Why Did The Man Company’s Profitability Decline in FY26?
Emami owned men’s grooming brand The Man Company reported modest revenue growth in FY26, but rising operating costs weighed heavily on profitability, causing its net loss to widen by 48.7%. According to regulatory filings, the company’s revenue from operations increased 4.5% to ₹161.17 crore in FY26 from ₹154 crore in the previous financial year.
Despite higher sales, increased spending across manufacturing, operations, and other business functions outpaced revenue growth. As a result, the Gurugram-based direct-to-consumer (D2C) brand posted a net loss of ₹32.54 crore, compared to ₹21.88 crore in FY25, highlighting the profitability challenges facing India’s competitive men’s grooming market.
How Is The Man Company Generating Revenue?
The Man Company manufactures and sells a wide range of men’s grooming products across skincare, beard care, haircare, fragrances, and personal care categories. In addition to its operating revenue, the company earned ₹12 lakh from non-operating sources, taking its total income for FY26 to ₹161.29 crore.
Since its acquisition by Emami, the brand has continued expanding its product portfolio and strengthening its presence across online marketplaces, D2C channels, and offline retail. However, revenue growth remained relatively modest during FY26, indicating a highly competitive consumer personal care market.
What Drove the Increase in Losses?
The biggest contributor to higher costs was the cost of materials consumed, which rose 12.9% to ₹64.15 crore. Finance costs also increased 26% to ₹4.07 crore, while other operating expenses climbed 13.6% to ₹101.68 crore.
Although employee benefit expenses declined 8.5% to ₹21.24 crore, overall expenditure increased 9.6% to ₹194 crore, significantly outpacing revenue growth.
The company’s EBITDA margin deteriorated to -15.91% from -9.66% a year earlier. Operational efficiency also weakened, with The Man Company spending ₹1.20 to generate every ₹1 of operating revenue, compared to ₹1.15 in FY25.
How Does The Man Company Compare With Its Competitors?
India’s men’s grooming market has become increasingly competitive, with brands focusing on premium products, digital marketing, and omnichannel distribution.
Among its key competitors, Beardo reported ₹214 crore in operating revenue and ₹13 crore in profit during FY25, while Ustraa posted ₹73 crore in operating revenue and reduced its losses to ₹14 crore. The FY26 financial performance of both competitors has not yet been disclosed.
The comparison suggests that while The Man Company continues to build scale, improving profitability remains an important priority in an increasingly crowded D2C personal care segment.
What Does This Mean for Emami’s D2C Strategy?
Emami completed the acquisition of 100% ownership in The Man Company in July 2024, seven years after making its initial investment in the startup. The FMCG major first acquired a 30% stake in 2017, became the majority shareholder in 2022, and eventually bought the remaining stake to gain full control.
The acquisition reflects Emami’s long-term strategy of expanding its presence in the fast-growing premium men’s grooming category. While FY26 demonstrates that scaling D2C brands continues to require significant investment, the company is expected to focus on improving operational efficiency, strengthening distribution, and driving sustainable profitability over the coming years.
As India’s men’s personal care market continues to expand, The Man Company’s next phase of growth will likely depend on balancing brand expansion with stronger financial performance.
