Aditya Birla Fashion and Retail (ABFRL) Q4 25/26 earnings summary

Executive summary

• Q4 FY2026 delivered strong revenue growth of 16% year-over-year, with Pantaloons up 19% and TMRW up 45%, despite a weaker wedding season and geopolitical disruptions.

• EBITDA grew 29% year-over-year in Q4, with margins at 11.5%; ethnic business EBITDA margin expanded by 390 bps.

• FY2026 revenue reached INR 8,177 crore, up 11% year-over-year, with double-digit growth in Ethnic (14%), Luxury (15%), and TMRW (34%).

• Retail footprint expanded by over 180 new stores in FY2026, adding approximately 600,000 sq ft.

• Audited results approved by the Board; statutory auditor issued an unmodified opinion.

Financial highlights

• Q4 revenue was INR 1,990 crore, up 16% year-over-year; Pantaloons segment up 19%, TMRW up 45%.

• Adjusted EBITDA grew 29% year-over-year to INR 229 crore, margin at 11.5%; ethnic business EBITDA margin expanded by 390 bps.

• FY2026 consolidated revenue was INR 8,177 crore, up from INR 7,354.73 crore in FY25; adjusted EBITDA up 23% to INR 903 crore with 11% margin.

• Q4 PAT loss reduced to INR 164 crore from INR 267 crore year-over-year; FY2026 PAT loss at INR 830 crore vs INR 882 crore last year.

• Gross cash at year-end: INR 1,549 crore consolidated; gross debt: INR 1,695 crore consolidated.

Outlook and guidance

• Management remains focused on responding to evolving market conditions, prioritizing consumer trends, disciplined execution, and calibrated scaling of new businesses.

• Inflationary pressures of 3%-4% on raw materials may lead to selective price increases of 5%-8% in the second half of FY2027.

• Store expansion for Pantaloons planned at 20-22 stores for FY2027, with potential acceleration.

• Tasva expected to break even by FY2028; TCNS targeted for profitability by end of FY2027 or FY2028.

• No explicit forward-looking guidance in statutory filings; focus on restructuring and integration post-demerger.