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Aditya Birla Fashion and Retail
Aditya Birla Fashion and Retail (ABFRL) investor relations material
Aditya Birla Fashion and Retail Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary6 Feb, 2026
Executive summary
Q3 FY26 revenue grew 8% YoY, with EBITDA up 13% and margin expansion of 70 bps, despite mixed demand and festive/wedding shopping concentrated in earlier quarters, impacting mass and premium segments.
Ethnic and luxury portfolios delivered strong double-digit growth, while masstige/value segments were impacted by festive and end-of-season sales timing shifts.
Digital-first and new businesses, including TMRW, continued rapid growth, with TMRW sales up 29% YoY and losses peaking.
Strategic focus remains on premiumization, network expansion, and profitability improvement across segments, with continued investment in new launches and alternate distribution channels.
Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, reflecting the demerger of Madura Fashion & Lifestyle (MFL) Business.
Financial highlights
Q3 FY26 consolidated revenue: ₹2,374 crore (up 8% YoY); EBITDA: ₹370 crore (up 13% YoY); EBITDA margin: 15.6% (up 70 bps YoY).
Q3 FY26 reported loss: INR 141 crore (including exceptional item); normalized loss: INR 115 crore; exceptional item of ₹28.48 crore due to Labour Code-related past service cost.
9M FY26 revenue: ₹6,187 crore (up 10% YoY); EBITDA: ₹655 crore (up 17% YoY); EBITDA margin: 10.6% (up 70 bps YoY).
Gross cash as of Dec 2025: INR 2,100 crore; net cash at consolidated level: INR 600 crore.
Standalone Q3 FY26 revenue: ₹1,641.69 crore; net loss after tax: ₹61.57 crore; consolidated net loss after tax: ₹137.30 crore.
Outlook and guidance
Focus remains on premiumization, network expansion, and leveraging new growth levers such as digital and omni-channel.
Pantaloons targets mid- to high-single-digit LTL growth and double-digit overall growth over the next two years.
TCNS plans to add 50-60 stores next year as turnaround progresses.
OWND! expects to open 40-50 stores in the coming year, with profitability not expected until FY29.
Management continues to monitor Labour Code implementation and will update estimates as clarifications emerge.
Continuing ops profitability outlook
Future financial impact of new Labour Code
Strategic rationale for subsidiary amalgamations
Pantaloons: customer profile shift and ASP impact
Ethnic segment: Tasva and TCNS profitability outlook
Galeries Lafayette: capital employed and store profitability
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Latest events from Aditya Birla Fashion and Retail
- Q2 FY26 saw double-digit revenue growth but continued net losses amid higher expenses.ABFRL
Q2 25/2613 Feb 2026 - Demerger, margin gains, and capital raises drive profitable growth despite subdued demand.ABFRLQ4 24/253 Feb 2026
- Revenue up 7% YoY, EBITDA margin expands, but net loss widens amid investments and restructuring.ABFRLQ1 24/252 Feb 2026
- Q2FY25 revenue up 13% YoY, but losses deepened amid acquisitions and restructuring.ABFRLQ2 24/2515 Jan 2026
- Q3 FY25 delivered revenue growth, margin expansion, narrowed losses, and strategic capital moves.ABFRLQ3 24/2528 Dec 2025
- Demerger enables 3x growth by FY30, driven by digital, sustainability, and capital discipline.ABFRLInvestor Day 202517 Dec 2025
- Q1 FY26 saw 9% revenue growth, margin expansion, and continued net losses amid restructuring.ABFRLQ1 25/2623 Nov 2025
Next Aditya Birla Fashion and Retail earnings date
Q4 25/2622 May, 2026
Aditya Birla Fashion and Retail
Next Aditya Birla Fashion and Retail earnings date
Q4 25/2622 May, 2026
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