• Brandman Retail’s Rapid Ascent in India’s Athleisure Space

IPO-bound Brandman Retail Ltd (Brandman), a rising “House of Brands” in India’s retail landscape, is charting a strategic course that presents a compelling case for sustained mid-term growth of 200% compounding annual growth rate (CAGR). Industry analysts project the company to achieve a topline of ₹400 crore within the next two fiscal years. Furthermore, a successful Initial Public Offering (IPO) could act as a catalyst, potentially scaling the Delhi-based distributor’s revenue to the ₹500 crore milestone.

This optimism is rooted in the company’s recent financial velocity. Wealth management expert Avinash Gorakshakar notes, “Brandman’s topline has demonstrated remarkable momentum, with Revenue from Operations surging from ₹46.3 crore in FY23 to ₹135.3 crore in FY25 – a CAGR of nearly 200%. Extrapolating this performance suggests the ₹400 crore target is well within reach.”

This expansion is mirrored in the bottom line. Profit After Tax (PAT) skyrocketed from ₹0.4 crore to ₹21.0 crore over the same period, driving PAT margins from a modest 1% to a robust 15%. Moving forward, Brandman aims to defend these gains by leveraging its 23% EBITDA margin through an asset-light, highly scalable business model.

Market experts attribute this sustainability to a structural shift in Indian consumption. The “premiumization” trend, fuelled by the rising aspirations of India’s youth, is expected to ignite the premium (₹3,000–₹7,000) and luxury (>₹7,000) footwear segments. Brandman’s portfolio—headlined by global icons like New Balance, Puma, and Asics—is perfectly positioned at the intersection of these trends.

Despite a temporary headwind caused by new Bureau of Indian Standards (BIS) regulations, the company’s resilience is evidenced by a strong order book of ₹21.9 crore as of December 2025.

Brandman is also aggressively widening its footprint. Currently managing 50% of New Balance showrooms in India, the company is diversifying through “Sneakrz” multi-brand outlets and a strategic contract for 10 upcoming airport stores via Adani Airports. Coupled with a digital strategy where online marketplaces and D2C platforms contribute 41% of revenue, Brandman is uniquely positioned to dominate an athleisure market projected to reach USD 21.3 billion by 2033.