Date: November 5, 2026

Financial Performance Summary

Quarterly Performance (Q2 FY27 vs Q2 FY26)

  • Revenue: ₹2030 Cr (up 2% from ₹1982 Cr)
  • EBITDA: ₹67 Cr (down 43% from ₹116 Cr)
  • PBT: -₹454 Cr (vs -₹333 Cr)
  • PAT: -₹376 Cr (vs -₹295 Cr)

Half-Yearly Performance (H1 FY27 vs H1 FY26)

  • Revenue: ₹4056 Cr (up 6% from ₹3813 Cr)
  • EBITDA: ₹233 Cr (down 18% from ₹286 Cr)
  • PBT: -₹775 Cr (vs -₹593 Cr)
  • PAT: -₹625 Cr (vs -₹529 Cr)

Performance Drivers

  • Quarterly growth moderated due to shift in festive dates to Q3 and subdued wedding season
  • EBITDA decline primarily due to festive shift impacting operating leverage and scale-up of new businesses OWND and Galeries Lafayette
  • H1 revenue showed stronger growth at 6% YoY

Business Segment Performance

Masstige & Value Retail

  • Pantaloons demonstrated resilience despite festive calendar realignment
  • Adjusting for festive shift and store closures, business grew ~6% vs LY
  • E-commerce delivered 19% YoY growth driven by targeted engagement campaigns
  • Pantaloons retail network: 387 stores at quarter-end
  • OWND delivered 58% YoY growth primarily led by store additions
  • OWND retail network: 90 stores at quarter-end

Ethnic Brands Portfolio

  • Total portfolio: 2200+ Cr annual revenue, 650+ stores across brands
  • Designer led brands (Sabyasachi, Tarun Tahiliani, Shantnu & Nikhil, House of Masaba): Double-digit overall revenue growth supported by brand visibility, category expansion, and distribution growth
  • Premium ethnic wear brands:
  • TCNS: Focus on elevated merchandise, festive-wear proposition, and larger stores. Retail network: ~460 stores
  • TASVA: Strengthened brand salience through digital initiatives. Retail footprint: 92 stores
  • Jaypore: Focus on consumer engagement through craft-led storytelling. Retail footprint: 44 stores across 15+ cities

Luxury Retail

  • Delivered robust revenue growth across super-premium and luxury segments
  • The Collective and Mono Brands (TCMB): Strengthened luxury proposition through new brand partnerships and expanded omnichannel presence. Retail footprint: 49 locations
  • Galeries Lafayette: Reinforced positioning through exclusive launches, curated events, and celebrity collaborations. Used strategic city pop-ups for outstation reach

TMRW

  • Delivered 10% YoY revenue growth driven by category expansion and premium offerings
  • Including WROGN, growth stood at 19% YoY
  • Profitability improved for consecutive quarters driven by increasing scale
  • Retail network: 150+ stores (including WROGN) across key markets

Operational Highlights

  • Added 35 new stores in Q2, taking total store additions to over 80+ in H1
  • Total retail area: 7.8 Mn. sq. ft.
  • Gross cash position: ₹1143 Cr
  • Standalone cash: ₹628 Cr

Strategic Outlook

  • Despite near-term macroeconomic uncertainties, company remains confident in long-term opportunities in India's fashion market
  • Focus areas:
  • Expanding through larger, more productive stores
  • Scaling emerging businesses
  • Sharpening merchandise assortments
  • Strengthening brand salience
  • Driving profitable growth remains central to strategy with disciplined execution

Company Overview

  • Presence across 1268 stores spanning ~7.8 Mn. sq. ft. retail space
  • Portfolio includes Pantaloons, OWND, The Collective, Galeries Lafayette, Jaypore, Tasva, and designer partnerships
  • TMRW platform for digital-first fashion brands
  • Recently integrated TCNS brands (W, Aurelia, Wishful, Elleven, Folksong)