Results · Commerce & Consumer Brands

The Indian Garage Co doubles revenue, posts loss

By Startup Enthusiast · 15 January 2026

What they do

The Indian Garage Co is a direct-to-consumer men's apparel brand designing and selling in-house labels

In FY25, operating revenue doubled to Rs 204 crore but the company swung to a net loss of Rs 23 crore from a profit of Rs 5 crore in FY24

Expenses surged 147% to Rs 237.5 crore, with employee costs rising 240% and job work charges up 193%

The Indian Garage Co reported its financial results for FY25.
Operating revenue doubled to Rs 204 crore from Rs 101.5 crore in FY24.
Total income rose to Rs 207 crore from Rs 103 crore in the previous year.
The company posted a net loss of Rs 23 crore in FY25, compared to a profit of Rs 5 crore in FY24.
Total expenses surged 147% to Rs 237.5 crore from Rs 96 crore.
Cost of materials was Rs 104 crore, up 142% and accounting for 44% of total expenditure.
Employee benefit expenses jumped 240% to Rs 17 crore, and job work charges rose 193% to Rs 41 crore.

The sharp rise in expenses outpaced revenue growth, turning a profit into a loss.
Cash and bank balances dropped sharply to Rs 3 lakh from Rs 2.5 crore, indicating tight liquidity.
The company's ROCE was -10.44% and EBITDA margin was -6.37%, showing negative returns on capital.

Aditya Birla Group (lead) — Aditya Birla Group is a large Indian conglomerate and the lead investor in The Indian Garage Co.