Indian direct-to-consumer meat and seafood brand Licious has reported a consolidated net loss of ₹218.3 crore for the fiscal year ended March 2025 (FY25).
What the Numbers Show
- Revenue growth: Licious’ operating revenue increased by about 16 % to approximately ₹797 crore in FY25 from ~₹687 crore in FY24.
- Total income (including other income) stood at around ₹844.6 crore in FY25.
- Expenses remained almost flat, rising only marginally to roughly ₹1,060.2 crore in FY25 from ~₹1,045.6 crore in FY24.
- EBITDA loss narrowed by 45 % to ₹163 crore in FY25 from ₹296 crore in FY24.
Why the Loss Persists
- The business still remains in scaling mode, with major costs tied to procurement, cold-chain infrastructure, last-mile delivery, and expansion of offline retail presence.
- Although revenue grew, the cost base (especially procurement and logistics) remains large given the nature of fresh/seafood retail.
- The company is also pushing an omnichannel strategy (online + offline retail stores) which typically brings higher fixed costs, store set-up, inventory, etc.
Strategic Highlights & Opportunities
- Licious is doubling down on omnichannel growth: it has expanded its offline retail presence (branded stores) alongside its online business.
- It highlights that investors and stakeholders are now looking more at “profitable growth” rather than just rapid scale, which indicates that narrowing the loss is a meaningful metric. Moneycontrol
- Management has signalled a focus on cost control, improving margins, and tighter operations—evidenced by reduced employee benefit expenses and advertising spend.
Implications to Watch
- For the IPO: With Licious still loss-making (₹218 crore loss), its upcoming IPO (targeted in 2026 or later) will be judged not just on revenue growth but on path to profitability.
- For investors: The margin improvement and flat cost growth are positive signals, but the company must show sustained improvement.
- For market competition: In the D2C/food-tech space, many companies are shifting from “growth at all cost” to “growth with discipline”. Licious seems aligned with that trend.
- For unit economics: As offline stores scale and quick delivery expands, improving per-customer margins and order frequency will be key.
- For valuation: While growth remains relevant, valuations will increasingly factor profitability, margin improvement and cash-flow outlook rather than only top-line.
Conclusion
Though Licious posts ₹218 crore loss in FY25, the narrowing of losses and revenue growth reflect a positive directional shift. The real test will be whether the company can turn that momentum into profitability and sustainable cash-flow—especially ahead of its public listing.
