Financial Performance - Q4 FY26

Consolidated Results (₹ Crore)

  • Revenue: ₹1,990 Cr, up 16% YoY from comparable base of ₹1,719 Cr (Q4 FY25 comparable excludes ₹97 Cr gain from de-merger)
  • EBITDA before revaluation gain: ₹229 Cr, up 29% YoY from ₹177 Cr
  • Revaluation gain in associate: ₹83 Cr (TMRW's associate derivative assets/liabilities gain)
  • Reported EBITDA: ₹311 Cr, up 57% YoY from ₹199 Cr
  • EBITDA Margin: 15.6% (before revaluation gain: 11.5%)
  • EBIT: -₹38 Cr (improved from -₹116 Cr YoY)
  • PBT before wage code impact: -₹183 Cr (improved from -₹259 Cr YoY)
  • Wage code impact: -₹11 Cr
  • Reported PBT: -₹195 Cr
  • Reported PAT: -₹164 Cr
  • PAT excluding wage code & revaluation gain: -₹235 Cr (improved from -₹289 Cr YoY)

Financial Performance - FY26 Full Year

Consolidated Results (₹ Crore)

  • Revenue: ₹8,177 Cr, up 11% YoY from comparable base of ₹7,355 Cr (FY25 comparable excludes ₹97 Cr de-merger gain)
  • EBITDA before revaluation gain: ₹903 Cr, up 23% YoY from ₹736 Cr
  • Revaluation gain in associate: ₹64 Cr (TMRW's associate)
  • Reported EBITDA: ₹967 Cr, up 28% YoY from ₹758 Cr
  • EBITDA Margin: 11.8% (before revaluation gain: 11.0%)
  • EBIT: -₹373 Cr (improved from -₹409 Cr YoY)
  • PBT before wage code impact: -₹888 Cr (improved from -₹976 Cr YoY)
  • Wage code impact: -₹40 Cr
  • Reported PBT: -₹928 Cr
  • Reported PAT: -₹830 Cr
  • PAT excluding wage code & revaluation gain: -₹854 Cr (improved from -₹904 Cr YoY)

Segmental Performance - Q4 FY26

Pantaloons Segment

  • Revenue: ₹1,048 Cr, up 19% YoY
  • EBITDA: ₹162 Cr
  • EBITDA Margin: 15.5% (expanded 40 bps YoY)
  • Retail LTL: 14%
  • Store Additions: 16 new stores (4 Pantaloons + 12 OWND)

Ethnic Businesses

  • Revenue: ₹583 Cr, up 3% YoY
  • EBITDA: ₹81 Cr
  • EBITDA Margin: 13.9% (expanded 390 bps YoY)

TMRW (Digital Brands)

  • Revenue: ₹211 Cr, up 45% YoY
  • Performance: Cash losses reduced by >50% YoY

Others Segment

  • Revenue: ₹157 Cr, up 13% YoY
  • EBITDA: ₹36 Cr

Segmental Performance - FY26 Full Year

Pantaloons Segment

  • Revenue: ₹4,560 Cr, up 4% YoY
  • EBITDA: ₹739 Cr
  • EBITDA Margin: 16.2% (impacted by OWND scale-up investments)
  • Retail LTL: 2%
  • OWND Availability: Now at 79 stores

Ethnic Businesses

  • Revenue: ₹2,227 Cr, up 14% YoY
  • EBITDA: ₹242 Cr
  • EBITDA Margin: 10.8% (expanded 560 bps YoY)
  • Retail LTL: 16%

TMRW (Digital Brands)

  • Revenue: ₹872 Cr, up 34% YoY
  • EBITDA: -₹207 Cr
  • EBITDA Margin: -23.8% (improved from -31.6% YoY)
  • WROGN Brand Revenue: ~₹1,100 Cr

Others Segment

  • Revenue: ₹596 Cr, up 15% YoY
  • EBITDA: ₹175 Cr

Operational Highlights

Store Expansion

  • Q4 FY26: 70 new stores added across businesses
  • Q4 FY26: ~120,000 sq.ft. net addition
  • FY26 Total: 180+ new stores added
  • FY26 Total: ~600,000 sq.ft. net addition

Current Store Network (as of March 2026)

  • Pantaloons: 399 stores (5.78 million sq.ft.)
  • Ethnic Portfolio: 680+ stores across brands
  • TMRW: ~120 exclusive stores across brands
  • Luxury (TCMB): 49 stores including mono brands

E-commerce Performance

  • Overall E-com Growth: >30% YoY in Q4
  • Ex-TMRW E-com Growth: >20% YoY
  • FY26 E-com Share: 16% of total revenue
  • FY26 E-com Growth: >20% YoY

Market Context

  • Consumption trends remained stable quarter-on-quarter
  • Geopolitical factors emerging as risk to input costs and consumer sentiment
  • Omni-channel becoming central to fashion retail with D2C brands deepening offline presence
  • Low wedding dates in January 2026 compared to previous year
  • Value retail continues to grow driven by small town expansions

Balance Sheet Position (as of March 2026, ₹ Crore)

  • Net Worth: ₹6,263 Cr (down from ₹6,813 Cr in Mar-25)
  • Net Debt: ₹149 Cr (turned positive from net cash of -₹929 Cr in Mar-25)
  • Gross Debt: ₹1,695 Cr (up from ₹1,439 Cr)
  • Cash & Liquid Investments: ₹1,545 Cr (down from ₹2,367 Cr)
  • Lease Liability: ₹4,495 Cr (up from ₹3,578 Cr)
  • Deferred Tax Liabilities: ₹380 Cr (down from ₹400 Cr)
  • Capital Employed: ₹11,286 Cr (up from ₹9,863 Cr)

Key Business Developments

  • Pantaloons implemented strategic shift in consumer proposition focusing on premium brand experience
  • Ethnic portfolio now exceeds ₹2,200 Cr annual revenue
  • Designer led brands achieved 33% YoY growth in FY26, reaching 600 Cr+ business
  • Galeries Lafayette luxury department store launched and showing strong early traction
  • TMRW brands expanded omni-led distribution with 20+ new stores in Q4
  • TCNS business (W for Woman) showed significant improvement with FY26 EBITDA margin up ~900 bps and cash losses more than halved