Thomas Scott India Ltd (THOMASCOTT)

Textiles · Readymade Garments/ Apparells · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹263.55 ↓ 24.75% (1Y)

🎯 Key Takeaways

Thomas Scott India Ltd is in a growth phase driven by strategic expansion into high-margin segments like women's wear and wholesale, supported by data-led demand execution and premiumization. The company is scaling operations without major CapEx, focusing on profitability and margin discipline amid cautious macro conditions.
Revenue declined 15.4% QoQ to ₹66 in Q1FY27.
⚠️ Macroeconomic pressures remain a key risk, as highlighted in the filing, potentially affecting consumer spending and pricing power. Working capital is

Market Cap

₹387

P/E Ratio

18.1

P/B Ratio

3.87

ROE

21.2%

ROCE

28.3%

Debt/Equity

0.13

Promoter

52.3%

✨ Ask AI About THOMASCOTT 📊 Interactive Charts

📖 The Story

Thomas Scott India Ltd is in a growth phase driven by strategic expansion into high-margin segments like women's wear and wholesale, supported by data-led demand execution and premiumization. The company is scaling operations without major CapEx, focusing on profitability and margin discipline amid cautious macro conditions. Its narrative centers on sustainable, scalable growth rather than debt-fueled expansion.

📰 What's Happening

In Q1 FY2026-27, Thomas Scott reported 22% YoY revenue growth to ₹66 crores, with PAT surging 54% to ₹5 crores, driven by women's wear (13% of revenue) and wholesale now contributing 40% of brand revenue. The company emphasized AI-driven inventory optimization and premiumization via Dockers, maintaining EBITDA margin at 13.07%. Management reiterated focus on scalable growth and margin protection, with no new store expansions planned. An earnings call audio was made available on August 18, 2026, reinforcing transparency in communication.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	54	57	66	78	66
Operating Profit	6	8	7	10	8
OPM %	10.3%	13.8%	10.8%	13.3%	12.0%
Net Profit	3	5	5	6	5
EPS	₹2.53	₹3.21	₹3.39	₹4.22	₹3.71

Revenue growth has accelerated, with Q1 FY2026-27 up 22% YoY to ₹66 crores, reversing a prior quarter's dip (₹57 crores in Sep 2025). Profitability improved significantly, with PAT margin expanding to 7.57% in FY26 and EBITDA growth outpacing revenue. Despite flat revenue in Dec 2025 and Sep 2025, recent quarters show recovery, supported by wholesale and women's wear. Margin discipline is evident in stable EBITDA margins around 13%, even as the company prioritizes profitability over volume.

🔮 Management Outlook & What's Next

Management expressed confidence in maintaining growth momentum, targeting EBITDA margins of 12-15% and reinvesting improvements if needed. No formal forward guidance was provided, but they emphasized sustaining the 'build-for-demand' model using AI for inventory and expanding high-margin segments like women's wear with a target of 2-3x growth within a year. Capital allocation remains focused on digital channels and operational efficiency, with no major CapEx plans.

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

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	11	13	15	15
Reserves	53	87	112	123
Borrowings	19	13	27	46
Total Liabilities	101	141	179	238
Fixed Assets	11	12	12	13
Investments	0	0	0	0
Total Assets	101	141	179	238

The balance sheet shows steady equity growth (₹15 crores) and reserves expanding from ₹87 crores to ₹123 crores between FY25 and FY26, indicating retained earnings are being reinvested. Borrowings remain low and stable at ₹46 crores in FY26, up slightly from ₹27 crores, but still modest relative to equity. No significant debt increases are planned, and the temporary ₹22 crore borrowing was linked to insurance claims, not operational funding. This reflects a conservative capital structure and low financial risk.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	-39
Investing	-6
Financing	+45
Net Cash Flow	-0

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	52.1%	52.1%	52.3%	52.3%
FII	0.0%	0.0%	0.1%	0.0%
DII	2.5%	2.5%	2.5%	2.5%
Public	31.6%	31.9%	33.1%	34.5%
# Shareholders	9,685	10,201	10,191	10,486

Institutional interest is emerging, with FII holdings rising from 0.02% in Q2FY26 to 0.05% in Q4FY26, while DII remains stable at 2.45%. Promoter holding is steady at ~52.32%, with no signs of dilution or selling. The number of shareholders has grown from 9,685 to 10,486, suggesting broader retail participation. No pledging or significant changes in shareholding patterns are evident, indicating stable investor confidence.

⚖️ Peer Comparison — Readymade Garments/ Apparells

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
PAGEIND	39,708	52.5	70.2%	50.3%	0.01
KPRMILL	39,562	43.4	19.8%	16.0%	0.10
MANYAVAR	13,297	33.0	36.5%	25.1%	0.00
PGIL	10,850	34.9	21.2%	20.8%	0.47
GOKEX	5,734	55.7	10.3%	5.0%	0.31
KKCL	3,133	21.3	24.3%	19.6%	0.13
SPAL	2,561	24.3	15.6%	12.3%	0.42
KITEX	2,515	—	1.1%	-4.8%	1.05
DOLLAR	1,511	13.5	14.1%	11.8%	0.29
THOMASCOTT	387	18.1	28.3%	21.2%	0.13

🔗 Peer Stock Analyses

PAGEIND KPRMILL MANYAVAR PGIL GOKEX

⚠️ Risk Factors

Macroeconomic pressures remain a key risk, as highlighted in the filing, potentially affecting consumer spending and pricing power. Working capital is tied to inventory, which could strain cash flows if demand softens. Although EBITDA margins are stable, the company noted caution around volume discounts, implying sensitivity to competitive pricing. The lack of formal guidance and constrained operating cash flow until RoCE improves (currently at 28.3%) add uncertainty to near-term financial flexibility.

📋 Recent Filings

🧠 Analyst's Read

Thomas Scott India is executing a disciplined growth strategy centered on premiumization, wholesale expansion, and digital optimization, with improving profitability and stable margins. The company’s low leverage and rising institutional interest support its fundamentals, but near-term growth depends on macro conditions and sustained demand in women's wear. Investors should monitor margin trends and execution in high-growth segments for signs of scalable profitability.

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

Read the full analysis

Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.

2 free AI queries per day.

✨ Deep Dive with AI on THOMASCOTT

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

📡 Get AI alerts when THOMASCOTT files new disclosures

Track THOMASCOTT filings, board meetings, and corporate actions. Free email alerts at 5 PM.

Track THOMASCOTT — Free

Free account · 2 AI queries/day

About · Privacy Policy · Terms of Service · Pricing

Today's Announcements · Screener · Insights · AI Chat

Data provided by CMOTS Internet Technologies Pvt Ltd