Fabindia vs Target: Revenue, Profit and Business Model
Fabindia had ~$141.5M of annual revenue in FY2025. Target had $104.8B of annual revenue in FY2025 and $3.7B 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. Fabindia is a prominent Indian retail brand that previously explored a public listing targeting a valuation exceeding $1 billion, though it paused its IPO plans due to market conditions.
Target
Target's net sales fell from $109.120 billion in fiscal 2022 to $104.780 billion in fiscal 2025, while net earnings fell from $4.091 billion in fiscal 2024 to $3.705 billion in fiscal 2025. FY2025 operating income was $5.117 billion, a 4.9% margin; operating cash flow was $6.562 billion and capital expenditures were $3.727 billion. These are annual figures for the year ended January 31, 2026. The separate Q2 FY2026 release reports $26.539 billion of quarterly net sales, up 5.3%, with comparable sales up 3.8%. GAAP diluted EPS was $4.11, including $1.65 per share from $994 million of pretax tariff refunds. Target said EPS rose about 20% excluding those refunds. Its August outlook for FY2026 called for net-sales growth around 5% and EPS of $9.90 to $10.90, including the Q2 refund benefit; guidance is a company forecast, not a completed-year result.
Revenue and profit by year
Fabindia
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$141.5M | — | — | — | 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 |
Target
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $104.8B | $3.7B | 3.5% | -1.7% | Source |
| FY2024 | $106.6B | $4.1B | 3.8% | -0.8% | Source |
| FY2023 | $107.4B | $4.1B | 3.9% | -1.6% | Source |
| FY2022 | $109.1B | $2.8B | 2.5% | +2.9% | Source |
| FY2021 | $106B | $6.9B | 6.6% | +13.3% | Source |
| FY2020 | $93.6B | $4.4B | 4.7% | +19.8% | Source |
| FY2019 | $78.1B | $3.3B | 4.2% | +3.7% | Source |
| FY2018 | $75.4B | $2.9B | 3.9% | +3.6% | Source |
| FY2017 | $72.7B | $2.9B | 4.0% | +3.5% | Source |
| FY2016 | $70.3B | $2.7B | 3.9% | — | 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.
Target
- Stores and digital merchandise
Primary revenue source
Sales of food, essentials, apparel, beauty, home, electronics, toys and seasonal products through stores and digital channels.
- Owned brands
Strategic margin driver
Target-owned and exclusive brands that support margin and differentiation.
- Same-day services and Shipt
Growth and retention stream
Delivery, pickup, Drive Up and Target Circle 360 services that deepen loyalty.
- Roundel retail media
High-margin supplemental stream
Advertising revenue from brands using Target's retail media network.
Business model and strategy
Fabindia
How it makes money
Fabindia works directly with tens of thousands of rural artisans across India. It gives them design direction, quality control and guaranteed purchase orders, then sells their hand-crafted goods in its stores at a premium. Its range covers apparel, home decor, organic food and personal care, linking rural craft with urban shoppers.
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 advantage is its supply chain and its reputation for authenticity. It took decades of work to organize thousands of independent rural weavers into a reliable supply base. A fast-fashion competitor such as Zara cannot easily match that hand-woven quality or the trust attached to how Fabindia sources. For many affluent Indian shoppers it is the default choice for ethnic wear.
Target
How it makes money
Target runs a general-merchandise, big-box retail model that pairs low-margin essentials (groceries, household basics) to drive store traffic with higher-margin discretionary categories (apparel, home decor, and private-label brands) to drive profit -- the classic 'basket size' strategy.
Growth strategy
Target is focusing on merchandising authority, guest experience, technology acceleration, team and community strength, stores-as-hubs, same-day fulfillment, retail media and owned-brand renewal.
Competitive advantage
Target's advantage is the mix of curated merchandise, owned brands, convenient stores, same-day fulfillment and a brand position between discount utility and design-led retail.
Questions about Fabindia vs Target
Which company has higher revenue — Fabindia or Target Corporation?
Fabindia had ~$141.5M (FY2025), while Target Corporation had $104.8B (FY2025). By latest annual revenue, Target Corporation is the larger business, with Fabindia showing a smaller revenue base.
How does revenue per employee compare for Fabindia and Target Corporation?
Fabindia has $34k / employee in revenue per employee, while Target Corporation has $252k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Fabindia and Target Corporation make money?
Fabindia and Target Corporation generate revenue in fundamentally different ways. Fabindia: Fabindia works directly with tens of thousands of rural artisans across India. Target Corporation: Target runs a general-merchandise, big-box retail model that pairs low-margin essentials (groceries, household basics) to drive store traffic with higher-margin discretionary categories (apparel, home decor, and private-label brands) to drive profit -- the classic 'basket size' strategy.
Is Fabindia bigger than Target Corporation?
By last reported revenue, Target Corporation ($104.8B (FY2025)) 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 Target overview