Five things that moved in Indian consumer and retail today, with the numbers behind each.
1. Myntra’s ad spend rose as revenue fell
Myntra’s FY26 filing shows revenue from operations of Rs 5,242.5 crore, down 13.5% on the year, against advertising and promotion spend of Rs 2,326.5 crore, up 10.5%. A profit of about Rs 548 crore in FY25 became a loss of Rs 579.4 crore. That is roughly 44 paise of advertising for every rupee of reported revenue, against about 35 paise a year earlier. One line did grow: the money brands pay Myntra to be visible on its app rose 35%, which on these numbers is the part of the business worth watching. (Entrackr, Exchange4media)
2. Innovist tripled revenue as L’Oreal circled
Innovist, the Bengaluru owner of Chemist at Play and Deconstruct, reported FY26 revenue of Rs 686 crore, about 2.8 times the previous year, with profit up 87%. Deconstruct alone did Rs 165 crore, roughly 25 times its level three years ago. The company spent Rs 262 crore on advertising to get there. All of this landed while L’Oreal’s acquisition of the business was advancing, which is the best possible moment for a founder to be posting growth, and doing it at a profit is likely what makes the asset worth buying rather than merely watching. (Entrackr, Storyboard18)
3. Cleartrip’s discounts were 4.5 times its revenue
Cleartrip, owned by Flipkart, booked FY26 operating revenue of Rs 198.3 crore, up 20.8%, and spent Rs 897.5 crore on discounts and cashbacks, up 47.5%. Total expenses were Rs 1,045.9 crore and the net loss widened 28% to Rs 805 crore. An online travel agency books only its commission as revenue, so a discount line larger than revenue is not automatically irrational. The problem is the growth rates: discounts rose more than twice as fast as the revenue they were meant to buy. (Entrackr, Inc42)
4. The Pant Project is going from 25 stores to 150
The Pant Project, a made-to-measure trousers brand that started online, has raised Rs 109 crore in a Series B led by Mirae Asset. It runs 25 stores today and is targeting 150, a six-fold increase, with the round also funding a wider product range. A made-to-measure proposition is an unusual thing to scale into 150 doors, because the trial is the product: being measured keeps conversion high and returns low, which is the one economic advantage a purely online apparel brand cannot buy. (Inc42, Indian Retailer)
5. SML Mahindra sold 21% more and earned 44% less
SML Mahindra reported Q2 FY27 revenue of Rs 669.8 crore, up 20.7% on the year, and net profit of Rs 11.70 crore, down 44%. The EBITDA margin came in at 4.22%, with the company pointing to higher material costs and inventory pressure. A commercial vehicle maker growing a fifth faster while margin halves is usually telling you its input costs moved before its own prices could, which a light CV maker competing with Tata and Ashok Leyland has very little room to pass on. (Autocar Professional, Equitybulls)
Read the full edition, with the deeper reads and today’s briefs: https://theinsightlabs.in/daily/2026-10-20
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