Any current/future capex/capital investment/strategic investment?

Full-year capex expected between INR 200 to 240 crores, covering INTUNE, departmental stores, Beauty, Home, renovations, and a new warehouse in Bhiwandi (INR 20 crores) (Page 14-15). Renovation capex: INR 1,500 to 1,700 per sq ft, renovating 4 to 8 stores annually, mostly in the second half, with examples like Malad store renovation costing around INR 20-25 crores (Page 16-17). Planned opening of 60 to 65 new stores across all formats in the next 6 months, including 100 INTUNE stores by fiscal year-end, and 120-125 new INTUNE stores in FY '26 (Page 6, 8, 13). Investments in digital platforms i

Any current/future new fundraising through debt or equity?

The company’s net debt was expected to be around INR120-130 crores in the current year (FY25) due to subdued performance. From next year (FY26) onwards, the company aims to reduce net debt to below INR100 crores and expects to be debt-free by the second year afterward. No mention of new equity fundraising was made during the call. Capex is targeted at around INR200-240 crores for the full year, including renovations and new warehouse investments. The company is exploring the franchisee route for INTUNE stores, with more information expected in a few quarters. The debt increase in H1 is attribu

Future growth expectations in sales/revenue/volumes?

The company expects mid-single-digit like-for-like sales growth in H2 FY '25 driven by a strong festive and wedding season with 4.8 million weddings anticipated. October showed mid-teen like-for-like growth, reflecting improving momentum post a muted H1. Plans to open approximately 60-65 new stores across formats in H2 will contribute to sales growth. INTUNE, the value fashion format, targets around 100 stores by end of FY '25 with plans to open 120-125 stores in FY '26, expecting double-digit growth contribution in coming years. Private brand volumes grew by 9% in apparel with strong brand pe

Future growth expectations in earnings/operating earnings/profits/EPS?

The company expects a mid-single-digit like-for-like growth in H2 FY '25, with October showing mid-teen growth driven by festive season and weddings. EBITDA margin is expected to improve due to ongoing cost-reduction initiatives and better operational efficiencies. INTUNE store expansion: Plans to open around 100 stores this fiscal year, with ~120-125 new stores planned in FY '26, indicating strong growth potential in value fashion. INTUNE EBITDA impact will remain low single-digit, but store-level profitability is expected to be positive by end of this fiscal. Beauty business is on a growth t

Shoppers Stop LtdQ2 FY25Retailing

Shoppers Stop Ltd Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹405Market Cap: ₹4.7K CrSector: Retailing

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

The company expects mid-single-digit like-for-like sales growth in H2 FY '25 driven by a strong festive and wedding season with 4.8 million weddings anticipated.
October showed mid-teen like-for-like growth, reflecting improving momentum post a muted H1.
Plans to open approximately 60-65 new stores across formats in H2 will contribute to sales growth.
INTUNE, the value fashion format, targets around 100 stores by end of FY '25 with plans to open 120-125 stores in FY '26, expecting double-digit growth contribution in coming years.
Private brand volumes grew by 9% in apparel with strong brand performance.
Beauty business continues outgrowing with 10% quarterly revenue growth and expansions in product offerings.
Investment in omnichannel and digital platforms aims to further accelerate sales growth.
Overall, a recovering market environment and strategic brand premiumization support optimistic growth outlook.

Margin guidance

Category 3

The company expects a mid-single-digit like-for-like growth in H2 FY '25, with October showing mid-teen growth driven by festive season and weddings.
EBITDA margin is expected to improve due to ongoing cost-reduction initiatives and better operational efficiencies.
INTUNE store expansion: Plans to open around 100 stores this fiscal year, with ~120-125 new stores planned in FY '26, indicating strong growth potential in value fashion.
INTUNE EBITDA impact will remain low single-digit, but store-level profitability is expected to be positive by end of this fiscal.
Beauty business is on a growth trajectory with 10%-19% revenue growth reported; it's seen as a key medium-term growth lever.
Capex for FY '25 is guided at INR 200-240 crores while working capital remains stable; debt expected to reduce from FY '26 onwards.
Overall, management is confident of margin expansion and steady profitability improvement over the next 1-2 years.

See what Shoppers Stop Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

The company’s net debt was expected to be around INR120-130 crores in the current year (FY25) due to subdued performance.
From next year (FY26) onwards, the company aims to reduce net debt to below INR100 crores and expects to be debt-free by the second year afterward.
No mention of new equity fundraising was made during the call.
Capex is targeted at around INR200-240 crores for the full year, including renovations and new warehouse investments.
The company is exploring the franchisee route for INTUNE stores, with more information expected in a few quarters.
The debt increase in H1 is attributed primarily to lower EBITDA, and management expects marginal debt reduction towards the end of H2.
Overall, the focus is on managing debt via operational efficiencies and internal accruals rather than new borrowings.

Order book

The transcript of the Shoppers Stop Limited Q2 FY '25 Earnings Conference Call does not mention any details related to the current or expected order book or pending orders. The discussion primarily focuses on: - Market positioning of Shoppers Stop (premium) and INTUNE (value fashion). - Store renovation and space utilization strategies. - Capex and working capital investments. - Sales performance, growth outlook, and key operational metrics. - Omnichannel strategy and quick commerce initiatives. - Beauty business growth and private label launches. No specific information about order book status or pending orders is disclosed in the transcript.

See what Shoppers Stop Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Full-year capex expected between INR 200 to 240 crores, covering INTUNE, departmental stores, Beauty, Home, renovations, and a new warehouse in Bhiwandi (INR 20 crores) (Page 14-15).
Renovation capex: INR 1,500 to 1,700 per sq ft, renovating 4 to 8 stores annually, mostly in the second half, with examples like Malad store renovation costing around INR 20-25 crores (Page 16-17).
Planned opening of 60 to 65 new stores across all formats in the next 6 months, including 100 INTUNE stores by fiscal year-end, and 120-125 new INTUNE stores in FY '26 (Page 6, 8, 13).
Investments in digital platforms including upgraded ss.com (app version 2.0) and SS Beauty platform, aimed at boosting online and omnichannel growth (Page 7).
Focus on continued premiumization and marketing investments to drive brand and customer engagement (Page 6, 11).

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Shoppers Stop Ltd Q2 FY25 Earnings Call Analysis

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