India’s textile and apparel sector posted broad-based revenue growth in FY25, though the headline expansion conceals a sharper divergence between the two sub-sectors. Listed apparel companies outpaced their textile counterparts by a significant margin, even as margin pressure moderated earnings quality across the board.
Textile Sector: Revenue Grows, Margins Stay Compressed
Consolidated sales of the top 10 listed textile companies reached Rs 57,114 crore in FY25, a 6% increase over FY24’s Rs 53,700 crore. The Wazir Textile Index (WTI) sales index, benchmarked to FY16, rose from 166 to 178, continuing a multi-year upward trajectory. Average EBITDA margin for this cohort edged up by 0.6 percentage points to 10.2%, yet remains well below the 13.1% last recorded in FY22. Raw material cost as a percentage of sales held flat at 60%, while employee cost inched up by 1 percentage point to 10%, absorbing part of the operating leverage that revenue growth would otherwise have delivered.
At the individual company level, performance was uneven. RSWM posted the strongest sales growth at 19%, with EBITDA margin recovering to 4.2% from 2.4% in FY24. KPR Mill maintained sector-leading margins at 18.1%, up from 14.7%. Vardhman Textiles, the largest player by revenue at Rs 9,587 crore, grew 3% with EBITDA improving to 13.1%. In Q4 FY25 specifically, consolidated textile sales rose 5% year on year to Rs 14,707 crore, though average EBITDA dipped 0.4 percentage points to 10.0%, signalling some cost pressure in the seasonally stronger quarter.
Apparel Sector: Revenue Acceleration, Margin Stagnation
The top 5 listed apparel companies recorded consolidated sales of Rs 21,525 crore in FY25, a 23% jump from Rs 17,513 crore in FY24. The Wazir Apparel Index (WAI) sales index climbed from 222 to 273. PDS led by absolute scale at Rs 12,578 crore (up 21%), while Kitex Garments delivered the highest growth rate at 59%, reaching Rs 983 crore. Despite the revenue acceleration, consolidated EBITDA margin for apparel companies slipped marginally by 0.2 percentage points to 6.8%, as raw material cost rose 1 percentage point to 67% of sales. Q4 FY25 apparel sales grew 17% year on year to Rs 5,988 crore, with average EBITDA marginally improving to 7.0%.
Export Environment: Demand Recovery Across Key Markets
India’s overall T&A exports grew 6% in FY25 to USD 36,960 million. Apparel exports led category growth at 10%, reaching USD 16,007 million. Home textiles followed at 8%, totalling USD 6,501 million. The USA remained the top destination with a 28% value share, followed by the EU at 20%. On the import side, India’s T&A imports rose 10% to USD 9,778 million, with China accounting for 42% of the import value — up from 37% in FY24. Fibre imports recorded the sharpest rise at 38%, reflecting demand for raw material inputs across the domestic manufacturing base.
India’s GDP grew an estimated 6.5% in FY25 (at constant prices), and the Index of Industrial Production for apparel improved 6% year on year, providing a supportive macro backdrop for sector performance.
The full index covers quarterly breakdowns, company-level financial comparisons across 321 listed T&A entities, and detailed export-import data by category and geography.
