Monte Carlo Fashions Limited (MONTECARLO) share price
₹514.70 on NSE as of 2026-10-08. -2.09% on the day. market cap ₹1,067 Cr. P/E 10.2. 52-week range ₹466.90 to ₹834.85. Textiles.
Monte Carlo Fashions Q1 FY27: Revenue ₹149 Cr, a ₹23 Cr Loss, and ₹50 Cr of Returns Landing Early
At a glance
Monte Carlo Fashions sells woollen and cotton clothing, and published its June-quarter results in August. The three months to June are when nobody in India is thinking about sweaters.
Revenue was ₹149 crore, against ₹138.53 crore in the same quarter a year earlier. The increase is 7.59 per cent. Operating profit was negative ₹12.88 crore. The net loss was ₹23.48 crore, against ₹16.32 crore a year earlier. That is a widening of 43.87 per cent. The loss per share for the quarter was ₹11.33.
Management called the quarter a lean period and named one cause: institutional returns. In their words, the company took back almost ₹50 crore more than in the last financial year. Management put roughly 65 per cent of the annual return load in this first quarter, against about 50 per cent last year. The company had doubled its refinishing throughput from 5,000 pieces a day to 10,000.
Volumes went the other way. Cotton rose 23 per cent on the year and home textiles 42 per cent. Footwear rose 38 per cent and kidswear 5 per cent. Same-store sales, meaning sales at outlets open a year or more, grew about 7 per cent. Online sales rose about 15 per cent.
In Ludhiana, returned jackets are being pressed back into sellable condition at twice the previous speed.
The board cleared up to ₹30 crore for a wholly owned solar subsidiary. It reappointed three Oswals and two independent directors. The annual general meeting is set for 28 September 2026.
Introduction
Monte Carlo Fashions Limited was incorporated in 2008 as a wholly owned subsidiary of Oswal Woollen Mills. Oswal Woollen Mills is the flagship of the Nahar group. The company was demerged from it in 2011, and listed on the BSE and the NSE in December 2014. The brand is considerably older than the corporate entity, and the name was built in winter wear. Screener, a financial data site, records Monte Carlo as India's first organised lifestyle apparel brand. Screener also lists it as a Super Brand for woollen knitted apparel.
The company describes itself as an apparel retailer and a maker of woollen and cotton garments for men, women and children. It runs two integrated manufacturing plants in Ludhiana, Punjab. An in-house design team of more than 26 people produces around 900 product variants a month. Alongside the flagship sit Cloak & Decker, Alpha, Luxuria and Tweens. The portfolio also carries Rock.it.
The recent corporate news is concentrated in a single board meeting on 5 August 2026. The directors approved the first-quarter results and reappointed Sh. Jawahar Lal Oswal as Chairman and Managing Director. His term runs five years from 10 August 2026. Smt. Ruchika Oswal and Smt. Monica Oswal were reappointed as Executive Directors for the same term. Sh. Manikant Prasad Singh and Sh. Parvinder Singh Pruthi were reappointed as Non-Executive Independent Directors. Their second five-year terms begin in February 2027. The board also approved investment of up to ₹30 crore in MCFL Energy Projects Private Limited.
That subsidiary was incorporated on 19 January 2026 to execute solar projects. The work sits under Letters of Award from Madhya Pradesh Urja Vikas Nigam, under the PM KUSUM-C scheme. Crisil, a credit-rating agency, describes the project as 35 to 40 megawatts. Crisil puts the cost at ₹140 to 150 crore, largely spent in the financial years 2028 and 2029, under a 25-year power purchase agreement. Management puts the scale at about 50 megawatts of direct-current capacity. Management puts the cost at ₹147 to 150 crore, says no investment has been made yet, and expects commissioning in nine to twelve months.
The earlier announcements are quieter. A dividend of ₹20 a share was recommended in September 2025. A Salesforce partnership came in 2024, and small investments went into the home textiles subsidiary in 2023.
Business model
The company makes clothes for cold weather in a country that is mostly not cold, and has spent a decade widening the range.
In the year to March 2026, cotton was 55.1 per cent of the mix and woollens 27.7 per cent. Home textiles took 10.2 per cent and kidswear 5.9 per cent. Footwear was 1.1 per cent. Within cotton, T-shirts and shirts are 36.7 per cent, and jackets, coats and suits 18.8 per cent. Other garments are 18.4 per cent, and denim and trousers 9.8 per cent. Cloak & Decker and thermals are 8.3 per cent, and Rock.it 8.0 per cent. Management says the company is number one in T-shirts in India, at roughly two million pieces.
In the three months to June 2026 the seasonal mix inverts. Cotton was 71.8 per cent and home textiles 17.1 per cent. Kidswear was 5.3 per cent and woollens 4.3 per cent, with footwear at 1.5 per cent. The woollen business in June is a rounding error.
The goods reach buyers through several channels. There are 496 exclusive brand outlets. Of those, 163 are company-owned and operated and 333 are run by franchisees. There are also 1,268 multi-brand outlets and distributors, alongside 659 national chain stores. Another 593 counters are shop-in-shops. The clothes also sell on Amazon, Flipkart and Myntra, and now on Blinkit, Swiggy and Zepto, because someone out there needs a pullover in thirty minutes. Sales through the company's own website in the three months to June 2026 were ₹5.3 crore.
North India was 47.11 per cent of revenue in that quarter and the East 24.16 per cent. Other regions, including online, were 10.10 per cent and Central India 9.04 per cent. The South was 5.39 per cent and the West 4.20 per cent. The expansion plan targets 40 to 45 new exclusive outlets in the year to March 2027, with emphasis on the West and the South.
The channel structure explains the returns line. Management stated that over 90 per cent of sales are to businesses rather than to shoppers. Management says these are not customer returns but institutional returns, and that all of them are business returns. Goods go out to retailers at wholesale price, come back at cost, sit in inventory and are billed again later. The model has a rewind button. Management says the refinishing line now handles 10,000 pieces a day.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Monte Carlo Fashions Limited.
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