Spencers Retail Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹187 Cr
- Price to sales
- 0.11
- Debt to equity
- 0.00
- 52W high / low
- ₹47.2 / ₹14.8
- Sales growth (5Y)
- -5.81%
- EBITDA margin
- 0.20%
- Net profit margin
- -14.35%
- Promoter holding
- 58.81%
- Sales (last year)
- ₹1,854 Cr
Incorporated in 2017, Spencer’s Retail Ltd develops, conducts, and promotes organized retail. It operates departmental and neighborhood stores under various formats across the country[1]
Guidance scorecard · Q2 FY27 call
What Spencer's Retail's management guided
and where it ranks in Retailing
RevenueQ1 FY27 call
10–20%- Consolidated revenue grew 13% YoY to Rs. 469 crores in Q1 FY27, with an 8% QoQ growth, indicating strong momentum.
- Spencer's offline business expected to grow mid to high single digits.
- Natures Basket anticipated to achieve early double-digit growth from Q3/Q4 FY27 following reset and optimization.
- Online platform "Jiffy" targeting steady full-year growth of around 25%, with improved unit economics and profitability.
- Growth driven by both volume (70% contribution) and average bill value increases (30% contribution), indicating healthy underlying demand.
- Focus on increasing sales per square foot and throughput, especially in Natures Basket.
- Membership program expansion to boost repeat purchases and higher average spends.
2 more points from Spencer's Retail's call on revenue
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MarginsQ1 FY27 call
FlatSee what Spencer's Retail said on margins — free account, 30 seconds.
CapexQ1 FY27 call
None planned- No significant new store openings planned for Natures Basket in the current fiscal; focus is on refurbishing existing stores to maintain the premium experiential format.
- Spencer's is not planning large-scale store expansion this fiscal; opening a few relocated and small stores within existing clusters on a calibrated basis.
- Targeted store capex will focus on renovations and driving higher throughput rather than expansion, especially for Natures Basket.
- Future calibrated expansion plans for Spencer's may emerge in FY 2028 once current performance targets are achieved.
2 more points from Spencer's Retail's call on capex
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FundraisingQ1 FY27 call
See what Spencer's Retail said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- Strong growth in both offline and online business segments; online grew 49% YoY.
- Positive unit economics in online orders with Rs.18 contribution per order.
- Focus on controlling costs and improving sales per square foot.
- Membership program driving higher customer retention and repeat purchases.
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
- Strong growth2
- Strong growth1
- Lenskart SolutionsGood growth3
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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
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹6,445 Cr | 39.3 | |
| 2 | 40%+ | Flat | ₹6,222 Cr | 55.4 | |
| 3 | Lenskart Solutions | 20–40% | Up 2%+ | ₹1.25L Cr | 159.7 |
| 4 | 20–40% | Up 2%+ | ₹1.01L Cr | 303.7 | |
| 5 | 20–40% | Up 0–2% | ₹24,857 Cr | — | |
| 6 | 20–40% | Up 0–2% | ₹8,828 Cr | 61.7 |
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Pro shows every company guiding 40%+ revenue growth →Full Retailing rankingFinancials of Spencer's Retail
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Spencer's Retail
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 58.81% | 58.81% | 58.81% | 58.81% | 58.81% | 58.81% | 58.81% | 58.81% | 58.81% | 58.81% | 58.81% | 58.81% |
| FIIs + | 8.84% | 9.38% | 8.32% | 8.31% | 8.54% | 8.74% | 7.56% | 7.36% | 6.50% | 6.55% | 6.50% | 6.49% |
| DIIs + | 1.99% | 1.99% | 1.99% | 1.99% | 1.99% | 1.99% | 1.99% | 1.99% | 1.99% | 1.99% | 1.99% | 1.94% |
| Government + | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| Public + | 30.20% | 29.65% | 30.72% | 30.73% | 30.48% | 30.29% | 31.47% | 31.67% | 32.54% | 32.48% | 32.54% | 32.51% |
| Others + | 0.13% | 0.13% | 0.13% | 0.13% | 0.13% | 0.13% | 0.13% | 0.13% | 0.13% | 0.13% | 0.13% | 0.22% |
| No. of Shareholders | 51,018 | 49,190 | 49,192 | 51,367 | 50,829 | 50,376 | 50,376 | 49,994 | 49,221 | 48,360 | 47,972 | 47,184 |
Pros & Cons
Spencer's Retail
Key positives and risks surfaced from the company insights section.
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -5.81% over past five years.
- Contingent liabilities of Rs.60.3 Cr.
- Earnings include an other income of Rs.14.3 Cr.
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -5.81% over past five years.
- Contingent liabilities of Rs.60.3 Cr.
- Earnings include an other income of Rs.14.3 Cr.
Financials of Spencer's Retail
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 574 | 654 | 547 | 548 | 518 | 517 | 412 | 416 | 445 | 503 | 436 | 469 | 462 |
| YoY Sales growth | -12% | +2% | +1% | -4% | -10% | -21% | -25% | -24% | -14% | -3% | +6% | +13% | +4% |
| Expenses + | 581 | 642 | 559 | 547 | 563 | 505 | 423 | 423 | 449 | 496 | 443 | 462 | 458 |
| Operating Profit | -7 | 12 | -12 | 1 | -45 | 12 | -11 | -7 | -4 | 7 | -7 | 8 | 4 |
| OPM % | -1.2% | 1.8% | -2.2% | 0.2% | -9% | 2.3% | -2.8% | -1.6% | -0.8% | 1.3% | -1.6% | 1.6% | 0.8% |
| Other Income + | 3 | 6 | 4 | 28 | 61 | 3 | 11 | 11 | 4 | 1 | 9 | 2 | 2 |
| Interest | 36 | 38 | 41 | 43 | 40 | 41 | 41 | 40 | 41 | 43 | 45 | 46 | 48 |
| Depreciation | 31 | 32 | 32 | 30 | 64 | 22 | 27 | 26 | 23 | 23 | 23 | 23 | 24 |
| Profit before tax | -70 | -51 | -81 | -44 | -87 | -47 | -68 | -62 | -64 | -58 | -66 | -60 | -66 |
| Tax % | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% |
| Net Profit + | -70 | -51 | -81 | -43 | -87 | -47 | -68 | -62 | -64 | -58 | -66 | -60 | -66 |
| EPS in Rs | -7.78 | -5.68 | -8.95 | -4.82 | -9.67 | -5.25 | -7.59 | -6.84 | -7.08 | -6.47 | -7.28 | -6.71 | -7.35 |
Financials of Spencer's Retail
Profit & Loss
Annual income statement trend
| Mar 2018 13m | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,149 | 2,187 | 2,645 | 2,428 | 2,300 | 2,453 | 2,345 | 1,995 | 1,800 | 1,870 |
| Sales growth | +90% | +21% | -8% | -5% | +7% | -4% | -15% | -10% | +4% | |
| Expenses + | 1,153 | 2,178 | 2,587 | 2,420 | 2,275 | 2,448 | 2,354 | 2,038 | 1,810 | 1,860 |
| Operating Profit | -4 | 9 | 57 | 8 | 25 | 4 | -9 | -43 | -10 | 11 |
| OPM % | -0.4% | 0.4% | 2.2% | 0.3% | 1.1% | 0.2% | -0.4% | -2.2% | -0.5% | 0.6% |
| Other Income + | 9 | 28 | 32 | 53 | 76 | 32 | 23 | 104 | 25 | 14 |
| Interest | 4 | 7 | 82 | 91 | 97 | 115 | 148 | 164 | 169 | 183 |
| Depreciation | 15 | 25 | 138 | 134 | 126 | 132 | 132 | 143 | 96 | 93 |
| Profit before tax | -14 | 4 | -131 | -164 | -122 | -211 | -267 | -247 | -250 | -251 |
| Tax % | 0% | 43% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | |
| Net Profit + | -14 | 2 | -131 | -164 | -121 | -210 | -266 | -246 | -249 | -251 |
| EPS in Rs | 0.30 | -16.27 | -18.18 | -13.48 | -23.34 | -29.53 | -27.33 | -27.66 | -27.81 | |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Spencer's Retail
Balance Sheet
Capital structure and asset base
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.00 | 40 | 40 | 45 | 45 | 45 | 45 | 45 | 45 | 45 |
| Reserves | 507 | 508 | 234 | 141 | 17 | -196 | -461 | -707 | -958 | -1,086 |
| Borrowings + | 1 | 0 | 849 | 944 | 1,069 | 1,341 | 1,622 | 1,571 | 1,919 | 2,053 |
| Other Liabilities + | 373 | 365 | 471 | 429 | 435 | 439 | 490 | 400 | 390 | 361 |
| Total Liabilities | 881 | 914 | 1,594 | 1,559 | 1,565 | 1,629 | 1,696 | 1,310 | 1,396 | 1,374 |
| Fixed Assets + | 239 | 263 | 1,055 | 1,053 | 1,049 | 1,132 | 1,211 | 953 | 971 | 890 |
| CWIP | 0 | 1 | 10 | 3 | 8 | 2 | 1 | 0 | 0 | 0 |
| Investments | 7 | 23 | 24 | 35 | 94 | 94 | 56 | 43 | 36 | 36 |
| Other Assets + | 635 | 627 | 505 | 468 | 415 | 401 | 428 | 314 | 389 | 447 |
| Total Assets | 881 | 914 | 1,594 | 1,559 | 1,565 | 1,629 | 1,696 | 1,310 | 1,396 | 1,374 |
Financials of Spencer's Retail
Cash Flows
Operating, investing and financing cash movement
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -48 | -13 | 114 | -2 | 55 | 27 | 35 | 37 | -60 |
| Cash from Investing Activity + | -189 | 22 | -7 | -18 | -40 | -26 | 11 | -20 | -8 |
| Cash from Financing Activity + | 38 | -0 | -54 | -3 | -54 | -5 | -28 | -27 | 92 |
| Net Cash Flow | -199 | 9 | 53 | -24 | -40 | -4 | 18 | -10 | 24 |
| Free Cash Flow | -55 | -58 | 71 | -25 | 31 | 1 | 3 | 21 | -69 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 1,079% | -107% | 212% | 23% | 219% | 271% | -364% | -83% | 633% |
Financials of Spencer's Retail
Ratios
Working capital efficiency and return ratios
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 12 | 7 | 9 | 4 | 4 | 3 | 4 | 3 | 5 |
| Inventory Days | 109 | 57 | 44 | 51 | 52 | 49 | 52 | 39 | 47 |
| Days Payable | 123 | 66 | 66 | 63 | 67 | 64 | 75 | 72 | 76 |
| Cash Conversion Cycle | -2 | -1 | -13 | -8 | -10 | -12 | -19 | -30 | -24 |
| Working Capital Days | -1 | -2 | -40 | -50 | -63 | -79 | -99 | -137 | -192 |
| ROCE % | 2% | -6% | -7% | -2% | -8% | -10% | -10% | -9% |
Guidance history
How Spencer's Retail's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | None planned | — | — |
| Q3 FY26 call → | 10–20% | Flat | None planned | — | Rising |
| Q2 FY26 call → | 10–20% | Flat | None planned | Planned | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Continue your research
What Spencer's Retail's management said in earlier quarters
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