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Shoppers Stop Q3 FY26 results: net profit down 69.1% to ₹16.12 crore, revenue up 2.6%
Shoppers Stop Limited reported consolidated revenue of ₹1,416 crore for Q3 FY26, up 2.6% from Q3 FY25, with EBITDA of ₹217.87 crore and a 15.4% margin. The company reported net profit of ₹16.12 crore and basic EPS of ₹1.46, after a net loss of ₹20.11 crore in Q2 FY26.
Key points
- Consolidated revenue was ₹1,416 crore in Q3 FY26, up 2.6% from ₹1,379 crore in Q3 FY25.
- EBITDA was ₹217.87 crore, down 11.3% from ₹245.76 crore, while the margin fell 2.4 percentage points to 15.4%.
- Net profit was ₹16.12 crore, down 69.1% from ₹52.23 crore in Q3 FY25 but higher than the net loss of ₹20.11 crore in Q2 FY26.
- For 9M FY26, revenue was ₹3,833.53 crore, up 7.6%, while the company reported a net loss of ₹19.72 crore.
- The board approved reclassification of two promoter-group entities to the public category, subject to necessary approvals.
How did Shoppers Stop perform in Q3 FY26?
Shoppers Stop reported consolidated revenue of ₹1,416 crore in Q3 FY26, up 2.6% from ₹1,379 crore in Q3 FY25 and 12.7% from ₹1,257 crore in Q2 FY26. Total income was ₹1,439.77 crore, against ₹1,402.00 crore a year earlier and ₹1,266.12 crore in the previous quarter.
EBITDA was ₹217.87 crore in Q3 FY26, down 11.3% from ₹245.76 crore in Q3 FY25, while the margin fell 2.4 percentage points to 15.4%. From Q2 FY26, EBITDA rose 27.9% from ₹170.39 crore and the margin increased 1.8 percentage points from 13.6%.
Profit before tax was ₹19.69 crore, against ₹72.84 crore in Q3 FY25 and a loss of ₹26.86 crore in Q2 FY26. Net profit was ₹16.12 crore, down 69.1% from ₹52.23 crore a year earlier, while basic EPS was ₹1.46 compared with ₹4.75. On a standalone basis, revenue was ₹1,320.85 crore and net profit was ₹12.61 crore.
| ₹ crore | Q3 FY26 | Q2 FY26 | Q3 FY25 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,416 | 1,257 | 1,379 | +2.6% | +12.7% |
| Other income | 23.95 | 9.50 | 22.53 | +6.3% | +152.1% |
| Total expenses | 1,402 | 1,293 | 1,329 | +5.5% | +8.5% |
| EBITDA | 217.87 | 170.39 | 245.76 | −11.3% | +27.9% |
| EBITDA margin | 15.4% | 13.6% | 17.8% | −2.4 pp | +1.8 pp |
| Profit before tax | 19.69 | −26.86 | 72.84 | −73.0% | turned to profit |
| Tax | 3.57 | −6.75 | 20.61 | −82.7% | |
| Net profit | 16.12 | −20.11 | 52.23 | −69.1% | turned to profit |
| EPS (₹) | 1.46 | −1.83 | 4.75 | −69.3% | turned to profit |
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 Shoppers Stop's costs and profit?
Total expenses rose 5.5% to ₹1,402.39 crore in Q3 FY26 from ₹1,329.16 crore in Q3 FY25. Employee cost increased 5.4% to ₹116.27 crore from ₹110.31 crore, finance costs rose 9.5% to ₹71.64 crore from ₹65.42 crore, and depreciation increased 2.1% to ₹132.80 crore from ₹130.03 crore.
Other expenses increased 8.7% to ₹219.39 crore from ₹201.88 crore, while other income rose 6.3% to ₹23.95 crore from ₹22.53 crore. The quarter included an exceptional charge of ₹17.69 crore, compared with no exceptional item in Q3 FY25; tax was ₹3.57 crore, down 82.7% from ₹20.61 crore.
Against Q2 FY26, total expenses rose 8.5% to ₹1,402.39 crore from ₹1,292.98 crore. Employee cost increased 1.4% to ₹116.27 crore and other expenses rose 7.7% to ₹219.39 crore, while finance costs fell 1.3% to ₹71.64 crore and depreciation fell 1.0% to ₹132.80 crore. Other income rose 152.1% to ₹23.95 crore from ₹9.50 crore.
| ₹ crore | Q3 FY26 | Q3 FY25 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 116.27 | 110.31 | +5.96 | +5.4% |
| Finance costs | 71.64 | 65.42 | +6.22 | +9.5% |
| Depreciation | 132.80 | 130.03 | +2.77 | +2.1% |
| Other expenses | 219.39 | 201.88 | +17.51 | +8.7% |
| Total expenses | 1,402 | 1,329 | +73.23 | +5.5% |
| Other income | 23.95 | 22.53 | +1.42 | +6.3% |
| Tax | 3.57 | 20.61 | −17.04 | −82.7% |
| Exceptional items | −17.69 (charge) | none |
Source: Company's results filing (XBRL).
How did the first nine months of FY26 go?
For the first nine months of FY26, consolidated revenue was ₹3,833.53 crore, up 7.6% from ₹3,563.64 crore in 9M FY25, while total income rose 7.7% to ₹3,877.04 crore from ₹3,599.48 crore.
Profit before tax moved from ₹12.46 crore in 9M FY25 to a loss of ₹28.07 crore in 9M FY26. Net profit moved from ₹8.92 crore to a net loss of ₹19.72 crore, while EPS changed from ₹0.81 to a loss of ₹1.79.
The company’s same-day presentation reported sales of ₹3,590 crore for 9M FY26 against ₹3,413 crore in 9M FY25. It also reported a PAT of ₹-27 crore for 9M FY26 against ₹4 crore in 9M FY25.
| ₹ crore | 9M FY26 | 9M FY25 | Change |
|---|---|---|---|
| Revenue from operations | 3,834 | 3,564 | +7.6% |
| Profit before tax | −28.07 | 12.46 | turned to loss |
| Net profit | −19.72 | 8.92 | turned to loss |
| EPS (₹) | −1.79 | 0.81 |
Source: Company's results filing (XBRL).
How has Shoppers Stop done over the last 8 quarters?
Revenue reached a period high of ₹1,415.82 crore in Q3 FY26, above ₹1,379.47 crore in Q3 FY25 and ₹1,256.62 crore in Q2 FY26. It has risen year on year in each of the last eight quarters.
Net profit moved from a loss of ₹20.11 crore in Q2 FY26 to a profit of ₹16.12 crore in Q3 FY26, but remained below ₹52.23 crore in Q3 FY25. The highest quarterly profit in the series was ₹52.23 crore, while the lowest was a loss of ₹22.72 crore in Q1 FY25.
The EBITDA margin recovered to 15.4% in Q3 FY26 from 13.6% in Q2 FY26, after reaching 17.8% in Q3 FY25. The margin was 16.0% in Q4 FY25 and 14.8% in Q1 FY26.
What else did the company announce?
The board unanimously approved the unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025. The statutory auditors issued a limited review report on the results, and the company also filed a press release and investor presentation.
The board approved reclassification requests from Sundew Real Estate Private Limited and Pramaan Properties Private Limited from the promoter-group category to the public-shareholder category. Each entity was listed as holding 0 shares and 0.00% shareholding, and the reclassification was subject to necessary approvals, including from the stock exchanges. The same-day filings did not state a dividend or fund-raising decision.
What did the auditors point out?
The independent auditor’s review report stated that nothing had come to its attention causing it to believe that the financial statements had not disclosed the information required under the Listing Regulations or contained any material misstatement. The review was conducted under SRE 2410 and provided moderate assurance rather than an audit opinion.
Both the standalone and consolidated review reports contained an emphasis-of-matter paragraph concerning non-provision of retrospective service-tax levy for the period from 1 June 2007 to 31 March 2010 on renting of immovable properties for commercial use. The amounts referred to were Rs. 16.60 crores and Rs 20.11 crores, respectively, pending final disposal of the appeal before the supreme court. The auditors stated: “Our conclusion is not modified in respect of this matter.”
What did Shoppers Stop's management say?
Management said Q3 was an exception due to the festive shift and higher pollution levels. In the earnings call, the company maintained FY26 like-for-like growth guidance of 4.5-5% and guided to mid-single digit sales growth and a low single digit EBITDA margin for Q4 FY26.
Management guided to FY27 revenue growth of 12-15% and expected INTUNE losses of Rs 20-25 cr at EBITDA level, including head-office costs. It said Q1 FY27 was the inflection point and targeted FY28 profitability for INTUNE. The company also guided to net debt of Rs 150-160 cr at the end of FY26.
Management said the premium portfolio’s contribution had increased to 69% from 65%, while Beauty Distribution reached Rs 122 cr, up 58%, and was annualising at a Rs 500+ cr run rate. It identified subdued demand, conversion softness, inventory freshness at INTUNE and the Rs 17.5 cr labour-code impact as risks; no analyst questions were recorded in the supplied material.
How did Shoppers Stop shares react?
The filing appeared after market hours. The stock was down 3.2% five minutes after the filing, then moved up 1.9% after 15 minutes and 1.8% after 30 minutes. It closed 6.1% below the pre-results close on the reaction day; by the next day’s close it was down 5.6% from that close, and by the fifth session it was down 2.1%.
The Diversified Retail industry median moved 2.0% lower on the reaction day, 0.3% higher by the next close and 0.1% higher by the fifth close. Shoppers Stop’s reaction-day move was therefore 4.1 percentage points weaker than the industry median; its excess moves were 5.9 percentage points on day one and 2.1 percentage points on day five.
Earlier reaction-day moves were 0.8% lower on 17 October 2025, 3.9% lower on 17 July 2025, 1.1% lower on 14 January 2025, 0.4% lower on 22 October 2024, 5.2% lower on 18 July 2024 and 1.3% higher on 29 April 2024.
| After the filing | Stock | Diversified Retail median |
|---|---|---|
| 5 minutes | −3.2% | |
| 15 minutes | +1.9% | |
| 30 minutes | +1.8% | |
| Reaction day | −6.1% | −2.0% |
| Next day | −5.6% | +0.3% |
| 5 days | −2.1% | +0.1% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 17 October 2025 | −0.8% |
| 17 July 2025 | −3.9% |
| 14 January 2025 | −1.1% |
| 22 October 2024 | −0.4% |
| 18 July 2024 | −5.2% |
| 29 April 2024 | +1.3% |
Source: MarketPing price-reaction measurement.
How did other Diversified Retail companies do?
Six other Diversified Retail companies that had filed this quarter had a median revenue growth of 6.3%. Four grew faster than Shoppers Stop and two grew slower than Shoppers Stop.
Of the six peers for which profit was compared, three reported higher profit. The peer comparison was recorded as of 5 November 2026.
| Shoppers Stop revenue growth (YoY) | +2.6% |
|---|---|
| Median of 6 other Diversified Retail companies | +6.3% |
| Companies with slower revenue growth than Shoppers Stop | 2 of 6 |
| Companies with faster revenue growth than Shoppers Stop | 4 of 6 |
| Companies whose net profit rose | 3 of 6 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Shoppers Stop's revenue in Q3 FY26?
Revenue from operations was ₹1,416 crore, up 2.6% from ₹1,379 crore in Q3 FY25 (consolidated).
Did Shoppers Stop make a profit in Q3 FY26?
Yes. Net profit was ₹16.12 crore, against a net profit of ₹52.23 crore in Q3 FY25.
What was Shoppers Stop's EPS in Q3 FY26?
Basic earnings per share were ₹1.46, against ₹4.75 in Q3 FY25.
How did Shoppers Stop shares react to the Q3 FY26 results?
On the reaction day the stock moved −6.1% from the previous close; the median Diversified Retail stock moved −2.0%.
When did Shoppers Stop announce its Q3 FY26 results?
On 20 January 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Intimation Of The Board Meeting Under SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 ('The SEBI LODR') (BSE, 12 January 2026) · PDF
- Outcome of Board Meeting (NSE, 20 January 2026) · PDF
- Outcome of Board Meeting (NSE, 20 January 2026) · PDF
- The earnings call (27 January 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.
This is information, not investment advice. MarketPing does not recommend buying or selling any security.