Key Financial Performance - Q2 FY27

Consolidated Performance:

  • Revenue from Operations: ₹2,266 crore, up 11% from ₹2,038 crore in Q2 FY26
  • EBITDA: ₹390 crore, up 15% from ₹338 crore in Q2 FY26
  • EBITDA Margin: 17.2%, expanded by approximately 60 basis points from 16.6% in Q2 FY26
  • Profit Before Tax: ₹70 crore, up 127% from ₹31 crore in Q2 FY26
  • Profit After Tax: ₹53 crore, up 126% from ₹23 crore in Q2 FY26
  • Other Income: ₹30 crore, up from ₹21 crore in Q2 FY26

Segmental Performance - Q2 FY27:

  • Lifestyle Brands: Revenue ₹1,906 crore (up 9% YoY), EBITDA ₹371 crore (up 10% YoY), Margin 19.5%
  • Emerging Business: Revenue ₹371 crore (up 27% YoY), EBITDA ₹25 crore, Margin 6.8% (expanded 530 bps YoY)
  • Elimination: Revenue -₹11 crore, EBITDA -₹6 crore

Half Yearly Performance (H1 FY27)

Consolidated Performance:

  • Revenue: ₹4,311 crore, up 11% from ₹3,878 crore in H1 FY26
  • EBITDA: ₹717 crore, up 15% from ₹623 crore in H1 FY26
  • EBITDA Margin: 16.6%, expanded by approximately 50 basis points from 16.1% in H1 FY26
  • Profit Before Tax: ₹110 crore, up 85% from ₹59 crore in H1 FY26
  • Profit After Tax: ₹82 crore, up 73% from ₹48 crore in H1 FY26

Segmental Performance - H1 FY27:

  • Lifestyle Brands: Revenue ₹3,631 crore (up 9% YoY), EBITDA ₹690 crore (up 11% YoY), Margin 19.0%
  • Emerging Business: Revenue ₹703 crore (up 23% YoY), EBITDA ₹39 crore, Margin 5.6% (expanded 390 bps YoY)
  • Elimination: Revenue -₹22 crore, EBITDA -₹12 crore

Operational Highlights

Store Expansion:

  • Added 100+ new stores in Q2 FY27 (compared to ~70 stores in Q1 FY27)
  • Gross addition of 180+ stores in first half of FY27
  • Net addition of 86 stores in first half of FY27
  • Highest store addition in more than 2 years

Channel Performance - Q2 FY27:

  • Retail: ₹1,209 crore, up 8% from ₹1,123 crore in Q2 FY26
  • Wholesale: ₹597 crore, up 18% from ₹506 crore in Q2 FY26
  • E-commerce: ₹360 crore, up 12% from ₹322 crore in Q2 FY26
  • Other: ₹99 crore, up 15% from ₹86 crore in Q2 FY26

Like-to-Like Growth:

  • Overall retail L2L growth of 5.3% in Q2 FY27
  • 8th consecutive quarter of robust retail performance
  • Small-town network delivered 6th consecutive quarter of double-digit LTL

Balance Sheet Position (Consolidated)

As of September 30, 2026:

  • Net Worth: ₹1,433 crore (compared to ₹1,412 crore as of March 31, 2026)
  • Net Debt: ₹966 crore (increased from ₹726 crore as of March 31, 2026)
  • Lease Liability: ₹2,286 crore (increased from ₹2,184 crore as of March 31, 2026)
  • Capital Employed: ₹4,684 crore (increased from ₹4,322 crore as of March 31, 2026)
  • Net Block (incl. CWIP): ₹1,261 crore
  • Goodwill: ₹628 crore
  • Right to Use Assets: ₹1,955 crore
  • Deferred Tax Assets: ₹110 crore
  • Net Working Capital: ₹730 crore

Market Context and Business Environment

The presentation notes that demand remained steady despite a volatile operating environment, with growth momentum stronger in lower tier markets. Rising input prices, higher minimum wages, logistics and sourcing expenses were driving cost inflation. The festive shift impacted YoY performance as deferred festivities this year shifted occasion-led purchases to Q3. The company reported a positive start to the festive season with good Onam business and good start to Pujo season.

Brand Performance Highlights

Lifestyle Brands Portfolio (Louis Philippe, Van Heusen, Allen Solly, Peter England, Simon Carter):

  • Retail LTL growth stood at 5% YoY
  • E-commerce sustained high-single-digit growth
  • Wholesale accelerated with double-digit growth
  • Own e-commerce business up 70% in Q2
  • H1 own app visits up 250% YoY

Emerging Business Portfolio (Reebok, Innerwear, American Eagle):

  • Double-digit growth across all brands
  • Retail LTL growth stood at 11% YoY
  • 250th Reebok store opened during the period
  • Scaling up in Q-commerce segment

Expense Breakdown - Q2 FY27

  • Cost of Materials Consumed: ₹277 crore (from ₹266 crore in Q2 FY26)
  • Purchases of Stock-in-Trade: ₹783 crore (from ₹725 crore in Q2 FY26)
  • Changes in Inventories: -₹102 crore (from -₹129 crore in Q2 FY26)
  • Employee Benefits Expenses: ₹238 crore (from ₹220 crore in Q2 FY26)
  • Finance Costs: ₹96 crore (from ₹98 crore in Q2 FY26)
  • Depreciation & Amortisation Expense: ₹224 crore (from ₹209 crore in Q2 FY26)
  • Rent Expenses: ₹159 crore (from ₹150 crore in Q2 FY26)
  • Other Expenses: ₹550 crore (from ₹490 crore in Q2 FY26)