Shoppers Stop (SHOPERSTOP) Q2 26/27 earnings summary

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.