Fabindia vs Raymond: Revenue, Profit and Business Model
Fabindia reported ~$141.5M of revenue in FY2025 and — of net income. Raymond reported ~$257.7M of revenue in FY2026 and ~$619.6M of net income.
Latest financial snapshot
Financial summary
Fabindia
Fabindia was consistently profitable for two decades before the pandemic: consolidated sales reached ~$175 million (₹1,508 crore) in FY20 with EBITDA of ~$33.5 million (₹289 crore) and net profit of ~$12.1 million (₹104 crore). Store closures in FY21 cut revenue 30% to ~$123 million (₹1,059 crore) and produced a ~$13.5 million (₹116 crore) loss, its first in over 20 years. Revenue recovered 29% to ~$161 million (₹1,392 crore) in FY22 while the loss narrowed to ~$4.52 million (₹39 crore). The company filed for an IPO in January 2022 and withdrew it in February 2023. In January 2024 it agreed to sell its roughly 64% holding in Organic India to Tata Consumer Products (enterprise value ~$220 million (₹1,900 crore)). For FY25, PrivateCircle data shows ~$142 million (₹1,220 crore) of product sales.
Raymond
Raymond's reported numbers are distorted by its restructuring. Consolidated revenue fell to about $119 million (₹1,023 crore) in FY24 and rose to ~$230 million (₹1,982 crore) in FY25 and ~$258 million (₹2,222 crore) in FY26 as the apparel and then real estate businesses were moved out, while reported net profit in those years includes large one-time gains linked to the demergers. The cleaner view is the continuing engineering business: about $268 million (₹2,312 crore) of total income and ~$38.9 million (₹335 crore) of EBITDA in FY26, then Q1 FY27 total income of ~$72.8 million (₹628 crore) (+13%), EBITDA of ~$11.6 million (₹100 crore) (15.9% margin) and net profit of ~$3.58 million (₹30.9 crore) (+50%).
Revenue and profit by year
Fabindia
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$141.5M | — | 0.0% | — | Source |
| FY2022 | ~$161.5M | ~-$4.5M | -2.8% | +31.4% | Source |
| FY2021 | ~$122.9M | ~-$13.5M | -10.9% | -29.7% | Source |
| FY2020 | ~$174.9M | ~$12.1M | 6.9% | — | Source |
Raymond
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$257.7M | ~$619.6M | 240.4% | +12.1% | Source |
| FY2025 | ~$229.9M | ~$885.2M | 385.0% | +93.7% | Source |
| FY2024 | ~$118.7M | ~$190M | 160.0% | -87.5% | Source |
| FY2023 | ~$952.9M | ~$61.4M | 6.4% | +33.0% | Source |
| FY2022 | ~$716.7M | ~$30.2M | 4.2% | — | Source |
Where the revenue comes from
Fabindia
- Garments (ethnic and fusion apparel)75.6%
Kurtas, saris, tunics, Nehru jackets and kidswear; ~$107 million (₹922 crore) of FY25 product sales.
- Home & living (linen, furniture, curtains, rugs)13.7%
Table, bed and bath linen, furniture, curtains, floor coverings and upholstery fabrics.
- Body care & organic foods3.7%
Fabessentials personal care (2.36%) and organic food staples (1.38%).
- Miscellaneous (accessories, gifting, other)6.9%
Jewellery, footwear, gifting and other products totalling ~$9.8 million (₹84.5 crore) in FY25.
Raymond
No segment breakdown is published.
Business model and strategy
Fabindia
How it makes money
Fabindia operates a highly complex, vertically integrated 'Social Enterprise' retail model. They are not just a clothing brand; they are a large supply chain aggregator. They work directly with tens of thousands of rural artisans across India, providing them with design direction, quality control, and guaranteed large purchase orders.
Growth strategy
Fabindia's growth strategy has three parts. First, refresh the range for younger shoppers with lighter, contemporary silhouettes while keeping handloom and block-print craft at the core. Second, grow beyond apparel through home furnishings, furniture and Fabessentials body care, which together were about 17% of FY25 product sales.
Competitive advantage
Fabindia's absolute competitive advantage is its large, deeply entrenched, and highly ethical supply chain, combined with an unassailable brand aura of 'authenticity'. It took decades of painful, boots-on-the-ground work to organize thousands of independent rural weavers into a reliable, large corporate supply chain.
Raymond
How it makes money
Raymond Limited earns money by manufacturing engineered components for industrial customers under long-term supply contracts. 1. Aerospace & Defence (JK Maini Global Aerospace): machined and assembled parts for aircraft engines, airframes and defence programmes, sold to global OEMs and tier-1 suppliers;
Growth strategy
Raymond's growth plan is to tilt the mix toward aerospace and defence: add capacity, win multi-programme orders (such as a September 2026 order covering more than 300 part numbers), move up to higher-value assemblies, and use auto and EV precision parts as a steady base business.
Competitive advantage
Raymond's edge is qualification: aero-engine and airframe parts require years of customer audits and approvals, and JK Maini already supplies global programmes, giving it a multi-year order book that new entrants cannot quickly replicate. It also pairs that aerospace business with a cash-generating auto and tools base and a net cash balance sheet (about $15 million (₹129 crore) at June 30, 2026).
Questions about Fabindia vs Raymond
Which company has higher revenue — Fabindia or Raymond?
Fabindia reported ~$141.5M (FY2025), while Raymond reported ~$257.7M (FY2026). By last reported revenue, Raymond is the larger business, with Fabindia reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Fabindia vs Raymond?
Raymond has a market capitalisation of $910M. A public market cap figure for Fabindia was not available (it may be privately held).
Which is more financially efficient — Fabindia or Raymond?
Fabindia generates $34k / employee in revenue per employee. A comparable figure for Raymond requires matching employee and revenue data from the same reporting period.
How do Fabindia and Raymond make money?
Fabindia and Raymond generate revenue in fundamentally different ways. Fabindia: Fabindia operates a highly complex, vertically integrated 'Social Enterprise' retail model. Raymond: Raymond Limited earns money by manufacturing engineered components for industrial customers under long-term supply contracts.
Is Fabindia bigger than Raymond?
By last reported revenue, Raymond (~$257.7M (FY2026)) is the larger company compared to Fabindia (~$141.5M (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Fabindia vs Raymond overview