India · Delayed Price · Currency is INR Aditya Birla Fashion and Retail Earnings Call Transcripts
Fiscal Year 2026
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Q4 FY2026 delivered strong revenue growth and improved profitability, led by Pantaloons and TMRW, despite inflation and a weaker wedding season. Strategic investments in store expansion and digital brands continue, with sufficient liquidity to fund growth and a focus on disciplined execution.
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Q3 FY26 revenue grew 8% YoY with EBITDA margin at 15.6%, driven by strong growth in ethnic, luxury, and digital segments, despite festive season shifts impacting mass and value segments. Pantaloons and TCNS are set for renewed expansion, while Galeries Lafayette launched with significant investment.
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Q2 FY26 saw 13% YoY revenue growth and strong like-for-like gains across all segments, despite margin pressure from higher marketing spend. Ethnic and luxury segments outperformed, with Pantaloons maintaining robust growth and new brand launches driving future momentum.
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Q1 FY26 delivered 9% YoY revenue growth and 38% EBITDA growth, led by strong performance in ethnic and TMRW segments. Pantaloons maintained margin strength, while new investments and store expansions are set to drive future growth.
Fiscal Year 2025
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Demerger created two focused entities, each delivering strong Q4 growth and margin expansion despite macro headwinds. Aggressive retail expansion and margin improvement are planned, with robust cash positions supporting growth across premium, value, and ethnic segments.
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The group is entering a new phase focused on organic growth, profitability, and capital efficiency after a period of heavy investment and portfolio expansion. Both ABLBL and ABFRL are positioned for robust growth, with clear strategies for each business segment, improved balance sheets, and a disciplined approach to capital allocation.
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Q3 FY25 delivered 3% revenue growth and 13% EBITDA growth YoY, with margin expansion across segments despite subdued consumption. Strategic demerger, robust fundraise, and aggressive store expansion position the business for accelerated growth and improved profitability.
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Q2FY25 saw 13% YoY revenue growth to INR 3,644 crore and 11% EBITDA growth, despite subdued demand. The TCNS acquisition boosted the ethnic segment, while Pantaloons and lifestyle brands improved margins. Management expects stronger H2 performance, driven by festive and wedding demand.
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Revenue grew 7% YOY to INR 3,428 crore, with EBITDA up 15% and strong margin expansion in Pantaloons and lifestyle brands. Ethnic and digital-first portfolios more than doubled revenue, while TCNS and TMRW investments weighed on PAT. H2 is expected to see improved demand.