Arthneeti

Shoppers Stop Q2 FY27 Share Price & Earnings Call Analysis

₹356.90+0.65% today
Market cap
₹3,933 Cr
P/E
891.89
ROE
-6.37%
Price to sales
0.75
Debt to equity
12.25
52W high / low
₹519 / ₹287
Sales growth (5Y)
23.59%
EBITDA margin
14.87%
Net profit margin
-0.39%
Promoter holding
66.01%
Sales (last year)
₹5,283 Cr

Company Overview Shoppers Stop Ltd. is the nation's leading premier retailer of fashion and beauty brands established in 1991. [1] It has 800+ Brands under its portfolio and 271 Stores spread across 50 cities in India as of 31st Dec 2022. [2]

Guidance scorecard · Q2 FY27 call

What Shoppers Stop's management guided
and where it ranks in Retailing

#25of 29 in
Retailing
Revenue10–20%MarginsFlatCapexPlannedFundraisingNone plannedOrder bookWhat management said

RevenueQ2 FY27 call

10–20%
  • Estimated revenue growth of mid-single to slightly higher like-for-like (LFL) for FY27, with healthy profitability expansion already witnessed in H1.
  • Continued acceleration of premiumization driving broad-based demand across apparel and non-apparel, reflected in mid-teen growth in festive season sales (mix of ~7% ASP increase and ~8% volume growth).
  • Departmental store expansion planned at 10-12 new stores annually over next 2-3 years, with a healthy pipeline including metros, Tier 1 and Tier 2 cities.
  • E-commerce showing strong growth, up 52% over Q2 last year, with increased average billing.

2 more points from Shoppers Stop's call on revenue

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Full Q2 FY27 analysis

MarginsQ2 FY27 call

Flat

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

Full Q2 FY27 analysis

CapexQ2 FY27 call

Planned
  • The company plans a healthy, profitable expansion, targeting around 12 new stores per year over the next 2-3 years, including departmental stores and INTUNE outlets.
  • Investments will be funded through internal accruals and strong EBITDA momentum, with no concerns regarding capital availability.
  • Expansion includes growing distribution business rapidly, building a strong pipeline of new store locations in metros, Tier 1 and Tier 2 cities.
  • Capital investments are anticipated in both retail and distribution businesses, especially for portfolio and brand additions.
  • Focus on premiumization and enhancing the shopping experience may require some capital infusion.

2 more points from Shoppers Stop's call on capex

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Full Q2 FY27 analysis

FundraisingQ2 FY27 call

None planned

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Full Q2 FY27 analysis

Order bookQ2 FY27 call

  • Focus is on growing omni-channel behavior, especially leveraging the First Citizen customer base.
  • Expansion plans include opening around 12 new departmental stores annually, focusing on premium locations.
  • INTUNE brand is in a phase of operational optimization before expansion; store additions might happen once unit economics are clear.

2 more points from Shoppers Stop's call on the order book

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Full Q2 FY27 analysis
Full Retailing ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Retailing
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Entero Healthcare Solutions LtdGood growth
    3
See all potential multibaggersWhere does Shoppers Stop rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Retailing companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Flat₹6,264 Cr38.2
240%+Flat₹6,053 Cr53.9
3Entero Healthcare Solutions Ltd20–40%Up 0–2%₹6,899 Cr53.5
420–40%Up 0–2%₹790 Cr19.0
520–40%Flat₹3.14L Cr725.0
620–40%Flat₹1.12L Cr170.8

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Pro shows every company guiding 40%+ revenue growth →Full Retailing ranking

Financials of Shoppers Stop

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Shoppers Stop

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +65.55%65.54%65.58%65.57%65.54%65.52%65.52%65.53%65.70%66.06%66.06%66.01%
FIIs +6.85%7.43%7.43%7.08%3.32%3.13%3.09%2.94%2.79%2.06%1.92%1.90%
DIIs +21.97%22.17%22.22%22.67%25.32%25.51%25.48%25.58%25.44%25.45%25.70%25.82%
Public +5.64%4.85%4.78%4.68%5.81%5.83%5.91%5.95%6.06%6.44%6.34%6.27%
No. of Shareholders41,37625,67724,56724,28527,89928,94928,80628,60128,04627,00626,43225,786

Pros & Cons

Shoppers Stop

Key positives and risks surfaced from the company insights section.

Pros
  • Stock is trading at 13.5 times its book value
  • Company has low interest coverage ratio.
  • Company has a low return on equity of 8.27% over last 3 years.
Raw Insights
  • Stock is trading at 13.5 times its book value
  • Company has low interest coverage ratio.
  • Company has a low return on equity of 8.27% over last 3 years.

Financials of Shoppers Stop

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +1,039.121,237.521,046.341,069.311,114.871,379.471,064.001,161.081,256.621,415.821,209.791,291.411,366.27
Expenses +878.201,020.03879.65926.39965.041,133.71894.08989.571,086.231,197.951,025.511,104.061,169.99
Operating Profit160.92217.49166.69142.92149.83245.76169.92171.51170.39217.87184.28187.35196.28
OPM %15.49%17.57%15.93%13.37%13.44%17.82%15.97%14.77%13.56%15.39%15.23%14.51%14.37%
Other Income +5.683.3633.003.567.7022.5320.3310.079.506.267.335.4222.88
Interest54.9258.6157.6061.0164.5165.4270.2673.1572.5671.6472.1173.7774.65
Depreciation108.19111.32112.03117.11121.76130.03125.42129.34134.19132.80144.37138.03140.38
Profit before tax3.4950.9230.06-31.64-28.7472.84-5.43-20.91-26.8619.69-24.87-19.034.13
Tax %21.78%27.63%22.89%-28.19%-28.36%28.29%-136.65%-24.73%-25.13%18.13%-34.26%-25.12%24.70%
Net Profit +2.7336.8523.18-22.72-20.5952.231.99-15.74-20.1116.12-16.35-14.253.11
EPS in Rs0.253.352.11-2.07-1.874.750.18-1.43-1.831.46-1.48-1.290.28

Financials of Shoppers Stop

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +4,2174,5953,7573,6973,5783,4641,7492,5194,0224,3174,6285,0435,283
Expenses +3,9484,4153,6293,5463,3322,9121,7052,2493,3273,6003,9194,2994,498
Operating Profit26918012815124655244270695717708744786
OPM %6%3.9%3.4%4.1%7%16%2.5%11%17%17%15%15%15%
Other Income +13281823218242241945549543342
Interest7885863814197223207209225261289292
Depreciation125130119115141450392355382437494541556
Profit before tax78-7-58231110-72-347-981591047-53-20
Tax %37%482%35%8%41%98%-23%-53%27%26%-55%-32%
Net Profit +49-40-7821465-142-267-471167711-36-11
EPS in Rs4.090.23-3.5922.345.94-12.98-24.43-4.2910.587.030.99-3.28-1.03
Dividend Payout %15%260%-17%3%10%0%0%0%0%0%0%0%

Financials of Shoppers Stop

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital42424244444455555555555555
Reserves487473437860871236521151246266236227
Borrowings +751829885125742,2472,1062,1152,3752,7853,3143,3173,457
Other Liabilities +7026886927581,4861,7681,2901,5912,0232,2082,4592,6832,813
Total Liabilities1,9812,0322,0561,7882,4764,0813,5163,7834,6035,2946,0956,2916,552
Fixed Assets +9039079226736151,9011,7211,7232,0972,5822,9713,0303,094
CWIP283320183544314342113719
Investments03920282258191128146484300
Other Assets +1,0511,0531,0948141,5671,9451,6641,8992,4242,6883,1073,2543,439
Total Assets1,9812,0322,0561,7882,4764,0813,5163,7834,6035,2946,0956,2916,552

Financials of Shoppers Stop

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +11115564298202576-3383543561549838
Cash from Investing Activity +-162-172-111-35-125-284-24-102-29-111-169-129
Cash from Financing Activity +4510-10-171-63-433167-270-537-479-409-675
Net Cash Flow-6-6-579213-14114011-23-29-2934
Free Cash Flow-52-17-4718489395-85276399388369703
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit50%110%69%221%105%112%-35%134%79%78%78%112%

Financials of Shoppers Stop

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days946554653756
Inventory Days69749057188225290244235242273253
Days Payable64637684224277391349287283303295
Cash Conversion Cycle141519-21-31-48-94-101-49-34-25-37
Working Capital Days-30-28-48-26-21-44-101-90-51-44-37-36
ROCE %13%6%3%4%12%8%-5%4%15%12%8%7%

Guidance history

How Shoppers Stop's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q2 FY27 call →10–20%FlatPlannedNone planned—
Q1 FY27 call →10–20%FlatPlannedNone planned—
Q4 FY26 call →10–20%Up 0–2%Planned——
Q3 FY26 call →10–20%Up 0–2%Planned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

24out of 100

Momentum score · price trend

24 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−31.3%21%
Last 6 months+20.2%74%
Last 3 months−8.5%44%

The price is 61% below its all-time high of ₹914.05 (13 Sept 2024). Stocks more than 20% below their peak have their score halved, so 47 became 24.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Shoppers Stop: 0.4 × 21 + 0.4 × 74 + 0.2 × 44 = 47, halved to 24 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

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What Shoppers Stop's management said in earlier quarters

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