Dollar Industries Ltd: Salman Khan Can Sell Vests, But Can They Sell Growth?
1. At a Glance
Dollar Industries isn’t just selling baniyans—it’s running a Bollywood casting agency disguised as a textile company. Akshay Kumar, Salman Khan, Yami Gautam—all signed up to scream “vest is best.” With a 15% market share in India’s hosiery market, 1.45 lakh retail outlets, and a growing e-commerce presence, Dollar is everywhere—from small-town kirana shops to Instagram reels. The real question: will this brand of “andar ki baat” translate into sustained profits?
2. Introduction
Dollar started off as just another baniyan company but has now turned itself into an organised hosiery and apparel giant. With manufacturing hubs spread across Kolkata, Tirupur, Delhi, and Ludhiana, it controls every stage from cotton spinning to elastic cutting. Think of it as the Reliance Jio of vests—integrated, everywhere, and impossible to escape during TV ads.
Their product bouquet spans:
Dollar Man & Big Boss (innerwear, joggers, trunks)
Dollar Women & Missy (casuals, bras, legwear)
Thermals (because North India exists)
Rainwear (because Mumbai exists)
Force NXT JV with Pepe/GOAT Brands (premium push to avoid being forever tagged as the baniyan brand).
Distribution is the real muscle here: 1,500 dealers, 145,000 outlets, 20 warehouses, and even 17 EBOs (Exclusive Brand Outlets). Add celebrity endorsements and the “Lakshya” project (direct-to-retail), and suddenly you realise they’re not just selling baniyans—they’re selling a lifestyle of “andar se strong, bahar se stylish.”
But here’s the kicker—despite 200% growth in e-commerce in H1FY25, online is still only 5% of sales. Most revenues still depend on a dealer in Patna convincing you that Dollar ka baniyan lasts longer than Lux or Rupa.
Question: Would you buy innerwear from Amazon if Salman bhai told you to?
3. Business Model – WTF Do They Even Do?
Dollar earns money by selling three categories:
Innerwear (81% revenue): The bread-and-butter, vests, briefs, bras. Big Boss, Lehar, Missy—all fall here.
Outerwear (19% revenue): Joggers, thermals, jackets. Basically, the clothes you can actually show in public.
Premium Products: Force NXT, where they try to charge Page Industries-level pricing but with Pepe branding instead of Jockey’s heritage.
Sales mix:
Men: 80% (proof Indian men buy vests in bulk).
Women: 15% (slowly growing).
Kids: 5% (future market).
Their strategy is clear:
Increase high-margin products from 27% (FY23) to 33% by FY26.
Expand Lakshya (direct-to-retailer) to cut out middlemen.
Open 125 EBOs by FY26.
Essentially: Sell more premium, cut out wholesalers, go online, and keep Salman bhai flexing.
4. Financials Overview
Source table
Metric
Latest Qtr (Q1FY26)
YoY Qtr (Q1FY25)
Prev Qtr (Q4FY25)
YoY %
QoQ %
Revenue
₹384 Cr
₹322 Cr
₹537 Cr
19.2%
-28.5%
EBITDA
₹40 Cr
₹32 Cr
₹53 Cr
25.0%
-24.5%
PAT
₹19.6 Cr
₹14 Cr
₹31 Cr
44.8%
-36.8%
EPS (₹)
3.46
2.39
5.45
44.8%
-36.5%
Commentary: Dollar grew YoY, but QoQ fell off a cliff—seasonality + thermals effect. Annualised EPS = ~₹17, implying a P/E of 21.2. For comparison, Page is chilling at 64x. Dollar is the “affordable innerwear stock”—cheap-ish valuation, but not exactly a screaming bargain.
