarter earlier) and 75% expanded margin (was 25%).

Exhibit 3Structure

₹522 cr

K V Toys India Ltd is 32% of this industry by market cap. The top 5 are 99.1% and the top 10 are 100%.

micro 60 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 31.91x, 5y ROCE above its median of 9.91%, 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 (6 of 6)

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
K V Toys India Ltd	₹170 cr	19.4x	14.0x	18.7%	7.4%	-	Unlock
Ok Play India Ltd	₹110 cr	44.3x	7.1x	5.4%	15.0%	+11.2%	Unlock
Striders Impex Ltd	₹109 cr	16.7x	13.6x	16.8%	12.7%	-	Unlock
Cosco (India) Ltd	₹79 cr	66.9x	17.4x	8.2%	4.2%	+9.8%	Unlock
Archies Ltd	₹44 cr	-	17.8x	-0.7%	6.9%	-42.5%	Unlock
Olympic Cards Ltd	₹4 cr	-	165.6x	-12.4%	0.8%	+16.7%	Unlock

K V Toys India Ltd

Mcap: ₹170 cr
P/E: 19.4x
EV/EBITDA: 14.0x
ROCE: 18.7%
Margin: 7.4%
Rev YoY: -

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Ok Play India Ltd

Mcap: ₹110 cr
P/E: 44.3x
EV/EBITDA: 7.1x
ROCE: 5.4%
Margin: 15.0%
Rev YoY: +11.2%

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Striders Impex Ltd

Mcap: ₹109 cr
P/E: 16.7x
EV/EBITDA: 13.6x
ROCE: 16.8%
Margin: 12.7%
Rev YoY: -

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Cosco (India) Ltd

Mcap: ₹79 cr
P/E: 66.9x
EV/EBITDA: 17.4x
ROCE: 8.2%
Margin: 4.2%
Rev YoY: +9.8%

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Archies Ltd

Mcap: ₹44 cr
P/E: -
EV/EBITDA: 17.8x
ROCE: -0.7%
Margin: 6.9%
Rev YoY: -42.5%

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Olympic Cards Ltd

Mcap: ₹4 cr
P/E: -
EV/EBITDA: 165.6x
ROCE: -12.4%
Margin: 0.8%
Rev YoY: +16.7%

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Exhibit 6What managements said

from Consumer Durables earnings calls · as of 2026-06-30

headwindWest Asia war driving unprecedented commodity, freight, and FX cost shock across the sector12 managements

The West Asia conflict is the dominant cross-sector headwind: crude oil up from USD 67 to USD 97 per barrel (Whirlpool), Morbi gas from ₹48 to ₹86-88/SCM (Kajaria), copper above…

WHIRLPOOL (Q1FY27): “the crude oil prices, which similar time last year were operating at USD 67, are now…”

headwind7 managements tailwind4 managements tailwind5 managements tailwind7 managements headwind4 managements mixed3 managements

6 more themes from this quarter's earnings calls are locked. A free account opens 3 full reports a quarter: every theme with verbatim management quotes, the demand picture, companies running against the tide, and the regulatory & disruption watch. Sign up free →

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 0 companies

1-0

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