Spykar Brand Audit: Made-in-India Denim at Mid-Market Prices

Spykar has been selling denim in India since 1992, which makes it older than most of the brands it now sits beside on a marketplace shelf. The name on the back pocket has stayed put. The ownership has not — the founder sold control in 2014, and the buyer was a metals family from outside the clothing trade.

On 11 September 2026 the brand’s Myntra page carried 9,687 listings and its own website listed at least 3,000 products. Two readings taken that day cover most of what a buyer needs to know before ordering a pair.

The first is about price: the brand’s own shop and the marketplace measure their discounts from different reference prices. The second is about the label, and the factory it names for most of the range.

Brand launched

1992, by Prasad Pabrekar

Operating company

Spykar Lifestyles Private Limited, CIN U18101MH1998PTC114797, incorporated 6 May 1998

Registered office

Lotus Corporate Park, Goregaon East, Mumbai 400063

Control

Metdist group, Bagri family, since August 2014

Typical price charged

Median ₹1,709 on Myntra, ₹1,559 on spykar.com, read 11 September 2026

Country of origin

India, on 40 of 40 marketplace records read

Catalogue

9,687 Myntra listings, a count that includes the UnderJeans line; at least 3,000 products on spykar.com

Who owns Spykar

The operating company is Spykar Lifestyles Private Limited, with its registered office on the nineteenth floor of Lotus Corporate Park in Goregaon East, Mumbai. What the register carries, through the mirrors that republish it, is an incorporation date of 6 May 1998, authorised capital of ₹30 crore and paid-up capital of ₹19.51 crore. These are mirrors of the companies register rather than the filings themselves.

Both credit rating agencies that have written on the company say it was incorporated in 1992 — CARE Ratings on 3 January 2023 and Infomerics on 19 December 2024. 1992 is also the year the brand’s own trade-press history gives for the launch of Spykar. Both statements stand on the record with their dates, and neither is resolved here.

The investment came in stages. Avigo Capital Partners put about ₹25 crore into Spykar for a minority stake in 2007, Business Standard reported on 2 March 2012. The same paper reported on 1 August 2014 that Avigo had brought in its investor Metmin and acquired 30 per cent for about ₹30 crore in 2011, while the 2012 report describes Avigo holding a 60 per cent controlling interest against founder Prasad Pabrekar’s 40 per cent. Both reports are given here as published.

August 2014 is firmer. Business Standard reported that Apurv Bagri’s Metmin Investment Holdings bought a 30 per cent stake from Avigo, taking the Metmin side to roughly 60 per cent and leaving Pabrekar with 40 per cent. The company was valued at ₹200–220 crore; the price paid for that 30 per cent was not published. The register mirror supports the date from a different direction — four of the five current directors were appointed in September 2014.

Each step is taken from a dated report or a dated rating release, and the last box is where the record leaves it.

The current holding has been described in three rating releases.

The only percentage anyone has published is the 100 per cent in the January 2023 release. The two later ones name the same three shareholders — Metdist Industries Holdings, Metmin Investment Holdings and Metmin Investment & Trading — and publish no figure at all. Whether Prasad Pabrekar or any other party still holds a share is not something any record read here answers.

Metdist itself is a family group. CARE’s February 2025 release says it is promoted by the Bagri family based in Malaysia, founded by Lord Bagri and now managed by Apurv Bagri as group president and chief executive. Business Standard in 2012 described Metmin Investments as owned by Raj Bagri, a former chairman of the London Metal Exchange. The two descriptions of where the family sits are printed as they read. The company has also held a UK overseas registration since its first establishment there opened on 12 April 2007.

What Spykar costs in India

Both channels were read on 11 September 2026, and they charge differently.

On Myntra

46.9% of MRP

On spykar.com

66.9% of the struck price

Gap

About twenty points higher share of the reference price on its own site

Read on

11 September 2026

On Myntra, 178 of the 200 listings in the sample were reduced, the sample charged 46.9% of MRP in aggregate, and the median price actually charged was ₹1,709. On spykar.com, 2,466 of the 3,000 products checked were reduced, the shop charged 66.9% of the struck price in aggregate, and the median charged was ₹1,559. That is about twenty points higher on the brand’s own site — but it is an aggregate share of the higher published price on each channel, not a like-for-like comparison, because no single garment was matched across both.

The two higher numbers are also not the same kind of number. On Myntra the higher figure is an MRP, the maximum retail price printed on the pack under the packaged-goods rules and inclusive of tax. On spykar.com the higher figure is a struck price the shop sets for itself. A discount means nothing until you know what it is taken off.

Both ladders are short. Twenty-three distinct MRPs covered the 200 marketplace listings read, at twelve distinct discount rungs. The brand’s own store used 96 distinct struck prices and fifteen rungs across 3,000 products. These are price grids, not prices worked out garment by garment.

For comparison on the same day, Wrogn charged 64.1% of the struck price on its own site against 45.3% of MRP on Myntra, a gap of about nineteen points; those two are the widest of the direct-to-consumer clothing brands checked that day. At the other end, Snitch charged 95.5% of MRP on the marketplace and showed not one struck price among the 52 listings read on its own shop page. Deep discounting and a high MRP are two halves of the same decision.

One thing this price does not carry is import duty. Every one of the 40 records read in full declares the goods as made in India, so no customs stack sits inside the figure. What you are paying above the mill cost is the brand’s margin and the retailer’s.

Who is named on the Spykar label

Forty Myntra records were read in full on 11 September 2026. Every one carried a country of origin and a net quantity. Percentage composition appeared on 30 of them. A fabric weight appeared on none.

That is more than the brand’s own website offers. Among the direct-to-consumer clothing brands read the same day, the marketplace listing is usually the fuller document: Bummer’s own store prints no origin, no net quantity and no manufacturer, while all 40 of its Myntra records carry the lot. Spykar’s own store publishes percentage composition in 1,185 of the 3,000 descriptions checked, and a fabric weight in none of them.

A Legal Metrology declaration names who is legally answerable for the goods, not who sewed the garment, and the rules allow more than one entity to be named across a range. Read that way, the Spykar records split like this.

Seven declared-manufacturer names across forty records is a moderate spread for a brand this size, and one name covers four fifths of it. On the seller side, the brand’s own company is the seller of record on nine listings out of forty.

The manufacturer on 32 of those 40 is Indaco Jeans Pvt. Ltd, at Plot G-21, MIDC Tarapur, Boisar West, in Palghar district. CARE Ratings’ release of 3 February 2025 says in terms that Spykar outsources garment manufacturing to known players such as Indaco, Wonderblues and Bestsellers, with fabric from well-known mills. The rating agency’s sentence and the packaging declarations point at the same factory.

Indaco’s own site gives that Tarapur address, names Spykar first on its client list ahead of Flying Machine, Celio, NEXT and Lee Cooper, and tells the brand’s origin story itself: a family that mastered laundry and washing in the 1930s, and Prasad Pabrekar, who inherited that business and turned it into a denim brand. The same site says he sold Spykar Jeans in 2014 and went into denim manufacturing, dates the factory to 2007 and gives it a capacity of three million pieces a year.

Indaco Jeans of MIDC Tarapur is the declared manufacturer on 32 of the 40 Spykar records read, and CARE Ratings names Indaco among the brand’s outsourced makers.

The declaration on the listings reads “Indaco Jeans Pvt. Ltd”, at the Tarapur address its own site gives. This page makes no statement about who owns Indaco.

What the accounts show

Total operating income, as the two rating agencies report it from the company’s filed accounts:

The climb from ₹220 crore to ₹603 crore in two years is the interesting part, and so is what happened next. FY2023-24 came in slightly below the previous year on revenue, and profit after tax fell from ₹21.07 crore to ₹5.82 crore. CARE’s February 2025 release records that operating income, operating profit and profit after tax for that year came in 10%, 22% and 76% lower than the levels it had expected.

For FY2024-25 there are two numbers and they are different kinds of thing. Infomerics recorded first-half revenue of ₹338 crore and a projected full year of ₹656 crore in its release of 19 December 2024 — a projection in a rating note is a projection, not a result. No FY2024-25 result is given here.

Store counts need the same care, because outlets and points of sale is a much wider count than exclusive brand outlets, and the two must never be read as one number. CARE gives 1,644 points of sale as on 31 December 2021, 1,690 as on 31 October 2022 and 1,845 as on 31 October 2023. On exclusive outlets, CARE gives 290 as on 30 November 2023, and Infomerics gives 220 in a release dated 19 December 2024; the two releases may count on different bases. In June 2026 the company said it would add 100 stores over two years, taking its network beyond 380 outlets — its own figure, and a forward-looking one.

Who Spykar is actually for

At a median ₹1,709 charged on the marketplace and ₹1,559 on its own site, Spykar sits above the Indian value chains and well below imported denim. That is the middle of the market, and the brand has held it for three decades with a product most buyers already know: five-pocket stretch denim, slim fits, jackets and shirts, plus the UnderJeans innerwear line that shares the Spykar name and no separate company of its own.

If you are buying, compare the rupee price of the same garment on both channels; on 11 September 2026 the marketplace listing also carried the fuller declaration. Read the origin and net quantity on the listing, and read the seller’s name, because on three quarters of these listings it is not the brand’s own company. Then ignore the discount percentage entirely and look only at the rupee figure you will pay, since the number it is struck from differs by channel.

What you cannot find out is how heavy the denim is. No Spykar listing on either channel carries a fabric weight in GSM — not one of the 40 marketplace records, not one of 3,000 product descriptions on its own store. That is not unusual: among every clothing brand covered on this site, XYXX is the only one that publishes a weight figure at all, and it does so in prose on a minority of its listings rather than in a specification field. Denim weight is the single number that tells you how a pair will wear, and the Indian market does not print it.

Common questions

References

1. Register mirror, Spykar Lifestyles Private Limited — CIN, incorporation date of 6 May 1998, registered office, capital and the five directors with their 2014 and 2017 appointment dates
2. Second register mirror, Spykar Lifestyles — revenue of ₹597.5 crore for March 2024 and ₹603.0 crore for March 2023, agreeing with the rating releases
3. Third register mirror, Spykar Lifestyles — paid-up capital
4. CARE Ratings press release, 3 January 2023 — “Metdist group holds 100% stake”, incorporation stated as 1992, FY2020-21 and FY2021-22 income, outlet counts to 31 October 2022
5. CARE Ratings press release, 3 February 2025 — “majority stake”, the Bagri family and Metdist, outsourced manufacturing to Indaco, Wonderblues and Bestsellers, FY2022-23 and FY2023-24 figures, outlet counts to 30 November 2023
6. Infomerics press release, 19 December 2024 — “majority stake”, incorporation stated as 1992, FY2022-23 and FY2023-24 figures, H1 FY2024-25 revenue and the FY2024-25 projection, the 220 exclusive brand outlets figure
7. Business Standard, 2 March 2012 — Avigo’s ₹25 crore investment in 2007, the 60/40 description, Metmin Investments and Raj Bagri
8. Business Standard, 1 August 2014 — Metmin’s purchase of 30 per cent from Avigo, the move to roughly 60 per cent, Pabrekar’s 40 per cent and the ₹200–220 crore valuation
9. Companies House, overseas company FC027554 — the UK registration and the first establishment date of 12 April 2007
10. Indaco Jeans — the Tarapur factory, the client list naming Spykar first, the 1930s laundry history and Prasad Pabrekar’s part in it
11. Indaco Jeans, about page — the 2007 founding date, the three million pieces a year capacity and the statement that Pabrekar sold Spykar Jeans in 2014
12. Fibre2Fashion brand story — the 1992 launch under Prasad Pabrekar and the earlier exclusive-outlet plans
13. FashionUnited India, 6 September 2018 — Sanjay Vakharia’s appointment as chief executive and his description as co-founder of the brand in 1992
14. D2C Insider Pulse, 10 June 2026 — the company’s plan to add 100 stores over two years and take the network beyond 380 outlets
15. UnderJeans by Spykar, about page — the line’s description and the Spykar customer care address