Dollar Industries Limited (DOLLAR)

Textiles · Textiles & Apparels · NSE · Updated 15 July 2026

₹263.6 ↓ 35.52% (1Y)

🎯 Key Takeaways

Dollar Industries Limited is transitioning from a mature, volume-driven textile manufacturer into a growth-oriented brand platform with improving margins and strategic retail expansion. Management is targeting double-digit revenue growth in FY26-FY27, supported by pricing power, operational efficiencies, and the rollout of Project Lakshya Phase 2.
Revenue declined 14.8% QoQ to ₹381 in Q3FY25.
⚠️ Cotton price volatility remains a key input cost risk, though partially mitigated by recent price hikes; further inflation could pressure margins if n

Market Cap

₹1,506

P/E Ratio

15.9

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Dollar Industries Limited is transitioning from a mature, volume-driven textile manufacturer into a growth-oriented brand platform with improving margins and strategic retail expansion. Management is targeting double-digit revenue growth in FY26-FY27, supported by pricing power, operational efficiencies, and the rollout of Project Lakshya Phase 2. The company has demonstrated consistent top-line growth and profitability expansion, while maintaining a conservative capital structure and returning capital via dividends.

📰 What's Happening

In Q4 FY26, the company reported revenue of ₹6,215 Mn, up 13.2% YoY, with full-year revenue growing 10% YoY to ₹18,810 Mn. Gross profit margin expanded to 33.0%, and PAT rose 11.4% YoY to ₹326 Mn in Q4, contributing to a full-year PAT of ₹1,074 Cr. Management highlighted strong volume growth (9.8% YoY) driven by premium brands like Force NXT and Dollar Protect, as well as 437% YoY growth in quick commerce. Volume growth was also supported by modern trade and e-commerce, which now contributes 10% of revenue. A price hike of 4-6% was implemented in Q1 FY27 to offset cotton inflation, with no further hikes anticipated. Project Lakshya Phase 2 is underway to expand retail presence and improve distribution efficiency. The company recommended a dividend of ₹3 per share (150% payout) and reappointed three directors effective 1 September 2026, pending AGM approval on 4 August 2026.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	406	328	413	332	500	334	447	381
Operating Profit	13	28	42	34	59	36	50	44
OPM %	2.8%	8.3%	10.1%	9.8%	11.4%	10.7%	10.9%	10.9%
Net Profit	0	15	25	18	34	16	26	20
EPS	₹0.10	₹2.56	₹4.38	₹3.12	₹5.83	₹2.70	₹4.67	₹3.52

Revenue has shown a clear upward trend over the past four quarters, with YoY growth accelerating from 2.8% in Q4 FY23 to 13.2% in Q4 FY26, reflecting stronger demand and successful brand-led expansion. Operating margins have stabilized around 10.9-11.4% in recent quarters, up from 2.8% in Q4 FY23, indicating operational recovery and efficiency gains. Net profit margins have improved consistently, with Q4 FY26 PAT up 11.4% YoY, supported by margin expansion and cost management. Despite a temporary dip in retail footfall due to exceptional heat, management noted stable underlying demand, particularly in premium and modern trade segments. The company’s focus on pricing power and operational efficiencies is expected to sustain margin improvement beyond the last fiscal year.

🔮 Management Outlook & What's Next

Management expects margins to improve beyond last fiscal year, supported by pricing power and operational efficiencies, with no further price hikes anticipated after Q1 FY27. They project double-digit revenue growth — targeting low teens to high teens — in FY26-FY27, driven by brand strength, expansion in non-traditional channels like quick commerce, and retail footprint expansion via Project Lakshya Phase 2. Volume growth remains a key lever, with recent growth of 9.8% YoY in full-year terms and 13.2% in Q4 FY26. Management highlighted stable demand despite temporary retail footfall reduction, and emphasized that inventory days are stabilizing at 95-100 days, supporting working capital efficiency.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Textiles & Apparels

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Page Industries Limited	41,069	54.8	—	—	—
K.P.R. Mill Limited	31,565	38.3	—	—	—
Vardhman Textiles Limited	17,558	20.4	—	—	—
Welspun Living Limited	13,526	20.7	—	—	—
Trident Limited	12,587	42.6	—	—	—
Arvind Limited	11,824	39.1	—	—	—
Pearl Global Industries Limited	7,713	32.0	—	—	—
Alok Industries Limited	6,852	-9.1	-2.8%	1.6%	-1.21
Garware Technical Fibres Limited	6,238	27.1	—	—	—
Indo Count Industries Limited	5,748	17.6	—	—	—

🔗 Peer Stock Analyses

PAGEIND KPRMILL VTL WELSPUNLIV TRIDENT

⚠️ Risk Factors

1. Cotton price volatility remains a key input cost risk, though partially mitigated by recent price hikes; further inflation could pressure margins if not passed on. 2. Retail footfall softness due to extreme weather events could impact near-term sales momentum, despite management citing stable underlying demand. 3. Execution risk around Project Lakshya Phase 2 — delays or underperformance in expanding retail and distribution networks could hinder growth ambitions. 4. Competitive intensity in the textiles and apparel space, particularly in premium and modern trade segments, may constrain pricing power over time.

📋 Recent Filings

🧠 Analyst's Read

Dollar Industries is executing a clear turnaround narrative centered on margin expansion, brand-led growth, and retail modernization, supported by consistent financial performance and disciplined capital allocation. The company’s ability to sustain double-digit revenue growth and improve profitability without relying on further price increases will be critical to watch, as will the successful rollout of Project Lakshya Phase 2. Investors should monitor management’s margin trajectory and capital efficiency metrics in upcoming quarters.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

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