Spencer's Retail Ltd. · NSE:SPENCERS
Spencer's Retail — Q2 FY26 Earnings Presentation
12 slides from Spencer's Retail's earnings presentation, Nov 10, 2025
Slide 1: Exchange filing cover letter: Investor Update for quarter ended September 30, 2025
SRL:SEC:SE:2025-26/47 November 10, 2025 National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5th Floor Phiroze Jeejeebhoy Tower Plot No. C/1, G-Block Dalal Street Bandra-Kurla Complex Mumbai – 400 001 Bandra (East), (Scrip Code: 542337) Mumbai – 400 051 (Symbol: SPENCERS) Dear Sir/Ma
Slide 2: Q2 FY 26 Results Presentation
Q2 FY 26 Results Presentation 10th November 2025 Nov-25 | RP-Sanjiv Goenka Group Presentation 1
Slide 3: Key Consolidated performance highlights Q2
Key Consolidated performance highlights Q2 • Q2 Sales at Rs445 Crs vs Rs416 Crs in Q1, (7% QoQ growth) but decline vs Q2 LY (Rs518 Crs) wherein store footprint at Spencer’s was wider. • Top line growth of 9% (QoQ) at Spencer’s, driven by Online. Margin expansion offset by higher investment in market
Slide 4: Consolidated Financial Parameters Q2 FY26
Consolidated Financial Parameters Q2 FY26 Quarter 2 Quarter 2 Revenue from Operation (₹ Cr) Gross Sales per Sq ft (₹) 7 % QoQ Growth YoY not like for like 1626 518 given store closures 1523 445 in Q2 LY 416 1235 Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 Q2FY26 EBITDA neutral, lower Gross Margin (%) Margin
Slide 5: QoQ Sales and Margin improvement @ Consolidated level
QoQ Sales and Margin improvement @ Consolidated level 3 months ended Growth 6 months ended Consolidated (₹ Cr) 30-Sep-25 30-Jun-25 30-Sep-24 Y-o-Y Q-o-Q 30-Sep-25 30-Sep-24 7% QoQ growth 445 416 518 -14.1% 7.0% Revenue from operations 861 1,066 Expenses: 352 329 428 Cost of Goods Sold 681 864 93 87
Slide 6: Business Highlights
Business Highlights Nov-25 | RP-Sanjiv Goenka Group Presentation 5
Slide 7: Sales and Margin Improvement @ Spencer's in Q2
Sales and Margin Improvement @ Spencer’s in Q2 Sales in ₹ Cr Gross Margin % 19.1% 19.6% Q-o-Q improvement by 50 bps 443 15.4% Q-o-Q growth of 9% 376 Y-o-Y (not LFL) Impact of closed 346 regions Q2 LY Q1 CY Q2 CY Q2 LY Q1 CY Q2 CY Operating Exp ₹ Cr EBITDA in ₹ Cr 110 18 Investment in Marketing has l
Slide 8: Sales and Margin improvement @ Spencer's in Q2
Sales and Margin improvement @ Spencer’s in Q2 3 months ended Growth 6 months ended SRL Standalone (₹ Cr) 30-Sep-25 30-Jun-25 30-Sep-24 Y-o-Y Q-o-Q 30-Sep-25 30-Sep-24 - 1 1 New Stores added 1 2 90 90 98 Total Store count 90 98 - 0.05 0.09 TA added (Lac sq.ft) 0.05 0.22 7.73 7.73 9.17 TA exit (Lac s
Slide 9: Business Highlights
Business Highlights Launch of Healthy Alternative Snacks- Generating 6-7 Lac Monthly Turnover 3 days mega event in Ahmedabad Anniversary with Standup comedy, and multi masterclasses- Ahemdabad NOB grown 20% month on month Launched Elysium Days on Independence day for all Members and now we celebrate
Slide 10: Q-o-Q flat, Y-o-Y de growth @ NB in Q2
Q-o-Q flat, Y-o-Y de growth @ NB in Q2 Sales in ₹ Cr Gross Margin % 75 28.0% 28.2% 27.6% QoQ & YoY flat Q-o-Q neutral @ -1% 69 68 Y-o-Y down by 9% Q2 LY Q1 CY Q2 CY Q2 LY Q1 CY Q2 CY Operating Exp ₹ Cr EBITDA in ₹ Cr 22 22 Tight control on Operating Costs 20 0.8 QoQ EBIDTA declines 0.0 (0.6) Q2 LY Q
Slide 11: PBT Improvement @ NB in Q2
PBT Improvement @ NB in Q2 3 months ended Growth 6 months ended NBL Standalone (₹ Cr) 30-Sep-25 30-Jun-25 30-Sep-24 Y-o-Y Q-o-Q 30-Sep-25 30-Sep-24 - 1 - New Stores added 1 - 31 31 33 Total Store count 31 33 - 0.06 - TA added (Lac sq.ft) 0.06 - 1.18 1.18 1.16 TA exit (Lac sq.ft) 1.18 1.16 Flat Sales
Slide 12: Thank You
Thank You About Spencer’s Retail Limited: Spencer’s Retail Limited, part of RP-Sanjiv Goenka Group, is a multi-format retailer providing a wide range of quality products across categories such as FMCG, fashion, food, staples, general merchandise, personal care, home essentials, electrical and electr