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Indo Count Industries Faces GST Inspection and Search at Maharashtra Premises
The Commissioner of State Tax, Maharashtra, initiated a search and inspection at Indo Count Industries' premises on March 11, 2026, starting at 11:50 a.m. The action is being conducted under Section 67 of the Maharashtra GST Act, 2017, which typically involves inspection of goods or documents. While the company states there is currently no impact on business operations or financials, the search process is still ongoing. Investors should monitor for any subsequent findings or tax demand notices that may arise from this regulatory action.
Key Highlights
Search initiated by Commissioner of State Tax, Maharashtra on March 11, 2026, at 11:50 a.m.
Action taken under Section 67 of the Maharashtra Goods and Services Tax Act, 2017.
Company reports no immediate quantifiable impact on financials or business operations.
Indo Count Industries is extending full cooperation to the authorities during the ongoing process.
Further disclosures will be made if any material developments occur following the inspection.
💼 Action for Investors
Investors should remain cautious and monitor the company's subsequent filings for any potential tax liabilities or penalties. No immediate action is required as the financial impact is currently unquantified.
Indo Count Q3 FY26: Net Debt Reduced by ₹215 Cr; New US Facility Commences Production
Indo Count Industries reported a stable Q3 FY26 with total income of ₹1,074 crores, navigating a challenging 50% US tariff environment that pressured margins. The company successfully reduced its net debt by ₹215 crores since March 2025 and operationalized a new 18-million-unit pillow facility in North Carolina. New business segments, including utility bedding and branded portfolios, now contribute 20% of total revenue with an annualized run rate of $100 million. Management expects the recent India-US trade deal and EU FTA to significantly improve competitiveness and margins starting from Q1 FY27.
Key Highlights
Total income for Q3 FY26 stood at ₹1,074 crores with sales volumes of 24.8 million meters.
Net debt reduced by ₹215 crores compared to March 2025 levels.
New US pillow facility adds 18 million units capacity, taking total utility bedding capacity to 31 million units.
New business revenue grew 16% sequentially to ₹210 crores, representing 20% of the total top line.
Adjusted EBITDA margin stood at 10.4% after a one-time ₹9.2 crore impact from the new Labor Code.
💼 Action for Investors
Investors should focus on the scaling of the new US facility and the margin recovery expected in FY27 as tariff pressures subside. The company's aggressive debt reduction and expansion into high-margin utility bedding make it a strong candidate for long-term growth in the textile sector.
ICIL Q3 FY26: PAT Drops 65.5% YoY to Rs 24 Cr Amid US Tariff Pressures
Indo Count Industries reported a challenging Q3 FY26 with PAT declining 65.5% YoY to Rs 24 crores, primarily due to the impact of U.S. tariffs and lower sales volumes. Revenue fell 8% YoY to Rs 1,074 crores, while adjusted EBITDA margins contracted by 348 bps to 10.4% owing to under-absorption of fixed costs. On a positive note, the 'New Business' segment (Utility bedding and USA brands) grew to 20% of total revenue, achieving a $100 million annualized run rate. The company also commenced operations at its new US greenfield pillow facility in January 2026 to mitigate future tariff uncertainties.
Key Highlights
Consolidated Revenue declined 8% YoY to Rs 1,074 Crs; PAT fell sharply by 65.5% to Rs 24 Crs.
Adjusted EBITDA margin contracted to 10.4% from 13.9% YoY, reflecting the full-quarter impact of US tariffs.
New Business revenue reached Rs 210 Crs in Q3FY26, up 16% QoQ, now contributing 20% to the total revenue mix.
Sales volumes for the quarter stood at 24.8 Mn Mtrs, a decline of 10.5% compared to the previous year.
Commenced commercial operations of a new greenfield pillow manufacturing facility in the USA in January 2026.
💼 Action for Investors
Investors should monitor the ramp-up of the new US manufacturing facility and the potential margin relief from the EU-FTA. While current earnings are under pressure from tariffs, the growth in the 'New Business' segment remains a key long-term recovery driver.
Indo Count Q3 FY26 PAT Drops 65% YoY to ₹24 Cr Amid US Tariff Impact; New Business Grows 16% QoQ
Indo Count reported a challenging Q3 FY26 with consolidated revenue declining 8% YoY to ₹1,074 crore and PAT falling 65.5% to ₹24 crore, primarily due to the impact of US tariffs and lower volumes. However, the 'New Business' segment (Utility Bedding and USA Brands) showed resilience, contributing 20% to total revenue with a 16% QoQ growth. The company successfully commenced operations at its third US manufacturing facility in North Carolina in January 2026. Despite margin contraction to 10.4%, management remains optimistic about long-term growth driven by recent trade deals with the EU and USA.
Key Highlights
Consolidated PAT fell 65.5% YoY to ₹24 crore, while Adjusted EBITDA margin contracted by 348 bps to 10.4%.
Sales volumes declined 10.5% YoY to 24.8 million meters, significantly impacted by the 50% US tariff regime.
New Business revenue reached ₹210 crore in Q3FY26, achieving an annualized run rate of approximately $100 million.
Commenced commercial operations of a new greenfield pillow manufacturing facility in North Carolina, USA, in January 2026.
S&P Global ESG score improved significantly to 78, placing the company in the top 3 percentile globally in its sector.
💼 Action for Investors
Investors should monitor the ramp-up of the new US facility and the mitigation of tariff impacts through recently signed trade deals. While short-term profitability is under pressure, the diversification into value-added segments and branded business provides a long-term recovery thesis.
Indo Count Industries CEO Kailash Lalpuria Steps Down; Kamal Mitra Appointed as KMP
Indo Count Industries Limited (ICIL) has announced the cessation of Mr. Kailash Lalpuria as Chief Executive Officer and Key Managerial Personnel effective February 13, 2026. The decision follows his prolonged absence due to health-related reasons and inability to discharge duties. To ensure continuity, the Board has designated Mr. Kamal Mitra, a Whole-time Director with over 40 years of industry experience, as a Key Managerial Personnel. The company noted that operations were already being effectively managed by the existing team during the CEO's absence.
Key Highlights
Cessation of Mr. Kailash Lalpuria as CEO and KMP effective February 13, 2026, due to health reasons.
Appointment of Mr. Kamal Mitra, Whole-time Director, as Key Managerial Personnel (KMP).
Mr. Kamal Mitra has over 40 years of textile industry experience and has been with ICIL since October 2007.
Management confirmed that business responsibilities were already being handled by the existing team and new hires during the transition period.
💼 Action for Investors
Investors should monitor for the formal appointment of a new CEO and watch for any impact on operational execution in upcoming quarterly results. The transition to a long-term internal veteran like Mr. Mitra suggests a focus on stability.
Indo Count Q3 Net Profit Drops 65% YoY to ₹24.43 Cr; Revenue Declines 7.7%
Indo Count Industries reported a weak performance for Q3 FY26, with consolidated net profit plunging 65.5% YoY to ₹24.43 crore. Revenue from operations declined 7.7% YoY to ₹1,062.83 crore, remaining largely flat on a sequential basis. Profitability was severely impacted by a sharp rise in expenses relative to income, including a one-time employee benefit hit of ₹9.21 crore related to new Labour Code provisions. For the nine-month period, net profit has more than halved to ₹102.47 crore compared to ₹228.95 crore in the previous year.
Key Highlights
Consolidated Net Profit fell 65.5% YoY to ₹24.43 crore in Q3 FY26 from ₹70.77 crore.
Revenue from operations decreased 7.7% YoY to ₹1,062.83 crore compared to ₹1,151.55 crore in Q3 FY25.
Employee benefit expenses included a ₹9.21 crore incremental impact due to the notification of new Labour Codes.
Nine-month FY26 consolidated net profit stands at ₹102.47 crore, a 55.2% decline from the previous year's ₹228.95 crore.
Basic EPS for the quarter dropped significantly to ₹1.23 from ₹3.57 in the corresponding quarter last year.
💼 Action for Investors
The significant decline in both top-line and bottom-line performance suggests operational headwinds and margin pressure. Investors should exercise caution and wait for signs of demand recovery and margin stabilization before making new commitments.
ICIL Q3 FY26 Net Profit Plummets 65.5% YoY to ₹24.43 Crore; Revenue Down 7.7%
Indo Count Industries Limited (ICIL) reported a weak performance for the quarter ended December 31, 2025, with consolidated net profit dropping significantly by 65.5% YoY to ₹24.43 crore. Revenue from operations declined 7.7% YoY to ₹1,062.83 crore, while profitability was further impacted by a ₹9.2 crore incremental cost related to new Labour Code assessments. The nine-month (9M FY26) performance also shows a sharp decline, with net profit falling to ₹102.47 crore from ₹228.95 crore in the previous year. Margins remain under pressure as total expenses stayed high relative to the lower revenue base.
Key Highlights
Consolidated Revenue from Operations decreased 7.7% YoY to ₹1,062.83 crore in Q3 FY26.
Net Profit for the quarter fell 65.5% YoY to ₹24.43 crore compared to ₹70.77 crore in Q3 FY25.
Employee benefit expenses included a one-time impact of ₹9.2 crore due to the assessment of new Government Labour Codes.
9M FY26 consolidated net profit stands at ₹102.47 crore, a 55% decline from ₹228.95 crore in 9M FY25.
Basic and Diluted EPS for the quarter dropped to ₹1.23 from ₹3.57 in the corresponding quarter of the previous year.
💼 Action for Investors
Investors should exercise caution as the company is witnessing a sharp contraction in profitability and stagnant revenue growth. It is recommended to monitor management's guidance on export demand and cost-control measures before considering further investment.
Indo Count CEO Kailash Lalpuria Vacates Office Due to Prolonged Absence
Indo Count Industries Limited has announced the automatic vacation of office for Mr. Kailash R. Lalpuria, Executive Director & CEO, effective February 11, 2026. This action follows Section 167(1)(b) of the Companies Act, 2013, as he remained absent from all Board meetings for a continuous period of 12 months. The company cited health-related reasons for his prolonged absence. This formalizes a leadership gap that has effectively existed for the past year.
Key Highlights
Mr. Kailash R. Lalpuria ceases to be Executive Director & CEO effective February 11, 2026.
Vacation of office triggered by 12 months of continuous absence from Board of Directors meetings.
Action taken under mandatory provisions of Section 167(1)(b) of the Companies Act, 2013.
The company stated the absence was due to health-related reasons.
The cessation is immediate as per the statutory requirements of the SEBI LODR Regulations.
💼 Action for Investors
Investors should monitor the company's upcoming announcements regarding the appointment of a new CEO or interim leadership. Evaluate the company's operational performance over the last 12 months to see how it managed during the CEO's absence.
Indo Count Starts Commercial Production at Largest US Pillow Facility in North Carolina
Indo Count Industries has launched commercial production at its third US-based greenfield pillow manufacturing facility in Kernersville, North Carolina. This new site is the largest of its three US facilities, complementing existing operations in Ohio and Arizona to create a nationwide manufacturing network. The expansion aims to enhance customer service through faster response times and greater operational flexibility on the East Coast. This move supports the company's long-term growth strategy in the utility bedding business, leveraging its global annual capacity of 153 million metres.
Key Highlights
Started commercial production at the Kernersville, NC facility, marking its 3rd US manufacturing site
The North Carolina facility is the largest of the company's three US-based pillow manufacturing plants
Completes a nationwide US network with presence in the Midwest (Ohio), West Coast (Arizona), and East Coast
Supports the company's global leadership in home textiles with an annual capacity of 153 million metres
💼 Action for Investors
This expansion reduces logistics lead times and strengthens the US market position; investors should monitor utilization levels and margin improvements in the upcoming quarters.
Indo Count Commences Commercial Production at New US Pillow Facility in North Carolina
Indo Count Industries has officially started commercial production at its Greenfield pillow manufacturing facility in Kernersville, North Carolina. This facility, operated through its subsidiary Indo Count Global East, Inc., marks a significant expansion of the company's US manufacturing footprint. By establishing an East Coast presence, the company now operates three strategic hubs across the US, including existing facilities in Ohio and Arizona. This move is designed to scale the utility bedding business and improve supply chain efficiency for North American retail partners.
Key Highlights
Commencement of commercial production at the Greenfield facility in Kernersville, North Carolina
Strategic expansion into the US East Coast, complementing existing sites in Ohio (Midwest) and Arizona (West Coast)
Facility operated via step-down wholly owned subsidiary, Indo Count Global East, Inc.
Strengthens the company's utility bedding business and enhances overall US market positioning
💼 Action for Investors
Investors should monitor the impact of this expansion on the company's utility bedding revenue and margin profile in upcoming quarters. This strategic move reduces logistics lead times and strengthens Indo Count's competitive position in the US market.
Indo Count Industries Announces Key Senior Management Transitions Effective January 2026
Indo Count Industries (ICIL) has announced a strategic reshuffle of its senior leadership team effective January 1, 2026. Mr. Shreyas Joshi, with over 40 years of experience, will transition from Home Textiles to lead Strategy and Domestic Retail initiatives. Mr. Malay Mahanti, an industry veteran with 28 years of experience, will take over as Business Head for the core Home Textiles division. Additionally, Mr. Neeraj Kalaskar has been promoted to Senior Vice President of Procurement & Supply Chain, joining the Senior Management Personnel group.
Key Highlights
Mr. Shreyas Joshi (40+ years experience) transitioned to President – Strategy to drive Domestic Retail and new initiatives.
Mr. Malay Mahanti (28+ years experience) elevated to Business Head – Home Textiles from his role as SVP Commercial.
Mr. Neeraj Kalaskar (30+ years experience) appointed as SVP – Procurement & Supply Chain and added to the SMP category.
All management changes are scheduled to take effect from January 1, 2026, indicating a planned transition period.
💼 Action for Investors
Investors should monitor the transition to ensure operational continuity in the core Home Textiles segment and track the progress of the Domestic Retail business under the new strategy head. No immediate action is required as these are internal elevations of experienced personnel.