Metro Brands (METROBRAND) Q4 25/26 earnings summary

Executive summary

• FY26 consolidated revenue reached Rs 2,864 crore, up 14.2% year-over-year, with EBITDA of Rs 869 crore and PAT of Rs 416 crore, marking a 17.3% increase.

• Q4 FY26 saw standalone business grow 20% year-over-year, with EBITDA up 21% and PAT up 15%.

• Store network surpassed 1,000, ending FY26 with 1,034 stores after a net addition of 124-147, including the first two Thea stores post-acquisition.

• Ecommerce sales grew 39%-53% year-over-year, contributing 12%-12.9% of total revenue.

• New distribution center opened in March 2026, increasing storage capacity by 200,000 sq ft.

Financial highlights

• EBITDA margin sustained at 30.3% for FY26 and 30.8% for Q4; PAT margin at 14.5% for FY26.

• Gross margin for FY26 was 57.9% (consolidated).

• Input cost inflation around 10%, mitigated by forward buying and inventory management.

• Net core working capital days improved to 86 days from 73 days last year.

• Operating cash flow for FY26 was Rs 474 crore.

Outlook and guidance

• Confident in sustaining 15%+ annual growth over the long term, with plans to expand store network and focus on omni-channel and ecommerce.

• E-commerce expected to represent 12%-15% of business in the near term, with some quarter-to-quarter lumpiness.

• Strategic focus on sports and athleisure segment through partnerships and new formats.

• Fila brand repositioning expected to become meaningful to results within 18 months.

• Store expansion to continue, with opportunity to open up to 50 stores across new brands in FY27, subject to market conditions.