Shoppers Stop records mixed financial results in Q2, FY26

18 October 2025, Mumbai 

Shoppers Stop reported mixed financial results for Q2 FY26 as the company’s standalone net loss widened slightly to Rs 22.68 crore, compared to a Rs 22 crore net loss in Q2 FY25.

However, the retailer’s top line revenue increased by 10.04 per cent Y-o-Yto Rs 1,175.31 crore. The pre-tax loss remained largely stable at Rs 30.21 crore, a marginal improvement from Rs 30.68 crore in the prior-year period.

The firm demonstrated stronger operating efficiency, with GAAP EBITDA growing to Rs 173 crore from Rs 157 crore, and Non-GAAP EBITDA rising 7 per cent Y-o-Y to Rs 23 crore. Despite the improved EBITDA, the GAAP gross margin saw a slight contraction to 39.2 per cent from 39.9 per cent in Q2 FY25.

Shoppers Stop’s strategy of premiumization paid off, as the average transaction value (ATV) increased 8 per cent Y-o-Y to Rs 5,109 crore. Private brand sales reached Rs 161 crore, accounting for 13 per cent of total sales and 17 per cent of the apparel business.

A standout performer, the beauty distribution business registered a 103 per cent Y-o-Y in sales to Rs 106 crore. The company also announced plans to launch brands by EuroItalia, a global luxury beauty player. Investment in new concepts continued, with the launch of one department store, three beauty stores, and three Intune stores, incurring a capital expenditure of Rs 34 crore.

Kavindra Mishra, Managing Director and CEO, Shoppers Stop, notes, the retailer delivered consistent performance despite continued softness in demand and a challenging macro environment. The company registered a 4 per cent overall revenue growth and a 3 per cent like-for-like (LFL) growth, he adds..

This growth was driven by several initiatives including engagement with the First Citizen loyalty program, which now contributes an overwhelming 83 per cent to overall sales, reveals Mishra.

Crucially, the department LFL grew by 9.4 per cent, and the company achieved a 6 per cent LFL customer entry growth, a positive milestone after many years. The new Intune and ss.beauty.in businesses also grew substantially, with sales increasing by 75 per cent. The company's efforts resulted in EBITDA growth of 42 per cent and a pre-tax profit of Rs 9 crore in Q2, FY26 as against a loss in Q2 FY25.

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