The Indian Garage Co (TIGC), the D2C fashion brand owned by Aditya Birla Group-backed TMRW, reported a 15% increase in revenue from operations to Rs 234.6 crore (US $2.48 million) in FY26, compared with Rs 204.2 crore (US $2.16 million) in FY25.
The growth marked a slowdown from the more than two-fold increase in revenue recorded by the company in the previous fiscal year. TIGC’s total income, including Rs 2.95 crore (US $0.03 million) in other income, stood at Rs 237.5 crore (US $2.51 million) in FY26, up from Rs 206.9 crore (US $2.19 million) in FY25.
The company designs, manufactures and sells men’s apparel through its in-house brands, targeting the mass-premium segment. Product sales remained its only source of operating revenue during the fiscal year.
Material costs increased 13% to Rs 117.5 crore (US $1.24 million) in FY26 from Rs 104 crore (US $1.10 million) a year earlier. Advertising and promotional expenses more than doubled to Rs 29.3 crore (US $0.31 million) from Rs 14 crore (US $0.15 million), while job work charges stood at Rs 39.5 crore (US $0.42 million). Employee benefits expenses increased 24% to Rs 21 crore (US $0.22 million).
TIGC’s total expenditure rose 16% to Rs 276.1 crore (US $2.92 million) from Rs 237.5 crore (US $2.51 million) in FY25, outpacing revenue growth. As a result, the company’s loss widened 27% to Rs 28.7 crore (US $0.30 million) from Rs 22.6 crore (US $0.24 million).
On a unit economics basis, TIGC spent Rs 1.18 to generate every rupee of operating revenue in FY26, compared with Rs 1.16 in FY25. Its EBITDA margin improved marginally to -5.12% from -6% in the previous fiscal year, while return on capital employed (ROCE) stood at -12.61%.
TMRW invested around Rs 155 crore (US $1.64 million) in The Indian Garage Co in October 2023 and currently holds a 51% majority stake in the company. TMRW also owns a majority stake in D2C apparel brand Bewakoof, which it acquired in December 2022.
The financial results come amid rising competition in India’s D2C fashion segment, with brands including Snitch, Rare Rabbit, Bewakoof and The Souled Store expanding across categories and channels. For TIGC, the FY26 performance reflects the pressure on growth-stage fashion brands to manage marketing and operating costs while maintaining revenue growth.
