Indian Garage Co FY26: revenue up 15%, loss up 27%
A D2C menswear brand at Rs 234.6 crore. Operating revenue up 15% against 2X the year before, loss up 27%, and the advertising line more than doubled.
- Operating revenue rose 15% to Rs 234.6 crore in FY26 from Rs 204.2 crore. Revenue still grew. The growth rate is what fell, from the 2X Entrackr reports for the year before.
- Advertising and promotion more than doubled to Rs 29.3 crore from Rs 14 crore. That Rs 15.3 crore increase equals half the Rs 30.4 crore revenue gain, by our arithmetic.
- No channel wise revenue split appears in the source. The marketplace, own site and offline shares are absent, and we have not estimated them.
- TMRW, the Aditya Birla Group vehicle, holds 51% after investing around Rs 155 crore in October 2023, and also controls Bewakoof.
The Indian Garage Co grew. The rate at which it grows fell hard. Operating revenue rose 15% to Rs 234.6 crore in FY26 from Rs 204.2 crore in FY25, against the 2X growth Entrackr reports for the year before. Losses widened 27% to Rs 28.7 crore from Rs 22.6 crore. Entrackr published the figures on 28 September 2026 from financial statements filed with the Registrar of Companies.
The company designs, manufactures and sells men’s apparel under in-house brands in the mass-premium segment, and sale of products was its only operating revenue line. On the split operators ask about first, marketplace against own site against offline, the source is silent. There is no channel wise break in it at all.
Where the money went is legible. Cost of materials, still the largest line, rose 13% to Rs 117.5 crore from Rs 104 crore. Advertising and promotion more than doubled, to Rs 29.3 crore from Rs 14 crore, which Entrackr attributes to rising competition in fashion. Job work charges, covering outsourced manufacturing, stood at Rs 39.5 crore with no prior year figure given. Employee benefits rose 24% to Rs 21 crore. Total expenditure rose 16% to Rs 276.1 crore from Rs 237.5 crore.
Our arithmetic on the two lines that matter: revenue gained Rs 30.4 crore and advertising gained Rs 15.3 crore. Half the incremental revenue was matched by incremental ad spend. That is the shape of demand being bought rather than compounding.
Two caveats before anyone quotes this. Total income of Rs 237.5 crore against total expenditure of Rs 276.1 crore implies a shortfall of Rs 38.6 crore, wider than the Rs 28.7 crore loss reported. The source carries no tax line, so the two do not tie, and we are not filling the gap by inference. Separately, the Rs 29 crore loss in Entrackr’s own summary is the rounded form of Rs 28.7 crore. EBITDA margin improved to negative 5.12% from negative 6%, and ROCE was negative 12.61%.
Ownership is the part worth holding on to. Aditya Birla Group’s TMRW put in around Rs 155 crore in October 2023 and holds 51%. It also controls Bewakoof, acquired in December 2022. A strategic majority owner did not buy this brand out of paying for demand.
Zane’s analysis draws on original reporting by Entrackr. Read the original report.