India, Oct. 5 -- Flipkart may be busy putting its house in order ahead of its 2026 public market debut, but sister company Myntra is quietly stealing the spotlight. In a market where most players are still bleeding cash, the fashion marketplace has turned into a profit machine.

In FY25, Myntra's net profit rose nearly 18X year-on-year (YoY) driven by an 18% YoY rise in operating revenue, low cash burn and a deferred tax credit. In fact, it's looking more and more like Flipkart could turn to Myntra for the profitable growth in the short term even as the main marketplace struggles.

But, there is also something else brewing behind its change of fates.

Myntra has been quietly rewriting its playbook. Instead of fighting tooth and nail in th...