Lovable Lingerie Ltd Q2 FY26 – From Bras to Losses: The Lingerie Maker That Needs a Financial Push-Up
1. At a Glance
Lovable Lingerie Ltd (LLL), once a darling of India’s premium innerwear market, now looks like it needs a good support strap of its own. The company’s Q2 FY26 (September 2025) results revealed a net loss of ₹3.8 crore on sales of ₹8.92 crore. With sales down 12.7% QoQ and profit down a jaw-dropping 67.9%, the numbers are tighter than their signature shapewear.
The market cap stands at ₹119 crore, stock price ₹80.6, and P/E at an eyebrow-raising 59.6x, while ROCE (-1.74%) and ROE (1.16%) both barely cling to positive territory. The stock trades at just 0.69x book value, making it look cheap — but with an operating margin of -26.6%, the value feels more like a clearance sale.
In short: the lingerie maker famous for “Lovable” bras is currently unloved by both customers and shareholders. Let’s see what went wrong (and if anything’s still holding up).
2. Introduction
Once upon a time, Lovable Lingerie was the Page Industries of dreams — a brand that made women feel confident and investors feel rich. Fast forward to FY26, and both seem to have lost interest.
The Bengaluru-based company that made “Daisy Dee” a household name is now struggling to keep its financial straps in place. After shutting down its Erode unit and shifting operations to Thalagatpura, LLL seems to be in the middle of a transition — but the numbers are more “oops” than “oops moment.”
Despite its strong brand recall and a network of premium outlets, LLL’s topline keeps shrinking like cotton under hot water. Sales fell from ₹95.5 crore in FY23 to ₹42.2 crore in FY25, and margins followed suit — from a modest 3.8% in FY22 to a horrifying -26.5% OPM in FY25.
Still, the company soldiers on, backed by a 64% promoter holding, zero pledges, and the hope that the lingerie market — expected to grow double digits — will eventually turn things around. But for now, Lovable’s story is a blend of lace, loss, and lingering hope.
3. Business Model – WTF Do They Even Do?
Lovable Lingerie Ltd manufactures and sells women’s innerwear, nightwear, sportswear, and related garments. Sounds simple, right? But in India’s brutally competitive garment jungle, even “simple” can be a complex mess.
Their brand portfolio includes:
Lovable – premium lingerie that once ruled retail shelves.
Daisy Dee – acquired from Maxwell Industries for the mid-segment market.
College Style – acquired from Hong Kong’s Levitus Trading, meant for younger customers (and probably younger investors too).
The company operates three manufacturing units – two at Kanakapura Road, Bengaluru, and one at Roorkee, Uttarakhand. They design everything in-house, complete with a design studio that’s supposed to keep them “global standard ready.” Unfortunately, the global standard doesn’t include consistent profits.
Product mix includes:
Brassieres: Bridal, T-shirt, Sports, Backless – you name it, they stitch it.
