Apparel & Fashion Industry in India

India’s apparel and fashion industry brings together companies that make and sell clothing for everyday, formal, seasonal and specialised use.

Top apparel & fashion companies in India (listed and private)

Frequently asked questions

How large is the apparel & fashion industry in India?

1767 apparel & fashion companies with statutory filings (26 listed, 1741 private) reported combined revenue of ₹2.61 lakh crore in FY2025, +9.7% on the same companies, and aggregate EBITDA of ₹22,741 crore. As filed each year, combined revenue was ₹1.01 lakh crore in FY2018, reached ₹2.61 lakh crore in FY2025, the highest in the period; year-on-year changes are measured on the same companies. The 17 listed companies with an exchange price are worth ₹62,367 crore in market capitalisation. Size here is measured in revenue, profit and market value, from statutory filings and exchange prices, not in physical volume of output.

Is profitability improving or deteriorating?

Mixed. The aggregate EBITDA margin of apparel & fashion companies was 8.7% in FY2025, 0.2 pts above FY2024, against a peak of 8.8% in FY2022. The low since the peak was 7.6% in FY2023. Profit after tax margin was 2.0% (−0.4 pts on FY2024). Aggregate EBITDA of listed and private apparel & fashion companies moved +30% from FY2022 to FY2025 on a same-company basis; FY2025 EBITDA was ₹22,741 crore (+13.4% on FY2024).

Which companies are leading the apparel & fashion industry?

By FY2025 revenue the largest apparel & fashion companies are Bhilosa Industries (₹12,891 crore, 9.5% EBITDA margin, private); Premium Lifestyle and Fashion India (₹12,129 crore, 0.8% EBITDA margin, private); Life Style International (₹11,766 crore, 19.7% EBITDA margin, private); Shahi Exports (₹9,512 crore, 18.4% EBITDA margin, private); Shree Ramkrishna Exports (₹8,210 crore, 3.7% EBITDA margin, private). Among the ten largest, Jockey (22.8%) and Life Style International (19.7%) earn the widest EBITDA margins and Premium Lifestyle and Fashion India (0.8%) the thinnest. 22 of the 25 largest are private companies, which a listed-only view leaves out.

Where is demand or investment changing?

In the news: Net tone of retail regulation stories fell from +26 to -12 (-38 pts) over 83 stories, the largest drop of any theme. In buyer searches: Search interest in clothing & garments queries (clothing stores) was +39% in the 12 months to 2026-09 vs the prior 12, led by “clothing stores” (+39%), followed by apparel prices & shopping (+23%); fabrics & shirting moved +9%.

What should I investigate next?

These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: Coverage of retail regulation turned more negative (Apparel & Fashion in the news). Apparel & Fashion EBITDA grew 30% since FY2022 (Industry financials). 44 private apparel & fashion apparel companies pass an IPO-readiness screen (Top apparel & fashion companies in India). Clothing & garments searches rose most in the last year (Search & demand signals). Median EV/EBITDA is 11.3× and median P/E 20.0× across 17 priced apparel & fashion companies. (Market capitalisation & valuation).

How are apparel & fashion stocks valued?

The median trailing P/E is 20.0× and the median EV/EBITDA 11.3× across 17 priced companies.

What does the apparel and fashion industry include?

It includes companies involved in clothing, garments, fashion brands, uniforms, knitwear, hosiery and related apparel products.

What shapes competition in India’s apparel and fashion industry?

Competition reflects product relevance, quality, sourcing, manufacturing capability, brand positioning and access to customers.

Research information, not investment advice.