Store count reached 1,342 stores across 339 cities (including 3 in UAE) with 18.57 million sq. ft. retail area as of 30th September 2026
Opened 10 Westside and 19 Zudio stores in Q2 FY27 while consolidating 2 Zudio stores
Reached milestone of 1,000th Zudio store during the quarter
Fashion portfolio like-for-like growth was in mid-single digits for Q2 FY27
Emerging categories (beauty & personal care, innerwear, footwear) contributed over 21% of revenues
Online revenues grew 20% in H1 FY27 and contributed over 6% of Westside revenues
Segment-wise Performance
Westside: 311 stores as of 30th September 2026
Zudio: 999 stores (including 7 stores in UAE) as of 30th September 2026
Other lifestyle concepts: 32 stores
Star food and grocery business: 87 stores across 13 cities, revenue growth over 20% in Q2 FY27
Star's sales mix continues to favour own brands with improving economic profile at store level
Financial Highlights
Revenue from operations: ₹5,788 crore for Q2 FY27
Other income for previous year included pre-tax profit on sale of assets of ₹96 crore in Q2 FY26 and ₹109 crore in H1 FY26
Profit on sale of assets in Q2 and H1 FY27 is not material
Geographical Revenue Split
Domestic vs Export/Regional Revenue: Not specified
Regional Breakdown: Operations span 339 cities including 3 in UAE
Balance Sheet Snapshot
Not specified in the presentation
Capex & Cash Flow Health
Company continues to substantially invest internal accruals to support growth
Capex outflows cover new store openings, store refresh, warehousing and supply chain infrastructure expansion, and automation/technology investments
Operating model preference is for company-operated stores with selective franchising primarily related to properties
Strategic & R&D Initiatives
Deploying AI tools and analytical models across the business to amplify performance
Digital, technological and AI-driven interventions facilitate optimal management of growing scale and driving productivity
Multiple initiatives yielding results across revenue, cost and capital optimization objectives
Accelerating commitment to forward deployment and integration of AI/digital initiatives in near to medium term
Focus on structural cost optimization and operating efficiencies
Industry Trends & Business Environment
Consumer sentiment broadly positive with healthy traction across concepts
Structural outlook for organized fashion retail remains encouraging supported by formalization, higher consumer aspirations, and increased consumption propensity
Inflation levels across line items remain elevated due to volatile geopolitical circumstances, interest rate trends and supply-chain disruptions
Competitive intensity remains high with asymmetrical landscape due to varying scale, size and distribution channels
Management Commentary & Growth Outlook
Expect trajectory of new store openings to remain broadly consistent annually
Quarterly store openings are inherently asymmetric due to property development, fitout timelines & regulatory approvals
Approximately 85% of Zudio stores opened during quarter were in peripheral growth markets or in Tier II cities & beyond
