SPENCERS - Spencer's Retail
📢 Recent Corporate Announcements
Spencer's Retail Limited has successfully passed a special resolution via postal ballot to re-appoint Mr. Anuj Singh as the Chief Executive Officer and Managing Director for a three-year term. The resolution received overwhelming support with 99.99% of the votes cast in favor. A total of 55.72 million votes were polled, representing approximately 61.82% of the total outstanding shares. This move ensures leadership continuity for the company through March 2029.
- Special resolution for re-appointment of Mr. Anuj Singh as CEO and MD passed with 99.9920% majority.
- A total of 55,718,704 votes were cast in favor, while only 4,478 votes (0.0080%) were against.
- Promoter and Promoter Group showed 100% support with 53,008,514 votes in favor.
- Public institutional participation stood at 34.07% of their holding, all voting in favor.
- The appointment is valid for a further period of 3 years effective from the date of the resolution.
Spencer's Retail reported a consolidated post-INDAS EBITDA of ₹8 crores for Q3 FY26, showing recovery from a flat Q2. The core Spencer's business achieved 12% QoQ growth, driven by a 27% YoY surge in online sales via the Jiffy platform, which reached ₹54 crores. The company achieved positive unit economics in its online segment for the first time, with a contribution of ₹6 per order. Additionally, the new membership program has scaled to 70,000+ members, who exhibit 3x higher monthly spending compared to non-members.
- Online sales (Jiffy) grew 27% YoY to ₹54 crores with positive unit economics of ₹6 per order for the first time.
- Membership program reached 70,000+ paid members with an 80% retention rate and 3x higher monthly spending than non-members.
- Spencer's core gross margins improved to 20%, up 40 basis points QoQ despite festive season shifts.
- Consolidated post-INDAS EBITDA stood at ₹8 crores, impacted by a one-time Labour Code provision and lower other income.
- Nature's Basket revenue rose to ₹81 crores QoQ, though margins dipped by 300 bps YoY due to supplier negotiations.
Spencer's Retail Limited has issued a postal ballot notice seeking shareholder approval for the re-appointment of Mr. Anuj Singh as CEO and Managing Director. The proposed term is for three years, effective from March 22, 2026, following the completion of his current tenure. The remuneration package includes a fixed monthly component of approximately ₹27.46 lakh, comprising basic salary, HRA, and special allowances. Shareholders are invited to vote on this special resolution via electronic means between February 13 and March 14, 2026.
- Re-appointment of Mr. Anuj Singh as CEO & MD for a further period of three years starting March 22, 2026
- Proposed monthly basic salary of ₹12,66,000 and HRA of ₹6,33,000
- Special allowance fixed at ₹8,46,732 per month, totaling a fixed monthly pay of ₹27,45,732
- Remuneration includes additional performance-based bonuses and long-term incentives subject to board approval
- E-voting period for shareholders commences on February 13, 2026, and concludes on March 14, 2026
Spencer's Retail Limited has officially released the audio recording of its earnings conference call held on February 9, 2026. The call focused on the company's unaudited standalone and consolidated financial performance for the third quarter and the nine-month period ending December 31, 2025. This disclosure follows standard regulatory procedures to ensure transparency for all stakeholders. Investors can access the recording via the company's website to hear management's detailed commentary on operational performance and future guidance.
- Audio recording of the Q3 FY26 earnings call is now available for public review.
- The call covered financial results for the quarter and nine months ended December 31, 2025.
- Discussion included both standalone and consolidated financial metrics.
- The recording provides insights into management's perspective on the retail sector's current dynamics.
Spencer's Retail has approved the re-appointment of Mr. Anuj Singh as CEO & MD for a three-year term starting March 22, 2026. For Q3 FY26, the company reported a standalone revenue of ₹420.57 crore, down from ₹431.04 crore YoY. The standalone net loss for the quarter widened to ₹33.25 crore compared to a loss of ₹29.14 crore in the same period last year. A significant concern remains the liquidity position, as current liabilities exceed current assets by ₹812.26 crore as of December 31, 2025.
- Mr. Anuj Singh re-appointed as CEO & MD for a 3-year term effective March 22, 2026.
- Standalone Q3 revenue decreased by 2.4% YoY to ₹420.57 crore.
- Standalone net loss for the quarter widened to ₹33.25 crore from ₹29.14 crore YoY.
- Current liabilities exceed current assets by a substantial ₹812.26 crore, raising liquidity concerns.
- Management is focusing on store rationalization, including closing loss-making stores in South and NCR regions.
Spencer's Retail reported a consolidated revenue of ₹503 crore for Q3 FY26, a 13% sequential increase driven by festive demand, though YoY revenue dipped 2.7% due to the timing of festivals. Consolidated EBITDA improved significantly to ₹8 crore from ₹0.2 crore in Q2, despite a ₹4 crore one-time hit from the New Labour Code. The company reported a consolidated net loss of ₹58.3 crore, showing slight improvement over the previous quarter's ₹63.8 crore loss. Nature's Basket turned EBITDA positive at ₹1.2 crore with a 19% QoQ revenue jump.
- Consolidated Revenue at ₹503 Cr, up 13% QoQ but down 2.7% YoY due to split festive season.
- Consolidated EBITDA rose to ₹8 Cr (1.6% margin) from ₹0.2 Cr in the previous quarter.
- Nature's Basket revenue grew 19% QoQ to ₹81 Cr with positive EBITDA of ₹1.2 Cr.
- Spencer's standalone gross margins improved to 20.0% vs 19.6% in Q2.
- One-off charge of ₹4 Cr on account of New Labour Code impacted employee expenses.
Spencer's Retail reported a standalone net loss of ₹33.25 crore for Q3 FY26, widening from a loss of ₹29.14 crore in the same quarter last year. Revenue from operations marginally declined to ₹420.57 crore compared to ₹431.04 crore YoY. A significant concern for investors is the liquidity position, with current liabilities exceeding current assets by ₹812.26 crore. The management is currently focusing on closing loss-making stores and relies on promoter support and credit lines to maintain going concern status.
- Standalone Q3 revenue from operations fell 2.4% YoY to ₹420.57 crore.
- Net loss for the quarter widened to ₹33.25 crore from ₹29.14 crore in the previous year.
- Current liabilities exceed current assets by a substantial ₹812.26 crore as of December 31, 2025.
- CEO & MD Anuj Singh re-appointed for a second 3-year term starting March 22, 2026.
- Company is rationalizing operations by closing low-margin stores in South and NCR regions.
Spencer's Retail reported a standalone revenue of ₹420.57 crore for Q3 FY26, a slight decline from ₹431.04 crore in the same period last year. The standalone net loss widened to ₹33.25 crore compared to a loss of ₹29.14 crore YoY, primarily due to stagnant sales and high finance costs. A significant concern remains the company's liquidity position, with current liabilities exceeding current assets by ₹812.26 crore. On the management front, the board has approved the re-appointment of Mr. Anuj Singh as CEO & MD for a further three-year term starting March 2026.
- Standalone revenue from operations decreased 2.4% YoY to ₹42,057.18 lakhs.
- Standalone net loss for the quarter widened to ₹3,325.01 lakhs from ₹2,914.04 lakhs YoY.
- Current liabilities exceed current assets by ₹81,225.63 lakhs as of December 31, 2025.
- Finance costs for the quarter stood at ₹3,481.91 lakhs, impacting the bottom line.
- One-time impact of ₹259.87 lakhs recorded in employee benefits due to the implementation of new Labour Codes.
Spencer's Retail Limited has announced its Q3FY26 earnings conference call, scheduled for Monday, February 9, 2026, at 4:30 PM IST. The call will feature key management personnel, including CEO Anuj Singh and CFO Manjir Basu, to discuss the company's financial performance. This is a standard regulatory disclosure under SEBI LODR Regulations. The session is hosted by Emkay Global Financial Services and includes international dial-in options for global investors.
- Conference call for Q3FY26 results scheduled for February 9, 2026, at 4:30 PM IST.
- Top management including CEO Anuj Singh and CFO Manjir Basu will lead the discussion.
- The call is hosted by Emkay Global Financial Services Ltd.
- Universal access numbers and international toll-free lines for over 15 countries provided.
Spencer's Retail Limited has filed its monthly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms that all securities received for dematerialization during December 2025 were processed correctly. It further validates that physical certificates were mutilated and cancelled, and the name of the depositories was updated in the register of members within the prescribed timelines. This is a standard administrative filing to ensure the integrity of the company's shareholding records.
- Compliance certificate submitted for the month ended December 2025.
- Confirmation of dematerialization and listing of securities on BSE (542337) and NSE (SPENCERS).
- Verification and cancellation of physical security certificates confirmed by Registrar MUFG Intime India.
- Adherence to SEBI (Depositories and Participants) Regulations, 2018 timelines.
Spencer's Retail Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the declaration of the unaudited financial results for the quarter and nine months ending December 31, 2025. The restriction applies to all designated persons and their immediate relatives. The window will remain closed until 48 hours after the financial results are officially declared and made public.
- Trading window closure starts from January 1, 2026
- Relates to Q3 and nine-month financial results ending December 31, 2025
- Restriction ends 48 hours after the official result declaration
- Applies to all Designated Persons and their immediate relatives
Spencer's Retail Limited has submitted a certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the month ended November 2025. The certificate, dated December 2, 2025, was issued by MUFG Intime India Private Limited, the Registrar and Share Transfer Agent. This is a routine compliance filing and doesn't directly impact the company's financials or operations. Investors should note this is a standard regulatory disclosure.
- Certificate under Regulation 74(5) of SEBI Regulations, 2018
- Certificate for the month ended November, 2025
- Issued by MUFG Intime India Private Limited on December 2, 2025
Financial Performance
Revenue Growth by Segment
Consolidated revenue for Q2 FY26 was INR 445 Cr, a 14.1% decline YoY from INR 518 Cr but a 7% QoQ growth from INR 416 Cr. Spencer's segment revenue grew 9% QoQ to INR 376 Cr, while Nature's Basket revenue declined 1% QoQ to INR 68 Cr. The online segment (Jiffy) delivered INR 52.5 Cr, representing 30% QoQ growth and 50%+ YoY growth.
Geographic Revenue Split
The company has consolidated its geographic focus, exiting high-loss regions in Q2 last year to focus on core markets like West Bengal and Lucknow. West Bengal is a primary driver, with store productivity targets of INR 2,200-2,300 per sq ft compared to the current consolidated level of INR 1,600+ per sq ft.
Profitability Margins
Consolidated Gross Margin improved significantly to 21.0% in Q2 FY26 from 17.3% in Q2 LY (up 370 bps). Spencer's segment gross margin was 19.6% (up 50 bps QoQ), while Nature's Basket maintained a higher margin of 27.6%. Operating expenses were reduced by over INR 30 Cr YoY, with employee costs down 32% to INR 34 Cr and other expenses down 26% to INR 63 Cr.
EBITDA Margin
Consolidated EBITDA for Q2 FY26 was INR 5 Cr (0.6% margin), a 69% decline from INR 16 Cr (3.1% margin) in Q2 LY. This decline was primarily due to a 94% drop in other income (INR 4 Cr vs INR 61 Cr) and higher marketing investments for the Jiffy online platform. Spencer's segment EBITDA was INR 13 Cr, while Nature's Basket reported a slight negative EBITDA of INR -0.6 Cr.
Capital Expenditure
The company is not planning significant store additions, focusing instead on 'getting the maximum juice' from its existing 90 stores. Investments are being prioritized for the online business (Jiffy) tech platform and regional marketing. Specific INR Cr values for planned CAPEX were not disclosed.
Credit Rating & Borrowing
CARE Ratings reaffirmed a 'CARE BBB-; Stable' rating for long-term bank facilities (INR 371.08 Cr) and 'CARE A3' for short-term facilities (INR 235.00 Cr) as of January 14, 2025. Finance costs for Q2 FY26 were INR 41 Cr, up 2.5% YoY.
Operational Drivers
Raw Materials
As a retail entity, Cost of Goods Sold (COGS) represents the primary input cost, totaling INR 352 Cr in Q2 FY26, which is 79.1% of total revenue. This includes groceries, staples, fresh produce, and non-discretionary consumer goods.
Capacity Expansion
Current store count is 90 stores as of September 30, 2025, down from 98 stores in the previous year due to regional consolidation. The company aims to increase sales per sq ft from the current INR 1,600+ to INR 2,000 within the financial year and INR 2,200-2,300 by the end of next year.
Raw Material Costs
COGS was INR 352 Cr (79.1% of revenue) in Q2 FY26, compared to INR 428 Cr (82.6% of revenue) in Q2 LY. The reduction in COGS as a percentage of revenue drove the 370 bps improvement in gross margin.
Manufacturing Efficiency
Sales per square foot, a key retail efficiency metric, improved to INR 1,600+ in Q2 FY26 from INR 1,500 in Q1 of the previous year. Store-level EBITDA for Spencer's is targeted at 7-7.5% based on an 11% store opex (rentals and operations).
Logistics & Distribution
The company pivoted to a 30-minute delivery model under the Jiffy brand, currently delivering 8,000 orders per day with an average order value (AOV) of INR 750+.
Strategic Growth
Expected Growth Rate
25%
Growth Strategy
Growth will be driven by scaling the Jiffy online platform from 8,000 to 10,000 orders per day, targeting a monthly turnover of INR 21-22 Cr. The company is also focusing on high-productivity clusters like West Bengal and Lucknow, aiming for store productivity of INR 2,300 per sq ft and business-level EBITDA of 2-3% for Spencer's.
Products & Services
Groceries, fresh produce, staples, and non-discretionary consumer goods sold through offline stores and the Jiffy 30-minute delivery app.
Brand Portfolio
Spencer's, Nature's Basket, Jiffy.
New Products/Services
The Jiffy 30-minute delivery service, launched approximately 6 months ago, is the primary new service driver, already contributing INR 52.5 Cr in quarterly revenue.
Market Expansion
Focus is on deepening penetration in West Bengal and Lucknow rather than broad geographic expansion. The company aims to cross INR 2,200-2,300 sales per sq ft in these regions by the end of next financial year.
External Factors
Industry Trends
The retail industry is shifting toward quick commerce. While some players offer 10-minute delivery with high losses, Spencer's has positioned Jiffy as a 30-minute delivery proposition to balance growth with measured losses.
Competitive Landscape
Intense competition from both brick-and-mortar and online players. Key threat from e-commerce players and potential changes in FDI norms.
Competitive Moat
The company's moat lies in its strong regional presence in West Bengal and the premium positioning of Nature's Basket (AOV INR 750+). Sustainability depends on achieving the targeted 2-3% business EBITDA through store optimization.
Macro Economic Sensitivity
The business sees natural consumption tailwinds from major festivals like Diwali and year-end celebrations, particularly in West Bengal, which are expected to drive a stronger Q3.
Consumer Behavior
Consumers are rapidly migrating to online and quick delivery models, prompting the company's pivot to the Jiffy 30-minute delivery platform.
Regulatory & Governance
Industry Regulations
The company monitors changes in FDI norms in the retailing industry, which could further intensify competition from international players.
Risk Analysis
Key Uncertainties
The primary uncertainty is the company's ability to fund continuous cash losses and debt obligations without further equity infusion from the promoter group, given the erosion of net worth.
Geographic Concentration Risk
High revenue concentration in West Bengal and Lucknow makes the company sensitive to regional economic shifts and local competition.
Technology Obsolescence Risk
The company faces the risk of its 30-minute delivery model being outpaced by 10-minute quick commerce competitors if consumer expectations shift further.