Fabindia vs Walmart: Revenue, Profit and Business Model
Fabindia had ~$141.5M of annual revenue in FY2025. Walmart had $713.2B of annual revenue in FY2026 and $21.9B 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.
Walmart
Walmart's FY2026 total revenues rose 4.7% to $713.2 billion and net income attributable to Walmart rose to $21.9 billion from $19.4 billion in FY2025. In Q2 FY27 (quarter ended July 31, 2026), total revenues rose 5.9% to $187.9 billion and adjusted EPS was $0.81 versus $0.68 a year earlier. Adjusted operating income growth of about 17% in constant currency included a benefit from roughly $2.9 billion in IEEPA tariff refunds, much of which Walmart said it reinvested in prices. Walmart raised its full-year sales and operating income growth guidance with the Q2 report. Walmart is the world's largest company by revenue and holds a massive market valuation often exceeding $400 billion to $500 billion.
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 |
Walmart
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $713.2B | $21.9B | 3.1% | +4.7% | Source |
| FY2025 | $681B | $19.4B | 2.9% | +5.1% | Source |
| FY2024 | $648.1B | $15.5B | 2.4% | +6.0% | Source |
| FY2023 | $611.3B | $11.7B | 1.9% | +6.7% | Source |
| FY2022 | $572.8B | $13.7B | 2.4% | +2.4% | Source |
| FY2021 | $559.2B | $13.5B | 2.4% | +6.7% | Source |
| FY2020 | $524B | $14.9B | 2.8% | +1.9% | Source |
| FY2019 | $514.4B | $6.7B | 1.3% | +2.8% | Source |
| FY2018 | $500.3B | $9.9B | 2.0% | +3.0% | Source |
| FY2017 | $485.9B | $13.6B | 2.8% | — | 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.
Walmart
- Walmart U.S.
Largest segment, roughly two-thirds of revenue
U.S. supercenters, discount stores, Neighborhood Markets, Walmart.com, marketplace, and Walmart Connect.
- Walmart International
Second-largest segment
Operations including Walmex in Mexico and Central America, Flipkart in India, Walmart Canada, and Walmart China.
- Sam's Club U.S.
Smallest segment
Membership warehouse club sales, fuel, and membership fees.
- Advertising, Membership, and Marketplace Services
Higher-margin income across segments
Global advertising grew 38% and membership fee revenue 17% in Q2 FY27.
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.
Walmart
How it makes money
Most of Walmart's revenue comes from selling groceries, consumables, general merchandise, health and wellness products, and fuel through stores, clubs, and ecommerce. Walmart U.S. is the largest segment at roughly two-thirds of revenue, followed by Walmart International (including Walmex, Flipkart, Walmart Canada, and Walmart China) and Sam's Club U.S.
Growth strategy
Walmart is pushing store-fulfilled delivery, marketplace assortment, advertising, and membership while keeping its price position. In Q2 FY27 it reported 23% global ecommerce growth, 38% global advertising growth, 17% higher membership fee revenue, and U.S. marketplace sales up 52%.
Competitive advantage
Walmart's edge is purchasing scale, a dense U.S. store network that doubles as a fulfillment network, frequent grocery trips, and first-party purchase data that supports its advertising business.
Questions about Fabindia vs Walmart
Which company has higher revenue — Fabindia or Walmart Inc.?
Fabindia had ~$141.5M (FY2025), while Walmart Inc. had $713.2B (FY2026). By latest annual revenue, Walmart Inc. is the larger business, with Fabindia showing 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 Walmart Inc.?
Walmart Inc. has a market capitalisation of $790.0B. A public market cap figure for Fabindia was not available (it may be privately held).
How does revenue per employee compare for Fabindia and Walmart Inc.?
Fabindia has $34k / employee in revenue per employee, while Walmart Inc. has $340k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Fabindia and Walmart Inc. make money?
Fabindia and Walmart Inc. generate revenue in fundamentally different ways. Fabindia: Fabindia works directly with tens of thousands of rural artisans across India. Walmart Inc.: Most of Walmart's revenue comes from selling groceries, consumables, general merchandise, health and wellness products, and fuel through stores, clubs, and ecommerce.
Is Fabindia bigger than Walmart Inc.?
By last reported revenue, Walmart Inc. ($713.2B (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 Walmart overview