Thomas Scott (India) LimitedConsumer GoodsTHOMASCOTT
Q1 FY27 concall · earnings callThomas Scott (India) Limited
Revenue grew 22% YoY with strong profit expansion as management deliberately protected price realizations and margins over volume, citing subdued price elasticity of demand.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue from Operations | ₹66 Cr | 22% | |
| EBITDA | ₹9 Cr | 43% | |
| EBITDA Margin | 13.07% | — | |
| Profit After Tax | ₹5 Cr | 54% | |
| PAT Margin | 8.21% | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹45.40 Cr+109.7% YoY+11.6% QoQ | ₹3.00 Cr+25% YoY+6% QoQ | ₹7.96+181.3% YoY+46.1% QoQ |
| Q2 FY25 | ₹40.67 Cr+84.9% YoY+48.8% QoQ | ₹2.83 Cr+14.1% YoY+103.6% QoQ | ₹5.45+73% YoY+0.9% QoQ |
| Q1 FY25 | ₹27.34 Cr+48.7% YoY+6.3% QoQ | ₹1.39 Cr+20.9% YoY-65.3% QoQ | ₹5.40+269.9% YoY+7.1% QoQ |
| Q4 FY24 | ₹25.71 Cr+7.5% YoY+18.8% QoQ | ₹4.00 Cr+49.3% YoY+66.7% QoQ | ₹5.04-36.3% YoY+78.1% QoQ |
| Q3 FY24 | ₹21.65 Cr+99% YoY-1.5% QoQ | ₹2.40 CrTurned profitable YoY-3.2% QoQ | ₹2.83Turned positive YoY-10.2% QoQ |
TL;DR
- Revenue stood at INR 66 crores, up 22% YoY.
- EBITDA was INR 9 crores, up 43% YoY, with margin of 13.07%.
- PAT was approximately INR 5 crores, up 54% YoY.
- Management chose to protect price realizations over aggressive discounting due to observed low price elasticity.
- Women's wear is a growing marquee category.
- Aggregator sales for the Thomas Scott brand now account for ~40% of its revenue.
Said on the call
“We chose to protect price realizations and margin quality. We view this as the right choice for long-term brand equity and profitability.”
From the Q&A
| Topic | What management said |
|---|---|
| Women's Wear Economics and Growth | Unit economics is neutral to favorable vs men's wear; women's wear revenue could be 3x of current levels in about a year. |
| Offline Store Performance | Stores are EBITDA positive but capital is currently focused on more ROCE-accretive online opportunities; expansion will be selective. |
| Aggregator Sales Impact | Approximately 40% of Thomas Scott brand revenue comes from wholesale/B2B2C sales to aggregators, which is margin-neutral at EBITDA level. |
| Fire Incident and Finance Cost | Elevated working capital debt and related finance cost (Rs. 1 crore) are due to a fire incident; insurance claim is under process and expected to settle soon. |
| Price Elasticity and Growth Strategy | Subdued price elasticity led to investment in performance marketing over discounting; growth targets for the year remain unchanged with potential for price investments in future quarters. |
| Dockers Brand Opportunity | Seen as a major global brand for bottom wear; expected to improve premiumization and be a good addition to the portfolio. |
Guidance
- Target is to continue the same pace of growth demonstrated over the last two years.
- Margin levels are expected to be healthy, with potential for improvement from scale and efficiency, though margin may be invested for growth if ROI is good.
- H2 (festive period) is expected to present good opportunities for offsetting growth.
Source
Summary written from the transcript filed by Thomas Scott (India) Limited for the call held on 20 Aug 2026; published 20 Aug 2026, 20:01 IST.
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