**Indian Terrain (INDTERRAIN) Q4 & FY26 Update:** **Business Performance:** INDTERRAIN showed strong recovery with Q4 revenue up 19% to ₹106.53 Cr.

Full-year revenue hit ₹377.67 Cr (+11%). A significant turnaround saw Q4 Profit Before Tax (PBT) turn positive at ₹3.54 Cr (vs. a loss last year) and FY26 PBT at ₹2.71 Cr (vs. a ₹41.01 Cr loss in FY25). Growth was robust in Online and Multi-Brand Outlet (MBO) channels. **Strategy:** Focus has shifted to building a sustainable, profitable business.

Expanding asset-light MBOs and optimizing online profitability are key.

Initiatives also include boosting inventory productivity and leveraging technology for agile operations. **Developments:** ITFL expanded its partnership with Flipkart to an outright sales model, enhancing online reach.

They also refreshed their brand architecture with new sub-labels like Terrain Jeans and Terrathlete to engage diverse consumers. **Metrics:** Q4 EBITDA soared 160% to ₹12.02 Cr.

FY26 EBITDA also swung to positive at ₹36.43 Cr.

Gross margins improved by 115 basis points in Q4 to 44.44%. Working capital efficiency significantly bettered. **Outlook:** Management views FY26 as a pivotal recovery year.

They are "cautiously optimistic" on future growth, emphasizing disciplined execution, channel productivity, and continued MBO/franchise expansion.

The aim is sustained profitability and long-term value creation.