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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Shoppers Stop
Shoppers Stop (SHOPERSTOP) investor relations material
Shoppers Stop Q2 26/27 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 26/27 earnings summary16 Oct, 2026
Executive summary
Q2 FY27 consolidated non-GAAP gross revenue rose 7% to Rs 1,618 Cr and EBITDA rose 56% to Rs 43 Cr; non-GAAP PAT was Rs 6 Cr versus a Rs 7 Cr loss.
Q2 consolidated GAAP revenue from operations was Rs 1,366.27 Cr and net profit was Rs 3.11 Cr; H1 consolidated net loss narrowed to Rs 11.14 Cr from Rs 35.84 Cr.
H1 non-GAAP sales increased 8% to Rs 3,154 Cr and EBITDA rose 48% to Rs 86 Cr; non-GAAP PAT was Rs 11 Cr versus an Rs 11 Cr loss.
Customer entry grew 8% QoQ, including 1% LFL growth, despite the festive shift to Q3; outright inventory declined Rs 78 Cr YoY.
Financial highlights
Q2 non-GAAP consolidated net revenue was Rs 1,444 Cr (+8%), total revenue Rs 1,471 Cr (+9%) and gross revenue Rs 1,618 Cr (+7%); EBITDA was Rs 43 Cr (+56%).
Q2 non-GAAP PAT was Rs 6 Cr versus a Rs 7 Cr loss; GAAP consolidated PAT was Rs 3.11 Cr versus a Rs 20.11 Cr loss, while standalone net loss was Rs 2.33 Cr.
H1 non-GAAP gross revenue was Rs 3,154 Cr (+8%), net revenue Rs 2,817 Cr (+10%), total revenue Rs 2,873 Cr (+10%) and EBITDA Rs 86 Cr (+48%).
H1 GAAP net losses were Rs 19.04 Cr standalone and Rs 11.14 Cr consolidated, versus Rs 40.57 Cr and Rs 35.84 Cr a year earlier.
Outlook and guidance
FY27 LFL revenue growth guidance remains mid-single-digit or slightly higher, with healthy profitability expansion; management expects Q3 to be very strong on festive demand and improved INTUNE merchandise freshness.
Festive and wedding demand is expected to accelerate consumption after Q2 was affected by the calendar shift to Q3.
Departmental store openings are guided at 12 in FY27 and 10–12 annually over the next two to three years, subject to suitable locations and pipeline availability.
INTUNE losses are expected to decline further in Q3 and Q4; expansion plans will be updated after operational improvements are assessed.
The stated balance-sheet objective is to become debt-free by the end of Q3.
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Latest events from Shoppers Stop
- Sales and profit surged as store expansion and new retail formats accelerated.SHOPERSTOP
Q4 05/06 - Revenue and profit surged as store expansion accelerated, with funding and execution risks ahead.SHOPERSTOPQ4 04/05
- FY04 sales rose 34%, with 14 stores and four more planned.SHOPERSTOPQ4 03/04
- Sales grew 33%, but higher depreciation reduced reported PAT as expansion broadened across retail formats.SHOPERSTOPQ4 06/07
- Turnover rose 34%, but lease costs and expansion sharply reduced FY08 profit.SHOPERSTOPQ4 07/08
- Sales grew 16%, but impairment and financing costs drove a Rs 637 million standalone loss.SHOPERSTOPQ4 08/09
- FY10 turnaround lifted profit and margins, while expansion and cost risks remained.SHOPERSTOPQ4 09/10
- FY11 growth accelerated, but expansion costs, rental-tax exposure and HyperCity losses remained watchpoints.SHOPERSTOPQ4 10/11
- 17% turnover growth and rapid expansion, but lower margins and profit.SHOPERSTOPQ4 11/12
Next Shoppers Stop earnings date
Q3 26/2720 Jan, 2027
Shoppers Stop
Next Shoppers Stop earnings date
Q3 26/2720 Jan, 2027
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Frequently asked questions
Shoppers Stop Limited is an Indian department store chain owned by the K Raheja Corp. It operates a large number of stores across India, offering a wide range of products including clothing, accessories, handbags, shoes, jewellery, fragrances, cosmetics, health and beauty products, home furnishing, and decor products. The company's journey began with its first store opening in Andheri, Mumbai, in 1991, marking the start of a new era in Indian retail. Over the years, Shoppers Stop has expanded its presence significantly, venturing into e-commerce in 2008 with a dedicated e-store and launching a smartphone app in 2016 to cater to the evolving digital consumer base. Shoppers Stop is listed on both the Bombay Stock Exchange and the National Stock Exchange of India.