Q2 sales and profit rise; management expects margin improvement
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On the reaction day the stock moved 0.2 pts less than Nifty Midcap 150 and 0.4 pts less than its Diversified Retail peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Q2 FY27 revenue rose 14% to INR 3,399 crore; same-store sales grew 5.4%, or about 9% adjusted for festival timing. Operating EBITDA was INR 262 crore at a 7.7% margin, while adjusted profit rose 6.4% to INR 172 crore. H1 sales rose 16.4%; adjusted profit rose 15.8%. It added 53 stores, reaching 844; over 100 openings are planned this year. Management expects H2 gross margin to hold and EBITDA margin to improve about 0.3 percentage points a year.
Positive: sales and profit grew, expansion continues, and margin improvement is expected. Festival timing and wage inflation remain near-term risks.