Overview

Detailed Summary

Spencer's Retail Limited is a multi-format Indian grocery and general merchandise retailer operating brick-and-mortar stores and an omni-channel business that includes Nature's Basket and the Jiffy quick-commerce platform; it sells staples, fresh, FMCG, fashion and speciality gourmet products across a store network and online channels under the RP-Sanjiv Goenka Group umbrella.
Q3 FY26 delivered a clear QoQ recovery: consolidated revenues of ₹503 crore (+13% QoQ, -2.7% YoY), consolidated gross margin steady at ~21.2%, and consolidated IND AS EBITDA of ₹8 crore; however PBT remained negative at approximately ₹(58) crore, driven by high finance costs, lower other income and a one-off labour-code provision.
Digital and membership levers are gaining traction: Jiffy contributed ~₹54 crore in Q3 with ~235k monthly orders, positive unit economics (RGM ~₹100+/order vs fulfilment cost ~₹94), and Spencer’s membership has >70,000 paid members demonstrating much higher frequency and spend (members spend ~₹7,500 monthly and return rates >80%), creating a path to sustainably scale omni-channel revenue.
Nature’s Basket showed QoQ sales improvement (₹81 crore) but reported a material gross margin decline (-303 bps YoY to ~25.9%) caused by supplier terms and mix shifts; management expects margins to revert toward historical ~29–30% through commercial fixes and inventory rationalisation while controlling operating expenses to restore profitability.
Management outlook is constructive: Spencer’s aims for mid-single-digit top-line growth in Q4, to reach operational EBITDA breakeven for Spencer's within roughly two quarters, to exit FY26 with ~100k members, and to grow e-commerce to a ~₹200 crore run-rate while keeping online expansion measured to preserve unit economics.

Sector: Retail
Industry: Trading - Medium / Small
Market Cap: 289 Cr
Volatility: High Risk
P/E Ratio: -1.1
Industry P/E: 37.7
PEG Ratio: —
P/B Ratio: —
52W High: 71.78
52W Low: 29.95

Sales CAGR

1Y: -14.79%
3Y: -5.35%
5Y: -6.57%
10Y: 0.31%

Profit CAGR

1Y: 7.44%
3Y: —
5Y: —
10Y: —

ROE

TTM: 30.66%
3Y: 182.81%
5Y: -253.47%
10Y: -62.25%

ROCE

TTM: -8.59%
3Y: -9.85%
5Y: -7.07%
10Y: -6.62%

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
HPTL	248.00	295 Cr	17.79	4.13	0.00	2.86	6.25	1.65
BRANDMAN	157.35	290 Cr	9.58	2.27	0.00	70.33	75.08	0.00
SPENCERS	32.08	289 Cr	-1.14	0.00	0.00	30.66	-8.59	-19.60
EVEXIA	1.55	287 Cr	51.67	0.53	0.00	0.25	0.13	0.09
BNL	263.50	287 Cr	83.00	4.35	0.09	5.38	5.26	4.24
OMNITEX	690.00	285 Cr	6900.00	1.61	1.19	-14.35	2.29	0.02
BHARATROHAN	142.00	283 Cr	20.85	3.43	0.00	13.11	12.26	12.01

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	574	654	547	548	518	517	412	416	445	503
Expenses	581	642	559	547	563	505	423	423	449	496
Operating Profit	-6.70	12	-12	1.31	-45	12	-11	-6.67	-3.51	6.72
OPM %	-1.17	1.80	-2.21	0.24	-8.67	2.28	-2.78	-1.60	-0.79	1.34
Other Income	3.06	6.24	4.36	28	61	3.07	11	11	3.74	1.31
Interest	36	38	41	43	40	41	41	40	41	43
Depreciation	31	32	32	30	64	22	27	26	23	23
Profit Before Tax	-70	-51	-81	-43	-87	-47	-68	-62	-64	-58
Tax %	0.13	0.18	0.11	0.14	0.07	0.13	0.09	0.10	0.09	0.10
Net Profit	-70	-51	-81	-43	-87	-47	-68	-62	-64	-58
EPS in Rs	-7.79	-5.68	-8.96	-4.83	-9.68	-5.26	-7.60	-6.85	-7.09	-6.48

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,043	2,398	2,884	2,643	2,479	2,676	2,550	2,162	1,863
Expenses	1,047	2,178	2,587	2,420	2,276	2,449	2,357	2,038	1,914
Operating Profit	-4.47	219	296	223	203	227	193	124	-51
OPM %	-0.43	9.15	10.27	8.44	8.20	8.49	7.57	5.72	-2.75
Other Income	9.02	28	32	53	77	33	26	104	87
Interest	3.80	7.45	82	91	97	115	148	164	162
Depreciation	15	25	138	134	126	132	132	143	139
Profit Before Tax	-14	4.18	-131	-164	-122	-211	-267	-247	-265
Tax %	0.00	42.71	0.14	0.21	0.40	0.19	0.13	0.10	0.09
Net Profit	-14	2.39	-131	-164	-121	-210	-266	-246	-265
EPS in Rs	—	-0.12	-14.37	-18.45	-13.51	-23.37	-29.56	-27.37	-28.02
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	40	40	40	45	45	45	45	45
Reserves	507	508	234	141	17	-196	-461	-707
Borrowings	0.78	0.00	827	944	1,069	1,341	1,622	1,571
Other Liabilities	326	365	493	429	435	439	490	400
Total Liabilities	873	914	1,594	1,559	1,565	1,629	1,696	1,310
Fixed Assets	239	263	1,055	1,053	1,049	1,132	1,211	953
CWIP	0.15	1.06	9.85	2.83	7.97	2.05	0.95	0.00
Investments	6.85	23	24	35	94	94	56	43
Other Assets	628	627	505	468	415	401	428	314
Total Assets	873	914	1,594	1,559	1,565	1,629	1,696	1,310

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-48	-13	114	-2.43	55	27	35	37
Cash from Investing Activity	-189	22	-6.93	-18	-40	-26	11	-20
Cash from Financing Activity	38	-0.10	-54	-3.34	-54	-4.81	-28	-27
Net Cash Flow	-199	8.86	53	-24	-40	-3.68	18	-9.77

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	58.89%	58.89%	58.89%	58.89%	58.89%	58.89%	58.89%	58.89%	58.89%	58.89%	58.89%	58.89%
FIIs	8.36%	8.46%	8.46%	8.85%	9.39%	8.33%	8.31%	8.55%	8.75%	7.56%	7.37%	6.51%
DIIs	2.40%	2.40%	2.40%	2.02%	2.02%	2.02%	2.02%	2.02%	2.02%	2.02%	2.02%	2.02%
Public	30.35%	30.25%	30.25%	30.24%	29.70%	30.76%	30.77%	30.53%	30.34%	31.52%	31.72%	32.58%
Total Shareholders	60,226	58,660	57,358	51,018	49,190	49,192	51,367	50,829	50,376	50,376	49,994	49,221

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Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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