Key Metrics of Indo Count Industries
About Indo Count Industries
Sectors
Company details
- Website
- indocount.com
- Registered office
- Office No. 1, Plot No. 266, Village Alte, Kumbhoj Road, Taluka Hatkanangale,, Kolhapur, In-mh, 416109
- Listed
- NSE: ICIL · ₹449.30
Operational Areas of Indo Count Industries
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
Sign in with access to company financials to review vendor evidence.
Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 12 Oct 2026 | ICRA | Reaffirmed | AA- | A1+ | Stable | ₹1,763 Cr | View |
| 05 Oct 2026 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹1,754 Cr | View |
| 05 Sep 2025 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹1,756 Cr | View |
| 25 Sep 2024 | CARE | Reaffirmed | AA- | A1+ | Positive | ₹1,642 Cr | View |
| 30 Nov 2023 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹1,676 Cr | View |
| 22 Dec 2022 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹1,756 Cr | View |
| 05 Dec 2022 | CARE | Reaffirmed (from A+) | AA- | A1+ | Stable | ₹2,297 Cr | View |
| 15 Dec 2021 | CARE | Other | — | — | — | — | View |
| 07 Sep 2021 | CARE | Revised | A+ | A1+ | Positive | ₹1,148 Cr | View |
| 23 Sep 2020 | CARE | Reaffirmed | A+ | A1 | Stable | ₹1,610 Cr | View |
| 10 Sep 2019 | CARE | Revised (from AA) | A+ | A1 | Stable | ₹826 Cr | View |
Credit strengths (ICRA, Oct 2026)
+ Experience of promoters and established presence of the company in the home textiles industry
The company continues to benefit from over three decades of experience of its promoters in the textile business.
+ Long-term relationships with reputed clientele, leading to repeat orders
ICIL’s major customers include global big-box retailers in the US, Canada and Europe such as Walmart, Costco, Revman, Kohl’s, JC Penney among others.
+ Healthy financial profile characterised by a conservative capital structure and comfortable debt protection metrics
ICIL’s capital structure remains comfortable, with a healthy net worth base (Rs. 2,355 crore as of March 31, 2026), even after the debt-funded acquisitions and sizeable capex undertaken by the company in recent years.
+ Enhanced capacity and investment in brands in US operations, resulting in asset and product line diversification
The company has been focussing on strengthening its footprint in the US over the past few years.
Credit challenges
− Significant geographical and customer concentration of revenue
ICIL’s sales exhibit a high degree of geographical and customer concentration, with the US accounting for around 70% of its exports of bed linens from India and the top two customers accounting for 30-35% of its revenues, at present.
− High working capital intensity of operations due to sizeable stocking requirements, albeit order-backed inventory
ICIL’s operations remain working capital intensive due to the need for large stocking of raw materials owing to seasonal availabilit y of cotton.
Could lead to an upgrade
ICRA may upgrade the long-term rating of ICIL if the company is able to demonstrate a substantial and sustained growth in revenues along with increasing scale of US operations and an improvement in the overall profitability. Besides, maintaining a healthy capital structure, strengthening its coverage metrics and improving the working capital cycle, thereby positively impacting its
Could lead to a downgrade
ICRA may downgrade ICIL’s ratings in case of continuing pressure on the company’s revenues and/or profitability, thereby weakening debt protection metrics and
Agency-reported financials (ICRA, 12 Oct 2026)
| Metric | FY2025 | FY2026 | FY2025 | FY2026 | Q1 FY2027 | Q1 FY2026 |
|---|---|---|---|---|---|---|
| Operating income | ₹3,774 Cr | ₹3,101 Cr | ₹4,151 Cr | ₹4,141 Cr | ₹1,207 Cr | ₹959 Cr |
| PAT | ₹237 Cr | ₹141 Cr | ₹250 Cr | ₹123 Cr | ₹63.20 Cr | ₹39.00 Cr |
| OPBDIT/OI | 13.0% | 11.2% | 13.5% | 10.6% | 11.9% | 11.6% |
| PAT/OI | 6.3% | 4.5% | 6.0% | 3.0% | 5.2% | 4.1% |
| Total outside liabilities/Tangible net worth (times) | 0.70× | 0.60× | 0.90× | 0.90× | — | — |
| Total debt/OPBDIT (times) | 2.20× | 2.40× | 2.60× | 3.10× | — | — |
| Interest coverage (times) | 4.60× | 3.70× | 4.60× | 3.20× | 4.50× | 3.60× |
| Revenue growth (YoY) | — | −17.8% | 33.9% | −0.2% | — | — |
| EBITDA (margin × income) | ₹491 Cr | ₹347 Cr | ₹560 Cr | ₹439 Cr | ₹144 Cr | ₹111 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹1,079 Cr | ₹834 Cr | ₹1,457 Cr | ₹1,361 Cr | — | — |
| Implied interest cost (EBITDA ÷ coverage) | ₹107 Cr | ₹93.88 Cr | ₹122 Cr | ₹137 Cr | ₹31.92 Cr | ₹30.89 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term Fund based – Term Loan | Term loans | ₹119 Cr | ₹117 Cr | −1.4% | AA- (Stable) | Reaffirmed | ICRA |
| Long-term Fund-based – Working Capital , Facilities Short-term Non-Fund-based – Working | Non-fund based limits | ₹1,500 Cr | ₹1,500 Cr | 0.0% | AA- (Stable) | Reaffirmed | ICRA |
| Capital Facilities | Other | ₹137 Cr | ₹137 Cr | 0.0% | A1+ | Reaffirmed | ICRA |
| Long-term Short-term – Unallocated , Limits | Working capital & bank lines | ₹7.57 Cr | ₹9.22 Cr | 21.8% | AA- / A1+ (Stable) | Reaffirmed | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| — | Term Loan I FY FY | Term loans | — | 31 Mar 2022 | 31 Mar 2028 | ₹14.2 Cr | AA- | Outstanding |
| — | Term Loan II FY FY | Term loans | — | 31 Mar 2023 | 31 Mar 2029 | ₹54.9 Cr | AA- | Outstanding |
| — | Term Loan III FY FY | Term loans | — | 31 Mar 2026 | 31 Mar 2030 | ₹48.0 Cr | AA- | Outstanding |
CARE ratings on record (checked 26 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | ₹137 Cr | CARE A1+ |
| Non Convertible Debentures | — | Withdrawn |
| Short Term | ₹1,500 Cr | CARE A1+ |
| Term Loan | ₹117 Cr | CARE AA-; Stable |
Lenders
| Fund-based | Short Term | Axis Bank Ltd. |
| Fund-based | Short Term | Bank of Baroda |
| Fund-based | Short Term | Citi Bank |
| Fund-based | Short Term | HDFC Bank Ltd. |
| Fund-based | Short Term | HSBC Ltd. |
| Fund-based | Short Term | J.P. Morgan Chase Bank N.A. |
| Fund-based | Short Term | Union Bank of India |
| Fund-based - LT | Term Loan | Bank of Baroda |
| Fund-based - LT | Term Loan | Export Import Bank of India |
| Fund-based - LT | Term Loan | HDFC Bank Ltd. |
| Non-fund-based - ST | BG/LC | Axis Bank Ltd. |
| Non-fund-based - ST | BG/LC | Bank of Baroda |
| Non-fund-based - ST | BG/LC | Union Bank of India |
Credit assessment · Cotton textile
Rating Methodology – Cotton Textile (Sep 2026) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 57% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 57% chance the next rating action is stable or better
- Current rating AA- (investment grade)
- Interest coverage 3.6×
- ₹9.22 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
From the report
The company’s average fund- based working capital utilisation stood at a relatively low level of around 43% during the last 15 months, ended in July 2026, leaving adequate cushion in its sanctioned working capital limits to meet any incremental funding requirements.
From the report
Press Release Liquidity: Strong ICIL’s liquidity position remained strong, supported by cash and liquid investments of ₹303.64 crore and gross cash accruals (GCA) of ₹273.07 crore in FY26.
From the report
Average fund-based working-capital utilisation of ~58% and available headroom in non-fund- based limits provide adequate financial flexibility to meet scheduled debt repayments, planned capital expenditure and incremental working-capital requirements.
From the report
The company’s interest coverage ratio of 3.5x as on June 30, 2025, along with cash and liquid investments of ₹207 crore (July 2025) and ~70% utilisation of working capital limits, provide adeq uate liquidity cushion to withstand near-term headwinds.
From the report
The average working capital utilisation remained mode rate at 70% in the last 12 months ended July 2025.
From the report
Liquidity: Strong Unencumbered cash and liquid investments as on July 31, 2025, stood at ₹207.51 crore (cash and bank balances – ₹25.57 crore and liquid investments – ₹181.94 crore).
From the report
In Q1FY26, the company has generated gross cash accrual (GCA) of ₹78.60 crore.
From the report
The company also has some headroom available on its fund-based limits considering average utilisation at ~70% for the last 12 months ended July 2025.
From the report
The average working capital utilisation remained moderate at 66% in the last 12 months ended August 2024.
From the report
Press Release Liquidity: Strong ICIL has strong liquidity with unencumbered cash and liquid investments of ₹225.23 crore (cash and bank balances – ₹92.55 crore and liquid investments – ₹132.67 crore) as on March 31, 2024.
From the report
The company also has some headroom available on its working capital limits considering average utilisation at ~66% for the last 12 months ended August 2024.
From the report
As on September 30, 2023, the debt coverage metrics have improved primarily on account of accretion of profits and scheduled repayment of debt obligations.
From the report
The average working capital utilisation remained high, at 70% during the last 12 months ended October 31, 2023.
From the report
However, for the month ended October 31, 2023, the average working capital utilization remained moderate at 53%.
From the report
Liquidity: Strong ICIL has strong liquidity with cash and liquid investments of ₹172.52 crore as on September 30, 2023, and has generated GCA of ₹235.24 crore in H1FY24.
From the report
The company’s average working capital utilisation remained high, at 70% for the last 12 months ended October 31, 2023.
From the report
The average working capital utilisation remained high , at 80% during the last 12 months ended October 31, 2022.
From the report
Press Release Liquidity: Strong ICIL has strong liquidity with cash and liquid investments of ₹236.23 crore as on September 30, 2022, and has generated GCA of ₹173.57 crore in H1FY23.
From the report
The company’s average working capital utilisation remained high, at 80% for the last 12 months ended October 31, 2022.
From the report
The average working capital utilisation remained high , at 80% during the last 12 months ended October 31, 2022.
From the report
Liquidity: Strong ICIL has strong liquidity with cash and liquid investments of ₹236.23 crore as on September 30, 2022, and has generated GCA of ₹173.57 crore in H1FY23.
From the report
The company’s average working capital utilisation remained high, at 80% for the last 12 months ended October 31, 2022.
From the report
ICIL will be majorly utilizing its internal accruals and existing cash & cash equivalents of Rs 350 crs (as on Sept 2021) along with debt of around Rs 200 crs for funding the acquisition.
From the report
Average maximum working capital utilisation remained moderate at 68.89% during last 12 months ended June 2021.
From the report
Average maximum working capital utilisation remained moderate at 63.39% during last 12 months ended July 2020.
From the report
Average maximum working capital utilisation remained moderate at 60.58% during last 12 months ended July 2019.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Indo Count Industries
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Grasim Industries |
Textiles, Cotton & Yarn · Apparel, Textiles & Footwear | grasim.com | 1948 | Ujjain, India |
| Textiles, Cotton & Yarn · Apparel, Textiles & Footwear | arvind.com | — | Ahmedabad, India | |
| Textiles, Cotton & Yarn · Apparel, Textiles & Footwear | welspunliving.com | — | Anjar, India | |
| Formal & Premium Menswear · Apparel, Textiles & Footwear | raymond.in | — | Ratnagiri, India | |
 Alok Industries |
Discovered Companies · Other Industries | alokind.com | 1986 | Silvassa, India |
 Trident |
Part of Mondelez International. | tridentindia.com | — | India |
| Raymond Lifestyle Limited | Discovered Companies · Other Industries | — | — | Aurangabad, Maharashtra, India |
 KPR Mill |
Textiles, Cotton & Yarn · Apparel, Textiles & Footwear | kprmilllimited.com | — | India |
 Page Industries |
Textiles, Cotton & Yarn · Apparel, Textiles & Footwear | pageind.com | 1995 | Bengaluru, India |
| Textiles, Cotton & Yarn · Apparel, Textiles & Footwear | owmnahar.com | — | Ludhiana, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Bed linen
Filings
No filings on record yet.