Shoppers Stop

Q2 FY26Retailing

Shoppers Stop Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹421

Market cap₹4.6K Cr

Updated23 Aug 2026

Read4 min read

The short version

Shoppers Stop is experiencing broad-based growth across all regions, including Tier-1 and Tier-2 metros, with positive trends in customer footfall and premiumization. Shoppers Stop anticipates strong growth momentum to continue, particularly in Q3 driven by festive and wedding season demand.

From Shoppers Stop's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

Shoppers Stop is experiencing broad-based growth across all regions, including Tier-1 and Tier-2 metros, with positive trends in customer footfall and premiumization.
Sales growth is supported by a mix of higher Average Selling Prices (ASP) (+6%) and increased Items Per Transaction (IPT) (+2%), leading to an 8% rise in Average Bill Value (ABV).
INTUNE, the value fashion segment, is recovering from earlier degrowth with positive like-for-like growth and plans for aggressive store expansion post supply chain improvements.
The beauty business, including distribution and premium segments, shows strong momentum and is a major growth driver.
The company anticipates continued double-digit growth momentum in the critical festive and wedding season (Q3), driven by early festive demand and strategic merchandising.
Overall, management is confident of sustainable, profitable growth, expecting high single-digit to mid-double-digit growth across core and new businesses.

Profitability & Margins

Shoppers Stop anticipates strong growth momentum to continue, particularly in Q3 driven by festive and wedding season demand.
EBITDA margins for the core business expected to improve to mid to high single digits on a full-year basis, with Q3 seasonality aiding margin expansion.
The company is confident about sustainable, profitable growth driven by premiumization, omni-channel strategy, and customer-centric initiatives.
New businesses (INTUNE and ssbeauty.in) are in investment phase, expected to turn profitable as scale and operating leverage improve over time.
INTUNE losses are expected to reduce in H2 FY26, with store-level breakeven likely by FY27.
Beauty distribution business is a significant growth engine, having delivered 103% YoY growth and expected to sustain momentum.
Overall profit before tax turned positive this quarter, improving by Rs. 21 crores, demonstrating resilience and growth trajectory.
The management remains confident about continued growth in top-line and operating profits as they execute these strategies.

See what Shoppers Stop said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

- Shoppers Stop is making strategic investments in its new businesses: - **INTUNE** (value fashion format) is in the investment phase with front-loaded spends on store openings, marketing, and backend infrastructure, aiming for long-term growth and profitability. - **ssbeauty.in** (digital-first beauty platform) is investing in technology, marketing, and customer acquisition to build a scalable, high-margin beauty ecosystem. - Planned **store openings**: - 5 departmental stores in the current quarter and 4-5 in Q4. - For INTUNE, 3 stores opened in Q2, 5 planned in Q3, and 8-10 planned for Q4. - Focus on expanding and enhancing the beauty business through new and exclusive brands, digital acceleration, and further store expansion. - Working capital management saw a reduction of Rs. 63 crores in Q2, indicating efficient use of capital. Overall, capital allocation reflects a disciplined investment approach targeting sustainable scale and long-term value creation.

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Ranked on what management guided this quarter

5x potential

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2Entero Healthcar₹7.9K Cr

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3₹730 Cr

Rev 2Mar 2

4₹3.1L Cr

Rev 2Mar 3

5₹1.2L Cr

Rev 2Mar 3

Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

The transcript from the Shoppers Stop Limited conference call dated October 17, 2025, does not mention any current or planned fundraising activities through debt or equity. Key points related to capital and financial position include: - No explicit mention of new debt or equity raising in the discussion. - Working capital reduced by Rs. 63 crores in Q2, indicating effective capital management. - Focus on investing strategically in new businesses like INTUNE and ssbeauty.in, currently in loss-making investment phases. - Promoter pledge mentioned (9%) for about three years, but no note on change or plans to address it. - Emphasis on sustainable, profitable growth without mention of additional fundraising. Thus, there is no direct indication of any immediate or upcoming fundraising plans through either debt or equity from the information shared.

See what Shoppers Stop said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The provided transcript and document do not mention any details related to current or expected order book or pending orders for Shoppers Stop Limited. The focus of the discussion is primarily on: - Quarterly performance and growth across regions - Consumer sentiment and purchasing trends - Premiumization strategy and product mix - Store openings and capital allocation plans - Supply chain improvements and business segment growth No specific information regarding order book figures or pending orders is disclosed in the transcript.

Shoppers Stop — Quarterly revenue & net profit

Revenue Net profit Net loss

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹1.2K Cr, net loss ₹16 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What Shoppers Stop Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Shoppers Stop Q2 FY26 results?

What is Shoppers Stop share price analysis?

Shoppers Stop currently shows a neutral. The stock trades at a P/E of N/A with a market cap of ₹4,643 Cr. Investors should review the full earnings analysis for detailed insights.

Is Shoppers Stop planning capital expenditure?

Shoppers Stop is making strategic investments in its new businesses: - **INTUNE** (value fashion format) is in the investment phase with front-loaded spends on store openings, marketing, and backend infrastructure, aiming for long-term growth and profitability.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.