NSE: ABFRL · BSE: 535755
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Pantaloons (56%), Ethnic and Others (45%). Asset-heavy, multi-brand speciality retailer with value fashion, ethnic wear, and digital brand portfolios.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 8,136 | 12,418 | 13,996 | 7,355 | 8,177 |
| EBITDA (ex other income) | 1,102 | 1,500 | 1,465 | 820 | 617 |
| margin % | 13.5 | 12.1 | 10.5 | 11.1 | 7.6 |
| Owners' profit | (109) | (36) | (628) | (376) | (776) |
| EPS, as reported (₹) | (1.18) | (0.38) | (6.52) | (3.53) | (6.38) |
| ROE % · ROCE % | (4.2) · 3.1 | (1.8) · 3.9 | (15.6) · 0.3 | (6.7) · (1.2) | (13.3) · (3.2) |
| Debt / equity (x) | 0.44 | 0.69 | 0.89 | 0.21 | 0.27 |
| Cash from operations | 951 | 636 | 1,341 | 1,644 | 161 |
| Capex | (348) | (681) | (747) | (635) | (509) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,644 | 4,305 | 1,719 | 1,831 | 1,982 | 2,374 | 1,990 | 2,026 |
| Profit before tax | (278) | (36) | (150) | (254) | (333) | (134) | (195) | (314) |
| Net profit | (215) | (42) | (24) | (234) | (295) | (137) | (164) | (249) |
| EPS (₹) | (1.81) | (0.48) | (0.15) | (1.74) | (2.17) | (1.25) | (1.22) | (1.77) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Pantaloons | 4,560 | 55.3 |
| Ethnic and Others | 3,695 | 44.8 |
| Total, before eliminations | 8,255 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TRENT LTD | 1,50,394 | 61.3 | 21.16 | 40.0 | 24.2 | 26.2 | 50.6 | 20.1 |
| LENSKART SOLUTIONS LTD | 1,16,496 | 174.9 | 13.16 | 60.5 | 5.7 | 5.8 | — | 24.2 |
| VEDANT FASHIONS LIMITED | 11,516 | 28.6 | 7.54 | 15.8 | 8.5 | 8.4 | — | 52.7 |
| ADITYA BIRLA LIFES BRAN L | 9,142 | 51.7 | 6.47 | 7.2 | 12.1 | 5.0 | — | 16.0 |
| ADITYA VISION LIMITED | 7,307 | 52.5 | 10.61 | — | 17.0 | 17.4 | — | 10.6 |
| V2 RETAIL LIMITED | 5,721 | 3.7 | 6.34 | 12.1 | 18.0 | 14.2 | 41.6 | 14.1 |
| ARVIND FASHIONS LIMITED | 4,928 | 41.1 | 4.25 | 7.5 | 15.8 | 12.9 | 19.1 | 13.0 |
| ADITYA BIRLA FASHION & RT ◆ | 4,876 | — | 0.78 | 7.0 | (13.3) | (7.1) | 9.3 | 8.5 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.8 | 3.9 | 2 of 14 | 85% |
| ROCE | (7.1) | 10.0 | 19 of 20 | 5% |
| ROE | (13.3) | 11.7 | 14 of 14 | 0% |
| Debt / Equity | 0.3 | 0.1 | 9 of 14 | 39% |
| EBITDA margin | 8.5 | 15.7 | 12 of 14 | 15% |
| Revenue growth | 10.6 | 16.6 | 13 of 16 | 20% |
| Profit growth | (6.4) | 20.6 | 10 of 13 | 25% |
| Market cap | 4876 | 735 | 8 of 20 | 63% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Routine compliance certificate for Q2 FY27 dematerialisation | compliance | minimal | — | — |
| 4 Oct 2026 · Newspaper ad confirming Postal Ballot Notice dispatch | compliance | minimal | — | — |
| 3 Oct 2026 · Postal ballot for ESOP 2026 scheme approval | board shareholder meetings | medium | — | — |
| 25 Sept 2026 · Trading Window Closure Ahead of Q2 FY26 Results | compliance | minimal | — | — |
| 18 Sept 2026 · ABFRL newspaper ad on special window for physical share transfers | compliance | minimal | — | — |
| 17 Sept 2026 · Subsidiary ABDFVL raises stake in Imperial Online to 100 percent | strategic transactions | medium | — | — |
| 17 Sept 2026 · ABFRL Sabyasachi unit sets up UAE step-down subsidiary | strategic transactions | medium | — | — |
| 26 Aug 2026 · ABFRL 19th AGM: All 4 resolutions passed by shareholders | board shareholder meetings | low | — | — |
| 25 Aug 2026 · ABFRL Chairman outlines FY26 results and growth strategy at 19th AGM | investor communications | medium | — | — |
| 25 Aug 2026 · ABFRL 19th AGM: FY26 revenue up 11% to Rs 8,177 cr; 4 resolutions passed | board shareholder meetings | low | — | — |
How to read this document
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|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.