Indian Card Clothing Company Approves Q2 Financial Results, Announces Expansion Plans While Reporting Key Leadership Change
The Board of Directors of The Indian Card Clothing Company Limited approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. During the board meeting held on August 14, 2026, the company also endorsed a proposal for further investment in its UK subsidiary, Garnett Wire Ltd., alongside announcing significant changes regarding senior management.The company’s performance metrics for the quarter were reviewed by the Audit Committee and approved by the Board. The unaudited financial results reflect operational activities across the Group, which includes Indian Card Clothing Company Limited and its subsidiaries, Garnett Wire Ltd., UK, and ICC International Agencies Limited.
Financial Performance Highlights (Quarter Ended June 30, 2026)
The consolidated results show a Total Income of 1,983.57 lakh for the quarter ended June 30, 2026. For the same period, the company reported a Net Profit/(Loss) for the period of 456.42 lakh.Key figures from the unaudited standalone financial results for the quarter are presented below:
| Particulars | Q Ended 30-Jun-26 (Unaudited) | Q Ended 31-Mar-26 (Audited) |
|---|---|---|
| Revenue from operations | 853.64 lakh | 822.53 lakh |
| Total Income | 1,858.75 lakh | 1,056.33 lakh |
| Net Profit/(Loss) for the period | 49059 lakh | (361.66) lakh |
Strategic Investment in Garnett Wire Ltd.
The Board also approved a proposal for further investment in the equity share capital of Garnett Wire Ltd., a wholly-owned subsidiary. This acquisition aims to expand the company's business abroad, leveraging the presence of the subsidiary in the UK and the neighboring region.Garnett Wire Limited, which specializes in the manufacturing of metallic card clothing and providing quality carding solutions to the global textile industry, had reported the following results for the year ended March 31, 2026:
| Metric | Details |
|---|---|
| Turnover | £826,760 |
| Net Profit | £27,497 |
The company intends to subscribe for additional Ordinary Shares up to a sum totaling £250,000. The cost of this acquisition was mutually agreed at £250,000.00 (Two Lakh Fifty Thousand GBP only).
Leadership Transition
The Board also addressed the resignation of Mr. Sanjeevkumar Karkamkar from his roles as Executive Director and Chief Financial Officer (CFO), effective September 1, 2026. As stated in the company’s disclosure, Mr. Karkamkar will continue to serve as a Non-Independent NonExecutive Director of The Indian Card Clothing Company Limited. His resignation was attributed to advancing age.The Group's operations remain challenged by incessant headwinds faced by the Indian Textile Industry due to global geopolitical disturbances and economic slowdown, though management expects industry recovery by the end of FY 2026-27.
INDIANCARD Stock Price Movement
Indian Card Clothing Company Limited shares edged higher today, closing at ₹223.09 after gaining 3.75%. The stock traded within a tight range during the session, finding support around ₹215.55 before hitting an intraday high of ₹224.39.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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