Indo Count Industries shares are trading at ₹382.5 on NSE and ₹383.5 on BSE as of August 14, 2026, representing strong momentum in the textile sector. The stock has demonstrated impressive performance with a 74.70% gain over the past year and 26.1% increase over the past six months. The company's market capitalization stands at ₹7,746.9 crore as of August 14, 2026, reflecting its significant market presence in the textile manufacturing industry.
Motilal Oswal has issued a buy rating on Indo Count (ICNT) with a target price of ₹550, according to their research report dated August 13, 2026. The brokerage firm values the stock at 15x FY28E EV/EBITDA and expects the company to deliver strong growth driven by its expanding new business segment.
Indo Count delivered robust financial results in Q1FY27, with revenue growing 26% year-on-year to ₹12 billion. The company's new business segment emerged as a key growth driver, expanding 198% YoY, while the core business remained flat. However, bed linen volumes declined 3% YoY due to container unavailability, though they increased 12% quarter-on-quarter. The Bhilad unit, with a capacity of 45 million meters per annum, had been temporarily shut since July 23 due to floods and has now partially resumed operations.
Gross margin improved by 170 basis points YoY to 55.3%, while EBITDA margin settled at 11.9% (+30 basis points YoY). According to Motilal Oswal's analysis, the improvement was driven by operating leverage as the company scaled up its new business operations. The brokerage expects ICNT to deliver 21% revenue CAGR over FY26-28, led by the scale-up of the new business segment.
Motilal Oswal projects strong growth trajectories for Indo Count, expecting CAGR of 21%, 45%, and 90% in revenue, EBITDA, and PAT respectively over FY26-28. This growth is anticipated to be fueled by expansion in the emerging business segment, followed by growth in the core portfolio. The brokerage has tweaked their estimates and reiterated their BUY rating based on these projections.
According to Motilal Oswal's research note, key risks include customer and geographic concentration and commodity price movements. These factors were previously highlighted in their June 2026 report and remain important considerations for investors in the textile manufacturing sector.
