Margin beat hides the revenue wall; FY27 guidance is now the bet
Dollar's operating margin expanded 106 basis points to 12.1%, but only because management sacrificed volume to enforce a 4–5% price hike it admits is not yet durable. Revenue grew just 1.4% YoY — a miss vs. prior double-digit ambitions — and requires implausible acceleration in the next three quarters to meet FY27 guidance.
1.4%
YoY; down 34.9% QoQ
−1.6%
YoY; Dollar Man −3.3%
+106 bps
to 12.1%; +192 bps gross margin
4–5%
taken April; not yet 'durable'
Dollar Industries' Q1 FY27 earnings are a study in margin engineering without growth. The company raised operating margins 106 basis points to 12.1% — a feat worth celebrating — but did so by a decidedly unorthodox route: it hiked prices 4–5%, watched volume fall 1.6%, tightened credit on distributors, and benefited from low-cost inventory in the system from earlier this year. Management's own words: they explicitly sacrificed volume to protect profitability. Revenue grew just 1.4% YoY, a miss against prior guidance for double-digit expansion in FY27. The market initially bought the margin beat, popping the stock 3.07% on day 1 — but has since faded, and foreign institutions are selling.
The core tension: what management claimed vs. what the numbers say
Gross margin expanded 192 bps to 37.4% on price hike and cost management
OPM 12.1% (+106 bps); gross margin +192 bps confirmed
Supported
Operating EBITDA rose 11.4% YoY to ₹48 Cr, 11.8% margin
OPM delivered 12.1%; margin improvement aligns
Supported
PAT grew 22.1% YoY to ₹26 Cr with 6.4% margin
Delivered ₹26.3 Cr PAT, 6.5% margin, 20.4% YoY growth
Slightly overstated
4–5% price hike is sustainable; yarn and cotton prices stabilized
Management hedged: 'will take 1–2 quarters to stabilize'; customers 'skeptical'; peers seeing margin deterioration
Overstated
FY27 revenue growth 11–13% with combination of volume + value
Q1 revenue +1.4% YoY, volume −1.6%; requires +14–16% Q2–Q4 to hit range
Contradicted
Where the margin beat came from
Break the Q1 profit down and the margin gain is not operational excellence — it is three distinct levers, only one of which is durable:
Price increase (4–5% in April): Adds 50–80 bps to OPM, but customers are skeptical and volume fell 1.6% in response. Headwind if discounting resumes.
Low-cost inventory tail wind (non-recurring): Prices rose from February; hike taken April. Residual benefit exhausts next quarter. Management claimed 'very small' but profit beat is partially this.
Receivable tightening (working capital squeeze): Stopped supply to slow-paying distributors; generated ₹96 Cr operating cash. Deliberately linked to volume sacrifice. Unsustainable if distributor churn accelerates.
Translation: dollar-for-dollar, this quarter's margin beat is price-driven and credit-policy-driven, not organic. Operating leverage is absent. Cash was generated by squeezing the supply chain, not by selling more.
The revenue miss and what it means for FY27
Revenue ₹404.8 Cr, +1.4% YoY. Volume down 1.6%. In context, management had guided the street to expect double-digit revenue growth for FY27 (and specifically reiterated 11–13% on this earnings call).
For the math: ₹405 Cr in Q1 run-rate needs to reach ₹450–465 Cr by year-end to hit the 11–13% target. That implies Q2–Q4 must grow +14–16% combined — a dramatic re-acceleration from a 1.4% base, while volume is still in the red. Thermal season bookings are 'really good' per management, and Force NXT is on a 20–25% CAGR, but neither offset the headwind in the mass-market anchor (Dollar Man down 3.3%, economic segment flat). Management's confidence is that pricing will 'stabilize' over the next couple of quarters and volume will recover — but this is an unproven assumption.
What changed on this call
Project Lakshya expansion paused: No new state entry in FY27 due to 'competitive intensity' and 5–6 month implementation risk. Focus shifted to reactivating 173k enrolled but inactive retailers. Geographic greenfield opportunity delayed indefinitely.
Pricing sustainability hedged: Prior confidence in 4–5% price hike durability downgraded to 'needs 1–2 quarters to settle.' Customers are skeptical; competitors struggling to defend margins. Volume pain trade-off now explicit.
Growth sacrificed for profitability and cash: Management acknowledged intentionally limiting volume to protect margins and working capital. Receivable tightening (credit denial to slow payers) generated ₹96 Cr Q1 cash but at volume cost.
Ad spend capped at ₹100 Cr; margin efficiency play: If 12–13% growth achieved, ad spend falls to 5% of revenue from 5.5% YoY, yielding ~50 bps margin benefit. Signal is defensive (cost control), not brand growth.
Risks, ranked by severity
Pricing power ceiling unproven
HighCustomers are skeptical the 4–5% hike will stick; management admits 'couple more quarters' needed to stabilize. If discounting resumes in H2, margins collapse and guidance is blown.
Volume decline persists despite margin protection
HighDown 1.6% Q1; Dollar Man (38% of sales) down 3.3%. Intentional trade-off, but if market share loss accelerates, recovery in H2 becomes harder and FY27 11–13% target impossible.
One-time inventory benefit exhausted Q2+
MediumPrices rose Feb–April, low-cost tail in system boosted Q1 EBITDA. Benefit fully runs out Q2; margins compress QoQ if no further price traction achieved or costs rise again.
Working capital cycle leverage unsustainable
MediumStricter debtor enforcement (credit denial to slow payers) generated ₹96 Cr cash Q1 but sacrificed volume. If tightening continues, distributor churn and channel conflict risk escalates.
Project Lakshya growth paused; geographic moat delayed
MediumLakshya now contributes 31% of sales but new state entry frozen. Large states (UP, etc.) unserved. Reactivation of existing retailers has lower upside than greenfield; long-term top-line momentum curtailed.
FY27 guidance (11–13%) increasingly unrealistic
HighRequires +14–16% Q2–Q4 growth from a 1.4% Q1 base. Conditioning on volume recovery + pricing stabilization both proving true. No disclosed catalyst for acceleration beyond 'thermal season' and 'market normalizing.'
How the street is reading it
Dollar's stock popped 3.07% on day 1 post-announcement (delivery 73.4%, conviction) but faded −2.42% by day 3, suggesting the initial relief at the margin beat has given way to skepticism about volume recovery and guidance credibility. At ₹267.6 as of August 17, the stock sits −30.5% from its all-time high of ₹385, below its 50-day and 200-day moving averages (₹267.78 and ₹298 respectively), and off lows by 21.4%. RSI at 59.4 signals neutral momentum — no conviction either way.
The ownership story is more telling. Foreign institutional investors trimmed sharply in Q1 FY27, from 4.98% to 2.55% (−243 bps) — a material reduction right as the result was announced. DIIs were flat (+0.62%, −35 bps). Promoters hold 72.57%, unchanged. The FII exit into a positive price reaction (margin beat, debt paydown story intact) is a red flag: institutions are reading the quarter as disappointing on organic growth and distribution-constrained. Bulk deals in the prior six months show small flows (NK Securities, Neo Apex in the ₹318–338 range), no promoter action or insider selling — consistent with a pause, not conviction.
The debate: can Dollar re-accelerate?
The honest read: Dollar is managing a difficult trade-off — growth vs. profitability — and has chosen profitability. That is a rational choice if pricing is durable and cash is deployed sharply (debt reduction is on track). But the quarter offers no evidence that pricing is yet durable, and the FY27 11–13% guidance depends on volume recovering without price concessions. That is the bet. The next 2–3 quarters will either validate it (volume stabilizes, thermal boosts sales, Lakshya reactivation works) or refute it (price gets challenged, discounting resumes, volume stays weak). For now, a Hold — credible management execution on margins, but growth visibility too low and risks too ranked to add.
What to watch next
1 · Q2 volume trajectory
If volume turns positive or stabilizes at flat, pricing is holding and H2 reacceleration is plausible. If volume declines further, the 11–13% FY27 target is dead and margin engineering is the only story.
2 · Thermal season (Protect) Q2 performance
Bookings are 'really good' per management, but street will need to see ₹ revenue growth in Q2 to believe the volume recovery narrative. This is a non-negotiable test.
3 · Receivable days and distributor health in Q2–Q3
Management generated ₹96 Cr Q1 cash by stopping supply to slow payers. If that tightening eases Q2 (days worsen but volume improves), credit squeeze was tactical. If days keep improving but volume stagnates, distributor churn is beginning.
Dollar Industries has delivered a quarter of margin engineering, not operational excellence. The 12.1% OPM beat is real, but built on price (not yet durable), inventory tail winds (exhausted next quarter), and credit discipline (unsustainable). Revenue growth of 1.4% is a miss against a double-digit ambition, and the FY27 11–13% guidance is now a directional bet on volume recovery that the company itself is hedging.
The market's day-3 fade and FII exit are telling. Institutional investors are reading the earnings as confirmation that Dollar is managing a declining-demand scenario defensively, not capturing growth. Management's tone — cautious, hedged, repeatedly deferring confidence to 'a couple of quarters from now' — reinforces that read.
The number to track from here is Q2 volume growth. That single metric will answer whether the 11–13% FY27 target is plausible or a ghost. Until then, Hold, and wait for the next quarter to resolve the debate.
Margins up on price, but volume collapse signals pricing ceiling
The verdict, the claims that held up, the sharpest analyst exchanges, and the risks — the earnings call, decoded from the transcript.
Hold
confidence 6/10
Grade B
Margins expanded as guided, but delivered 1.4% revenue growth vs. prior double-digit expectation; Project Lakshya tracker (31% contribution) aligns with call.
Cautiously Optimistic
next 1–2 quarters
Optimistic
multi-year
Q1 margin beat (OPM 12.1%, +106 bps) offset by severe revenue miss (1.4% growth, -1.6% volume). Management sacrificed growth to protect prices and cash flow; sustainability questionable as peers struggle with margin defense. FY27 guidance (11-13% growth) aggressive given weak start and acknowledged market intensity.
₹405 Cr
Revenue · +1.4% YoY₹26 Cr
Reported PAT · +22.1% YoYExpanding
Margins · vs guidance: MixedDid the claims hold up?
PAT grew 22.1% YoY to ₹26 Cr with 6.4% margin
OVERSTATEDDelivered ₹26.3 Cr PAT, 6.5% margin, 20.4% YoY growth (slight overstatement)
Operating EBITDA rose 11.4% YoY to ₹48 Cr, margin 11.8%
METOPM delivered at 12.1%; EBITDA margin improvement aligns with gross margin expansion claim
Gross margin expanded 192 bps YoY to 37.4% on price hike and cost management
METDelivered 12.1% OPM (37.4% gross margin confirmed); price increase 4-5% taken in April
Double-digit growth targeting 11-13% full year with combination of volume + value
MISSQ1 revenue growth only 1.4% YoY; volume declined 1.6%; guidance implies massive Q2-Q4 rebound needed
Price increase sustainable; yarn and cotton prices stabilized
OVERSTATEDManagement hedging: says pricing still uncertain, needs 'couple more quarters' to settle; acknowledged volume impact from price skepticism
Earnings quality
What changed since the last call
Project Lakshya expansion paused; Phase-2 instead of new states
DowngradeNo new state enrollments in FY27 due to 'competitive intensity'; disruption risk cited as 5-6 months per state. Focus shifted to reactivating 173k enrolled but inactive retailers, not net expansion.
Ad spend cap of ₹100 Cr maintained; expected to compress as % of sales to 5%
NeutralIf 12-13% growth achieved, ad spend falls to 5% from 5.5% LY. Benefits profitability but signal is defensive (cost control, not brand growth).
Cash generation prioritized over volume; stricter debtor enforcement
DowngradeManagement acknowledged stopping supply to slow-paying distributors, explicitly linking this to volume sacrifice in Q1. Generated ₹96 Cr operating cash this quarter, but via margin + credit tightening, not growth.
Pricing sustainability in doubt after competitive pressure
DowngradeCall signaled 'couple more quarters' needed for price stabilization; customers 'skeptical' post-hike; competitors seeing margin deterioration. Prior confidence in 4-5% price hike now hedged with volume pain trade-off.
The Q&A
Moderate analyst skepticism, mostly absorbed. Prerna Jhunjhunwala (Elara) directly challenged pricing sustainability and volume-margin trade-off; Ankit deflected with 'things settling, managed last year too.' Gunit Singh pressed on low-cost inventory tail risk; Ankit claimed it was 'very small contribution.' No hard pushback on the 11-13% FY27 guidance despite 1.4% Q1 — analysts seemed to accept the 'pricing normalizes' narrative.
Quick commerce channel contribution — Arnav Sakhuja, Ambit Capital
Answered59% value, 15% volume growth YoY; now 5% of revenue (up from 3.1%). All major platforms (Zepto, Swiggy, Blinkit) included; margin parity with domestic.
Pricing sustainability — Bhargav Buddhadev, Ambit Asset Management
PartialProcess started, will take 1-2 quarters. Market stabilizing. 11.8% EBITDA achieved this quarter shows viability. Not overnight but confident.
Volume growth targets — Bhargav Buddhadev, Ambit Asset Management
PartialInternal target is double-digit for FY27 overall (volume + value combined). Next 3 quarters must drive recovery. 11-13% revenue growth and 11.5-12.5% EBITDA margin targets are the guideposts.
Margin expansion drivers — Prerna Jhunjhunwala, Elara Securities
AnsweredTwo drivers: 4-5% price hike (benefited from low-cost inventory in system), and strict margin protection—resisted extra discounting. Volume sacrifice was intentional to preserve profitability.
Pricing sustainability risk — Prerna Jhunjhunwala, Elara Securities
DodgedThings settling now. Know it takes couple of quarters. We think we can manage. Last year we had good volume growth AND intact margins; this year early data only.
Future price hikes — Prerna Jhunjhunwala, Elara Securities
AnsweredNo further hikes in picture. Yarn and cotton stabilized. 4-5% taken to date is sufficient.
Force NXT brand trajectory — Prerna Jhunjhunwala, Elara Securities
AnsweredForce NXT CAGR 20%+ past 3 years, base ₹85-90 Cr (~4.5% of sales). Seasonal (Protect 49% growth), Force NXT segment growing, thermals strong. Premium doing well vs. discount pressure on mass market.
Working capital cycle targets — Prerna Jhunjhunwala, Elara Securities
AnsweredTargeting 6-7 day improvement FY27; 15-18 days over 3 years. Lakshya distributors have better receivable days. Will improve to 85-90 days debtor target. Currently at 160 days.
Low-cost inventory tail risk — Gunit Singh, Counter Cyclical PMS
PartialVery small contribution; prices started rising Feb end, price hike taken April. Already taken care of. Yarn/cotton stabilized; no margin hit expected without further hikes.
Project Lakshya enrollment targets — Gunit Singh, Counter Cyclical PMS
PartialNot setting distributor targets now due to market intensity. Focusing on Phase-2 in 14 existing states: reactivate inactive retailers (mapped 500-700, enrolled 250-300, active ~150-200 per distributor).
Lakshya active retailer targets — Gunit Singh, Counter Cyclical PMS
AnsweredTarget 90k active retailers FY27 (up from 80k now, vs. 173k enrolled). Focus is reactivation, not new state entry, due to competitive intensity.
South region growth driver — Bhargav Buddhadev, Ambit Asset Management
AnsweredMahesh Babu brand ambassador effect taking 2 years to materialize; improved placement and retailer/consumer acceptance. Gradual payoff of prior brand investment.
Quick commerce margin parity — Anjali Ojha, Anand Rathi
AnsweredMargins similar to all channels due to pricing parity policy. Quick commerce growing 59% in Q1; scaling without working capital pressure so far; all big players now in QC space.
Segment volume declines — Anjali Ojha, Anand Rathi
AnsweredDollar Man -3% to -3.5% (anchor segment). Socks -7% (only 2% of sales, immaterial). Overall volume decline -1.6%.
Advertising spend optimization — Anjali Ojha, Anand Rathi
AnsweredIf 12-13% growth achieved, ad spend falls to 5% of revenue (from 5.5% LY). ~50 bps margin benefit from ad efficiency.
Force NXT quarterly performance — Shubhankar Gupta, Equitree Capital
Answered7% volume growth, but value degrowth due to shift from athleisure (high ASP ~₹220) to innerwear (lower ASP). Overall Force NXT ASP ₹220.
Celebrity endorsement costs — Shubhankar Gupta, Equitree Capital
AnsweredAll 4 celebrities (Akshay Kumar, Saif Ali Khan, Yami Gautam, Mahesh Babu) cost ~2-3% annually of total ad budget, or ~₹2-3 Cr/year. Main cost is media placement, not celebrity fees.
Project Lakshya Phase-1 vs. Phase-2 — Ashwin Reddy, Samatva Investments
AnsweredPhase-1: Map state, appoint 500-700 retailers per distributor. Phase-2: Reactivate 150-200 inactive retailers already mapped; increase active base. No new state entry for now.
Lakshya future state rollout — Ashwin Reddy, Samatva Investments
PartialNo timeline given. Implementation creates 5-6 months disruption per state. Won't enter new states now due to market intensity. Will do later.
Force NXT strategic initiatives — Ashwin Reddy, Samatva Investments
AnsweredExpanding beyond athleisure to innerwear (bamboo/modal fibers, growing volume) and activewear (high scope). Building D2C website (talks ongoing with Mumbai agencies). Innerwear will grow volume despite lower ASP.
Force NXT multi-year growth — Ashwin Reddy, Samatva Investments
AnsweredPast 3 years: 25-30% CAGR. Next 2-3 years: 20-25% YoY expected.
Lakshya operating KPIs — Shubhankar Gupta, Equitree Capital
AnsweredHigher growth trajectory in Lakshya states vs. non-Lakshya. Receivable days much better in Lakshya (targeting 85-90). Retail reach increasing. Margins similar but data/decision-making more granular in Lakshya.
Debtor days reduction initiatives — Shubhankar Gupta, Equitree Capital
AnsweredDealer financing scheme, stricter monitoring, stopping supply if payment cycle poor. This quarter's stringent approach generated ₹96 Cr operating cash but limited volume growth.
Zero debt target track — Gunit Singh, Counter Cyclical PMS
AnsweredYes, repaid ₹86 Cr in Q1 already. On target for zero debt by FY28. No major CapEx commitment ahead, so confidence high.
G.O.A.T JV performance — Gunit Singh, Counter Cyclical PMS
AnsweredQ1 revenue ₹16.44 Cr (21% YoY), PAT ₹2.27 Cr (13.8% margin). Completely D2C/online. Full year FY27 expecting 25-30% growth; plan ₹75 Cr (vs. ₹50 Cr LY, ₹65 Cr in plan).
Guidance
FY27 revenue growth 11-13%
MediumImplies ₹450-465 Cr full year (from ₹405 Cr Q1 run-rate). Requires dramatic acceleration in Q2-Q4 given 1.4% Q1; management aware but confident pricing normalizes + volume recovers.
EBITDA margin 11.5-12.5% for FY27
MediumQ1 at 11.8% middle of range. Sustainability depends on no further price hikes needed (yarn/cotton stabilized claim) and volume recovery without deep discounting.
No major CapEx commitment in near term
HighClear capital allocation priority: debt reduction (₹86 Cr Q1), working capital efficiency (targeting 130-135 day cycle from 160), no new capacity expansion
Risks the call surfaced
Pricing power unsustainability
HighCustomers skeptical of 4-5% price hike durability; took price in April, already seeing volume resistance. Competitors struggling to maintain margins (cited). If deep discounting resumes in H2, margins collapse.
Volume recovery execution risk
HighQ1 revenue +1.4% YoY, volume -1.6%; to achieve 11-13% FY full year requires +14-16% growth in Q2-Q4. Management confident but no mechanism disclosed beyond 'pricing normalizes' and thermal season demand.
One-time margin benefit tail
MediumManagement claims low-cost inventory was 'very small' but prices rose Feb, hike taken April; suggests residual tail benefit in Q1. No low-cost buffer in Q2+; if yarn/cotton costs rise again without price relief, margins compress.
Project Lakshya execution delays
MediumPhase-2 focus is reactivation of inactive retailers (173k enrolled, 80k active). No new state entry due to 'competitive intensity' and 5-6 month disruption risk. Large states (UP, etc.) unserved; delays deplete greenfield opportunity.
Working capital cycle leverage trade-off
MediumGenerated ₹96 Cr operating cash via stricter debtor enforcement (stopping supply to slow payers), explicitly linked to volume sacrifice in Q1. If forced tightening continues, distributor churn and channel conflict risk.
Management
Score 6/10. Transparent on challenges but hedged on solutions. CFO candid about margin drivers (price + low-cost inventory + volume trade-off). Ankit cautious on pricing sustainability; avoided specifics on volume recovery mechanism beyond 'market normalizing.' Mixed track record. Project Lakshya phase-1 delivered (31% of sales, 327 distributors, 14 states). Force NXT trajectory (20-25% CAGR) on track. But FY26 guidance (double-digit revenue growth) vs. Q1 delivery (1.4%) missed significantly. Margin expansion achieved via non-core levers (price + receivable tightening), not operational excellence.
1 · Q2-Q4 FY27
Volume recovery post-price stabilization; analyst skepticism on ₹405 → ₹450+ path for 11% YoY
2 · Q2 FY27
Thermal season demand (confirmed bookings strong per call); potential offset to volume headwind
3 · H2 FY27
Project Lakshya Phase-2 retailer activation ramping; target 90k active retailers from 80k
FY27 guidance (11-13% growth) aggressive given weak start and acknowledged market intensity.
Dollar Industries Q1FY27: consolidated PAT +22% YoY on margin gains, revenue growth stalls at 1.4%
PAT +22.06% YoY · revenue +1.42% · margins expanding
₹404.81 Cr
+1.42% YoY
₹26.02 Cr
+22.06% YoY
6.42%
+1pp YoY
₹4.59
Dollar Industries posted consolidated PAT of ₹26.02 Cr for Q1 FY27, up 22.1% YoY (management's own reported figure, confirmed independently by Business Standard at +22.05%) even as consolidated revenue grew just 1.4% YoY to ₹404.81 Cr. Sequentially both metrics fell sharply — revenue -34.9% and PAT -20.1% QoQ against the March 2026 quarter — but this is a seasonal artifact typical of the hosiery/innerwear category, where Q4 (winter thermal-wear) is structurally the strongest quarter and Q1 the weakest; it should not be read as a demand deterioration.
Q1 FY-2027 vs prior quarters
The entire growth story this quarter sits on margins, not volumes. Gross profit margin expanded 192 bps YoY to 37.4% (management's stated figure, verified: gross profit ₹151.24 Cr on operating income ₹404.81 Cr), attributed by management to calibrated price increases taken during the quarter. That flowed through: consolidated EBITDA margin rose to roughly 11.8% from about 10.9% a year ago and 9.3% in the prior quarter, and net profit margin improved to ~6.4% from 5.45% YoY and 5.31% QoQ. Standalone PAT was ₹24.46 Cr, broadly consistent with the consolidated print given the subsidiary and JV are small relative to the parent.
The stock went into the print at ₹278.5, up 3.2% over the past month of trading.
What the summary numbers don't show
Consolidated basic EPS ₹4.59 (vs ₹5.74 in Q4 FY26, ₹3.76 in Q1 FY26) — standalone PAT ₹24.46 Cr, EPS ₹4.31
Management expressed optimism for FY27, expecting double-digit revenue growth and improved margins compared to FY26. While specific numbers for the full fiscal year were deferred to the Q1 earnings call, they anticipate continued strong volume growth and potential margin expansion driven by price increases, operational
— This quarter: missed
Against management's own prior guidance from the Q4 FY26 call — double-digit revenue growth and margin expansion for FY27 — the quarter is a mixed scorecard: margins delivered as promised, but revenue growth of just 1.4% falls well short of the double-digit bar management set, meaning FY27 growth will need to accelerate materially in subsequent quarters to meet that target. No brokerage/consensus estimates for this specific quarter were found in a web search, so vs-Street is unknown rather than a genuine miss or beat. On the corporate front, the Composite Scheme of Arrangement to consolidate related entities into Dollar Industries and prune related-party transactions remains pending NCLT Kolkata approval (first hearing motion order dated May 11, 2026), with the company noting the balance process is underway; this is unrelated to the quarter's operating performance but was disclosed alongside these results.
W1
FY27 revenue growth trajectory vs management's double-digit guidance — Q1 delivered only 1.4% YoY, so pace must pick up sharply in coming quarters
W2
Gross/EBITDA margin sustainability at ~37.4%/~11.8% as the price-increase benefit annualizes
W3
NCLT Kolkata approval of the Composite Scheme of Arrangement (related-party transaction pruning), pending as of Aug 10, 2026
Figures converted from ₹ Lakh (source) to ₹ Cr. Consolidated PAT of ₹26.02 Cr is profit attributable to owners (ties to EPS 4.59 and matches management/press-reported +22.05-22.1% YoY); total profit for the period incl. non-controlling interest was ₹26.25 Cr (NCI ₹0.23 Cr, down from ₹0.47 Cr YoY). No exceptional items in either period, so no raw/adjusted PAT split needed. Consolidated covers subsidiary Dollar Garments Pvt Ltd and JV Pepe Jeans Innerfashion Pvt Ltd.