Shoppers Stop (SHOPERSTOP) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 saw flat to slightly higher consolidated sales, with muted consumer sentiment and environmental disruptions impacting demand; consolidated sales reached up to ₹1,721 Cr, reflecting resilience.

• Premiumization efforts continued, with premium and premium-plus mix rising to 69% and beauty sales up 14% YoY; non-apparel categories gained share.

• Store network expanded to 301 stores across 71 cities, including new and relaunched flagship locations.

• Customer entries grew 5%, new customer acquisition was strong at 40%, and loyalty program sales reached 84%; First Citizen Club membership exceeded 13.3M.

• Un-audited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved by the Board on January 20, 2026.

Financial highlights

• Consolidated revenue from operations for Q3 FY26 was ₹1,415.82 crore, up from the previous quarter and prior year; standalone revenue was ₹1,320.85 crore.

• Consolidated EBITDA for Q3 declined 34% YoY to ₹77 Cr, with margin compression of 90 bps to 36.7%.

• Standalone net profit for Q3 FY26 was ₹12.61 crore, and consolidated net profit was ₹16.12 crore, both down YoY but rebounding sequentially.

• Beauty distribution business revenue reached ₹122 Cr in Q3, up 58% YoY.

• Exceptional item of ₹17.49-17.7 crore recognized due to one-time increase in employee benefit provisions from new labour codes.

Outlook and guidance

• Expecting mid-teen (12-15%) revenue growth for FY27, with sales and EBITDA margin improvement anticipated next year.

• Q4 and FY26 sales growth projected in single digits, with EBITDA margins in low single digits.

• Intune expected to reach EBITDA breakeven in FY27, with profitability from FY28.

• Q4 plans include opening 5 department stores, 3 INTUNE, and 2 beauty stores.

• The impact of new labour codes will be further evaluated and accounted for as related rules are notified.