Aditya Birla Lifestyle Brands (ABLBL) Q4 25/26 earnings summary

Executive summary

• Q4 FY26 revenue rose 12% YoY to INR 2,174 crore; EBITDA increased 14% to INR 375 crore. FY26 revenue grew 7% to INR 8,395.81 crore.

• FY26 EBITDA rose 13% to INR 1,429 crore; EBITDA margin reached 17.0%, up 80 bps, and normalized PAT increased 61% to INR 209 crore.

• FY26 overall retail like-for-like growth was 9%; more than 300 stores were added and the network reached 3,348 stores.

• The demerger and GST transition had limited operational impact.

Financial highlights

• Q4 EBITDA was INR 375 crore; normalized PBT was INR 78 crore, up 50%, and normalized PAT was INR 60 crore, up 58%.

• Q4 reported PBT was INR 70 crore and reported PAT INR 55 crore, after INR 8 crore of exceptional items.

• FY26 consolidated revenue was INR 8,395.81 crore and reported net profit INR 171.05 crore; normalized PAT was INR 209 crore.

• FY26 standalone revenue was INR 8,373.14 crore and net profit INR 134.60 crore.

• Operating cash flow before CapEx and security deposits was INR 450 crore; free in-year PAT before exceptional items was INR 313 crore.

Outlook and guidance

• Management expects growth momentum and store expansion to continue; lifestyle retail like-for-like growth is expected to average 7% over a steady-state period, with quarterly variation.

• FY27 CapEx was indicated at INR 250-300 crore, including about INR 200 crore for retail expansion and renovations.

• Reebok expansion is expected at 40-50 stores annually for the next few years, alongside like-for-like growth and product innovation.

• Van Heusen Innerwear targets at least one profitable quarter in FY27; emerging-business EBITDA margin is expected to improve further from 3.9% in FY26.