Shoppers Stop (SHOPERSTOP) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 consolidated sales reached Rs 1,526 Cr, up 13% year-over-year, with strong growth in core businesses, new ventures, and beauty distribution.

• Premiumization and customer engagement initiatives drove higher sales, improved KPIs, and record First Citizen Club enrollments.

• Core business returned to profit before tax, with departmental store like-for-like sales at a 10-year high.

• New businesses (Intune, SSBeauty.in) are in investment phase, incurring planned losses but showing early growth and consumer acceptance.

• Board approved un-audited standalone and consolidated results for Q2 and H1 FY26.

Financial highlights

• Consolidated Q2 FY26 revenue was ₹1,526 Cr, up 13% YoY; core business sales grew 7% YoY to Rs 1,346 Cr.

• Beauty segment up 22%, with fragrances leading growth; watches and handbags grew 13% and 11% respectively.

• Beauty distribution Q2 sales doubled YoY to Rs 106 Cr, with 103% growth and 7 new boutiques opened.

• Core business profit before tax improved from a loss of INR 12 crore to a profit of INR 9 crore.

• Consolidated net loss for Q2 FY26 was ₹20.11 crore, compared to ₹20.59 crore in Q2 FY25.

Outlook and guidance

• Anticipates double-digit growth momentum to continue in Q3, driven by festive demand and strong beauty and fashion categories.

• Focus on measured expansion, premiumization, and strengthening omnichannel experience.

• Guidance for mid-single-digit or better EBITDA margin for the full year, with Q3 expected to be the strongest quarter.