SPENCER S RETAIL LIMITED

Operates a chain of physical supermarkets under the Spencer's brand and a smaller premium gourmet chain called Nature's Basket, alongside a growing online grocery business. In Q4 FY26, the Spencer's format generated INR380 crore in revenue (8% YoY growth, the first growth quarter after multiple quarters of contraction), while Nature's Basket generated INR55 crore (down 9% YoY). Consolidated Q4 FY26 revenue reached INR436 crore, with full-year FY26 revenue at INR1,800 crore. The online business grew 37% YoY to INR200 crore in FY26 and reached unit-level breakeven at an average order value of INR760, with management targeting INR250 crore in FY27. The rewards membership programme (launched July 2025) has 100,000 members who shop 4.5 times per month versus 2.5 times for non-members, contributing 20-22% of monthly sales. Gross margin improved by 92 basis points to 20.5% in FY26, with Spencer's format margin expanding 96 basis points to 19% and Nature's Basket margin at 25.6%. On the cost side, other operating expenses are the largest given line at 13.7% of revenue, followed by employee costs at 7.3% and depreciation at 5.3%.