Retail

Trent delivered standalone revenue/EBITDA/pre-Ind AS EBITDA/PAT growth of 17%/27%/16%/6% YoY in Q2FY26. The growth momentum moderated owing to an expanding mix of tier-2 and new stores, which have a higher gestation

FSN E-Commerce (Nykaa) reported a better-than-expected Q2FY26 with revenue at INR23.5bn (+25.1% YoY) in line with consensus estimate. BPC and Fashion NSV grew 27% each YoY. EBITDA margin expanded 130bp YoY to 6.8%, in

Aditya Vision (AVL) reported Q2FY26 revenue/EBITDA/PAT decline of 21.7%/15.4%/4.2%. Demand picked up in last nine days of the quarter due to GST transition coinciding with festive season. However, muted cooling product

Devyani International Limited (DIL) reported Q2FY26 revenue/EBITDA growth of 12.6%/-1.7% along with a PAT loss of INR216mn against a loss of INR49mn in Q2FY25. Top-line growth was primarily driven by expansion in the

ABFRL reported Q2FY26 revenue/EBITDA growth of 12.6%/-14.3% with a net loss of INR2.63bn versus INR1.46bn in Q2FY25. Profitability was impacted by higher ad spends in Pantaloons and losses from the OWND portfolio. Ethnic

Aditya Birla Lifestyle Brands (ABLBL) reported revenue/EBITDA/PBT growth of 3.7%/12.7%/75% in Q2FY26 driven by improved profitability from lower discounting and focus on profitable growth. Emerging businesses weighed on

Titan reported strong standalone Q2FY26 revenue/EBITDA/PAT growth of 18%/43%/46% YoY despite a challenging high base. After adjusting for base one-offs, EBITDA/PAT were still 14%/9% higher. Core jewellery margins proved

RBA posted revenue/EBITDA growth of 15.6%/10.9% YoY in Q2FY26 with losses at INR202mn versus INR166mn in Q2FY25. SSSG was similar to past-quarter trends. Management anticipated a demand improvement in October and expects

Vedant Fashion posted revenue/EBITDA/PAT contraction of -1.8%/-9.2%/-16.2%. The company logged a 5% increase in secondary revenue, but primary revenue fell due to market disruptions from the GST rate change.

Sapphire posted revenue/EBITDA growth of 6.7%/-8.9% and reported a PAT loss of INR128mn (versus INR52mn profit YoY), reflecting persistent demand softness aggravated by the early Navratri impact on KFC. Margin pressure

P N Gadgil Jewellers (PNG) is Maharashtra's second-largest organised jeweller by network. Strong store productivity underpinned by regional expertise is its forte. The company is aggressively expanding geographical

Shoppers Stop posted revenue/EBITDA growth of 13%/13.7% in Q2FY26 with adjusted PAT loss at INR201mn (versus INR199mn YoY). Core departmental business and decadal high LFL growth drove an improved performance while

Metro reported revenue/EBITDA/PAT growth of 11%/10%/-4%. Revenue per sqft remained stable YoY, aided by an early festive season and extended EOSS. Margins contracted slightly due to higher ad spends while lower PAT was

DMart posted Q2FY26 revenue/EBITDA/PAT growth of 15.4%/11.3%/5.1% YoY. LFL growth is 6.8% YoY. Margins continue to be under pressure, but the pace of margin contraction is the lowest in four quarters. The company opened

Sky Gold shines out as a leading B2B pure-play designer and manufacturer of gold jewellery, and its clientele is studded with giants of Indian jewellery retailing. Recent capacity expansion along with acquisitions over

Q2FY26 brings growing optimism on a demand revival following the recent GST rate cuts towards quarter-end. Electronics recorded the most significant boost due to the GST reduction with retailers in this sector likely to

We engaged with EMIL management to discuss the latest trends in electronics retailing. Key insights include customers leveraging GST benefits to upgrade products, driving same-store sales growth across the value chain.

We hosted Aditya Vision (AVL) at the Nuvama Home Improvement Conference 2025. Highlights: i) After building up a large AC inventory in March, AVL faced a weak Q1FY26 (unseasonal rain). ii) To manage excess stock, AVL

Q1FY26 posted a trend reversal in Apparels with the ethnic portfolio exhibiting strength—both for Manyavar and ABFRL—and value fashion under pressure due to earlier onset of festive season, reflected in lower SSSGs in