Dollar Industries Limited — Investor Meet, 21-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Dollar Industries reported Q4 FY25 revenue of INR549 Cr, up 9.8% YoY and 44.2% QoQ; full year revenue grew 8.8% to INR1,710 Cr. Gross margin rose 100bps to 33.2%, EBITDA margin expanded 59bps to 10.7%, with EBITDA up 15.1% YoY. PAT stood at INR91 Cr (5.3% margin in Q4). Premium products now form 29% of revenue, led by strong volume gains in rainguard (+40%), Force NXT (+13.4%), and thermals (+21%). Modern trade and e-commerce account for 8.2% of revenue, boosted by quick commerce.

Pepe Jeans JV turned profitable with INR5 Cr PAT on INR34 Cr revenue, driven by modern and quick commerce expansion. Management expects 11–12% volume growth and 12–13% EBITDA margin in FY26, backed by stable input costs and capped A&P near INR90 Cr (~5%-5.5% of sales). Lakshya distributor project progress is slower but remains strategic; working capital reduction of 10–12 days is targeted.

South India growth is set to improve with a regional ambassador; 7–10 new EBOs planned, mostly franchise-operated. Force NXT will expand within existing categories with no new major categories. Dealer/distributor discounts rose to 8–9% of sales from 7.5%, with higher Q4 incentives due to competition. Net debt-free status targeted by FY27–28, currently supported by working capital loans.