ADITYA BIRLA FASHION & RT

Operates a network of branded apparel and accessories retail stores in India through two main segments. Pantaloons is the value fashion retail chain, generating Rs 4,560.49 crore in FY26 (55.8% of segment revenue) with 14% L2L growth in Q4 FY26 and 15.5% EBITDA margin in that quarter. The Ethnic and Others segment covers branded ethnic wear, the recently launched Galeries Lafayette luxury store in Mumbai, and the TMRW portfolio of digital-first youth brands, contributing Rs 3,694.95 crore (45.2% of segment revenue). As of FY26, the network totals 1,273 stores spanning 7.9 million square feet of retail space, with 180+ new stores added during the year. E-commerce accounts for about 16% of revenue, and TMRW grew 45% Y-o-Y in Q4 FY26 across a 120-store network, funded by an INR800 crore raise (INR440 crore equity plus INR500 crore NCD). The ethnic business FY26 EBITDA margin expanded 560 bps to 10.8%, while acquired ethnic brand TCNS had its cash losses more than halved with a breakeven target by end of FY27. Costs are dominated by other operating expenses at 34.0% of revenue, followed by depreciation at 16.4%, employee costs at 15.5%, and materials at 7.7%, reflecting the asset-heavy retail nature of the business.