Metro Brands (METROBRAND) Q2 26/27 earnings summary

Executive summary

• Festive demand shifted into Q3, tempering Q2 growth; gross margin expansion supported quarterly profitability amid continued investment and higher staff costs.

• The retail network reached 1,053 stores in 223 cities across 31 states and union territories as of September 2026.

Financial highlights

• Q2 FY27 consolidated revenue was ₹730.27 crore versus ₹651.14 crore YoY; PBT was ₹102.76 crore and PAT ₹77.28 crore versus ₹91.12 crore and ₹68.98 crore.

• Q2 consolidated EBITDA rose 15.8% to ₹198 crore; standalone revenue was ₹711.79 crore, EBITDA ₹193 crore and PAT ₹73 crore.

• H1 FY27 consolidated revenue was ₹1,450.63 crore versus ₹1,279.38 crore; PBT was ₹229.51 crore and PAT ₹172.54 crore versus ₹221.94 crore and ₹167.78 crore.

• H1 consolidated EBITDA rose 12.9% to ₹413 crore; standalone revenue was ₹1,413.41 crore, EBITDA ₹404 crore and PAT ₹164.37 crore.

Outlook and guidance

• Medium- to long-term PAT margin target is 13%–15%; H2 PAT is expected to exceed H1, partly supported by festive timing.

• H2 store additions are expected to exceed H1, with openings tied to profitability, rental discipline and product readiness.

• Clarks expects complete EBO product supply by Q3, with launches in the latter half of FY27 after supply and assortment stabilize.

• FILA repositioning is expected to take 12–18 months, with store expansion expected to pick up from FY29.