NSE: SPENCERS · BSE: 542337
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Spencer's retail format, Nature's Basket, Online grocery. Asset-heavy omnichannel grocery retailer operating physical supermarkets, premium gourmet stores and an online platform; currently loss-making at the consolidated level
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,300 | 2,453 | 2,345 | 1,995 | 1,800 |
| EBITDA (ex other income) | 24 | 4 | (12) | (43) | (11) |
| margin % | 1.0 | 0.1 | (0.5) | (2.2) | (0.6) |
| Owners' profit | (121) | (210) | (266) | (246) | (249) |
| EPS, as reported (₹) | (13.48) | (23.34) | (29.53) | (27.33) | (27.66) |
| ROE % · ROCE % | (196.4) · (3.0) | 139.8 · (12.4) | 64.0 · (16.4) | 37.2 · (24.7) | 27.3 · (43.8) |
| Debt / equity (x) | 5.83 | (3.60) | (1.76) | (1.40) | (1.35) |
| Cash from operations | 55 | 27 | 35 | 37 | (60) |
| Capex | (25) | (26) | (36) | (22) | (9) |
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 | 518 | 517 | 412 | 416 | 445 | 503 | 436 | 469 |
| Profit before tax | (87) | (47) | (68) | (62) | (64) | (58) | (66) | (60) |
| Net profit | (87) | (47) | (68) | (62) | (64) | (58) | (66) | (60) |
| EPS (₹) | (9.67) | (5.25) | (7.59) | (6.84) | (7.08) | (6.47) | (7.28) | (6.71) |
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 | 2,04,409 | 66.7 | 8.36 | 39.3 | 12.1 | 15.9 | 23.3 | 8.1 |
| VISHAL MEGA MART LIMITED | 41,129 | 46.0 | 5.55 | 20.6 | 11.3 | 12.7 | — | 15.5 |
| VMART RETAIL LTD | 6,064 | 43.8 | 6.38 | — | 13.0 | 9.8 | — | 15.0 |
| ELECTRONICS MART IND LTD | 6,048 | 29.3 | 3.72 | 15.2 | 6.6 | 5.0 | — | 10.0 |
| SHOPPERS STOP LIMITED | 3,922 | — | 13.48 | 5.3 | (12.4) | (1.7) | 23.6 | 14.9 |
| PATEL RETAIL LIMITED | 782 | 18.0 | 2.15 | — | 10.7 | 12.8 | — | 6.4 |
| SPENCER S RETAIL LIMITED ◆ | 177 | — | — | 90.2 | 27.3 | (135.8) | (5.8) | 2.0 |
| JAY AMBE SUPERMARKETS LIMITED | 85 | 8.9 | — | — | — | 15.1 | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| ROCE | (135.8) | 7.4 | 12 of 12 | 0% |
| EBITDA margin | 2.0 | 12.4 | 10 of 10 | 0% |
| Revenue growth | 12.9 | 16.8 | 7 of 10 | 33% |
| Profit growth | 1.9 | 31.5 | 9 of 10 | 11% |
| Market cap | 177 | 480 | 7 of 12 | 46% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Price movement attributed to market conditions | compliance | low | — | — |
| 22 Oct 2026 · Exchange seeks clarification on significant price movement | regulatory legal | medium | — | — |
| 7 Oct 2026 · Routine compliance certificate for share dematerialization for Q2 FY26-27 | compliance | minimal | — | — |
| 4 Oct 2026 · Spencer's Retail notifies newspaper publication on physical shares demat window | compliance | minimal | — | — |
| 25 Sept 2026 · Trading Window Closed from October 1 Ahead of Q2 Results | compliance | minimal | — | — |
| 11 Sept 2026 · Spencer's Retail 9th AGM: all 4 resolutions approved by over 99.98% votes | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Spencer's Retail 9th AGM: All 4 Resolutions Passed | board shareholder meetings | low | — | — |
| 18 Aug 2026 · Spencer's Retail Q1 FY27 Earnings Call: 13% Revenue Growth, 2x EBITDA | investor communications | medium | — | — |
| 14 Aug 2026 · Spencer's Retail files newspaper publication of Q1 FY27 results | compliance | minimal | — | — |
| 13 Aug 2026 · Audio recording link of Q1 FY26-27 earnings call shared | 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.