Shoppers Stop (SHOPERSTOP) investor relations material

Executive summary

• Q3 FY26 saw flat to slightly higher consolidated sales, with core business sales at ₹1,516 Cr and consolidated sales up 4% YoY to ₹1,721 Cr, reflecting resilience amid muted consumer sentiment and environmental disruptions.

• Premiumization efforts continued, with premium and premium-plus brands' mix rising to 69% and beauty sales up 14% YoY.

• Store network expanded to 301 stores across 71 cities, including new and renovated flagship locations such as Juhu.

• Customer entries grew 5%, loyalty sales reached 84%, and First Citizen members exceeded 13.3 million.

• Un-audited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved by the Board on January 20, 2026.

Financial highlights

• Consolidated revenue from operations for Q3 FY26 was ₹1,415.82 crore, up from ₹1,256.62 crore in the previous quarter and ₹1,379.47 crore in Q3 FY25; standalone revenue was ₹1,320.85 crore.

• Consolidated EBITDA for Q3 declined 34% YoY to ₹77 Cr, with margin compression of 90 bps to 36.7%.

• Standalone net profit for Q3 FY26 was ₹12.61 crore, and consolidated net profit was ₹16.12 crore, both down YoY but rebounding sequentially.

• Distribution business revenue reached ₹122 Cr in Q3, up 58% YoY, and beauty sales grew 14%.

• Exceptional item of ₹17.49 crore (standalone) and ₹17.69 crore (consolidated) recognized due to one-time increase in employee benefit provisions from new labour codes.

Outlook and guidance

• Q4 and FY26 sales growth expected in single digits, with EBITDA margins in low single digits.

• FY27 revenue growth guided at mid-teens (12-15%), with EBITDA margin improvement expected.

• Intune business expected to reach EBITDA breakeven in FY27, with profitability from FY28.

• Q4 plans include opening 5 department stores, 3 INTUNE, and 2 beauty stores.

• The impact of new labour codes will be further evaluated and accounted for as related rules are notified.