Bengaluru-based men’s apparel brand The Indian Garage Co more than doubled its operating scale in FY25, even as rising costs pushed the company into losses during the year.
The company’s operating revenue jumped 100% to ₹204 crore in FY25, up from ₹101.5 crore in FY24, according to financial statements filed with the Registrar of Companies (RoC). Including other income, total income stood at ₹207 crore, compared with ₹103 crore a year earlier.
The Indian Garage Co operates a direct-to-consumer model, designing and selling men’s apparel across the mass-premium segment through its in-house brands. Sales of apparel products remained its sole source of revenue.
However, rapid scaling came with sharply higher costs. Total expenses surged 147% to ₹237.5 crore in FY25 from ₹96 crore in FY24. Cost of materials, the largest expense head, rose 142% to ₹104 crore, accounting for nearly 44% of total expenditure. Job work charges climbed 193% to ₹41 crore, while employee benefit expenses jumped 240% to ₹17 crore.
Depreciation expenses tripled to ₹18 crore, and transportation and distribution costs increased 38.5% to ₹18 crore. Other operating overheads contributed an additional ₹39.5 crore during the year.
As expenses outpaced revenue growth, the company reported a net loss of ₹23 crore in FY25, compared to a profit of ₹5 crore in FY24. Its ROCE and EBITDA margin stood at -10.44% and -6.37%, respectively. On a unit level, the company spent ₹1.16 to earn every rupee of operating revenue.
The balance sheet also reflected pressure, with cash and bank balances falling sharply to just ₹3 lakh at the end of FY25, down from ₹2.5 crore a year earlier. Current assets stood at ₹32 crore.
According to available data, The Indian Garage Co has raised $17 million in funding to date, with the Aditya Birla Group as a key investor. Founder and CEO Anant Tanted holds a 32.34% stake in the company.
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