Shoppers Stop Ltd., India's leading destination for premium fashion and beauty, announced its results for the Third Quarter and Nine Months ended December 31, 2025, delivering a stable performance amid a challenging consumption environment and continuing to advance its premium-led strategy.
Overall sales for the quarter were flat, impacted by festive calendar shifts, uneven discretionary demand and elevated pollution levels in Northern India. Against this backdrop, the company continued to strengthen its premium portfolio, which recorded steady like-for-like growth and increased its contribution to total sales.
Key Financial Highlights – Q3FY26
• Premium brands contributed 69% of total sales, Growth of +6% YoY (LFL +6%).
• Core Business sales were Rs 1,516 Cr, remaining flat YoY
• Beauty segment sales at Rs 395 Cr, +14% YoY growth
• INTUNE sales at Rs 77 Cr, +22% YoY growth
• Average Transaction Value (ATV) and Average Selling Price (ASP) increased by +7% each
• Customer Entry increased by +5% LFL, marking the second consecutive quarter of growth
Results in Detail:
| Key financial highlights for Q3FY26: GAAP | Non-GAAP | ||||||||||||
| Rs. In Cr | Q3FY26 | Q3FY25 | Growth% | Q3FY26 | Q3FY25 | Growth% | |||||||
| Sales | 1,321 | 1,311 | 1% | 1,599 | 1,585 | 1% | |||||||
| Gross Margin | 39.4% | 40.7% | (130)Bps | 36.9% | 37.6% | (70)Bps | |||||||
| EBITDA | 234 | 262 | -11% | 70 | 110 | -36% | |||||||
| PBT | 32 | 68 | -53% | 31 | 66 | -52% | |||||||
| Labour Codes/ESOP* | 15 | 19 | 2 | ||||||||||
| PBT (Adj.) | 17 | 68 | 12 | 64 | |||||||||
| PAT | 14 | 49 | 10 | 45 | |||||||||
Management Commentary
Commenting on the performance, Mr. Kavindra Mishra, Managing Director & CEO, Shoppers Stop Ltd., said:
"Q3 was marked by external factors such as festive calendar shifts and uneven consumption trends, which weighed on overall sales. However, we continued to make steady progress on our strategic priorities. Premium brands grew on a like-for-like basis and now account for 69% of our total sales, reinforcing the direction of our portfolio shift.
The re-launch of our Juhu store as one of India's most premium experiential retail destinations reflects our long-term commitment to differentiated customer experiences. Categories such as Beauty, Handbags and Watches continue to scale well, and our Beauty Distribution business has delivered strong year-on-year growth.
While discretionary demand remained subdued for INTUNE, we are taking a calibrated approach to strengthening the format through focused investments and measured expansion.
As macro conditions improve, we believe our investments in premium offerings, personalization and omnichannel capabilities position us well for sustainable growth."
Progress Across Strategic Priorities
First Citizen loyalty program remained a key driver of sales, contributing 84% of total revenue during the quarter. The member base expanded to 13.3 million, supported by strong enrollments across tiers and a record addition of Premium Black Card members. The Black Card segment increased its contribution to 21% of total sales, indicating higher engagement from premium customers.
Beauty category sustained strong performance, driven by growth in fragrances and the continued expansion of global luxury brands. During the quarter, Shoppers Stop launched eight Estée Lauder Brands SIS stores and continued to strengthen customer engagement through initiatives such as makeovers, masterclasses, and curated beauty events. The Beauty Distribution business also scaled further, delivering 58% year-on-year growth.
Private Brands portfolio delivered steady performance, supported by focused product launches. FRATINI Girls, a new apparel line for young girls, received a positive initial response across 8 stores, with plans to expand the range to 60 stores.
INTUNE value fashion format delivered year-on-year growth, although performance was impacted by subdued discretionary demand. The company continues to focus on strengthening the format through targeted investments in existing stores while maintaining disciplined capital allocation.
Store Expansion and Financial Discipline
During Q3FY26, Shoppers Stop expanded its retail network with opening of 3 department stores, 3 INTUNE stores and 1 HomeStop store. Capital expenditure for the quarter stood at Rs 35 Cr, taking year-to-date capex to Rs 89 Cr. Working capital was reduced during the quarter, while net debt remained stable at Rs 90 Cr.
