NSE: SHOPERSTOP · BSE: 532638
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Departmental stores, Beauty business, INTUNE. Asset-heavy multi-format retail spanning premium departmental stores, beauty distribution and value fashion.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,519 | 4,022 | 4,317 | 4,628 | 5,043 |
| EBITDA (ex other income) | 296 | 693 | 710 | 708 | 725 |
| margin % | 11.8 | 17.2 | 16.5 | 15.3 | 14.4 |
| Owners' profit | (47) | 116 | 77 | 11 | (36) |
| EPS, as reported (₹) | (4.29) | 10.59 | 7.03 | 0.99 | (3.28) |
| ROE % · ROCE % | (61.9) · 5.9 | 56.3 · 16.7 | 25.6 · 12.6 | 3.4 · 8.7 | (12.4) · 7.6 |
| Debt / equity (x) | 2.84 | 0.61 | 0.58 | 1.06 | 0.81 |
| Cash from operations | 383 | 543 | 561 | 549 | 838 |
| Capex | (108) | (146) | (176) | (182) | (139) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,379 | 1,064 | 1,161 | 1,257 | 1,416 | 1,210 | 1,291 | 1,366 |
| Profit before tax | 73 | (5) | (21) | (27) | 20 | (25) | (19) | 4 |
| Net profit | 52 | 2 | (16) | (20) | 16 | (16) | (14) | 3 |
| EPS (₹) | 4.75 | 0.18 | (1.43) | (1.83) | 1.46 | (1.49) | (1.29) | 0.28 |
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. % |
|---|---|---|---|---|---|---|---|---|
| AVENUE SUPERMARTS LIMITED | 2,23,396 | 71.6 | 8.56 | 43.5 | 6.1 | 8.0 | 23.3 | 7.1 |
| VISHAL MEGA MART LIMITED | 44,037 | 49.0 | 5.58 | 23.1 | 5.3 | 5.9 | — | 12.1 |
| VMART RETAIL LTD | 6,048 | 46.2 | 6.18 | — | 3.2 | 2.4 | — | 9.0 |
| ELECTRONICS MART IND LTD | 5,552 | 24.1 | 3.11 | 14.6 | 9.0 | 6.9 | — | 6.9 |
| SHOPPERS STOP LIMITED ◆ | 4,044 | — | 14.33 | 5.7 | (3.9) | (0.5) | 23.6 | 14.4 |
| PATEL RETAIL LIMITED | 839 | 20.3 | 2.19 | — | 5.1 | 6.2 | — | 6.1 |
| SPENCER S RETAIL LIMITED | 174 | — | — | — | 12.2 | (1348.6) | (5.8) | 0.8 |
| JAY AMBE SUPERMARKETS LIMITED | 83 | 8.7 | — | — | — | 15.1 | — | 13.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 14.3 | 3.1 | 9 of 9 | 0% |
| ROCE | (0.5) | 5.9 | 9 of 11 | 20% |
| ROE | (4.0) | 5.1 | 9 of 9 | 0% |
| Debt / Equity | 1.0 | 0.3 | 9 of 9 | 0% |
| EBITDA margin | 14.4 | 6.5 | 1 of 12 | 100% |
| Revenue growth | 8.7 | 11.4 | 6 of 10 | 44% |
| Profit growth | 115.5 | 0.7 | 3 of 10 | 78% |
| Market cap | 4044 | 506 | 5 of 12 | 64% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 4 Nov 2026 · KFin Technologies changes RTA address from December 1, 2026 | compliance | minimal | — | — |
| 26 Oct 2026 · Shoppers Stop adds Rs 10 crore to GSSBBL preference investment | strategic transactions | high | — | — |
| 26 Oct 2026 · Shoppers Stop adds Rs 10 crore to wholly owned beauty subsidiary | strategic transactions | medium | — | — |
| 21 Oct 2026 · Q2 profit swings positive; store opening plan raised to 12 | investor communications | medium | — | — |
| 21 Oct 2026 · Nippon India Mutual Fund sells Shoppers Stop shares in open market | ownership changes | medium | — | — |
| 19 Oct 2026 · Newspaper publication of Q2 and H1 FY26 financial results filed with exchanges | compliance | minimal | — | — |
| 16 Oct 2026 · Shoppers Stop Q2 FY27 PAT turns positive; EBITDA up 56% YoY | investor communications | medium | — | — |
| 16 Oct 2026 · Shoppers Stop Q2 FY27: PAT turns positive at Rs 6 Cr, EBITDA up 56% YoY | investor communications | medium | — | — |
| 16 Oct 2026 · Q2 FY27 results: Consolidated turns profitable, Standalone still in loss | results | high | — | — |
| 16 Oct 2026 · Shoppers Stop Q2 FY27: Consolidated PAT swings to profit of Rs 3.11 cr | results | high | — | — |
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.