Lovable Lingerie Ltd (LLL) is that 90s Bollywood star who once ruled the screen but now shows up only in reality shows. With a market cap of ₹139 Cr, price at ₹94, and P/E 47x, the numbers scream “premium brand,” but the financials whisper “basement sale.” Sales have shrunk from ₹197 Cr (FY17) to just ₹43 Cr (FY25), operating margins are a comical –29%, and yet the company managed to show a ₹3 Cr profit thanks to “other income.” Basically, the lingerie business isn’t holding things up – it’s the financial jugglery doing the push-up job.
2. Introduction
Back in 1987, Lovable entered India when “lingerie” itself was whispered like Voldemort’s name. Fast forward, they bought exclusive rights to Lovable (premium), Daisy Dee (mid-market), and College Style (youth segment) — a portfolio that looked solid when malls were booming. They even had design studios and fancy lace imports from Europe.
But then came the reality check: competition from Jockey (Page Industries), Enamor, Triumph, Amante, and the bazaar of online-first brands (Clovia, Zivame). The lingerie aisle turned into a Bigg Boss house — too many players, too much drama, and not enough oxygen.
LLL’s revenue collapsed, factories turned into cost centers, and debt started peeking through the balance sheet. Yet promoters hold 64%, and the brand still sits in stores. The question: is this a comeback story or an obituary in progress?
3. Business Model (WTF Do They Even Do?)
LLL makes and sells women’s innerwear and sleepwear through three main brands:
Daisy Dee – Acquired from Maxwell, caters to mass market.
College Style – Youth-oriented fashion innerwear.
Revenue breakup (FY23):
Core lingerie & garments ~94%
Interest income ~2%
Investment sale gains ~5%
Manufacturing: 3 facilities – 2 in Bengaluru, 1 in Roorkee. Distribution: Presence in premium outlets, mid-tier stores, and some online. The irony? While urban India’s lingerie market booms, Lovable’s topline shrunk by -22% CAGR (5 years). It’s like running a chaat stall outside a stadium and losing customers during IPL season.
4. Financials Overview
Quarterly Snapshot (₹ Cr)
Metric
Jun’25
Mar’25
YoY %
QoQ %
Revenue
16.4
8.0
+6%
+105%
EBITDA
0.1
-6.8
–
+101%
PAT
3.55
3.2
+70%
+11%
EPS (₹)
2.40
2.16
+70%
+11%
Annual Snapshot (₹ Cr)
Metric
FY24
FY25
YoY %
Revenue
63.8
43.0
-33%
EBITDA
-0.2
-12.7
–
PAT
4.3
2.9
-33%
EPS (₹)
2.89
1.82
-37%
The company is literally living off other income (~₹10 Cr in FY25). The lingerie operations are bleeding money.
5. Valuation – Fair Value RANGE
P/E Method
EPS = ₹1.8
Normal lingerie players trade 20–30x. Apply 15–20x (because LLL is struggling).
FV = ₹27 – ₹36.
EV/EBITDA
EBITDA negative. EV/EBITDA not meaningful.
Book Value Approach
BV = ₹120; CMP = 0.8x BV.
Apply 0.5–1.0x for distressed textiles → FV ₹60 – ₹120.
