Emami-owned grooming brand The Man Company reported wider losses in FY26, with net deficit rising 49% to Rs 32.54 crore. The increase came despite a small revenue growth, as higher procurement and administrative costs weighed on margins.
Why Losses Widened?
Recent regulatory filings show that revenue from operations grew by 4.5 percent in FY26, reaching Rs 161.17 crore compared to Rs 154 crore in the previous year. Non operating income added another Rs 12 lakh, taking total income to Rs 161.29 crore.
However, expenses rose faster than revenue, increasing 9.6 percent to Rs 194 crore from Rs 177 crore in FY25. As a result, net loss widened to Rs 32.54 crore from Rs 21.88 crore a year earlier, and EBITDA margin fell to –15.91 percent from –9.66 percent.
Analysis of company costs shows that material consumption remained the biggest cash drain. This segment rose 12.9 percent to Rs 64.15 crore, compared to Rs 56.82 crore last year. Other operational expenses went up 13.6 percent to Rs 101.68 crore.
In contrast, employee benefit costs fell 8.5 percent to Rs 21.24 crore, while finance costs jumped 26 percent to Rs 4.07 crore. On a unit economics level, the firm spent Rs 1.20 to earn one rupee of operating revenue in FY26, higher than Rs 1.15 in FY25.
Market Competition
The weak financial performance comes at a time of full corporate integration. Emami Limited, a homegrown FMCG major, completed 100 percent equity acquisition of the Gurugram based direct to consumer brand in July 2024. This deal closed a seven year investment journey that began with a 30 percent minority stake in 2017, followed by a majority holding of 50.4 percent in 2022.
The Man Company faces tough competition in the direct-to-consumer male grooming market. Rivals include Beardo, which earned Rs 214 crore revenue with Rs 13 crore profit in FY25, and Ustraa, which posted Rs 73 crore revenue with narrowed losses of Rs 14 crore.
“Higher spending across main cost areas pushed total expenses up during the year, directly affecting profit margins. The Indian male grooming market needs steady investment in customer reach and supply chain improvement, which makes quick profitability a tough challenge for standalone D2C brands,” the financial analyst said.
Next Steps
The company balance sheet showed current assets of Rs 46 crore and cash of Rs 4.09 crore as of March 2026. Parent firm Emami is expected to focus on cost control and better use of retail networks to improve efficiency. The brand will need to strengthen margins in offline trade and e-commerce channels to fix its unit economics.
Next stage of company operations will need a balance between growth and strict cost control. The premium male grooming market is still expanding in urban areas, but the main focus for management is to grow revenue without a matching rise in material costs.
About Man Company
Founded in 2015 in Gurugram, The Man Company offers products in skincare, haircare, beard care, and fragrances. After Emami’s full acquisition in 2024, it now runs an omnichannel model combining direct digital sales, e-commerce marketplaces, and salon networks.
