NSE: CANTABIL · BSE: 533267
CANTABIL RETAIL LTD
Sells readymade garments and apparel through exclusive brand outlets (EBOs) under the Cantabil brand across India. Revenue comes almost entirely from retail of basic fashion apparel, with smaller contributions from footwear (~₹14 crore, ~2% of sales) and kidswear (2-3% of sales); an e-commerce channel is being scaled with a new automated warehouse. In FY26 it ran 652 stores across 308 cities spanning 9.15 lakh sq ft of retail area, adding 53 stores during the year and taking the count to 675 by July 2026; same-store sales grew 5.24% on a volume growth of 13.33%. The cost base is dominated by store leases (~₹99 crore in FY26 at ₹115 per sq ft), employee costs (~18.9% of revenue) and materials (~15.9%), with depreciation at ~11.7% reflecting the asset-heavy retail footprint; the company is debt-free. Gross margin is maintained around 60%, producing an FY26 EBITDA margin of ~31% on ₹852.6 crore of revenue and ₹95.8 crore of net profit. Management has guided to ₹1,000 crore of revenue and 725 stores by FY27, with kidswear targeted at 4-4.5% of sales and footwear at 3-4%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Apparel retail (EBOs), Footwear, Kidswear, E-commerce. Asset-heavy, debt-free apparel retail with a basic-fashion positioning and a heavily leased store footprint.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 383 | 552 | 616 | 721 | 853 |
| EBITDA (ex other income) | 112 | 164 | 164 | 205 | 264 |
| margin % | 29.1 | 29.7 | 26.6 | 28.4 | 31.0 |
| Owners' profit | 38 | 67 | 62 | 75 | 96 |
| EPS, as reported (₹) | 23.31 | 41.18 | 7.60 | 8.95 | 11.45 |
| ROE % · ROCE % | 23.8 · 21.2 | 30.4 · 24.5 | 19.1 · 16.8 | 19.0 · 17.0 | 20.0 · 17.5 |
| Debt / equity (x) | 0.00 | 0.11 | 0.03 | 0.00 | 0.00 |
| Cash from operations | 90 | 75 | 127 | 150 | 199 |
| Capex | (45) | (34) | (56) | (49) | (64) |
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 | 151 | 223 | 219 | 159 | 176 | 264 | 253 | 179 |
| Profit before tax | 8 | 45 | 30 | 19 | 9 | 60 | 39 | 21 |
| Net profit | 7 | 34 | 23 | 15 | 7 | 45 | 29 | 16 |
| EPS (₹) | 0.78 | 4.11 | 2.69 | 1.75 | 0.81 | 5.39 | 3.50 | 1.95 |
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. % |
|---|---|---|---|---|---|---|---|---|
| PAGE INDUSTRIES LTD | 37,812 | 50.0 | 25.16 | — | 50.8 | 58.6 | — | 21.1 |
| ARVIND LIMITED | 13,369 | 32.3 | 3.23 | 14.1 | 10.3 | 11.9 | 12.9 | 9.4 |
| PEARL GLOBAL IND LIMITED | 5,588 | 18.0 | 3.89 | 11.2 | 18.8 | 16.8 | 27.5 | 11.2 |
| GOKALDAS EXPORTS LTD. | 4,744 | 46.0 | 2.20 | 12.9 | 4.6 | 6.0 | 26.9 | 12.1 |
| LUX INDUSTRIES LIMITED | 3,496 | 32.8 | 1.92 | 19.4 | 5.8 | 7.3 | 8.4 | 8.2 |
| SBC EXPORTS LIMITED | 3,114 | 76.9 | 38.83 | 70.5 | 31.5 | 28.3 | — | 13.9 |
| KEWAL KIRAN CLOTHING LTD | 2,631 | 17.8 | 2.35 | 9.6 | 13.6 | 16.6 | 32.0 | 24.0 |
| KITEX GARMENTS LTD | 2,250 | — | 1.82 | 34.0 | (1.1) | 0.3 | 7.9 | 11.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 22.2 | 16.2 | 23 of 37 | 39% |
| P/B | 4.5 | 1.5 | 31 of 35 | 12% |
| ROCE | 12.7 | 8.4 | 15 of 44 | 67% |
| ROE | 20.0 | 5.8 | 3 of 35 | 94% |
| Debt / Equity | 0.0 | 0.3 | 1 of 35 | 88% |
| EBITDA margin | 34.9 | 10.4 | 1 of 35 | 100% |
| Revenue growth | 12.7 | 7.9 | 17 of 37 | 56% |
| Profit growth | 11.3 | 6.8 | 18 of 37 | 53% |
| Market cap | 2166 | 146 | 9 of 44 | 81% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Quarterly Share Capital Audit Report submitted for Sept 30 2026 | compliance | minimal | — | — |
| 12 Oct 2026 · RTA submits dematerialisation confirmation certificate for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · Cantabil opens 8 new showrooms in September, total reaches 690 | business updates | medium | — | — |
| 26 Sept 2026 · Trading window closes Oct 1 ahead of Q2 FY26 results | compliance | minimal | — | — |
| 9 Sept 2026 · Cantabil Retail 38th AGM results - all 5 resolutions passed | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Cantabil Retail 38th AGM proceedings, total dividend Rs 1.50 per share approved | board shareholder meetings | medium | — | — |
| 5 Sept 2026 · ICRA upgrades Cantabil ratings for Rs 75 crore bank facilities | credit debt | medium | — | — |
| 31 Aug 2026 · Cantabil opens 7 new showrooms in August, total reaches 682 | business updates | medium | — | — |
| 10 Aug 2026 · Cantabil Q1 FY27: Revenue up 13%, EBITDA margin at 33.2%, INR1000cr FY27 target reiterated | investor communications | medium | — | — |
| 6 Aug 2026 · Link shared for audio recording of investor call held on August 6, 2026 | investor communications | low | — | — |
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.