Interiors & More Limited — Investor Meet, 19-06-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Interiors & More reported a strong 80% revenue growth to Rs. 59 Cr with PAT rising to Rs. 12 Cr, though PAT margin dipped to 20.24% due to expansion and margin sharing with franchisees. In-house manufacturing contribution increased to 38%, helping improve product control and margins, with a target to reach 90% in 5 years. CapEx of ~Rs. 20 Cr is planned for expanding factory and production capacity, aiming to double output this year and triple in next 2-3 years. Working capital as a percentage of sales showed slight improvement. The company is expanding franchisee network pan-India, with 10-20 B2C stores under Franchise India and 10-15 B2B stores planned. Exports grew via Dubai and Germany fairs with confirmed orders from Europe and interest from Walmart US. Management is focused on wedding and home decor markets, emphasizing product innovation, quality, and scaling manufacturing for import substitution. Margins are expected to be stable around 50% gross and ~28% EBITDA, with a 5-10% variance. Seasonality remains in both India and Dubai markets; mitigation depends on industry demand. Cash flows are being managed cautiously, with internal accruals supporting growth; financial mix of debt and equity will be as per requirement. Retail client base remains B2B-focused (decorators/end users), with B2C to grow via franchisees. Sustainability efforts include use of recyclable raw materials with minimal environmental impact. Management tone is confident, highlighting strong growth prospects amid industry tailwinds.