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Arvind Fashions Limited (ARVINDFASN)

₹399.85 +0.24% last close, 16 Oct

📊 NSE: ARVINDFASN 🏢 Speciality Retail 📢 Latest filing: 08 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Arvind Fashions' revenue was ₹1,278 Cr (+15.5% year on year, -6.3% on the previous quarter), and net profit ₹27.6 Cr (+11.1% year on year); the operating margin was 12.5%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹1,278	+15.5%	-6.3%
Operating profit	₹160	+19.6%	-15.6%
Net profit	₹27.6	+11.1%	-58.2%
EPS (₹)	0.72	-23.4%	-79.5%
Operating margin	12.5%	—	—

Full quarterly financials → Results calendar →

ARVINDFASN delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 48.69% of the ARVINDFASN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 50.64%. That is close to its usual level. Volume was 0.4 times its average, well below normal.

48.69%Delivery, 16 Oct

50.64%Own 20-session average

0.4×Volume vs its average

₹399.85NSE close · +0.24%

Delivery in the last 5 sessions: 46.1% · 49.0% · 52.5% · 49.5% · 48.7%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Arvind Fashions Submits Reg 74(5) Demat Compliance Certificate for Q2 Ended Sep 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 08 Oct 2026, 05:33 PM

Arvind Fashions Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Registrar and Transfer Agent MUFG Intime India Private Limited, covers the quarter ended September 30, 2026. It confirms that securities received for dematerialisation during the period were processed, confirmed or rejected, and mutilated in line with regulatory timelines. This is a periodic administrative filing with zero operational or financial impact.

Regulation 74(5) certificate submitted for the quarter ended September 30, 2026
Confirmation issued by RTA MUFG Intime India Private Limited on October 03, 2026
Securities received for dematerialisation confirmed or rejected within prescribed timelines
Filing submitted to BSE and NSE on October 08, 2026

💡 No action is required as this is a recurring regulatory disclosure; investors should track upcoming Q2 financial results for operational updates.

Subsidiary ALBL Invests ₹50 Cr in Flying Machine Operator Arvind Youth Brands

🟡 NEUTRAL ⭐ 3/10

OTHER 📅 01 Oct 2026, 06:29 PM

Arvind Fashions' wholly owned subsidiary Arvind Lifestyle Brands Limited (ALBL) has invested ₹50.00 crore in Arvind Youth Brands Private Limited (AYBPL) via preferential subscription. AYBPL houses the 'Flying Machine' apparel brand and clocked FY26 turnover of ₹404.75 crore. Post-transaction, ALBL's direct stake in AYBPL increases from 60.40% to 65.91%, while Arvind Fashions' direct holding drops to 34.09%, leaving total group economic ownership unchanged at 100%.

ALBL invested ₹49,99,99,990.60 to subscribe to 1,82,21,574 equity shares at ₹27.44 each
ALBL's stake in AYBPL rises from 60.40% to 65.91%; consolidated group control remains 100%
AYBPL ('Flying Machine') revenue was ₹404.75 Cr in FY26, down from ₹432.16 Cr in FY25 and ₹458.24 Cr in FY24
Transaction was executed on October 1, 2026, on an arm's-length basis backed by a KPMG valuation report

💡 Track whether capital infusion helps arrest the multi-year revenue decline at Flying Machine in upcoming quarterly segmental reports.

Arvind Fashions Allots 32,500 Equity Shares Under ESOP Schemes

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Sep 2026, 05:55 PM

Arvind Fashions Limited has approved the allotment of 32,500 fully paid-up equity shares of face value ₹4 each on September 17, 2026. The allotment comprises 22,500 equity shares under ESOS 2016 and 10,000 equity shares under ESOS 2022. The shares have been allotted to the AFL ESOP Trust for transfer to eligible employees following option exercises. The resulting equity dilution is negligible relative to the overall share base.

Approved allotment of 22,500 equity shares under ESOS 2016
Approved allotment of 10,000 equity shares under ESOS 2022
Shares have a face value of ₹ 4/- each
Total allotment across both schemes stands at 32,500 equity shares to AFL ESOP Trust

💡 Track the upcoming quarterly shareholding patterns and financial results to monitor overall equity dilution and operational performance.

Arvind Fashions Secures Crisil ESG Rating of 61; Upgraded to 'Strong' Category

🟢 POSITIVE ⭐ 3/10

OTHER 📅 08 Sep 2026, 04:12 PM

Arvind Fashions Limited announced that Crisil ESG Ratings & Analytics Ltd. has voluntarily assigned it an ESG score of 'Crisil ESG 61' for Fiscal 2026. Consequently, the company's ESG category has been upgraded from 'Adequate' to 'Strong'. The assessment was conducted based on publicly available disclosures for FY26.

Assigned an ESG rating score of 'Crisil ESG 61' for Fiscal 2026
CRISIL category upgraded from 'Adequate' to 'Strong'
Rating received via email on September 7, 2026 at 6:03 p.m.

💡 Track subsequent annual sustainability disclosures and observe whether improved ESG credentials lead to better institutional investor participation or lower borrowing costs.

Arvind Fashions AGM Approves Rs 1.60/Share Dividend and All Ordinary & Special Resolutions

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 20 Aug 2026, 09:18 PM

Arvind Fashions Limited has submitted the Scrutinizer's report and voting results for its 11th Annual General Meeting held on August 19, 2026. Shareholders approved all agenda items with strong majorities exceeding 96%. Key approved resolutions include the adoption of FY26 financial statements, declaration of a dividend of Rs 1.60 per equity share of face value Rs 4, reappointment of directors Kulin Lalbhai and Punit Lalbhai, and reappointment of Statutory Auditors for a 5-year term through FY31.

Dividend of Rs 1.60 per fully paid-up equity share of Rs 4 approved with 99.9983% votes in favor
Adoption of FY26 standalone and consolidated financial statements approved with 99.9998% votes in favor
Re-appointment of Mr. Kulin Sanjay Lalbhai and Mr. Punit Sanjay Lalbhai approved with 96.36% and 99.21% votes in favor, respectively
Statutory Auditors re-appointed for a 5-year tenure (FY27 to FY31) with 96.07% approval
Special resolution on commission payment to Non-Executive Directors approved with 99.9977% votes in favor

💡 Track the upcoming corporate dividend payout timelines and monitor quarterly operational progress against the company's FY27 store expansion and revenue targets.

Arvind Fashions Subsidiary Re-Appoints Deloitte Haskins & Sells as Auditor for 5-Year Term

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 19 Aug 2026, 06:32 PM

Arvind Fashions Limited announced that shareholders of its material subsidiary, Arvind Lifestyle Brands Limited, have approved the re-appointment of M/s. Deloitte Haskins & Sells as statutory auditors. The approval was granted at its 30th Annual General Meeting held on August 19, 2026. This marks their second term of 5 consecutive years, running until the conclusion of the AGM to be held in 2030-31. The filing is standard regulatory compliance under SEBI Listing Regulations.

Shareholders approved re-appointment of Deloitte Haskins & Sells at the 30th AGM on August 19, 2026
Auditor re-appointed for a second term of 5 consecutive years
Tenure extends until the conclusion of the subsidiary's AGM in FY 2030-31
Material subsidiary covered is Arvind Lifestyle Brands Limited

💡 This is a routine governance update; investors should track core retail operational metrics, store additions, and upcoming quarterly results.

Arvind Fashions AGM Approves Rs 1.60/Share Dividend and Reappoints Deloitte as Auditor for 5 Years

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 19 Aug 2026, 06:21 PM

Arvind Fashions Limited concluded its 11th Annual General Meeting on August 19, 2026. Key resolutions put to vote included the declaration of a dividend of Rs 1.60 per equity share (face value Rs 4) for FY26. Shareholders also considered the reappointment of M/s. Deloitte Haskins & Sells as Statutory Auditors for a second 5-year term until 2031, alongside approval for commission payments of up to 1% to Non-Executive Directors through March 2029. Final voting results will be submitted separately under Regulation 44(3).

Dividend recommended and placed for approval at Rs 1.60 per equity share of face value Rs 4 each for FY26.
Reappointment of M/s. Deloitte Haskins & Sells as Statutory Auditors for a second 5-year term until the 2031 AGM.
Proposed commission payment to Non-Executive Directors up to a limit of 1% for 3 years (April 1, 2026 to March 31, 2029).
AGM commenced at 02:30 PM and concluded at 02:58 PM on August 19, 2026.

💡 Track the formal voting results under Regulation 44(3) to confirm resolution passage and watch for the dividend dispatch/payment schedule.

30,000 Equity Shares Allotted under ESOS 2016

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Aug 2026, 05:44 PM

Arvind Fashions Limited has approved the allotment of 30,000 equity shares on August 14, 2026, under its Employee Stock Option Scheme 2016 (ESOS 2016). The shares have a face value of ₹4 each and were allotted to the AFL ESOP Trust. These shares will be transferred to eligible employees who have exercised their vested options. Given the small volume, the impact on the total share capital and earnings per share is negligible.

30,000 equity shares allotted on August 14, 2026
Face value of shares is ₹4 each
Allotment made under the Employee Stock Option Scheme 2016 (ESOS 2016)
Shares issued to AFL ESOP Trust for transfer to eligible employees

💡 This is a routine administrative filing. Investors should monitor the cumulative dilution from ESOPs in the annual report, but this specific event requires no action.

2 Investor Conferences Scheduled for Aug 13-14, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Aug 2026, 05:50 PM

Arvind Fashions Limited (ARVINDFASN) has announced its participation in two institutional investor conferences in Mumbai. Management will attend the Emkay Confluence on August 13, 2026, and the Equirus India Growth Summit on August 14, 2026. These meetings will involve one-to-one and group interactions regarding the company's business outlook. This occurs as the company targets a 12-15% revenue CAGR and the addition of approximately 150 stores in FY26.

Participation in 2 institutional investor conferences in Mumbai on consecutive days.
Meetings scheduled for August 13 and August 14, 2026, starting at 11:00 A.M.
Interactions will include both one-to-one and group meeting formats.
Company is currently executing a plan to add ~150 stores in FY26 via the FOFO route.

💡 Monitor for any post-conference investor presentations or transcripts that may provide updates on the execution of the 150-store expansion plan and demand trends in premium apparel.

Resignation of Anurag Pandey, CEO of Footwear Division, Effective September 30, 2026

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 04 Aug 2026, 04:01 PM

Arvind Fashions has announced the resignation of Mr. Anurag Pandey, CEO of the Footwear Division, effective September 30, 2026. This exit is significant as the footwear segment is a key 'adjacent category' for the company, currently growing at a high 20s% rate. The resignation comes while the company is executing an aggressive expansion plan to add ~150 stores in FY26. Investors should monitor the transition and the appointment of a successor to maintain momentum in this high-growth vertical.

Mr. Anurag Pandey to step down as CEO - Footwear Division on September 30, 2026.
Footwear is a strategic growth driver for the company, currently expanding at a high 20s% rate.
The company is targeting a 12-15% revenue CAGR, supported by footwear and other adjacent categories.
Arvind Fashions plans to add ~150 new stores in FY26, primarily through the FOFO route.
The resignation is attributed to personal reasons as per the official disclosure.

💡 Monitor the company's announcement regarding a successor for the Footwear Division and check for any impact on footwear segment growth in the upcoming Q2 and Q3 FY27 results.

15.5% Revenue Growth in Q1 FY27; D2C Channels Now 62% of Sales

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 29 Jul 2026, 05:23 PM

Arvind Fashions reported a 15.5% YoY revenue growth to ₹1,279 Cr for Q1 FY27, driven by strong performance in direct-to-consumer (D2C) channels which now account for 62% of sales. While EBITDA grew 19.6% to ₹160 Cr with a 44 bps margin expansion, PAT declined to ₹10 Cr from ₹13 Cr due to lower other income. The company achieved a robust 11.6% like-to-like retail growth and added 23 new stores. Management highlighted structural improvements in gross margins, which rose 90 bps to 56.7% despite inflationary pressures and geopolitical risks.

Revenue grew 15.5% YoY to ₹1,279 Cr for the quarter ended June 30, 2026
Direct-to-consumer (D2C) online business grew by 38%, increasing its total sales share to 62%
Like-to-like (LTL) retail growth stood at 11.6%, with 23 new Exclusive Brand Outlets (EBOs) added
Gross margins improved by 90 bps to 56.7% due to lower discounting and higher full-price sell-through
EBITDA grew 19.6% to ₹160 Cr, reflecting operating leverage despite a 50 bps increase in marketing spend

💡 Monitor the performance of the Flying Machine brand's upcoming dotcom/app launch in H2 and the impact of festive season demand on Q3/Q4 margins, which management expects to be stronger.

Arvind Fashions Schedules AGM for Aug 19, 2026; Dispatches FY26 Annual Report Details

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Jul 2026, 07:59 PM

Arvind Fashions Limited has scheduled its Annual General Meeting (AGM) for August 19, 2026, to be held via video conferencing. The company has dispatched physical letters to shareholders who have not registered their email addresses, providing them with the web link to the Integrated Annual Report for FY 2025-26. The e-voting period is set to run from August 16 to August 18, 2026, with a cut-off date of August 12, 2026. This is a standard regulatory procedure following the conclusion of the financial year.

Annual General Meeting (AGM) scheduled for August 19, 2026, at 02:30 P.M. IST
Remote e-voting period starts on August 16, 2026 (9:00 a.m.) and ends on August 18, 2026 (5:00 p.m.)
Cut-off date to determine entitlement for e-voting is Wednesday, August 12, 2026
Integrated Annual Report for FY 2025-26 made available on the company website as of July 24, 2026
Shareholders must register as speakers by August 12, 2026, to express views during the AGM

💡 Investors should review the Integrated Annual Report for FY26 to assess the company's progress on its stated goal of 12-15% revenue CAGR and the planned addition of ~150 stores.

Arvind Fashions Submits FY26 Sustainability Report; Customer Complaints Drop 46% YoY

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Jul 2026, 09:58 PM

Arvind Fashions Limited has filed its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26, reporting a consolidated turnover of ₹5,266.84 crore. A notable operational improvement is the 46.4% reduction in customer complaints, which fell to 1,10,959 from 2,07,089 in the previous year. The company's workforce of 7,741 employees shows improving stability, with the turnover rate decreasing to 18.6% from 22.3% YoY. The revenue mix remains balanced between wholesale (55%) and retail (45%), while exports contribute a marginal 0.72% to the total turnover.

Consolidated turnover for FY 2025-26 reported at ₹5,266.84 crore
Customer complaints significantly reduced to 1,10,959 from 2,07,089 in FY 2024-25
Employee turnover rate improved to 18.6% in FY26, down from 26.3% in FY24
Female representation in Key Management Personnel (KMP) stands at 67% (2 out of 3)
Revenue split consists of 55% Wholesale Trading and 45% Retail Trading of fashion brands

💡 Investors should treat this as a routine regulatory disclosure; focus remains on the execution of the planned 150-store expansion in FY26 and quarterly margin performance.

August 07, 2026: Arvind Fashions Sets Record Date for FY26 Dividend

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 24 Jul 2026, 09:48 PM

Arvind Fashions Limited has fixed August 07, 2026, as the record date to determine shareholder eligibility for the dividend pertaining to the financial year 2025-26. The company's 11th Annual General Meeting (AGM) is scheduled for August 19, 2026, where the dividend will be formally considered for declaration. Shareholders as of the cut-off date of August 12, 2026, will be eligible to vote on the AGM resolutions. If approved, the dividend payment will be processed within seven days of the meeting.

Record date for FY 2025-26 dividend eligibility is August 07, 2026.
11th Annual General Meeting (AGM) scheduled for August 19, 2026, at 2:30 PM.
Cut-off date for e-voting on AGM resolutions is August 12, 2026.
Dividend payment to be completed within 7 days of the AGM date.

💡 Investors should ensure their shareholdings are reflected in the demat account by the record date of August 07, 2026, to be eligible for the dividend. Monitor the AGM results for the final dividend amount and management commentary on FY27 growth plans.

₹1.60 Dividend Recommended; Arvind Fashions to Hold 11th AGM on August 19, 2026

🟡 NEUTRAL ⭐ 5/10

DIVIDEND 📅 24 Jul 2026, 09:38 PM

Arvind Fashions has scheduled its 11th Annual General Meeting (AGM) for August 19, 2026, to approve a recommended dividend of ₹1.60 per share for FY26. The company is seeking shareholder approval to re-appoint Deloitte Haskins & Sells as statutory auditors for a second five-year term until 2031. Leadership transitions are highlighted with Ms. Amisha Jain confirmed as MD & CEO since August 2025. Additionally, a special resolution is proposed to cap non-executive director commissions at 1% of net profits.

Recommended dividend of ₹1.60 per equity share of ₹4 face value for FY 2025-26
Re-appointment of Deloitte Haskins & Sells as Statutory Auditors for a 5-year term until FY 2030-31
Proposed commission for Non-Executive Directors capped at 1% of net profits or ₹1.25 Cr in case of inadequate profits
Ms. Amisha Jain appointed as MD & CEO effective August 13, 2025, following the resignation of the previous CEO
AGM to be held on August 19, 2026, at 02:30 P.M. IST through video conferencing

💡 Investors should note the dividend record date (once announced) and monitor the voting results of the AGM regarding auditor re-appointment and director compensation structures.

View All ARVINDFASN Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations grew 8.5% YoY to INR 4,619.8 Cr in FY25. Retail channel achieved double-digit growth driven by a 5.5% like-for-like (LTL) growth. Online channel grew by 15%+, while wholesale channels witnessed slower growth. In Q2 FY26, revenue reached INR 1,418 Cr, up 11.3% YoY, with direct channels (Retail + B2C) now accounting for nearly 50% of sales, a 500 bps increase over the previous year.

Geographic Revenue Split

Not disclosed in available documents; however, the company operates an extensive pan-India retail network with a focus on square foot expansion and franchisee-led growth in various regions.

Profitability Margins

Gross Margin improved by 210 bps to nearly 53% in Q2 FY26 due to reduced retail discounting (down 90 bps) and a richer channel mix. Operating Profit Margin stood at 8.25% in FY25 compared to 7.38% in FY24. Net Profit Margin for continuing operations was 0.74% in FY25, down from 2.50% in FY24, primarily due to a one-time deferred tax charge.

EBITDA Margin

EBIDTA Margin was 13.78% in FY25, up 100 bps from 12.78% in FY24. In Q2 FY26, EBITDA grew 18.2% YoY to INR 200 Cr, reflecting an 80 bps margin improvement despite higher advertising and employee costs.

Capital Expenditure

Planned capital expenditure is INR 100-120 Cr per annum for FY25 and FY26, primarily funded through internal accruals. The company is focusing on an asset-light, franchisee-led expansion (FOFO route) to limit capex requirements.

Credit Rating & Borrowing

CARE Ratings revised the long-term rating to 'CARE A; Stable' from 'CARE A-; Positive' in January 2024. Short-term rating is 'CARE A1'. Total debt stood at INR 390 Cr in FY25, down from INR 466 Cr in FY24. Finance costs were INR 156 Cr in FY25, including interest on borrowings of INR 76.5 Cr and lease liability interest of INR 79.4 Cr.

⚙️ Operational Drivers

Raw Materials

Finished apparel, fabric, and accessories. While specific raw material costs are not itemized, the business operates at a high gross margin of 45-53%, indicating COGS represents 47-55% of revenue.

Import Sources

Not specifically disclosed, though the company mentions supply chain impacts from BIS regulations on footwear, suggesting international sourcing or compliance requirements for specific categories.

Capacity Expansion

Current store network expansion focuses on adding ~150 stores in FY26, largely through the FOFO (Franchisee Owned Franchisee Operated) route. The company aims for higher net square foot addition in FY26 compared to FY25.

Raw Material Costs

Raw material costs are reflected in the Gross Margin of ~53% (Q2 FY26). Procurement strategies focus on inventory freshness, which is currently at an all-time high of 85%+, and efficient supply chain management to improve inventory turnover.

Manufacturing Efficiency

The company focuses on store efficiency and inventory turnover. Inventory turnover ratio improved to 4.64x in FY25 from 4.50x in FY24. Retail LTL growth of 8.3% in Q2 FY26 indicates high store-level efficiency.

📈 Strategic Growth

Expected Growth Rate

12-15%

Growth Strategy

Growth will be achieved through a 12-15% revenue CAGR aspiration, accelerating adjacent categories (footwear, kids, innerwear), and adding ~150 stores via the FOFO route. The company plans to increase the share of direct channels (Retail + B2C) by 100-200 bps annually and leverage operating leverage to expand EBITDA and PAT margins.

Products & Services

Apparel (shirts, jeans, suits), footwear, womenswear, innerwear, kidswear, and fashion accessories.

Brand Portfolio

USPA, Arrow, Flying Machine, Tommy Hilfiger, Calvin Klein, and EdHardy/Aeropostale (discontinued).

New Products/Services

Expansion into adjacent categories like footwear (growing at high 20s%), womenswear, and kids' fashion across existing brands.

Market Expansion

Aggressive expansion of the retail network with ~150 new stores planned for FY26, focusing on increasing market share through higher advertising spend (up 20 bps in Q2 FY26).

Market Share & Ranking

Not disclosed in absolute rank, but the company claims a 'strong market position' in the apparel brand segment.

Strategic Alliances

Joint Venture with PVH (PVH Arvind Fashions Private Limited) for Calvin Klein and Tommy Hilfiger. Partnership with Flipkart (31.25% stake in Arvind Youth Brands).

🌍 External Factors

Industry Trends

The industry is shifting toward branded retail and direct-to-consumer channels. AFL is positioning itself by increasing its direct channel share to 50% and focusing on premiumization through its international brand portfolio.

Competitive Landscape

Competes with other branded apparel retailers and international fashion labels. Competition is managed through high advertising spend and a focus on 'brand salience'.

Competitive Moat

Moat is built on a 'strong brand portfolio' (USPA, Arrow) and a dominant position in the premium casual wear segment. Sustainability is driven by an asset-light expansion model and high inventory freshness (85%+).

Macro Economic Sensitivity

Highly sensitive to disposable income and consumer sentiment. A 10-12% growth is expected near-term supported by government initiatives to boost consumption.

Consumer Behavior

Shift toward online shopping (15%+ growth) and demand for 'adjacent categories' like footwear and kidswear.

Geopolitical Risks

Not specifically detailed, but global supply chain disruptions could impact the sourcing of international brands like Tommy Hilfiger and Calvin Klein.

⚖️ Regulatory & Governance

Industry Regulations

Impacted by BIS (Bureau of Indian Standards) regulations on footwear, which previously slowed growth. Compliance with Ind-AS 116 for lease accounting significantly impacts reported Capital Employed (INR 1,554 Cr).

Environmental Compliance

Shifted 80% of corporate office electricity to renewable sources. ESG risks are monitored with a whistle-blower policy in place.

Taxation Policy Impact

The company opted for the new tax regime under Section 115BAA (25.17% rate), resulting in a one-time non-cash deferred tax asset (DTA) charge of INR 120 Cr in FY25.

⚠️ Risk Analysis

Key Uncertainties

Economic down-cycles impacting discretionary spend (potential 10% margin risk). Gestation losses from a high proportion of new stores could pressure PBILDT margins if LTL growth stalls.