Indo Count Industries financials and balance sheet

NSE: ICILBSE: 521016Textiles & ApparelsSmall Cap

₹394.15₹11.60 (2.86%)BSE ₹394.40

Share price at the NSE close on 23 Oct 2026. Previous close ₹405.75.

52-week range of traded prices to 23 Oct 2026

₹216.90Low, 23 Mar 2026₹485.95High, 23 Sep 2026

Market cap: ₹7,806 Cr742nd largest listed
P/E: 51.7
P/B: 3.3
Dividend yield: 0.38%
ROE: 6.5%
ROCE: 7.5%
Debt to equity: 0.46
Volume, NSE: 2,90,75637.7% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Indo Count Industries annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 2.5% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2020, the company's revenue for that year, ₹2,080 Cr, differs from its quarters added, ₹2,113 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue4,141
Materials and goods−1,892
Employee costs−516
Other expenses−1,342
Operating profit392
Depreciation−159
Other income+69
One-off items0.0
Finance costs−136
Profit before tax166
Tax−40
Net profit127

What the company owns

Plant, investments and other assets₹2,414 Cr
Inventory₹1,251 Cr
Receivables₹513 Cr
Current investments₹190 Cr
Cash and bank₹124 Cr

What pays for it: net worth and liabilities

Net worth₹2,355 Cr
Borrowings₹1,074 Cr
Other liabilities₹691 Cr
Owed to suppliers₹372 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Indo Count Industries quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 25 May	Mar 2020Filed 13 Jun	Mar 2021Filed 18 May	Mar 2022Filed 30 May	Mar 2023Filed 31 May	Mar 2024Filed 28 May	Mar 2025Filed 13 Jun	Mar 2026Filed 31 May
Revenue from operations	2,258	1,859	1,934	2,080	2,519	2,842	3,012	3,557	4,151	4,141
	1,829	1,696	1,778	1,897	2,143	2,408	2,557	2,998	3,618	3,749
Materials and goods bought	1,130	1,044	1,031	1,139	1,270	1,353	1,361	1,514	1,849	1,892
Employee costs	–	–	144	148	159	191	268	313	433	516
Other expenses	–	–	603	609	714	864	929	1,172	1,336	1,342
Operating profit before depreciation	428	163	156	183	377	434	454	559	534	392
Operating margin	19.0%	8.7%	8.1%	8.8%	15.0%	15.3%	15.1%	15.7%	12.9%	9.5%
Materials, % of revenue	–	–	53.3%	54.8%	50.4%	47.6%	45.2%	42.6%	44.5%	45.7%
Employee costs, % of revenue	–	–	7.5%	7.1%	6.3%	6.7%	8.9%	8.8%	10.4%	12.5%
Other expenses, % of revenue	–	–	31.2%	29.3%	28.3%	30.4%	30.8%	32.9%	32.2%	32.4%
Depreciation and amortisation	33	33	35	43	43	41	65	83	117	159
Operating profit after depreciation	395	129	120	140	334	393	390	476	417	233
Other income	0	100	10	55	38	140	31	44	40	69
Finance costs	42	35	36	39	28	47	62	70	123	136
Profit before one-off items and tax	353	194	95	155	343	486	359	450	334	166
One-off items	0	0	0	−98	−4	0	0	0	0	0
Profit before tax	353	194	95	57	340	486	359	450	334	166
	121	69	36	−16	91	127	82	112	88	40
Current tax	–	67	32	19	89	136	74	97	80	52
Deferred tax	–	2	4	−35	1	−8	8	15	7	−13
	232	125	60	73	249	359	277	338	246	127
Belonging to the company's shareholders	232	125	60	74	251	359	277	338	246	127
Belonging to outside owners of subsidiaries	–	–	0	−1	−2	0	0	0	0	0
Other comprehensive income	–	–	−33	−49	60	−27	−40	−2	−14	−13
Total comprehensive income	–	–	27	25	309	332	236	336	232	113
Net margin	10.3%	6.7%	3.1%	3.5%	9.9%	12.6%	9.2%	9.5%	5.9%	3.1%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 25 May	Mar 2020Filed 13 Jun	Mar 2021Filed 18 May	Mar 2022Filed 30 May	Mar 2023Filed 31 May	Mar 2024Filed 28 May	Mar 2025Filed 13 Jun	Mar 2026Filed 31 May
	982	993	1,290	1,593	1,793	2,089	2,278	2,355
	975	986	1,285	1,587	1,793	2,089	2,278	2,355
Share capital	39	39	39	39	40	40	40	40
Reserves	935	947	1,245	1,547	1,753	2,049	2,238	2,316
Belonging to outside owners of subsidiaries	7	7	6	6	–	–	–	–
	314	329	556	1,301	841	914	1,218	1,074
Repayable after a year	57	36	19	85	198	136	270	340
Repayable within a year	257	293	537	1,216	642	778	948	734
	462	589	895	1,498	958	1,180	1,314	1,396
Trade payables	144	129	235	148	225	308	231	372
Other financial liabilities	36	92	29	18	67	71	107	208
Other liabilities	25	75	94	106	22	19	23	25
Provisions	0	0	0	0	2	3	5	4
Tax owed	0	0	0	9	0	0	1	53
	180	114	111	173	309	299	668	741
Other financial liabilities	–	6	2	11	–	32	242	41
Other liabilities	9	8	8	9	32	35	33	257
Provisions	6	6	3	2	9	12	16	23
Deferred tax	109	57	80	66	69	85	107	80
Total assets	1,625	1,696	2,296	3,264	3,060	3,569	4,260	4,492
	600	591	581	1,001	1,346	1,429	2,031	2,102
Plant in use, after depreciation	572	562	540	598	1,039	1,276	1,380	1,500
Plant being built	16	6	8	24	180	25	28	4
Intangible assets	3	13	3	3	14	22	182	198
Goodwill	0	0	0	0	0	0	86	124
Intangible assets being developed	–	–	–	0	4	10	22	1
Loans given	2	4	4	0	0	0	0	12
Other financial assets	–	6	8	35	6	7	12	–
Deferred tax	–	–	–	0	25	26	45	1
Other assets	8	–	18	342	79	62	277	262
	1,024	1,105	1,715	2,263	1,713	2,140	2,228	2,390
Inventories	531	524	718	1,068	895	1,143	1,163	1,251
Trade receivables	255	242	516	494	409	528	592	513
Cash and cash equivalents	23	139	120	387	92	93	106	114
Other bank balances	10	11	7	8	16	11	11	10
Current investments	46	0	167	2	143	133	135	190
Loans given	0	0	1	0	0	0	0	0
Other financial assets	19	4	51	33	8	11	42	54
Tax paid in advance	16	23	9	24	2	3	7	49
Other assets	124	161	126	248	148	220	173	209
Net debt	235	178	263	906	589	678	966	760

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 18 May	Mar 2022Filed 30 May	Mar 2023Filed 31 May	Mar 2024Filed 28 May	Mar 2025Filed 13 Jun	Mar 2026Filed 31 May
	−16	−345	767	146	394	573
	59	−204	855	245	495	620
	−425	−739	391	−331	−55	162
Receivables	−273	21	85	−120	−111	81
Inventories	−194	−350	173	−248	46	−93
Payables	105	−87	35	91	−120	166
Other working capital	−63	−324	98	−54	130	9
Tax paid	−75	−141	−88	−99	−101	−47
Capital spending	36	0	0	135	252	202
Free cash flow	−52	−345	767	11	143	371
	−189	58	−486	−98	−485	−217
Plant and property sold	3	0	0	0	1	2
Companies bought	0	0	0	0	−255	0
Interest received	10	17	7	12	12	17
	185	641	−574	−47	105	−349
Borrowings raised	244	729	0	123	337	−71
Borrowings repaid	−17	0	−461	−50	−54	−73
Interest paid	−28	0	0	0	0	0
Lease payments	0	0	−12	−12	−15	−26
Dividends paid	12	30	39	40	44	40
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−20	354	−293	1	14	7

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Indo Count Industries dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 25 May	Mar 2020Filed 13 Jun	Mar 2021Filed 18 May	Mar 2022Filed 30 May	Mar 2023Filed 31 May	Mar 2024Filed 28 May	Mar 2025Filed 13 Jun	Mar 2026Filed 31 May
Earnings per share	₹11.76	₹6.38	₹3.05	₹3.74	₹12.70	₹18.16	₹13.97	₹17.06	₹12.42	₹6.40
Diluted earnings per share	₹11.76	₹6.38	₹3.05	₹3.74	₹12.70	₹18.16	₹13.97	₹17.06	₹12.42	₹6.40
Dividend per share	₹0.80	₹0.80	₹0.60	₹0.60	₹1.50	₹2.00	₹2.00	₹2.20	₹2.00	₹1.50
Book value per share	–	–	₹49.38	₹49.95	₹65.07	₹80.39	₹90.52	₹105.48	₹115.00	₹118.92
Dividend payout	6.8%	12.6%	19.7%	16.1%	11.8%	11.0%	14.3%	12.9%	16.1%	23.5%
Shareholder yield	–	–	–	–	0.5%	0.9%	1.8%	0.6%	0.9%	0.8%
Market cap at the year end (₹ crore)	3,898	1,678	961	470	2,599	3,138	2,219	7,013	5,030	4,942

Ratios

Consolidated, years to March.Indo Count Industries PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 25 May	Mar 2020Filed 13 Jun	Mar 2021Filed 18 May	Mar 2022Filed 30 May	Mar 2023Filed 31 May	Mar 2024Filed 28 May	Mar 2025Filed 13 Jun	Mar 2026Filed 31 May
Revenue growth	2.0%	−17.7%	4.1%	–	21.1%	12.8%	6.0%	18.1%	16.7%	−0.2%
Operating profit growth	−9.5%	−62.1%	−4.2%	–	105.6%	15.2%	4.6%	23.1%	−4.5%	−26.6%
Net profit growth	−12.3%	−46.1%	−52.2%	22.2%	240.8%	43.9%	−22.8%	22.1%	−27.2%	−48.5%
Earnings per share growth	–	−45.7%	−52.2%	22.6%	239.6%	43.0%	−23.1%	22.1%	−27.2%	−48.5%
	–	–	6.2%	7.5%	22.1%	25.0%	16.4%	17.4%	11.3%	5.5%
	–	–	–	1.3 pts	14.6 pts	2.9 pts	−8.6 pts	1.0 pts	−6.1 pts	−5.8 pts
From the net margin	–	–	–	0.9 pts	13.6 pts	5.9 pts	−6.8 pts	0.6 pts	−6.6 pts	−5.5 pts
From asset turnover	–	–	–	0.4 pts	0.2 pts	−5.3 pts	−1.2 pts	2.1 pts	−0.1 pts	−0.6 pts
From borrowing	–	–	–	0.1 pts	0.8 pts	2.3 pts	−0.6 pts	−1.7 pts	0.5 pts	0.3 pts
Return on capital employed	–	–	9.3%	10.6%	18.1%	13.6%	14.8%	15.9%	11.9%	6.8%
Cash conversion	–	–	–	–	−6.5%	−96.2%	277.1%	43.1%	160.2%	452.2%
Interest cover	9.4	3.7	3.4	3.6	11.9	8.3	6.2	6.8	3.4	1.7
Debt to equity	–	–	0.32	0.33	0.43	0.82	0.47	0.44	0.53	0.46
Receivable days	–	–	48	43	75	63	50	54	52	45
Inventory days	–	–	188	168	206	288	240	275	229	241
Payable days	–	–	51	41	67	40	60	74	46	72
Cash conversion cycle, days	–	–	185	169	214	312	229	255	236	215
Working capital days	–	–	139	116	154	204	139	154	142	125
Asset turnover	–	–	1.19	1.25	1.26	1.02	0.95	1.07	1.06	0.95
Assets per rupee of net worth	–	–	1.67	1.69	1.76	1.94	1.87	1.71	1.79	1.89
Sales per rupee of plant	–	–	3.38	3.70	4.66	4.75	2.90	2.79	3.01	2.76
Capital spending to depreciation	–	–	–	–	0.83	0.00	0.00	1.64	2.16	1.27
Plant being built, % of plant in use	–	–	2.9%	1.0%	1.4%	4.0%	17.3%	1.9%	2.0%	0.3%

Revenue growth and operating profit growth are left blank for the year to Mar 2020: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 2.9%
Cash from operations against operating profit: 146.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	6.5%	10.5%	11.2%
Profit growth, yearly rate	−7.1%	−12.8%	−22.9%
Return on equity, average	–	15.1%	11.4%
Return on capital employed, average	–	12.6%	11.5%
Operating margin, average	12.8%	13.7%	12.7%
Net margin, average	7.4%	8.1%	6.2%
Asset turnover, average	–	1.01	1.03
Cash conversion cycle, days, average	–	249	235
Interest cover, average	5.8	5.3	4.0
Debt to equity, average	–	0.54	0.48

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,535	1,113	573
Cash from investing	−1,227	−799	−217
Cash from financing	−225	−291	−349
Capital spending	589	589	202
Dividends paid	192	123	40
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings repaid	637	176	73

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	4	5	7	5	5
Altman Z-scorePublished threshold 1.81	–	–	3.57	2.96	4.36	3.48	3.59	5.45	3.84	3.52
Beneish M-scorePublished threshold −1.78	–	–	–	–	−1.14	0.77	−3.38	−2.25	−1.50	−3.11
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	22.76	23.23	−0.14	8.74	8.61	−5.24
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.46	0.58	1.52	1.57
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−12.62	91.69	−16.98	−23.22	11.03	−4.63	−13.08
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−11.83	25.66	42.19	−16.80	16.45	−20.39	5.28
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.42	−0.08	4.18	−4.86	2.11	−0.27	2.18
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.18	0.35	0.24	0.35	0.08	0.13	0.02
Effective tax ratePublished threshold 17.16 per cent	34.30	35.54	37.25	−28.97	26.65	26.22	22.81	24.96	26.25	23.80
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−2.84	−1.63	2.98	−3.92	−4.74

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
12 Oct 2026	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limitsLong and short-term scales	[ICRA]AA- /[ICRA]A1+Review, Re-affirm	Stable	9.22
12 Oct 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loanLong-term scale	[ICRA]AA-Review, Re-affirm	Stable	117.14
12 Oct 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash creditLong-term scale	[ICRA]AA-Review, Re-affirm	Stable	1,500
12 Oct 2026	ICRA Limited (opens in a new tab)	Non-fund based-OthersShort-term scale	[ICRA]A1+Review, Re-affirm		137
5 Oct 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LC	CARE A1+Review, Re-affirm		137
5 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based-Short Term	CARE A1+Review, Re-affirm		1,500
5 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE AA-Review, Re-affirm	Stable	117.14
28 Aug 2025	ICRA Limited (opens in a new tab)	Unallocated-Unallocated	[ICRA]AA- /[ICRA]A1+Review, Re-affirm	Stable	7.57

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.