India Textile & Apparel Sector Performance 9M FY25: Revenue Recovery Meets Margin Discipline
The Wazir Textile & Apparel Index tracks the financial performance of 276 listed textile and apparel companies against an FY16 baseline, covering the period April 2024 to December 2024. Aggregate consolidated sales across the sector reached Rs. 1,28,863 crore in 9M FY25, up 10% from Rs. 1,17,479 crore in 9M FY24, while the sector’s average EBITDA margin improved by 1 percentage point to 9%.
The split between textile and apparel companies, however, tells two distinct stories.
Textiles: Revenue Grows, Profitability Stays Under Pressure
The Wazir Textile Index (WTI) recorded a 9% increase in sales in 9M FY25 versus 9M FY24, with the EBITDA index rising 20% over the same period. Among the ten companies tracked, consolidated sales reached Rs. 42,407 crore, up from Rs. 38,956 crore. RSWM posted the sharpest revenue growth at 24%, while Welspun Living followed at 22%. KPR Mill stood out on profitability, with EBITDA margins expanding to 19% in 9M FY25. Average raw material costs declined marginally from 61% to 60% of sales, partially supporting margin improvement.
Apparel: Volume Leadership, Margin Stability
The Wazir Apparel Index (WAI) outpaced textiles on the revenue front, with sales up 25% in 9M FY25. Consolidated sales for the five tracked apparel companies reached Rs. 15,537 crore versus Rs. 12,410 crore. PDS led at 26% sales growth, followed by Pearl Global Industries at 28%. Despite strong topline momentum, average EBITDA margins held steady at 7%, with raw material intensity rising 1 percentage point to 66% of sales. Kitex Garments recorded the sharpest EBITDA improvement, moving from 15% to 22%.
On the trade front, India’s overall T&A exports grew 8% to US$ 26,819 million in 9M FY25, with apparel shipments contributing US$ 11,332 million, up 11%. The USA retained its position as the top export destination, accounting for 29% of value share. EU imports from India rose 24%, reflecting continued diversification away from China-concentrated sourcing.
India’s GDP expanded 7% year-on-year to Rs. 134.9 lakh crore in 9M FY25, providing macroeconomic tailwind for domestic consumption and manufacturing investment.
The full index covers company-level financials across revenue, EBITDA, raw material and employee cost trends for all 15 tracked companies, alongside export-import data across 7 product categories and 10 sourcing geographies. Access the complete analysis to benchmark segment and company performance across the full nine-month cycle.
