Spencer's Retail Limited has informed the Exchange about Transcript
SPENCERS · price
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Spencer's Retail reported a 13% QoQ consolidated revenue growth in Q3 FY26 but a 2.7% YoY decline, largely attributed to the festive season (Durga Puja and Diwali) being split between Q2 and Q3 this year. Consolidated post-INDAS EBITDA was INR 8 crore versus zero in Q2 and INR 15 crore in Q3 last year, with a one-time provision under the new Labour Code impacting costs. Spencer's standalone delivered 20% gross margins and INR 15 crore EBITDA, while Nature's Basket saw a 300 bps margin dip. Online platform Jiffy grew 27% YoY, achieved positive unit economics for the first time (contribution of ~INR 6 per order), and recorded 235,000 average monthly orders. The paid membership program now has over 70,000 members contributing 25% of sales and showing 3x spend versus non-members. Management guided to mid-single-digit top-line growth for Spencer's in Q4 and expects operational EBITDA breakeven for the Spencer's business within roughly two quarters.
Near-term outlook shows gradual recovery with QoQ momentum, online unit economics turning positive, and a visible path to EBITDA breakeven, though YoY growth remains negative and Nature's Basket margins are under pressure. For shareholders, this signals improving operational efficiency and disciplined growth, but a meaningful return to profitability is still a couple of quarters away.