Indo Count Industries (NSE:ICIL) Operating Income: ₹2,316 Mil (TTM As of Mar. 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

NSE:ICIL Indo Count Industries Ltd NSE:ICIL
78 GF Score
Price ₹401.15
GF Value ₹361.82
Valuation Modestly Overvalued
! 9 Warning Signs
View Full Analysis

What is Indo Count Industries Operating Income?

Indo Count Industries NSE:ICIL -0.57% 78 Operating Income is ₹2,316 Mil as of Mar. 2026. GuruFocus rates NSE:ICIL with a GF Score™ of 78/100 and a GF Value™ of ₹361.82 (Modestly Overvalued). The stock has 9 warning signs investors should review.

Indo Count Industries's Operating Income for the three months ended in Mar. 2026 was ₹437 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was ₹2,316 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Indo Count Industries's Operating Income for the three months ended in Mar. 2026 was ₹437 Mil. Indo Count Industries's Revenue for the three months ended in Mar. 2026 was ₹10,577 Mil. Therefore, Indo Count Industries's Operating Margin % for the quarter that ended in Mar. 2026 was 4.13%.

Warning Sign:

Indo Count Industries Ltd operating margin has been in a 5-year decline. The average rate of decline per year is -17.1%.

Indo Count Industries's 5-Year average Growth Rate for Operating Margin % was -17.10% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Indo Count Industries's annualized ROC % for the quarter that ended in Mar. 2026 was 3.75%. Indo Count Industries's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 9.30%.

Indo Count Industries  (NSE:ICIL) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Indo Count Industries's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=1748.348 * ( 1 - 19.75% )/( (0 + 37460.865)/ 1 )
=1403.04927/37460.865
=3.75 %

where

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=0 - 0 - ( 0 - max(0, 0 - 0+0))
=0

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=44918.299 - 3774.499 - ( 3682.935 - max(0, 13956.52 - 23899.013+3682.935))
=37460.865

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Indo Count Industries's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=2950.152/( ( (0 + max(0, 0)) + (17669.017 + max(14066.958, 0)) )/ 1 )
=2950.152/( ( 0 + 31735.975 )/ 1 )
=2950.152/31735.975
=9.30 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(0 + 0 + 0) - (0 + 0 + 0)
=0

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(5129.593 + 12508.671 + 2577.814) - (3774.499 + 0 + 2374.621)
=14066.958

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Indo Count Industries's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=437.087/10576.765
=4.13 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Indo Count Industries Operating Income Related Terms

Indo Count Industries Operating Income Historical Data

* Premium members only.

The historical data trend for Indo Count Industries's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Indo Count Industries Operating Income Chart

Indo Count Industries Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5,334.00 3,928.72 4,870.52 4,212.96 2,327.95

Indo Count Industries Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 557.26 718.08 644.53 516.00 437.09
NSE:ICIL
78GF Score
Indo Count Industries Ltd NSE:ICIL
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Indo Count Industries Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was ₹2,316 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of ₹2,316 Mil mean?
Indo Count Industries (NSE:ICIL) has a Operating Income of ₹2,316 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Indo Count Industries and its competitors.
Is Indo Count Industries' Operating Income too high?
Indo Count Industries' current Operating Income is ₹2,316 Mil. Overall, Indo Count Industries has a GF Score™ of 78/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Indo Count Industries' Operating Income compare to competitors?
Indo Count Industries' Operating Income of ₹2,316 Mil can be compared against companies in the Manufacturing - Apparel & Accessories industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Manufacturing - Apparel & Accessories company?
A good Operating Income depends on the Manufacturing - Apparel & Accessories industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Indo Count Industries and its competitors. Indo Count Industries's current Operating Income is ₹2,316 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Indo Count Industries stock overvalued right now?
Based on GuruFocus' analysis, Indo Count Industries (NSE:ICIL) is currently considered Modestly Overvalued. The stock's GF Value™ is ₹361.82, compared to a current price of ₹401.15 — trading 10.9% above its estimated fair value. The current Operating Income is ₹2,316 Mil. Indo Count Industries' overall GF Score™ is 78/100 with 9 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Indo Count Industries (NSE:ICIL), the current Operating Income is ₹2,316 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Indo Count Industries (NSE:ICIL) Overvalued in 2026?

Based on GuruFocus' analysis, Indo Count Industries stock appears to be overvalued. The current stock price of ₹401.15 is trading 10.9% above its estimated GF Value™ of ₹361.82. GuruFocus considers Indo Count Industries to be Modestly Overvalued.

Key valuation signals for NSE:ICIL:

  • Operating Income: ₹2,316 Mil
  • GF Value™: ₹361.82 vs. price of ₹401.15 (10.9% above fair value)
  • GF Score™: 78/100 with 9 warning signs

No single metric tells the full story. See the NSE:ICIL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Indo Count Industries Business Description

Other Exchanges 521016:India
Address NCPA Marg, 301, 3rd Floor, Arcadia, Nariman Point, Mumbai, MH, IND, 400021
Indo Count Industries Ltd is an India-based company principally engaged in the manufacturing and sale of textile products. The company manufactures and exports bed sheets, bed linen, utility bedding, pillowcases, fashion bedding, institutional bedding, comforters, quilts, decorative pillows, etc. Its products are marketed through brands like Pure Earth, Boutique Living, Atlas, Simply Put, Linen Closet, The Pure Collection, and Heirlooms of India. The company operates in a single segment and derives a majority of its revenue by exporting its products to countries like the United States of America, UAE, the United Kingdom, and others.
78GF Score

Get the complete analysis for NSE:ICIL

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₹401.15
Price
₹361.82
GF Value