1. Operate the complete furniture and home furnishing retail business in Thailand. under the brand "Index Living Mall" stores and other retail store brands, including distributing products through both online and offline channels that covers both domestic and overseas customers.
2. Operate retail rental space business under the form of a community mall under the brands "The Walk", "Little Walk" and "Index Mall", including rental space in Index Living Mall branches and Lifestyle Mall “Décor Scape”.
3. Operates as the franchise distributor of Flying Tiger Copenhagen, a well-known lifestyle retail brand from Denmark.
| 9M25 | 9M24 | 2024 | 2023 |
|---|
| Revenues | 7,336.31 | 7,273.08 | 9,890.19 | 9,412.85 |
| Expenses | 6,478.53 | 6,412.45 | 8,772.44 | 8,337.84 |
| Net Profit (Loss) | 573.28 | 573.55 | 745.35 | 725.98 |
| Assets | 12,938.14 | 12,691.63 | 12,584.86 | 12,324.47 |
| Liabilities | 6,702.54 | 6,646.76 | 6,406.59 | 6,345.94 |
| Shareholders' Equity | 6,235.59 | 6,033.26 | 6,167.31 | 5,964.70 |
| Operating | 1,405.54 | 992.73 | 1,795.14 | 1,669.85 |
| Investing | -771.83 | -573.40 | -984.62 | -541.59 |
| Financing | -724.99 | -586.59 | -873.49 | -931.96 |
| EPS (Baht) | 1.14 | 1.14 | 1.48 | 1.44 |
| GP Margin (%) | 47.40 | 46.44 | 45.89 | 46.01 |
| NP Margin (%) | 7.80 | 7.86 | 7.51 | 7.68 |
| D/E Ratio (x) | 1.07 | 1.10 | 1.04 | 1.06 |
| ROE (%) | 12.15 | 13.05 | 12.29 | 12.48 |
| ROA (%) | 8.70 | 9.17 | 8.97 | 8.86 |
- The Company plans to continuously expand its Index Living Mall network, which currently comprises 35 branches, with plans to open 1–2 new branches per year. In August 2025, the company opened a new Index Living Mall Chiang Rai branch.
- The Company plans to expand its rental space, having opened Little Walk Rattanathibet earlier this year, and Little Walk Ramkhamhaeng, in Sep 2025.
- The Company plans to launch at least six Flying Tiger Copenhagen stores, bringing the iconic Danish lifestyle brand to local consumers by 2025.
- In addition, the Company is developing new products and services while expanding its distribution channels, integrating ESG principles into its long-term business strategy, including focus on eco-friendly product lines that align with sustainable growth.
The Company operates the business under sustainable development guidelines covering the dimensions of corporate governance and economy, social, and environmental. The Company formulates the 3G sustainability strategy as a framework, consisting of Great Experience (creating good experiences from products and services), Grow Together (creating happiness and good quality of life together with responsibility), and Green Planet (caring and passing on the sustainable environment to society).
The Company is one of the leading retailers of furniture and home furnishing products in Thailand, which has an integrated supply chain from its production plant to various distribution channels covering nationwide. The Company has its own in-house product development team and production plant, allowing it to manage product quality and costs effectively, including the flexibility to develop, produce new products, and create innovative products without limitations.
At the end of 3Q/2025, the Company currently had 35 Index Living Mall stores, covering major cities throughout Thailand, plus other retail store brands, and dealer stores in secondary cities across the country. The Company also has overseas Index Living Mall franchise stores in 7 countries, including Vietnam, Cambodia, Laos, Myanmar, Nepal, Maldives and India.
For the retail rental space business, the Company had 3 medium-sized community mall “The Walk” and 6 small-sized community mall “Little Walk”, plus rental spaces in Index Living Mall stores and Lifestyle Mall “Décor Scape”.
For 9M/2025, the Company recorded a profit for the Company of Baht 573.3 million, which was comparable to the same period of the previous year. The revenue from sales of products was divided by distribution channels as follows. Retail 76.8% / Online 15.1% / Domestic Project 5.1% / Dealers 0.8% / Overseas (franchise, project, and OEM) 2.2%
1994: Founded and registered on 15 February 1994 under the name “Bangkok Franchise Co., Ltd”.
2004: Renamed to Index Living Mall Co., Ltd.
2009: Expanded overseas business
2012: Expanded business to rental business providing rental spaces
2019: Listed on the Stock Exchange of Thailand on 26 July 2019
2023: Established a new joint venture company "Bulk Bulk Co., Ltd.", to provide delivery, assembling, and installation services of furniture, electric appliances, and other products in Thailand.
2025: Divested the entire investment stake in Bulk Bulk Co., Ltd. to the joint venture partner.
The Company places importance on risk management by closely monitoring the situation and analyzing business trends regularly to manage and adjust business operations in a timely manner. The Company also focuses on collaboration with business partners to enhance the potential to create new products and expand distribution channels, along with the Company’s product development strategies that create differentiation and deliver value to customers responsibly.
Furthermore, the Company broadened the scope of its risk assessment to cover ESG risks at the corporate level as the starting point for the organization’s journey toward sustainable business development.
The company was selected as one of the sustainable stocks or SET ESG Ratings for the year 2023.
Received a 5-star rating or 'Excellent' CG Scoring in 2025, for the sixth consecutive year.
The Company received the Outstanding Investor Relations Awards 2022 and 2023 from SET Awards
In 2024, the Company was awarded the SET ESG Ratings of “AA” in the services industry group. The Company also received the "Highly Commended Supply Chain Management Award" in the Sustainability Excellence category at the SET Awards 2024.
In 2025, the Company received the "Leading of ESG Social Product" award, recognizing the organization as a leader in ESG for Social Product at the Future Trends Awards 2025.
| as of 30/09/25 | ILM | COMM | SET |
|---|---|---|---|
| P/E (X) | 10.41 | 17.65 | 16.67 |
| P/BV (X) | 1.27 | 1.46 | 1.21 |
| Dividend yield (%) | 6.41 | 3.08 | 3.67 |
| 30/09/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 7,878.00 | 8,080.00 | 12,069.50 |
| Price (B/Share) | 15.60 | 16.00 | 23.90 |
| P/E (X) | 10.41 | 10.49 | 16.93 |
| P/BV (X) | 1.27 | 1.34 | 2.09 |
