Shoppers Stop Limited · NSE:SHOPERSTOP
Shoppers Stop — Q2 FY26 Earnings Presentation
40 slides from Shoppers Stop's earnings presentation, Oct 17, 2025
Slide 1: Exchange cover letter: Press Release and Investor Presentation Q2 FY26
SHOPPERS STOP SEC/61/2025-26 October 17, 2025 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: Press Release: Q2 and H1 FY26 results highlights
Press Release for immediate distribution Rs. in Crs Q2 H1 Sales 1,175 +10% 2,270 +8% EBITDA 173 +11% 350 +16% • Core Business Rs.1,346 Crs +7% (Departmental, Beauty, Home and SS.Com) • Beauty Sales Rs. 331 Crs; +22% • INTUNE Sales Rs. 70 Crs; +70% • Customer entry +6% LFL, a significant turnaround a
Slide 3: Management comments and strategic pillar performance
growth of 7%. More importantly the department LFL grew by 9.4% .Our sales growth has further amplified by Customer Entry growth of 6% LFL, a positive growth for the first time in many years. Our EBITDA grew by 42% and Profit before tax turned the corner from a loss in FY25 to a profit of Rs.9 Crs in
Slide 4: About Shoppers Stop and media contact
coveted loyalty program 'First Citizen'. The Company's one-of-a-kind shopping assistance service, 'Personal Shopper' is revolutionizing the way Indian’s shop, bringing more value, comfort, and convenience to customer experiences. The brand's diversified Omni channel offering spans over 800+ recogniz
Slide 5: Performance Highlights
o) im TN I Me ~ & SE a, & Ay on 1 & op) PERFORMANCE | HIGHLIGHTS
Slide 6: Shoppers Stop Vision
Shoppers Stop Vision We aim to be the most loved premium shopping destination for aspirational Young Indian families 2
Slide 7: Contents
CONTENTS 01 MARKET OUTLOOK 02 PERFORMANCE UPDATE – CORE BUSINESSES – NEW VENTURES 03 BEAUTY DISTRIBUTION 04 FINANCIALS 3
Slide 8: Market Outlook
MARKET OUTLOOK Customer – Growing appetite for premiumization; Aspiration driven spending – Rise of conscious consumerism with tech-enabled omnichannel experience – Diverse regional and demographic consumption Industry – Expecting increased demand partly aided by various Government sops – Strong Wed
Slide 9: Contents
CONTENTS 01 MARKET OUTLOOK 02 PERFORMANCE UPDATE – CORE BUSINESSES – NEW VENTURES 03 BEAUTY DISTRIBUTION 04 FINANCIALS 5
Slide 10: Strategic Initiatives to drive strong growth of core businesses
Strategic Initiatives to drive strong growth of core businesses Strengthen Brand Love – Through Brand IPs viz; “India Weds with Shoppers Stop”, “Gifts Of Love”, “ShowStoppers’25”, resulting higher customer engagement and retention – Customer engagement through regional marketing activations Premiumi
Slide 11: Strategic Initiatives: First Citizen Club, Private Brands
Strategic Initiatives….Core Businesses…….Cont. First Citizen Club – Relentless driving on higher enrollment through better engagement – Personalized Communication, Curated display at Stores for Loyalty Members, etc. – Analytics to support prediction and retention of consumer Private Brands – Sharper
Slide 12: Strategic Initiatives outcome (Core Business)
Strategic Initiatives outcome (Core Business) – Strong turnaround in Customer entry +6% LFL – Premiumization driving growth – KPIs continues to improve – Mix 69% +375 bps, grew by 16% (LFL +14% vs Department @ 9.4%) – Personal Shoppers – Contribution @ 25% (+300 bps) ATV +8% ASP +6% IPT +2% – Sales
Slide 13: Core Businesses - Outcome
Core Businesses - Outcome Particulars Q2 H1 Rs. Crs FY26 FY25 Gr% FY26 FY25 Gr% Sales 1,346 1,255 7% 2,612 2,480 5% Opex 420 396 6% 822 806 2% EBITDA 46 33 42% 87 50 74% PBT 9 -12 13 -33 – Sales growth across categories – Increase in Opex primarily due to investments in Marketing/Loyalty – EBITDA +4
Slide 14: Beauty
BEAUTY Beauty Business Network Inspiring Beauty through Expression, Engagement and Education Offline Count Department stores 111 Sales Rs 331 Crs grew by 22% EBOs (incl. SSBeauty) 84 Shop-in-shop 62 Store launch Distribution network – ARMANI beauty and NARS boutique at Palladium, Mumbai 25 Retailers
Slide 15: Investment in New Ventures (INTUNE + SSBeauty.in)
Investment in New Ventures (INTUNE + SSBeauty.in) INTUNE – Massive untapped opportunity; Unorganized market ( ~$ 100 Bn), shifting to organized sector – Retail ecosystem in smaller cities/towns undergoing a paradigm shift – Potential for brands offering quality and affordability SSBeauty.in – Establ
Slide 16: Investment in New Ventures – Present Status
Investment in New Ventures – Present Status INTUNE – Opened 78 stores across 34 cities with an investment of ca. Rs 150 Crs – Family first store with an additional flavor in Kids category – Launched INTUNE 2.0 in Q2 with enhanced in-store experience SSBeauty.in INTUNE – Enable Beauty shopping throug
Slide 17: New Ventures – Outcome
New Ventures – Outcome INTUNE – Sales +70%, LFL +1% for Q2 vs decline in Q1 – Repeat purchases at 39% – Progressive improvement in KPI’s (Q2) – Improved traction during festive runup, Festive LFL +10% SSBeauty.in INTUNE – Sales multiplied by 3X vs last year on a low base – Larger brands portfolio on
Slide 18: New Ventures - Outcome
New Ventures - Outcome Particulars Q2 H1 Rs. Crs FY26 FY25 Gr% FY26 FY25 Gr% Sales 74 42 75% 144 78 85% Opex 42 26 62% 80 41 96% EBITDA -24 -12 -38 -14 PBT -27 -11 -43 -14 – INTUNE – Slowness in Value Fashion impacting growth; Initial festive trends to be promising – Q3/Q4 initiatives to minimize lo
Slide 19: Contents
CONTENTS 01 MARKET OUTLOOK 02 PERFORMANCE UPDATE – CORE BUSINESSES – NEW VENTURES 03 BEAUTY DISTRIBUTION 04 FINANCIALS 15
Slide 20: Beauty Distribution Present Status
Beauty Distribution – Aiming to be the market leader in Beauty Distribution – Shoppers Stop provides great opportunity for the Global brands with better corporate governance and relevant experience – Synergies to retail business – To get better control on brand building and distribution Present Stat
Slide 21: Global SS Beauty Exclusive Brands Portfolio
Global SS Beauty Exclusive Brands Portfolio Fragrance Skincare Makeup 17
Slide 22: Beauty Distribution - Outcome
Beauty Distribution- Outcome Particulars Q2 H1 Rs. Crs FY26 FY25 Gr% FY26 FY25 Gr% Sales 106 52 103% 190 91 109% Opex 24 12 103% 43 25 75% EBITDA 5 4 27% 10 5 101% PBT 3 3 8% 7 3 106% – Sales +103%; Sustained higher growth since inception – Opened 7 Boutiques in Prestige malls – Expansion unabated w
Slide 23: Contents
CONTENTS 01 MARKET OUTLOOK 02 PERFORMANCE UPDATE – CORE BUSINESSES – NEW VENTURES 03 BEAUTY DISTRIBUTION 04 FINANCIALS 19
Slide 24: Q2 Performance at a Glance
Q2 PERFORMANCE AT A GLANCE Core New Particulars Total Global Beauty Consolidated Businesses Ventures* FY26 FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 FY25 Sales 1,346 1,255 74 42 1,420 1,298 106 52 1,526 1,350 Opex 420 396 42 26 461 422 24 12 486 434 EBITDA 46 33 -24 -12 23 21 5 4 28 25 PBT 9 -12 -27 -
Slide 25: H1 Performance at a Glance
H1 PERFORMANCE AT A GLANCE Core New Particulars Total Global Beauty Consolidated Businesses Ventures* FY26 FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 FY25 Sales 2,612 2,480 144 78 2,756 2,558 190 91 2,946 2,649 Opex 822 806 80 41 902 847 43 25 945 872 EBITDA 87 50 -38 -14 48 36 10 5 58 41 PBT 13 -33 -4
Slide 26: Financials Q2 FY26 (Standalone)
FINANCIALS Q2 FY26 (STANDALONE) Particulars Non GAAP GAAP Rs in Crs FY26 FY25 Gr% FY26 FY25 Gr% Gross Revenue 1420 1298 9% 1319 1199 10% Net Revenue 1258 1147 10% 1175 1068 10% Other Income 25 19 27% 9 10 -3% GAAP Adjustment in Net Profit Adj. Total Revenue 1283 1167 10% 1185 1078 10% PBT (a
Slide 27: Financials H1 FY26 (Standalone)
FINANCIALS H1 FY26 (STANDALONE) Particulars Non GAAP GAAP Rs in Crs FY26 FY25 Gr% FY26 FY25 Gr% Gross Revenue 2756 2558 8% 2548 2362 8% Net Revenue 2441 2260 8% 2270 2102 8% Other Income 47 40 17% 19 13 47% GAAP Total Revenue 2487 2300 8% 2289 2115 8% Adjustment in Net Profit Adj. Margin 90
Slide 28: Balance Sheet (Non-GAAP)
BALANCE SHEET (NON-GAAP) (STANDALONE) Particulars (Rs in Crs) Sep’25 Mar’25 Net worth 802 815 Loan Fund 263 262 Total Liabilities 1065 1077 Fixed Assets + Lease Deposit 891 902 Investments 100 60 Inventory* 1967 1921 Other Assets 621 583 Total Current Assets 2470 2400 Trade Creditors Goods* 2022 19
Slide 29: Cash Flow (Standalone)
CASH FLOW (STANDALONE) Particulars (Rs in Crs) Sep’25 Mar’25 Cash Profit from Operations (after tax) 48 182 Changes in Working Capital 63 -112 Cash generated from Operations 111 70 Fixed Assets -67 -199 Investment in Subsidiary -40 -1 Interest Expense -9 -13 Cash post Investing Activities -5 -143 F
Slide 30: Financials Q2 FY26 (Consolidated)
FINANCIALS Q2 FY26 (CONSOLIDATED) Particulars Non GAAP GAAP Rs in Crs FY26 FY25 Gr% FY26 FY25 Gr% Gross Revenue 1526 1350 13% 1416 1254 13% Net Revenue 1348 1192 13% 1257 1115 13% Other Income 25 19 27% 9 10 -3% GAAP Adjustment in Net Profit Adj. Total Revenue 1372 1211 13% 1266 1125 13% PBT
Slide 31: Financials H1 FY26 (Consolidated)
FINANCIALS H1 FY26 (CONSOLIDATED) Particulars Non GAAP GAAP Rs in Crs FY26 FY25 Gr% FY26 FY25 Gr% Gross Revenue 2946 2649 11% 2726 2459 11% Net Revenue 2602 2337 11% 2418 2184 11% Other Income 47 40 17% 20 13 47% GAAP Adjustment in Net Profit Adj. Total Revenue 2649 2377 11% 2437 2197 11% PB
Slide 32: Annexure
@{ ANNEXURE {>
Slide 33: As on 30th Sep'25
As on 30th Sep’25 303 Stores 13.0 Mn 800+ FIRST CITIZENS BRANDS 13% Mix (1) 22% Mix PRIVATE BRANDS BEAUTY 4.5 M 70 SQUARE FEET CITIES AREA 13.3 Mn CUSTOMER ENTRY in Q2 2 1 . 3 K (2) PMC, Lucknow TALENT POOL 29 (1) Excluding INTUNE ( 2 ) Includes Brand staff
Slide 34: Premiumisation driving growth; Contribution @ 69%, +16% (LFL +14%)
Premiumisation driving growth; Contribution @ 69%, +16% (LFL +14%) 30 New Brand additions highlighted in Orange
Slide 35: Store Network Update
STORE NETWORK UPDATE As on Expansion Format Sep'25 planned in Q3 Department 111 5 Beauty SSBeauty 19 SSFragrance 2 Beauty 63 INTUNE 78 5 HomeStop 10 Airport 20 Total 303 10 Q2 Additions 3 INTUNE, 3 Beauty and 1 Department store As on Sep’25 Inorbit Malad, Mumbai Area 4.5M sq.ft. City Presence 70 Cit
Slide 36: Operational KPIs in Q2
OPERATIONAL KPIs IN Q2 ATV (Rs/-) ASP (Rs/-) +8% +6% 4729 5109 1640 1744 4199 4348 1472 1529 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 Items per Txn. (Nos.) +2% 2.85 2.84 2.88 2.93 0.0 0 FY23 FY24 FY25 FY26 (Excluding Online and INTUNE) 32
Slide 37: Marketing Highlights
MARKETING HIGHLIGHTS Pujo Campaign “Pujor Prothom Stop” Rakshabandhan- GIFTS OF LOVE Denim Decode with Levis and Vogue Views: 76.4M Views: 33.3M Click on the images to watch the campaign/event clips 33
Slide 38: Personalisation that speaks every region's language
PERSONALISATION THAT SPEAKS EVERY REGION’S LANGUAGE Hariyali Teej @ Lucknow Pujo @ Agartala Independence Day Rakshabandhan @ Hyderabad Onam @ Trivandrum 34
Slide 39: Beauty Marketing Highlights
BEAUTY MARKETING HIGHLIGHTS Launched new IP : Biggest Beauty IP “Showstoppers’25” with actress Vani Kapoor as the face Milestone achieved: “SSBeauty All Access” of the campaign 1 million Followers on Instagram Reach: 16.5M ; Views: 17.5M Sales generated: Rs 90 Cr+ Click on the image to watch the cam
Slide 40: 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