Bewakoof grew 40% in FY26. The bill was Rs 87.4 cr
Rs 243 crore of operating revenue, up 40.5%, with the loss widening to Rs 87.4 crore. Set it beside the two D2C fashion filings we covered this month at almost the same revenue and the contrast does the work.
- Operating revenue rose 40.5% to Rs 243 crore in FY26 from Rs 173 crore, per financial statements filed with the Registrar of Companies. FY25 growth was 7%. Loss widened 19.4% to Rs 87.4 crore from Rs 73.2 crore.
- Marketing rose 26.5% to Rs 62 crore, slower than revenue. Cost of materials consumed rose 45.7% to Rs 134 crore, faster than revenue. Total expenses rose 35.5% to Rs 336 crore.
- Against the Indian Garage Co filing we covered on 28 September, also a TMRW brand at Rs 234.6 crore, the direction reverses. That brand grew 15% while its advertising more than doubled. Bewakoof grew 40.5% while growing marketing 26.5%.
- Unit economics improved without turning. Rs 1.38 spent to earn each rupee of operating revenue against Rs 1.43, EBITDA margin to negative 24.6% from negative 35.1%, ROCE to negative 63.4% from negative 96.6%.
Bewakoof’s operating revenue rose 40.5% to Rs 243 crore in FY26 from Rs 173 crore in FY25, while its loss widened 19.4% to Rs 87.4 crore from Rs 73.2 crore. Entrackr published the figures on 29 September 2026 from financial statements filed with the Registrar of Companies. FY25 growth had been 7%, so this is a reacceleration.
The number to hold is not the growth rate. It is what the growth cost, and we have two live comparisons at almost identical revenue. We covered the Indian Garage Co FY26 filing on 28 September: Rs 234.6 crore of revenue, 15% growth, and advertising and promotion that more than doubled to Rs 29.3 crore. Both brands sit under the Aditya Birla Group’s TMRW, which Entrackr dates as taking its Bewakoof majority stake in February 2023. So the slower grower is the one that doubled promotional spend. Promotional spend growing slower than the top line, as Bewakoof’s did, is the rarer and better shape.
The second comparison is sharper still. WROGN, which we covered on 21 September, closed FY26 at Rs 244 crore of operating revenue with a Rs 88.4 crore loss. That is within about a crore of Bewakoof on both lines, at 9% growth against 40.5%. Same revenue, same loss, very different growth. Read the expense mix, not the headline.
Bewakoof paid for its year in cost of goods and depreciation, not media. Cost of materials consumed, the largest expense, rose 45.7% to Rs 134 crore, outpacing revenue. Depreciation jumped nearly three times to Rs 16.6 crore from Rs 6 crore, with no explanation in the source. Other expenses rose 66.1% to Rs 66.4 crore. Employee benefits rose 7.7% to Rs 28 crore, and transportation and handling fell 17.1% to Rs 29 crore from Rs 35 crore.
The arithmetic holds. The six expense lines Entrackr names sum to exactly the Rs 336 crore total. That total against Rs 243 crore of revenue leaves Rs 93 crore, wider than the Rs 87.4 crore loss, implying roughly Rs 5.6 crore of other income. Entrackr carries no other income line, so that Rs 5.6 crore is our inference, not a filing figure. No channel wise revenue split appears in the source, so marketplace against own site against offline is absent.
One more fact on the record. Co-founder Prabhkiran Singh stepped down in February 2026 after 14 years, a month before the year closed.
Zane’s analysis draws on original reporting by Entrackr. Read the original report.