Indian Terrain Fashions Q3 FY26: Revenue Stable at ₹101.4 Cr, PAT Turns Positive to ₹2.5 Cr
Indian Terrain Fashions reported Q3 FY26 results with stable revenue at ₹101.4 Cr and a PAT turnaround to ₹2.5 Cr. The company has improved margins and cash discipline. For 9M FY26, revenue grew 8% to ₹271.14 Cr, with significant EBITDA improvement. Management expressed confidence in future growth.
The return to profitability after a prolonged period of losses is a significant development for the company, indicating a successful turnaround strategy and positively impacting investor confidence and future growth prospects.
The company has reported a positive turnaround with a return to profitability (PAT of ₹2.5 Cr) after six consecutive quarters of losses, along with stable revenues and improved margins, indicating a successful recovery.
Indian Terrain Fashions Limited has announced a revised Investor Presentation for the quarter and nine months ended December 31, 2025, with purely editorial changes and no material impact on financials or operational performance.
The company reported stable revenues of ₹101.4 Crore for Q3 FY'26, building on the previous quarter's rebound. Profit Before Tax (PBT) improved to ₹4.1 Crore, and for the first time in six quarters, the company achieved a positive Profit After Tax (PAT) of ₹2.5 Crore. This turnaround reflects sustained execution, disciplined decision-making, and the impact of the 'TOC' program focused on rationalizing underperforming stores, exiting low-margin formats, and optimizing channel mix. The company has also shown stronger cash discipline, with reductions in Gross Working Capital, Net Working Capital days, and debtor days.
Revenue from operations for Q3 FY'26 was ₹101.40 Crore, a 4.66% YoY increase. The Gross Margin improved to 43.83% from 39.90% in Q3 FY'25. EBITDA stood at ₹12.8 Crore (12.58% margin), a significant jump from ₹6.12 Crore (6.12% margin) in the previous year. PBT was ₹4.1 Crore compared to a loss of ₹3.97 Crore in Q3 FY'25, and PAT was ₹2.5 Crore compared to a loss of ₹3.42 Crore.
For the nine months ended December 31, 2025 (9M FY'26), Net Sales grew by 8.00% YoY to ₹271.14 Crore. Gross Margin improved to 41.29% from 35.80% in 9M FY'25. EBITDA for 9M FY'26 was ₹21.50 Crore (7.93% margin), a substantial increase from -₹10.25 Crore (-4.08% margin) in 9M FY'25. PBT was ₹-0.83 Crore compared to ₹-37.16 Crore in 9M FY'25, and PAT was ₹-4.12 Crore compared to ₹-40.60 Crore.
The company's channel-wise revenue split shows Retail anchoring at 48% for Q3 FY'26, with Wholesale contributing 24% and Online at 11%. Category-wise, Shirts accounted for 39% and T-Shirts for 28% in Q3 FY'26.
Commenting on the results, Mr. Charath Narsimhan, MD & CEO, highlighted the company's recovery journey, focusing on stable revenues, margin expansion, and a return to profitability. He expressed confidence in the brand's positioning for future growth, supported by strong product design and brand visibility initiatives.
The company is focused on expanding its distribution network selectively in high-potential geographies with a sharp focus on ROI and unit economics. Outlook for SS-26 is positive, driven by a strong order book, category tailwinds, and channel-led growth.
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