Shoppers Stop
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Shoppers Stop (SHOPERSTOP) investor relations material

Shoppers Stop Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary21 Jan, 2026

Executive summary

  • Q3 FY26 saw flat to slightly higher consolidated sales, with core business sales at ₹1,516 Cr and consolidated sales up 4% YoY to ₹1,721 Cr, despite muted consumer sentiment and environmental disruptions.

  • Premiumization efforts continued, with premium category contribution rising to 69% and beauty sales up 14% YoY.

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

  • Customer entries grew 5%, new customer acquisition was 40%, and loyalty program membership exceeded 13.3 million.

  • Un-audited financial results for Q3 and 9M FY26 were approved and reviewed by statutory auditors with unmodified reports.

Financial highlights

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

  • Standalone revenue from operations for Q3 FY26 was ₹1,320.85 crore, and consolidated revenue was ₹1,415.82 crore.

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

  • Exceptional item of ₹17.49 crore (standalone) and ₹17.69 crore (consolidated) recognized due to new labour code provisions.

  • Net debt remained stable at ₹90 Cr, with inventory reduced and working capital tightly managed.

Outlook and guidance

  • Management expects a turnaround over the next two quarters, with FY27 revenue growth projected at 12-15% and improved EBITDA margins.

  • Intune losses expected to reduce to INR 20-25 crores in FY27, with EBITDA breakeven anticipated in Q1 FY27.

  • Q4 and FY26 sales growth expected in single digits, with low single-digit EBITDA margins.

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

Service tax appeal: Potential liability impact
New Labour Codes: Future financial impact
ESOPs: Why no exercises this quarter?
Intune's path to profitability by FY'28
Larger store strategy: impact on key financials
Gross margin contraction drivers, Q3
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Q4 25/2628 Apr, 2026
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Frequently asked questions

Shoppers Stop Limited is an Indian department store chain owned by the K Raheja Corp. It operates a large number of stores across India, offering a wide range of products including clothing, accessories, handbags, shoes, jewellery, fragrances, cosmetics, health and beauty products, home furnishing, and decor products. The company's journey began with its first store opening in Andheri, Mumbai, in 1991, marking the start of a new era in Indian retail. Over the years, Shoppers Stop has expanded its presence significantly, venturing into e-commerce in 2008 with a dedicated e-store and launching a smartphone app in 2016 to cater to the evolving digital consumer base. Shoppers Stop is listed on both the Bombay Stock Exchange and the National Stock Exchange of India.

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