Indian Terrain Fashions Announces Passing of Independent Director P S Raghavan

Indian Terrain has reported the unfortunate demise of Mr. P S Raghavan, an Independent Director of the company and a distinguished member of the Indian Foreign Service. The company made this announcement in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015.

Key Details

Date of Demise: 24 November 2025
Name: Mr. P S Raghavan (DIN: 07812320)
Position: Independent Director

Impact on Board Composition

With Mr. Raghavan's passing, several changes have occurred in the company's board structure:

Committee	Previous Role
Board of Directors	Independent Director
Nomination and Remuneration Committee	Chairman
Audit Committee	Member

The company will need to reconstitute these committees following this development.

Company's Statement

In its official communication, Indian Terrain expressed deep sorrow over Mr. Raghavan's unexpected demise, stating it as an "irreparable loss to the Company." The board of directors and employees have conveyed their condolences to Mr. Raghavan's family.

Regulatory Compliance

Indian Terrain has duly informed the stock exchanges about this development, adhering to the regulatory requirements. The company has filed the necessary disclosures in line with:

SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015
SEBI Circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated 13th July 2023
SEBI Circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated 11th November 2024

This announcement underscores the importance of transparent communication between listed companies and their stakeholders, especially regarding changes in key management positions.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.17%	-3.67%	-13.09%	-12.85%	-35.53%	+1.24%

Indian Terrain Fashions Limited , a leading player in the mid-premium men's casualwear segment, has unveiled an ambitious growth strategy aimed at achieving double-digit revenue growth through omni-channel operations and expansion into tier-2 cities. The company plans to expand its retail network to over 300 stores by FY27, while simultaneously strengthening its digital and franchise operations.

Expansion Strategy

The company's growth plan focuses on:

Expanding the retail network to over 300 stores by FY27
Strengthening digital and franchise operations
Focusing on casualwear and athleisure segments
Enhancing supply chain efficiency and inventory turnover to support margin expansion

Q2 Financial Performance

Indian Terrain has also reported its financial results for the second quarter, showing signs of recovery and improved profitability:

Particulars (₹ in Crore)	Q2 FY26	Q2 FY25	YoY Change
Revenue from Operations	100.96	85.83	17.60%
Gross Margin	40.66	32.10	26.70%
EBITDA	9.39	-2.20	526.24%
Net Profit/(Loss)	-0.38	-21.78	98.26%

Key Highlights

Revenue Growth: Net revenues grew by 17.6% year-on-year, supported by festive-led demand, improved sell-through, and stronger primary sales.
Margin Expansion: Gross margin improved to 40.3% (vs 37.4% YoY), driven by a sharper product mix, disciplined discounting, and sourcing efficiencies.
EBITDA Turnaround: Operating EBITDA stood at ₹8.5 crore (8.4% margin), reflecting early operating leverage and the impact of tighter cost control.
Channel Performance:
- MBO (Multi-Brand Outlets) recorded a strong turnaround with improved secondary offtake and higher partner engagement.
- EBO (Exclusive Brand Outlets) & EFO (Exclusive Factory Outlets) delivered stable performance with improved store productivity.
- Online business transitioned to an outright model with Flipkart, improving profitability and driving growth since August 2025.

Management Commentary

Charath Narsimhan, MD & CEO of Indian Terrain, commented on the Q2 results: "The second quarter has been a period of clear recovery and renewed momentum for Indian Terrain. Our focused execution delivered strong sequential revenue growth and a significant improvement in operating performance. The sustained improvement in gross margins and a positive EBITDA reflect the early benefits of cost discipline and a sharper product and channel mix."

Outlook

Looking ahead, Indian Terrain expects:

A favorable consumption environment to continue, supported by festive and wedding demand.
GST-led affordability to sustain mid-premium apparel growth momentum.
New launches in casual and smart-casual lines to gain traction among younger consumers.
Continued channel diversification and working-capital discipline to support profitable scale-up.

The company aims to maintain EBITDA in high single digits over the next few quarters and move towards double-digit levels thereafter.

As Indian Terrain implements its expansion strategy and capitalizes on the recovering market conditions, investors and industry observers will be closely watching the company's progress in achieving its growth targets and sustaining its financial turnaround.