New Research Reports

Raymond Lifestyle (RLL) reported a weak 4QFY26 performance, with EBITDA at INR1.2b missing estimates due to lower gross margins and higher operating costs.

Company is engaged in the manufacturing of Cotton Yarns, including Compact Ring Spun and Carded Yarns, both Combed and Carded. Company's product range also includes value-added yarns such as Eli Twist (Combed and Carded), Compact Slub Yarns, and Lycra-Blended Yarns. Company's Yarns are used in both knitting and weaving, serving a broad range of end-use segments such as denim, terry towels, shirting, sheeting,...

IPO NOTE

About the stock: Indo Count Industries (ICIL) is the world's largest bed-linen player established in 1988. It has portfolio of ~25 brands (licensed + owned) to position well in US and other exporting markets. It has 4 manufacturing facilities in India with capacity of 153mn meters and 3 plants with 32.5mn pieces in the US. Q3FY26 performance: Consolidated revenues declined by 8% YoY to Rs.1062.8cr. Decline in revenues was largely on account of 10.5% YoY decline in volumes to 24.8mn mtrs affected by higher US tariffs. Gross margins recorded 159bps YoY improvement to 53.4%. EBITDA margins declined by 324bps YoY to 9.4% in Q3FY26...

We maintain our BUY rating on the stock, considering the attractive valuations and long-term growth prospects.

Quarterly Update Q3FY26

Gradual recovery in revenues in Q4; Double-digit revenue to return by FY28: Gokex's India business (standalone) reported high single digit revenue growth of 7% YoY highlighting robust customer relationships amidst the higher US tariffs environment. In contrast, the Africa business reported subdued performance during the quarter due to supply-chain disruptions and lower capacity utilisation, which impacted the volumes. Further, the management highlighted that the order book remains robust for the India business in Q4FY26 followed by Q1 and Q2FY27 signalling...

Quarterly Update Q2FY26

About the stock: Gokaldas Exports (Gokex), incorporated in 1979, is one of India's largest manufacturers and exporters of apparel, exporting it to 50+ countries. Its vertical integrated business model makes it a one stop destination for leading apparel brands. Following the acquisition of Atraco and Matrix, Gokex currently has over 34 production units that can produce about 90mn garments per annum (p.a). Q2FY26 performance: Gokex consolidated revenues grew by 6% YoY to Rs.984.4cr. Sales volume were down by ~13.2% to 12.7mn pieces while average realisation grew by 20% YoY to Rs.700 per piece in Q2FY26. Gross margins stood flat at 47.8%....

About the stock: Indo Count Industries (ICIL) is the world's largest bed-linen player established in 1988. Traditionally operating in bed linen segment, the company expanded its presence into high margin utility and fashion bedding segment in US through organic and inorganic route. It has portfolio of ~25 brands (licensed + owned) to position well in US and other exporting markets. It has 4 manufacturing...

About the stock: KPR Mills (KPR), established in 1984, is one of the largest vertically integrated textile manufacturing companies in India. It has 6 spinning mills with a capacity of 1,00,000 MT of yarn and 4 garment facilities with capacity of 204 million knitted garments. The company also entered the sugar business with a sugar capacity of 20,000 TCD and ethanol capacity of 470KLPD p.a. Q2FY26 performance: KPR's consolidated revenues grew by 10.3%yoy to Rs1,632cr in Q2FY26. Textile business revenues grew by 4% YoY while sugar business revenues grew by 38% YoY (on base) during the quarter. Consolidated...

We maintain our BUY rating on the stock, considering the attractive valuations and long-term growth prospects.

Textile companies are focusing on diversification as risk mitigating strategy with focus on diversifying the production base in other countries and improve the regional mix and not to depend on single country/region in the near future....

Textile companies are focusing on diversification as risk mitigating strategy with focus on diversifying the production base in other countries and improve the regional mix and not to depend on single country/region in the near future....

Textile companies are focusing on diversification as risk mitigating strategy with focus on diversifying the production base in other countries and improve the regional mix and not to depend on single country/region in the near future....

Textile companies are focusing on diversification as risk mitigating strategy with focus on diversifying the production base in other countries and improve the regional mix and not to depend on single country/region in the near future....

Strong Q1 FY26 Performance and Positive Outlook: Company delivered a strong Q1 FY26, posting 17% YoY revenue growth driven by robust performance in textiles and apparel. EBITDA rose 29% YoY, supported by premiumization and operating leverage, despite garmenting being impacted by US tariffs.

ICIL 2.0 scaling the core + expanding brands + entering utility segment: ICIL 2.0 emphasises on strengthening the core, expand into high margin segments such as utility/fashion bedding and expand the branded product portfolio to build a sustainable business model in long run. Over the past 1215 months, it has invested significantly in value enhancement projects from acquisitions and capacity expansion to brand building and talent development, laying a solid foundation for its next phase of growth. The company expects the branded portfolio to add US$100mn and utility...

Retention of clients by sacrificing margins in the near term: In the backdrop of higher tariff of 50%, Gokex management has given more impetus on client retention by providing discounts of 15-18% rather maintaining the EBIDTA margins. It has good order book outlook for Spring summer season till Q4FY26. With this strategy management expects revenues to remaining at Rs900-1000crore (after discount of 18% on additional tariff of 25%) per quarter, while consolidated EBIDTA margins...