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The Man Companyโ€™s revenue declines to Rs 154 Cr in FY25; slips into losses

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The Man Companyโ€™s revenue declines to Rs 154 Cr in FY25; slips into losses
Medial

Emami-owned menโ€™s grooming and personal care brand, The Man Company, saw its scale decline in the fiscal year ending March 2025, slipping into losses. The companyโ€™s revenue from operations declined by 16% to Rs 154 crore in FY25 from Rs 183 crore in FY24, according to its financial statements sourced from the Registrar of Companies (RoC). The sale of grooming products accounted for 97% of the revenue, while the rest came from shipping charges. Advertising costs emerged as the largest expense, rising over threefold to Rs 43 crore in FY25 from Rs 14 crore in FY24. Other major costs also increased, with discounts reaching Rs 18 crore, employee benefit expenses at Rs 10.5 crore, and the cost of materials nearly doubling to Rs 29.3 crore in FY25. Depreciation increased to Rs 6.2 crore, while other expenses fell to Rs 70 crore. Overall, The Man Companyโ€™s total expenses remained flat at Rs 177 crore in FY25, the same as the previous year. The decline in scale led the company into the red, recording a loss of Rs 22 crore in FY25 compared to a profit of Rs 9 crore in FY24. Its EBITDA margin fell to negative 9.74% from 6.78% the previous year. On a unit basis, the company spent Rs 1.15 to earn a rupee during the fiscal year. The Gurugram-based firm reported cash and bank balances of Rs 0.3 crore, with current assets at Rs 68 crore in FY25. Emami acquired The Man Company (TMC) for about Rs 400 crore, marking Emami's first D2C acquisition. The Man Company's competitors, Beardo and Ustraa, showed varied performances in FY25. Beardo's revenue increased to Rs 214 crore in FY25 from Rs 173 crore in FY24, with PAT rising by 258% to Rs 13 crore. Conversely, Ustraa's revenue declined by 22% to Rs 73 crore, but it narrowed its losses by 72% to Rs 14 crore in FY25. The Man Company's results underscore the challenges of D2C space acquisitions. Acquiring firms looking for high growth often face issues in a relatively unstructured environment. A heavy-handed approach post-acquisition can also stifle the agility that helped startups adapt to market changes. There is little doubt that The Man Company has lost some vitality post-acquisition.

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