Iris Clothings Limited has submitted a formal intimation to the Listing Department of the National Stock Exchange of India, confirming that the Statement of Deviation or Variation under Regulation 32(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is not applicable to the company for the quarter ended March 31, 2026. The disclosure was filed on May 11, 2026.

Regulatory Background

Regulation 32(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 mandates listed companies to submit a statement detailing any deviation or variation in the utilisation of funds raised through Public Issues, Rights Issues, Preferential Issues, Qualified Institutional Placements (QIP), or similar instruments. This requirement is triggered only when such fund-raising activities have been undertaken during the relevant reporting period.

Key Details of the Disclosure

The following table summarises the key parameters of the filing:

Company Confirmation

Iris Clothings confirmed that it has not raised any funds through Public Issue, Rights Issue, Preferential Issue, QIP, or any similar route during the quarter ended March 31, 2026. Consequently, the requirement to submit a Statement of Deviation or Variation under the said regulation does not apply to the company for this reporting period. The intimation was addressed to the Listing Department of the National Stock Exchange of India and requested the exchange to take the information on record.

IRIS Clothings has delivered strong financial performance for the third quarter, with both revenue and net profit showing significant year-on-year growth. The company's results demonstrate robust top-line expansion alongside improved bottom-line profitability.

Revenue Performance

The company achieved impressive revenue growth of 45% year-on-year, with quarterly revenue reaching ₹486 million compared to ₹334 million in the same period last year. This substantial increase of ₹152 million reflects strong business momentum and market demand for the company's products.

Financial Performance Overview

Alongside the strong revenue performance, the company delivered robust bottom-line growth with net profit rising 30% year-on-year. While EBITDA remained flat at ₹60 million, the overall financial metrics show a mixed but largely positive performance.

Profitability Analysis

The 30% year-on-year growth in net profit represents a significant achievement, with absolute growth of ₹7.00 million. This demonstrates the company's ability to enhance bottom-line profitability through effective cost management strategies, even as revenue expanded substantially.

Margin Performance

Despite stable EBITDA at ₹60.00 million and strong revenue growth, the margin compression from 18.1% to 12.4% indicates some operational challenges. The 570 basis points decline in EBITDA margin suggests that the revenue growth came with increased cost pressures, though the company managed to maintain absolute EBITDA levels.

Business Outlook

The strong revenue growth of 45% coupled with 30% net profit improvement reflects robust business performance and market expansion. While margin compression remains a concern, the company's ability to deliver substantial top-line and bottom-line growth demonstrates operational resilience and market competitiveness.