Date: November 02, 2026

Financial Performance Summary

Quarterly Performance (Q2 FY27 vs Q2 FY26)

  • Revenue grew by 10.0% to ₹1,559 crore from ₹1,418 crore
  • EBITDA grew by 15.5% to ₹216 crore from ₹187 crore
  • EBITDA margin improved by ~67 bps to 13.9%
  • PAT (for continuing business) grew by 29.6% to ₹49 crore from ₹38 crore
  • Gross margin expanded by 136 bps to 53.9%

Half-Yearly Performance (H1 FY27 vs H1 FY26)

  • Revenue grew by 12.4% to ₹2,837 crore from ₹2,525 crore
  • EBITDA grew by 17.2% to ₹376 crore from ₹321 crore
  • PAT (for continuing business) grew by 16.4% to ₹59 crore from ₹51 crore

Operational Metrics

  • Direct channel contributed 53% of company's revenue (up by ~380 bps YoY)
  • Retail like-to-like (L2L) growth of 7.3%
  • Online B2C growth of ~28%
  • Adjusted for festive shift & online tower events: overall growth ~15%, retail LTL 10%, B2C growth 45%
  • Working capital remained stable with GWC days at 157 days and NWC days at 65 days

Performance Drivers

  • Revenue growth aided by 15.4% growth in retail & higher marketing investments
  • Gross margin expansion driven by better channel mix, strong LTL, and lower discounting
  • On Pre-Ind AS basis, EBITDA grew by 18% and PAT grew by 38%

Management Commentary

Ms. Amisha Jain, MD & CEO, stated that Q2 delivered another quarter of profitable growth with revenue up 10.0% and EBITDA up 15.5%. Adjusted for the shift in festive season and online tower events, underlying growth was ~15%, in line with guidance. The company remains watchful of external macro-economic factors including inflation, geopolitical developments, potential El Nino effect, and repo rate changes. The company is confident of sustaining growth trajectory with focus on accelerating profitable growth across marquee brands, deepening consumer engagement, increasing share of direct channels, and driving efficiency across the business.

| Consolidated Financial Performance Summary | | | | | | |

| Rs. Crore | Q2 FY27 | Q2 FY26 | Y-o-Y Growth | H1 FY27 | H1FY26 | Y-o-Y Growth |

| Revenues | 1559 | 1418 | 10.0% | 2837 | 2525 | 12.4% |

| EBITDA | 216 | 187 | 15.5% | 376 | 321 | 17.2% |

| PAT* | 49 | 38 | 29.6% | 59 | 51 | 16.4% |

*For continuing business