Key Financial Results (Consolidated Non-GAAP)

Q2 FY27 Performance:

  • Sales: Rs 1,618 Cr, +7% YoY (vs Rs 1,507 Cr in Q2 FY26)
  • EBITDA: Rs 43 Cr, +56% YoY (vs Rs 28 Cr in Q2 FY26)
  • PAT: Rs 6 Cr (vs loss of Rs 7 Cr in Q2 FY26), representing 182% improvement
  • Net Revenue: Rs 1,444 Cr, +8% YoY
  • Margin Percentage: 36.7% (flat YoY)
  • Operating Expenses: Rs 514 Cr, +6% YoY
  • Finance Cost: Rs 5 Cr, -23% YoY

H1 FY27 Performance:

  • Sales: Rs 3,154 Cr, +8% YoY (vs Rs 2,908 Cr in H1 FY26)
  • EBITDA: Rs 86 Cr, +48% YoY (vs Rs 58 Cr in H1 FY26)
  • PAT: Rs 11 Cr (vs loss of Rs 11 Cr in H1 FY26), representing 199% improvement
  • Net Revenue: Rs 2,817 Cr, +10% YoY
  • Margin Percentage: 36.8% (-50 bps YoY)

Key Financial Results (Consolidated GAAP)

Q2 FY27 Performance:

  • Sales: Rs 1,366 Cr, +9% YoY
  • EBITDA: Rs 219 Cr, +22% YoY
  • PAT: Rs 3 Cr (vs loss of Rs 20 Cr in Q2 FY26)

H1 FY27 Performance:

  • Sales: Rs 2,658 Cr, +10% YoY
  • EBITDA: Rs 412 Cr, +14% YoY
  • PAT: Loss of Rs 11 Cr (vs loss of Rs 36 Cr in H1 FY26)

Business Segment Performance (Non-GAAP)

Core Business (Department Stores):

  • Q2 Sales: Rs 1,403 Cr, +4% YoY
  • Q2 EBITDA: Rs 49 Cr, +7% YoY
  • H1 Sales: Rs 2,747 Cr, +5% YoY
  • H1 EBITDA: Rs 97 Cr, +12% YoY
  • Premium portfolio contribution: 73% (+390 bps YoY)
  • Premium portfolio sales growth: +10% YoY
  • Personal shopper contribution: 27% (+200 bps YoY)
  • Personal shopper sales growth: +13% YoY

Beauty Segment:

  • Q2 Sales: Rs 367 Cr, +18% YoY
  • Fragrance category growth: +35% YoY
  • Retail network: 119 department stores, 73 EBOs, 64 shop-in-shops
  • GSSBB Distribution: Rs 168 Cr, +59% YoY (614 POS across 31 retailers)
  • Customer engagement: 200K+ makeovers, 500+ masterclasses

INTUNE (Value Fashion Format):

  • Q2 Sales: Rs 72 Cr, -3% YoY
  • Festive-adjusted LFL growth: +6% YoY
  • EBITDA Loss: Rs 15 Cr (improved from Rs 23 Cr loss YoY)
  • Inventory reduction: Rs 33 Cr YoY
  • New price point: Rs 1,299 showing encouraging traction

Operational Highlights

Store Expansion:

  • Q2 Store additions: 7 stores (4 Department, 2 Beauty Boutique, 1 MAC SIS)
  • Q2 Capex: Rs 39 Cr
  • H1 Store additions: 15 stores (6 Department, 5 Beauty Boutique, 1 MAC Standalone, 3 MAC SIS)
  • H1 Capex: Rs 83 Cr
  • Total stores as of Sep 2026: 289 stores across formats
  • Total retail area: 4.6 million sq. ft across 75 cities

First Citizen Loyalty Program:

  • Member base: 14 million (+24% YoY for Premium Black Card)
  • Contribution: 84% of sales
  • Premium Black Card enrolments: 40K (highest ever, +24% YoY)
  • Renewal rate: 66%
  • Silver Card additions: 208K during quarter
  • Black Card sales contribution: 22% of total sales

Private Brands:

  • "FRATINI Girl" available at 95 stores
  • "Bandeya" premium range scaled to 60 stores with price range up to Rs 4,999
  • Inventory reduction: 26% YoY

Marketing Initiatives:

  • Campaigns: "Gifts Of Love", "Denim Decode", "Lip Land"
  • Collaborations: Shoppers Stop × RBL bank co-branded credit card; STOP × PETER ENGLAND exclusive menswear collaboration
  • Customer entry growth: +8% QoQ (+1% LFL)

Balance Sheet & Cash Flow (Standalone Non-GAAP)

Balance Sheet as of Sep 2026:

  • Net worth: Rs 810 Cr (vs Rs 793 Cr Sep 2025)
  • Loan Fund: Rs 177 Cr (vs Rs 263 Cr Sep 2025)
  • Net Debt reduction: Rs 82 Cr YoY
  • Outright Inventory reduction: Rs 78 Cr YoY
  • Total Inventory: Rs 2,052 Cr
  • ROR Inventory: Rs 1,538 Cr
  • Investments in Subsidiary: Rs 130 Cr

Cash Flow H1 FY27:

  • Cash Profit from Operations: Rs 71 Cr
  • Cash generated from Operations: Rs 80 Cr
  • Fixed Assets investment: Rs 83 Cr
  • Investment in Subsidiary: Rs 20 Cr
  • Loan Repayment: Rs 25 Cr (net)

Management Commentary

Mr. Kavindra Mishra, MD and CEO, stated: "We are pleased to report a strong performance in Q2, despite the festive season shifting largely to Q3 this year. We delivered a meaningful turnaround in profitability, with Consolidated PAT turning positive at Rs 6 Cr compared to a loss of Rs 7 Cr in the last year and Standalone PAT also turning positive from a loss of Rs 10 Cr in last year, reflecting the strength of our operating leverage and the successful execution of our Shoppers Stop 2.0 strategy."

Forward-Looking Statements

The company aims to become debt-free by the end of Q3 FY27. The demand momentum witnessed in Q1 sustained through Q2, with encouraging build-up to Pujo and Dussehra across key markets. The company remains committed to prudent capital allocation and further improving profitability.