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Aditya Birla Fashion and Retail Q2 FY27 results: net loss widens to ₹180.44 crore, revenue up 1.3%
Aditya Birla Fashion and Retail Limited reported standalone revenue of ₹1,511 crore in Q2 FY27, up 1.3% from the year-ago quarter, while EBITDA fell 45.7% to ₹89.74 crore and the net loss widened to ₹180.44 crore. Against Q1 FY27, revenue fell 3.0% and the net loss widened by ₹74.09 crore. The company also reported consolidated results, with revenue of ₹2,030 crore, up 2% year on year, and a net loss of ₹376 crore.
Key points
- Standalone Q2 FY27 revenue was ₹1,511 crore, up 1.3% from ₹1,491.83 crore in Q2 FY26.
- Standalone EBITDA fell 45.7% year on year to ₹89.74 crore, and the margin narrowed to 5.9% from 11.1%.
- The standalone net loss widened to ₹180.44 crore from ₹90.89 crore a year earlier, with basic EPS of -1.48.
- For H1 FY27, standalone revenue was ₹3,069.11 crore, up 6.4%, while the net loss widened to ₹286.79 crore from ₹150.82 crore.
- Consolidated Q2 FY27 revenue was ₹2,030 crore, up 2%, with EBITDA at ₹67 crore and a net loss of ₹376 crore.
How did Aditya Birla Fashion and Retail perform in Q2 FY27?
Aditya Birla Fashion and Retail reported standalone revenue of ₹1,511 crore for the quarter ended September 30, 2026, up 1.3% from ₹1,491.83 crore in Q2 FY26. Total income was ₹1,555.66 crore against ₹1,542.80 crore. The filing also reported consolidated results for the same period, with revenue of ₹2,030 crore, up 2% year on year.
Standalone EBITDA fell 45.7% to ₹89.74 crore from ₹165.14 crore, and the EBITDA margin narrowed by 5.2 percentage points to 5.9% from 11.1%. The loss before tax widened to ₹240.45 crore from ₹120.33 crore, and the net loss widened to ₹180.44 crore from ₹90.89 crore. Basic EPS was -1.48 against -0.75 a year earlier.
Against Q1 FY27, standalone revenue fell 3.0% to ₹1,511 crore from ₹1,558 crore, and EBITDA fell 42.5% to ₹89.74 crore from ₹155.97 crore. The EBITDA margin was lower by 4.1 percentage points at 5.9% against 10.0%, while the net loss widened by ₹74.09 crore to ₹180.44 crore from ₹106.35 crore. Basic EPS was -1.48 against -0.87.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,511 | 1,558 | 1,492 | +1.3% | −3.0% |
| Other income | 44.62 | 38.58 | 50.97 | −12.5% | +15.7% |
| Total expenses | 1,796 | 1,762 | 1,663 | +8.0% | +1.9% |
| EBITDA | 89.74 | 155.97 | 165.14 | −45.7% | −42.5% |
| EBITDA margin | 5.9% | 10.0% | 11.1% | −5.2 pp | −4.1 pp |
| Profit before tax | −240.45 | −165.40 | −120.33 | ||
| Tax | −60.01 | −59.05 | −29.44 | ||
| Net profit | −180.44 | −106.35 | −90.89 | ||
| EPS (₹) | −1.48 | −0.87 | −0.75 |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Aditya Birla Fashion and Retail's costs and profit?
Total expenses rose 8.0% year on year to ₹1,796.11 crore from ₹1,663.13 crore, outpacing the rise in revenue. Cost of materials consumed rose 183.8% to ₹108.72 crore from ₹38.31 crore, employee cost rose 13.4% to ₹230.59 crore from ₹203.40 crore, and finance costs rose 13.4% to ₹93.14 crore from ₹82.14 crore.
Depreciation and amortisation increased 10.8% to ₹281.67 crore from ₹254.30 crore, while other expenses rose 0.9% to ₹436.70 crore from ₹432.68 crore. Other income fell 12.5% to ₹44.62 crore from ₹50.97 crore, a gap of ₹6.35 crore. There was no exceptional item in the quarter.
The tax charge was ₹60.01 crore against ₹29.44 crore in the year-ago quarter, ₹30.57 crore higher. Against Q1 FY27, employee cost fell 0.7% to ₹230.59 crore, other income rose 15.7% to ₹44.62 crore, and the tax charge was ₹60.01 crore against ₹59.05 crore. The filing did not give a reason for the movement in the cost of materials consumed.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 108.72 | 38.31 | +70.41 | +183.8% |
| Employee cost | 230.59 | 203.40 | +27.19 | +13.4% |
| Finance costs | 93.14 | 82.14 | +11 | +13.4% |
| Depreciation | 281.67 | 254.30 | +27.37 | +10.8% |
| Other expenses | 436.70 | 432.68 | +4.02 | +0.9% |
| Total expenses | 1,796 | 1,663 | +132.98 | +8.0% |
| Other income | 44.62 | 50.97 | −6.35 | −12.5% |
| Tax | −60.01 | −29.44 | −30.57 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, standalone revenue was ₹3,069.11 crore, up 6.4% from ₹2,884.68 crore in H1 FY26, and total income rose 5.1% to ₹3,152.31 crore from ₹2,999.31 crore. The loss before tax widened to ₹405.85 crore from ₹199.68 crore, and the net loss widened to ₹286.79 crore from ₹150.82 crore. Basic EPS was -2.36 against -1.24.
Cash flow from operations in H1 FY27 was ₹123.23 crore against ₹187.34 crore in H1 FY26, while investing cash flow was ₹349.98 crore against ₹210.35 crore. Financing cash flow was -₹443.49 crore against -₹487.31 crore, and capital expenditure was ₹102.5 crore against ₹166.09 crore.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 3,069 | 2,885 | +6.4% |
| Profit before tax | −405.85 | −199.68 | |
| Net profit | −286.79 | −150.82 | |
| EPS (₹) | −2.36 | −1.24 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets stood at ₹14,621.72 crore as on September 30, 2026, against ₹14,706.47 crore as on March 31, 2026. Total equity was ₹7,414.54 crore against ₹7,970.33 crore, borrowings were ₹946.86 crore against ₹748.06 crore, and cash was ₹78.94 crore against ₹47.96 crore.
Inventories rose to ₹2,123.58 crore from ₹1,932.18 crore, trade receivables to ₹175.81 crore from ₹166.55 crore, and trade payables to ₹2,016.85 crore from ₹1,849.21 crore. In the year-to-date cash flow, operating cash flow was ₹123.23 crore against ₹187.34 crore a year earlier, and investing cash flow was ₹349.98 crore against ₹210.35 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 14,622 | 14,706 |
| Total equity | 7,415 | 7,970 |
| Borrowings | 946.86 | 748.06 |
| Cash and equivalents | 78.94 | 47.96 |
| Inventories | 2,124 | 1,932 |
| Trade receivables | 175.81 | 166.55 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 123.23 | 187.34 |
| Cash from investing | 349.98 | 210.35 |
| Cash from financing | −443.49 | −487.31 |
| Capital expenditure | 102.50 | 166.09 |
Source: Company's results filing (XBRL).
How has Aditya Birla Fashion and Retail done over the last 8 quarters?
Revenue rose year on year in each of the last three quarters, according to the trend data. Over the last eight quarters shown, revenue peaked at ₹3,740.34 crore in Q3 FY25 and was lowest at ₹1,193.74 crore in Q4 FY25, before easing to ₹1,511.04 crore in Q2 FY27 from ₹1,558.07 crore in Q1 FY27.
The EBITDA margin peaked at 17.0% in Q4 FY25 and bottomed at 5.9% in Q2 FY27, after 10.0% in Q1 FY27. The net loss widened to ₹180.44 crore in Q2 FY27 from ₹139.13 crore in Q4 FY26, and the lowest profit in the series shown was ₹118.7 crore in Q4 FY25.
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026, at a meeting held on November 5, 2026. Price Waterhouse & Co Chartered Accountants LLP reviewed the standalone financial results and reported that nothing had come to its attention causing it to believe the results were not prepared in all material respects in accordance with Ind AS 34 and the applicable listing regulations.
The review report noted that the Scheme of Amalgamation between the company and Jaypore E-Commerce Private Limited, with an appointed date of April 1, 2026, was approved by the National Company Law Tribunal on July 2, 2026. The scheme has been given effect in the standalone results from April 1, 2025, and comparatives have been restated under Appendix C to Ind AS 103. The trading window remains closed until 48 hours from the announcement, and an earnings conference call was scheduled for November 6, 2026.
What did Aditya Birla Fashion and Retail's management say?
In the investor presentation, management said the late festive season and forward-pulled e-commerce sale events distorted Q2 growth, while a subdued wedding calendar softened occasion-led purchases. Management also cited input and logistics cost increases amid supply constraints and commodity-price volatility, with rent and manpower costs under structural pressure, and said negative operating leverage and investment in newer businesses and designer brands compressed profitability.
Management said Pantaloons revenue was ₹1,140 crore in Q2, with e-commerce up 19% year on year and like-to-like growth of -7%, while non-east markets delivered +2% like-to-like growth. Pantaloons added four stores and closed 16 in the quarter, ending with 387 stores. The ethnic portfolio grew 12% year on year excluding TCNS, TMRW rose 10% with narrowing losses, luxury grew 11%, and OWND scaled 58%. The network reached 1,268 stores and 7.8 million sq. ft. in September 2026, with 80+ new stores added in H1 FY27.
Management said early signs across key regional markets point to a strong start to the festive season, with encouraging trends during Onam and Pujo. No guidance figures were given. On the consolidated basis, management reported H1 FY27 revenue of ₹4,056 crore, up 6%, EBITDA of ₹233 crore, down 18%, and a net loss of ₹625 crore, and said net debt rose to ₹1,209 crore.
How did other Speciality Retail companies do?
Thirteen other Speciality Retail companies have filed results for this quarter, with a median revenue growth of 15.6%. Of the peers, 9 grew revenue faster than Aditya Birla Fashion and Retail and 4 grew slower, against the company's standalone revenue growth of 1.3% in Q2 FY27.
Of the 11 peers for which profit was compared, 7 reported higher profit. The peer revenue and profit comparisons are as on November 5, 2026.
| Aditya Birla Fashion and Retail revenue growth (YoY) | +1.3% |
|---|---|
| Median of 13 other Speciality Retail companies | +15.6% |
| Companies with slower revenue growth than Aditya Birla Fashion and Retail | 4 of 13 |
| Companies with faster revenue growth than Aditya Birla Fashion and Retail | 9 of 13 |
| Companies whose net profit rose | 7 of 11 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Aditya Birla Fashion and Retail's revenue in Q2 FY27?
Revenue from operations was ₹1,511 crore, up 1.3% from ₹1,492 crore in Q2 FY26 (standalone).
Did Aditya Birla Fashion and Retail make a profit in Q2 FY27?
No. It reported a net loss of ₹180.44 crore, against a net loss of ₹90.89 crore in Q2 FY26.
What was Aditya Birla Fashion and Retail's EPS in Q2 FY27?
Basic loss per share was ₹1.48, against a loss of ₹0.75 in Q2 FY26.
When did Aditya Birla Fashion and Retail announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Board Meeting Intimation For Approving The Unaudited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended September 30, 2026. (BSE, 30 October 2026) · PDF
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation (BSE, 1 November 2026) · PDF
- Board Meeting Outcome for Unaudited Standalone And Consolidated Financial Results Of The Company For The Quarter And Half Year Ended September 30, 2026. (BSE, 5 November 2026) · PDF
- Unaudited Standalone And Consolidated Financial Results Of The Company For The Quarter And Half Year Ended September 30, 2026. (BSE, 5 November 2026) · PDF
- The investor presentation (5 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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