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Spencer's Retail Q2 FY27 results: net loss widens to ₹66.25 crore, revenue up 3.8%
Spencer's Retail Limited reported consolidated revenue of ₹461.97 crore in Q2 FY27, up 3.8% from Q2 FY26, while EBITDA turned to ₹3.71 crore from a loss. The company nevertheless reported a net loss of ₹66.25 crore, compared with ₹63.79 crore a year earlier, and basic EPS was ₹7.35.
Key points
- Consolidated Q2 FY27 revenue was ₹461.97 crore, up 3.8% from ₹445.15 crore in Q2 FY26.
- EBITDA was ₹3.71 crore in Q2 FY27, against a loss of ₹3.51 crore in Q2 FY26, with margin improving to 0.8% from -0.8%.
- Spencer's Retail reported a net loss of ₹66.25 crore in Q2 FY27, versus a net loss of ₹63.79 crore in Q2 FY26.
- Basic EPS was ₹7.35 in Q2 FY27, compared with ₹7.08 in Q2 FY26.
- H1 FY27 revenue was ₹931.44 crore, up 8.2%, while the company reported a net loss of ₹126.7 crore.
How did Spencer's Retail perform in Q2 FY27?
Spencer's Retail Limited reported consolidated revenue of ₹461.97 crore for Q2 FY27, up ₹16.82 crore or 3.8% from ₹445.15 crore in Q2 FY26. Total income rose ₹14.99 crore or 3.3% to ₹463.87 crore, while EBITDA moved from a loss of ₹3.51 crore to a profit of ₹3.71 crore. The EBITDA margin improved by 1.6 percentage points, from -0.8% to 0.8%.
Against Q1 FY27, revenue fell ₹7.50 crore or 1.6% to ₹461.97 crore and EBITDA fell ₹3.85 crore or 50.9% to ₹3.71 crore. The net loss widened by ₹5.80 crore to ₹66.25 crore, compared with ₹60.45 crore in Q1 FY27, and basic EPS was ₹7.35 versus ₹6.71. On the standalone basis, revenue was ₹402.83 crore and the company reported a net loss of ₹37.03 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 461.97 | 469.47 | 445.15 | +3.8% | −1.6% |
| Other income | 1.90 | 1.81 | 3.74 | −49.2% | +5.0% |
| Total expenses | 530.16 | 531.78 | 512.73 | +3.4% | −0.3% |
| EBITDA | 3.71 | 7.56 | −3.51 | turned to profit | −50.9% |
| EBITDA margin | 0.8% | 1.6% | -0.8% | +1.6 pp | −0.8 pp |
| Profit before tax | −66.30 | −60.49 | −63.85 | ||
| Tax | −0.04 | −0.04 | −0.06 | ||
| Net profit | −66.25 | −60.45 | −63.79 | ||
| EPS (₹) | −7.35 | −6.71 | −7.08 |
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 Spencer's Retail's costs and profit?
Total expenses rose ₹17.43 crore or 3.4% to ₹530.16 crore in Q2 FY27 from ₹512.73 crore in Q2 FY26. Employee cost fell ₹5.39 crore or 16.0% to ₹28.39 crore, while other expenses declined ₹7.50 crore or 11.9% to ₹55.73 crore. Finance costs increased ₹7.51 crore or 18.4% to ₹48.27 crore, and depreciation rose ₹0.31 crore or 1.3% to ₹23.63 crore. Other income fell ₹1.84 crore or 49.2% to ₹1.90 crore.
There was no exceptional item in either quarter. The tax amount was ₹0.04 crore in Q2 FY27, compared with ₹0.06 crore in Q2 FY26. The figures show that the increase in total expenses and the reduction in other income accompanied a wider net loss despite the improvement in EBITDA.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 1.21 | −1.21 | |
| Employee cost | 28.39 | 33.78 | −5.39 | −16.0% |
| Finance costs | 48.27 | 40.76 | +7.51 | +18.4% |
| Depreciation | 23.63 | 23.32 | +0.31 | +1.3% |
| Other expenses | 55.73 | 63.23 | −7.50 | −11.9% |
| Total expenses | 530.16 | 512.73 | +17.43 | +3.4% |
| Other income | 1.90 | 3.74 | −1.84 | −49.2% |
| Tax | −0.04 | −0.06 | +0.02 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, Spencer's Retail reported consolidated revenue of ₹931.44 crore, up ₹70.46 crore or 8.2% from ₹860.98 crore in H1 FY26. Total income rose ₹59.02 crore or 6.7% to ₹935.15 crore. The company reported a loss before tax of ₹126.79 crore, compared with ₹125.52 crore in H1 FY26.
The net loss for H1 FY27 was ₹126.7 crore, compared with ₹125.4 crore in H1 FY26, while basic EPS was ₹14.06 versus ₹13.91. Revenue growth was accompanied by a slightly wider loss for the half-year.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 931.44 | 860.98 | +8.2% |
| Profit before tax | −126.79 | −125.52 | |
| Net profit | −126.70 | −125.40 | |
| EPS (₹) | −14.06 | −13.91 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹1373.56 crore, compared with ₹1395.86 crore at 31 March 2026. Total equity was negative ₹1040.76 crore, compared with negative ₹912.92 crore at the previous balance-sheet date, while borrowings rose to ₹1433.3 crore from ₹1234.71 crore. Cash was ₹83.8 crore, against ₹45.53 crore, and inventories were ₹184.15 crore versus ₹184.1 crore. Trade receivables rose to ₹30.27 crore from ₹24.93 crore, while trade payables fell to ₹274.05 crore from ₹299.33 crore.
For H1 FY27, operating cash flow was negative ₹33.43 crore, compared with negative ₹76.81 crore in H1 FY26. Investing cash flow was negative ₹2.26 crore versus negative ₹6.89 crore, financing cash flow was ₹73.96 crore versus ₹80.58 crore, and capital expenditure was ₹2.77 crore compared with ₹5.99 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,374 | 1,396 |
| Total equity | −1,041 | −912.92 |
| Borrowings | 1,433 | 1,235 |
| Cash and equivalents | 83.80 | 45.53 |
| Inventories | 184.15 | 184.10 |
| Trade receivables | 30.27 | 24.93 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −33.43 | −76.81 |
| Cash from investing | −2.26 | −6.89 |
| Cash from financing | 73.96 | 80.58 |
| Capital expenditure | 2.77 | 5.99 |
Source: Company's results filing (XBRL).
How has Spencer's Retail done over the last 8 quarters?
Revenue rose year on year in each of the last three quarters. Across the reported quarters, revenue peaked at ₹516.97 crore in Q3 FY25 and bottomed at ₹411.87 crore in Q4 FY25; in Q2 FY27, revenue was ₹461.97 crore. The net loss was largest at ₹68.41 crore in Q4 FY25 and was ₹66.25 crore in Q2 FY27, while the EBITDA margin peaked at 2.3% in Q3 FY25 and was 0.8% in Q2 FY27.
What else did the company announce?
The board approved and took note of the unaudited standalone and consolidated financial results for the second quarter and half-year ended 30 September 2026, together with the limited review report issued by the statutory auditors. The company also filed an investor update for the quarter ended 30 September 2026 on 5 November 2026. The available same-day filings did not state a dividend, fund raise or appointment.
How did other Diversified Retail companies do?
Among eight Diversified Retail companies compared for the quarter, the median peer revenue growth was 15.9%. Two peers grew more slowly than Spencer's Retail and six grew faster. Four of the seven peers for which profit was compared reported higher profit.
| Spencer's Retail revenue growth (YoY) | +3.8% |
|---|---|
| Median of 8 other Diversified Retail companies | +15.9% |
| Companies with slower revenue growth than Spencer's Retail | 2 of 8 |
| Companies with faster revenue growth than Spencer's Retail | 6 of 8 |
| Companies whose net profit rose | 4 of 7 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Spencer's Retail's revenue in Q2 FY27?
Revenue from operations was ₹461.97 crore, up 3.8% from ₹445.15 crore in Q2 FY26 (consolidated).
Did Spencer's Retail make a profit in Q2 FY27?
No. It reported a net loss of ₹66.25 crore, against a net loss of ₹63.79 crore in Q2 FY26.
What was Spencer's Retail's EPS in Q2 FY27?
Basic loss per share was ₹7.35, against a loss of ₹7.08 in Q2 FY26.
When did Spencer's Retail announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approval Of The Unaudited Financial Results For The Quarter Ended On September 30, 2026. (BSE, 29 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Held On November 5, 2026. (BSE, 5 November 2026) · PDF
- Outcome Of Board Meeting Held On November 5, 2026. (BSE, 5 November 2026) · PDF
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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