Dollar Industries ltd - Fit Hai Boss


Could you please share some data suggesting that the management has under delivered!!

I read in their last Con call that the management believes in under promising and over delivering.

I have read about last 4 con calls of dollar, I have not found them underdelivering.

Some data points of them not delivering will be great for us.

Interested in Dollar. Not Holding as of now.



Let me illustrate how page industries differs here from rest of the players…

I am apparel retailer / wholesalers and i sell both Jockey, Dixcy, Macho and previously used to sell Dollar as well.

In Cas of Jockey, they have standard software which is supplied by the company to the distributor. This software simultaneously provides all the invoice data to Page and thus they have direct knowledge of last mile. Also, if we want to avail, any seasonal benefit scheme by the company, that billing has to be done through software only. Then only credit note get issued by the company.

While in case of other brands like Rupa, Dixcy and Macho, distributor uses local software like tally or retailware and thus often sell products under low margin disrupting entire market.

But even after this, Jockey distributors routinely undercuts each other by simultaneously opening another sister firm, selling products to that firm from company software platform and then selling products to retailers through sister concern at low prices.

So, even Jockey hasn’t got it perfectly, even after so many years.

How Dollar can overcome this?


I went through their presentations and some concalls.

In Q1FY24 ppt, they mentioned:

  • 2000 crore revenue in FY25
  • 125 EBOs by FY25
  • 70% distributors in Project Lakshya by FY25

In Q2FY24 ppt, they quietly changed all three targets to FY26. I like their strategy of moving into higher value segments, branding, but i think this stock will require patience. May not give quick returns. It does looks it undervalued.

Still studying. EBOs are based on franchise model, but it seems there arent too many takers for their franchisees at this moment, which is why they moved the target.


Hey @Chins

Thank you for sharing your insights. I also spoke my relatives who are in the garments business. Sharing it for everyone’s benefit.

Profile: They are from Himachal. They arent directly into innerwear business. They are into women’s designer wear, particularly clothes for marriage. They also sell Sleepwell mattresses. The only product line that is close to Dollar is leggings, which they sell from Lux.

Below is their verbatim response.

  • Sleepwell is also going in within similar model to remove distributors. Currently distributors take care of the retailer. In case of any issues, distributors can fight with the company, but retailers wont be able to do that.
  • Such models dont work because often retailers run out of the product, it is not replenished.
  • In old model, Company gets money from Distributors, but without that, company will be exposed to the risk of default from retailers.
  • Lux leggings are highly in demand and sell very rapidly. He says, Lux has much more variety that Dollar. If Dollar has 50 colors, Lux will have 200. Quality of Lux is also better. They dont sell Dollar products.

Disclosure: Hold a small tracking position for now.


Is it true that dollar has never done a rights or bonus issue, and only one split of 1:5 in 2017?

In their current quarter results they mentioned the percentage of offline to online like 88 to 6 percent, and was going through different platforms where they have listed products .They are present on all the online platfroms like meesho, amazon,flipkart.I was checking for one sku ie dollar leher men vest which MRP is around 90 to 100 and on this platforms they are selling around 70 rs per piece including delivery charges,if anyone knows about the offline channels what price can we get the same product

Inner garment is highly competitive market and many offline store use inner wear pricing as a way to attract footfall.

Usually, retailer gets 42 - 48% less than Mrp.
Many retailer sells these products at very low margin (5%).
I personally sell them on cost to cost basis.

So Rs 90 mrp products will cost you around Rs 52 or so.


Any idea on what made the price drop 8%? Results were pretty much on point with guidance right?

Might be helpful