The Indian Garage Co doubles revenue to Rs 204 Cr in FY25; slips into losses

The Indian Garage Co, a Bengaluru-based men’s apparel brand, has doubled its scale in the last fiscal year ending March 31, 2025. However, in order to achieve scale the company lost its profitability as expenses seconded revenue growth.

The company’s operating revenue doubled to Rs 204 crore in FY25 from Rs 101.5 crore in FY24, according to its financial statements sourced from the Registrar of Companies (RoC).

The Indian Garage Co is a D2C firm which designs, manufactures, and sells men’s apparel under its in-house brands, catering to the mass-premium segment. Revenue from sale of its products was the sole source of income for the company. The company’s total income increased to Rs 207 crore in FY25 from Rs 103 crore a year earlier.

On the spending side, the cost of material remained the largest expense, accounting for nearly 44% of total expenditure. This cost surged 142% to Rs 104 crore in FY25 from Rs 43 crore in FY24. Job work charges increased 193% to Rs 41 crore, while employee benefit expenses jumped 240% to Rs 17 crore during the year.

Depreciation expenses grew threefold to Rs 18 crore, and transportation and distribution costs rose 38.5% to Rs 18 crore. Other overheads added another Rs 39.5 crore to the cost. Overall, total expense surged 147% to Rs 237.5 crore in FY25 from Rs 96 crore in FY24.

With expenses growing faster than revenue, The Indian Garage Co posted a loss of Rs 23 crore in FY25, as compared to a profit of Rs 5 crore in FY24. Its ROCE and EBITDA margin stood at -10.44% and -6.37% respectively.

On a unit basis, the company spent Rs 1.16  to earn a Rupee of operating revenue in FY25. The Indian Garage Co reported cash and bank balances of an alarming Rs 3 lakh at the end of FY25, significantly lower than Rs 2.5 crore in FY24. Its current assets stood at Rs 32 crore in the same period.

According to Thekredible, The Indian Garage Co has raised a total of $17 million of funding till date, having Aditya Birla Group as its lead investor. The company’s Founder & CEO, Anant Tanted owns 32.34% of the company.