Shoppers Stop FY26: Premiumization, Cash Generation, and an INTUNE Reset

FY26 consolidated sales were INR 6,057 crore (+8% YoY). FY26 consolidated EBITDA was INR 168 crore on a non-GAAP basis and INR 796 crore on a GAAP basis (as presented in the investor materials).

The core business (department stores) reported YTD FY26 sales of INR 5,409 crore with like-for-like (LFL) sales growth of 4.7%, stated as the highest in the last 10 years.

Beauty segment sales in Q4 FY26 were INR 309 crore, up 17% YoY, and the presentation indicates a 21% sales mix contribution in Q4.

Global SSBBeauty reported FY26 revenue of INR 426 crore, up 81% YoY, with a stated last 3-year CAGR of 90%. Q4 FY26 revenue was INR 114 crore (+69% YoY).

Management reiterated that the company is on track to become debt-free by Q4 FY27 / by year-end FY27, supported by operating cash generation and debt repayments.

Management stated plans to open 14 stores in FY27 (9 department stores and 5 beauty doors) and renovate 5 department stores.

Management stated INTUNE expansion will be paused in H1 FY27 while focusing on unit economics, and guided to target business-level breakeven for INTUNE in FY28.