Indian Card Clothing Company Ltd

Financial highlights

• Standalone revenue from operations: Rs 853.64 lakhs (Q1 FY27).
• Standalone total income: Rs 1,858.75 lakhs.
• Standalone net profit after tax: Rs 490.59 lakhs.
• Standalone EPS: Rs 8.26 per share.
• Consolidated revenue from operations: Rs 977.90 lakhs.
• Consolidated total income: Rs 1,983.57 lakhs.
• Consolidated net profit after tax: Rs 456.42 lakhs.
• Consolidated EPS: Rs 7.68 per share.

Strategic actions

• Approved investment in Garnett Wire Ltd., UK, a wholly owned subsidiary.
• Garnett Wire FY2025-26 turnover £826,760; net profit £27,497.
• Cash consideration £250,000; subscription up to £250,000; completion ~60 working days.
• Related party: Mehul K. Trivedi on Garnett Wire board; arm's length valuation.
• Object: expand business abroad using Garnett's UK presence.

Management changes

• Executive Director & CFO Sanjeevkumar Karkamkar resigns, effective 1 September 2026; to remain NED.

Regulatory disclosures

• Resignation letter enclosed; RBI approvals not required for Overseas Direct Investment.
• Unaudited standalone and consolidated results approved; Limited Review Report attached.

Other disclosures

• Sale of Amar Business Zone completed July 2026 for Rs 1320 lakhs.

Outlook

• Management expects textile/card clothing sector recovery by end FY 2026-27.

Meeting Details

• Date: August 14, 2026.
• Time and venue not disclosed.

Key Agenda Items

• Approve unaudited standalone and consolidated financial results for quarter ended June 30, 2026.

Dematerialisation and certificate handling

• Details of dematerialised securities furnished to all exchanges where shares are listed.
• Physical certificates dematerialised mutilated and cancelled after verification; depository name substituted as registered owner within 15 days.

Transaction details

• The company executed a Deed of Assignment for the sale of its commercial property in Baner, Pune.
• Property comprises 9,600 sq ft, Unit B-801, Amar Business Zone, Baner, Pune.
• Sale consideration fixed at Rs 13.20 crore, on mutually agreed terms.
• Buyer is Balaji Constro Realtech LLP; third-party buyer, not promoter group.
• Deed of Assignment registered with Sub-Registrar on July 3, 2026.
• No promoter, director, KMP, or relative interest; related party transaction not involved.

Standalone FY26

• 📊 Revenue from operations was ₹3,509.35 lakh, down 2.8% year-on-year.
• 📊 Total income fell to ₹5,723.32 lakh from ₹7,995.38 lakh.
• 📊 PBT was ₹546.08 lakh versus ₹9,986.91 lakh last year.
• 📊 PAT was ₹420.42 lakh, down from ₹9,184.72 lakh.
• 📊 EPS was ₹7.08, versus ₹154.60 in FY25.
• 📊 Other income declined to ₹2,213.97 lakh from ₹4,386.85 lakh.
• 📊 Finance costs fell to ₹79.42 lakh from ₹256.63 lakh.
• 📊 Other expenses were ₹1,778.18 lakh, down from ₹2,071.07 lakh.

Standalone Q4 FY26

• 📊 Revenue from operations was ₹822.53 lakh, down 7.1% year-on-year.
• 📊 Total income was ₹1,056.33 lakh, versus ₹2,390.14 lakh last year.
• 📊 PBT was a loss of ₹408.96 lakh, versus ₹1,984.00 lakh profit.
• 📊 PAT was a loss of ₹361.66 lakh, versus ₹1,706.64 lakh profit.
• 📊 EPS was negative ₹6.09, versus ₹28.73 last year.
• 📊 Exceptional loss was ₹88.10 lakh, mainly from New Labour Codes impact.

Consolidated FY26

• 📊 Revenue from operations was ₹4,202.69 lakh, broadly flat year-on-year.
• 📊 Total income fell to ₹6,419.15 lakh from ₹8,591.50 lakh.
• 📊 PBT was ₹497.63 lakh, versus ₹9,989.07 lakh last year.
• 📊 PAT was ₹371.97 lakh, versus ₹9,186.88 lakh last year.
• 📊 EPS was ₹6.26, versus ₹154.63 in FY25.
• 📊 Other income declined to ₹2,216.46 lakh from ₹4,388.44 lakh.
• 📊 Finance costs fell to ₹96.39 lakh from ₹272.95 lakh.
• 📊 Other expenses were ₹1,993.95 lakh, down from ₹2,284.28 lakh.

Consolidated Q4 FY26

• 📊 Revenue from operations was ₹1,123.54 lakh, up 9.9% year-on-year.
• 📊 Total income was ₹1,357.95 lakh, versus ₹2,528.76 lakh last year.
• 📊 PBT was a loss of ₹385.45 lakh, versus ₹2,024.53 lakh profit.
• 📊 PAT was a loss of ₹338.15 lakh, versus ₹1,747.65 lakh profit.
• 📊 EPS was negative ₹5.69, versus ₹29.42 last year.
• 📊 Exceptional loss was ₹88.10 lakh, driven by New Labour Codes impact.

Segments

• 📊 Consolidated card clothing revenue was ₹4,316.01 lakh, versus ₹4,133.72 lakh last year.
• 📊 Consolidated realty revenue was ₹2,091.61 lakh, versus ₹4,452.60 lakh last year.
• 📊 Card clothing segment loss before tax and interest was ₹981.60 lakh.
• 📊 Realty segment profit before tax and interest was ₹1,675.37 lakh.

Balance sheet and cash

• 📊 Standalone cash and cash equivalents fell to ₹525.32 lakh from ₹3,895.44 lakh.
• 📊 Consolidated cash and cash equivalents fell to ₹670.38 lakh from ₹4,043.81 lakh.
• 📊 Standalone total assets were ₹36,437.29 lakh, versus ₹37,401.19 lakh.
• 📊 Consolidated total assets were ₹36,655.55 lakh, versus ₹37,657.19 lakh.
• 📊 Standalone other equity rose to ₹33,793.07 lakh from ₹33,328.98 lakh.
• 📊 Consolidated other equity rose to ₹33,703.59 lakh from ₹33,231.38 lakh.

Capex and assets

• 🧱 Standalone capex on property, plant and equipment and intangibles was ₹377.68 lakh.
• 🧱 Consolidated capex on property, plant and equipment and intangibles was ₹390.39 lakh.
• 🗓️ Baner property sale consideration is ₹13.20 crore, with ₹0.50 crore advance received.
• 📍 Baner property was classified as assets held for sale at 31 March 2026.

Risks and outlook

• ⚠️ Management said the carding business continues to face headwinds from global geopolitical disturbances.
• ⚠️ Management expects recovery of the textile industry after the next 9 to 12 months.
• ⚠️ New Labour Codes increased exceptional costs through wage-definition and past-service-cost changes.

Audit

• 📍 Auditor issued an unmodified opinion on standalone and consolidated results.
• 📍 Standalone and consolidated results were approved by the Board on 29 May 2026.

Business

• The company operates card clothing and realty segments.
• The group includes ICC International Agencies Limited and Garnett Wire Limited.
• Card clothing remains the core operating business, while realty contributed significant segment profit.

Financial Performance 📊

• Standalone Q3 FY26 revenue: Rs. 939 lakh, +11% QoQ, -1% YoY; 9M FY26: Rs. 2,687 lakh, -1.3% YoY.
• Consolidated Q3 FY26 revenue: Rs. 1,041 lakh, -3% QoQ, -1.4% YoY; 9M FY26: Rs. 3,079 lakh, -3.2% YoY.
• Standalone Q3 FY26 EBITDA loss: Rs. 6.3 lakh vs. profit Rs. 611 lakh in Q2; 9M FY26 EBITDA Rs. 955 lakh.
• Consolidated Q3 FY26 EBITDA loss: Rs. 67 lakh vs. profit Rs. 663 lakh in Q2; 9M FY26 EBITDA Rs. 883 lakh.
• Standalone Q3 FY26 net loss: Rs. 0.08 lakh vs. profit Rs. 490 lakh in Q2; 9M FY26 net profit Rs. 782 lakh.
• Consolidated Q3 FY26 net loss: Rs. 61 lakh vs. profit Rs. 541 lakh in Q2; 9M FY26 net profit Rs. 710 lakh.

Segment Performance

• 9M FY26 Card Clothing revenue: Rs. 3,139 lakh, -1.8% YoY; loss before tax Rs. 874 lakh.
• 9M FY26 Realty revenue: Rs. 2,206 lakh, -26% YoY; profit before tax Rs. 1,836 lakh.

Other Financial Details

• Standalone Q3 FY26 total income: Rs. 1,350 lakh, down from Rs. 1,983 lakh in Q2 due to lower other income.
• Consolidated Q3 FY26 total income: Rs. 1,453 lakh, down from Rs. 2,211 lakh in Q2 due to lower other income.
• Standalone EPS Q3 FY26: (0.00); 9M FY26: Rs. 13.16 basic and diluted.
• Consolidated EPS Q3 FY26: (1.02); 9M FY26: Rs. 11.95 basic and diluted.
• No exceptional income/expense in Q3 FY26; prior year included Rs. 6,641 lakh profit on asset sales.

Regulatory & Operational Updates

• New labor codes effective Nov 21, 2025, increased employee benefit expenses due to wage definition changes.
• ICC International Agencies Limited operations wound down effective April 1, 2025; prior loan impairment provisions made.
• Sale and leaseback of Mumbai commercial building completed in FY25; profit recognized as exceptional item.

⚠️ Risks

• Card Clothing segment impacted by global geopolitical and economic slowdown; recovery expected in 9-12 months.