The Indian Garage Co, a men’s clothing brand from Bangalore, did really well in FY25. They’re becoming a bigger deal in the fast-growing direct-to-consumer scene in India.
The fashion brand doubled its sales, hitting ₹204 crore in the year ending March 31, 2025. That’s up from ₹101.5 crore the year before, which shows they’re really pushing to grow their products, supply chain, and how they get stuff out there. This big push affected their profits for now, but they’re aiming to build their brand and become a leader in the D2C world.
The Indian Garage Co does everything themselves – designs, makes, and sells clothes for guys through their own brands, targeting the average to above-average spending crowd. Their income comes only from selling stuff, which shows they’re focused on the D2C thing. Their total income went up to ₹207 crore in FY25 from ₹103 crore the previous year, which matches the big jump in sales and shows people really want their clothes.
But this fast climb cost them a lot more as they grew their manufacturing, hired more people, and got their stuff to more places. Their total costs shot up 147% to ₹237.5 crore in FY25 from ₹96 crore the year before. The biggest cost was materials, which went up 142% to ₹104 crore, almost half of their total spending because they were making so much more. Job costs jumped 193% to ₹41 crore, and they spent 240% more on employees, ₹17 crore, as they built teams to support their growth in design, operations, and getting their stuff to customers.
They also put money into logistics and buildings. Depreciation costs tripled to ₹18 crore, showing they expanded their capacity, and transportation costs went up 38.5% to ₹18 crore as the brand grew its online and offline strategy. Other general costs added up to ₹39.5 crore, which shows how much work it takes to grow a fashion brand in India’s tough market.
Because their costs grew faster than their income, The Indian Garage Co lost ₹23 crore in FY25, compared to making ₹5 crore the year before. Their profit margin was -6.37%, and their return on capital was -10.44%, which shows the hit they took from focusing on growth first. They spent ₹1.16 to make every rupee, which is normal for brands that are investing to grab more of the market.
Looking at their finances, they had ₹3 lakh in cash at the end of FY25, compared to ₹2.5 crore the year before, and their current assets were ₹32 crore. They’ve raised $17 million in total, with Aditya Birla Group as their main investor, putting them among the D2C brands aiming for long-term growth. The founder and CEO, Anant Tanted, still owns a big chunk of the company, 32.34%, keeping him invested as the brand moves forward.
Compared to other D2C industry news, The Indian Garage Co’s FY25 shows a common move: focusing on growing, getting their name out there, and building their business in a competitive fashion market. Since people in India are buying more clothes online, the company’s investments should help them make more money and improve their profits over time, which fits with the D2C market and the long-term story of India’s direct-to-consumer world.
