Shoppers Stop Limited · NSE:SHOPERSTOP
Shoppers Stop — Q3 FY26 Earnings Presentation
41 slides from Shoppers Stop's earnings presentation, Jan 21, 2026
Slide 1: Press Release and Investor Presentation filing letter
SHOPPERS STOP SEC/84/2025-26 January 20, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Fort, Bandra-Kurla Complex, Bandra (East), Mumbai 400 001. Mumbai 400 051. Stock Code : 532638 Stock Symbol : SHOPERSTOP Dear Sir / Madam, Sub.:
Slide 2: Shoppers Stop Reports Stable Q3FY26 Performance
Shoppers Stop Reports Stable Q3FY26 Performance; Premiumization and Beauty Continue to Gain Share Mumbai, January 20, 2026: 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
Slide 3: Management Commentary
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
Slide 4: Note and About Shoppers Stop Limited
Note: We have published a detailed Non-GAAP and GAAP Income Statement. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.
Slide 5: Performance Highlights Q3 FY26
_ 7) SHopPERS STOP “| 0 | PERFORMANCE jee | HIGHLIGHTS _ | Q3 FY26
Slide 6: Our Vision
Our Vision We aim to be the most loved premium shopping destination for aspirational Young Indian families BRS Downtown Ludhiana 2
Slide 7: Relaunched Shoppers Stop, Juhu
Introducing India’s most premium Beauty and Fashion Experiential Store Relaunched Shoppers Stop, Juhu Relaunched on 14th Jan 2026 Click on the image for an immersive store experience 3
Slide 8: Glimpses of Our Premium, Exquisitely curated store experience at Juhu store
Glimpses of Our Premium, Exquisitely curated store experience at Juhu store HEAR YOUR FRAGRANCE COME ALIVE TRAVEL HOUSE BEAUTY LOUNGE PERSONAL SHOPPERS LOUNGE 4
Slide 9: Contents
Contents 01 MARKET OUTLOOK 02 PERFORMANCE UPDATE – CORE BUSINESS – NEW VENTURES 03 BEAUTY DISTRIBUTION 04 FINANCIALS 5
Slide 10: Market Outlook
Market Outlook Customer – Overall consumer demand remained soft with intermittent spikes, in contrast to the steadier trends observed in Q1 and Q2 – Post-Diwali uncertainty continued to weigh on consumer sentiment, resulting in ongoing demand softness Industry – Elevated pollution levels in Northern
Slide 11: Contents
Contents 01 MARKET OUTLOOK 02 PERFORMANCE UPDATE – CORE BUSINESS – NEW VENTURES 03 BEAUTY DISTRIBUTION 04 FINANCIALS New launch 7
Slide 12: Financial Highlights
Financial Highlights – Customer Entry: 2nd consecutive quarter of growth, +5% LFL – Retail expansion on track – 3 Department stores, 3 INTUNE and 1 HomeStop opened during the quarter – Planning to open 5 Department stores, 3 INTUNE and 2 Beauty Stores in Q4 – Present trends indicate store size of 35
Slide 13: Q3 Strategic initiatives to drive Core
Q3 Strategic initiatives to drive Core Sustaining and growing “Brand Love” ̵ Our “India Weds with Shoppers Stop” started in November 2025, resulted in sales of Rs 104Crs (1.6x vs LY) ̵ Curated Premium Assortment with new offerings as given below: JEWELLERY WATCHES EYEWEAR APPARELS First Citizen ̵ Bl
Slide 14: Q3 Highlights – Core Business
Q3 Highlights – Core Business Operational KPIs Premiumization Top Categories First Citizen Club 13.3M+ Sales +6% Customer entry +5% LFL Beauty +14% Contribution Contribution Personal Shoppers ATV +7% Repeat @69% Handbags +13% Black card members Sales +17% +38K Highest quarterly ASP +7% enrolments Wa
Slide 15: Core Business – Financial Update
Core Business – Financial Update Particulars Q3 YTD Rs. Crs FY26 FY25 Gr% FY26 FY25 Gr% Sales 1,516 1,521 Flat 4,128 4,001 3% Opex 437 415 5% 1,259 1,219 3% EBITDA 90 119 -24% 176 169 4% PBT 55 77 -29% 69 50 38% Labour code/ESOP* 18 2 21 8 PBT (Adj.) 37 75 48 42 * Includes Impact of New Labour Codes
Slide 16: Beauty
Beauty Inspiring Beauty through Expression, Engagement and Education Beauty Business Network Sales Rs 395 Crs grew by 14% Offline Count Led by Fragrance +12% Department stores 110 Social presence EBOs (incl. SSBeauty) 79 – 1.3M+ Instagram followers; YouTube 311k+ subscribers Shop-in-shop 62 Distribu
Slide 17: New Ventures - Performance Update
New Ventures - Performance Update Particulars Q3 YTD Rs. Crs FY26 FY25 Gr% FY26 FY25 Gr% Sales 83 64 29% 228 142 60% Opex 43 31 40% 123 72 72% EBITDA -20 -10 -59 -24 PBT -23 -11 -65 -25 Labour code/ESOP* 1 0 1 0 PBT (Adj.) -24 -11 -66 -25 * Includes Impact of New Labour Codes: Rs 0.9 Crs employee be
Slide 18: New Store Launches and Marketing Highlights
New Store Launches And Marketing Highlights 14
Slide 19: Downtown, Ludhiana
Downtown, Ludhiana 15
Slide 20: Sainikpuri, Hyderabad
Sainikpuri, Hyderabad 16
Slide 21: Inorbit Mall, Hubbali
Inorbit Mall, Hubbali 17
Slide 22: HomeStop – RK Iconic, Rajkot
HomeStop – RK Iconic, Rajkot 18
Slide 23: Marketing Highlights
Marketing Highlights Diwali GIFTS OF LOVE Campaign India Weds With Shoppers Stop Views: 214M Click on the images to watch the campaign clips 19
Slide 24: Contents
Contents 01 MARKET OUTLOOK 02 PERFORMANCE UPDATE – CORE BUSINESS – NEW VENTURES 03 BEAUTY DISTRIBUTION 04 FINANCIALS 20
Slide 25: Beauty Distribution - Performance Update
Beauty Distribution - Performance Update Sales Q3 Rs 122 Crs; +58% YoY YTD Rs 312 Crs; +85% YoY Investment in Marketing to continue Network – 4 ARMANI, 2 NARS and 1 PRADA Boutique in prestige malls – Distribution network: 545 POS with 27 Retailers – Plan to open 1 NARS boutique in Q4 New Brands Laun
Slide 26: Contents
Contents 01 MARKET OUTLOOK 02 PERFORMANCE UPDATE – CORE BUSINESS – NEW VENTURES 03 BEAUTY DISTRIBUTION 04 FINANCIALS 22
Slide 27: Q3 Performance at a Glance
Q3 Performance at a Glance Core New Particulars Total Global Beauty Consolidated Business Ventures* Rs Crs FY26 FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 FY25 Sales 1,516 1,521 83 64 1,599 1,585 122 77 1,721 1,663 Opex 437 415 43 31 480 446 27 17 507 464 EBITDA 90 119 -20 -10 70 110 7 7 77 117 PBT 55
Slide 28: YTD Performance at a Glance
YTD Performance at a Glance Core New Particulars Total Global Beauty Consolidated Business Ventures* Rs Crs FY26 FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 FY25 Sales 4,128 4,001 228 142 4,355 4,143 312 168 4,667 4,311 Opex 1,259 1,219 123 72 1,382 1,291 70 40 1,452 1,331 EBITDA 176 169 -59 -24 117 145
Slide 29: Financials Q3 FY26 (Standalone)
Particulars Non GAAP GAAP Rs in Crs FY26 FY25 Gr% FY26 FY25 Gr% Gross Revenue Net Revenue 1,599 1,420 1,585 1,399 1% 1% 1,477 1,321 1,475 1,311 0% 1% Financials Other Income 26 30 -13% 24 22 7% Q3 FY26 Total Revenue 1,446 1,429 1% 1,345 1,334 1% (STANDALONE) Margin 524 526 0% 520 533 -2% Ma
Slide 30: Financials YTD FY26 (Standalone)
Particulars Non GAAP GAAP Rs in Crs FY26 FY25 Gr% FY26 FY25 Gr% Gross Revenue 4,355 4,143 5% 4,025 3,837 5% Financials Net Revenue 3,861 3,659 6% 3,590 3,413 5% Other Income 73 68 7% 43 36 22% YTD FY26 Total Revenue 3,933 3,727 6% 3,634 3,449 5% (STANDALONE) Margin 1,427 1,368 4% 1,429 1,37
Slide 31: Balance Sheet (Non-GAAP)
Balance Sheet (Non-GAAP) (STANDALONE) Particulars (Rs in Crs) Dec’25 Mar’25 Net worth 811 815 Loan Fund^ 183 262 Total Liabilities 994 1,077 Fixed Assets + Lease Deposit 892 902 Investments* 185 60 Inventory** 2,047 1,921 Other Assets 633 583 Total Current Assets 2,565 2,400 Trade Creditors Goods**
Slide 32: Cash Flow
Cash Flow (STANDALONE) Particulars (Rs in Crs) Dec’25 Mar’25 Cash Profit from Operations (after tax) 117 182 Changes in Working Capital 207 -112 Cash generated from Operations 325 70 Fixed Assets -104 -199 Investment in Subsidiary -50 -1 Investment in Mutual Fund -75 0 Interest Expense -14 -13 Cash
Slide 33: Financials Q3 FY26 (Consolidated)
Particulars Non GAAP GAAP Rs in Crs FY26 FY25 Gr% FY26 FY25 Gr% Gross Revenue 1,721 1,663 4% 1,590 1,555 2% Net Revenue 1,522 1,465 4% 1,416 1,379 3% Financials Other Income Total Revenue 26 1,548 30 1,495 -13% 4% 24 1,440 23 1,402 6% 3% Q3 FY26 Margin 558 550 1% 554 558 -1% (CONSOLIDATED)
Slide 34: Financials YTD FY26 (Consolidated)
Particulars Non GAAP GAAP Rs in Crs FY26 FY25 Gr% FY26 FY25 Gr% Gross Revenue 4,667 4,311 8% 4,316 4,014 8% Net Revenue 4,124 3,802 8% 3,834 3,564 8% Financials Other Income Total Revenue 73 4,197 68 3,870 7% 8% 44 3,877 36 3,599 21% 8% YTD FY26 (CONSOLIDATED) Margin 1,514 1,422 6% 1,513 1,
Slide 35: Annexure
ANNEXURE 31
Slide 36: As on 31st Dec’25
As on 31st Dec’25 301 Stores 13.3 M 800+ FIRST CITIZENS BRANDS 11% Mix (1) 23% Mix PRIVATE BRANDS BEAUTY 4.4 M 71 SQUARE FEET CITIES AREA 14 M CUSTOMER ENTRY in Q3 2 1 . 4 K (2) Inorbit Mall, Malad TALENT POOL (1) Excluding INTUNE ( 2 ) Includes Brand staff 32
Slide 37: Premiumization driving growth; Contribution @ 69%, +6% (LFL +6%)
Premiumization driving growth; Contribution @ 69%, +6% (LFL +6%) New Brand additions highlighted in Orange 33
Slide 38: New Brand additions highlighted in Orange
34 New Brand additions highlighted in Orange
Slide 39: Store Network Update
Store Network Update As on Format Dec'25 Department 110 Beauty SSBeauty/Boutique 18 SSFragrance 2 Beauty 59 INTUNE 81 HomeStop 11 Airport 20 Total 301 Additions Q3 : 3 Department, 3 INTUNE and 1 HomeStop Q4 Plan : 5 Department, 3 INTUNE, 2 SSBeauty/Boutique Inorbit Malad, Mumbai As on Dec’25 Area 4.
Slide 40: Operational KPIs in Q3
Operational KPIs in Q3 ATV (Rs/-) ASP (Rs/-) +7% +7% 5047 5367 5739 1899 2040 4737 1776 1819 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 Items per Txn. (Nos.) 2.7 2.8 2.8 2.8 0.0 FY23 FY24 FY25 FY26 (Excluding Online and INTUNE) 36
Slide 41: Disclaimer
Disclaimer Certain statements in this release concerning our future growth prospects are forward-looking statements within the meaning of applicable securities laws and regulations, and which involve number of risks and uncertainties, beyond the Control of the company, that could cause actual result