Iris Clothings share price today

Iris Clothings Ltd's share price was ₹57.61 at the close on 4 November 2026. It has been rising for 25 weeks. That is 22.3% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹28 and ₹66, and at that close it sat 78% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Iris Clothings Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 37 weeks in a row.

Over the last 8 years the share price moved +2,271% while the NIFTY 500 moved +150%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

4 points in one quarter and revenue up on a year earlier for 6 quarters in a row.

1. Profit up on a year earlier for 9 quarters in a row

   In the September 2026 quarter profit was ₹5 crore, +23.3% on a year earlier.

   Why: Profit rose because the company sold more items, helped by more product categories and more output from existing factories.

   Next results: check whether the two new units get more output per worker, since management says the share of sales left as profit depends on that.

   From the earnings call on 28 Oct 2026.

2. Promoters cut their stake by 2.4 points in one quarter

   From 61.2% to 58.8% in the September 2026 quarter.

3. Revenue up on a year earlier for 6 quarters in a row

   In the September 2026 quarter revenue was ₹62 crore, +40.3% on a year earlier.

   Why: Revenue rose because the company sold more items, not because it charged more per item. More product categories and more output from existing factories drove the increase.

   Next results: check whether online sales grow as Amazon and Myntra start selling.

   From the earnings call on 28 Oct 2026.

For July to September 2026 (the quarter ended 30 September 2026), Iris Clothings reported revenue of ₹62.2 crore, up 40.3% from ₹44.3 crore a year earlier, and a profit of ₹5.08 crore, up 23.3% from ₹4.12 crore.

Iris Clothings results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Iris Clothings' management discussed these results on a call held on 28 October 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

Iris Clothings closed at ₹57.61 on 4 November 2026, up 78.5% from ₹32.28 a year earlier (7 November 2025) and up 161.9% over five years. Its highest weekly close since October 2018 was ₹66.15 on 25 September 2026.

Iris Clothings share price: then and now

Weekly closing prices, adjusted for splits and bonuses so every price is on today’s share count. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

368 weekly closes from 26 October 2018 to 4 November 2026.

4 Nov 2026: Iris Clothings closed at ₹57.61, up 6.3% on the week and down 4.7% on the month. 28 Oct 2026: Iris Clothings held its results call for July to September 2026. Management guided: Revenue around ₹500 crore in next 2 years.

Earlier

• Results for July to September 2026: Revenue up 40.3% and profit up 23.3% on a year earlier.
• Our read, 31 May 2026: A manufacturer crossing to branded D2C, revenue growth is real, but margin execution has slipped three times in a row.
• 4 Jul 2025: Bonus issue: 1 new share for every 1 held (ex-date).

Our read of the business

FY26 closed at ₹191 crore revenue (+30.5% on a year earlier), but operating margin compressed 390 basis points to 15.4%, the second consecutive year of margin slippage despite a floor guidance of 17-18%.,Management has documented three guidance misses: EBO rollout stagnated at 7 stores vs a 15-store promise, operating margin breached a stated floor, and explanations for the same compression switched from premium imported fabric to value-product dilution across consecutive calls.,The thesis rests on the D2C platform (launched January to March 2026 at 300 pieces/day) and a ₹50 crore greenfield facility scaling toward ₹500 crore combined revenue over 2 years, both unproven execution bets with no prior track record of on-time delivery.

Latest quarter: 50% revenue spike, D2C live, margin story contested.

Our read after the latest results, written 31 May 2026.

Iris Clothings has paid no dividend on the NSE since 1 April 2021, the start of the period we checked.

No. Iris Clothings Ltd paid out 0% of its profit as dividends in each of its last 11 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate.

From the NSE corporate-actions record, read 5 November 2026.

On the call for July to September 2026, held on 28 October 2026, Iris Clothings' management guided: Revenue around ₹500 crore in next 2 years.

“In the next 2 years, we are targeting revenue of around 500 crores”Harshwardhan Sarda, on the call for July to September 2026

What management guided

• Infant share to around 20% in next couple quarters from 12-13% now.
• Woven to around 10% of revenue by end next year.
• Ad spend to 3.5% by year-end from 2% now.
• Basis-point margin improvement for full year despite high raw material prices.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for July to September 2026, 28 October 2026.

What is changing at Iris Clothings, from the latest results and calls: distributor network expansion, d2c platform launch and product mix shift (woven + infant wear).

• Distributor Network Expansion. Distributor count reached 216 across 26 states (up from narrower prior footprint); southern expansion (Telangana, AP, Karnataka) and UP planned next; Vision 2030 goal 300 distributors. ⚠ estimate
• D2C Platform Launch. Platform launched January to March 2026 at 300 pieces/day; planned to contribute 10% of FY27 revenue (~₹25 crore) with average bill value ₹1,500-1,600 and customer acquisition cost ₹250-300. ⚠ estimate
• Product Mix Shift (woven + infant wear). Woven products (pants, shirts, nightsuits) entering as major category diversifying from decade-plus knits-only heritage; infant wear planned to grow from 12-13% to 20% of revenue mix. ⚠ estimate
• Greenfield Manufacturing Capacity. ₹50 crore greenfield capital spending for 2 lakh sq ft facility; near-term brownfield addition of 4,000 pieces/day already operational; management goals ₹500 crore combined facility revenue over 2-year horizon. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the latest results, written 31 May 2026.

FY26 operating margin at 15.4% to 390 basis points below FY25's 19.3% and 160+ basis points below the stated November 2025 floor of 17-18%; two consecutive years of declining margins without a stable explanation.

The main risks

• : FY26 operating margin at 15.4% to 390 basis points below FY25's 19.3% and 160+ basis points below the stated November 2025 floor of 17-18%; two consecutive years of declining margins without a stable explanation. ✓ fact
• D2C execution, unproven ramp vs margin sacrifice: D2C is at 300 pieces/day at launch; management goals 10% of FY27 revenue (~₹25 crore); the platform's CAC spending will suppress operating profit over a 2-year horizon with no break-even guidance. ✓ fact
• Promoter dilution without disclosed rationale: Promoter stake fell from 70.94% (Mar 2024) to 61.17% (Dec 2025), a 9.77pp reduction over 6 quarters, without any concall disclosure of the transaction purpose or beneficiary. ✓ fact
• Raw material and Brent crude exposure on exports: Management stated it is decently covered on Brent crude fluctuations affecting export margins but disclosed no hedging strategy; raw material cost volatility is a recurring factor in concall narratives. ⚠ estimate

Our read after the latest results, written 31 May 2026.

When Iris Clothings reports October to December 2026, these are the 4 checks that show whether the story is still on course. First: Operating cash flow to turn positive in Q3 ex-Infinia timing unwind - per management claim on already-positive underlying print.

Iris Clothings is on one of our India lists: Penny stocks.

Iris Clothings Ltd earned ₹5.1 Cr of net profit in the Sep 2026 quarter, +23.3% on the same quarter a year earlier. That is the 9th quarter in a row of profit growth. Full-year FY26 profit was ₹16.0 Cr. Over 13 years profit has grown 23.8% a year on average. That is 8.2% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹4.1 Cr.

For the full year, FY26 profit was ₹16.0 Cr (+23.1% on the year before).

Why profit moved: revenue changed +40.3% on a year earlier and the margin moved −0.7 percentage points. Sales did the work, and the margin was about flat.

On average over the last four quarters, profit changed +36.6% and revenue +40.7%. Profit is growing slower than sales: rising costs are taking part of the growth.

Iris Clothings Ltd reported ₹62.2 Cr of revenue in the Sep 2026 quarter, +40.3% on the same quarter a year earlier. That is the 6th quarter in a row with growth on the year before. Over 13 years it has grown 19.8% a year on average. The last full year, FY26, came in at ₹188 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. Infant wear is positioned as a higher-margin category. Growing from 12-13% to 20% of mix would shift approximately 7-8pp of revenue to better margins. Woven expansion adds a new category TAM. However, the value-product additions that drove margin compression are also mix changes, the net mix effect is contested and management has not provided segment-level margin disclosure.

The last four reported quarters add to ₹219 Cr.

FY26 revenue was ₹188 Cr, +30.6% on the year before.

Recent pace: the last four quarters grew +40.7% on average, against 19.8% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +40.7%, against +25.7% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +36.3%, against +25.6% a year (accelerating).

Iris Clothings Ltd's operating margin was 15.1% in the Sep 2026 quarter, 0.7 percentage points lower than the same quarter a year ago. Across 11 years it has been between 6.0% and 23.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. The B2B channel is the primary revenue engine in FY26. Distributor additions drove the Q4 revenue spike to Rs 60.5 Cr (+50% YoY). Q3's dealer conference generated forward bookings. This is the lowest-risk catalyst in the mix, it has been consistently delivering across all observed quarters. The risk is saturation once tier-2 and tier-3 geographic coverage is complete.

Why the margin moved: operating margin changed −0.7 percentage points on the year while gross margin changed +2.5 points. So the drop came mostly from the gross margin, which means input costs and prices charged.

Over the last 3 years Iris Clothings Ltd's operations used more cash than they brought in, so cash conversion was −5%, a gap worth watching. In FY26 its operations used ₹7.0 Cr of cash, against ₹16.0 Cr of profit. After ₹18.0 Cr of spending on assets, free cash was −₹25.0 Cr: it spent more than its operations brought in.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why −5% of profit came in as cash: the cash cycle got 116 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives. When less than 70% of profit comes in as cash, it is the thing to watch on this page.

What to look at next: less of the profit turns into cash than it should, and the cash cycle is 116 days longer. The next section looks at where the cash is stuck.

Iris Clothings Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 305 days in FY26, up from 189 days in FY21. It spent ₹30.0 Cr on assets over the last 3 years. Customers take 140 days to pay, and stock sits for 244 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹188 Cr, each day of that cycle ties up about ₹0.5 Cr, so roughly ₹157 Cr is tied up in the business at any time.

FY26: customers took 140 days to pay and stock sat for 244 days, about 8.0 months of sales sitting as stock, for a full cycle of 305 days, longer than FY21's 189.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 244 days. Customers pay about 140 days after that. Suppliers are paid at 79 days. Together that makes the 305-day cycle.

Spending on assets: ₹30.0 Cr over the last 3 years, against ₹17.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹7.0 Cr (FY26): assets paid for that are not earning yet.

In short: cash is getting stuck in the daily cycle, so watch the cycle more than the profit.

Iris Clothings Ltd's P/E is 59.2×, near the high end of its own history: higher than 77% of past readings. Its usual P/E (the middle reading) is 45.3×, over 8 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Why the multiple is where it is: over the past year earnings per share moved +23.2% while the price moved +78.5%. The price did better than earnings, which pushed the multiple up within its own range.

Where the price move came from: over 5 years the price moved +21.2% a year; about +14.6% a year came from earnings growth and about +6.6 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple.

In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple.

Iris Clothings Ltd's business is growing steadily. Revenue, profit and EPS growth have stayed positive throughout, and ROCE is steady at 16.8%. This is based on 12 quarters of 4 measures.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: steady growth with healthy returns is how a business compounds over time.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Iris Clothings Ltd's story is not scored yet against the checks our research set on 31 May 2026. Where it sits in its own cycle: MID CONTRACTION.

Still open: FY26 EBITDA margin at 15.4% to 390 bps below FY25's 19.3% and 160+ bps below the stated November 2025 floor of 17-18%; two consecutive years of declining margins without a stable explanation.

NOT YET CHECKED

Our read, 31 May 2026. A manufacturer crossing to branded D2C, revenue growth is real, but margin execution has slipped three times in a row.

From the price. Price stage 2, week 25, above its 200-day line, relative strength falling.

From the research. A manufacturer crossing to branded D2C, revenue growth is real, but margin execution has slipped three times in a row.

What is proven. A manufacturer crossing to branded D2C, revenue growth is real, but margin execution has slipped three times in a row.

What is not proven yet. FY26 EBITDA margin at 15.4% to 390 bps below FY25's 19.3% and 160+ bps below the stated November 2025 floor of 17-18%; two consecutive years of declining margins without a stable explanation.

The test written in advance. D2C execution, unproven ramp vs margin sacrifice. Measured by: D2C execution, unproven ramp vs margin sacrifice D2C revenue as % of Q1/Q2 FY27 revenue, must reach 7-8% quarterly run-rate to be on track for 10% FY27 annual by the next result.

The test written in advance. EBO execution stagnation continues. Measured by: EBO execution stagnation continues Actual EBO openings announced in Q1 FY27 concall, any announcement below 3 in the first half means FY27 goal is at risk by the next result.

The key numbers to watch, and the level that would change the picture

Everything further down this page is evidence for or against these.

• 1 · Operating leveragebuilding
• 2 · Value-added mixbuilding
• 3 · Management changequiet
• 4 · Paying down debtquiet
• 5 · Regulatory approvalquiet
• 6 · Order-book winsbuilding
• 7 · Consolidationquiet
• 8 · Demerger or value unlockquiet
• 9 · Buybackquiet
• 10 · New geographiesbuilding
• 11 · More business from existing customersquiet
• 12 · New product launchquiet
• 13 · Mandatory normsquiet
• 14 · A bigger market to servebuilding
• 15 · Market-share gainsquiet
• 16 · Asset qualityquiet

Lever 1 · Operating leverage: building. Distributor count reached 216 across 26 states (up from narrower prior footprint); southern expansion (Telangana, AP, Karnataka) and UP planned next; Vision 2030 goal 300 distributors. What proves it keeps working: Distributor Network Expansion. It stops working if Q1 FY27 EBITDA margin, must exceed 17% to indicate thesis is on track.

Lever 2 · Value-added mix: building. Platform launched Q4 FY26 at 300 pieces/day; planned to contribute 10% of FY27 revenue (~Rs 25 Cr) with average bill value Rs 1,500-1,600 and customer acquisition cost Rs 250-300. What proves it keeps working: D2C Platform Launch. It stops working if Q1 FY27 EBITDA margin, must exceed 17% to indicate thesis is on track.

Lever 14 · A bigger market to serve: building. Woven products (pants, shirts, nightsuits) entering as major category diversifying from decade-plus knits-only heritage; infant wear planned to grow from 12-13% to 20% of revenue mix. What proves it keeps working: Product Mix Shift (woven + infant wear). It stops working if Q1 FY27 EBITDA margin, must exceed 17% to indicate thesis is on track.

Lever 6 · Order-book wins: building. Rs 50 Cr greenfield capex for 2 lakh sq ft facility; near-term brownfield addition of 4,000 pieces/day already operational; management goals Rs 500 Cr combined facility revenue over 2-year horizon. What proves it keeps working: Greenfield Manufacturing Capacity. It stops working if Q1 FY27 EBITDA margin, must exceed 17% to indicate thesis is on track.

Sources: our stock research file (31 May 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

The whole page in one table. Each row links to its section.

What Iris Clothings Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Margin recovery outlook was materially reduced · 28 October 2026. In Nov 2025, management expected margins to stabilize at 18%-19% over the next two quarters and 17%-18% for the year. In Oct 2026, H1 FY27 margin was 16% and the only forward indication was a basis-point improvement, so the earlier recovery expectation was not delivered or sustained and management did not address the shortfall.

Greenfield capacity project remains materially delayed · 28 October 2026. In Oct 2024, management said the new greenfield capacity expansion would happen over the next couple of years. By Oct 2026, management still described the project as being in the works and deferred details until concrete proposals, with no explanation for the apparent slippage.

EBO rollout shifted from a defined expansion plan to an unresolved strategy · 28 October 2026. In Oct 2024, management gave a defined plan for 15 stores by year-end and 100 stores in three years. In Oct 2026, it said it was still figuring out the EBO model and how aggressively to expand, rather than reaffirming or reporting progress against those milestones. This is a material weakening of the earlier rollout commitment that was not reconciled with the prior plan.

Margin Outlook Below Prior Guidance · 30 September 2026. In Nov 2025, management expected margins of 17% to 18% for the overall year. In Sep 2026, the call referenced margins at 16% and management said current levels would persist for the year; although it cited raw material costs and distributor incentives, it did not explain the shortfall versus the prior stabilization outlook.

Every quote above is taken word for word from the company’s own earnings calls.

Iris Clothings Ltd earned a ROCE of 16% in FY26. That is up from a low of 12% in FY13. Its return on capital used (ROIC) is 1.9 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses.

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

It comes from a 8.5% net margin and 0.92× asset turnover (sales divided by assets).

Why the return is what it is (FY26): a 8.5% net margin × 0.92× asset turnover × 1.44× leverage (assets divided by equity) ≈ 11.3% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed.

The key test, return on capital used minus the cost of capital: 10.1% − 12.0% = −1.9 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve.

The 10.1% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 11.7%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method.

Iris Clothings Ltd has total debt of ₹55.0 Cr against shareholder equity of ₹183 Cr as of Sep 2026, so its debt is 0.30× its equity, which is very little. Year by year, that ratio went from 0.67 in FY22 to 0.24 in FY26. So the returns on this page come from the business, not from borrowed money.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

Promoters cut their stake in Iris Clothings Ltd by 12.1 percentage points over 8 quarters, the biggest change among its owners. Promoters now own 58.8% of the company. Domestic institutions moved +2.5 points over the same period, to 2.5%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Promoters: −12.1 points over 8 quarters, to 58.8%; Domestic institutions: +2.5 points over 8 quarters, to 2.5%; Foreign institutions: +0.1 points over 8 quarters, to 0.1%.

Why the owners changed: promoters drove it (−12.1 points), with the other side taken by domestic institutions (+2.5 points). They reduced their stake.