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Indian Terrain Fashions Ltd

| Quarterly Financial Results Q3 FY 2025-26

NEUTRAL SENTIMENT

Report Source

⬤5th Feb 26

Summary : Indian Terrain Fashions reported a quarterly profit after tax of Rs. 2.56 Crs, showing a significant turnaround from previous losses, despite an exceptional provision for new labor codes.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Purchase of stock-in-trade (Q3 FY26): 50.47 Crs
  2. Change in inventories of stock-in-trade (Q3 FY26): 5.95 Crs
  3. Garment Processing Costs (Q3 FY26): 0.54 Crs
  4. Cost of Goods sold (Q3 FY26): 56.96 Crs
  5. Employee benefit expenses (Q3 FY26): 6.11 Crs
  6. Finance Costs (Q3 FY26): 4.69 Crs
  7. Depreciation (Q3 FY26): 3.42 Crs
  8. Other Expenses (Q3 FY26): 26.36 Crs
  9. Total Expenses (Q3 FY26): 97.54 Crs
  10. Total Expenses (9M FY26): 274.31 Crs
  11. Revenue from Operations (Q3 FY26): 101.40 Crs
  12. Revenue from Operations (9M FY26): 271.14 Crs
  13. Other Income (Q3 FY26): 0.78 Crs
  14. Other Income (9M FY26): 2.92 Crs
  15. Total Income (Q3 FY26): 102.18 Crs
  16. Total Income (9M FY26): 274.06 Crs
  17. Paid-Up Equity Share Capital (31-Dec-25): 10.13 Crs
  18. Other Equity (31-Mar-25): 173.68 Crs
  19. Unaudited standalone financial results for the quarter and nine months ended 31st December 2025.

Corporate Overview

  1. Revenue is unevenly spread throughout the year, hence quarterly results are not representative for the entire year.
  2. The Company operates exclusively in the segment of apparel and accessories.
  3. Apparel and accessories

Risk Factors

  1. New Labour Codes rules pending.
  2. Exceptional provision for employee benefits.
  3. Quarterly results not fully representative.
  4. Revenue unevenly spread throughout year.

Key Drivers

  1. Quarterly profit after tax reported.
  2. Significant improvement in nine-month loss.
  3. Revenue from operations showed growth.
  4. Board approved positive financial results.

Auditor’s Report

  1. Limited Review Report, not an audit opinion.

Board Commentary

  1. Uncertainty regarding finalisation of rules under New Labour Codes.
  2. Impact of new Labour Codes on employee benefits, leading to a one-time incremental provision.

Corporate Governance

  1. Audit Committee reviewed and recommended the financial results to the Board.

Management Discussion & Analysis

Future Strategy

  1. Company continues to monitor the finalisation of Central and State rules under New Labour Codes and will give appropriate accounting effect.

Macroeconomic Outlook

  1. Government of India notified new Labour Codes (Code on Wages, Social Security, Industrial Relations, Occupational Safety) subsuming 29 existing labour laws.

Risk Control Measures

  1. Monitoring finalisation of Central and State rules for appropriate accounting effect.

Critical Risks

  1. Uncertainty regarding the finalisation of supporting rules under the New Labour Codes.