SHOPPERS STOP LIMITED

Operates a chain of premium departmental stores across India, a beauty retail and distribution business, and a value-fashion chain called INTUNE. In FY26 the departmental store business crossed Rs 5,000 cr in revenue for the first time with its highest like-for-like growth in a decade, while the beauty business posted Rs 1,281 cr (up 17% YoY) and its distribution arm GSSBB did Rs 650 cr in GMV, the largest in India. INTUNE posted Rs 282 cr in FY26 across 84 stores in 39 cities and is targeting a halving of its FY26 EBITDA loss in FY27. Customer engagement runs through the First Citizen loyalty program, which contributes 85% of sales. Power categories in the departmental stores include watches, handbags, fragrances, sunglasses and footwear, with premium goods at 72% of mix and personal-shopper sales at 26%. The biggest cost line is other operating expenses at 16.0% of FY26 revenue, followed by depreciation at 10.7% and employee costs at 9.1%, with the company targeting net debt-free status by end of FY27.