Shoppers Stop Limited (SHOPERSTOP)
₹363.15 -5.43% last close, 16 Oct
Q2 FY27 results
Shoppers Stop Limited reported Q2 FY27 results on 16 Oct 2026: revenue ₹1,366 Cr (+8.7% year on year, +5.8% on the previous quarter), and net profit ₹3.1 Cr (against a loss a year earlier); the operating margin was 14.4%.
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,366 | +8.7% | +5.8% |
| Operating profit | ₹196 | +15.2% | +4.8% |
| Net profit | ₹3.1 | from loss | from loss |
| EPS (₹) | 0.28 | from loss | from loss |
| Operating margin | 14.4% | — | — |
- Turnaround: profit against a loss a year ago
- All of pre-tax profit came from other income or one-off items
Quality of profit: none of the pre-tax profit of ₹4.1 Cr came from the core business; all of it came from other income and one-off items.
Share price since the results: -5.4% (close before the filing to the latest close).
SHOPERSTOP delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 12.13% of the SHOPERSTOP shares traded on NSE were taken to delivery, against the stock's own 20-session average of 34.75%. The price fell 5.43% on unusually low delivery. It traded 5.7 times its average daily volume. 6 bulk or block deals were reported in SHOPERSTOP in the last 60 days: ₹80 Cr bought and ₹77 Cr sold.
Delivery in the last 5 sessions: 31.9% · 53.1% · 64.4% · 4.6% · 12.1%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 15 Oct | Sell | Microcurves Trading Private Limited | ₹31.91 Cr | ₹411.11 | 776,236 | Bulk |
| 15 Oct | Buy | Microcurves Trading Private Limited | ₹31.88 Cr | ₹410.66 | 776,236 | Bulk |
| 15 Oct | Sell | Nk Securities Research Private Limited | ₹24.64 Cr | ₹409.04 | 602,496 | Bulk |
| 15 Oct | Buy | Nk Securities Research Private Limited | ₹24.63 Cr | ₹408.84 | 602,496 | Bulk |
| 15 Oct | Buy | Irage Broking Services Llp | ₹23.08 Cr | ₹414.08 | 557,450 | Bulk |
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
Shoppers Stop reported a turnaround to profitability for Q2 FY27, with Consolidated GAAP PAT turning positive to ₹3 Cr (compared to a loss of ₹20 Cr in Q2 FY26) and Non-GAAP PAT at ₹6 Cr. Consolidated GAAP sales increased 9% YoY to ₹1,366 Cr, supported by department store format sales of ₹1,302 Cr (+4% YoY, 7% festive-adjusted LFL). The high-margin Beauty segment expanded 18% YoY to ₹367 Cr, driven by a 35% jump in fragrances, while Beauty distribution (GSSBB) jumped 59% to ₹168 Cr. The company reduced net debt by ₹82 Cr YoY and reaffirmed its target to become debt-free by Q3 FY27.
- Consolidated GAAP PAT turned positive to ₹3 Cr vs a net loss of ₹20 Cr in Q2 FY26 (Non-GAAP PAT at ₹6 Cr)
- Consolidated GAAP sales grew 9% YoY to ₹1,366 Cr; Non-GAAP sales up 7% to ₹1,618 Cr
- Beauty segment sales grew 18% YoY to ₹367 Cr, with fragrance expanding 35% and distribution reaching ₹168 Cr (+59%)
- Opened 7 new stores in Q2 with ₹39 Cr capex; outright inventory reduced by ₹78 Cr YoY
- Net debt reduced by ₹82 Cr YoY, keeping company on track to become debt-free by Q3 FY27
Shoppers Stop reported a turnaround to profitability for Q2 FY27, with Consolidated GAAP PAT turning positive to ₹3 Cr (compared to a loss of ₹20 Cr in Q2 FY26) and Non-GAAP PAT at ₹6 Cr. Consolidated GAAP sales increased 9% YoY to ₹1,366 Cr, supported by department store format sales of ₹1,302 Cr (+4% YoY, 7% festive-adjusted LFL). The high-margin Beauty segment expanded 18% YoY to ₹367 Cr, driven by a 35% jump in fragrances, while Beauty distribution (GSSBB) jumped 59% to ₹168 Cr. The company reduced net debt by ₹82 Cr YoY and reaffirmed its target to become debt-free by Q3 FY27.
- Consolidated GAAP PAT turned positive to ₹3 Cr vs a net loss of ₹20 Cr in Q2 FY26 (Non-GAAP PAT at ₹6 Cr)
- Consolidated GAAP sales grew 9% YoY to ₹1,366 Cr; Non-GAAP sales up 7% to ₹1,618 Cr
- Beauty segment sales grew 18% YoY to ₹367 Cr, with fragrance expanding 35% and distribution reaching ₹168 Cr (+59%)
- Opened 7 new stores in Q2 with ₹39 Cr capex; outright inventory reduced by ₹78 Cr YoY
- Net debt reduced by ₹82 Cr YoY, keeping company on track to become debt-free by Q3 FY27
Shoppers Stop reported a turnaround to profitability for Q2 FY27, with Consolidated GAAP PAT turning positive to ₹3 Cr (compared to a loss of ₹20 Cr in Q2 FY26) and Non-GAAP PAT at ₹6 Cr. Consolidated GAAP sales increased 9% YoY to ₹1,366 Cr, supported by department store format sales of ₹1,302 Cr (+4% YoY, 7% festive-adjusted LFL). The high-margin Beauty segment expanded 18% YoY to ₹367 Cr, driven by a 35% jump in fragrances, while Beauty distribution (GSSBB) jumped 59% to ₹168 Cr. The company reduced net debt by ₹82 Cr YoY and reaffirmed its target to become debt-free by Q3 FY27.
- Consolidated GAAP PAT turned positive to ₹3 Cr vs a net loss of ₹20 Cr in Q2 FY26 (Non-GAAP PAT at ₹6 Cr)
- Consolidated GAAP sales grew 9% YoY to ₹1,366 Cr; Non-GAAP sales up 7% to ₹1,618 Cr
- Beauty segment sales grew 18% YoY to ₹367 Cr, with fragrance expanding 35% and distribution reaching ₹168 Cr (+59%)
- Opened 7 new stores in Q2 with ₹39 Cr capex; outright inventory reduced by ₹78 Cr YoY
- Net debt reduced by ₹82 Cr YoY, keeping company on track to become debt-free by Q3 FY27
Shoppers Stop announced its unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026. Statutory auditors issued an unmodified review report with an Emphasis of Matter highlighting ₹20.11 crore in consolidated retrospective service tax levies under dispute before the Supreme Court (fully paid under protest). During the quarter, the company granted 49,950 ESOPs and 24,975 RSUs, while 80,916 ESOPs were exercised. Key P&L line items for Q2 were truncated in the exchange release excerpt, but financing cash flows show ₹160.08 crore in consolidated principal lease liability repayments for H1.
- Auditors highlighted ₹20.11 crore (consolidated) and ₹16.60 crore (standalone) in retrospective service tax disputed before the Supreme Court, paid under protest
- Consolidated lease repayments for H1 FY27 totaled ₹160.08 crore (principal) and ₹138.51 crore (interest)
- Short-term borrowings proceeds stood at ₹151.00 crore consolidated for the half-year period
- Granted 49,950 ESOPs and 24,975 RSUs, alongside 80,916 options exercised during Q2
Shoppers Stop Limited's Nomination Remuneration & Corporate Governance Committee approved the allotment of 3,773 equity shares following the exercise of vested employee stock options under its SSL Plan 2022. Consequently, the company's paid-up equity share capital increased to Rs. 55,10,47,175, comprising 11,02,09,435 equity shares of Rs. 5 each. Additionally, the committee approved the grant of 14,815 ESOPs and 7,407 RSUs to eligible employees. The company noted that the equity allotment is routine and not material in nature.
- Allotment of 3,773 equity shares of face value Rs. 5 each upon exercise of vested options
- Post-allotment paid-up capital expanded to Rs. 55,10,47,175 consisting of 11,02,09,435 shares
- Grant of 14,815 ESOPs and 7,407 RSUs under the SSL Plan 2022 to eligible employees
- Meeting conducted on October 16, 2026, between 11:30 AM and 12:00 noon
Shoppers Stop released a general operational update newsletter covering July-August 2026. The company expanded its retail footprint to 117 department stores as of August 31, 2026, adding locations in Ahmedabad (Sindhu Bhavan) and Jabalpur (Mall 11). Additionally, the company launched collaborations including a 3-tier co-branded credit card with RBL Bank, an exclusive menswear line across 53 stores with Peter England, and brand rollouts including Swiss watches Aerowatch and Milus. Financial outlay and capex specifics for these additions were not disclosed in the filing.
- Department store count reached 117 as of August 31, 2026 (up from 112 as of March 31, 2025).
- New department store locations opened in Sindhu Bhavan (Ahmedabad) and Mall 11 (Jabalpur).
- Partnered with Peter England for an exclusive menswear collaboration deployed across 53 stores.
- Launched a 3-tier co-branded credit card partnership with RBL Bank.
- Marketing event featured a GUINNESS WORLD RECORDS™ title with 1,016 lipsticks.
Shoppers Stop Limited has announced an in-person meeting between its senior management and representatives of HDFC Mutual Fund scheduled for September 16, 2026, at 4:00 p.m. The company confirmed that no unpublished price sensitive information (UPSI) will be discussed during the interaction. The standard Q1 investor presentation will be referred to. This is a routine institutional investor interaction without any operational or financial restructuring impact.
- Meeting scheduled with HDFC Mutual Fund representatives on September 16, 2026, at 4:00 p.m.
- Mode of interaction will be in person with senior management
- Company affirmed no unpublished price sensitive information (UPSI) will be shared
- Existing Q1 investor presentation to be utilized for the interaction
Shoppers Stop Limited has informed the exchanges that its senior management is scheduled to meet representatives of SBI Mutual Fund in person on September 1, 2026, at 4:00 PM IST. The company confirmed that no unpublished price sensitive information (UPSI) will be shared during the discussion. The interaction will reference the previously published Q1 investor presentation. This is a standard institutional investor interaction filing under SEBI LODR Regulation 30.
- Senior management meeting scheduled with SBI Mutual Fund on September 1, 2026, at 4:00 PM IST
- Meeting format confirmed as an in-person interaction
- No unpublished price sensitive information (UPSI) to be discussed as per regulatory disclosure
- Discussion will utilize the previously filed Q1 investor presentation
Shoppers Stop has announced an exclusive menswear collaboration with Aditya Birla Lifestyle Brands' Peter England, branded as 'STOP × Peter England'. The collection will initially be launched across 53 Shoppers Stop stores before expanding pan-India across its entire network of 110 department stores. The partnership aims to revitalize Shoppers Stop's private label STOP by combining Peter England's manufacturing and value proposition with Shoppers Stop's retail reach.
- Initial launch of STOP × Peter England collection across 53 Shoppers Stop stores nationwide
- Planned subsequent rollout across all 110 department stores in Shoppers Stop's network
- Peter England footprint context: sells >14 million garments annually across 1,000+ exclusive stores and 3,500+ multi-brand outlets
- Shoppers Stop retail network spans 110 department stores, 81 Intune stores, and 79 specialty beauty stores across 4.4M sq. ft.
Shoppers Stop has partnered with RBL Bank to launch a three-tier co-branded credit card portfolio comprising Gold, Platinum, and Black variants on the Visa network. The cards aim to monetize and deepen engagement across the company's 13.5 million First Citizen Club members and 50 million+ annual customer touchpoints. Cardholders can earn 10 to 15 extra reward points per ₹200 spent within the Shoppers Stop ecosystem and 4 reward points per ₹200 spent externally. The offering includes tiered welcome gifts ranging from ₹1,000 to ₹3,000 alongside complimentary club memberships valued between ₹750 and ₹4,500.
- Portfolio features three tiers: Gold (10 pts/₹200 spent, 1 pt = up to ₹0.25), Platinum (10 pts/₹200, 1 pt = up to ₹0.50), and Black (15 pts/₹200, 1 pt = up to ₹1.00)
- Complimentary memberships bundled worth ₹750 (Gold), ₹1,500 (Platinum), and ₹4,500 (Black)
- Targets Shoppers Stop's base of 13.5 million First Citizen loyalty members and 50 million+ annual shoppers
- Current operational footprint stands at 115 department stores, 85 Intune stores, 72 specialty beauty stores, and 11 home stores across 4.5 million sq. ft.
Shoppers Stop has been assigned an Environmental, Social, and Governance (ESG) rating of 61 by CRISIL ESG Ratings & Analytics for FY 2025-26. This score places the company in the 'Strong' category. The rating was independently prepared by CRISIL based on publicly available information without a formal engagement from the company. While this enhances the company's profile for ESG-focused institutional investors, the company currently faces financial headwinds with a TTM loss of Rs 36 Cr and a high debt-to-equity ratio of 10.76.
- Assigned an ESG score of 61 for the financial year 2025-26
- Categorized under the 'Strong' ESG rating bracket by CRISIL ESG Ratings & Analytics
- Rating was unsolicited and based entirely on publicly available data
- Company operates with a significant debt of Rs 3,216 Cr against a net worth of Rs 299 Cr
- TTM revenue stands at Rs 5,044 Cr with a negative PAT of Rs 36 Cr
Shoppers Stop has announced an in-person meeting with Motilal Oswal Financial Services scheduled for August 07, 2026. This routine interaction follows the company's recent financial performance, where it reported a TTM revenue of ₹5,044 Cr but a TTM net loss of ₹36 Cr. The meeting will likely focus on the company's 'Premiumization' strategy and the rollout of its 'INTUNE' value fashion format. Investors should note the company's high leverage, with a debt-to-equity ratio of 10.76.
- In-person meeting with Motilal Oswal Financial Services scheduled for August 07, 2026, at 04:00 p.m.
- Company reported a TTM revenue of ₹5,044 Cr and a TTM net loss of ₹36 Cr.
- Debt levels remain high at ₹3,216 Cr against a net worth of ₹299 Cr.
- The 'First Citizen' loyalty program continues to drive 82% of total sales.
Shoppers Stop Limited has scheduled a virtual meeting with Fidelity International for August 07, 2026, at 10:00 a.m. This is a routine investor interaction following the company's recent quarterly performance. The company has clarified that no unpublished price sensitive information (UPSI) will be discussed. This meeting occurs against a backdrop of a TTM net loss of ‡36 Cr and a high debt-to-equity ratio of 10.76.
- Virtual meeting scheduled with Fidelity International for August 07, 2026
- Company reported a TTM revenue of ‡5,044 Cr but remains loss-making with a TTM PAT of -‡36 Cr
- Promoter holding remains stable at 66.06% as of March 2026
- Debt-to-equity ratio is significantly high at 10.76 as per latest financial context
Shoppers Stop reported a turnaround in Q1 FY27, posting a PAT of ₹5 Cr compared to a loss of ₹4 Cr in the same quarter last year. Revenue grew 10% YoY, supported by a 6% Like-for-Like (LFL) growth in departmental stores and a 15% growth in the Beauty segment. The company's premiumization strategy is yielding results, with Average Transaction Value (ATV) increasing 10% to ₹5,704. Management highlighted a 53% growth in the Beauty distribution business and plans to launch two exclusive Swiss watch brands in Q2 FY27.
- PAT turned positive at ₹5 Cr for Q1 FY27 versus a loss of ₹4 Cr in Q1 FY26.
- Consolidated revenue grew 10% YoY with departmental store Like-for-Like (LFL) growth at 6%.
- Average Transaction Value (ATV) increased by 10% to ₹5,704, reflecting successful premiumization.
- Beauty distribution business revenue grew 53% YoY to ₹129 Cr (equivalent to ₹200 Cr GMV).
- First Citizen loyalty program reached 13.8 million members, contributing a record 85% to total sales.
Shoppers Stop Limited has concluded its 29th Annual General Meeting (AGM) held on July 22, 2026, with all four proposed resolutions passed with over 99.98% majority. Shareholders approved the audited financial statements for FY26, where the company reported a TTM revenue of Rs 5,044 Cr but a net loss of Rs 36 Cr. Key management decisions included the re-appointment of Mr. Ravi C. Raheja as Director and Mr. Arun Sirdeshmukh as Independent Director. The company continues to focus on its 'Premiumization' strategy and the rollout of 'INTUNE' stores to drive future growth.
- All 4 resolutions passed with a requisite majority, with Resolution 1 (FY26 Financials) receiving 99.99% votes in favor.
- A total of 26,588 shareholders were on record for the meeting, with 46 attending via video conferencing.
- Promoter group, holding 66.1% of the company, cast 7,22,65,893 votes in favor of the financial statements.
- Resolution 4 regarding remuneration to Non-Executive Directors was passed as a Special Resolution with 100% of polled votes in favor.
- The company reported a high Debt-to-Equity ratio of 10.76 and a TTM PAT of Rs -36 Cr in the context of these approvals.
Financial Performance
Revenue Growth by Segment
The core department store business grew by 9% in Q2 FY26, while the Beauty distribution business (Global SS Beauty) reported a massive 130% growth in FY25, reaching INR 220 Cr. The value fashion segment 'INTUNE' is scaling rapidly, contributing to a 7% consolidated revenue growth in FY25 (INR 4,628 Cr).
Geographic Revenue Split
Not disclosed in available documents, though the company operates 112 department stores and 71 INTUNE stores across India as of March 31, 2025.
Profitability Margins
Gross margins for Q2 FY26 stood at 40.0%, a 20 bps decline YoY. Post Ind-AS operating margins contracted by 200 bps to 16.5% in FY25 due to higher fixed costs from INTUNE expansion and a decline in private brand contribution to 11% (from 12%).
EBITDA Margin
FY25 EBITDA was INR 751 Cr. For Q2 FY26, Non-GAAP EBITDA was INR 28 Cr, up 10% YoY. Management expects full-year core business EBITDA margins to be in the mid-single-digit range or slightly better as festive sales in Q3 drive operating leverage.
Capital Expenditure
The company invested heavily in new business endeavors, which led to a decline in PBT to INR 2 Cr in FY25 from INR 101 Cr in FY24. Specific planned INR Cr for future capex is not disclosed, but expansion includes 35-40 new INTUNE stores in FY26.
Credit Rating & Borrowing
The company maintains a healthy financial risk profile with pre-Ind AS interest coverage over 5x. Adjusted gearing (including lease liabilities) is high at 12.23 times as of March 31, 2025, up from 10.97 times YoY due to expansion funding.
Operational Drivers
Raw Materials
As a retailer, the primary 'cost' is merchandise. 70% of revenue is derived from merchandise procured on a consignment, concessionaire, or sale-or-return (SOR) basis, which protects the company from inventory obsolescence.
Import Sources
Not disclosed in available documents; however, the company has exclusive distribution rights for international brands like Versace, Armani, and Prada, implying significant sourcing from Europe and global markets.
Key Suppliers
Not disclosed in available documents, but the company partners with international luxury groups for brands such as Michael Kors, Moschino, and Brunello Cucinelli.
Capacity Expansion
Current footprint includes 112 department stores and 71 INTUNE stores as of March 31, 2025. Planned expansion includes 35-40 additional INTUNE stores in FY26 and 9-10 new departmental stores in H2 FY26.
Raw Material Costs
Merchandise costs are managed through a 70% SOR/consignment model, ensuring gross margins remain stable around 40%. The shift toward private brands (11% of sales) is a strategy to improve margins, though it saw a slight decline in FY25.
Manufacturing Efficiency
Not applicable as a retailer; however, 'Department LFL' (Like-for-Like) growth was 9.4% in Q2 FY26, indicating high efficiency in existing store assets.
Logistics & Distribution
Not disclosed as a specific percentage of revenue, but the company uses process automation to optimize backend supply chain operations.
Strategic Growth
Expected Growth Rate
6-7%
Growth Strategy
Growth will be driven by the 'Premiumization' strategy (increasing Average Transaction Value), the rapid rollout of the 'INTUNE' value fashion format (targeting 35-40 new stores), and scaling the Beauty distribution business which grew 130% in FY25.
Products & Services
Apparel, beauty products, luxury accessories, and personal shopper services.
Brand Portfolio
Shoppers Stop, INTUNE, SSBeauty, First Citizen (Loyalty Program), and exclusive distribution for Versace, Armani, Prada, Michael Kors, and Moschino.
New Products/Services
Launched 4 new international beauty brands and signed 10 more including Brunello Cucinelli and Versace. These are expected to deepen engagement in the high-margin aspirational beauty segment.
Market Expansion
Expanding into the value fashion segment via INTUNE and opening exclusive Armani and PRADA boutique stores to capture the luxury market.
Strategic Alliances
Exclusive distribution partnerships with international luxury brands through the subsidiary Global SS Beauty.
External Factors
Industry Trends
The industry is shifting toward premiumization and omnichannel retail. Shoppers Stop is positioning itself as a 'premium lifestyle destination' rather than just a department store to stay ahead of this curve.
Competitive Landscape
Facing increasing competition in the apparel retail segment, particularly from other value fashion and premium department store players.
Competitive Moat
The primary moat is the 'First Citizen' loyalty program (82% of sales) and the financial backing of the K Raheja Group. This provides a stable customer base and the financial flexibility to fund loss-making expansion phases in new formats like INTUNE.
Macro Economic Sensitivity
High sensitivity to inflation and interest rates; management noted urban consumers were cautious in Q2 FY26 due to inflationary concerns, impacting discretionary spending.
Consumer Behavior
Shift toward premium and wedding categories; customer entry grew 6% LFL in Q2 FY26, the first positive growth in many years.
Geopolitical Risks
Geopolitical uncertainties were cited as a factor for cautious urban consumer behavior in Q2 FY26.
Regulatory & Governance
Industry Regulations
Compliance with the Companies Act 2013 and SEBI Listing Obligations. The company follows Ind-AS 116 for lease accounting, which significantly impacts reported gearing (12.23x).
Environmental Compliance
Registered as a brand owner on the EPR portal of the Central Pollution Control Board for plastic waste management.
Taxation Policy Impact
The company had a tax provision credit of INR 5 Cr in FY25. GST amendments are viewed as a long-term growth enabler despite short-term implementation challenges.
Risk Analysis
Key Uncertainties
The primary uncertainty is the ramp-up speed of new stores; if the 35-40 planned INTUNE stores do not reach break-even quickly, they will continue to drag down consolidated PBT (which was only INR 2 Cr in FY25).
Third Party Dependencies
High dependency on international brand partners for the Beauty distribution business, which is a key growth engine.
Technology Obsolescence Risk
The company is mitigating digital risks through investments in AI-powered analytics, video commerce, and hyper-personalization to drive omnichannel sales.
Credit & Counterparty Risk
Trade receivables turnover ratio remained stable at 78.8 in FY25, indicating consistent collection quality.
