NSE: ARVINDFASN · BSE: 542484
ARVIND FASHIONS LIMITED
Operates a portfolio of fashion apparel brands in India through company-owned retail stores, online direct-to-consumer platforms, and multi-brand wholesale distribution. The brand portfolio spans US Polo Assn., Tommy Hilfiger and Calvin Klein (under a PVH licence), Arrow, and Flying Machine. The business is shifting decisively towards direct channels, with company retail and online now making up the majority of sales and online B2C the fastest-growing slice; like-for-like retail growth was 11.6% in Q1 FY27. Store expansion continues, with new exclusive brand outlets added each quarter and a larger network rollout planned for the year, mostly through franchise partners, targeting roughly a 50:50 split between like-for-like and inorganic growth. Other operating expenses covering store rents, marketing, and logistics are the single largest cost line at 34.9% of revenue, ahead of employee cost at 6.1% and depreciation at 5.5%; the company employs 7,741 people. Inventory turns stand at 3.5x, with management working to lift them to 3.7-3.8x over 18-24 months as the channel mix normalises. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Direct-to-consumer (own retail stores + online) (62%), Multi-brand wholesale (38%). Multi-brand specialty retail with a brand-licensing model and a structural channel-mix shift to direct-to-consumer
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,056 | 4,421 | 4,259 | 4,620 | 5,266 |
| EBITDA (ex other income) | 180 | 453 | 504 | 602 | 681 |
| margin % | 5.9 | 10.2 | 11.8 | 13.0 | 12.9 |
| Owners' profit | (267) | 87 | 81 | (36) | 123 |
| EPS, as reported (₹) | 0.61 | 2.77 | 6.07 | (2.67) | 9.18 |
| ROE % · ROCE % | (27.8) · 0.9 | 8.0 · 15.1 | 11.5 · 16.0 | 2.8 · 19.7 | 15.8 · 21.4 |
| Debt / equity (x) | 0.59 | 0.55 | 0.39 | 0.33 | 0.46 |
| Cash from operations | 300 | 317 | 434 | 530 | 404 |
| Capex | (17) | (63) | (82) | (96) | (109) |
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 | 1,273 | 1,203 | 1,189 | 1,107 | 1,418 | 1,377 | 1,365 | 1,279 |
| Profit before tax | 67 | 69 | 66 | 39 | 87 | 54 | 82 | 40 |
| Net profit | 45 | 47 | (72) | 25 | 56 | 36 | 66 | 28 |
| EPS (₹) | 2.22 | 2.01 | (6.99) | 0.94 | 2.81 | 1.91 | 3.52 | 0.72 |
Exhibit 3: 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 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 41.1 | 26.3 | 13 of 19 | 33% |
| P/B | 4.3 | 3.9 | 8 of 14 | 46% |
| ROCE | 12.9 | 10.0 | 7 of 20 | 68% |
| ROE | 15.8 | 11.7 | 5 of 14 | 69% |
| Debt / Equity | 0.5 | 0.1 | 11 of 14 | 23% |
| EBITDA margin | 13.0 | 15.7 | 10 of 14 | 31% |
| Revenue growth | 15.5 | 16.6 | 9 of 16 | 47% |
| Profit growth | 11.1 | 20.6 | 8 of 13 | 42% |
| Market cap | 4928 | 735 | 7 of 20 | 68% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Special window opened for physical share transfer and demat | compliance | minimal | — | — |
| 8 Oct 2026 · Routine SEBI compliance certificate filed for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · Arvind Fashions subsidiary invests Rs 50 Cr in Flying Machine arm | strategic transactions | medium | — | — |
| 29 Sept 2026 · Trading window closure from Oct 1 for Q2 results approval | compliance | minimal | — | — |
| 17 Sept 2026 · Allotment of 32,500 equity shares under ESOS 2016 and ESOS 2022 | capital market events | low | — | — |
| 8 Sept 2026 · Arvind Fashions gets Crisil ESG rating of 61, upgraded to Strong | credit debt | medium | — | — |
| 20 Aug 2026 · Arvind Fashions AGM 2026: All resolutions passed, Rs 1.60 dividend approved | board shareholder meetings | low | — | — |
| 19 Aug 2026 · Deloitte re-appointed as auditor of Arvind Lifestyle Brands for 5 years | management changes | medium | — | — |
| 19 Aug 2026 · AGM held; dividend of Rs 1.60 per share approved; directors and auditor reappointed | board shareholder meetings | low | — | — |
| 12 Aug 2026 · Newspaper ad on special window for physical share transfer and demat | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| 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.